Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I NAV | as of 11/08/2024 $63.73 -$1.35 (-2.07%) Morningstar | Style Box V B G L M S Morningstar Medalist Rating as of 08/31/2024 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 06/01/1984 to 10/31/2024 = $563,271.53 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 10/31/2024 Overall Rating (of 43) 3 Years (of 43) 5 Years (of 39) 10 Years (of 29) 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: 1.17% Expense Cap Expiration Date: 05/01/2025 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: 10/31/2024 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. -10.17 -1.56 2.57 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. 17.43 20.83 18.70 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. -0.82 0.01 0.23 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. 73.34 92.46 57.11 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. 114.34 102.38 86.54 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. 0.85 0.97 0.85 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. 85.24 76.66 58.83 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. 7.24 10.09 12.25 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.$) $92 Number of Holdings 51 1,132 Weighted Avg. Market Cap (Mil.$) $239,552 $155,455 Median Market Cap (Mil.$) $24,345 $9,494 Weighted Avg. P/E (1-yr Forward EPS) 18.61 14.94 Weighted Avg. P/E (Trailing EPS) 22.50 17.26 PEG Ratio 1.00 1.12 Weighted Avg. P/B 2.62 1.92 EPS Growth (Trailing 3-yr %) 8.38% 7.03% EPS Growth (Trailing 5-yr %) 14.13% 11.24% Forward EPS Growth (1-yr %) 17.39% 17.93% Forward EPS Growth (Long Term %) 19.32% 13.85% Revenue Growth (Trailing 5-yr %) 13.22% 10.06% Return on Equity 16.23% 14.80% Weighted Avg. Dividend Yield 1.33% 2.45% Debt to Equity 50.93 85.70 Trailing 12-Months Portfolio Turnover 85.80% As of: 09/30/2024 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. -10.17 -1.56 2.57 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. 17.43 20.83 18.70 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. -0.82 0.01 0.23 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. 73.34 92.46 57.11 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. 114.34 102.38 86.54 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. 0.85 0.97 0.85 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. 85.24 76.66 58.83 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. 7.24 10.09 12.25 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. -1.39 -0.23 0.11 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. -16.80 0.28 5.07 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. -40.63 -42.49 -42.49 As of: 10/31/2024 Market Cap Fund MSCI AC Asia Pacific ex Japan Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.23% 0.04% Market Cap ($mm) 1,500 - 2,500 0.00% 0.08% Market Cap ($mm) 2,500 - 5,000 2.41% 2.98% Market Cap ($mm) 5,000 - 10,000 7.69% 11.12% Market Cap ($mm) 10,000 - 25,000 19.84% 21.42% Market Cap ($mm) 25,000 - 50,000 17.64% 14.98% Market Cap ($mm) 50,000 - 100,000 4.58% 16.62% Market Cap ($mm) 100,000 - 200,000 7.92% 12.01% Market Cap ($mm) 200,000 - 39.68% 20.73% Market Cap – NA 0.00% 0.02% As of: 09/30/2024 Valuation Characteristics Fund MSCI AC Asia Pacific ex Japan Index P/E 0-10 7.91% 11.56% P/E 10-15 3.34% 11.80% P/E 15-20 12.30% 17.74% P/E 20-25 6.39% 10.03% P/E 25-Above 63.02% 45.66% P/E – NA 7.04% 3.21% As of: 09/30/2024 Growth Characteristics Fund MSCI AC Asia Pacific ex Japan Index EPS Growth (Trailing 3-yr %) - Negative 27.71% 36.19% EPS Growth (Trailing 3-yr %) 0 - 5 11.25% 9.66% EPS Growth (Trailing 3-yr %) 5 - 10 6.03% 7.34% EPS Growth (Trailing 3-yr %) 10 - 15 25.67% 13.94% EPS Growth (Trailing 3-yr %) 15 - 20 4.57% 3.21% EPS Growth (Trailing 3-yr %) Above 20 14.93% 23.59% EPS Growth (Trailing 3-yr %) - NA 9.83% 6.06% As of: 09/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2024 Taiwan Semiconductor Manufacturing Co Ltd 16.54% Alibaba Group Holding Ltd 8.64% Tencent Holdings Ltd 7.24% Goodman Group 4.87% Aristocrat Leisure Ltd 3.80% HDFC Bank Ltd ADR 3.78% Samsung Electronics Co Ltd 3.45% HD Hyundai Electric Co Ltd 3.09% KB Financial Group Inc 3.04% Quanta Computer Inc 2.18% % in Top 10 Holdings 56.63% View Holding Details Holding Details Veritas Asia Pacific Fund (MGSEX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2024 Taiwan Semiconductor Manufacturing Co Ltd 16.54% Alibaba Group Holding Ltd 8.64% Tencent Holdings Ltd 7.24% Goodman Group 4.87% Aristocrat Leisure Ltd 3.80% HDFC Bank Ltd ADR 3.78% Samsung Electronics Co Ltd 3.45% HD Hyundai Electric Co Ltd 3.09% KB Financial Group Inc 3.04% Quanta Computer Inc 2.18% % in Top 10 Holdings 56.63% As of: 09/30/2024 Download All Holdings (PDF) As of: 09/30/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 2330 Taiwan Semiconductor Manufacturing Co Ltd Information Technology S TW TWD 506,400 30.15 $15,270,063 16.54% 9988 Alibaba Group Holding Ltd Consumer Discretionary S CN HKD 600,250 13.29 $7,976,593 8.64% 700 Tencent Holdings Ltd Communication Services S CN HKD 120,239 55.60 $6,685,877 7.24% GMG Goodman Group Real Estate S AU AUD 176,341 25.51 $4,498,286 4.87% ALL Aristocrat Leisure Ltd Consumer Discretionary S AU AUD 86,802 40.37 $3,504,589 3.80% HDB HDFC Bank Ltd ADR Financials S IN USD 55,817 62.56 $3,491,912 3.78% 005930 Samsung Electronics Co Ltd Information Technology S KR KRW 68,104 46.74 $3,183,100 3.45% 267260 HD Hyundai Electric Co Ltd Industrials S KR KRW 11,349 251.60 $2,855,403 3.09% 105560 KB Financial Group Inc Financials S KR KRW 45,477 61.70 $2,806,036 3.04% 2382 Quanta Computer Inc Information Technology S TW TWD 242,000 8.33 $2,016,884 2.18% REA REA Group Ltd Communication Services S AU AUD 13,911 138.38 $1,925,024 2.08% 012450 Hanwha Aerospace Co Ltd Industrials S KR KRW 7,523 227.86 $1,714,179 1.86% ZOMATO Zomato Ltd Consumer Discretionary S IN INR 510,263 3.25 $1,660,841 1.80% 028260 Samsung C&T Corp Industrials S KR KRW 15,336 104.74 $1,606,300 1.74% 000810 Samsung Fire & Marine Insurance Co Ltd Financials S KR KRW 5,896 264.30 $1,558,302 1.69% Zomato Ltd Pnote Consumer Discretionary S IN USD 467,020 3.25 $1,520,090 1.65% BHARTI Bharti Airtel Ltd Communication Services S IN INR 70,883 20.39 $1,445,053 1.56% 032830 Samsung Life Insurance Co Ltd Financials S KR KRW 19,498 71.42 $1,392,552 1.51% VBL Varun Beverages Ltd Consumer Staples S IN INR 186,455 7.23 $1,348,997 1.46% Pnote: Reliance Industries Ltd Energy S US USD 36,895 35.18 $1,298,076 1.41% NXT NEXTDC Ltd Information Technology S AU AUD 100,351 12.06 $1,210,173 1.31% 2317 Hon Hai Precision Industry Co Ltd Information Technology S TW TWD 195,000 5.89 $1,148,133 1.24% 9999 NetEase Inc Communication Services S CN HKD 60,000 18.68 $1,120,783 1.21% TCS Tata Consultancy Services Ltd PNote Information Technology S IN USD 21,829 50.92 $1,111,500 1.20% TLX Telix Pharmaceuticals Ltd Health Care S AU AUD 74,745 14.25 $1,064,902 1.15% 2015 LI Auto Inc, Class A Consumer Discretionary S CN HKD 81,800 12.86 $1,051,861 1.14% 000333 Midea Group Co Ltd, Class A Consumer Discretionary S CN CNY 95,900 10.78 $1,033,360 1.12% LNW Light & Wonder Inc Consumer Discretionary S US AUD 10,894 91.64 $998,360 1.08% 8069 E Ink Holdings Inc Information Technology S TW TWD 106,000 9.27 $982,602 1.06% TTAN Titan Co Ltd Consumer Discretionary S IN INR 21,510 45.61 $980,975 1.06% TME Tencent Music Entertainment Group ADR, Class A Communication Services S CN USD 80,096 12.05 $965,157 1.05% MC LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary S FR EUR 1,256 766.88 $963,196 1.04% NEST Nestle India Ltd Consumer Staples S IN INR 29,350 32.10 $942,247 1.02% INFY Infosys Ltd ADR Information Technology S IN USD 40,848 22.27 $909,685 0.99% 047810 Korea Aerospace Industries Ltd Industrials S KR KRW 21,802 39.85 $868,899 0.94% 300750 Contemporary Amperex Technology Co Ltd Industrials S CN CNY 24,100 35.14 $846,971 0.92% INDUSTOW Indus Towers Ltd Communication Services S IN INR 180,572 4.69 $846,003 0.92% RELIANCE Reliance Industries Ltd Energy S IN INR 23,200 35.18 $816,245 0.88% 051910 LG Chem Ltd Materials S KR KRW 2,957 271.43 $802,612 0.87% POLICYBZ PB Fintech Ltd Financials S IN INR 37,725 19.28 $727,158 0.79% RIO Rio Tinto Ltd Materials S AU AUD 7,690 88.45 $680,145 0.74% APHS Apollo Hospitals Enterprise Ltd PNote Health Care S IN USD 7,222 85.94 $620,690 0.67% 1801 Innovent Biologics Inc 144A Health Care S CN HKD 100,000 6.00 $599,740 0.65% BBRI Bank Rakyat Indonesia Persero Tbk PT Financials S ID IDR 1,743,700 0.33 $570,299 0.62% 006400 Samsung SDI Co Ltd Information Technology S KR KRW 1,700 288.74 $490,850 0.53% IBN ICICI Bank Ltd ADR Financials S IN USD 15,424 29.85 $460,406 0.50% 034020 Doosan Enerbility Co Ltd Industrials S KR KRW 32,316 13.69 $442,252 0.48% 1093 CSPC Pharmaceutical Group Ltd Health Care S CN HKD 406,000 0.77 $310,922 0.34% 5269 ASMedia Technology Inc Information Technology S TW TWD 6,000 50.82 $304,941 0.33% 6669 Wiwynn Corp Information Technology S TW TWD 5,000 54.20 $271,002 0.29% 489790 Hanwha Industrial Solutions Co Ltd Industrials S KR KRW 8,333 25.46 $212,187 0.23% Cash & Equivalents Cash C US USD - - $224,804 0.24% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Alibaba Group Holding Ltd 1 6.50% 56.83% Tencent Holdings Ltd 2 7.46% 20.00% Aristocrat Leisure Ltd 3 3.51% 22.33% Zomato Ltd Pnote 4 1.69% 35.63% Zomato Ltd 5 1.70% 35.60% Hanwha Aerospace Co Ltd 6 1.93% 26.76% Goodman Group 7 4.60% 10.57% Taiwan Semiconductor Manufacturing Co Ltd 8 16.95% 1.90% Infosys Ltd ADR 9 2.13% 19.60% LI Auto Inc, Class A 10 0.63% 54.56% As of: 09/30/2024 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 Samsung Electronics Co Ltd 20 7.26% -20.22% SK hynix Inc. 19 2.32% -28.71% Wiwynn Corp 18 0.32% -35.38% Light & Wonder Inc 17 0.83% -12.77% Hon Hai Precision Industry Co Ltd 16 1.29% -8.31% Quanta Computer Inc 15 1.78% -11.48% Varun Beverages Ltd 14 1.57% -7.38% ASMedia Technology Inc 13 0.35% -25.42% Samsung Fire & Marine Insurance Co Ltd 12 1.72% -6.78% Pnote: Reliance Industries Ltd 11 1.50% -6.15% As of: 09/30/2024 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: 09/30/2024 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 29.13% 21.42% Consumer Discretionary 21.32% 13.58% Communication Services 14.07% 8.93% Financials 11.92% 23.47% Industrials 9.26% 7.21% Real Estate 4.87% 3.02% Health Care 2.81% 4.74% Consumer Staples 2.48% 4.24% Energy 2.29% 3.66% Materials 1.61% 7.06% Cash & Other 0.24% 0.00% Utilities 0.00% 2.67% As of: 09/30/2024 Investment Allocation 09/30/2024 Stocks 99.76% Bonds 0.00% Cash and Other 0.24% As of: 09/30/2024 Country Fund MSCI AC Asia Pacific ex Japan Index China 22.30% 26.53% Taiwan 21.65% 16.76% South Korea 19.42% 9.96% India 18.28% 18.62% Australia 13.95% 15.68% United States 2.49% 0.00% France 1.04% 0.00% Indonesia 0.62% 1.57% % in Top 8 Countries 99.75% 89.12% As of: 09/30/2024 Region Fund MSCI AC Asia Pacific ex Japan Index Developed 17.48% 23.14% Europe & Middle East 1.04% 0.00% North America 2.49% 0.00% Pacific 13.95% 23.14% Emerging 82.27% 76.86% Asia 82.27% 76.86% 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 0.24% 0.00% As of: 09/30/2024 Industry Fund MSCI AC Asia Pacific ex Japan Index Semiconductors & Semiconductor Equipment 16.87% 11.39% Interactive Media & Services 9.33% 5.58% Broadline Retail 8.64% 4.97% Banks 7.94% 15.74% Hotels, Restaurants & Leisure 6.68% 3.15% Technology Hardware, Storage & Peripherals 5.93% 4.79% Industrial REITs 4.87% 0.60% Electrical Equipment 4.72% 1.34% Insurance 3.98% 4.13% IT Services 3.50% 2.11% % in Top 10 Industries 72.46% 53.8% As of: 09/30/2024 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