Fund Overview Fund Overview Share Class N N I NAV | as of 03/31/2023 $60.11 +$0.06 (+0.10%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 48 Pacific/Asia ex-Japan Stk funds as of 02/28/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 06/01/1984 to 02/28/2023 = $529,449.07 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. 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. View Performance 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 2022 Year End Distributions View All Documents Ezra Sun FUND MANAGER AND HEAD OF ASIA See Our Approach Read Bio 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 02/28/2023 Overall Rating (of 48) 3 Years (of 48) 5 Years (of 46) 10 Years (of 32) 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: 1.21% Net Expense Ratio: 1.18% Expense Cap Expiration Date: 05/01/2023 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains 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 Stats As of: 02/28/2023 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. 0.96 4.84 6.49 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. 24.28 22.73 18.74 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. 0.08 0.12 0.41 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. 104.62 101.26 54.06 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. 101.48 91.49 72.50 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. 1.00 0.99 0.79 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. 77.61 67.69 49.35 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. 11.49 12.92 13.77 View All Characteristics & Stats All Characteristics & Stats 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.$) $113 Number of Holdings 37 1,251 Weighted Avg. Market Cap (Mil.$) $129,776 $92,771 Median Market Cap (Mil.$) $43,841 $7,235 Weighted Avg. P/E (1-yr Forward EPS) 24.84 12.62 Weighted Avg. P/E (Trailing EPS) 26.04 12.47 PEG Ratio 1.46 1.14 Weighted Avg. P/B 4.11 1.59 EPS Growth (Trailing 3-yr %) 18.59% 15.90% EPS Growth (Trailing 5-yr %) 15.38% 10.99% Forward EPS Growth (1-yr %) 2.33% 0.55% Forward EPS Growth (Long Term %) 14.57% 9.69% Revenue Growth (Trailing 5-yr %) 17.01% 11.53% Return on Equity 18.07% 15.69% Weighted Avg. Dividend Yield 1.03% 3.16% Debt to Equity 42.93 79.00 Trailing 12-Months Portfolio Turnover 52.68% As of: 12/31/2022 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. 0.96 4.84 6.49 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. 24.28 22.73 18.74 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. 0.08 0.12 0.41 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. 104.62 101.26 54.06 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. 101.48 91.49 72.50 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. 1.00 0.99 0.79 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. 77.61 67.69 49.35 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. 11.49 12.92 13.77 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. 0.03 0.31 0.38 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. 1.95 2.71 9.74 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. -39.22 -39.22 -39.22 As of: 02/28/2023 Market Cap Fund MSCI AC Asia Pacific ex Japan Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.05% Market Cap ($mm) 1,500 - 2,500 0.00% 0.67% Market Cap ($mm) 2,500 - 5,000 1.56% 6.09% Market Cap ($mm) 5,000 - 10,000 10.07% 14.29% Market Cap ($mm) 10,000 - 25,000 8.48% 20.61% Market Cap ($mm) 25,000 - 50,000 16.34% 18.04% Market Cap ($mm) 50,000 - 100,000 21.52% 10.93% Market Cap ($mm) 100,000 - 200,000 15.20% 11.85% Market Cap ($mm) 200,000 - 26.83% 17.42% Market Cap – NA 0.00% 0.04% As of: 12/31/2022 Valuation Characteristics Fund MSCI AC Asia Pacific ex Japan Index P/E 0-10 7.17% 27.00% P/E 10-15 5.47% 17.41% P/E 15-20 6.31% 11.25% P/E 20-25 11.01% 7.95% P/E 25-Above 61.99% 30.36% P/E – NA 8.05% 6.03% As of: 12/31/2022 Growth Characteristics Fund MSCI AC Asia Pacific ex Japan Index EPS Growth (Trailing 3-yr %) - Negative 6.35% 17.70% EPS Growth (Trailing 3-yr %) 0 - 5 6.31% 8.35% EPS Growth (Trailing 3-yr %) 5 - 10 16.56% 9.85% EPS Growth (Trailing 3-yr %) 10 - 15 10.50% 12.59% EPS Growth (Trailing 3-yr %) 15 - 20 18.85% 8.69% EPS Growth (Trailing 3-yr %) Above 20 29.54% 35.11% EPS Growth (Trailing 3-yr %) - NA 11.89% 7.71% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Kweichow Moutai Co Ltd, Class A 8.59% CSL Ltd 8.03% Meituan, Class B 144A 5.38% HDFC Bank Ltd ADR 4.64% Tencent Holdings Ltd 4.28% Taiwan Semiconductor Manufacturing Co Ltd 4.11% Alibaba Group Holding Ltd 3.80% Hindustan Unilever Ltd PNote 3.67% Kotak Mahindra Bank Ltd PNote 3.65% LG Chem Ltd 3.41% % in Top 10 Holdings 49.57% View Holding Details Holding Details Veritas Asia Pacific Fund (MGSEX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Kweichow Moutai Co Ltd, Class A 8.59% CSL Ltd 8.03% Meituan, Class B 144A 5.38% HDFC Bank Ltd ADR 4.64% Tencent Holdings Ltd 4.28% Taiwan Semiconductor Manufacturing Co Ltd 4.11% Alibaba Group Holding Ltd 3.80% Hindustan Unilever Ltd PNote 3.67% Kotak Mahindra Bank Ltd PNote 3.65% LG Chem Ltd 3.41% % in Top 10 Holdings 49.57% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 600519 Kweichow Moutai Co Ltd, Class A Consumer Staples S CN CNY 39,300 261.62 $10,281,529 9.48% CSL CSL Ltd Health Care S AU AUD 42,574 198.97 $8,470,832 7.81% 9988 Alibaba Group Holding Ltd Consumer Discretionary S CN HKD 581,350 10.99 $6,389,876 5.89% 2330 Taiwan Semiconductor Manufacturing Co Ltd Information Technology S TW TWD 360,400 16.54 $5,962,420 5.50% 700 Tencent Holdings Ltd Communication Services S CN HKD 129,239 43.93 $5,677,263 5.24% 3690 Meituan, Class B 144A Consumer Discretionary S CN HKD 286,423 17.35 $4,970,852 4.58% GMG Goodman Group Real Estate S AU AUD 347,346 13.30 $4,620,765 4.26% 388 Hong Kong Exchanges & Clearing Ltd Financials S HK HKD 114,800 40.05 $4,598,046 4.24% PDD PDD Holdings Inc ADR Consumer Discretionary S CN USD 48,000 87.73 $4,211,040 3.88% 051910 LG Chem Ltd Materials S KR KRW 8,090 513.34 $4,152,941 3.83% KMB Kotak Mahindra Bank Ltd PNote Financials S IN USD 187,500 20.89 $3,917,605 3.61% HDB HDFC Bank Ltd ADR Financials S IN USD 48,816 67.64 $3,301,914 3.05% 005930 Samsung Electronics Co Ltd Information Technology S KR KRW 70,150 45.75 $3,209,708 2.96% APHS Apollo Hospitals Enterprise Ltd PNote Health Care S IN USD 58,000 53.20 $3,085,765 2.85% ASX ASX Ltd Financials S AU AUD 60,000 45.68 $2,740,580 2.53% APNT Asian Paints Ltd PNote Materials S IN USD 78,500 34.18 $2,683,199 2.47% 9618 JD.Com Inc, Class A Consumer Discretionary S CN HKD 119,392 22.23 $2,654,076 2.45% TCS Tata Consultancy Services Ltd PNote Information Technology S IN USD 60,731 40.04 $2,431,428 2.24% 1928 Sands China Ltd Consumer Discretionary S MO HKD 700,000 3.47 $2,429,429 2.24% Pnote: Reliance Industries Ltd Energy S US USD 84,000 28.05 $2,356,043 2.17% REA REA Group Ltd Communication Services S AU AUD 28,000 82.34 $2,305,651 2.13% INFY Infosys Ltd ADR Information Technology S IN USD 120,000 17.94 $2,152,800 1.99% HTHT H World Group Ltd ADR Consumer Discretionary S CN USD 37,500 47.37 $1,776,375 1.64% 300012 Centre Testing International Group Co Ltd Industrials S CN CNY 544,800 3.22 $1,755,901 1.62% WOW Woolworths Group Ltd Consumer Staples S AU AUD 65,000 24.80 $1,612,085 1.49% 9999 NetEase Inc Communication Services S CN HKD 100,000 15.54 $1,554,046 1.43% 600406 NARI Technology Co Ltd Industrials S CN CNY 399,998 3.78 $1,513,426 1.40% TTAN Titan Co Ltd PNote Consumer Discretionary S IN USD 50,000 28.68 $1,434,073 1.32% ZOMATO LTD Pnote Consumer Discretionary S IN USD 2,000,000 0.65 $1,291,144 1.19% 1299 AIA Group Ltd Financials S HK HKD 100,000 10.63 $1,062,802 0.98% MAXHEALT Max Healthcare Institute Ltd PNote Health Care S IN USD 198,000 5.15 $1,019,883 0.94% RMD ResMed Inc Depositary Receipt Health Care S US AUD 40,000 21.07 $842,838 0.78% 300124 Shenzhen Inovance Technology Co Ltd Industrials S CN CNY 73,297 10.55 $773,329 0.71% 6098 Country Garden Services Holdings Co Ltd Real Estate S CN HKD 400,000 1.86 $744,783 0.69% 000568 Luzhou Laojiao Co Ltd, Class A Consumer Staples S CN CNY 20,000 35.96 $719,195 0.66% YUMC Yum China Holdings Inc Consumer Discretionary S CN USD 7,342 58.73 $431,196 0.40% Cash & Equivalents Cash C US USD - - -$698,966 -0.64% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Shenzhen Inovance Technology Co Ltd 1 3.93% 24.52% LG Chem Ltd 2 3.32% 28.62% HDFC Bank Ltd ADR 3 4.36% 17.10% Tencent Holdings Ltd 4 2.67% 26.10% Goodman Group 5 3.19% 16.74% Samsung Electronics Co Ltd 6 3.22% 18.42% CSL Ltd 7 6.23% 6.49% Taiwan Semiconductor Manufacturing Co Ltd 8 3.95% 10.28% Hong Kong Exchanges & Clearing Ltd 9 1.57% 25.79% Alibaba Group Holding Ltd 10 2.79% 11.29% As of: 12/31/2022 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 Wuxi Lead Intelligent Equipment Co Ltd, Class A 20 3.83% -13.07% Asian Paints Ltd PNote 19 2.64% -9.06% Hindustan Unilever Ltd PNote 18 3.72% -6.32% Unimicron Technology Corp. 17 0.50% 7.46% Pinduoduo Inc ADR 16 0.27% -4.61% Sea Ltd. (Singapore) Sponsored ADR Class A 15 0.20% -15.45% Kweichow Moutai Co Ltd, Class A 14 6.95% -3.89% NetEase Inc 13 1.19% -2.27% ZOMATO LTD Pnote 12 1.36% -5.26% ICICI Bank Ltd ADR 11 1.01% -2.49% As of: 12/31/2022 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: 12/31/2022 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 Consumer Discretionary 18.43% 13.29% Consumer Staples 15.46% 5.35% Financials 15.14% 23.33% Health Care 12.47% 5.32% Information Technology 11.53% 17.70% Communication Services 7.31% 8.59% Industrials 6.95% 6.49% Materials 5.99% 8.70% Real Estate 3.30% 4.21% Energy 2.28% 4.10% Cash & Other 1.13% 0.00% Utilities 0.00% 2.91% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 98.87% Bonds 0.00% Cash and Other 1.13% As of: 12/31/2022 Country Fund MSCI AC Asia Pacific ex Japan Index China 36.19% 30.23% India 28.59% 13.51% Australia 15.59% 16.74% South Korea 6.81% 10.60% Taiwan 4.11% 12.92% Hong Kong 3.30% 6.38% United States 3.02% 0.00% Macau 1.26% 0.00% % in Top 8 Countries 98.87% 90.38% As of: 12/31/2022 Region Fund MSCI AC Asia Pacific ex Japan Index Developed 21.91% 26.71% Europe & Middle East 0.00% 0.00% North America 3.02% 0.00% Pacific 18.88% 26.71% Emerging 75.70% 73.29% Asia 75.70% 73.29% 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 2.39% 0.00% As of: 12/31/2022 Industry Fund MSCI AC Asia Pacific ex Japan Index Internet & Direct Marketing Retail 15.78% 5.77% Banks 10.22% 14.53% Beverages 9.16% 1.30% Biotechnology 8.03% 2.07% Interactive Media & Services 6.03% 5.44% Chemicals 5.99% 2.03% Capital Markets 4.92% 2.22% Machinery 4.18% 0.71% Semiconductors & Semiconductor Equipment 4.11% 7.72% IT Services 4.02% 2.24% % in Top 10 Industries 72.44% 44.03% As of: 12/31/2022 Read Important Investment Disclosures 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. Veritas Asia Pacific Fund and China Fund Introduction An introduction to Veritas Asset Management, the AMG Veritas Asia Pacific Fund and the AMG Veritas China Fund View Webcast About About Veritas Asset Management Background 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 More Products From Veritas Asset Management MMCFX Veritas China Fund The Fund seeks to provide long-term capital appreciation. View Fund Details MFQAX Veritas Global Focus Fund The Fund seeks to provide long-term capital appreciation. View Fund Details BLUEX Veritas Global Real Return Fund The Fund seeks to provide real returns over the medium and longer term. View Fund Details Read Important Investment Disclosures Founded 2003 Headquarters London, England Affiliate Since 2014 Discover how the boutique advantage helps generate alpha. Learn More About AMG