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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	IVAV Index Venture Associates V St. Helier, Channel Islands, Jersey	$763M	$0	1	99%	Maintained
27	Deutsche Bank Frankfurt Am Main Ge, Germany	$761M	+$34M	17	0.45%	Increased
28	Franklin Resources San Mateo, California	$750M	-$108M	10	0.4%	Reduced
29	Invesco Atlanta, Georgia	$733M	-$6.07M	13	0.25%	Reduced
30	Brown Advisory Baltimore, Maryland	$704M	+$210M	7	2%	Increased
31	Goldman Sachs New York	$690M	-$98.9M	15	0.21%	Reduced
32	Wells Fargo San Francisco, California	$690M	-$21.5M	16	0.21%	Reduced
33	TIAA CREF Investment Management New York	$672M	+$2.48M	12	0.48%	Increased
34	AKO Capital London, United Kingdom	$626M	+$38.1M	2	18.89%	Increased
35	Royal Bank of Canada Toronto, Ontario, Canada	$595M	-$63M	15	0.25%	Reduced
36	VP Vitruvian Partners London, United Kingdom	$593M	$0	1	92.95%	Maintained
37	Canada Pension Plan Investment Board Toronto Ontario, Ontario, Canada	$588M	+$9.97M	11	1.13%	Increased
38	UBS Group Zurich, Switzerland	$574M	+$168M	18	0.24%	Increased
39	Legal & General Group London, United Kingdom	$540M	+$81.7M	12	0.31%	Increased
40	Fidelity International Hamilton, Bermuda	$490M	+$3.42M	11	0.77%	Increased
41	AllianceBernstein Nashville, Tennessee	$480M	+$87.2M	14	0.31%	Increased
42	Amundi Asset Management US Boston, Massachusetts	$437M	-$4.59M	10	0.62%	Reduced
43	Capital World Investors Los Angeles, California	$430M	+$274M	3	0.1%	Increased
44	Charles Schwab San Francisco, California	$402M	-$6.69M	11	0.26%	Reduced
45	EC Eminence Capital New York	$390M	+$373M	1	5.82%	New
46	Mackenzie Financial Toronto Ontario, Ontario, Canada	$386M	+$168M	8	0.93%	Increased
47	APG Asset Management Amsterdam, Netherlands	$380M	-$186M	5	0.7%	Reduced
48	Swiss National Bank Zurich, Switzerland	$377M	+$7.8M	12	0.41%	Increased
49	UBS AM Chicago, Illinois	$365M	-$29.9M	13	0.27%	Reduced
50	Parametric Portfolio Associates Seattle, Washington	$335M	+$18.4M	13	0.29%	Increased