# Veritas Investment Management LLP

> Institutional holdings reported to the SEC as of Q3 2020 on Form 13F. CIK 1576707. Source: https://holderbook.com/funds/1576707-veritas-investment-management-llp/

- Reported value: $1.6B
- Positions: 60
- Weight of the ten largest: 70.4%
- Filed: 2020-11-02

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 |
|---|---|---|---|---|---|
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $151.9M | 722,599 | 9.2% | 8 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $151.3M | 485,729 | 9.2% | 8 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $149.0M | 337,707 | 9.1% | 8 |
| LABORATORY CORP AMER HLDGS | [LH](https://holderbook.com/stocks/LH/) | $135.8M | 721,105 | 8.2% | 8 |
| CERNER CORP | [CERN](https://holderbook.com/stocks/CERN/) | $125.6M | 1,737,900 | 7.6% | 8 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $125.5M | 371,517 | 7.6% | 8 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $84.8M | 822,975 | 5.2% | 8 |
| HASBRO INC | [HAS](https://holderbook.com/stocks/HAS/) | $82.3M | 994,298 | 5.0% | 6 |
| TRACTOR SUPPLY CO | [TSCO](https://holderbook.com/stocks/TSCO/) | $80.5M | 562,160 | 4.9% | 3 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $72.0M | 627,650 | 4.4% | 8 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $71.5M | 660,328 | 4.3% | 8 |
| XYLEM INC | [XYL](https://holderbook.com/stocks/XYL/) | $68.8M | 817,246 | 4.2% | 8 |
| AVERY DENNISON CORP | [AVY](https://holderbook.com/stocks/AVY/) | $67.5M | 527,950 | 4.1% | 7 |
| ALIGN TECHNOLOGY INC | [ALGN](https://holderbook.com/stocks/ALGN/) | $66.3M | 202,615 | 4.0% | 8 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $65.2M | 467,775 | 4.0% | 3 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $49.0M | 33,369 | 3.0% | 8 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $48.9M | 33,403 | 3.0% | 8 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $26.4M | 123,914 | 1.6% | 8 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.9M | 931 | 0.2% | 8 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $2.3M | 19,475 | 0.1% | 8 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $2.1M | 6,382 | 0.1% | 8 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.7M | 8,744 | 0.1% | 8 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $1.3M | 10,679 | 0.1% | 8 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $1.2M | 6,210 | 0.1% | 8 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $1.2M | 5,475 | 0.1% | 5 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $1.1M | 3,097 | 0.1% | 8 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $945.0K | 1,928 | 0.1% | 5 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $744.0K | 3,550 | 0.0% | 8 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $700.0K | 2,673 | 0.0% | 3 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $659.0K | 3,298 | 0.0% | 8 |
| ILLUMINA INC | [ILMN](https://holderbook.com/stocks/ILMN/) | $595.0K | 1,925 | 0.0% | 5 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $570.0K | 5,690 | 0.0% | 8 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $492.0K | 5,080 | 0.0% | 8 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $476.0K | 3,200 | 0.0% | 8 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $395.0K | 3,628 | 0.0% | 8 |
| NORTHERN TR CORP | [NTRS](https://holderbook.com/stocks/NTRS/) | $390.0K | 5,000 | 0.0% | 8 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $354.0K | 1,220 | 0.0% | 8 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $337.0K | 4,500 | 0.0% | 8 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $290.0K | 805 | 0.0% | 1 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $288.0K | 8,387 | 0.0% | 8 |
| KEYCORP | [KEY](https://holderbook.com/stocks/KEY/) | $264.0K | 22,168 | 0.0% | 8 |
| ALLEGHANY CORP DEL | [Y](https://holderbook.com/stocks/Y/) | $217.0K | 417 | 0.0% | 8 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $202.0K | 925 | 0.0% | 5 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $196.0K | 705 | 0.0% | 8 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $171.0K | 3,275 | 0.0% | 8 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $167.0K | 850 | 0.0% | 8 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $160.0K | 2,000 | 0.0% | 8 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $155.0K | 1,250 | 0.0% | 8 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $149.0K | 2,545 | 0.0% | 8 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $123.0K | 1,400 | 0.0% | 8 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $116.0K | 3,000 | 0.0% | 8 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $116.0K | 215 | 0.0% | 3 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $114.0K | 1,975 | 0.0% | 2 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $91.0K | 2,640 | 0.0% | 8 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $91.0K | 1,529 | 0.0% | 8 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $62.0K | 987 | 0.0% | 2 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $44.0K | 270 | 0.0% | 8 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $42.0K | 764 | 0.0% | 3 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $17.0K | 40 | 0.0% | 3 |
| BALL CORP | [BALL](https://holderbook.com/stocks/BALL/) | $9.0K | 114 | 0.0% | 8 |

## 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 |
|---|---|---|---|---|
| Q3 2020 | +10.6% | +8.6% | +2.0% | 100% |
| Q2 2020 | +19.8% | +19.6% | +0.1% | 100% |
| Q1 2020 | -18.0% | -19.9% | +2.0% | 100% |
| Q4 2019 | +10.3% | +8.5% | +1.8% | 100% |
| Q3 2019 | +0.1% | +1.3% | -1.1% | 100% |
| Q2 2019 | +5.6% | +3.7% | +1.9% | 100% |
| Q1 2019 | +11.7% | +13.0% | -1.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2020 | $1.6B | 60 |
| Q2 2020 | $1.5B | 64 |
| Q1 2020 | $1.2B | 75 |
| Q4 2019 | $1.3B | 60 |
| Q3 2019 | $1.1B | 68 |
| Q2 2019 | $1.1B | 58 |
| Q1 2019 | $1.0B | 60 |
| Q4 2018 | $821.4M | 66 |