LUX offers concentrated exposure to the luxury industry. The fund invests in global companies that provide luxury goods and services, which the fund adviser defines as those that are sold at a premium price point because of higher quality and craftsmanship than the average products and services available to the market. The luxury industry may depend heavily on the disposable household income and spending habits of consumers with relatively high net worth. Though actively managed, the fund invests in 15 to 100 companies that are within a recognized global luxury index. Such companies are included in the consumer discretionary and/or consumer staples sector. The portfolio is constructed using a top-down approach which narrows down the thematic universe, and a bottom-up security selection that focuses on each firms valuation multiples and fundamentals. The adviser integrates ESG considerations into its investment process, but these do not restrict or exclude companies from the universe.
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