Veritas Asset Management LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Veritas Asset Management LLP reported 34 stock positions worth $10.0 billion. Its top holding was Microsoft (MSFT) at 15.0% of the portfolio, followed by Amazon.com (AMZN, 10.5%) and Unitedhealth (UNH, 9.7%). Compared with Q1 2025, it opened 3 new positions, sold out of 4, added to 5 and reduced 16. The biggest buy was Microsoft (MSFT, shares +4%) and the biggest sale an exit from Cooper Cos (COO).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001541448
- Portfolio Value
- $10.0B (Q2 2025)
- SEC Filing
- 0001172661-25-002935 ↗ filed Aug 7, 2025
Holdings Value
Holdings 34 stocks · $10.0B
| MSFT Microsoft Corp. | 14.98% | 3,009,598 | $1.5B | Add +3.7% |
| AMZN Amazon.com Inc. | 10.51% | 4,790,137 | $1.1B | Reduce -4.3% |
| UNH Unitedhealth Group Inc. | 9.70% | 3,107,991 | $969.6M | Add +96.8% |
| GOOGL Alphabet Inc. Class A | 8.37% | 4,747,543 | $836.7M | Reduce -4.0% |
| CP Canadian Pacific Kansas City | 7.94% | 10,010,259 | $793.5M | Reduce -5.9% |
| CHTR Charter Communications Inc. Class A | 6.50% | 1,590,422 | $650.2M | Reduce -5.1% |
| AON Aon PLC Class A | 6.14% | 1,720,988 | $614.0M | Reduce -6.5% |
| CRM Salesforce Inc. | 5.63% | 2,063,844 | $562.8M | Reduce -3.6% |
| TMO Thermo Fisher Scientific Inc. | 5.13% | 1,263,447 | $512.3M | Reduce -5.2% |
| ICE Intercontinental Exchange Inc. | 3.96% | 2,160,038 | $396.3M | Reduce -25.5% |
| MA Mastercard Inc. Class A | 3.91% | 695,212 | $390.7M | Reduce -5.7% |
| BDX Becton Dickinson and Co. | 3.62% | 2,102,044 | $362.1M | Add +9.1% |
| ELV Elevance Health Inc. | 3.55% | 913,358 | $355.3M | Reduce -4.2% |
| ZTS Zoetis Inc. | 2.85% | 1,825,949 | $284.8M | Reduce -2.6% |
| BIO Bio-Rad Laboratories-A | 2.08% | 863,141 | $208.3M | Reduce -5.5% |
| SCHW Schwab (charles) Corp. | 2.03% | 2,223,011 | $202.8M | Reduce -3.1% |
| HLT Hilton Worldwide Holdings Inc. | 1.73% | 648,191 | $172.6M | New |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.37% | 298,650 | $36.9M | No change |
| MDT Medtronic PLC | 0.16% | 181,007 | $15.8M | No change |
| CPNG Coupang Inc. | 0.15% | 513,138 | $15.4M | New |
| PM Philip Morris International | 0.13% | 72,383 | $13.2M | Reduce -16.6% |
| HSAI Hesai Group | 0.11% | 500,635 | $11.0M | New |
| HDB HDFC Bank Ltd.-ADR | 0.10% | 135,976 | $10.4M | Reduce -9.9% |
| CTSH Cognizant Tech Solutions-A | 0.09% | 115,295 | $9.0M | No change |
| MSM MSC Industrial Direct Co. Class A | 0.08% | 94,539 | $8.0M | Reduce -19.0% |
| NTES Netease Inc.-ADR | 0.07% | 55,069 | $7.4M | No change |
| PDD PDD Holdings Inc. | 0.02% | 22,506 | $2.4M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.02% | 9,960 | $2.3M | No change |
| YMM Full Truck Alliance -SPN ADR | 0.01% | 111,136 | $1.3M | Add +12.3% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 0.01% | 48,473 | $860K | Add +72.6% |
| JD Jd.com Inc.-ADR | 0.01% | 22,792 | $744K | No change |
| IBN Icici Bank Ltd.-Spon ADR | 0.01% | 15,424 | $519K | No change |
| TAL Tal Education Group- ADR | 0.00% | 40,746 | $416K | No change |
| VNET Vnet Group Inc.-ADR | 0.00% | 50,306 | $347K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| COO The Cooper Cos Inc. | Sold out | 0.00% | −3.28 |
| TMO Thermo Fisher Scientific Inc. | Reduce -5.2% | 5.13% | −1.57 |
| AON Aon PLC Class A | Reduce -6.5% | 6.14% | −1.27 |
| ICE Intercontinental Exchange Inc. | Reduce -25.5% | 3.96% | −1.08 |
| ELV Elevance Health Inc. | Reduce -4.2% | 3.55% | −0.63 |
| ZTS Zoetis Inc. | Reduce -2.6% | 2.85% | −0.27 |
| TME Tencent Music Entertainm-ADR | Sold out | 0.00% | −0.22 |
| CRM Salesforce Inc. | Reduce -3.6% | 5.63% | −0.17 |
| MA Mastercard Inc. Class A | Reduce -5.7% | 3.91% | −0.17 |
| BIO Bio-Rad Laboratories-A | Reduce -5.5% | 2.08% | −0.16 |
| FNV Franco-Nevada Corp. | Sold out | 0.00% | −0.12 |
| MSM MSC Industrial Direct Co. Class A | Reduce -19.0% | 0.08% | −0.01 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.01 |
| PM Philip Morris International | Reduce -16.6% | 0.13% | −0.01 |
| HDB HDFC Bank Ltd.-ADR | Reduce -9.9% | 0.10% | +0.00 |
| SCHW Schwab (charles) Corp. | Reduce -3.1% | 2.03% | +0.22 |
| CHTR Charter Communications Inc. Class A | Reduce -5.1% | 6.50% | +0.27 |
| CP Canadian Pacific Kansas City | Reduce -5.9% | 7.94% | +0.39 |
| GOOGL Alphabet Inc. Class A | Reduce -4.0% | 8.37% | +0.65 |
| AMZN Amazon.com Inc. | Reduce -4.3% | 10.51% | +0.90 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +3.7% | 14.98% | +3.97 |
| HLT Hilton Worldwide Holdings Inc. | New | 1.73% | +1.73 |
| UNH Unitedhealth Group Inc. | Add +96.8% | 9.70% | +1.35 |
| CPNG Coupang Inc. | New | 0.15% | +0.15 |
| HSAI Hesai Group | New | 0.11% | +0.11 |
| BEKE Ke Holdings Inc.-ADR | Add +72.6% | 0.01% | +0.00 |
| YMM Full Truck Alliance -SPN ADR | Add +12.3% | 0.01% | +0.00 |
| BDX Becton Dickinson and Co. | Add +9.1% | 3.62% | −0.84 |
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 |