13F
中
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Veritas Asset Management LLP

13F equity value
$5.9B
Positions
21
Top 10 concentration
78.4%
Quarters / total new picks
29 / 75
13F equity value over time
$0M$9B$18B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 29 quarters, returned -1.1% per quarter — versus +3.1% per quarter from simply owning every 13F stock. It beat that baseline in only 37.9% of quarters (excess t = -1.88, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-7.0%
t-stat
-1.88
Quarterly win rate
38%
Annualized excess
-20.5%
$1 → follow vs universe
$0.50 vs $2.18
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720191231: universe 0.90920200331: universe 1.09620200630: universe 1.21120200930: universe 1.48520201231: universe 1.55320210331: universe 1.56620210630: universe 1.69220210930: universe 1.51920220331: universe 1.63020220630: universe 1.51020221231: universe 1.40320230331: universe 1.47820230630: universe 1.42520230930: universe 1.61820240331: universe 1.65420240630: universe 1.80420240930: universe 1.78920241231: universe 1.66920250331: universe 1.82020250630: universe 1.87720250930: universe 2.11120251231: universe 2.184 20180331: follow 0.95120180630: follow 0.74320180930: follow 0.74820181231: follow 0.71020190331: follow 0.73020190630: follow 0.74420190930: follow 0.79420191231: follow 0.70120200331: follow 0.87820200630: follow 0.95720200930: follow 1.13520201231: follow 0.89920210331: follow 0.96920210630: follow 1.27720210930: follow 1.06620220331: follow 1.20020220630: follow 0.96320221231: follow 0.61320230331: follow 0.63320230630: follow 0.61720230930: follow 0.73320240331: follow 0.55120240630: follow 0.52520240930: follow 0.61120241231: follow 0.58120250331: follow 0.64220250630: follow 0.58120250930: follow 0.58020251231: follow 0.499 0.46 1.41 2.36 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 21 · 2026 Q1

Ticker Value Weight QoQ
AMZN $546M
9.2%
TRIM
CP $539M
9.1%
TRIM
MA $531M
9.0%
ADD
UNH $509M
8.6%
TRIM
AON $491M
8.3%
TRIM
MSFT $481M
8.1%
TRIM
CRM $421M
7.1%
TRIM
TMO $416M
7.0%
TRIM
WAT $358M
6.1%
TRIM
ICE $338M
5.7%
TRIM
BDX $318M
5.4%
TRIM
CHTR $240M
4.1%
TRIM
H $192M
3.3%
TRIM
ELV $186M
3.1%
TRIM
TDG $155M
2.6%
TRIM
ZTS $148M
2.5%
TRIM
MDT $14M
0.2%
TRIM
PM $11M
0.2%
HOLD
MSM $7M
0.1%
TRIM
TSM $1M
0.0%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

None.

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.