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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	Nuveen Charlotte, North Carolina	$850M	+$78M	15	0.25%	Increased
27	Select Equity Group New York	$753M	-$70.3M	2	2.66%	Reduced
28	AKO Capital London, United Kingdom	$718M	+$116M	2	10.17%	Increased
29	Massachusetts Financial Services Boston, Massachusetts	$710M	-$7.99M	3	0.21%	Reduced
30	Capital International Investors Los Angeles, California	$708M	-$118M	2	0.14%	Reduced
31	Wellington Management Group Boston, Massachusetts	$672M	+$27.2M	5	0.12%	Increased
32	Deutsche Bank Frankfurt Am Main Ge, Germany	$669M	-$37.1M	14	0.31%	Reduced
33	Fundsmith LLP London, United Kingdom	$592M	-$10.8M	1	2.32%	Reduced
34	TCP TSG Consumer Partners Larkspur, California	$575M	$0	1	36.33%	Maintained
35	Banco Santander Madrid, Spain	$550M	-$77.3M	6	6.63%	Reduced
36	Pictet Asset Management Carouge, Switzerland	$538M	+$22.1M	10	0.59%	Increased
37	BNP Paribas Financial Markets Paris, France	$538M	+$67.3M	15	0.47%	Increased
38	Arrowstreet Capital Boston, Massachusetts	$506M	+$64M	9	0.47%	Increased
39	Victory Capital Management San Antonio, Texas	$502M	-$175M	12	0.49%	Reduced
40	Capital World Investors Los Angeles, California	$498M	+$113M	3	0.08%	Increased
41	WCM Investment Management Laguna Beach, California	$493M	-$17.1M	2	1.17%	Reduced
42	Jennison Associates New York	$486M	+$216M	3	0.33%	Increased
43	Alecta Tjanstepension Omsesidigt Stockholm, Sweden	$482M	$0	2	2.76%	Maintained
44	UBS AM Chicago, Illinois	$470M	+$19.3M	12	0.17%	Increased
45	Millennium Management New York	$456M	-$64.6M	20	0.19%	Reduced
46	Marshall Wace London, United Kingdom	$442M	+$16.8M	12	0.67%	Increased
47	DZ Bank Frankfurt Am Main, Germany	$439M	+$51.1M	5	0.47%	Increased
48	Macquarie Group Sydney, NSW 2000, Australia	$436M	-$73.3M	9	0.49%	Reduced
49	D.E. Shaw & Co New York	$433M	+$63.9M	11	0.37%	Increased
50	Two Sigma Advisers New York	$429M	-$71.2M	12	0.99%	Reduced