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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	Putnam Investments Boston, Massachusetts	$582M	+$67.2M	7	1.16%	Increased
27	Deutsche Bank Frankfurt Am Main Ge, Germany	$576M	-$134M	12	0.36%	Reduced
28	Invesco Atlanta, Georgia	$574M	+$12.8M	11	0.22%	Increased
29	BlackRock Group London, United Kingdom	$574M	-$59.8M	11	0.31%	Reduced
30	AllianceBernstein Nashville, Tennessee	$522M	+$17.2M	11	0.42%	Increased
31	Wells Fargo San Francisco, California	$490M	+$8.95M	13	0.19%	Increased
32	VOYA Investment Management Atlanta, Georgia	$447M	+$329M	10	0.99%	Increased
33	BCPEM Bain Capital Public Equity Management Boston, Massachusetts	$440M	+$8.57M	2	10.94%	Increased
34	WP Wedgewood Partners St Louis, Missouri	$432M	+$18.9M	1	5.8%	Increased
35	Franklin Resources San Mateo, California	$407M	+$243M	6	0.18%	Increased
36	AIG American International Group New York	$402M	+$6.07M	12	1.66%	Increased
37	BP BBR Partners New York	$400M	-$361K	2	54.08%	Reduced
38	Waddell & Reed Financial Overland Park, Kansas	$391M	+$25.8M	5	0.54%	Increased
39	Managed Account Advisors Jersey City, New Jersey	$366M	+$9.85M	9	0.32%	Increased
40	Goldman Sachs New York	$366M	-$37.7M	13	0.12%	Reduced
41	Flossbach Von Storch Cologne, Germany	$365M	+$51.1M	2	8.25%	Increased
42	Select Equity Group New York	$356M	+$70.4M	1	3.23%	Increased
43	Schroder Investment Management Group London, United Kingdom	$347M	+$111M	6	0.68%	Increased
44	Neuberger Berman Group New York	$337M	+$182K	5	0.36%	Increased
45	HSBC Holdings London, United Kingdom	$318M	+$30.7M	7	0.61%	Increased
46	Manulife (Manufacturers Life Insurance) Canada, Ontario, Canada	$301M	+$196M	12	0.38%	Increased
47	PCM Pennant Capital Management Summit, New Jersey	$300M	-$14.2M	1	5.61%	Reduced
48	Credit Suisse Zurich, Switzerland	$299M	-$71.8M	11	0.3%	Reduced
49	GRQ Gardner Russo & Quinn Lancaster, Pennsylvania	$297M	+$2.73M	2	2.67%	Increased
50	Dimensional Fund Advisors Austin, Texas	$295M	+$6.13M	13	0.19%	Increased