Quality Growth Boutique

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.

Artificial intelligence (AI) may be one of the greatest technological breakthroughs, but it’s too early to tell. History shows that investment returns don’t always match innovation hype. However, we do know that economic fundamentals have not changed, which means that investments must become self-financing and deliver adequate returns to be sustainable.

Vontobel’s Ed Walczak is among a small number of portfolio managers active today who were also managing money during the dot-com bubble. Ed compares the two time periods and explains how having zero exposure in tech and telecom in the dot-com era, while unpopular, rewarded his investors.

Si le potentiel de l’Intelligence Artificielle reste prometteur, sa domination sur les marchés et sa dépendance au financement externe génèrent des vulnérabilités. En ciblant des opportunités dans des secteurs à croissance prévisible et résilients – au sein comme en dehors de l’écosystème IA –, nous pensons que les investisseurs pourront mieux gérer les incertitudes à venir.

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.

AI-driven momentum trades and non-US value dominated markets in 2025. However, the sustainability of these trends remains uncertain, particularly given unproven ROI of AI investments. Amid this backdrop, quality stocks emerge as a prudent choice, offering both resilience and steady growth potential.

Découvrez pourquoi et comment nos experts en placements actions misent sur des entreprises de qualité.

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.

Grâce à l’étude approfondie des enquêtes d’État et fédérales ainsi qu’à des entretiens avec des entreprises clientes et des auditeurs de régimes de santé, notre analyste d’investigation a permis d’identifier des signes avant-coureurs de la dérive de UnitedHealth Group d’un leader du marché vers une entreprise ayant un lourd passif réglementaire. Cette étude de cas souligne les avantages que les anciens journalistes d’investigation apportent au processus d’analyse de l’équipe Quality Growth.

You can now watch the replay of our webinar “Steering through tougher conditions: finding resilience in quality”.