Thematic ETFs have been hugely popular over the past few years but what are the risks?

ETF.com categorises Cathie Woods Ark Innovation ETF (ARKK) as the largest thematic ETF in its database. Although ARKK is down approximately 60% over the last 12 months versus +1% for the Nasdaq 100, the ETF still manages almost $10bn assets.

However, ARKK does not really fit the definition of thematic investing which is a bet on certain structural trends rather than individual companies or sectors. A thematic portfolio should consist of one or several themes that are created from as many stocks as possible, ideally equal-weighted, in order to avoid firm-specific risks.

In contrast, ARKKs top 10 holdings constitute 60% of the ETFs portfolio which represents simply a concentrated actively managed portfolio comprised of growth stocks. Given the poor long-term track record of active managers, the odds of ARKK fully recovering and significantly outperforming the Nasdaq are fairly slim.

Although ARK Investment Management manages several ETFs that ensure some business longevity, it will be interesting to see if the firm will soon be forgotten or manages to revive its tarnished reputation. The quick rises and equally quick falls in fame are something where highly active and thematic investors overlap.

In this research note, we will analyse the birth, life and death of a theme.

Cannabis ETFs

We select cannabis stocks as a theme as that was one of the major ones over the last five years. Specifically, we choose ETFs that focus on cannabis stocks and are traded in the US. This is a universe of nine ETFs that cumulatively manage slightly above $2bn assets. One of the hallmarks of thematic investing is that the products are expensive.

The management fees of cannabis ETFs in the US range from 0.42% to 0.92%, compared to 0.09% for the SPDR S&P 500 ETF Trust, the worlds largest ETF (see Chart 1).

The fees can be even higher, for example, when considering short or leveraged ETPs like the Canadian-listed BetaPro Marijuana Companies Inverse ETF (2.0%) or BetaPro Marijuana Coms 2x Daily Bull ETF (2.06%).

The birth of a theme

Humans are suckers for stories and these explain much of human history. The Russian army has been told that Ukraine needs to be denazified and liberated which was an inspiring and motivating story for Russian soldiers until they met a fiercely resisting population that neither consisted of Nazis nor was seeking liberation.

Thematic investing is all about storytelling. Themes can be diverse, e.g. a country moving from a frontier to emerging market status, a resource becoming more scarce, a new technology about to revolutionise our lives and so on. The best themes are as easy to grasp for a retail as for an institutional investor. They are difficult to refute as they are about the future which can only be proven wrong in hindsight.

Back to cannabis stocks. The interest in legally profiting from cannabis has always been high but difficult to execute given the use of cannabis is a crime in most countries. Uruguay was the first country that legalised the recreational use of cannabis in 2013 but that did not matter much for investors. More relevant was when Canada followed in 2018. A number of cannabis companies completed IPOs in record time to raise capital for building their operations. ETFs providing exposure to this emerging space followed shortly.

An equal-weighted index of cannabis ETFs in the US outperformed the S&P 500 in parts of 2018 and 2019, mainly fuelled by the hope that the US would follow Uruguay and Canada.

The recreational use of cannabis had already been legalised in a few US states like Oregon, Washington and Colorado but it is still a federal crime that made it difficult for companies to operate in that space.

Legalising cannabis on federal level would be a game-changer and offer investors the opportunity to participate from potentially highly profitable and fast-growing businesses. A theme was born (see Chart 2).

The birth, life and death of a theme

The two characteristics of thematic investing are having a good story and attractive returns No matter how sexy a theme is, the majority of investors only hop onto the train once it started moving uphill. Naturally, this makes thematic investing so dangerous as it appeals to our love for stories and greed for making money. Stated differently, thematic investing is performance chasing with a narrative.

We can see the risk of buying into a theme when we view the performance of the cannabis stocks over a longer time period. These stocks performed in line with the S&P 500 between 2015 and 2017 and then outperformed strongly during the next two years when various hopes for a broader US legislation for the recreational use of cannabis emerged.

However, investors enthusiasm drove the companies valuations to levels that were not supported by fundamentals and the federal law in the US did not change. Eventually, mean-reversion settled in and the cannabis stocks significantly underperformed the S&P 500 since 2019. An investor that bought into the theme at its peak in 2019 would have lost more than 50%, compared to a gain of more than 100% in the US stock market.

The investor behaviour becomes clear when comparing the performance of a thematic product and its assets under management. We take the ETFMG Alternative Harvest ETF (MJ) as a case study. The ETF was launched in 2015 and has the longest track record of cannabis ETFs in the US (see Chart 3).

The assets under management were below $100m until the cannabis theme emerged in 2017 when assets jumped to over $1bn. However, as the performance deteriorated in 2019 and 2020, assets dropped accordingly.

Naturally, the assets of any investment product decrease as performance turns negative but it highlights that investors do not pursue a theme if the returns are unattractive. They are not true believers and are simply chasing performance (see Chart 4).

Further thoughts

The economy and world continuously evolve and change the way we live. Participating in and profiting from these changes as investors is a perfectly reasonable investment strategy. However, the implementation matters.

Pursuing this via thematic investing subjects our investment decision-making process to our biases that result in poor results. Better is to implement this systematically via trend following an asset class or momentum on stock level. It is far less exciting than chasing the latest story but creates a much better long-term narrative.

Nicolas Rabener is founder and CEO of FactorResearch

This article first appeared in ETF Insider, ETF Stream's monthly ETF magazine for professional investors in Europe. To access the full issue,click here.

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An anatomy of thematic investing - ETF Stream

While the general public got shushed by Lorde, Netflix changed its payment plan. It also brought us Anatomy of a Scandal, a hugely successful Sienna Miller/Rupert Friend courtroom drama pivoting on the murky nuances of sexual consent. Though the core of the series deals with a very serious issue, Im still trying to work out why its been so captivating. Why is this particular cluster of one-hour episodes topping the Netflix charts?

Perhaps its Sienna Miller herself? Her hair is a melted halo. (Thats a good thing.) Her skin is flawless in a naturally dewyrather than powdery or filter-yway.And the initial scandal eerily echoes Siennas own post-bohemian It-girl rough patch. (Her former partner was revealed to be having an affair with their nanny.) Siennas lived through the myriad feels that come from public-domain humiliation, and we can feel that as she plays a woman trying to keep her shit together in front of the braying paparazzi.

Perhaps its simply the money that makes the show pop? Im the first to admit that my favorite genre is extremely rich people in extremely rich houses being somewhat dastardly. Rich women with a lot of feelings are crack to me, as they navigate being both liberated and held captive by their money. The things these women sacrifice! The biting of their tongues! The forest-y decals in their kitchens! Extreme wealth is always captivating, if only by way of having live-in staff and more Max Mara coats than you could wear in a lifetime.

Perhaps its all the power? Rupert Friend is compartmentally hotall the pieces are there for heatbut the temperature runs in the minuses. Theres simply nothing less sexy than a Tory MP, especially one whos so particular about which women he treats with respect, and which ones he disdains. His sense of his own familial legacy is frankly revolting; the idea that family cannot fail, even at the expense of truth, perversely prevails. Its hard to look away from his Machiavellian power plays. And needless to say, Friends achingly Tory haircutsomehow too square and too soft, chiseled from a sad putty of inexhaustible entitlementstamps out any last embers of desire.

Or perhaps its the shows overt Britishness I cant get enough of? The stately House of Commons canteen. The stiff upper lip-ness. Anatomy is both a frothy and forensic look at dishonor, silly in is rather out-there anti-reality TV effectsSienna falls through the courtroom like Alice down the rabbit hole; Friend is involved in a rather nasty hit-and-run with an invisible clown car. Theres certainly something slightly excruciating about the rape of a parliamentary intern juxtaposed with camera theatrics. But the show tackles the hard stuff, too; its an autopsy of the lives scandal touches as it ripples from the event. (It also takes us back to scandals of yore, and delivers the most farfetched plot twist in modern TV.)

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Anatomy of a Scandal Is the Quintessential British Show. Allow Me to Explain - Vogue

Its been on the air for nearly 20 seasons and currently sits as the longest-running hospital drama of all time, the Shonda Rhimes breakout hit, Greys Anatomyfollows the career of Dr. Meredith Grey all the way from intern to attending surgeon. Portrayed by Ellen Pompeo, Grey serves as the series protagonist and resident narrator, and while hers is the main voiceover for the series, Greys Anatomy doesnt shy away from the use of multiple narrators to tell the story.

Throughout its ongoing run, the drama centers on Meredith Greys perspective of the world and life between hospital walls. Her narration saturates the beginning and end of each episode, and provides an introspective look at the day-to-day challenges of her career, with real-life ordeals peppered into the narrative.

She begins each episode with a burning question, thought or assertion that sets a tone for whats to come over the next forty some-odd minutes of screentime. In every episode, theres a lesson to be learned or a notion to be challenged; the audience doesnt just follow Grey, but grows and learns with her. We overcome ordeals and trauma as she does. Meredith not only narrates the top, tail, and theme of each episode but presents it as if telling the story of how she came to be who she is at the time of telling it. By the end of each chapter, she tells us how she came away changed or wiser from the experience.

Most series title their premier as a pilot, but Greys Anatomy broke from the bland tradition in the most apropos way and named the first episode after the Beatles song, A Hard Days Night. As if to illustrate the interns first shift at Seattle Grace, the near-sleepless 48-hour stint serves as a jumping-off point for the series and introduces us to the core cast. Were given a glimpse into what its like to start out as an intern and all of the gritty details that come along with it.

Throughout the pilot, the audience is given allusions to how prominent our main characters mother is in the medical field and elusive hints to the legacy she left.

For most of the episode, the audience is left to wonder why Meredith shies away from the mere mention of her mother, and were left to assume that shes simply attempting to distance herself from the senior Greys illustrious shadow. But in a heart-wrenching twist, the narration comes full circle, and by the end of the episode, we come to learn that the story being told isnt directed at us, but at Merideths mother who has Alzheimers.

Its a heartbreaking blow to the audience that puts the events of the episode into an uncanny perspective, but it wasnt initially planned that way.

Merediths voice not only welcomes the audience into her world but shows them her innermost thoughts and feelings; its become a staple for the long-enduring series that carried forward throughout nearly two decades of airtime.

Its become nearly impossible to imagine the series without it.

While most series that use a narrator plan their method of story-telling around the voice-over, that wasnt the case with Greys Anatomy. After filming had finished for the pilot, and the first episode was on the cutting room floor, Shonda Rhimes noticed something was missing.

She felt that there was a human element needed.

In a well-placed effort to tie everything together, and bring the story a much-needed sense of clarity, Rhimes decided to add Ellen Pompeos voice-over after the fact. While her narration is usually limited to the beginning and end of each episode, it never fails to drive home the events of each chapter to Greys Anatomy viewers and keep us in line with Merediths point of view.

That being said, Meredith isnt the only narrator we hear in the enduring series.

As difficult as it is to imagine the series without the narration of Dr. Meredith Grey at the beginning and end of each episode, shes not our only narrator. In fact, we have at least nine.

Throughout Greys Anatomy, we grow to love (or hate) the supporting cast members. As they come into their own over the course of the series, some stay and some go, but their presence remains one of the deepest facets of the plot. Theyre not just supporting roles theyre friends, colleagues and rivals. They drive the story forward in their own unique ways and play off of each other to create a cohesive narrative that contrasts Merediths own. Most of the supporting cast members even narrate the odd episode here and there to add an inside look at who they are as individuals. Each of these characters is still the lead role in their own story, and through the use of their own distinct voiceovers, the audience gets to catch a glimpse of who they are on the inside and not only watch them grow but see how they perceive Meredith as well.

As viewers, we know why Greys Anatomy has such a turbulent storyline; its a drama. But say we were to inhabit the same world as Meredith Grey, what then? If the events of Greys Anatomy were told to you firsthand, would you believe the story outright, or take it with a grain of salt? In the real world, as hectic as any given hospital may be, nothing is that over-the-top, and it stands to reason that at least some of the narrative is embellished.

Or, a much darker and grounded truth is behind it.

Drama or not, Greys Anatomy is still a medical show, and the underlying plot device is equally based in medical reality. Knowing that Meredith was found to have the genetic markers for Alzheimers, just like her mother, its far more likely that the story comes full circle from the pilot episode, and a much older Merideth is telling the story to her children but is now herself suffering from Alzheimers.

Serving as Shonda Rhimes first breakout hit, Greys Anatomy has been on the air since 2005 and reached the official milestone of longest-running hospital drama to date currently closing in on its 19th season. Its been the springboard for multiple acting careers and become something of a cultural institution for multiple generations of fans who have grown up watching it. The series has been nominated for 39 awards over its nearly two-decade runtime, but only received five actual awards none of which went to the lead.

Even though Ellen Pompeo has been the star and focus of the series for nearly 20 years, and become one of the highest-paid female actors because of it, shes never won an award for her long-standing lead role.

Kim Handysides is an award-winning voice artist, coach and thought leader in her industry. Her narrations have been heard on Discovery, Netflix, and the major networks, in iMax, the White House and the Smithsonian.

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The Soothing Narration of Ellen Pompeo In 'Grey's Anatomy' - The Blast

News of the Anatomy of a Scandal billboards on Sunset Boulevard sits in my DMs while I shepherd my teens through the preschool chaos. Its the morning I drive my youngest to school. Have you seen my goggles? he calls, while I covertly flick to the Insta app on my phone and see that one of the executive producers of the Netflix show based on my thriller has sent me four messages. My heart trips. I may have written an international bestselling novel developed by the Big Little Lies dream team, but imposter syndrome rages; my default response that Im about to be found out. Only, there they are: photos of vast billboards depicting the series leads - Sienna Miller, Michelle Dockery, Rupert Friend, Naomi Scott, and Josette Simon looking suitably noirish against a hazy LA sky. Its the latest in a series of discombobulating moments, but I havent time to dwell on it. Come on, comes the cry from the hall. Were going to be late!

It's one degree and sleeting by the time I drop the boy and look at the image again, on a freezing dog walk. I fire off a tweet, and head along an East Anglian field, sleet driving into my face. Hands in my pockets, I can feel my phone vibrating with congratulatory messages from other authors. Take a selfie! suggests one. Jump on a plane! says another. I think of my to-do list: the articles to be written; the small matter of dog and children; covid just experienced, still clouding my brain. The scene is bleak: grey skies; ploughed-up brassicas; a biting wind whistling from Siberia, but I smile. I dont need to fly 5,400 miles to see the billboards in person. The six-part series based on my thriller about power, privilege and consent is being paraded along the road to Hollywoods studios. Its enough to know that its there.

It's been quite the journey. When I wrote it, back in 2016, I had no idea if anyone would want to publish it. A former news reporter and political correspondent on the Guardian, Id taken voluntary redundancy after my second baby, the childcare juggle/two-hour commute seeming insurmountable and financially impossible with a husband doing anti-social shifts. My first two novels didnt trouble the UK bestseller lists, but then came Anatomy, partly inspired by a phone call Id taken from Boris Johnson, back in late 2004, over his affair with Petronella Wyatt. Drawing on my time at Oxford, my experience at Westminster, and my court reporting, its been sold to 24 countries and was swiftly snapped up by Made Up Stories, 3dot Productions and David E Kelley. Four years later, its now one of the most watched shows on Netflix.

And its been a ride. Ill never forget going on set at the end of the third lockdown and meeting an Ugg-shodden Sienna, Michelle, and Josette (covid protocols meant the Shepperton studio in which they were filming the court scenes was freezing) or discussing consent and privilege with an emotionally intelligent Rupert Friend. Ive felt a quiet thrill hearing my lines voiced by these actors, while recognising that something fresh has been created: that my baby has developed way beyond my pages into something gripping to be screened in 190 countries; is no longer mine. Of course, there are changes its twistier and more sumptuous but Im thrilled it remains faithful to the tone of my thriller with its key themes of entitlement and consent. The cast have been doing sterling work, touring the US chat shows, and, in Siennas case, being frank about the parallels with her own life. Reading and listening to her speaking so passionately about its relevance is another pinch-me moment. It couldnt be more timely.

The Conservatives have helped with the marketing. That was my immediate, irreverent response to the recent allegations againstTory backbencher David Warburton. Whenever Ive worried that Anatomy might feel outdated, another politician does something abusive or entitled: Charlie Elphicke; Matt Hancock; the PM and Partygate; and now the MP for Somerton and Frome. It means rewriting a T2 front, originally slated for transmission day, but its a pleasure. A middle-aged man accused of sexually assaulting two younger women while his wife stands dutifully by him? Sounds rather familiar.

Weve grabbed a few days in north Cornwall, though the idea of my taking a holiday at the most exciting point of my career is clearly stupid. Nevertheless, its wonderful to be here. The historian A.L. Rowse described the county as the land of my content and I feel similarly about the spot Ive been visiting since I was a child, and from where my mums family hail. My literary claim to fame used to be that a distant relative, one Hilda Jelbert, was DH Lawrences 14-year-old maid at Zennor. After scouring Padstow Tesco, where Anatomy of a Scandal is on the front of two magazines, inside several others, and the Times, I realise thats about to change.

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How a phone call from Boris inspired me to write Anatomy of a Scandal - The Spectator

Indeed, Steward had been hinting in fight week that Fury would deliver a special finish to the fight. Fury, whose boxing IQ marks the 6ft 9ins fighter out as markedly elite - created the finish seemingly from nowhere, but it was not the case: the uppercut - a punch which leaves the exponent more open to counters, yet highly effective - was not to be used by Fury until there was a clear opening. That dramatic denouement came in the sixth round, with Fury by then commanding against a tiring, frustrated Whyte, having won all of the five previous rounds on my card.

It was a scrappy fight in parts, with Whyte unable to close the gap easily on Fury. Whyte began the opening round cleverly, switching stance to southpaw, in an effort to nullify Fury finding a rhythm early with his typically effective jab. Yet still Fury claimed the first round as they danced in space in a phoney war as they felt each other out. The second round was scant in punches landed, but Fury landed effectively with a left hand, as Whyte, already frustrated, threw wild punches as they tied up on the ropes - to little effect.

For three more rounds, Fury controlled the pace, always wary of Whyte's dangerous counter left hook, moving smartly off after no more than two punches, and more often using single shots. In the fourth, Fury remonstrated with Whyte after the heads clashed, with referee Lyson warning Whyte. Whytes right eye that was cut and beginning to swell, but as the two came together, the south Londoner landed his famed left hook for the first time. Lyson warned Fury about using his head. It was a disjointed, bad-tempered round.

Fury did not open up with combinations until the fifth, throwing a series of jabs, as he felt Whyte's physical resilience wane. But then the pattern was set - as Fury controlled the distance from the outside with Whyte battling, unsuccessfully, to close the space between them to get his shots off.

That fifth stanza was a particularly strong round for Fury, boxing in a tight circle, as the champion pressed home against a rival he was mastering. Indeed, Fury picked Whyte apart with the jab, right hands, and body shots, staying ahead at all times in the contest.

It was in round six, however, that Fury displayed why he must be seen as the world No 1 towering over his rivals. He used his height and reach advantages, and moved fluidly and effectively, beating his foe to the punch before delivering the blow that Whyte did not see coming, to bring the curtain down on the night, if not his career. Time will tell on the latter.

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Anatomy of Tyson Fury's perfect punch that exposed Dillian Whyte's Achilles heel - The Telegraph

These stories, from Julia Roberts-starrer Gaslit on Lionsgate Play to The First Lady on Voot Select, have ensured that the political wife will not be viewed as a doormat.

When Bill Clinton first became the US president, American media was flush with reports of interference and controlling approaches by his wife, Hillary.

She was called a meddler, power hungry, and over ambitious, and criticised for her personal choices, including her haircut (a bob) regularly. From being the worlds greatest defender of democracy (self-styled and selective as we see in the Ukraine situation) to being a cosmopolitan land for all cultures and people, America has a visible and loud conservative strand that puts political wives in their place.

But on OTT stories of political wives, their presence and their lives have brought engaging shows. These women have little agency in actual policy making, decisions or influence over politicians and their choices. But they have -been role models for wives and women in a white-dominated national narrative; and in the case of the Obamas, a mark of strength and independence that included women across all cultures. What they have faced and tackled is symbolic to what other women have also had to deal with, irrespective of incomes and social status.

The First Lady (on Voot Select) is one such show. It holds three parallel narratives of first ladies across generations, Michelle Obama, Betty Ford, and Eleanor Roosevelt, freely flowing between their struggles and successes in the role of Americas first wife. Directed by Susanne Bier, the core of this show is the sublime subjugation of self and identity that smart, self-made women have to accept when they become wife to the American President.

Still from The First Lady

The show stars Viola Davis, Michelle Pfeiffer, and Gillian Anderson as first ladies. But while its acting and narrative has received mixed responses, the series has successfully shown the sacrifice that being married to the worlds most powerful man will bring. Each woman Michelle, Betty, and Eleanor was instrumental to making their husbands steadily, to become President. As the presidency sets in and a move to the White House becomes imperative, they become second to the institution at all levels.

After that, keeping their husbands safe, ensuring they remain functional, and balancing the never-ending media glare of public life with motherhood take over their lives during the presidential terms. Their priorities donot matter. Living this life has challenges and unexpected difficulties. The First Lady has to handle all of this with grace.

The series touches upon this reality, where women often have to give up their identities and professional or personal goals for the sake of husbands and families;a fact of life for many in todays world. That makes their stories connect with multiple women at a personal level.

The political wife who does not try to rebel against convention, one who holds conservative views and finds the spotlight, is the crux of Mrs America (Hotstar). Cate Blanchett delivers a fabulous performance as Phyllis Schlafly, a woman activist who worked a nationwide Stop Era campaign against equal rights movement in America. The housewife who mothered six kids and typed endless letters, and became a TV celebrity with her superficial politically minded appearances, became a nobody once the Ronald Reagan administration came to power.

Cate Blanchett in Mrs America

These are lesser known stories of women who worked in political activism from the fringes, carving a space for themselves without always being welcome. One such woman, Martha Mitchell, is the central character of Gaslit,a series on the fall out of Watergate in the Richard Nixon administration (on Lionsgate Play). The show has received very positive reviews, especially Julia Roberts as Martha Mitchell, with equally strong performances by Betty Gilpin and Sean Penn, barely recognisable under prosthetics as Nixon Attorney General John Mitchell.

Martha Mitchell had gotten herself in serious trouble with the dangerous Nixon inside men when she spoke out against the president and his team, calling them out on the Watergate scandal. She was forced to live in a hotel room to silence her, for she was popular with the media for her unfiltered, honest interviews. In a presidency shrouded with opacity, Martha was fresh and absolutely open in her criticism. John Mitchell, on the other hand, was dodgy in his statements and ways of operation. Through their lives and gradually splintering marriage, Gaslit captures a corrupt political era with potentially dangerous consequences well. Marthas story resonates till date, for political wives still have to hold their peace and shut up for the 'greater good.'

The latest limited series, Anatomy of a Scandal, has a similar theme from fiction. From SJ Clarkson and David E Kelly (co-creators of Big Little Lies), this is about a British MPs wife who has to stand strong even as her husband faces rape and sexual harassment charges. The series puts her state of mind at the center of its plot, offering insight on the difficulty of living through public scandals without being involved in them.

Still from Anatomy of a Scandal

Women are making up for the bulk of engaging stories on OTT and film in recent years. The political wife, beyond the conniving, over-ambitious one like in House of Cards, is a human being. Her emotions, intent, and experiences constitute engaging stories with universal appeal. She is not just a doormat. These stories have ensured that she will not be viewed as one.

Archita Kashyap is an experienced journalist and writer on film, music, and pop culture. She has handled entertainment content for broadcast news and digital platforms over 15 years.

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From The First Lady, Gaslit to Anatomy of a Scandal, women in US politics are stepping out of their shadows - Firstpost

Soft-power dressing has arrived in the unlikely form of reformed boho disciple Sienna Miller who stars in the Netflix series Anatomy of a Scandal.

Playing Sophie, the wife of a wealthy British politician accused of rape, Millers wardrobe expresses an elegance unsullied by logos, with a cream crpe dress from The Row, cape from Stella McCartney and vintage Celine pieces by minimalist designer Phoebe Philo.

Sienna Miller as Sophie in the Netflix series Anatomy of a Scandal defines soft power dressing with rich fabrics, neutral tones and the strategic use of white.Credit:Netflix

If the spacious home, cut-glass accent and in-laws with a country pile fail to communicate Sophies privilege, the sight of her cooking dinner in a white knit cardigan, without an apron, drives the message home.

The closest a spouse of a British politician has come to such polish is Samantha Cameron, wife of former Prime Minister of the United Kingdom David Cameron. As a nod to those in the know, during one of her accused husbands high drama court appearances Sophie wears a printed Lottie midi-dress from Samantha Camerons label Cefinn, beneath her signature Manuela coat from Max Mara.

This is the female equivalent of Succession dressing, where billionaires wear Loro Piana cashmere baseball caps, Maison Margiela T-shirts and Barbour jackets, overshadowing the women. Australian actress Sarah Snook as heiress Shiv started Succession strongly in turtlenecks and backless Gabriella Hearts knit dresses, but her wardrobe took a nosedive last season into ill-fitting office wear, letting the men take centre stage. Sophies soft power dressing in neutral knits and body-skimming dresses is a worthy successor to wealthy women dressing.

While the subtle and expensive look cultivated by Miller and Anatomy of a Scandals costume designer Sam Perry for Sophie is bewitching viewers, it might not translate easily to some Australian cities.

The Manuela coat from Max Mara, $4870; Larina dress, The Row, $1662; Lottie dress, Ceffin $699

Im all about stealth wealth, says Joshua Penn, co-owner of Belinda fashion boutiques. I think its a very Upper East Side, New Yorker way of dressing powerfully. Its that wealthy woman who doesnt need logos to show that shes made it. Its toned down. Its tailored. Its beautiful.

Occasionally theres a few women who dress like that, Penn says of his Australian clientele. I feel that Sydney is more of a Los Angeles vibe where everything is a bit more glittery, booby and just more. That understatement is more of a Melbourne customer who will pick a handbag from The Row instead of a Birkin or Chanel bag. We sell The Row handbags in Melbourne and not in Sydney. People in Sydney want the one that says Im wealthy.

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A wealthy woman who doesnt need logos: The anatomy of soft power dressing - Sydney Morning Herald