Note Bronze of Analysts Morningstar for the fund Comgest … – Investing

The fund (IE0004766014) is managed by Eva Fornadi and Rebecca Kaddoum since 2012. A third manager, Alistair Wittet, has joined the team in 2015. Like other fund Comgest, this strategy is managed in a truly collegial by the three managers, with the support of five other managers-analysts dedicated to european action. Each idea investment is rigorously analyzed and discussed by the whole team.

The strategy of the fund reflects the management philosophy of long-time Comgest, which is resolutely oriented towards the companies quality and growth. The approach is applied here to companies whose market capitalization does not exceed EUR 10 billion. The securities sought in general have a competitive position dominant, management quality, and a healthy balance sheet. The companies of the sectors, the more cyclical, as well as the most financial, are logically excluded from the investment universe. Conversely, the team found historically many opportunities in the sectors of health and technology. The portfolio resulting from the approach is concentrated (25 to 30 tracks) and bear little resemblance to indices such as the MSCI Europe Mid Cap or competing funds. The bias of the sectoral fund have been rather favorable in recent years. They can slow down the performance of the market strongly bullish, driven by the "momentum", but have generally allowed the fund to better pro tect investors ‘ capital in bear markets.

This approach has been largely winning in the long term: the fund ranks in the 1st quartile of its category, Morningstar Europe Equity Medium-sized Cape town on 5 and 10 years to the end of November 2016. Thus, even if the team in charge of the fund is relatively new, we are reassured by the collegial nature of decision-making and by maintaining a philosophy of disciplined management and consistent. The reasonable costs and expenses of the fund are also an advantage. The fund has obtained a Score of Analysts Morningstar ” Bronze “.

Mara Dobrescu, CFA

as a Senior Analyst, Research, Active Management, Morningstar France