Veritas Asset Management 13F, Q3 2025
Veritas Asset Management · quarter ending 30 September 2025 · filed 4 November 2025 · SEC CIK 1541448
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 30 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| MICROSOFT CORP | MSFT | $1.13B | 12.1% | -28% shares |
| AMAZON COM INC | AMZN | $1.01B | 10.8% | -4% shares |
| UNITEDHEALTH GROUP INC | UNH | $916.08M | 9.8% | -15% shares |
| AON PLC | $732.30M | 7.8% | +19% shares | |
| CANADIAN PACIFIC KANSAS CITY | CP | $723.87M | 7.7% | -3% shares |
| SALESFORCE INC | CRM | $720.38M | 7.7% | +47% shares |
| THERMO FISHER SCIENTIFIC INC | TMO | $590.81M | 6.3% | -4% shares |
| ALPHABET INC | GOOGL | $555.29M | 5.9% | -52% shares |
| BECTON DICKINSON & CO | BDX | $553.07M | 5.9% | +41% shares |
| CHARTER COMMUNICATIONS INC N | CHTR | $424.91M | 4.5% | -3% shares |
| MASTERCARD INCORPORATED | MA | $377.83M | 4.0% | -5% shares |
| INTERCONTINENTAL EXCHANGE IN | ICE | $346.11M | 3.7% | -5% shares |
| ELEVANCE HEALTH INC FORMERLY | ELV | $291.75M | 3.1% | unchanged |
| ZOETIS INC | ZTS | $261.37M | 2.8% | -2% shares |
| BIO RAD LABS INC | BIO | $236.66M | 2.5% | -2% shares |
| WATERS CORP | WAT | $175.32M | 1.9% | new |
| SCHWAB CHARLES CORP | SCHW | $142.08M | 1.5% | -33% shares |
| FUTU HLDGS LTD | FUTU | $73.19M | 0.8% | +41% shares |
| HYATT HOTELS CORP | H | $29.07M | 0.3% | new |
| MEDTRONIC PLC | $17.24M | 0.2% | unchanged | |
| PHILIP MORRIS INTL INC | PM | $10.87M | 0.1% | -7% shares |
| HILTON WORLDWIDE HLDGS INC | HLT | $8.86M | 0.1% | -95% shares |
| MSC INDL DIRECT INC | MSM | $8.71M | 0.1% | unchanged |
| HDFC BANK LTD | HDB | $7.66M | 0.1% | +65% shares |
| NETEASE INC | NTES | $6.61M | 0.1% | -21% shares |
What changed since Q2 2025
Against the Q2 2025 filing, Veritas Asset Management opened 2 new positions, added to 5, trimmed 16, left 7 unchanged and exited 6. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001172661-25-004571, filed by Veritas Asset Management LLP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.