Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I NAV | as of 01/16/2025 $17.23 +$0.10 (+0.58%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 03/01/2006 to 12/31/2024 = $40,781.33 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. Read Important Investment Disclosures Objective The Fund seeks to provide long-term capital appreciation. Why Consider The Fund may be appropriate for investors looking to gain exposure to global equity investments Focused portfolio of 25 to 40 companies with enduring competitive advantages Real return approach focused on protecting and growing the real value of capital Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style Veritas Global Focus Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Veritas Global Focus Fund is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 12/31/2024 Overall Rating (of 319) 3 Years (of 319) 5 Years (of 301) 10 Years (of 198) Category Global Large-Stock Blend Read Important Investment Disclosures Andrew Headley FUND MANAGER AND HEAD OF GLOBAL Andrew Headley is a Fund Manager of the Veritas Global strategies and joined the Partnership in 2003. Previously, Andrew was an Analyst and Portfolio Manager at WP Stewart 2001 to 2003, an Analyst and Portfolio Manager at Newton Investment Management from 1996 to 2001, and a Tax Consultant at Price Waterhouse from 1993 to 1996. Education: Chartered Accountant, BSc, ASIP. Mike Moore FUND MANAGER AND ANALYST Mike Moore is a Fund Manager for Global Focus Fund and an Analyst specialising in technology. He Joined the Partnership in 2014. Prior to joining Veritas Asset Management, he was a Global Analyst at M&G Investments from 2005 to 2014 and had a prior role at Barclays Wealth Management. Education: CFA, BSc (Hons) Economics & Politics (Warwick), MSc Economics (Warwick). Ian Clark FUND MANAGER, ANALYST Ian Clark is the Fund Manager for the Veritas Global strategies and a Roving Analyst within the Global Investment Team. Ian has been working in the investment management industry since 2005. He joined Veritas in 2018 after working as a Co-Lead Manager and Global Research Analyst at Newton Investment Management from 2011 to 2017. Prior to this Ian was an Investment Analyst at Ziff Brothers from 2006 to 2010 and at Deephaven Capital Management from 2005 to 2006. Ian also worked at The Prince's Charities, McKinsey, and Citigroup. 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. Returns for periods shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.47% Net Expense Ratio: 1.13% Expense Cap Expiration Date: 03/01/2025 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 16, 2024 $1.601000 $0.046200 $0.085400 $1.469400 Dec 14, 2023 $0.363400 $0.015300 — $0.348100 Dec 15, 2022 $0.755000 — — $0.755000 Dec 15, 2021 $1.332100 — $0.218100 $1.114000 May 27, 2021 $24.477200 — $1.197200 $23.280000 Dec 16, 2020 $0.554800 $0.057700 — $0.497100 Dec 16, 2019 $0.131400 $0.087000 — $0.044400 Dec 27, 2018 $0.467000 $0.052600 — $0.414400 Dec 27, 2017 $0.039700 — — $0.039700 Dec 27, 2016 $0.236900 $0.236900 — — Dec 28, 2015 $0.098300 $0.098300 — — Dec 26, 2014 $0.054000 $0.054000 — — Dec 26, 2013 $0.023800 $0.023800 — — Dec 26, 2012 $0.123900 $0.123900 — — Dec 28, 2010 $0.012100 $0.012100 — — Dec 26, 2008 $0.106900 $0.106900 — — Dec 26, 2007 $0.054000 $0.054000 — — From: To: Risk & Return Statistics As of: 12/31/2024 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. -3.03 -4.18 -1.69 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. 16.02 18.40 15.49 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. -0.09 0.21 0.39 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. 85.71 88.99 87.03 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. 102.33 106.50 101.66 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. 0.92 1.00 0.98 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. 91.88 93.72 90.38 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. 4.75 4.61 4.81 View All Characteristics & Statistics All Characteristics & Statistics Veritas Global Focus Fund (MFQAX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI World Index Fund Assets (Mil.$) $32 Number of Holdings 28 1,395 Weighted Avg. Market Cap (Mil.$) $550,800 $813,657 Median Market Cap (Mil.$) $87,770 $21,618 Weighted Avg. P/E (1-yr Forward EPS) 21.68 20.74 Weighted Avg. P/E (Trailing EPS) 25.82 23.67 PEG Ratio 1.91 1.88 Weighted Avg. P/B 4.27 3.44 EPS Growth (Trailing 3-yr %) 11.71% 8.44% EPS Growth (Trailing 5-yr %) 11.28% 13.14% Forward EPS Growth (1-yr %) 12.91% 12.41% Forward EPS Growth (Long Term %) 11.42% 10.84% Revenue Growth (Trailing 5-yr %) 8.85% 10.41% Return on Equity 22.18% 19.75% Weighted Avg. Dividend Yield 1.36% 1.69% Debt to Equity 89.89 92.72 Trailing 12-Months Portfolio Turnover 39.83% As of: 12/31/2024 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. -3.03 -4.18 -1.69 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. 16.02 18.40 15.49 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. -0.09 0.21 0.39 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. 85.71 88.99 87.03 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. 102.33 106.50 101.66 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. 0.92 1.00 0.98 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. 91.88 93.72 90.38 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. 4.75 4.61 4.81 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. -0.78 -1.02 -0.45 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. -1.55 3.90 6.12 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. -26.22 -26.48 -26.48 As of: 12/31/2024 Market Cap Fund MSCI World Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.00% Market Cap ($mm) 1,500 - 2,500 0.00% 0.00% Market Cap ($mm) 2,500 - 5,000 0.00% 0.15% Market Cap ($mm) 5,000 - 10,000 3.99% 2.24% Market Cap ($mm) 10,000 - 25,000 1.96% 9.50% Market Cap ($mm) 25,000 - 50,000 11.58% 12.91% Market Cap ($mm) 50,000 - 100,000 37.06% 16.64% Market Cap ($mm) 100,000 - 200,000 17.05% 15.51% Market Cap ($mm) 200,000 - 28.35% 43.05% Market Cap – NA 0.00% 0.00% As of: 12/31/2024 Valuation Characteristics Fund MSCI World Index P/E 0-10 0.00% 5.68% P/E 10-15 10.02% 9.69% P/E 15-20 10.98% 11.64% P/E 20-25 8.26% 8.39% P/E 25-Above 68.74% 62.80% P/E – NA 2.00% 1.79% As of: 12/31/2024 Growth Characteristics Fund MSCI World Index EPS Growth (Trailing 3-yr %) - Negative 27.88% 24.74% EPS Growth (Trailing 3-yr %) 0 - 5 5.33% 12.86% EPS Growth (Trailing 3-yr %) 5 - 10 9.21% 9.74% EPS Growth (Trailing 3-yr %) 10 - 15 16.81% 16.18% EPS Growth (Trailing 3-yr %) 15 - 20 2.29% 4.08% EPS Growth (Trailing 3-yr %) Above 20 30.51% 25.39% EPS Growth (Trailing 3-yr %) - NA 7.96% 7.01% As of: 12/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2024 Alphabet Inc, Class A 6.03% Amazon.com Inc 5.92% Diageo PLC 4.92% Safran SA 4.56% Airbus SE 4.56% Microsoft Corp 4.29% Unilever PLC [UNA] 4.08% Aon PLC, Class A 4.04% Canadian Pacific Kansas City Ltd 4.02% Salesforce Inc 4.00% % in Top 10 Holdings 46.42% View Holding Details Holding Details Veritas Global Focus Fund (MFQAX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2024 Alphabet Inc, Class A 6.03% Amazon.com Inc 5.92% Diageo PLC 4.92% Safran SA 4.56% Airbus SE 4.56% Microsoft Corp 4.29% Unilever PLC [UNA] 4.08% Aon PLC, Class A 4.04% Canadian Pacific Kansas City Ltd 4.02% Salesforce Inc 4.00% % in Top 10 Holdings 46.42% As of: 12/31/2024 Download All Holdings (PDF) As of: 12/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund GOOGL Alphabet Inc, Class A Communication Services S US USD 10,050 189.30 $1,902,465 6.03% AMZN Amazon.com Inc Consumer Discretionary S US USD 8,517 219.39 $1,868,545 5.92% DGE Diageo PLC Consumer Staples S GB GBP 48,848 31.78 $1,552,284 4.92% SAF Safran SA Industrials S FR EUR 6,560 219.11 $1,437,346 4.56% AIR Airbus SE Industrials S FR EUR 8,975 160.13 $1,437,176 4.56% MSFT Microsoft Corp Information Technology S US USD 3,213 421.50 $1,354,280 4.29% UNA Unilever PLC [UNA] Consumer Staples S GB EUR 22,587 56.96 $1,286,650 4.08% AON Aon PLC, Class A Financials S GB USD 3,545 359.16 $1,273,222 4.04% CP Canadian Pacific Kansas City Ltd Industrials S CA USD 17,542 72.37 $1,269,515 4.02% CRM Salesforce Inc Information Technology S US USD 3,777 334.33 $1,262,764 4.00% UNH UnitedHealth Group Inc Health Care S US USD 2,365 505.86 $1,196,359 3.79% DG Vinci SA Industrials S FR EUR 11,340 102.96 $1,167,528 3.70% AMS Amadeus IT Group SA Consumer Discretionary S ES EUR 15,802 70.58 $1,115,372 3.54% SIE Siemens AG Industrials S DE EUR 5,245 194.99 $1,022,747 3.24% CHTR Charter Communications Inc, Class A Communication Services S US USD 2,978 342.77 $1,020,769 3.24% BDX Becton Dickinson & Co Health Care S US USD 4,106 226.87 $931,528 2.95% ICE Intercontinental Exchange Inc Financials S US USD 6,141 149.01 $915,070 2.90% TMO Thermo Fisher Scientific Inc Health Care S US USD 1,646 520.23 $856,299 2.71% CFR Cie Financiere Richemont SA Consumer Discretionary S CH CHF 5,517 151.27 $834,580 2.65% ELV Elevance Health Inc Health Care S US USD 1,965 368.90 $724,889 2.30% ZTS Zoetis Inc, Class A Health Care S US USD 4,098 162.93 $667,687 2.12% MA MasterCard Inc, Class A Financials S US USD 1,267 526.57 $667,164 2.11% AENA Aena SME SA 144A Industrials S ES EUR 3,022 204.10 $616,784 1.96% DSY Dassault Systemes SE Information Technology S FR EUR 17,729 34.60 $613,493 1.94% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 1,776 328.51 $583,434 1.85% SHL Sonic Healthcare Ltd Health Care S AU AUD 34,594 16.68 $576,989 1.83% COO Cooper Cos Inc Health Care S US USD 6,204 91.93 $570,334 1.81% SCHW Charles Schwab Corp Financials S US USD 4,834 74.01 $357,764 1.13% Cash & Equivalents Cash C US USD - - $2,463,123 7.81% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Amazon.com Inc 1 6.86% 17.74% Alphabet Inc, Class A 2 5.89% 14.23% Salesforce Inc 3 3.67% 22.25% Airbus SE 4 4.17% 9.44% Aon PLC, Class A 5 4.33% 3.95% MasterCard Inc, Class A 6 2.81% 6.73% Charter Communications Inc, Class A 7 3.28% 5.77% Automatic Data Processing, Inc. 8 1.87% 7.42% Charles Schwab Corp 9 1.03% 14.57% Bio-Rad Laboratories Inc, Class A 10 1.83% -1.81% As of: 12/31/2024 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 Elevance Health Inc 20 2.51% -28.85% Canadian Pacific Kansas City Ltd 19 4.12% -15.24% Unilever PLC [UNA] 18 4.13% -11.53% Diageo PLC 17 4.72% -8.98% Thermo Fisher Scientific Inc 16 2.76% -15.85% Vinci SA 15 3.75% -11.17% UnitedHealth Group Inc 14 3.93% -13.25% Zoetis Inc, Class A 13 2.23% -16.47% Cooper Cos Inc 12 1.93% -16.68% Safran SA 11 4.26% -6.78% As of: 12/31/2024 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: 12/31/2024 View Allocation Details Allocation Details Veritas Global Focus Fund (MFQAX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI World Index Industrials 22.03% 10.63% Health Care 19.36% 10.35% Consumer Discretionary 12.10% 11.15% Information Technology 10.24% 26.17% Financials 10.19% 16.04% Communication Services 9.27% 8.11% Consumer Staples 9.00% 6.05% Cash & Other 7.81% 0.00% Energy 0.00% 3.74% Materials 0.00% 3.21% Real Estate 0.00% 2.08% Utilities 0.00% 2.48% As of: 12/31/2024 Investment Allocation 12/31/2024 Stocks 92.19% Bonds 0.00% Cash and Other 7.81% As of: 12/31/2024 Country Fund MSCI World Index United States 47.17% 73.94% France 14.76% 2.56% United Kingdom 13.04% 3.43% Spain 5.49% 0.63% Canada 4.02% 3.00% Germany 3.24% 2.13% Switzerland 2.65% 2.20% Australia 1.83% 1.70% % in Top 8 Countries 92.2% 89.59% As of: 12/31/2024 Region Fund MSCI World Index Developed 92.19% 100.00% Europe & Middle East 39.17% 15.11% North America 51.19% 76.94% Pacific 1.83% 7.95% Emerging 0.00% 0.00% Asia 0.00% 0.00% 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 7.81% 0.00% As of: 12/31/2024 Industry Fund MSCI World Index Software 10.24% 8.42% Aerospace & Defense 9.11% 1.91% Health Care Providers & Services 7.92% 1.53% Interactive Media & Services 6.03% 4.91% Broadline Retail 5.92% 3.37% Beverages 4.92% 1.19% Health Care Equipment & Supplies 4.76% 2.10% Life Sciences Tools & Services 4.56% 0.92% Personal Care Products 4.08% 0.52% Insurance 4.04% 3.11% % in Top 10 Industries 61.58% 27.98% As of: 12/31/2024 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 Andrew Headley FUND MANAGER AND HEAD OF GLOBAL Read full bio Mike Moore FUND MANAGER AND ANALYST Read full bio Ian Clark FUND MANAGER, ANALYST Read full bio Investment Approach Investment Approach Veritas Global Focus 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 will construct a high conviction portfolio of 25 to 40 stocks, primarily from developed markets. The Fund can invest up to 25% in companies from emerging markets. Investing in stocks that pay below-average dividends Employing a buy-and-hold strategy designed to avoid realizing short-term capital gains and defer the realization of long-term capital gains as long as possible Realizing losses on specific securities or specific tax lots of securities to offset realized gains Related products Other Products From Veritas Asset Management MGSEX Veritas Asia Pacific Fund View Fund Details MMCFX Veritas China 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