Veritas Investment Management LLP

CIK

1576707

Location

LONDON, X0

Portfolio Value

Mid $1,168,330,017

Diversification

Diversified

Filing Date

Global Rank

#981 / 5,288 ▼ 9

Top Industry

Software - Infrastructure 14.0%

3Y Alpha vs SPY

-18.3%

Period ended 5 years ago

Filed Nov 2, 2020 · 5y

3 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+7.9%

SPY

+76.3%

Annualised alpha

-18.3%

Max drawdown

−21.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

56 positions · as of Sep 30, 2020 · Δ vs Jun 30, 2020

Top Position

13.0%

−1.6 pts

Top 5

56.7%

−1.7 pts

Top 10

87.3%

−2.7 pts

HHI

897

Diversified−50

Portfolio Trend

3 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2020

Sector	% Portfolio	Value	Positions
Healthcare	31.5%	$368,589,448	8
Technology	20.6%	$240,552,878	8
Financial Services	19.6%	$229,142,343	11
Consumer Cyclical	14.5%	$168,927,988	10
Unclassified	7.3%	$84,807,573	1
Industrials	5.9%	$69,131,210	5
Communication Services	0.3%	$3,393,889	4
Consumer Defensive	0.2%	$2,542,733	6
Basic Materials	0.1%	$659,072	1
Utilities	0.0%	$492,252	1
Energy	0.0%	$90,631	1

Last Quarter's Activity

Export CSV

Sep 30, 2020 vs Jun 30, 2020

Added To

Positions the filer increased

11 positions

Ticker	Company	Δ Shares	Shares	Value
MRSH	Marsh & Mclennan Companies, Inc.	+627,150	627,650	$71,991,455
FISV	Fiserv Inc	+117,643	822,975	$84,807,573
ADP	Automatic Data Processing Inc	+14,310	467,775	$65,249,934
AAPL	Apple Inc.	+14,044	19,475	$2,255,399
AVY	Avery Dennison Corp	+13,934	527,950	$67,493,128
HAS	Hasbro, Inc.	+12,905	994,298	$82,248,330
UNH	Unitedhealth Group Inc	+5,760	485,729	$151,435,730
APH	Amphenol Corp /De/	+3,752	660,328	$17,873,428
AXP	American Express Co	+2,690	5,690	$570,422
MCO	Moodys Corp /De/	+955	1,220	$353,617
TSLA	Tesla, Inc.	+26	40	$5,720
No positions match the current search.

Trimmed

Positions the filer reduced

22 positions

Ticker	Company	Δ Shares	Shares	Value
BRK-B	Berkshire Hathaway Inc	−303,139	123,914	$26,386,247
MSFT	Microsoft Corp	−31,716	722,599	$151,984,247
ALGN	Align Technology Inc	−26,130	202,615	$66,328,046
TMO	Thermo Fisher Scientific Inc.	−20,965	337,707	$149,104,394
MA	Mastercard Inc	−8,613	371,517	$125,635,903
HON	Honeywell International Inc	−5,719	270	$41,889
XYL	Xylem Inc.	−1,914	817,246	$68,746,733
TSCO	Tractor Supply Co /De/	−1,590	562,160	$16,116,002
KEY	Keycorp /New/	−1,244	22,168	$264,464
MDLZ	Mondelez International, Inc.	−750	764	$43,891
V	Visa Inc.	−496	8,744	$1,748,537
PYPL	PayPal Holdings, Inc.	−400	6,210	$1,223,556
RTX	RTX Corp	−300	1,975	$113,641
WEC	Wec Energy Group, Inc.	−300	5,080	$492,252
ADBE	Adobe Inc.	−224	1,928	$945,549
META	Meta Platforms, Inc.	−200	2,673	$700,058
DG	Dollar General Corp	−200	3,550	$744,151
COST	Costco Wholesale Corp /New	−200	3,097	$1,099,435
OTIS	Otis Worldwide Corp	−150	987	$61,608
GOOGL	Alphabet Inc.	−86	33,403	$2,447,771
INTU	Intuit Inc.	−80	6,382	$2,081,872
AMZN	Amazon Com Inc	−22	931	$146,573
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
SPGI	S&P Global Inc.	805	$290,283
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
KO	Coca Cola Co	5,615	$250,878
BAC	Bank Of America Corp /De/	6,800	$161,500
BR	Broadridge Financial Solutions, Inc.	911	$114,959
PFE	Pfizer Inc	3,600	$111,688
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

56 positions · $1,168,330,017 total · as of Sep 30, 2020

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Technology Utilities

Showing 1–50 of 56 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MSFT	Microsoft Corp Technology	Reduced	722,599	-31,716	$151,984,247	−1.0%	13.01%
UNH	Unitedhealth Group Inc Healthcare	Added	485,729	+5,760	$151,435,730	+7.0%	12.96%
TMO	Thermo Fisher Scientific Inc. Healthcare	Reduced	337,707	-20,965	$149,104,394	+14.7%	12.76%
MA	Mastercard Inc Financial Services	Reduced	371,517	-8,613	$125,635,903	+11.8%	10.75%
FISV	Fiserv Inc	Added	822,975	+117,643	$84,807,573	+23.2%	7.26%
HAS	Hasbro, Inc. Consumer Cyclical	Added	994,298	+12,905	$82,248,330	+11.8%	7.04%
MRSH	Marsh & Mclennan Companies, Inc. Financial Services	Added	627,650	+627,150	$71,991,455	+133999.8%	6.16%
XYL	Xylem Inc. Industrials	Reduced	817,246	-1,914	$68,746,733	+29.2%	5.88%
AVY	Avery Dennison Corp Consumer Cyclical	Added	527,950	+13,934	$67,493,128	+15.1%	5.78%
ALGN	Align Technology Inc Healthcare	Reduced	202,615	-26,130	$66,328,046	+5.7%	5.68%
ADP	Automatic Data Processing Inc Technology	Added	467,775	+14,310	$65,249,934	−3.4%	5.58%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	123,914	-303,139	$26,386,247	−65.4%	2.26%
APH	Amphenol Corp /De/ Technology	Added	660,328	+3,752	$17,873,428	+13.7%	1.53%
TSCO	Tractor Supply Co /De/ Consumer Cyclical	Reduced	562,160	-1,590	$16,116,002	+8.5%	1.38%
GOOGL	Alphabet Inc. Communication Services	Reduced	33,403	-86	$2,447,771	+3.1%	0.21%
AAPL	Apple Inc. Technology	Added	19,475	+14,044	$2,255,399	+355.4%	0.19%
INTU	Intuit Inc. Technology	Reduced	6,382	-80	$2,081,872	+8.8%	0.18%
V	Visa Inc. Financial Services	Reduced	8,744	-496	$1,748,537	−2.0%	0.15%
NKE	NIKE, Inc. Consumer Cyclical	Held	10,679	0	$1,340,641	+28.0%	0.11%
PYPL	PayPal Holdings, Inc. Financial Services	Reduced	6,210	-400	$1,223,556	+6.2%	0.10%
MCD	Mcdonalds Corp Consumer Cyclical	Held	5,475	0	$1,201,707	+19.0%	0.10%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	3,097	-200	$1,099,435	+10.0%	0.09%
ADBE	Adobe Inc. Technology	Reduced	1,928	-224	$945,549	+0.9%	0.08%
DG	Dollar General Corp Consumer Defensive	Reduced	3,550	-200	$744,151	+4.2%	0.06%
META	Meta Platforms, Inc. Communication Services	Reduced	2,673	-200	$700,058	+7.3%	0.06%
ECL	Ecolab Inc. Basic Materials	Held	3,298	0	$659,072	+0.4%	0.06%
ILMN	Illumina, Inc. Healthcare	Held	1,925	0	$578,773	−16.5%	0.05%
AXP	American Express Co Financial Services	Added	5,690	+2,690	$570,422	+99.7%	0.05%
WEC	Wec Energy Group, Inc. Utilities	Reduced	5,080	-300	$492,252	+4.4%	0.04%
JNJ	Johnson & Johnson Healthcare	Held	3,200	0	$476,416	+5.9%	0.04%
ABT	Abbott Laboratories Healthcare	Held	3,628	0	$394,835	+19.0%	0.03%
NTRS	Northern Trust Corp Financial Services	Held	5,000	0	$389,850	−1.7%	0.03%
MCO	Moodys Corp /De/ Financial Services	Added	1,220	+955	$353,617	+385.7%	0.03%
PM	Philip Morris International Inc. Consumer Defensive	Held	4,500	0	$337,455	+7.0%	0.03%
SPGI	S&P Global Inc. Financial Services	NEW	805	NEW	$290,283	NEW	0.02%
BNY	Bank of New York Mellon Corp Financial Services	Held	8,387	0	$288,009	−11.2%	0.02%
KEY	Keycorp /New/ Financial Services	Reduced	22,168	-1,244	$264,464	−7.3%	0.02%
EL	Estee Lauder Companies Inc Consumer Defensive	Held	925	0	$201,881	+15.7%	0.02%
HD	Home Depot, Inc. Consumer Cyclical	Held	705	0	$195,785	+10.9%	0.02%
EBAY	Ebay Inc Consumer Cyclical	Held	3,275	0	$170,627	−0.7%	0.01%
UNP	Union Pacific Corp Industrials	Held	850	0	$167,339	+16.4%	0.01%
PAYX	Paychex Inc Technology	Held	2,000	0	$159,540	+5.3%	0.01%
DIS	Walt Disney Co Communication Services	Held	1,250	0	$155,100	+11.3%	0.01%
CVS	CVS HEALTH Corp Healthcare	Held	2,545	0	$148,628	−10.1%	0.01%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	931	-22	$146,573	+11.5%	0.01%
ABBV	AbbVie Inc. Healthcare	Held	1,400	0	$122,626	−10.8%	0.01%
MO	Altria Group, Inc. Consumer Defensive	Held	3,000	0	$115,920	−1.6%	0.01%
RTX	RTX Corp Industrials	Reduced	1,975	-300	$113,641	−18.9%	0.01%
VZ	Verizon Communications Inc Communication Services	Held	1,529	0	$90,960	+7.9%	0.01%
XOM	Exxon Mobil Corp Energy	Held	2,640	0	$90,631	−23.2%	0.01%