Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I NAV | as of 04/21/2025 $65.27 -$0.10 (-0.15%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 38 Pacific/Asia ex-Japan Stk funds as of 03/31/2025 View Morningstar Details Morningstar Medalist Rating as of 03/25/2025 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 05/03/2004 to 03/31/2025 = $39,005.77 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE 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 2024 Distributions View All Documents Investment Style AMG Veritas Asia Pacific Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective AMG 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 03/31/2025 Overall Rating (of 38) 3 Years (of 38) 5 Years (of 37) 10 Years (of 27) 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 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: 1.05% Net Expense Ratio: 0.93% Expense Cap Expiration Date: 05/01/2025 The Fund’s Investment Manager has contractually agreed, through 05/01/2025, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses. 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 16, 2024 $0.436000 $0.436000 — — Dec 14, 2023 $0.218800 $0.218800 — — 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 $5.838900 — $0.039900 $5.799000 Dec 26, 2007 $19.054500 — $1.230100 $17.824400 Dec 26, 2006 $13.560000 — — $13.560000 Dec 27, 2005 $7.280000 — — $7.280000 From: To: Risk & Return Statistics As of: 03/31/2025 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. -5.62 -0.53 1.81 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. 16.61 18.82 18.55 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. -0.53 0.21 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. 81.02 94.01 57.00 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. 107.55 101.37 88.42 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. 0.84 0.94 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. 88.25 75.26 59.69 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. 6.40 9.42 12.04 View All Characteristics & Statistics All Characteristics & Statistics AMG Veritas Asia Pacific Fund (MSEIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI AC Asia Pacific ex Japan Index Fund Assets (Mil.$) $80 Number of Holdings 55 1,073 Weighted Avg. Market Cap (Mil.$) $171,959 $154,466 Median Market Cap (Mil.$) $25,393 $9,443 Weighted Avg. P/E (1-yr Forward EPS) 18.89 13.83 Weighted Avg. P/E (Trailing EPS) 22.01 15.05 PEG Ratio 1.19 1.43 Weighted Avg. P/B 3.67 1.85 EPS Growth (Trailing 3-yr %) 16.24% 6.52% EPS Growth (Trailing 5-yr %) 23.01% 11.52% Forward EPS Growth (1-yr %) 18.11% 9.53% Forward EPS Growth (Long Term %) 15.14% 10.44% Revenue Growth (Trailing 5-yr %) 14.53% 11.01% Return on Equity 20.22% 16.66% Weighted Avg. Dividend Yield 1.23% 2.64% Debt to Equity 54.15 85.13 Trailing 12-Months Portfolio Turnover 93.47% As of: 03/31/2025 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. -5.62 -0.53 1.81 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. 16.61 18.82 18.55 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. -0.53 0.21 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. 81.02 94.01 57.00 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. 107.55 101.37 88.42 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. 0.84 0.94 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. 88.25 75.26 59.69 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. 6.40 9.42 12.04 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. -0.92 -0.15 0.06 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. -10.44 4.30 3.63 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. -25.02 -42.15 -42.15 As of: 03/31/2025 Market Cap Fund MSCI AC Asia Pacific ex Japan Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.04% Market Cap ($mm) 1,500 - 2,500 0.44% 0.08% Market Cap ($mm) 2,500 - 5,000 1.43% 3.28% Market Cap ($mm) 5,000 - 10,000 11.75% 11.38% Market Cap ($mm) 10,000 - 25,000 24.65% 21.45% Market Cap ($mm) 25,000 - 50,000 14.54% 12.15% Market Cap ($mm) 50,000 - 100,000 8.71% 15.10% Market Cap ($mm) 100,000 - 200,000 12.64% 12.91% Market Cap ($mm) 200,000 - 25.84% 23.55% Market Cap – NA 0.00% 0.05% As of: 03/31/2025 Valuation Characteristics Fund MSCI AC Asia Pacific ex Japan Index P/E 0-10 3.72% 14.96% P/E 10-15 12.53% 18.84% P/E 15-20 9.36% 13.71% P/E 20-25 34.19% 24.93% P/E 25-Above 37.90% 25.41% P/E – NA 2.29% 2.15% As of: 03/31/2025 Growth Characteristics Fund MSCI AC Asia Pacific ex Japan Index EPS Growth (Trailing 3-yr %) - Negative 20.40% 33.85% EPS Growth (Trailing 3-yr %) 0 - 5 6.10% 10.36% EPS Growth (Trailing 3-yr %) 5 - 10 10.09% 6.83% EPS Growth (Trailing 3-yr %) 10 - 15 13.99% 12.23% EPS Growth (Trailing 3-yr %) 15 - 20 8.51% 8.13% EPS Growth (Trailing 3-yr %) Above 20 28.37% 22.08% EPS Growth (Trailing 3-yr %) - NA 12.55% 6.53% As of: 03/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2025 Taiwan Semiconductor Manufacturing Co Ltd 8.57% Tencent Holdings Ltd 7.93% Hanwha Aerospace Co Ltd 4.91% Alibaba Group Holding Ltd 4.58% HDFC Bank Ltd ADR 4.23% HD Hyundai Electric Co Ltd 4.11% Aristocrat Leisure Ltd 3.70% Goodman Group 3.40% REA Group Ltd 2.41% XERO LTD 2.32% % in Top 10 Holdings 46.18% View Holding Details Holding Details AMG Veritas Asia Pacific Fund (MSEIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2025 Taiwan Semiconductor Manufacturing Co Ltd 8.57% Tencent Holdings Ltd 7.93% Hanwha Aerospace Co Ltd 4.91% Alibaba Group Holding Ltd 4.58% HDFC Bank Ltd ADR 4.23% HD Hyundai Electric Co Ltd 4.11% Aristocrat Leisure Ltd 3.70% Goodman Group 3.40% REA Group Ltd 2.41% XERO LTD 2.32% % in Top 10 Holdings 46.18% As of: 03/31/2025 Download All Holdings (PDF) As of: 03/31/2025 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 2330 Taiwan Semiconductor Manufacturing Co Ltd Information Technology S TW TWD 243,400 28.16 $6,854,872 8.57% 700 Tencent Holdings Ltd Communication Services S CN HKD 99,239 63.90 $6,340,971 7.93% 012450 Hanwha Aerospace Co Ltd Industrials S KR KRW 9,138 429.68 $3,926,457 4.91% 9988 Alibaba Group Holding Ltd Consumer Discretionary S CN HKD 221,450 16.55 $3,664,108 4.58% HDB HDFC Bank Ltd ADR Financials S IN USD 50,926 66.44 $3,383,523 4.23% 267260 HD Hyundai Electric Co Ltd Industrials S KR KRW 16,103 204.08 $3,286,292 4.11% ALL Aristocrat Leisure Ltd Consumer Discretionary S AU AUD 73,090 40.44 $2,955,988 3.70% GMG Goodman Group Real Estate S AU AUD 151,628 17.95 $2,721,213 3.40% REA REA Group Ltd Communication Services S AU AUD 13,911 138.74 $1,930,075 2.41% XRO XERO LTD Information Technology S NZ AUD 19,017 97.74 $1,858,789 2.32% NTES NetEase Inc ADR Communication Services S CN USD 17,706 102.92 $1,822,302 2.28% 005930 Samsung Electronics Co Ltd Information Technology S KR KRW 45,359 39.65 $1,798,279 2.25% 105560 KB Financial Group Inc Financials S KR KRW 30,441 54.20 $1,650,015 2.06% ZOMATO Zomato Ltd Consumer Discretionary S IN INR 684,043 2.35 $1,606,879 2.01% 2382 Quanta Computer Inc Information Technology S TW TWD 229,000 6.96 $1,593,302 1.99% 1211 BYD Co Ltd, Class H Consumer Discretionary S CN HKD 29,000 50.64 $1,468,459 1.84% BHARTI Bharti Airtel Ltd Communication Services S IN INR 70,883 20.22 $1,432,991 1.79% 9999 NetEase Inc Communication Services S CN HKD 62,000 20.54 $1,273,642 1.59% 002371 NAURA Technology Group Co Ltd Information Technology S CN CNY 22,096 57.64 $1,273,605 1.59% TLX Telix Pharmaceuticals Ltd Health Care S AU AUD 74,745 16.74 $1,251,439 1.57% VBL Varun Beverages Ltd Consumer Staples S IN INR 186,455 6.29 $1,173,241 1.47% 2454 MediaTek Inc Information Technology S TW TWD 27,000 43.10 $1,163,712 1.46% 9626 Bilibili Inc Communication Services S CN HKD 58,580 19.18 $1,123,380 1.41% 9633 Nongfu Spring Co Ltd 144A Consumer Staples S CN HKD 255,200 4.34 $1,107,080 1.38% Zomato Ltd Pnote Consumer Discretionary S IN USD 467,020 2.35 $1,097,072 1.37% 000333 Midea Group Co Ltd, Class A Consumer Discretionary S CN CNY 98,800 10.83 $1,069,928 1.34% FUTU Futu Holdings Ltd ADR Financials S HK USD 9,870 102.35 $1,010,195 1.26% PME Pro Medicus Ltd Health Care S AU AUD 7,705 126.58 $975,264 1.22% TME Tencent Music Entertainment Group ADR, Class A Communication Services S CN USD 67,630 14.41 $974,548 1.22% TCS Tata Consultancy Services Ltd PNote Information Technology S IN USD 21,829 42.07 $918,271 1.15% 300750 Contemporary Amperex Technology Co Ltd Industrials S CN CNY 25,100 35.00 $878,506 1.10% 8069 E Ink Holdings Inc Information Technology S TW TWD 106,000 8.14 $862,926 1.08% 000660 SK Hynix Inc Information Technology S KR KRW 6,301 133.31 $839,961 1.05% 5269 ASMedia Technology Inc Information Technology S TW TWD 15,000 54.21 $813,171 1.02% 3690 Meituan, Class B 144A Consumer Discretionary S CN HKD 40,300 20.12 $810,936 1.01% MC LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary S FR EUR 1,256 619.28 $777,814 0.97% 2308 Delta Electronics Inc Information Technology S TW TWD 70,000 11.06 $774,218 0.97% NEST Nestle India Ltd Consumer Staples S IN INR 29,350 26.28 $771,204 0.96% TTAN Titan Co Ltd Consumer Discretionary S IN INR 21,510 35.69 $767,639 0.96% 329180 HD Hyundai Heavy Industries Co Ltd Industrials S KR KRW 4,000 191.24 $764,962 0.96% RELIANCE Reliance Industries Ltd Energy S IN INR 46,400 14.87 $689,844 0.86% TRENT TRENT LTD Consumer Discretionary S IN INR 10,471 61.99 $649,090 0.81% 2317 Hon Hai Precision Industry Co Ltd Information Technology S TW TWD 140,000 4.51 $631,511 0.79% APHS Apollo Hospitals Enterprise Ltd PNote Health Care S IN USD 7,222 77.23 $557,781 0.70% 6669 Wiwynn Corp Information Technology S TW TWD 10,000 50.64 $506,396 0.63% IBN ICICI Bank Ltd ADR Financials S IN USD 15,424 31.52 $486,164 0.61% LNW Light & Wonder Inc, Class A Consumer Discretionary S US AUD 5,434 89.11 $484,237 0.61% 207940 Samsung Biologics Co Ltd 144A Health Care S KR KRW 691 694.01 $479,562 0.60% 028260 Samsung C&T Corp Industrials S KR KRW 5,284 79.88 $422,063 0.53% 2097 Mixue Group Consumer Discretionary S CN HKD 7,600 54.13 $411,378 0.51% PIDI Pidilite Industries Ltd Materials S IN INR 12,351 33.28 $411,009 0.51% TCS Tata Consultancy Services Ltd Information Technology S IN INR 8,615 42.07 $362,404 0.45% 6682 Beijing Fourth Paradigm Technology Co Ltd Information Technology S CN HKD 58,000 5.92 $343,617 0.43% 2228 XtalPi Holdings Ltd Health Care S CN HKD 409,000 0.76 $308,885 0.39% 1093 CSPC Pharmaceutical Group Ltd Health Care S CN HKD 406,000 0.64 $258,035 0.32% Cash & Equivalents Cash C US USD - - $2,182,673 2.73% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Alibaba Group Holding Ltd 1 5.59% 55.09% Hanwha Aerospace Co Ltd 2 3.94% 92.38% Tencent Holdings Ltd 3 5.60% 19.00% Tencent Music Entertainment Group ADR, Class A 4 1.40% 26.96% NetEase Inc ADR 5 2.09% 16.75% Futu Holdings Ltd ADR 6 1.18% 27.95% Korea Aerospace Industries, Ltd. 7 0.38% 47.72% NetEase Inc 8 1.44% 15.21% Doosan Enerbility Co., Ltd. 9 0.21% 33.51% Bharti Airtel Ltd 10 1.59% 9.35% As of: 03/31/2025 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 Taiwan Semiconductor Manufacturing Co Ltd 20 13.35% -16.11% HD Hyundai Electric Co Ltd 19 4.34% -22.94% Goodman Group 18 3.88% -19.71% Quanta Computer Inc 17 2.77% -22.76% Zomato Ltd 16 1.69% -27.34% Zomato Ltd Pnote 15 1.45% -27.48% Wiwynn Corp 14 1.01% -38.38% Hon Hai Precision Industry Co Ltd 13 1.18% -21.65% Pro Medicus Ltd 12 1.35% -19.53% Delta Electronics Inc 11 1.50% -17.43% As of: 03/31/2025 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: 03/31/2025 View Allocation Details Allocation Details AMG Veritas Asia Pacific Fund (MSEIX) 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 25.76% 21.29% Consumer Discretionary 19.72% 14.41% Communication Services 18.63% 10.00% Industrials 11.60% 7.06% Financials 8.17% 25.03% Health Care 4.79% 4.39% Consumer Staples 3.82% 3.78% Real Estate 3.40% 2.68% Cash & Other 2.73% 0.00% Energy 0.86% 3.22% Materials 0.51% 5.66% Utilities 0.00% 2.47% As of: 03/31/2025 Investment Allocation 03/31/2025 Stocks 97.27% Bonds 0.00% Cash and Other 2.73% As of: 03/31/2025 Country Fund MSCI AC Asia Pacific ex Japan Index China 28.93% 30.51% India 17.89% 18.06% Taiwan 16.51% 16.43% South Korea 16.47% 8.77% Australia 12.30% 13.91% New Zealand 2.32% 0.40% Hong Kong 1.26% 4.11% France 0.97% 0.00% United States 0.61% 0.00% % in Top 9 Countries 97.26% 92.19% As of: 03/31/2025 Region Fund MSCI AC Asia Pacific ex Japan Index Developed 17.47% 22.09% Europe & Middle East 0.97% 0.00% North America 0.61% 0.00% Pacific 15.89% 22.09% Emerging 79.80% 77.91% Asia 79.80% 77.91% 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 2.73% 0.00% As of: 03/31/2025 Industry Fund MSCI AC Asia Pacific ex Japan Index Semiconductors & Semiconductor Equipment 13.69% 11.34% Interactive Media & Services 11.75% 6.41% Banks 6.90% 17.20% Hotels, Restaurants & Leisure 6.83% 3.16% Electrical Equipment 5.21% 1.03% Entertainment 5.09% 1.52% Aerospace & Defense 4.91% 0.63% Technology Hardware, Storage & Peripherals 4.88% 5.21% Broadline Retail 4.58% 5.75% Industrial REITs 3.40% 0.54% % in Top 10 Industries 67.24% 52.79% As of: 03/31/2025 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 Manager Ezra Sun FUND MANAGER AND HEAD OF ASIA Read full bio Investment Approach Investment Approach AMG 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 AMG Veritas China Fund View Fund Details MFQAX AMG Veritas Global Focus Fund View Fund Details BLUEX AMG 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