Comgest's Wittet goes on buying spree despite market uncertainty

Six positions added to portfolio in 2019

The Comgest Growth Europe ex-UK fund added six positions in a busy 2019 as manager Alistair Wittet bought amid market volatility, having offloaded its holding in Wirecard, although he did not rule out buying back in once its accounting investigations are completed.

The fund upped its bet on the ageing population megatrend by buying hearing aid retailer Amplifon, drug development solutions provider Icon and nursing home provider Orpea. As at 31 December, the fund had 30.4% in healthcare. Wittet said the ageing population megatrend was "almost a cliché now", but an important one for investors to take advantage of. Health spending has grown every single year since the 1960s in the US, he explained. The same is true of the UK since 1997. Wittet said both Amplifon and Orpea are high-quality players in structurally growing markets, with the former ...