Veritas Asset Management
Andy HeadleyLondon, X0files as Veritas Asset Management LLP
$5.6bn in 21 US stocks at the end of 30 June 2026. The top 10 are 77.3% of the money. It changed about 18.5% of the portfolio this quarter.
Value
$5.6bn
Stocks
21
Top 10 share
77.3%
Turnover
18.5%
What changed this quarter
New
Bought for the first time this quarter.
- S&P GlobalSPGI6.1% of the fund
- Vulcan MaterialsVMC5.5% of the fund
- StrykerSYK3.0% of the fund
- Otis WorldwideOTIS0.1% of the fund
Added
Bought more of a stock they already held.
- Thermo Fisher ScientificTMO8.0% of the fund+4%
- TransDigm GroupTDG3.3% of the fund+3%
Cut
Sold some of their stake.
- Amazon.comAMZN9.8% of the fund-13%
- MastercardMA9.2% of the fund-6%
- Canadian Pacific Kansas CityCP8.9% of the fund-16%
- AonAON8.4% of the fund-7%
- UnitedHealth GroupUNH8.1% of the fund-43%
- MicrosoftMSFT7.6% of the fund-13%
- WatersWAT5.7% of the fund-29%
- Intercontinental ExchangeICE4.4% of the fund-8%
- Becton DickinsonBDX3.8% of the fund-31%
- Elevance HealthELV3.0% of the fund-33%
- Philip Morris InternationalPM0.2% of the fund-23%
- SalesforceCRM0.1% of the fund-98%
- MedtronicMDT0.1% of the fund-41%
- Taiwan Semiconductor ManufacturingTSM<0.1% of the fund-12%
Sold out
Sold their entire stake.
- Charter CommunicationsCHTR-100%
- ZoetisZTS-100%
- MSC Industrial DirectMSM-100%
- PDD HoldingsPDD-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Amazon.comAMZN | 9.8% | $543m | 2,280,144 | -13% |
| MastercardMA | 9.2% | $511m | 995,345 | -6% |
| Canadian Pacific Kansas CityCP | 8.9% | $496m | 5,727,867 | -16% |
| AonAON | 8.4% | $467m | 1,408,111 | -7% |
| UnitedHealth GroupUNH | 8.1% | $448m | 1,078,201 | -43% |
| Thermo Fisher ScientificTMO | 8.0% | $443m | 882,873 | +4% |
| MicrosoftMSFT | 7.6% | $422m | 1,131,674 | -13% |
| S&P GlobalSPGI | 6.1% | $338m | 830,609 | New |
| WatersWAT | 5.7% | $319m | 851,624 | -29% |
| Vulcan MaterialsVMC | 5.5% | $307m | 1,039,426 | New |
| Hyatt HotelsH | 4.6% | $257m | 1,326,362 | Held |
| Intercontinental ExchangeICE | 4.4% | $244m | 1,983,591 | -8% |
| Becton DickinsonBDX | 3.8% | $211m | 1,393,329 | -31% |
| TransDigm GroupTDG | 3.3% | $184m | 137,969 | +3% |
| StrykerSYK | 3.0% | $168m | 533,784 | New |
| Elevance HealthELV | 3.0% | $166m | 428,672 | -33% |
| Philip Morris InternationalPM | 0.2% | $9m | 51,387 | -23% |
| SalesforceCRM | 0.1% | $8m | 51,741 | -98% |
| Otis WorldwideOTIS | 0.1% | $8m | 105,652 | New |
| MedtronicMDT | 0.1% | $8m | 96,690 | -41% |
| Taiwan Semiconductor ManufacturingTSM | <0.1% | $2m | 3,823 | -12% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 44.4% since 30 June 2025.
Where the money is
Health care31.7%
Financial services28.1%
Retail & consumer14.4%
Industrials12.4%
Technology7.8%
Materials5.5%
Everyday goods0.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.