# Veritas Asset Management LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1541448. Source: https://holderbook.com/funds/1541448-veritas-asset-management-llp/

- Reported value: $5.6B
- Positions: 21
- Weight of the ten largest: 77.3%
- Filed: 2026-08-04

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $543.4M | 2,280,144 | 9.8% | 20 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $511.2M | 995,345 | 9.2% | 26 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $496.3M | 5,727,867 | 8.9% | 13 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $467.1M | 1,408,111 | 8.4% | 10 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $448.1M | 1,078,201 | 8.1% | 31 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $442.6M | 882,873 | 8.0% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $422.1M | 1,131,674 | 7.6% | 31 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $338.3M | 830,609 | 6.1% | 1 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $319.4M | 851,624 | 5.7% | 4 |
| VULCAN MATLS CO | [VMC](https://holderbook.com/stocks/VMC/) | $306.6M | 1,039,426 | 5.5% | 1 |
| HYATT HOTELS CORP | [H](https://holderbook.com/stocks/H/) | $257.1M | 1,326,362 | 4.6% | 4 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $244.2M | 1,983,591 | 4.4% | 29 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $210.9M | 1,393,329 | 3.8% | 26 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $183.8M | 137,969 | 3.3% | 3 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $168.1M | 533,784 | 3.0% | 1 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $165.8M | 428,672 | 3.0% | 13 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $9.3M | 51,387 | 0.2% | 31 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $8.1M | 51,741 | 0.1% | 8 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $7.6M | 105,652 | 0.1% | 1 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $7.6M | 96,690 | 0.1% | 18 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $1.8M | 3,823 | 0.0% | 17 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.7% | +14.8% | -8.1% | 100% |
| Q1 2026 | -13.1% | -4.6% | -8.5% | 100% |
| Q4 2025 | +2.6% | +2.4% | +0.3% | 100% |
| Q3 2025 | +2.3% | +7.8% | -5.5% | 100% |
| Q2 2025 | +1.2% | +10.5% | -9.3% | 100% |
| Q1 2025 | -3.7% | -4.6% | +0.8% | 100% |
| Q4 2024 | -0.5% | +2.1% | -2.7% | 100% |
| Q3 2024 | +7.2% | +5.4% | +1.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $5.6B | 21 |
| Q1 2026 | $5.9B | 21 |
| Q4 2025 | $9.8B | 27 |
| Q3 2025 | $9.4B | 30 |
| Q2 2025 | $10.0B | 34 |
| Q1 2025 | $9.9B | 35 |
| Q4 2024 | $10.7B | 35 |
| Q3 2024 | $13.5B | 34 |
| Q2 2024 | $13.2B | 32 |
| Q1 2024 | $13.8B | 33 |
| Q4 2023 | $13.9B | 33 |
| Q3 2023 | $13.3B | 35 |