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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	$795M	-$1.93M	17	0.21%	Reduced
27	VanEck Associates New York	$793M	+$303M	4	0.99%	Increased
28	Wellington Management Group Boston, Massachusetts	$775M	-$397M	7	0.14%	Reduced
29	Pacer Advisors Malvern, Pennsylvania	$720M	-$51.8M	8	1.52%	Reduced
30	Deutsche Bank Frankfurt Am Main Ge, Germany	$698M	+$82.5M	15	0.28%	Increased
31	Massachusetts Financial Services Boston, Massachusetts	$606M	+$212M	2	0.18%	Increased
32	Millennium Management New York	$593M	+$189M	17	0.28%	Increased
33	BNP Paribas Financial Markets Paris, France	$564M	+$73.2M	15	0.38%	Increased
34	UBS AM Chicago, Illinois	$550M	-$31.8M	15	0.14%	Reduced
35	UBS Group Zurich, Switzerland	$546M	+$159M	27	0.12%	Increased
36	Independent Franchise Partners London, United Kingdom	$538M	+$183M	1	4.75%	Increased
37	DZ Bank Frankfurt Am Main, Germany	$532M	-$14.4M	5	0.52%	Reduced
38	D.E. Shaw & Co New York	$528M	+$149M	12	0.45%	Increased
39	Nuveen Charlotte, North Carolina	$526M	-$127M	17	0.15%	Reduced
40	Capital International Investors Los Angeles, California	$513M	-$170M	1	0.1%	Reduced
41	Capital World Investors Los Angeles, California	$507M	-$11.8M	3	0.08%	Reduced
42	Fundsmith LLP London, United Kingdom	$493M	-$50.7M	1	1.95%	Reduced
43	Barclays London, United Kingdom	$472M	+$71.4M	19	0.13%	Increased
44	WCM Investment Management Laguna Beach, California	$461M	-$4.25M	2	1.05%	Reduced
45	Credit Agricole Montrouge Cedex, France	$430M	+$78.4M	8	1.85%	Increased
46	Two Sigma Advisers New York	$424M	+$104M	10	0.99%	Increased
47	Macquarie Group Sydney, NSW 2000, Australia	$421M	+$21.5M	6	0.45%	Increased
48	Victory Capital Management San Antonio, Texas	$419M	-$9.39M	12	0.4%	Reduced
49	Pictet Asset Management Carouge, Switzerland	$415M	-$7.41M	9	0.46%	Reduced
50	Lazard Asset Management New York	$412M	+$58.1M	9	0.55%	Increased