Comgest Growth Japan GBP U Acc

March 2026

Overview

This fund is focused on delivering long-term capital appreciation through a portfolio of Japanese equities. Over the long run, we believe that this outcome is achievable, though, over short time periods, the fund is exposed to movements in the stock market and could experience fluctuations in performance.

We would expect this fund to deliver attractive though variable returns, given the nature of its long-term, quality growth approach and concentrated portfolio. Therefore, this fund may lag during value rallies, or when the market is focused on specific themes that move away from company fundamentals.

Square Mile’s Expected Outcome

We believe that this fund should be able to outperform the TOPIX over rolling three- to five-year periods.

Square Mile’s Opinion

We hold this fund's managers in high regard, with both of them having spent the last decade of their twenty-year careers dedicated to running this strategy in a consistent and committed manner, ably assisted by the other members of the Comgest Japan team and, more broadly, the supportive group structure at Comgest.

We like that the long-term quality growth style of this fund, is in fact a firm-wide investment approach, which was established upon Comgest's founding in 1985 and so is, we think, clearly tried, tested and well proven. It is also something to which the Japan team members are very committed through their robust company research. Work that, we would highlight, is aided by the in-depth understanding of the Japanese market that the Japan team members have developed during the course of their careers and also by the fact that three of its members are fluent in Japanese and live in Tokyo, meaning that there is an established research presence on the ground.

We have high conviction in the fund's ability to deliver attractive returns over the long term. Though, we would note that due to the investment approach taken, and in particular the bias towards strongly growing companies, this fund's returns may be variable and may lag when its investment style is out of favour in the broader market. Therefore, this fund may be more suited to investors with longer time horizons. Nonetheless, we believe that this fund is a very attractive proposition for those considering a long-term allocation to Japanese equities.

Fund Manager’s Formal Objective

The objective of the Fund is to increase the value of the Fund (capital appreciation) over the long term.

Outcome: Capital Accumulation	Domicile: Ireland
Active/Passive: Active	Benchmark: TOPIX
Asset Class: Equity	IA Sector: IA Japan
Yield: -	Fund size: £619M
Fund Manager: Team Managed	Distribution Pay Date: -
Fund Price: 12.4 Pounds	Dividend Frequency: -
Currency of Share Class: GBP	Share Class Launch Date: 18/09/2018
NAV: 12.4 Pounds	Year end: 31/12/2025
Discount/Premium: 0.00%	Gearing: -
Permission to distribute from Capital: -	Fees charged: -

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Comgest Growth Japan GBP U Acc

Asset Manager Overview

Founded in 1985, Comgest is an international asset management firm headquartered in Paris. Owned by its employees and founders, the group currently has offices in Paris, Dublin, Hong Kong, Tokyo, Singapore, Dusseldorf, Amsterdam and Boston, and is dedicated to one investment approach - long-term quality growth. This style is applied across Comgest's 15 strategies by circa 40 investment professionals, including this fund's co-managers Chantana Ward and Richard Kaye.

Fund Manager/Team Overview

Based in Paris, Chantana Ward has worked at Comgest for the entirety of her career, having been trained and mentored by one of the group's founders, she became a named manager on this strategy in 2008. Ms Ward, works alongside portfolio manager Richard Kaye who joined Comgest in 2009 as this strategy's co-lead manager. Mr Kaye joined from Wellington Management Company, where he worked as a portfolio manager of Japanese TMT stocks. Fluent in Japanese, he is based in Tokyo along with the other members of the Comgest Japan team: Junzaburo Hyuga, an analyst who joined in 2018; Heyang Ping, an analyst who joined in 2022; and Kasumi Haruta, an analyst who joined in 2025.

Investment Philosophy & Process Overview

Although the fund's co-managers have the final say on stock selection, there is very much a team-based approach in place here, with all members being steadfastly committed to the Comgest investment philosophy and process of identifying the highest quality growth companies with which to populate the portfolio, however there is a bias towards growth companies that they believe will offer consistent earnings growth going forward. Indeed, the team carry out extensive and intense bottom up research to find companies with strong and durable competitive advantages, which they believe can deliver sustainable growth in earnings over an extended time period.

The process of finding said companies begins with a broad screen of the Japanese market, which considers a company's business model and its finances, the sustainability of the business, along with the potential for organic growth, and any barriers to this and, finally, its management team. From this, a list of potential ideas is identified - the best of which join a stock watchlist. This watchlist is comprised of c.150-170 companies, all of which are thoroughly scrutinised by the Japan team via fundamental analysis of the company, its competition and marketplace and any environmental, social and governance (ESG) factors. This analysis also incorporates information gained from meetings with a company's management team, its operational staff and members of its supply chain, as well as its industry fellows, to ensure that the team has a broad an understanding as possible of a company. The strongest contenders to emerge from this analysis go on to become the team's viable investment ideas.

The portfolio tends to be reasonably concentrated with between 30 and 45 holdings, with the managers being able to invest across the market cap spectrum and in any sector. Though, given their quality growth approach, the managers tend to steer away from mining and other commodity-related industries. Various risk overlay controls are also applied in order to moderate any excessive risks in the portfolio.

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Comgest Growth Japan GBP U Acc

ESG Integration

Fund ESG Integration

Environmental, social and governance (ESG) considerations are embedded into the fundamental analysis undertaken by Comgest. This is founded in the belief that ESG factors not only impact upon the long-term performance of companies, but also give a better insight into a company's character and its core values. Therefore, these elements are an integrated part of its investment teams' fundamental analysis of companies and the stock selection process. Given that the group's investment philosophy and approach is focused on finding high-quality companies with a sustainable growth trajectory, these factors are a natural part of the extensive research process. We would note that in 2022, the fund became SFDR Article 8 classified, further reinforcing their dedication to ESG analysis within the investment process.

The Japan team has access to Comgest's dedicated ESG analysts' reports and can also draw upon this team to conduct research on a case-by-case basis. The group specifically exclude investment in companies that have any revenue exposure to controversial weapons and thermal coal mines, and limit revenue exposure to tobacco related companies (5% threshold) and electricity producers with exposure to coal (20% threshold). While ESG factors do not lead to a veto per se, they can cause the managers to trim and even sell out of positions. The idea of stewardship or responsible investment through engagement is key to the Comgest ESG approach, and so the Japan team actively engages with all of the companies in which it invests in order to help broadly improve their ESG credentials or encourage them to improve specific issues.

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Comgest Growth Japan GBP U Acc

Risk Summary

The managers of this fund have a long-term investment horizon, focus on investing in growing companies across the market cap spectrum and construct the portfolio without reference to the fund's benchmark, the TOPIX. Thus, there could be times when this fund looks and acts very differently to the wider market, especially over shorter time frames. Moreover, whilst stock contribution is expected to be a key driver of long-term performance for this strategy, returns from the holdings in the portfolio can vary and, for example, such returns might not offset the shorter-term headwinds that can come from natural dislocations in markets. In addition, Japanese equities and the yen (which will also be an important driver of returns) can be volatile investments and so this fund may be suitable for investors who are seeking to have a long-term allocation to Japan.

Additional Information

Annualised Return: 5.22%

Annualised Volatility: 16.73%

Max Drawdown: -17.05%

Max Gain: 12.91%

Max Loss: -8.37%

Sharpe Ratio: 0.25

Sortino Ratio: 0.24

(3 years data to last month end unless otherwise stated)

Qualitative Risk Assessment

	Significant	Potentially Significant	Not Significant
Equity Risk
Interest Rate Risk
Credit Risk
Exchange Rate Risk
Liquidity Risk
Emerging Markets Risk
Derivative Risk
Manager Risk
Gearing Risk
Discount/Premium Risk

For the full summary of the risks, click here

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Comgest Growth Japan GBP U Acc

3 Year Rolling Sector Outperformance

Maximum Drawdown (Rolling 12 Months)

Calendar Year Performance To Quarter End

Period	Fund (%)	Sector (%)
2025	12.5	18.5
2024	5.1	10.4
2023	1.0	12.6
2022	-18.8	-7.4
2021	-12.2	2.8

Value for Money

Whilst the ongoing charge figure (OCF) of this fund is above the peer group median, its transactions costs are slightly above average, which in our opinion, leads to a marginally above average total cost of investment. Overall, we believe that this fund offers good value for money because it allows investors access to a high quality franchise, which has been successful in meeting its performance objective, and which is managed by experienced managers.

In line with the MiFID II regulations, asset management firms are required to disclose all of the costs and charges related to the running and administration of their funds, which can include items outside of the OCF, such as research costs. Comgest absorbs the costs associated with its external research.

OCF v Peer Group

0.94%

Transaction Costs v Peer Group

0.14%

TCI v Peer Group

1.08%

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Comgest Growth Japan GBP U Acc

Rating Changes

The Square Mile ratings are reviewed every 6 months. For full details on the methodologies, click here.
For a full list of all Square Mile rated funds, click here.

Rating Changes over last 12 months	Time & Date rating changed

Disclaimer

This document is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

Unless otherwise agreed by Square Mile, this factsheet is only for internal use by the permitted recipients and shall not be published or be provided to any third parties. This factsheet is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this factsheet shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This factsheet shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Unless indicated, all figures are sourced by LSEG Lipper (all rights reserved). Past performance is not a guide to future returns.

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