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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	Eagle Capital Management (New York) New York	$790M	-$59M	1	2.52%	Reduced
27	Deutsche Bank Frankfurt Am Main Ge, Germany	$766M	+$15.3M	17	0.26%	Increased
28	Legal & General Group London, United Kingdom	$759M	-$2.39M	16	0.17%	Reduced
29	AQR Capital Management Greenwich, Connecticut	$746M	+$6.25M	14	0.48%	Increased
30	Independent Franchise Partners London, United Kingdom	$683M	-$12.3M	1	4.5%	Reduced
31	DZ Bank Frankfurt Am Main, Germany	$675M	-$115M	5	0.59%	Reduced
32	Qube Research & Technologies (QRT) London, United Kingdom	$675M	-$340M	9	0.7%	Reduced
33	Marshall Wace London, United Kingdom	$610M	-$228M	11	0.62%	Reduced
34	Barclays London, United Kingdom	$595M	+$23.3M	19	0.13%	Increased
35	Wellington Management Group Boston, Massachusetts	$583M	+$400M	8	0.1%	Increased
36	Nuveen Charlotte, North Carolina	$581M	+$48.1M	15	0.15%	Increased
37	SRS Investment Management New York	$571M	-$30M	1	6.22%	Reduced
38	D.E. Shaw & Co New York	$565M	+$264M	13	0.32%	Increased
39	VanEck Associates New York	$550M	+$106M	3	0.51%	Increased
40	UBS AM Chicago, Illinois	$527M	-$220M	10	0.11%	Reduced
41	Squarepoint New York	$504M	-$52.4M	12	0.51%	Reduced
42	Royal Bank of Canada Toronto, Ontario, Canada	$499M	+$157M	21	0.08%	Increased
43	Ninety One (UK) London, United Kingdom	$473M	+$469M	1	1.02%	New
44	Victory Capital Management San Antonio, Texas	$449M	+$11.8M	10	0.26%	Increased
45	Allianz Asset Management Munich, Germany	$442M	+$61.4M	8	0.49%	Increased
46	Voloridge Investment Management Jupiter, Florida	$408M	+$90.6M	10	1.37%	Increased
47	Banco Santander Madrid, Spain	$407M	+$20.9M	6	3.62%	Increased
48	Credit Agricole Montrouge Cedex, France	$401M	+$403M	6	1.06%	New
49	Franklin Resources San Mateo, California	$392M	+$284M	12	0.1%	Increased
50	Capital Research Global Investors Los Angeles, California	$384M	-$31.4M	1	0.07%	Reduced