Veritas Asset Management LLP

Veritas Asset Management's Q1 2026 13F is a $5.90B (down from $9.77B, -$3.88B or -39.7%) 21-position concentrated quality portfolio -- among the steepest AUM declines in the current cohort. The defining feature: Mastercard (MA) was the ONLY increased position (+35% shares, +$81.5M to $531M, now the largest holding), while 19 positions were decreased and 6 were fully sold. Microsoft fell -37.7% (-$528M, from $1.01B to $481M); Amazon fell -40.1% (-$465M, from $1.01B to $546M); Salesforce fell -24.0% (-$365M); UnitedHealth fell -25.7% (-$327M); Thermo Fisher fell -25.4% (-$241M); Becton Dickinson fell -29.6% (-$240M); Aon fell -23.7% (-$212M); Canadian Pacific fell -26.6% (-$149M); Intercontinental Exchange fell -25.1% (-$127M); Hyatt fell -29.7%; Charter fell -26.8%. Six sold entirely: Alphabet/GOOGL ($575M SOLD, the defining tech exit); Bio-Rad ($165M); HDFC Bank; Cognizant; NetEase; Sea Ltd. Only Zoetis (ZTS, $148M) held flat. The -39.7% AUM decline reflects both mark-to-market losses on a concentrated portfolio and significant client redemptions from a struggling flagship vehicle. The 76.00 whaleScore on $5.90B reflects AUM. The portfolio's identity is a concentrated global-quality-and-healthcare long book with master-card (now the #1 position), amazon, microsoft, unitedhealth, Salesforce, Aon, and Canadian Pacific as the prior anchors. The Q1 2026 delta is best read as: Veritas Asset Management executed a wholesale de-risking in Q1 2026 -- 19 of 20 comparable positions were trimmed 20-40%, six holdings exited entirely, and exactly one conviction add was made (Mastercard, now the #1 position at $531M). The -39.7% AUM decline is the dominating headline and suggests material client redemptions alongside the book-down strategy. For smart-money-signal purposes, Veritas's filing is a strong SELL signal on almost every name in its book -- this is a fund in active de-risking mode, making Mastercard the one position to watch for follow-through conviction.