Comgest Growth America
Comgest Growth America is a concentrated portfolio of 25-35 high-quality companies with long-term growth prospects. The portfolio management team focuses on seeking a range of small-, mid- and large-cap companies in a variety of sectors which are driving and benefiting from growth in the US economy. These companies are expected to offer predictable and sustainable earnings growth, while also meeting the company’s strict ESG criteria.
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Cristophe Nagy, Co-Manager Christophe Nagy, an Analyst and Portfolio Manager at Comgest since 2009, specializes in US equities and is a member of the firm's Investment Committee. He co-leads Comgest’s US equity strategy and has been crucial in developing the US equity team and research efforts. Prior to Comgest, Christophe worked at Mercer Consulting, Carmignac Gestion, and Edmond de Rothschild Asset Management. He holds a Master’s degree in Engineering from Ecole des Mines in St-Etienne, France, and an MBA from INSEAD.
Justin Streeter, Co-Manager Justin Streeter, an Analyst and Portfolio Manager at Comgest since 2015, specializes in US equities and co-leads the US Equity strategy. He is instrumental in idea generation and sector research. Prior to Comgest, Justin worked as an M&A Healthcare Analyst at J.P. Morgan in San Francisco and London, and began his career with Macquarie Capital Partners in London and Société Générale in Paris. He holds a Master’s degree in Management and Corporate Finance from Emlyon Business School and is a CFA® charterholder.
Louis Citroën, Co-Manager Louis Citroën joined Comgest in 2019 as an Analyst and Portfolio Manager focusing on US equities. He co-manages the US Equity strategy and contributes to idea generation by researching a wide range of US companies. Before Comgest, Louis was an Equity Analyst at Arete Research in London, covering telecoms and media stocks, and worked as a Small Cap Equity Analyst at Financière de l’Echiquier. He began his career as a management consultant at Oliver Wyman in Paris. Louis holds a Master’s degree in Management from ESCP Business School and is a CFA® charterholder.
Rémi Adam, Co-Manager Rémi Adam, an Analyst and Portfolio Manager at Comgest since 2019, specializes in US equities. He began his career in 2014 as a Global Equity Analyst at Amundi in London. Rémi later worked in Paris and Frankfurt as an Equity Analyst at Oddo Securities, covering media and telecom stocks for three years. He holds a Master’s degree in Risk & Finance from EDHEC Business School and is a CFA® charterholder.
Cristophe Nagy, Co-Manager Christophe Nagy, an Analyst and Portfolio Manager at Comgest since 2009, specializes in US equities and is a member of the firm's Investment Committee. He co-leads Comgest’s US equity strategy and has been crucial in developing the US equity team and research efforts. Prior to Comgest, Christophe worked at Mercer Consulting, Carmignac Gestion, and Edmond de Rothschild Asset Management. He holds a Master’s degree in Engineering from Ecole des Mines in St-Etienne, France, and an MBA from INSEAD.
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Justin Streeter, Co-Manager Justin Streeter, an Analyst and Portfolio Manager at Comgest since 2015, specializes in US equities and co-leads the US Equity strategy. He is instrumental in idea generation and sector research. Prior to Comgest, Justin worked as an M&A Healthcare Analyst at J.P. Morgan in San Francisco and London, and began his career with Macquarie Capital Partners in London and Société Générale in Paris. He holds a Master’s degree in Management and Corporate Finance from Emlyon Business School and is a CFA® charterholder.
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Louis Citroën, Co-Manager Louis Citroën joined Comgest in 2019 as an Analyst and Portfolio Manager focusing on US equities. He co-manages the US Equity strategy and contributes to idea generation by researching a wide range of US companies. Before Comgest, Louis was an Equity Analyst at Arete Research in London, covering telecoms and media stocks, and worked as a Small Cap Equity Analyst at Financière de l’Echiquier. He began his career as a management consultant at Oliver Wyman in Paris. Louis holds a Master’s degree in Management from ESCP Business School and is a CFA® charterholder.
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Rémi Adam, Co-Manager Rémi Adam, an Analyst and Portfolio Manager at Comgest since 2019, specializes in US equities. He began his career in 2014 as a Global Equity Analyst at Amundi in London. Rémi later worked in Paris and Frankfurt as an Equity Analyst at Oddo Securities, covering media and telecom stocks for three years. He holds a Master’s degree in Risk & Finance from EDHEC Business School and is a CFA® charterholder.
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Investment process
The team start by carrying out a broad screen of the 2,200 strong investment universe. They focus their analysis on key quality growth criteria. This includes the evaluation of business models, organic growth potential, barriers to entry, sustainability and management quality.
This screen leaves between 160-180 stocks which they characterise as the watchlist. The team then conducts fundamental analysis of the remaining companies, analysing their competition, market and ESG factors.
Companies that are deemed to not meet the appropriate standard are removed, leaving between 60-80 stocks. These are a list of quality growth companies eligible for inclusion in the portfolio. The next phase involves a final assessment of growth and quality aspects, with a unanimous team decision required for inclusion. Step four is focused on valuation where the potential upside of the remaining stocks is assessed. The final portfolio holds between 25-35 names.
Risk
Risk monitoring is fully integrated within their investment process and is carried out across both investment and operational teams daily. The fund is very high conviction and concentrated with around 30 holdings, so there is stock-specific risk and investors are reliant on the team getting their investment choices correct. When buying new stock the team will typically start with a 1% position and build upon that. There are no hard sector or country limits, but the portfolio is carefully managed to ensure it is well diversified.
ESG
ESG - Integrated
They have a dedicated ESG team of analysts that perform fundamental company research together with the lead investment analyst for each company. They prepare and update an ESG assessment which results in the assigning of an ESG Quality Level ranging from 1 (leader) to 4 (improvement expected) for each stock. The team also has access to multiple ESG data providers that complements their own research and they maintain a proprietary ESG Dashboard to collate ESG metrics at stock and portfolio level.
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