Julius Baer Luxury Brands goes concentrated after run

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Manager Sun says high-end retailers will continue to outstrip counterparts despite strong run.

Scilla Huang Sun has cut the number of holdings in the Julius Baer Luxury Brands portfolio, exiting five positions amid the recent sell-off in markets. While the €104m (£91m) fund typically holds between 25 and 45 stocks – out of a universe of 210 – the manager recently reduced the number of stocks to focus on her highest conviction holdings. Over the last two months, Huang Sun sold smaller positions, cutting the number of stocks to 30, and has aligned the fund so it is balanced between defensive stocks and cyclical ones, in case the macro environment gets any worse. Huang Sun said...