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Richard Kaye

Fund Manager: Richard Kaye

Classification: Equity

Company: Comgest Asset Management Japan Ltd.

Company Profile

Founded in 1985, Comgest is an independent, international asset management group with entities in Paris, Dublin, Hong Kong, Tokyo, Singapore, Düsseldorf, Amsterdam and Boston. Comgest is characterized by its unique approach of ‘quality growth in the long term’ through its unconstrained style across all equity portfolios. It serves a diverse client base of long-term oriented investors around the globe.

For over 30 years, we have been focused on one objective: quality growth over the long term, where conviction really matters. We strive to create value for our clients in a replicable way. To do this we look to invest in companies with durable competitive advantages that are able to compound shareholder value at rapid rates, for an extended period of time. We believe sustainable earnings per share growth (EPS) leads to above-average investment returns at below-average risk. We use a disciplined investment strategy to select quality companies that we believe will prosper.

Strategy

Comgest launched its Japan equity strategy in 1994. This all-cap, quality growth strategy leverages both the firm’s 20+ years of experience in Asia / emerging markets as well as its local research presence in Asia since 1993 and in Tokyo since 2007.

Our core beliefs are that:

— Over the long term, fundamentals prevail and share price growth converges towards EPS growth

— Markets generally fail to correctly value businesses with strong and sustainable competitive advantage and persistent above-average earnings growth

— Sustainable EPS growth with high ROIC leads to above-average investment returns at below-average risk

— Integration of ESG research enables a better assessment of quality

The investment team members are a team of sector generalists. As a benchmark-agnostic manager, we believe a team of generalists is important so that ideas can be compared and debated amongst all team members. All Portfolio Managers are also Analysts. The team conducts weekly research meetings during which ideas are discussed and challenged at length. In terms of decision-making responsibilities, unanimity is required in order for a stock to enter the Universe of approximately 80 securities. Portfolio construction is implemented by the lead Portfolio Managers based on team discussions.

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