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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	$4.99B	+$169M	12	0.34%	Increased
2	Fidelity Investments Boston, Massachusetts	$3.44B	-$409M	9	0.44%	Reduced
3	State Street Boston, Massachusetts	$3.21B	-$177M	11	0.33%	Reduced
4	BlackRock Institutional Trust San Francisco, California	$2.16B	+$14.4M	12	0.34%	Increased
5	Bank of New York Mellon New York	$1.63B	+$16.9M	13	0.42%	Increased
6	Wellington Management Group Boston, Massachusetts	$1.55B	+$350M	8	0.4%	Increased
7	T. Rowe Price Associates Baltimore, Maryland	$1.36B	-$356M	7	0.28%	Reduced
8	BlackRock Fund Advisors San Francisco, California	$1.36B	+$42.4M	12	0.32%	Increased
9	American Century Companies Kansas City, Missouri	$1.09B	-$109M	8	1.22%	Reduced
10	Morgan Stanley New York	$1.06B	-$23.6M	13	0.39%	Reduced
11	JP Morgan Chase New York	$1.05B	-$300M	10	0.24%	Reduced
12	Northern Trust Chicago, Illinois	$981M	-$14.3M	13	0.3%	Reduced
13	Corvex Management New York	$797M	+$29.1M	1	9.64%	Increased
14	Ameriprise Minneapolis, Minnesota	$753M	-$32.3M	10	0.43%	Reduced
15	Lone Pine Capital Greenwich, Connecticut	$738M	+$10.3M	1	2.79%	Increased
16	Dodge & Cox San Francisco, California	$715M	-$9.16M	1	0.66%	Reduced
17	UBS AM Chicago, Illinois	$705M	-$97.6M	9	0.68%	Reduced
18	Capital World Investors Los Angeles, California	$701M	+$62.8M	2	0.19%	Increased
19	Norges Bank Oslo, Norway	$701M	+$53.7M	9	0.34%	Increased
20	Brown Advisory Baltimore, Maryland	$663M	-$33.8M	5	2.11%	Reduced
21	Artisan Partners Milwaukee, Wisconsin	$631M	-$13.2M	2	1.13%	Reduced
22	Capital Research Global Investors Los Angeles, California	$614M	+$290M	1	0.21%	Increased
23	Citadel Advisors Miami, Florida	$608M	+$42.5M	11	0.58%	Increased
24	TIAA CREF Investment Management New York	$597M	-$50.1M	11	0.42%	Reduced
25	Geode Capital Management Boston, Massachusetts	$584M	+$23M	12	0.33%	Increased