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Asset manager

Veritas Asset Management LLP

13F for the quarter to June 30, 2026, filed August 4, 2026 · SEC CIK 1541448

Reported value
$5.6bn
100% in companies we cover
Positions we cover
21
Largest AMZN 9.8%
Copy, a year
+12.9%
S&P 500 +14.1%
Copy Sharpe ratio
0.69
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$49.5k
CopyS&P 500 $10,000 copying Veritas Asset Management LLP's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −33.1% (S&P 500 −31.8%); beta 0.94; alpha −0.2% a year (t = −0.10); last 12 months +13.1% against +12.1%.

Reported value by quarter

Veritas Asset Management LLP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $5T $10T $15T Reported value, 2013-06-30: $4.2B Reported value, 2013-09-30: $4.2B Reported value, 2013-12-31: $5B Reported value, 2014-03-31: $5.6B Reported value, 2014-06-30: $5.9B Reported value, 2014-09-30: $6.3B Reported value, 2014-12-31: $6.3B Reported value, 2015-03-31: $6.3B Reported value, 2015-06-30: $7.1B Reported value, 2015-09-30: $7.4B Reported value, 2015-12-31: $8B Reported value, 2016-03-31: $8B Reported value, 2016-06-30: $9.1B Reported value, 2016-09-30: $8.8B Reported value, 2016-12-31: $9.4B Reported value, 2017-03-31: $11.1B Reported value, 2017-06-30: $12.8B Reported value, 2017-09-30: $12.2B Reported value, 2017-12-31: $12.9B Reported value, 2018-03-31: $12.4B Reported value, 2018-06-30: $12.2B Reported value, 2018-09-30: $11.9B Reported value, 2018-12-31: $10.8B Reported value, 2019-03-31: $11.1B Reported value, 2019-06-30: $11.7B Reported value, 2019-09-30: $10.3B Reported value, 2019-12-31: $11.7B Reported value, 2020-03-31: $12.6B Reported value, 2020-06-30: $13.7B Reported value, 2020-09-30: $14.4B Reported value, 2020-12-31: $16.8B Reported value, 2021-03-31: $18.3B Reported value, 2021-06-30: $17.8B Reported value, 2021-09-30: $17.4B Reported value, 2021-12-31: $17.8B Reported value, 2022-03-31: $16.3B Reported value, 2022-06-30: $13.4B Reported value, 2022-09-30: $12.1B Reported value, 2022-12-31: $12.2T Reported value, 2023-03-31: $13.5B Reported value, 2023-06-30: $14.4B Reported value, 2023-09-30: $13.3B Reported value, 2023-12-31: $13.9B Reported value, 2024-03-31: $13.8B Reported value, 2024-06-30: $13.2B Reported value, 2024-09-30: $13.5B Reported value, 2024-12-31: $10.7B Reported value, 2025-03-31: $9.9B Reported value, 2025-06-30: $10B Reported value, 2025-09-30: $9.4B Reported value, 2025-12-31: $9.8B Reported value, 2026-03-31: $5.9B Reported value, 2026-06-30: $5.6B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $5.6B
View chart data
Period Reported value
2013-06-30 $4.2B
2013-09-30 $4.2B
2013-12-31 $5B
2014-03-31 $5.6B
2014-06-30 $5.9B
2014-09-30 $6.3B
2014-12-31 $6.3B
2015-03-31 $6.3B
2015-06-30 $7.1B
2015-09-30 $7.4B
2015-12-31 $8B
2016-03-31 $8B
2016-06-30 $9.1B
2016-09-30 $8.8B
2016-12-31 $9.4B
2017-03-31 $11.1B
2017-06-30 $12.8B
2017-09-30 $12.2B
2017-12-31 $12.9B
2018-03-31 $12.4B
2018-06-30 $12.2B
2018-09-30 $11.9B
2018-12-31 $10.8B
2019-03-31 $11.1B
2019-06-30 $11.7B
2019-09-30 $10.3B
2019-12-31 $11.7B
2020-03-31 $12.6B
2020-06-30 $13.7B
2020-09-30 $14.4B
2020-12-31 $16.8B
2021-03-31 $18.3B
2021-06-30 $17.8B
2021-09-30 $17.4B
2021-12-31 $17.8B
2022-03-31 $16.3B
2022-06-30 $13.4B
2022-09-30 $12.1B
2022-12-31 $12.2T
2023-03-31 $13.5B
2023-06-30 $14.4B
2023-09-30 $13.3B
2023-12-31 $13.9B
2024-03-31 $13.8B
2024-06-30 $13.2B
2024-09-30 $13.5B
2024-12-31 $10.7B
2025-03-31 $9.9B
2025-06-30 $10B
2025-09-30 $9.4B
2025-12-31 $9.8B
2026-03-31 $5.9B
2026-06-30 $5.6B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
AMZNAmazon9.78%$543.4m2.28M−12.9% Reduced
MAMastercard9.20%$511.2m995.3K−6.4% Reduced
CPCanadian Pacific Kansas City LTD8.93%$496.3m5.73M−16.4% Reduced
AONAon plc8.40%$467.1m1.41M−7.4% Reduced
UNHUnitedHealth Group8.06%$448.1m1.08M−42.7% Reduced
TMOThermo Fisher Scientific7.96%$442.6m882.9K+4.4% Added
MSFTMicrosoft Corporation7.59%$422.1m1.13M−12.9% Reduced
SPGIS&P Global6.08%$338.3m830.6KNew
WATWaters Corporation5.75%$319.4m851.6K−29.1% Reduced
VMCVulcan Materials Company5.52%$306.6m1.04MNew
HHyatt Hotels Corp4.63%$257.1m1.33M−0.7% Reduced
ICEIntercontinental Exchange4.39%$244.2m1.98M−7.6% Reduced
BDXBecton Dickinson3.79%$210.9m1.39M−31.1% Reduced
TDGTransDigm Group3.31%$183.8m138.0K+3.0% Added
SYKStryker Corporation3.02%$168.1m533.8KNew
ELVElevance Health2.98%$165.8m428.7K−32.5% Reduced
PMPhilip Morris International0.17%$9.3m51.4K−23.3% Reduced
CRMSalesforce0.15%$8.1m51.7K−97.7% Reduced
OTISOtis Worldwide0.14%$7.6m105.7KNew
MDTMedtronic0.14%$7.6m96.7K−40.6% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD0.03%$1.8m3.8K−12.0% Reduced
CompanyBought (value)Shares
SPGIS&P Global$338.3m830.6K
VMCVulcan Materials Company$306.6m1.04M
SYKStryker Corporation$168.1m533.8K
TMOThermo Fisher Scientific$18.5m36.9K
OTISOtis Worldwide$7.6m105.7K
TDGTransDigm Group$5.3m4.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
CRMSalesforce−$345.0m−2.20M
UNHUnitedHealth Group−$334.1m−803.9K
CHTRCharter Communications−$240.3m−1.11M
ZTSZoetis−$148.1m−1.25M
WATWaters Corporation−$131.0m−349.2K
CPCanadian Pacific Kansas City LTD−$97.6m−1.13M
BDXBecton Dickinson−$95.3m−629.5K
AMZNAmazon−$80.8m−339.2K
ELVElevance Health−$79.9m−206.7K
MSFTMicrosoft Corporation−$62.3m−167.0K
AONAon plc−$37.2m−112.2K
MAMastercard−$34.9m−68.0K
ICEIntercontinental Exchange−$20.1m−163.5K
MSMMSC Industrial Direct Co Inc−$7.0m−75.4K
MDTMedtronic−$5.2m−66.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
CHTRCharter Communications$240.3m1.11M
ZTSZoetis$148.1m1.25M
MSMMSC Industrial Direct Co Inc$7.0m75.4K
PDDPDD Holdings Inc.$1.0m10.0K
  • Health Care31.7%
  • Financials28.1%
  • Consumer Discretionary14.4%
  • Industrials12.4%
  • Technology7.8%
  • Materials5.5%
  • Consumer Staples0.2%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+12.9%+14.1%0.690.78−33.1%0.94
2018 onwardsJanuary 5, 2018 to November 2, 2026+9.3%+13.9%0.420.66−33.1%0.93
Last three yearsNovember 3, 2023 to November 2, 2026+13.1%+21.8%0.621.16−16.4%0.75
Last yearNovember 7, 2025 to November 2, 2026+16.2%+14.2%0.770.84−16.0%0.77

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.