Veritas Asset Management LLP

Long Only Manager

Veritas Asset Management LLP is a Long Only Manager led by Antony Paul Burgess, reporting $22.1B in AUM as of Q3 2025 with 33% Healthcare concentration and 79% concentrated in top 10 holdings.

Managing PartnerAntony Paul Burgess

Portfolio Value: $9.4B
Positions: 30
Top Holding: MSFT at 12.07%
Last Reported: Q3 2025

Address1 Smart's Place, Smart's Place, London, WC2B 5LW, United Kingdom

Top Holdings

Largest long holdings in Veritas Asset Management LLP's portfolio (78.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Microsoft MSFT	Software - Infrastructure Technology	$1.1B	12.07%	-$428.7M Sold	0.03% 2.2M shares	≤ Q2 2013 Held for 12y 5m+
2 Amazon AMZN	Specialty Retail Consumer Cyclical	$1.0B	10.76%	-$44.4M Sold	0.04% 4.6M shares	Q3 2021 Held for 4y 2m
3 UnitedHealth Group UNH	Medical - Healthcare Plans Healthcare	$916.1M	9.79%	-$157.1M Sold	0.29% 2.7M shares	≤ Q2 2013 Held for 12y 5m+
4 Aon plc AON	Insurance - Brokers Financial Services	$732.3M	7.82%	+$118.6M Bought	0.95% 2.1M shares	Q1 2024 Held for 1y 8m
5 Canadian Pacific Kansas City CP	Railroads Industrials	$723.9M	7.73%	-$21.8M Sold	1.06% 9.7M shares	Q2 2019 Held for 6y 5m
6 Salesforce CRM	Software - Application Technology	$720.4M	7.70%	+$231.2M Bought	0.32% 3.0M shares	Q3 2024 Held for 1y 2m
7 Thermo Fisher Scientific TMO	Medical - Diagnostics & Research Healthcare	$590.8M	6.31%	-$22.0M Sold	0.32% 1.2M shares	Q1 2017 Held for 8y 8m
8 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$555.3M	5.93%	-$598.8M Sold	0.02% 2.3M shares	≤ Q2 2013 Held for 12y 5m+
9 Becton, Dickinson and Company BDX	Medical - Instruments & Supplies Healthcare	$553.1M	5.91%	+$159.6M Bought	1.03% 3.0M shares	Q1 2020 Held for 5y 8m
10 Charter Communications, Inc. CHTR	Telecommunications Services Communication Services	$424.9M	4.54%	-$12.6M Sold	1.13% 1.5M shares	Q2 2016 Held for 9y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Veritas Asset Management LLP's latest filing

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Market Value

$9.4B

Prior: $10.0B

Q/Q Change

-6.36%

-$635.3M

Net Flows % of MV

-11.07%

Turnover Ratio

11.68%

New Purchases

1 stocks

$29.1M

Added To

5 stocks

+$533.8M

Sold Out Of

6 stocks

$28.8M

Reduced Holdings

17 stocks

-$1.6B

Increased Positions

Position	Shares Δ	Change
1 Hyatt Hotels H	New	0 → 204.8K +$29.1M
2 HDB HDFC Bank HDB	+65.0%	136.0K → 224.4K +$3.0M
3 Salesforce CRM	+47.28%	2.1M → 3.0M +$231.2M
4 FUTU Futu Holdings Limited FUTU	+40.92%	298.7K → 420.9K +$21.3M
5 Becton, Dickinson and Company BDX	+40.57%	2.1M → 3.0M +$159.6M

Decreased Positions

Position	Shares Δ	Change
1 Coupang CPNG	Sold	513.1K → 0 −$15.4M
2 Hesai Group HSAI	Sold	500.6K → 0 −$11.0M
3 BEKE KE Holdings BEKE	Sold	48.5K → 0 −$859.9K
4 JD JD.com JD	Sold	22.8K → 0 −$743.9K
5 IBN ICICI Bank IBN	Sold	15.4K → 0 −$518.9K

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Analytics

Portfolio insights and performance metrics for Veritas Asset Management LLP

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Sector Allocation

Healthcare

32.50%

Technology

19.90%

Financial Services

17.10%

Consumer Cyclical

11.20%

Communication Services

10.50%

Industrials

7.80%

Consumer Defensive

0.10%

Market Cap Distribution

Mega Cap (> $200B)

50.40%

Large Cap ($10B - $200B)

45.96%

Mid Cap ($2B - $10B)

2.62%

N/A (ETF or Unknown)

1.02%

Portfolio Concentration

Top 10 Holdings %

78.57%

Top 20 Holdings %

99.41%

Top 50 Holdings %

100.0%

Top 100 Holdings %