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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	BOI Bank of Italy Rome, Italy	$680M	$0	1	21.71%	Maintained
27	TCP TSG Consumer Partners Larkspur, California	$634M	$0	1	32.78%	Maintained
28	Wellington Management Group Boston, Massachusetts	$628M	-$152M	6	0.13%	Reduced
29	Millennium Management New York	$619M	+$328M	18	0.31%	Increased
30	Massachusetts Financial Services Boston, Massachusetts	$612M	-$59.3M	3	0.21%	Reduced
31	Lazard Asset Management New York	$607M	+$214M	9	0.83%	Increased
32	Citadel Advisors Miami, Florida	$591M	+$203M	24	0.13%	Increased
33	Charles Schwab San Francisco, California	$557M	-$20.3M	14	0.16%	Reduced
34	Ninety One (UK) London, United Kingdom	$530M	-$61.7M	2	1.68%	Reduced
35	Barclays London, United Kingdom	$529M	+$217M	21	0.33%	Increased
36	Brown Advisory Baltimore, Maryland	$528M	+$19.8M	5	0.87%	Increased
37	WCM Investment Management Laguna Beach, California	$517M	-$9.09M	2	1.52%	Reduced
38	Ameriprise Minneapolis, Minnesota	$512M	-$107M	14	0.17%	Reduced
39	ClearBridge Investments New York	$503M	+$20.6M	3	0.48%	Increased
40	Pictet Asset Management Carouge, Switzerland	$499M	+$536M	9	0.62%	New
41	Capital Research Global Investors Los Angeles, California	$469M	-$35.8M	2	0.13%	Reduced
42	D.E. Shaw & Co New York	$465M	+$476M	15	0.49%	Increased
43	Nuveen Charlotte, North Carolina	$462M	-$120M	15	0.16%	Reduced
44	Deutsche Bank Frankfurt Am Main Ge, Germany	$440M	+$47.1M	15	0.28%	Increased
45	Banco Santander Madrid, Spain	$430M	+$57.9M	5	6.09%	Increased
46	BNP Paribas Financial Markets Paris, France	$413M	+$35.8M	16	0.53%	Increased
47	Macquarie Group Sydney, NSW 2000, Australia	$380M	+$16.2M	8	0.48%	Increased
48	Alecta Tjanstepension Omsesidigt Stockholm, Sweden	$375M	$0	1	2.83%	Maintained
49	Independent Franchise Partners London, United Kingdom	$373M	+$430M	1	3.23%	New
50	Franklin Resources San Mateo, California	$359M	-$158M	14	0.18%	Reduced