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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
1	Vanguard Group Malvern, Pennsylvania	$4.2B	+$596M	12	0.37%	Increased
2	Fidelity Investments Boston, Massachusetts	$3.5B	-$38.6M	10	0.5%	Reduced
3	State Street Boston, Massachusetts	$3.34B	+$421M	12	0.37%	Increased
4	Jennison Associates New York	$2.34B	-$234M	4	2.3%	Reduced
5	BlackRock Institutional Trust San Francisco, California	$2.21B	-$35.5M	11	0.39%	Reduced
6	Bank of New York Mellon New York	$1.3B	+$53.2M	13	0.36%	Increased
7	BlackRock Fund Advisors San Francisco, California	$1.14B	+$127M	13	0.35%	Increased
8	Northern Trust Chicago, Illinois	$1.08B	+$73.6M	12	0.35%	Increased
9	Ameriprise Minneapolis, Minnesota	$1.08B	+$56.7M	11	0.65%	Increased
10	JP Morgan Chase New York	$1.03B	-$148M	11	0.29%	Reduced
11	Wells Fargo San Francisco, California	$927M	+$139M	13	0.4%	Increased
12	Lone Pine Capital Greenwich, Connecticut	$860M	-$274M	2	3.7%	Reduced
13	Dodge & Cox San Francisco, California	$848M	+$258M	1	0.88%	Increased
14	T. Rowe Price Associates Baltimore, Maryland	$802M	+$169M	9	0.18%	Increased
15	UBS AM Chicago, Illinois	$800M	-$184M	9	0.91%	Reduced
16	Viking Global Investors Stamford, Connecticut	$777M	+$13M	2	3.63%	Increased
17	MC Montag & Caldwell Atlanta, Georgia	$761M	+$261M	3	5.69%	Increased
18	American Century Companies Kansas City, Missouri	$725M	-$154M	5	0.85%	Reduced
19	Winslow Capital Management Minneapolis, Minnesota	$691M	-$353M	2	2.04%	Reduced
20	Capital World Investors Los Angeles, California	$684M	+$31M	2	0.19%	Increased
21	Morgan Stanley New York	$683M	+$2.08M	14	0.29%	Increased
22	Brown Advisory Baltimore, Maryland	$667M	+$89.3M	6	2.16%	Increased
23	Citadel Advisors Miami, Florida	$660M	+$217M	12	0.86%	Increased
24	BlackRock Group London, United Kingdom	$642M	-$9.86M	11	0.41%	Reduced
25	Artisan Partners Milwaukee, Wisconsin	$596M	+$49.4M	4	1.07%	Increased