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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	Wells Fargo San Francisco, California	$590M	-$17.6M	15	0.18%	Reduced
27	Janus Henderson Group London,	$549M	+$4.46M	8	0.35%	Increased
28	Deutsche Bank Frankfurt Am Main Ge, Germany	$546M	-$29.7M	14	0.37%	Reduced
29	AKO Capital London, United Kingdom	$527M	-$67.4M	2	43.25%	Reduced
30	APG Asset Management Amsterdam, Netherlands	$492M	+$32.1M	6	0.81%	Increased
31	Capital Research Global Investors Los Angeles, California	$478M	+$36.4M	2	0.14%	Increased
32	Brown Advisory Baltimore, Maryland	$434M	-$36.3M	4	1.44%	Reduced
33	Fundsmith LLP London, United Kingdom	$409M	-$62.4K	1	3.96%	Reduced
34	Legal & General Group London, United Kingdom	$393M	+$7.3M	11	0.3%	Increased
35	AQR Capital Management Greenwich, Connecticut	$371M	-$78.1M	7	0.44%	Reduced
36	Royal Bank of Canada Toronto, Ontario, Canada	$354M	+$668K	17	0.17%	Increased
37	Schroder Investment Management Group London, United Kingdom	$341M	-$12.1M	7	0.59%	Reduced
38	Swiss National Bank Zurich, Switzerland	$334M	+$2.61M	11	0.38%	Increased
39	GRQ Gardner Russo & Quinn Lancaster, Pennsylvania	$331M	+$1.15M	3	2.34%	Increased
40	Alecta Tjanstepension Omsesidigt Stockholm, Sweden	$330M	-$22.6M	2	2.83%	Reduced
41	AB Atlas Brown Louisville, Kentucky	$330M	+$310M	2	70.02%	Increased
42	Dodge & Cox San Francisco, California	$325M	-$306M	1	0.26%	Reduced
43	UBS AM Chicago, Illinois	$321M	+$4.32M	10	0.29%	Increased
44	Credit Suisse Zurich, Switzerland	$320M	-$1.63M	14	0.31%	Reduced
45	Guggenheim Capital Chicago, Illinois	$319M	-$29.3M	9	0.75%	Reduced
46	Charles Schwab San Francisco, California	$311M	+$13.4M	11	0.27%	Increased
47	SAM Scopus Asset Management New York	$283M	-$38.2M	4	2.92%	Reduced
48	Allianz Asset Management Munich, Germany	$275M	+$28.3M	7	0.24%	Increased
49	Renaissance Technologies New York	$274M	+$144M	10	0.32%	Increased
50	VOYA Investment Management Atlanta, Georgia	$273M	+$3.59M	12	0.59%	Increased