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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 LLP
Fundsmith LLP
United Kingdom
$665M -$24.8M 1 2.79% Reduced
27
Capital Research Global Investors
Capital Research Global Investors
California
$643M +$79.6M 2 0.16% Increased
28
ClearBridge Investments
ClearBridge Investments
New York
$641M +$102M 4 0.55% Increased
29
Charles Schwab
Charles Schwab
California
$627M +$12.3M 14 0.16% Increased
30
Deutsche Bank
Deutsche Bank
Germany
$617M +$117M 15 0.31% Increased
31
TCP
TSG Consumer Partners
California
$609M $0 1 28.78% Maintained
32
Ninety One (UK)
Ninety One (UK)
United Kingdom
$595M +$18.9M 2 1.77% Increased
33
Ameriprise
Ameriprise
Minnesota
$587M -$10.8M 14 0.18% Reduced
34
Wellington Management Group
Wellington Management Group
Massachusetts
$586M -$63.5M 4 0.11% Reduced
35
Victory Capital Management
Victory Capital Management
Texas
$583M -$246M 12 0.61% Reduced
36
Banco Santander
Banco Santander
Spain
$582M +$86.7M 5 6.87% Increased
37
Barclays
Barclays
United Kingdom
$535M -$27.4M 21 0.2% Reduced
38
AKO Capital
AKO Capital
United Kingdom
$509M +$150M 2 7.25% Increased
39
Millennium Management
Millennium Management
New York
$485M -$183M 20 0.21% Reduced
40
Lazard Asset Management
Lazard Asset Management
New York
$474M -$138M 11 0.6% Reduced
41
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
$474M +$5.5M 15 0.54% Increased
42
Alecta Tjanstepension Omsesidigt
Alecta Tjanstepension Omsesidigt
Sweden
$471M +$91.6M 2 2.93% Increased
43
Macquarie Group
Macquarie Group
Australia
$464M +$49.7M 8 0.54% Increased
44
Two Sigma Advisers
Two Sigma Advisers
New York
$457M +$94.4M 13 1.07% Increased
45
Franklin Resources
Franklin Resources
California
$444M +$36.3M 13 0.21% Increased
46
Credit Agricole
Credit Agricole
France
$440M +$68.6M 8 5.03% Increased
47
Pictet Asset Management
Pictet Asset Management
Switzerland
$435M -$112M 9 0.48% Reduced
48
Brown Advisory
Brown Advisory
Maryland
$423M -$123M 5 0.59% Reduced
49
UBS AM
UBS AM
Illinois
$422M +$41.5M 11 0.17% Increased
50
WCM Investment Management
WCM Investment Management
California
$403M -$184M 2 1.12% Reduced