Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I NAV | as of 03/27/2024 $57.81 +$0.21 (+0.36%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 47 Pacific/Asia ex-Japan Stk funds as of 02/29/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 06/01/1984 to 02/29/2024 = $505,858.52 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. The MSCI AC Asia Pacific ex Japan Index replaced the Russell 2000® Growth Index as the Fund’s benchmark on March 19, 2021 because the Investment Manager and Subadviser believe the new benchmark is more representative of the Fund’s current investment strategies. The benchmarks are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. The Russell 2000 Growth Index is a widely unmanaged index of market activity based on the aggregate performance of a selected portfolio of publicly trade common stocks and we have included the results of such index to give you a perspective of the historical performance of the U.S. equity market.​ Read Important Investment Disclosures Objective By focusing on long-term real returns, the fund aims to deliver capital appreciation and to outperform the MSCI Asia ex Japan index. Why Consider The Fund may be appropriate for investors looking to gain exposure to the Asia Pacific region Invests in a focused portfolio of Asian companies identified through a combination of top-down thematic drivers and bottom-up fundamental research Real return approach focused on protecting and growing capital Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style Veritas Asia Pacific Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Veritas Asia Pacific Fund is categorized as Large-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 02/29/2024 Overall Rating (of 47) 3 Years (of 47) 5 Years (of 46) 10 Years (of 33) Category Pacific/Asia ex-Japan Stk Read Important Investment Disclosures Ezra Sun FUND MANAGER AND HEAD OF ASIA Ezra Sun is a Fund Manager of the Veritas Asian strategies and joined the Partnership in 2004. Prior to joining Veritas Asset Management, Ezra was the Director of Investment Management and Investment Leader at Asia Newton Investment Management 1995 to 2004. In charge of Newton’s Asia Pacific fund range including Newton Oriental Fund and Mellon Asia Equity Fund. Education: BA, (Nankai University, China), BA (Nankai University, China), MA Research Student Cambridge University. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. The MSCI AC Asia Pacific ex Japan Index replaced the Russell 2000® Growth Index as the Fund’s benchmark on March 19, 2021 because the Investment Manager and Subadviser believe the new benchmark is more representative of the Fund’s current investment strategies. The benchmarks are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. The Russell 2000 Growth Index is a widely unmanaged index of market activity based on the aggregate performance of a selected portfolio of publicly trade common stocks and we have included the results of such index to give you a perspective of the historical performance of the U.S. equity market.​ Expense Ratios Gross Expense Ratio: 1.29% Net Expense Ratio: 1.18% Expense Cap Expiration Date: 05/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 14, 2023 $0.064400 $0.064400 — — Mar 24, 2021 $69.043600 — $33.229400 $35.814200 Dec 16, 2020 $6.420900 — — $6.420900 Dec 16, 2019 $32.956200 — $5.012700 $27.943500 Dec 26, 2008 $5.783700 — $0.039500 $5.744200 Dec 26, 2007 $18.725500 — $1.208900 $17.516600 Dec 26, 2006 $13.560000 — — $13.560000 Dec 27, 2005 $7.280000 — — $7.280000 Dec 26, 2000 $11.770000 — $4.710000 $7.060000 Dec 28, 1999 $2.820000 — $1.540000 $1.280000 Dec 28, 1998 $0.070600 — — $0.070600 Dec 26, 1997 $2.140000 $0.070000 $0.290000 $1.780000 Dec 26, 1996 $3.070000 — $0.780000 $2.290000 Dec 26, 1995 $3.390000 — $2.360000 $1.030000 Aug 28, 1995 $2.270000 — — $2.270000 Dec 30, 1994 $1.120000 — — $1.120000 Sep 14, 1994 $0.220000 — — $0.220000 Dec 28, 1993 $0.010000 $0.010000 — — Dec 21, 1993 $2.600000 — $0.640000 $1.960000 Sep 15, 1993 $0.770000 — — $0.770000 Dec 31, 1992 $0.010000 $0.010000 — — Dec 16, 1992 $3.700000 — — $3.700000 Nov 30, 1992 $0.010000 $0.010000 — — Jun 30, 1992 $0.010000 $0.010000 — — Mar 31, 1992 $0.020000 $0.020000 — — Dec 31, 1991 $0.030000 $0.030000 — — Dec 16, 1991 $1.740000 — $1.180000 $0.560000 Sep 30, 1991 $0.030000 $0.030000 — — Aug 30, 1991 $0.020000 $0.020000 — — Jul 31, 1991 $0.020000 $0.020000 — — Jun 28, 1991 $0.020000 $0.020000 — — May 31, 1991 $0.010000 $0.010000 — — Apr 30, 1991 $0.020000 $0.020000 — — Mar 29, 1991 $0.040000 $0.040000 — — Feb 28, 1991 $0.020000 $0.020000 — — Jan 31, 1991 $0.020000 $0.020000 — — Dec 31, 1990 $0.040000 $0.040000 — — Dec 17, 1990 $2.520000 — — $2.520000 Nov 30, 1990 $0.020000 $0.020000 — — Oct 31, 1990 $0.010000 $0.010000 — — Sep 30, 1990 $0.030000 $0.030000 — — Jul 31, 1990 $0.020000 $0.020000 — — Jun 30, 1990 $0.040000 $0.040000 — — May 31, 1990 $0.020000 $0.020000 — — Apr 30, 1990 $0.060000 $0.060000 — — Mar 31, 1990 $0.040000 $0.040000 — — Feb 28, 1990 $0.030000 $0.030000 — — Jan 31, 1990 $0.050000 $0.050000 — — Dec 31, 1989 $3.100000 $0.040000 — $3.060000 Nov 30, 1989 $0.030000 $0.030000 — — Oct 31, 1989 $0.050000 $0.050000 — — Sep 30, 1989 $0.040000 $0.040000 — — Aug 31, 1989 $0.070000 $0.070000 — — Jul 31, 1989 $0.070000 $0.070000 — — Jun 30, 1989 $0.050000 $0.050000 — — May 31, 1989 $0.050000 $0.050000 — — Apr 30, 1989 $0.040000 $0.040000 — — Mar 31, 1989 $0.030000 $0.030000 — — Feb 28, 1989 $0.020000 $0.020000 — — Jan 31, 1989 $0.150000 $0.150000 — — Dec 31, 1988 $1.510000 $0.040000 — $1.470000 Nov 30, 1988 $0.020000 $0.020000 — — Oct 31, 1988 $0.030000 $0.030000 — — Sep 30, 1988 $0.040000 $0.040000 — — Aug 31, 1988 $0.020000 $0.020000 — — Jul 31, 1988 $0.030000 $0.030000 — — Jun 30, 1988 $0.050000 $0.050000 — — May 31, 1988 $0.020000 $0.020000 — — Apr 30, 1988 $0.050000 $0.050000 — — Mar 31, 1988 $0.020000 $0.020000 — — Feb 29, 1988 $0.050000 $0.050000 — — Jan 31, 1988 $0.030000 $0.030000 — — Dec 31, 1987 $1.710000 — — $1.710000 Nov 30, 1987 $0.030000 $0.030000 — — Oct 31, 1987 $0.040000 $0.040000 — — Sep 30, 1987 $0.040000 $0.040000 — — Aug 31, 1987 $0.030000 $0.030000 — — Jul 31, 1987 $0.040000 $0.040000 — — Jun 30, 1987 $0.810000 $0.810000 — — May 31, 1987 $0.030000 $0.030000 — — Apr 30, 1987 $0.040000 $0.040000 — — Mar 31, 1987 $0.050000 $0.050000 — — Feb 28, 1987 $0.020000 $0.020000 — — Jan 31, 1987 $0.030000 $0.030000 — — Dec 31, 1986 $0.030000 $0.030000 — — Nov 30, 1986 $0.040000 $0.040000 — — Oct 31, 1986 $0.020000 $0.020000 — — Sep 30, 1986 $0.040000 $0.040000 — — Aug 31, 1986 $0.030000 $0.030000 — — Jul 31, 1986 $2.270000 — — $2.270000 Jun 30, 1986 $0.070000 $0.070000 — — May 31, 1986 $0.020000 $0.020000 — — Apr 30, 1986 $0.030000 $0.030000 — — Mar 31, 1986 $0.050000 $0.050000 — — Feb 28, 1986 $0.080000 $0.080000 — — Jan 31, 1986 $0.050000 $0.050000 — — Dec 31, 1985 $0.040000 $0.040000 — — Nov 30, 1985 $0.050000 $0.050000 — — Oct 31, 1985 $0.040000 $0.040000 — — Sep 30, 1985 $0.050000 $0.050000 — — Aug 31, 1985 $0.060000 $0.060000 — — Jul 31, 1985 $0.030000 $0.030000 — — Jun 30, 1985 $0.130000 $0.030000 — $0.100000 Apr 30, 1985 $0.030000 $0.030000 — — Mar 31, 1985 $0.060000 $0.060000 — — Feb 28, 1985 $0.020000 $0.020000 — — Dec 31, 1984 $0.180000 $0.180000 — — Sep 30, 1984 $0.230000 $0.230000 — — From: To: Risk & Return Statistics As of: 02/29/2024 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -7.94 -1.50 1.90 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 17.14 21.08 18.92 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.92 -0.07 0.17 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 81.44 87.48 51.02 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 109.59 100.29 86.18 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.86 0.97 0.84 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 85.35 76.06 55.41 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 7.07 10.33 12.92 View All Characteristics & Statistics All Characteristics & Statistics Veritas Asia Pacific Fund (MGSEX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI AC Asia Pacific ex Japan Index Fund Assets (Mil.$) $88 Number of Holdings 32 1,313 Weighted Avg. Market Cap (Mil.$) $175,675 $107,391 Median Market Cap (Mil.$) $47,627 $7,229 Weighted Avg. P/E (1-yr Forward EPS) 21.84 14.33 Weighted Avg. P/E (Trailing EPS) 20.49 14.33 PEG Ratio 1.51 1.16 Weighted Avg. P/B 2.87 1.66 EPS Growth (Trailing 3-yr %) 10.92% 11.52% EPS Growth (Trailing 5-yr %) 10.26% 9.83% Forward EPS Growth (1-yr %) 3.10% 2.78% Forward EPS Growth (Long Term %) 12.31% 9.57% Revenue Growth (Trailing 5-yr %) 11.00% 9.62% Return on Equity 18.13% 15.98% Weighted Avg. Dividend Yield 1.26% 2.86% Debt to Equity 39.12 84.18 Trailing 12-Months Portfolio Turnover 43.71% As of: 12/31/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -7.94 -1.50 1.90 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 17.14 21.08 18.92 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.92 -0.07 0.17 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 81.44 87.48 51.02 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 109.59 100.29 86.18 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 0.86 0.97 0.84 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 85.35 76.06 55.41 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 7.07 10.33 12.92 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -0.94 -0.20 0.05 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -18.36 -1.57 3.91 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -42.49 -42.49 -42.49 As of: 02/29/2024 Market Cap Fund MSCI AC Asia Pacific ex Japan Index Market Cap ($mm) 0 - 1,000 0.00% 0.02% Market Cap ($mm) 1,000 - 1,500 0.00% 0.07% Market Cap ($mm) 1,500 - 2,500 0.00% 0.44% Market Cap ($mm) 2,500 - 5,000 0.00% 5.43% Market Cap ($mm) 5,000 - 10,000 6.01% 13.57% Market Cap ($mm) 10,000 - 25,000 14.87% 21.07% Market Cap ($mm) 25,000 - 50,000 20.80% 17.19% Market Cap ($mm) 50,000 - 100,000 9.36% 15.32% Market Cap ($mm) 100,000 - 200,000 17.15% 10.49% Market Cap ($mm) 200,000 - 31.82% 16.41% Market Cap – NA 0.00% 0.00% As of: 12/31/2023 Valuation Characteristics Fund MSCI AC Asia Pacific ex Japan Index P/E 0-10 0.34% 14.39% P/E 10-15 18.64% 19.36% P/E 15-20 19.69% 23.55% P/E 20-25 12.53% 7.21% P/E 25-Above 40.76% 31.46% P/E – NA 8.04% 4.04% As of: 12/31/2023 Growth Characteristics Fund MSCI AC Asia Pacific ex Japan Index EPS Growth (Trailing 3-yr %) - Negative 12.88% 20.62% EPS Growth (Trailing 3-yr %) 0 - 5 13.34% 7.31% EPS Growth (Trailing 3-yr %) 5 - 10 19.49% 14.80% EPS Growth (Trailing 3-yr %) 10 - 15 13.67% 11.62% EPS Growth (Trailing 3-yr %) 15 - 20 8.73% 4.77% EPS Growth (Trailing 3-yr %) Above 20 26.36% 32.82% EPS Growth (Trailing 3-yr %) - NA 5.53% 8.06% As of: 12/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2023 Taiwan Semiconductor Manufacturing Co Ltd 9.81% Alibaba Group Holding Ltd 9.27% Samsung Electronics Co Ltd 8.15% HDFC Bank Ltd ADR 5.32% Goodman Group 5.20% Tencent Holdings Ltd 5.01% REA Group Ltd 4.68% Apollo Hospitals Enterprise Ltd PNote 4.51% Kweichow Moutai Co Ltd, Class A 4.42% Hong Kong Exchanges & Clearing Ltd 4.19% % in Top 10 Holdings 60.57% View Holding Details Holding Details Veritas Asia Pacific Fund (MGSEX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2023 Taiwan Semiconductor Manufacturing Co Ltd 9.81% Alibaba Group Holding Ltd 9.27% Samsung Electronics Co Ltd 8.15% HDFC Bank Ltd ADR 5.32% Goodman Group 5.20% Tencent Holdings Ltd 5.01% REA Group Ltd 4.68% Apollo Hospitals Enterprise Ltd PNote 4.51% Kweichow Moutai Co Ltd, Class A 4.42% Hong Kong Exchanges & Clearing Ltd 4.19% % in Top 10 Holdings 60.57% As of: 12/31/2023 Download All Holdings (PDF) As of: 02/29/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 2330 Taiwan Semiconductor Manufacturing Co Ltd Information Technology S TW TWD 540,400 21.91 $11,842,608 14.02% 9988 Alibaba Group Holding Ltd Consumer Discretionary S CN HKD 932,350 9.19 $8,571,730 10.14% 005930 Samsung Electronics Co Ltd Information Technology S KR KRW 111,149 55.19 $6,134,638 7.26% 700 Tencent Holdings Ltd Communication Services S CN HKD 150,739 35.03 $5,280,483 6.25% GMG Goodman Group Real Estate S AU AUD 265,846 19.47 $5,175,383 6.13% REA REA Group Ltd Communication Services S AU AUD 30,100 126.47 $3,806,729 4.51% HDB HDFC Bank Ltd ADR Financials S IN USD 69,772 53.50 $3,732,802 4.42% 000660 SK Hynix Inc Information Technology S KR KRW 27,345 117.88 $3,223,551 3.82% 600519 Kweichow Moutai Co Ltd, Class A Consumer Staples S CN CNY 12,800 235.02 $3,008,231 3.56% 388 Hong Kong Exchanges & Clearing Ltd Financials S HK HKD 93,300 30.80 $2,873,507 3.40% APHS Apollo Hospitals Enterprise Ltd PNote Health Care S IN USD 37,806 73.62 $2,783,252 3.29% KMB Kotak Mahindra Bank Ltd PNote Financials S IN USD 127,500 20.34 $2,593,986 3.07% INFY Infosys Ltd ADR Information Technology S IN USD 120,000 19.96 $2,395,200 2.83% Zomato Ltd Pnote Consumer Discretionary S IN USD 1,000,000 1.99 $1,990,411 2.36% RIO Rio Tinto Ltd Materials S AU AUD 19,500 80.53 $1,570,314 1.86% TCS Tata Consultancy Services Ltd PNote Information Technology S IN USD 30,365 49.33 $1,497,939 1.77% 1928 Sands China Ltd Consumer Discretionary S MO HKD 525,000 2.84 $1,490,656 1.76% 051910 LG Chem Ltd Materials S KR KRW 4,290 341.56 $1,465,276 1.73% 9999 NetEase Inc Communication Services S CN HKD 60,000 21.72 $1,303,355 1.54% Pnote: Reliance Industries Ltd Energy S US USD 36,895 35.20 $1,298,529 1.54% CSL CSL Ltd Health Care S AU AUD 5,938 186.16 $1,105,444 1.31% 1299 AIA Group Ltd Financials S HK HKD 123,000 8.06 $991,526 1.17% 3690 Meituan, Class B 144A Consumer Discretionary S CN HKD 93,072 10.15 $944,883 1.12% ALL Aristocrat Leisure Ltd Consumer Discretionary S AU AUD 31,000 30.38 $941,886 1.11% 300124 Shenzhen Inovance Technology Co Ltd Industrials S CN CNY 102,100 8.77 $895,721 1.06% TTAN Titan Co Ltd PNote Consumer Discretionary S IN USD 20,000 43.70 $874,030 1.03% 3008 Largan Precision Co Ltd Information Technology S TW TWD 10,000 82.07 $820,695 0.97% RELIANCE Reliance Industries Ltd Energy S IN INR 23,200 35.20 $816,530 0.97% ZOMATO Zomato Ltd Consumer Discretionary S IN INR 386,452 1.99 $769,198 0.91% 2015 LI Auto Inc, Class A Consumer Discretionary S CN HKD 25,000 22.82 $570,549 0.68% 1801 Innovent Biologics Inc 144A Health Care S CN HKD 100,000 5.39 $539,270 0.64% VBL Varun Beverages Ltd Consumer Staples S IN INR 30,000 16.99 $509,832 0.60% 006400 Samsung SDI Co Ltd Information Technology S KR KRW 1,700 284.09 $482,955 0.57% 3037 Unimicron Technology Corp Information Technology S TW TWD 83,000 5.68 $471,600 0.56% 300760 Shenzhen Mindray Bio-Medical Electronics Co Ltd Health Care S CN CNY 10,000 40.06 $400,574 0.47% 1093 CSPC Pharmaceutical Group Ltd Health Care S CN HKD 500,000 0.78 $389,425 0.46% YUMC Yum China Holdings Inc Consumer Discretionary S CN USD 5,581 42.89 $239,369 0.28% Cash & Equivalents Cash C US USD - - $691,124 0.82% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Taiwan Semiconductor Manufacturing Co Ltd 1 8.69% 19.74% Samsung Electronics Co Ltd 2 7.31% 20.68% Goodman Group 3 4.47% 25.22% REA Group Ltd 4 3.96% 24.11% HDFC Bank Ltd ADR 5 4.13% 13.73% SK Hynix Inc 6 2.13% 29.47% Apollo Hospitals Enterprise Ltd PNote 7 4.23% 10.94% Zomato Ltd Pnote 8 1.60% 21.86% Kotak Mahindra Bank Ltd PNote 9 3.18% 9.94% Infosys Ltd ADR 10 2.41% 8.48% As of: 12/31/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Alibaba Group Holding Ltd 20 9.67% -10.23% Yum China Holdings Inc 19 3.31% -23.63% Meituan, Class B 144A 18 1.39% -28.32% Hong Kong Exchanges & Clearing Ltd 17 4.39% -8.13% Tencent Holdings Ltd 16 5.25% -3.83% H World Group Limited Sponsored ADR 15 0.89% -8.45% Luzhou Laojiao Company Limited Class A 14 0.41% -15.84% Samsung SDI Co Ltd 13 2.71% -3.24% Ping An Insurance Group Co of China Ltd 12 0.64% -13.06% Sands China Ltd 11 2.22% -4.51% As of: 12/31/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 12/31/2023 View Allocation Details Allocation Details Veritas Asia Pacific Fund (MGSEX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI AC Asia Pacific ex Japan Index Information Technology 27.70% 21.41% Consumer Discretionary 19.19% 12.53% Financials 14.37% 22.52% Communication Services 9.69% 8.08% Health Care 7.45% 5.07% Cash & Other 5.67% 0.00% Real Estate 5.20% 3.53% Consumer Staples 4.42% 4.74% Materials 2.66% 8.47% Energy 2.61% 3.91% Industrials 1.03% 7.24% Utilities 0.00% 2.48% As of: 12/31/2023 Investment Allocation 12/31/2023 Stocks 94.33% Bonds 0.00% Cash and Other 5.67% As of: 12/31/2023 Country Fund MSCI AC Asia Pacific ex Japan Index China 25.99% 25.53% India 21.82% 16.10% South Korea 15.94% 12.47% Australia 11.19% 16.79% Taiwan 10.35% 15.43% Hong Kong 5.41% 4.80% Macau 2.33% 0.00% United States 1.30% 0.00% % in Top 8 Countries 94.33% 91.12% As of: 12/31/2023 Region Fund MSCI AC Asia Pacific ex Japan Index Developed 17.90% 25.09% Europe & Middle East 0.00% 0.00% North America 1.30% 0.00% Pacific 16.60% 25.09% Emerging 74.10% 74.91% Asia 74.10% 74.91% Latin America 0.00% 0.00% Europe & Middle East 0.00% 0.00% Africa 0.00% 0.00% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 8.00% 0.00% As of: 12/31/2023 Industry Fund MSCI AC Asia Pacific ex Japan Index Semiconductors & Semiconductor Equipment 12.17% 9.71% Interactive Media & Services 9.69% 5.03% Broadline Retail 9.27% 4.63% Banks 8.64% 15.08% Technology Hardware, Storage & Peripherals 8.15% 6.39% Hotels, Restaurants & Leisure 6.12% 2.43% Industrial REITs 5.20% 0.58% Health Care Providers & Services 4.51% 0.80% Beverages 4.42% 1.07% Capital Markets 4.19% 2.01% % in Top 10 Industries 72.36% 47.73% As of: 12/31/2023 Read Important Investment Disclosures About the Affiliate About Veritas Asset Management Founded in 2003, Veritas Asset Management is a leading Global and Asian equities manager. The firm manages both funds and segregated portfolios for institutional and retail investors globally. The focus is on identifying good quality, sustainable businesses and remaining patient to buy into these companies at the right entry point in order to achieve long-term real returns. Learn More About Veritas Asset Management's Approach FOUNDED 2003 AMG AFFILIATE SINCE 2014 HEADQUARTERS London, England Portfolio Managers Ezra Sun FUND MANAGER AND HEAD OF ASIA Read full bio Investment Approach Investment Approach Veritas Asia Pacific Fund Veritas combines top-down analysis, focused on identifying long-term themes and trends, with bottom-up fundamental company research that seeks to identify companies within those identified themes and trends that it believes have sound business models, strong management and disciplined financial controls. Veritas seeks to focus on quality companies in sectors that they believe show long term structural growth potential with emphasis on industry leaders or emerging leaders with durable competitiveness. Related products Other Products From Veritas Asset Management MMCFX Veritas China Fund View Fund Details MFQAX Veritas Global Focus Fund View Fund Details BLUEX Veritas Global Real Return Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS