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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
Fundsmith Equity Fund
Fundsmith Equity Fund
Connecticut
$702M +$728M 1 5.22% New
27
Fundsmith LLP
Fundsmith LLP
United Kingdom
$702M +$89.8M 1 5.22% Increased
28
TIAA CREF Investment Management
TIAA CREF Investment Management
New York
$701M -$145M 11 0.47% Reduced
29
Deutsche Bank
Deutsche Bank
Germany
$694M +$88.7M 16 0.35% Increased
30
APG Asset Management
APG Asset Management
Netherlands
$647M +$74.2M 6 1.19% Increased
31
Arrowstreet Capital
Arrowstreet Capital
Massachusetts
$623M +$97M 8 1.52% Increased
32
AKO Capital
AKO Capital
United Kingdom
$599M -$26.8M 2 32.4% Reduced
33
Morgan Stanley
Morgan Stanley
New York
$586M -$21.6M 15 0.16% Reduced
34
AIG
American International Group
New York
$580M -$22.7M 11 2.01% Reduced
35
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
$540M +$53.2M 15 0.24% Increased
36
Fidelity International
Fidelity International
Bermuda
$532M +$231M 5 0.8% Increased
37
Acadian Asset Management
Acadian Asset Management
Massachusetts
$494M +$44.1M 10 2.14% Increased
38
Millennium Management
Millennium Management
New York
$484M +$194M 9 0.63% Increased
39
Charles Schwab
Charles Schwab
California
$453M +$16M 11 0.33% Increased
40
Canada Pension Plan Investment Board
Canada Pension Plan Investment Board
Ontario, Canada
$449M +$839K 9 0.86% Increased
41
Legal & General Group
Legal & General Group
United Kingdom
$421M -$15.6M 12 0.33% Reduced
42
AllianceBernstein
AllianceBernstein
Tennessee
$413M +$16.9M 13 0.29% Increased
43
UBS AM
UBS AM
Illinois
$404M +$19.1M 13 0.31% Increased
44
Capital Research Global Investors
Capital Research Global Investors
California
$398M -$27.6M 2 0.11% Reduced
45
Schroder Investment Management Group
Schroder Investment Management Group
United Kingdom
$393M -$38.4M 7 0.69% Reduced
46
VOYA Investment Management
VOYA Investment Management
Georgia
$391M +$148M 12 0.83% Increased
47
Amundi Asset Management US
Amundi Asset Management US
Massachusetts
$389M -$3.86M 8 0.56% Reduced
48
Credit Suisse
Credit Suisse
Switzerland
$385M -$52.1M 12 0.38% Reduced
49
Swiss National Bank
Swiss National Bank
Switzerland
$385M +$20.6M 12 0.44% Increased
50
Citadel Advisors
Citadel Advisors
Florida
$379M +$85.1M 12 0.19% Increased