Veritas Asset Management LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Veritas Asset Management LLP reported 27 stock positions worth $9.8 billion. Its top holding was Amazon.com (AMZN) at 10.3% of the portfolio, followed by Microsoft (MSFT, 10.3%) and Unitedhealth (UNH, 8.6%). Compared with Q3 2025, it opened 2 new positions, sold out of 5, added to 4 and reduced 15. The biggest buy was Waters (WAT, shares +112%) and the biggest sale Microsoft (MSFT, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001541448
- Portfolio Value
- $9.8B (Q4 2025)
- SEC Filing
- 0001172661-26-000924 ↗ filed Feb 17, 2026
Holdings Value
Holdings 27 stocks · $9.8B
| AMZN Amazon.com Inc. | 10.34% | 4,375,845 | $1.0B | Reduce -4.6% |
| MSFT Microsoft Corp. | 10.32% | 2,085,994 | $1.0B | Reduce -4.4% |
| UNH Unitedhealth Group Inc. | 8.55% | 2,532,631 | $836.0M | Reduce -4.5% |
| CRM Salesforce Inc. | 8.04% | 2,965,053 | $785.5M | Reduce -2.5% |
| AON Aon PLC Class A | 7.19% | 1,992,453 | $703.1M | Reduce -3.0% |
| CP Canadian Pacific Kansas City | 7.04% | 9,344,449 | $688.0M | Reduce -3.8% |
| TMO Thermo Fisher Scientific Inc. | 6.72% | 1,133,869 | $657.0M | Reduce -6.9% |
| GOOGL Alphabet Inc. Class A | 5.88% | 1,836,779 | $574.9M | Reduce -19.6% |
| BDX Becton Dickinson and Co. | 5.71% | 2,874,579 | $557.9M | Reduce -2.7% |
| WAT Waters Corp. | 4.82% | 1,241,206 | $471.4M | Add +112.3% |
| ICE Intercontinental Exchange Inc. | 4.75% | 2,867,517 | $464.4M | Add +39.6% |
| MA Mastercard Inc. Class A | 4.60% | 787,850 | $449.8M | Add +18.6% |
| CHTR Charter Communications Inc. Class A | 3.25% | 1,521,130 | $317.5M | Reduce -1.5% |
| ELV Elevance Health Inc. | 3.13% | 873,993 | $306.4M | Reduce -3.2% |
| H Hyatt Hotels Corp. Class A | 3.12% | 1,900,417 | $304.7M | Add +827.9% |
| ZTS Zoetis Inc. | 2.27% | 1,762,032 | $221.7M | Reduce -1.4% |
| TDG Transdigm Group Inc. | 1.93% | 141,842 | $188.6M | New |
| BIO Bio-Rad Laboratories-A | 1.68% | 543,335 | $164.6M | Reduce -35.6% |
| MDT Medtronic PLC | 0.18% | 181,007 | $17.4M | No change |
| PM Philip Morris International | 0.11% | 67,036 | $10.8M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.08% | 224,364 | $8.2M | No change |
| MSM MSC Industrial Direct Co. Class A | 0.08% | 94,539 | $8.0M | No change |
| CTSH Cognizant Tech Solutions-A | 0.07% | 78,090 | $6.5M | No change |
| NTES Netease Inc.-ADR | 0.05% | 32,957 | $4.5M | Reduce -24.2% |
| SE Sea Ltd.-ADR | 0.03% | 22,860 | $2.9M | New |
| PDD PDD Holdings Inc. | 0.03% | 22,506 | $2.6M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.02% | 5,429 | $1.6M | Reduce -45.5% |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -4.4% | 10.32% | −1.75 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −1.52 |
| CHTR Charter Communications Inc. Class A | Reduce -1.5% | 3.25% | −1.29 |
| UNH Unitedhealth Group Inc. | Reduce -4.5% | 8.55% | −1.23 |
| BIO Bio-Rad Laboratories-A | Reduce -35.6% | 1.68% | −0.84 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −0.78 |
| CP Canadian Pacific Kansas City | Reduce -3.8% | 7.04% | −0.69 |
| AON Aon PLC Class A | Reduce -3.0% | 7.19% | −0.63 |
| ZTS Zoetis Inc. | Reduce -1.4% | 2.27% | −0.52 |
| AMZN Amazon.com Inc. | Reduce -4.6% | 10.34% | −0.43 |
| BDX Becton Dickinson and Co. | Reduce -2.7% | 5.71% | −0.20 |
| HLT Hilton Worldwide Holdings Inc. | Sold out | 0.00% | −0.09 |
| GOOGL Alphabet Inc. Class A | Reduce -19.6% | 5.88% | −0.05 |
| NTES Netease Inc.-ADR | Reduce -24.2% | 0.05% | −0.02 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −0.02 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -45.5% | 0.02% | −0.01 |
| TAL Tal Education Group- ADR | Sold out | 0.00% | −0.00 |
| ELV Elevance Health Inc. | Reduce -3.2% | 3.13% | +0.02 |
| CRM Salesforce Inc. | Reduce -2.5% | 8.04% | +0.34 |
| TMO Thermo Fisher Scientific Inc. | Reduce -6.9% | 6.72% | +0.41 |
Portfolio Buys Q3 2025 → Q4 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 |