Thesis:

This discretionary portfolio holds stocks that are related to luxury fashion, including creators and retailers of high-end clothing brands and cosmetics.

Stocks are chosen by the investment advisor. Rebalances are intended to be infrequent.

Risks: This portfolio comprises stocks and is susceptible to the inherent volatility and potential declines that characterize the stock market. Additionally, this portfolio is concentrated in companies that are strongly linked to luxury fashion. This portfolio will be vulnerable to shocks affecting this particular part of the economy. Also, luxury brands tend to be cyclical and have sometimes been especially badly affected by economic downturns.