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Luxury & Affluent Consumer

Luxury sells scarcity and heritage rather than utility, which lets prices rise faster than costs. Demand concentrates in a narrow band of very wealthy customers and in a few travelling nationalities.

40 stocks

#	Name	Holding	Trade Value	Theme Stocks	% of Portfolio	Status
26	Goldman Sachs New York	$569M	+$138M	11	0.19%	Increased
27	Geode Capital Management Boston, Massachusetts	$567M	+$59.9M	12	0.39%	Increased
28	Norges Bank Oslo, Norway	$563M	-$35.5M	8	0.32%	Reduced
29	Waddell & Reed Financial Overland Park, Kansas	$536M	+$65.4M	6	0.86%	Increased
30	TIAA CREF Investment Management New York	$523M	-$28.1M	11	0.38%	Reduced
31	Wellington Management Group Boston, Massachusetts	$490M	-$40.1M	7	0.14%	Reduced
32	Invesco Atlanta, Georgia	$487M	+$24.6M	10	0.19%	Increased
33	Ninety One (UK) London, United Kingdom	$483M	+$1.88M	2	3.37%	Increased
34	Managed Account Advisors Jersey City, New Jersey	$461M	+$2.67M	9	0.62%	Increased
35	PNC Financial Services Group Pittsburgh, Pennsylvania	$435M	-$938K	10	0.58%	Reduced
36	AllianceBernstein Nashville, Tennessee	$431M	+$132M	11	0.38%	Increased
37	Allianz Asset Management Munich, Germany	$427M	-$18.3M	8	0.54%	Reduced
38	Harding Loevner Bridgewater, New Jersey	$413M	+$14.1M	2	3.19%	Increased
39	BlackRock Advisors Wilmington, Delaware	$407M	+$105M	12	0.39%	Increased
40	Franklin Resources San Mateo, California	$379M	+$52M	5	0.19%	Increased
41	Ontario Teachers' Pension Plan Board Toronto, Ontario, Canada	$355M	-$70.6M	5	2.92%	Reduced
42	Putnam Investments Boston, Massachusetts	$353M	+$98.5M	7	0.85%	Increased
43	Neuberger Berman Group New York	$318M	+$6.19M	6	0.33%	Increased
44	OAMG Odey Asset Management Group London, United Kingdom	$318M	-$51.2M	1	6.58%	Reduced
45	AIG American International Group New York	$317M	+$259M	12	1.52%	Increased
46	Massachusetts Financial Services Boston, Massachusetts	$316M	-$14.8M	3	0.18%	Reduced
47	Select Equity Group New York	$310M	+$32.2M	2	3.23%	Increased
48	CCI Columbus Circle Investors	$301M	-$54M	4	2.06%	Reduced
49	VOYA Investment Management Atlanta, Georgia	$297M	-$55.2M	9	0.69%	Reduced
50	BlackRock Investment Management Wilmington, Delaware	$296M	+$101M	11	0.44%	Increased