Veritas Asset Management LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Veritas Asset Management LLP reported 30 stock positions worth $9.4 billion. Its top holding was Microsoft (MSFT) at 12.1% of the portfolio, followed by Amazon.com (AMZN, 10.8%) and Unitedhealth (UNH, 9.8%). Compared with Q2 2025, it opened 2 new positions, sold out of 6, added to 4 and reduced 18. The biggest buy was Becton Dickinson and (BDX, shares +41%) and the biggest sale Microsoft (MSFT, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001541448
- Portfolio Value
- $9.4B (Q3 2025)
- SEC Filing
- 0001172661-25-004571 ↗ filed Nov 4, 2025
Holdings Value
Holdings 30 stocks · $9.4B
| MSFT Microsoft Corp. | 12.07% | 2,181,829 | $1.1B | Reduce -27.5% |
| AMZN Amazon.com Inc. | 10.76% | 4,587,764 | $1.0B | Reduce -4.2% |
| UNH Unitedhealth Group Inc. | 9.79% | 2,652,995 | $916.1M | Reduce -14.6% |
| AON Aon PLC Class A | 7.82% | 2,053,673 | $732.3M | Add +19.3% |
| CP Canadian Pacific Kansas City | 7.73% | 9,717,646 | $723.9M | Reduce -2.9% |
| CRM Salesforce Inc. | 7.70% | 3,039,568 | $720.4M | Add +47.3% |
| TMO Thermo Fisher Scientific Inc. | 6.31% | 1,218,105 | $590.8M | Reduce -3.6% |
| GOOGL Alphabet Inc. Class A | 5.93% | 2,284,192 | $555.3M | Reduce -51.9% |
| BDX Becton Dickinson and Co. | 5.91% | 2,954,898 | $553.1M | Add +40.6% |
| CHTR Charter Communications Inc. Class A | 4.54% | 1,544,527 | $424.9M | Reduce -2.9% |
| MA Mastercard Inc. Class A | 4.04% | 664,248 | $377.8M | Reduce -4.5% |
| ICE Intercontinental Exchange Inc. | 3.70% | 2,054,294 | $346.1M | Reduce -4.9% |
| ELV Elevance Health Inc. | 3.12% | 902,900 | $291.7M | Reduce -1.1% |
| ZTS Zoetis Inc. | 2.79% | 1,786,297 | $261.4M | Reduce -2.2% |
| BIO Bio-Rad Laboratories-A | 2.53% | 844,039 | $236.7M | Reduce -2.2% |
| WAT Waters Corp. | 1.87% | 584,770 | $175.3M | New |
| SCHW Schwab (charles) Corp. | 1.52% | 1,488,189 | $142.1M | Reduce -33.1% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.78% | 420,857 | $73.2M | Add +40.9% |
| H Hyatt Hotels Corp. Class A | 0.31% | 204,801 | $29.1M | New |
| MDT Medtronic PLC | 0.18% | 181,007 | $17.2M | No change |
| PM Philip Morris International | 0.12% | 67,036 | $10.9M | Reduce -7.4% |
| HLT Hilton Worldwide Holdings Inc. | 0.09% | 34,159 | $8.9M | Reduce -94.7% |
| MSM MSC Industrial Direct Co. Class A | 0.09% | 94,539 | $8.7M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.08% | 224,364 | $7.7M | Reduce -17.5% |
| NTES Netease Inc.-ADR | 0.07% | 43,463 | $6.6M | Reduce -21.1% |
| CTSH Cognizant Tech Solutions-A | 0.06% | 78,090 | $5.2M | Reduce -32.3% |
| PDD PDD Holdings Inc. | 0.03% | 22,506 | $3.0M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.03% | 9,960 | $2.8M | No change |
| YMM Full Truck Alliance -SPN ADR | 0.02% | 111,136 | $1.4M | No change |
| TAL Tal Education Group- ADR | 0.00% | 40,746 | $456K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | Reduce -27.5% | 12.07% | −2.90 |
| GOOGL Alphabet Inc. Class A | Reduce -51.9% | 5.93% | −2.44 |
| CHTR Charter Communications Inc. Class A | Reduce -2.9% | 4.54% | −1.97 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -94.7% | 0.09% | −1.63 |
| SCHW Schwab (charles) Corp. | Reduce -33.1% | 1.52% | −0.51 |
| ELV Elevance Health Inc. | Reduce -1.1% | 3.12% | −0.44 |
| ICE Intercontinental Exchange Inc. | Reduce -4.9% | 3.70% | −0.27 |
| CP Canadian Pacific Kansas City | Reduce -2.9% | 7.73% | −0.21 |
| CPNG Coupang Inc. | Sold out | 0.00% | −0.15 |
| HSAI Hesai Group | Sold out | 0.00% | −0.11 |
| ZTS Zoetis Inc. | Reduce -2.2% | 2.79% | −0.06 |
| CTSH Cognizant Tech Solutions-A | Reduce -32.3% | 0.06% | −0.03 |
| HDB HDFC Bank Ltd.-ADR | Reduce -17.5% | 0.08% | −0.02 |
| PM Philip Morris International | Reduce -7.4% | 0.12% | −0.02 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −0.01 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.01 |
| IBN Icici Bank Ltd.-Spon ADR | Sold out | 0.00% | −0.01 |
| NTES Netease Inc.-ADR | Reduce -21.1% | 0.07% | −0.00 |
| VNET Vnet Group Inc.-ADR | Sold out | 0.00% | −0.00 |
| UNH Unitedhealth Group Inc. | Reduce -14.6% | 9.79% | +0.09 |
| MA Mastercard Inc. Class A | Reduce -4.5% | 4.04% | +0.13 |
| AMZN Amazon.com Inc. | Reduce -4.2% | 10.76% | +0.25 |
| BIO Bio-Rad Laboratories-A | Reduce -2.2% | 2.53% | +0.44 |
| TMO Thermo Fisher Scientific Inc. | Reduce -3.6% | 6.31% | +1.19 |
Portfolio Buys Q2 2025 → Q3 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 |