International Equities

Our Quality Growth team outlines an approach to building resilient portfolios that can also deliver attractive growth. The team seeks to identify companies with superior profitability, predictable earnings growth, and appropriate valuations. They classify quality companies into three categories: Leaders, Defenders, and Opportunistic, while balancing growth and stability.

China’s luxury market is being reshaped: ultra-high-end brands remain resilient, while mid-tier players face pressure from premium and domestic competitors. Consumers are shifting spending toward experiences and local brands, with uneven recovery and opportunities emerging in platforms and adaptable operators.

Portfolio manager Ed Walczak shares his thoughts on his trip to the Berkshire Hathaway annual meeting, his 30 th visit. He focuses on investing versus speculating in today’s AI-obsessed market, and how sticking to a discipline might be harder but more important than ever.

Like oil once powered the industrial era, chips have become a key input powering broad economic activity, with expectations for demand to continue through 2026 and into 2027. In our view, “picks-and-shovels” companies should benefit regardless of which model, hyperscaler, or foundation lab ultimately wins.

Galderma is a pure play dermatology company with steadily growing aesthetics and skin care franchises. Galderma’s Dysport is taking share from Botox, while Nemluvio, its novel itch biologic, is gaining traction. We believe the company may see long term revenue and profit growth ahead. Turns out, demand for better skin is remarkably durable.

Markets today resemble Aesop’s fable The Boy Who Cried Wolf, with many investors conditioned to dismiss risks after years of shallow, short-lived downturns and swift recoveries fueled by central bank interventions. We believe this complacency has led to higher valuations and reduced defensiveness, creating structural fragility.

KI könnte einer der grössten technologischen Durchbrüche sein, aber es ist noch zu früh, um das abschliessend zu beurteilen. Die Geschichte zeigt, dass Renditen nicht immer mit dem Innovationshype Schritt halten. Allerdings wissen wir, dass sich die wirtschaftlichen Grundlagen nicht verändert haben, was bedeutet, dass Investitionen sich selbst tragen und angemessene Renditen erzielen müssen, um nachhaltig zu sein.

Leaders in the video game industry, such as Tencent Holdings, NetEase, and Capcom, offer a distinct blend of predictability and growth through a combination of "Evergreen" titles and new game pipelines. These firms have generated recurring revenues and compounded earnings at approximately 20% annually over the past decade.

Erkunden Sie, warum und wie unsere Anlage-Experten für Aktien auf Qualitätsunternehmen setzen.

Quitting is often misunderstood as weakness. But in investing, selling is the overlooked half of decision-making, hindered by biases like sunk cost fallacy or FOMO. In our view, knowing when to walk away is essential for preserving capital and seizing better opportunities.

In our latest Quality Conversations videos, discover how quality companies—those with strong franchises, pricing power, and unlevered balance sheets—can thrive in uncertain markets. By navigating inflation, shifting economic cycles, and interest rate volatility, these "masters of their own destiny" appear to offer resilience and long-term growth potential.

Die Unsicherheit und Volatilität des aktuellen Marktumfelds unterstreichen die Stärken unserer disziplinierten Quality Growth-Philosophie, die sich auf bewährte Unternehmen mit inhärenter Widerstandsfähigkeit und langfristiger Wertschöpfung fokussiert. Nach zwei Jahren mit begrenztem Rückenwind sind ausgewählte Qualitätsunternehmen aufgrund ihrer defensiven Wachstumseigenschaften attraktiv bewertet.