Veritas Asset Management LLP
Long book
$5.90B
Q1 2026
Positions
21
Top-10 weight
78%
concentration
Last quarter
+10.8%
SPY +14.8%
Turnover
22%
of book per quarter
Strategy in plain words
auto-generated from filingsVeritas Asset Management LLP is a concentrated fundamental stock-picker, running a $5.90B US long book across 21 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: AMAZON.COM INC, CANADIAN PACIFIC KANSAS CITY, MASTERCARD INC - A, UNITEDHEALTH GROUP INC, AON PLC-CLASS A.
Over the last 9 quarters its long book ran on average 3.4pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.2%
Q2 2024
+7.4%
Q3 2024
-0.4%
Q4 2024
-3.6%
Q1 2025
+1.4%
Q2 2025
+2.6%
Q3 2025
+2.8%
Q4 2025
-11.7%
Q1 2026
+10.8%
Sector allocation
Financials 26%
Technology 15%
Healthcare 14%
Services media 12%
Industrials 12%
Consumer discretionary 9%
Other 7%
Communications 4%
Long book by quarter
What does Veritas Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AMZN AMAZON.COM INC | Consumer discretionary | 2.6M | $545.5M | 9.2% | -40.1% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 6.9M | $539.2M | 9.1% | -26.6% |
| MA MASTERCARD INC - A | Services media | 1.1M | $531.3M | 9.0% | +35.0% |
| UNH UNITEDHEALTH GROUP INC | Financials | 1.9M | $509.3M | 8.6% | -25.7% |
| AON AON PLC-CLASS A | Financials | 1.5M | $490.7M | 8.3% | -23.7% |
| MSFT MICROSOFT CORP | Technology | 1.3M | $480.7M | 8.1% | -37.7% |
| CRM SALESFORCE INC | Technology | 2.3M | $420.7M | 7.1% | -24.0% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 846.0K | $415.8M | 7.0% | -25.4% |
| WAT WATERS CORP | Healthcare | 1.2M | $357.6M | 6.1% | -3.3% |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 2.1M | $337.7M | 5.7% | -25.1% |
| BDX BECTON DICKINSON AND CO | Healthcare | 2.0M | $318.0M | 5.4% | -29.6% |
| CHTR CHARTER COMMUNICATIONS INC-A | Communications | 1.1M | $240.3M | 4.1% | -26.8% |
| H HYATT HOTELS CORP - CL A | Services media | 1.3M | $192.1M | 3.3% | -29.7% |
| ELV ELEVANCE HEALTH INC | Financials | 635.4K | $186.0M | 3.2% | -27.3% |
| TDG TRANSDIGM GROUP INC | Industrials | 134.0K | $155.3M | 2.6% | -5.5% |
| ZTS ZOETIS INC | Healthcare | 1.3M | $148.1M | 2.5% | -28.9% |
| MDT MEDTRONIC PLC | Healthcare | 162.7K | $14.1M | 0.2% | -10.1% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 67.0K | $11.1M | 0.2% | Held |
| MSM MSC INDUSTRIAL DIRECT CO-A | Consumer discretionary | 75.4K | $7.0M | 0.1% | -20.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 21 | $5.90B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 27 | $9.77B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 4, 2025 | 30 | $9.36B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 34 | $10.00B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 35 | $9.90B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 4, 2025 | 35 | $10.72B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 29, 2024 | 34 | $13.53B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 32 | $13.22B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 33 | $13.79B | canonical | SEC ↗ |
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