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Funds (13F)

Veritas Asset Management LLP

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+12.9%
S&P 500 +14.1%
Last 12 months
+13.1%
S&P 500 +12.1%
Sharpe ratio
0.69
S&P 500 0.78
Biggest drop
−33.1%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$49.5k
Veritas Asset Management LLPS&P 500 $10,000 in Veritas Asset Management LLP from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Veritas Asset Management LLP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Veritas Asset Management LLP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+12.9%+14.1%
Total return+395%+470%
Last 12 months+13.1%+12.1%
Last 3 months+6.8%—
Last month+10.4%—
This year so far+12.0%—
Volatility a year16.7%16.0%
Sharpe ratio0.690.78
Biggest drop−33.1%−31.8%
Beta to the S&P 5000.941.00
Alpha a year (t-statistic)−0.2% (−0.10)—
Share of weeks up59%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
AMZN9.8%——
MA9.2%——
CP8.9%——
AON8.4%——
UNH8.1%——
TMO8.0%——
MSFT7.6%——
SPGI6.1%——
WAT5.8%——
VMC5.5%——
H4.6%——
ICE4.4%——
BDX3.8%——
TDG3.3%——
SYK3.0%——
ELV3.0%——
PM0.2%——
CRM0.1%——
OTIS0.1%——
MDT0.1%——
TSM0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+12.9%+14.1%0.690.78−33.1%0.94−0.2% (−0.10)
2018 onwards5 Jan 2018 to 2 Nov 2026+9.3%+13.9%0.420.66−33.1%0.93−3.1% (−1.14)
Last three years3 Nov 2023 to 2 Nov 2026+13.1%+21.8%0.621.16−16.4%0.75−3.4% (−0.60)
Last year7 Nov 2025 to 2 Nov 2026+16.2%+14.2%0.770.84−16.0%0.77+4.6% (0.34)
DateCompanyAction
7 Aug 2026VMCBought
7 Aug 2026SYKBought
7 Aug 2026SPGIBought
7 Aug 2026OTISBought
20 Feb 2026TDGBought
20 Feb 2026SEBought
7 Nov 2025WATBought
7 Nov 2025HBought
8 Aug 2025HSAIBought
8 Aug 2025HLTBought
8 Aug 2025CPNGBought
16 May 2025VNETBought
16 May 2025TCOMBought
7 Feb 2025YMMBought
7 Feb 2025TALBought
7 Feb 2025SCHWBought
7 Feb 2025BEKEBought
1 Nov 2024ZTSBought
1 Nov 2024UNHBought
1 Nov 2024TSMBought
1 Nov 2024TMOBought
1 Nov 2024TMEBought
1 Nov 2024TCOMBought
1 Nov 2024PMBought
1 Nov 2024PDDBought

Dated at the rebalance that made the change.

DateCompanyAction
7 Aug 2026ZTSSold
7 Aug 2026PDDSold
7 Aug 2026MSMSold
7 Aug 2026CHTRSold
15 May 2026SESold
15 May 2026NTESSold
15 May 2026HDBSold
15 May 2026GOOGLSold
15 May 2026CTSHSold
15 May 2026BIOSold
20 Feb 2026YMMSold
20 Feb 2026TALSold
20 Feb 2026SCHWSold
20 Feb 2026HLTSold
20 Feb 2026FUTUSold
7 Nov 2025VNETSold
7 Nov 2025JDSold
7 Nov 2025HSAISold
7 Nov 2025CPNGSold
7 Nov 2025BEKESold
8 Aug 2025TMESold
8 Aug 2025TCOMSold
8 Aug 2025FNVSold
8 Aug 2025COOSold
16 May 2025EDUSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest