LVMH

LVMH, the Paris-listed luxury goods company, was added to the portfolio in the period under review. The company has an approximate market capitalisation of €400bn and the holding provides the portfolio with exposure to a market segment that is difficult to access through companies listed in the UK. The company has a wide selection of best-in-class brands across divisions including Fashion & Leather Goods (for example Louis Vuitton, Dior, Fendi, Marc Jacobs), Wines & Spirits (for example, Moet Hennessey, Krug, Dom Perignon, Glenmorangie), Perfumes & Cosmetics and Watches & Jewellery. LVMH demonstrates very strong financial quality characteristics with pricing power, high gross and operating margins, strong cashflows and a robust balance sheet, and is known for taking a long-term perspective on investment. The dividend yield is relatively modest but we see good scope for strong long-term dividend growth.

LVMH, the Paris-listed luxury goods company, was added to the portfolio in the period under review. The company has an approximate market capitalisation of €400bn and the holding provides the portfolio with exposure to a market segment that is difficult to access through companies listed in the UK. The company has a wide selection of best-in-class brands across divisions including Fashion & Leather Goods (for example Louis Vuitton, Dior, Fendi, Marc Jacobs), Wines & Spirits (for example, Moet Hennessey, Krug, Dom Perignon, Glenmorangie), Perfumes & Cosmetics and Watches & Jewellery. LVMH demonstrates very strong financial quality characteristics with pricing power, high gross and operating margins, strong cashflows and a robust balance sheet, and is known for taking a long-term perspective on investment. The dividend yield is relatively modest but we see good scope for strong long-term dividend growth.

Companies selected for illustrative purposes only to demonstrate the investment management style described herein and not as an investment recommendation or indication of future performance.