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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	Legal & General Group London, United Kingdom	$728M	-$11.5M	17	0.21%	Reduced
27	Pacer Advisors Malvern, Pennsylvania	$703M	+$331M	9	1.59%	Increased
28	Select Equity Group New York	$665M	+$390K	2	2.62%	Increased
29	ClearBridge Investments New York	$645M	-$62.5M	4	0.52%	Reduced
30	Nuveen Charlotte, North Carolina	$637M	-$36.3M	17	0.19%	Reduced
31	Capital International Investors Los Angeles, California	$618M	+$15.6M	2	0.13%	Increased
32	Deutsche Bank Frankfurt Am Main Ge, Germany	$569M	+$5.78M	15	0.26%	Increased
33	UBS AM Chicago, Illinois	$554M	+$207M	14	0.16%	Increased
34	Citadel Advisors Miami, Florida	$522M	+$354M	19	0.11%	Increased
35	VanEck Associates New York	$511M	+$242M	4	0.73%	Increased
36	DZ Bank Frankfurt Am Main, Germany	$510M	+$122M	5	0.52%	Increased
37	BNP Paribas Financial Markets Paris, France	$497M	+$55.5M	15	0.41%	Increased
38	Fundsmith LLP London, United Kingdom	$481M	-$15M	1	1.96%	Reduced
39	Capital World Investors Los Angeles, California	$473M	+$16.5M	3	0.08%	Increased
40	TCP TSG Consumer Partners Larkspur, California	$439M	$0	1	67.01%	Maintained
41	AKO Capital London, United Kingdom	$425M	-$176M	2	5.85%	Reduced
42	Victory Capital Management San Antonio, Texas	$413M	-$43.8M	12	0.41%	Reduced
43	WCM Investment Management Laguna Beach, California	$406M	-$55.6M	2	0.96%	Reduced
44	Massachusetts Financial Services Boston, Massachusetts	$404M	-$126M	3	0.12%	Reduced
45	Banco Santander Madrid, Spain	$395M	-$95.2M	5	4.89%	Reduced
46	Pictet Asset Management Carouge, Switzerland	$381M	-$91.1M	9	0.44%	Reduced
47	American Century Companies Kansas City, Missouri	$380M	+$24.8M	16	0.23%	Increased
48	D.E. Shaw & Co New York	$372M	+$61.8M	14	0.35%	Increased
49	Macquarie Group Sydney, NSW 2000, Australia	$370M	+$2.05M	8	0.42%	Increased
50	Independent Franchise Partners London, United Kingdom	$369M	+$140M	1	3.4%	Increased