Veritas Asset Management LLP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Veritas Asset Management LLP reported 35 stock positions worth $9.9 billion. Its top holding was Microsoft (MSFT) at 11.0% of the portfolio, followed by Amazon.com (AMZN, 9.6%) and Unitedhealth (UNH, 8.4%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 4 and reduced 23. The biggest buy was Microsoft (MSFT, shares +44%) and the biggest sale Alphabet Class A (GOOGL, shares −20%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001541448
- Portfolio Value
- $9.9B (Q1 2025)
- SEC Filing
- 0001172661-25-002100 ↗ filed May 15, 2025
Holdings Value
Holdings 35 stocks · $9.9B
| MSFT Microsoft Corp. | 11.01% | 2,902,821 | $1.1B | Add +44.4% |
| AMZN Amazon.com Inc. | 9.61% | 5,002,919 | $951.9M | Reduce -4.8% |
| UNH Unitedhealth Group Inc. | 8.35% | 1,579,007 | $827.0M | Add +2.0% |
| GOOGL Alphabet Inc. Class A | 7.72% | 4,942,977 | $764.4M | Reduce -19.8% |
| CP Canadian Pacific Kansas City | 7.54% | 10,638,175 | $746.9M | Reduce -4.9% |
| AON Aon PLC Class A | 7.42% | 1,839,697 | $734.2M | Reduce -17.1% |
| TMO Thermo Fisher Scientific Inc. | 6.70% | 1,333,052 | $663.3M | Add +29.8% |
| CHTR Charter Communications Inc. Class A | 6.24% | 1,675,255 | $617.4M | Reduce -7.0% |
| CRM Salesforce Inc. | 5.80% | 2,140,639 | $574.5M | Reduce -12.0% |
| ICE Intercontinental Exchange Inc. | 5.05% | 2,897,949 | $499.9M | Reduce -22.7% |
| BDX Becton Dickinson and Co. | 4.46% | 1,927,090 | $441.4M | Reduce -6.3% |
| ELV Elevance Health Inc. | 4.19% | 952,903 | $414.5M | Reduce -3.4% |
| MA Mastercard Inc. Class A | 4.08% | 736,921 | $403.9M | Reduce -15.1% |
| COO The Cooper Cos Inc. | 3.28% | 3,847,698 | $324.6M | Reduce -5.1% |
| ZTS Zoetis Inc. | 3.12% | 1,873,922 | $308.5M | Reduce -5.0% |
| BIO Bio-Rad Laboratories-A | 2.25% | 913,122 | $222.4M | Reduce -6.5% |
| SCHW Schwab (charles) Corp. | 1.81% | 2,293,473 | $179.5M | Reduce -8.6% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.31% | 298,650 | $30.6M | Reduce -1.0% |
| TME Tencent Music Entertainm-ADR | 0.22% | 1,507,402 | $21.7M | Reduce -50.0% |
| MDT Medtronic PLC | 0.16% | 181,007 | $16.3M | No change |
| PM Philip Morris International | 0.14% | 86,784 | $13.8M | Reduce -14.5% |
| FNV Franco-Nevada Corp. | 0.12% | 72,266 | $11.4M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.10% | 150,926 | $10.0M | Reduce -3.1% |
| MSM MSC Industrial Direct Co. Class A | 0.09% | 116,681 | $9.1M | No change |
| CTSH Cognizant Tech Solutions-A | 0.09% | 115,295 | $8.8M | No change |
| NTES Netease Inc.-ADR | 0.06% | 55,069 | $5.7M | No change |
| PDD PDD Holdings Inc. | 0.03% | 22,506 | $2.7M | Reduce -5.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.02% | 9,960 | $1.7M | No change |
| YMM Full Truck Alliance -SPN ADR | 0.01% | 99,006 | $1.3M | Add +35.8% |
| JD Jd.com Inc.-ADR | 0.01% | 22,792 | $937K | Reduce -5.4% |
| TCOM Trip.com Group Ltd.-ADR | 0.01% | 13,568 | $863K | New |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 0.01% | 28,091 | $564K | Reduce -5.4% |
| TAL Tal Education Group- ADR | 0.01% | 40,746 | $538K | Reduce -5.4% |
| IBN Icici Bank Ltd.-Spon ADR | 0.00% | 15,424 | $486K | Reduce -96.4% |
| VNET Vnet Group Inc.-ADR | 0.00% | 50,306 | $413K | New |
Portfolio Sells Q4 2024 → Q1 2025
| GOOGL Alphabet Inc. Class A | Reduce -19.8% | 7.72% | −3.15 |
| CRM Salesforce Inc. | Reduce -12.0% | 5.80% | −1.78 |
| AMZN Amazon.com Inc. | Reduce -4.8% | 9.61% | −1.14 |
| BIO Bio-Rad Laboratories-A | Reduce -6.5% | 2.25% | −0.75 |
| COO The Cooper Cos Inc. | Reduce -5.1% | 3.28% | −0.20 |
| MA Mastercard Inc. Class A | Reduce -15.1% | 4.08% | −0.18 |
| ICE Intercontinental Exchange Inc. | Reduce -22.7% | 5.05% | −0.16 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -96.4% | 0.00% | −0.11 |
| TME Tencent Music Entertainm-ADR | Reduce -50.0% | 0.22% | −0.10 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.07 |
| AON Aon PLC Class A | Reduce -17.1% | 7.42% | −0.02 |
| EDU New Oriental Educatio-SP ADR | Sold out | 0.00% | −0.02 |
| CP Canadian Pacific Kansas City | Reduce -4.9% | 7.54% | −0.01 |
| BEKE Ke Holdings Inc.-ADR | Reduce -5.4% | 0.01% | +0.00 |
| TAL Tal Education Group- ADR | Reduce -5.4% | 0.01% | +0.00 |
| JD Jd.com Inc.-ADR | Reduce -5.4% | 0.01% | +0.00 |
| PDD PDD Holdings Inc. | Reduce -5.4% | 0.03% | +0.01 |
| HDB HDFC Bank Ltd.-ADR | Reduce -3.1% | 0.10% | +0.01 |
| PM Philip Morris International | Reduce -14.5% | 0.14% | +0.03 |
| SCHW Schwab (charles) Corp. | Reduce -8.6% | 1.81% | +0.08 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -1.0% | 0.31% | +0.08 |
| BDX Becton Dickinson and Co. | Reduce -6.3% | 4.46% | +0.11 |
| ZTS Zoetis Inc. | Reduce -5.0% | 3.12% | +0.12 |
| CHTR Charter Communications Inc. Class A | Reduce -7.0% | 6.24% | +0.48 |
| ELV Elevance Health Inc. | Reduce -3.4% | 4.19% | +0.79 |
Portfolio Buys Q4 2024 → Q1 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 21 | $5.6B | AMZN, MA, CP, AON, UNH |
| Q1 2026 | 21 | $5.9B | AMZN, CP, MA, UNH, AON |
| Q4 2025 | 27 | $9.8B | AMZN, MSFT, UNH, CRM, AON |
| Q3 2025 | 30 | $9.4B | MSFT, AMZN, UNH, AON, CP |
| Q2 2025 | 34 | $10.0B | MSFT, AMZN, UNH, GOOGL, CP |
| Q1 2025 | 35 | $9.9B | MSFT, AMZN, UNH, GOOGL, CP |
| Q4 2024 | 35 | $10.7B | GOOGL, AMZN, MSFT, CRM, CP |
| Q3 2024 | 34 | $13.5B | GOOGL, AMZN, CP, AON, UNH |
| Q2 2024 | 32 | $13.2B | GOOGL, AMZN, CP, UNH, FISV |
| Q1 2024 | 33 | $13.8B | GOOGL, AMZN, CP, FISV, ICE |