Fund Overview

Fund Overview

Share Class

N

NAV | as of 12/06/2022

$60.92
-$0.18 (-0.29%)

Morningstar | Style Box

V B G L M S

Overall Morningstar Rating


Rated against 48 Pacific/Asia ex-Japan Stk funds as of 11/30/2022

View Morningstar Details

Growth of $10,000 (Hypothetical)

Since Inception 06/01/1984 to 11/30/2022 = $557,053.08

  • 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 800.835.3879. 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.​

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

Ezra Sun

FUND MANAGER AND HEAD OF ASIA

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing 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 800.835.3879. 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

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

Risk & Return Stats

As of: 11/30/2022

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.
2.02 5.48 7.60
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.
23.61 22.14 18.42
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 0.19 0.51
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.
98.34 94.73 56.57
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.
95.87 86.93 67.64
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.
0.97 0.96 0.78
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.
74.71 65.68 47.96
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.
11.89 12.99 13.74
View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Equity)

As of: 09/30/2022

Kweichow Moutai Co Ltd, Class A 6.71%
Shenzhen Inovance Technology Co Ltd 5.99%
Meituan, Class B 144A 5.15%
CSL Ltd 4.70%
Wuxi Lead Intelligent Equipment Co Ltd, Class A 4.58%
HDFC Bank Ltd ADR 4.00%
Hindustan Unilever Ltd PNote 3.95%
Taiwan Semiconductor Manufacturing Co Ltd 3.79%
Kotak Mahindra Bank Ltd PNote 3.71%
Samsung Electronics Co Ltd 2.94%
% in Top 10 Holdings 45.52%
View Holding Details Read Important Investment Disclosures

Regional Allocation

As of: 09/30/2022

View Allocation Details

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

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About

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.

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Founded

2003


Headquarters

London, England


Affiliate Since

2014

Discover how the boutique advantage helps generate alpha.

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