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Veritas Asset Management LLP

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13F filer, CIK 1541448, London, United Kingdom

Veritas Asset Management LLP reported $9,772,914,109 across 27 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 74.62% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-000924

Period
2025-12-31
Reported value
$9.77B
Holdings
27
Top 10 weight
74.62%
New
2
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
Hadded+1,695,616$272M
WATadded+656,436$249M
TDGnew+141,842$189M
ICEadded+813,223$132M
MAadded+123,602$70.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
SCHWexited-1,488,189-$142M
GOOGLreduced-447,413-$140M
BIOreduced-300,704-$91.1M
FUTUexited-420,857-$73.2M
AMZNreduced-211,919-$48.9M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001172661-26-000924, largest first. % of portfolio is the value over $9,772,914,109, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,742,823 shares; 2024Q4: 5,257,561 shares; 2025Q1: 5,002,919 shares; 2025Q2: 4,790,137 shares; 2025Q3: 4,587,764 shares; 2025Q4: 4,375,845 shares 4,375,845$1.01B10.34%-211,919Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,230,108 shares; 2024Q4: 2,010,982 shares; 2025Q1: 2,902,821 shares; 2025Q2: 3,009,598 shares; 2025Q3: 2,181,829 shares; 2025Q4: 2,085,994 shares 2,085,994$1.01B10.32%-95,835Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,759,015 shares; 2024Q4: 1,547,220 shares; 2025Q1: 1,579,007 shares; 2025Q2: 3,107,991 shares; 2025Q3: 2,652,995 shares; 2025Q4: 2,532,631 shares 2,532,631$836M8.55%-120,364Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,680,957 shares; 2024Q4: 2,432,713 shares; 2025Q1: 2,140,639 shares; 2025Q2: 2,063,844 shares; 2025Q3: 3,039,568 shares; 2025Q4: 2,965,053 shares 2,965,053$785M8.04%-74,515Timeline
AONAON PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,010,557 shares; 2024Q4: 2,220,648 shares; 2025Q1: 1,839,697 shares; 2025Q2: 1,720,988 shares; 2025Q3: 2,053,673 shares; 2025Q4: 1,992,453 shares 1,992,453$703M7.19%-61,220Timeline
CPCANADIAN PACIFIC KANSAS CITYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,208,139 shares; 2024Q4: 11,189,446 shares; 2025Q1: 10,638,175 shares; 2025Q2: 10,010,259 shares; 2025Q3: 9,717,646 shares; 2025Q4: 9,344,449 shares 9,344,449$688M7.04%-373,197Timeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,130,476 shares; 2024Q4: 1,027,159 shares; 2025Q1: 1,333,052 shares; 2025Q2: 1,263,447 shares; 2025Q3: 1,218,105 shares; 2025Q4: 1,133,869 shares 1,133,869$657M6.72%-84,236Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,300,950 shares; 2024Q4: 6,160,305 shares; 2025Q1: 4,942,977 shares; 2025Q2: 4,747,543 shares; 2025Q3: 2,284,192 shares; 2025Q4: 1,836,779 shares 1,836,779$575M5.88%-447,413Timeline
BDXBECTON DICKINSON & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,295,205 shares; 2024Q4: 2,057,554 shares; 2025Q1: 1,927,090 shares; 2025Q2: 2,102,044 shares; 2025Q3: 2,954,898 shares; 2025Q4: 2,874,579 shares 2,874,579$558M5.71%-80,319Timeline
WATWATERS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 584,770 shares; 2025Q4: 1,241,206 shares 1,241,206$471M4.82%+656,436Timeline
ICEINTERCONTINENTAL EXCHANGE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,224,195 shares; 2024Q4: 3,750,592 shares; 2025Q1: 2,897,949 shares; 2025Q2: 2,160,038 shares; 2025Q3: 2,054,294 shares; 2025Q4: 2,867,517 shares 2,867,517$464M4.75%+813,223Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,446,272 shares; 2024Q4: 867,937 shares; 2025Q1: 736,921 shares; 2025Q2: 695,212 shares; 2025Q3: 664,248 shares; 2025Q4: 787,850 shares 787,850$450M4.6%+123,602Timeline
CHTRCHARTER COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,006,085 shares; 2024Q4: 1,800,378 shares; 2025Q1: 1,675,255 shares; 2025Q2: 1,590,422 shares; 2025Q3: 1,544,527 shares; 2025Q4: 1,521,130 shares 1,521,130$318M3.25%-23,397Timeline
ELVELEVANCE HEALTH INC FORMERLYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,097,778 shares; 2024Q4: 986,738 shares; 2025Q1: 952,903 shares; 2025Q2: 913,358 shares; 2025Q3: 902,900 shares; 2025Q4: 873,993 shares 873,993$306M3.13%-28,907Timeline
HHYATT HOTELS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 204,801 shares; 2025Q4: 1,900,417 shares 1,900,417$305M3.12%+1,695,616Timeline
ZTSZOETIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,297,522 shares; 2024Q4: 1,972,680 shares; 2025Q1: 1,873,922 shares; 2025Q2: 1,825,949 shares; 2025Q3: 1,786,297 shares; 2025Q4: 1,762,032 shares 1,762,032$222M2.27%-24,265Timeline
TDGTRANSDIGM GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 141,842 shares 141,842$189M1.93%newTimeline
BIOBIO RAD LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,086,479 shares; 2024Q4: 976,827 shares; 2025Q1: 913,122 shares; 2025Q2: 863,141 shares; 2025Q3: 844,039 shares; 2025Q4: 543,335 shares 543,335$165M1.68%-300,704Timeline
MDTMEDTRONIC PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 181,007 shares; 2024Q4: 181,007 shares; 2025Q1: 181,007 shares; 2025Q2: 181,007 shares; 2025Q3: 181,007 shares; 2025Q4: 181,007 shares 181,007$17.4M0.18%0Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 101,545 shares; 2024Q4: 101,545 shares; 2025Q1: 86,784 shares; 2025Q2: 72,383 shares; 2025Q3: 67,036 shares; 2025Q4: 67,036 shares 67,036$10.8M0.11%0Timeline
HDBHDFC BANK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,817 shares; 2024Q4: 155,817 shares; 2025Q1: 150,926 shares; 2025Q2: 135,976 shares; 2025Q3: 224,364 shares; 2025Q4: 224,364 shares 224,364$8.2M0.08%0Timeline
MSMMSC INDL DIRECT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 116,681 shares; 2024Q4: 116,681 shares; 2025Q1: 116,681 shares; 2025Q2: 94,539 shares; 2025Q3: 94,539 shares; 2025Q4: 94,539 shares 94,539$7.95M0.08%0Timeline
CTSHCOGNIZANT TECHNOLOGY SOLUTIOQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,295 shares; 2024Q4: 115,295 shares; 2025Q1: 115,295 shares; 2025Q2: 115,295 shares; 2025Q3: 78,090 shares; 2025Q4: 78,090 shares 78,090$6.48M0.07%0Timeline
NTESNETEASE COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,069 shares; 2024Q4: 55,069 shares; 2025Q1: 55,069 shares; 2025Q2: 55,069 shares; 2025Q3: 43,463 shares; 2025Q4: 32,957 shares 32,957$4.54M0.05%-10,506Timeline
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 22,860 shares 22,860$2.92M0.03%newTimeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,715 shares; 2024Q4: 23,791 shares; 2025Q1: 22,506 shares; 2025Q2: 22,506 shares; 2025Q3: 22,506 shares; 2025Q4: 22,506 shares 22,506$2.55M0.03%0Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,302 shares; 2024Q4: 9,960 shares; 2025Q1: 9,960 shares; 2025Q2: 9,960 shares; 2025Q3: 9,960 shares; 2025Q4: 5,429 shares 5,429$1.65M0.02%-4,531Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SCHWCHARLES SCHWAB CORP (THE)1,488,189$142Mshares
FUTUFUTU HLDGS LTD420,857$73.2Mshares
HLTHILTON WORLDWIDE HLDGS INC34,159$8.86Mshares
YMMFULL TRUCK ALLIANCE CO LTD111,136$1.44Mshares
TALTAL ED GROUP40,746$456Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-26-000924 base2026-02-17acceptance time not in the bulk data set