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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	$5.58B	+$872M	14	0.31%	Increased
2	Fidelity Investments Boston, Massachusetts	$3.98B	+$389M	11	0.53%	Increased
3	State Street Boston, Massachusetts	$2.92B	+$418M	12	0.27%	Increased
4	T. Rowe Price Associates Baltimore, Maryland	$2.84B	+$531M	9	0.56%	Increased
5	Massachusetts Financial Services Boston, Massachusetts	$1.97B	+$1.41B	3	0.96%	Increased
6	BlackRock Institutional Trust San Francisco, California	$1.78B	+$220M	13	0.26%	Increased
7	Wellington Management Group Boston, Massachusetts	$1.69B	+$389M	8	0.42%	Increased
8	BlackRock Fund Advisors San Francisco, California	$1.25B	+$172M	13	0.23%	Increased
9	Baillie Gifford & Co Edinburgh, United Kingdom	$1.09B	+$83.3M	3	1.79%	Increased
10	Bank of New York Mellon New York	$847M	-$199M	14	0.24%	Reduced
11	Norges Bank Oslo, Norway	$804M	-$82M	10	0.35%	Reduced
12	Northern Trust Chicago, Illinois	$778M	+$31M	14	0.24%	Increased
13	Select Equity Group New York	$761M	+$69.8M	1	6.23%	Increased
14	Goldman Sachs New York	$738M	+$76.9M	14	0.21%	Increased
15	Morgan Stanley New York	$725M	-$13.9M	15	0.24%	Reduced
16	Invesco Atlanta, Georgia	$662M	+$299M	12	0.22%	Increased
17	American Century Companies Kansas City, Missouri	$637M	+$33M	5	0.69%	Increased
18	Wells Fargo San Francisco, California	$628M	+$8.65M	14	0.22%	Increased
19	Geode Capital Management Boston, Massachusetts	$618M	+$89.4M	13	0.29%	Increased
20	BlackRock Group London, United Kingdom	$613M	+$88M	12	0.29%	Increased
21	Capital Research Global Investors Los Angeles, California	$607M	+$351M	3	0.2%	Increased
22	TIAA CREF Investment Management New York	$539M	+$118M	12	0.4%	Increased
23	Dodge & Cox San Francisco, California	$532M	-$8.88M	1	0.47%	Reduced
24	JP Morgan Chase New York	$517M	+$198M	13	0.12%	Increased
25	Flossbach Von Storch Cologne, Germany	$484M	+$77.2M	3	7.86%	Increased