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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	$5.51B	+$212M	14	0.36%	Increased
2	Fidelity Investments Boston, Massachusetts	$4.05B	+$205M	10	0.56%	Increased
3	State Street Boston, Massachusetts	$2.98B	-$34M	12	0.32%	Reduced
4	Wellington Management Group Boston, Massachusetts	$2.02B	+$42.8M	9	0.53%	Increased
5	BlackRock Institutional Trust San Francisco, California	$1.96B	-$1.04M	13	0.32%	Reduced
6	Bank of New York Mellon New York	$1.29B	-$25.4M	14	0.39%	Reduced
7	BlackRock Fund Advisors San Francisco, California	$1.18B	-$17.7M	13	0.27%	Reduced
8	T. Rowe Price Associates Baltimore, Maryland	$1.13B	+$255M	11	0.24%	Increased
9	Morgan Stanley New York	$1.01B	-$42.5M	14	0.39%	Reduced
10	American Century Companies Kansas City, Missouri	$939M	-$68.7M	7	1.1%	Reduced
11	Select Equity Group New York	$929M	+$140M	1	7.79%	Increased
12	Northern Trust Chicago, Illinois	$879M	+$17.8M	14	0.29%	Increased
13	Norges Bank Oslo, Norway	$777M	+$117M	9	0.38%	Increased
14	Corvex Management New York	$736M	+$34.6M	1	12.16%	Increased
15	TIAA CREF Investment Management New York	$725M	-$9.18M	12	0.56%	Reduced
16	Goldman Sachs New York	$715M	-$401M	14	0.24%	Reduced
17	Dodge & Cox San Francisco, California	$695M	-$1.63M	1	0.68%	Reduced
18	Deutsche Bank Frankfurt Am Main Ge, Germany	$666M	-$6.87M	13	0.5%	Reduced
19	Brown Advisory Baltimore, Maryland	$636M	-$9.78M	6	2.19%	Reduced
20	Geode Capital Management Boston, Massachusetts	$612M	+$19.9M	13	0.32%	Increased
21	Invesco Atlanta, Georgia	$594M	+$105M	12	0.24%	Increased
22	Ameriprise Minneapolis, Minnesota	$592M	-$41.7M	11	0.35%	Reduced
23	Manulife (Manufacturers Life Insurance) Canada, Ontario, Canada	$587M	+$74.5M	13	0.51%	Increased
24	BlackRock Group London, United Kingdom	$583M	-$20.4M	12	0.31%	Reduced
25	Baillie Gifford & Co Edinburgh, United Kingdom	$546M	+$497M	3	0.96%	Increased