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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	$4.83B	+$29.5M	13	0.32%	Increased
2	Fidelity Investments Boston, Massachusetts	$3.53B	+$163M	9	0.47%	Increased
3	State Street Boston, Massachusetts	$2.77B	+$55.5M	12	0.3%	Increased
4	Wellington Management Group Boston, Massachusetts	$1.9B	+$230M	8	0.5%	Increased
5	BlackRock Institutional Trust San Francisco, California	$1.81B	+$23.6M	13	0.3%	Increased
6	Bank of New York Mellon New York	$1.18B	-$69.2M	14	0.36%	Reduced
7	Goldman Sachs New York	$1.12B	+$293M	14	0.35%	Increased
8	BlackRock Fund Advisors San Francisco, California	$1.1B	+$52.1M	14	0.25%	Increased
9	American Century Companies Kansas City, Missouri	$977M	-$45.6M	6	1.14%	Reduced
10	Morgan Stanley New York	$900M	+$37.1M	14	0.33%	Increased
11	T. Rowe Price Associates Baltimore, Maryland	$841M	-$505M	9	0.18%	Reduced
12	Northern Trust Chicago, Illinois	$794M	-$54M	13	0.26%	Reduced
13	Select Equity Group New York	$772M	+$338M	2	7.38%	Increased
14	Corvex Management New York	$696M	+$78.2M	1	9.28%	Increased
15	TIAA CREF Investment Management New York	$671M	+$26.3M	12	0.5%	Increased
16	Deutsche Bank Frankfurt Am Main Ge, Germany	$613M	+$125M	14	0.42%	Increased
17	Brown Advisory Baltimore, Maryland	$601M	-$15.7M	6	2.04%	Reduced
18	AllianceBernstein Nashville, Tennessee	$591M	+$27.7M	11	0.5%	Increased
19	Norges Bank Oslo, Norway	$588M	-$105M	9	0.29%	Reduced
20	Dodge & Cox San Francisco, California	$569M	-$231K	1	0.56%	Reduced
21	Ameriprise Minneapolis, Minnesota	$565M	+$188M	11	0.33%	Increased
22	Manulife (Manufacturers Life Insurance) Canada, Ontario, Canada	$563M	+$100M	12	0.54%	Increased
23	BlackRock Group London, United Kingdom	$550M	+$29.4M	13	0.3%	Increased
24	Wells Fargo San Francisco, California	$549M	+$5.62M	14	0.22%	Increased
25	Geode Capital Management Boston, Massachusetts	$539M	+$2.13M	13	0.31%	Increased