Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I NAV | as of 03/27/2024 $13.87 -$0.06 (-0.43%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 10/01/2011 to 02/29/2024 = $23,262.85 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 companies in Greater China Invests in a focused portfolio of Chinese 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 2023 Distributions View All Documents Investment Style Veritas China Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Veritas China Fund is categorized as Large-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 02/29/2024 Overall Rating — 3 Years — 5 Years — 10 Years — Category China Region 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. Xiaoyu Liu CO-PORTFOLIO MANAGER OF CHINA FUND Xiaoyu Liu is an Asian Analyst and Co-Manager for the Veritas China strategy at Veritas. She joined Veritas in August 2022. Previously, Ms. Liu was a Fund Manager at Aviva Investors from 2014 to 2022, in charge of the Aviva Investors Asia Income Fund and a range of other Asia Pacific funds for their life client, and an equity analyst at JPMorgan Asset Management from 2007 to 2014 focusing on Asian Equities. 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: 1.12% Net Expense Ratio: 0.93% 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 14, 2023 $0.150900 $0.150900 — — May 27, 2021 $26.454300 — $8.934100 $17.520200 Dec 16, 2020 $2.211200 $0.110100 — $2.101100 Dec 16, 2019 $3.685500 — — $3.685500 Dec 27, 2018 $8.653300 — $1.436100 $7.217200 Dec 27, 2017 $5.711400 — $1.231000 $4.480400 Dec 27, 2016 $0.146000 — — $0.146000 Dec 28, 2015 $4.596500 $0.044800 $0.780700 $3.771000 Dec 26, 2014 $5.339300 — $0.804500 $4.534800 Dec 26, 2013 $6.820500 — $3.237100 $3.583400 Dec 26, 2012 $3.029000 $0.174200 — $2.854800 Dec 27, 2011 $2.659400 — — $2.659400 From: To: Risk & Return Statistics As of: 02/29/2024 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. -6.05 -0.70 1.15 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. 24.87 27.07 22.76 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. -0.95 -0.31 -0.02 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. 64.20 66.97 31.67 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. 93.17 94.15 90.90 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. 0.74 0.78 0.62 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. 78.80 59.05 42.08 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. 13.82 18.25 19.50 View All Characteristics & Statistics All Characteristics & Statistics Veritas China Fund (MIMFX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI China Index Fund Assets (Mil.$) $49 Number of Holdings 27 766 Weighted Avg. Market Cap (Mil.$) $130,124 $109,858 Median Market Cap (Mil.$) $28,553 $5,787 Weighted Avg. P/E (1-yr Forward EPS) 16.83 9.71 Weighted Avg. P/E (Trailing EPS) 17.42 10.04 PEG Ratio 1.09 0.68 Weighted Avg. P/B 3.02 1.22 EPS Growth (Trailing 3-yr %) 6.52% 5.00% EPS Growth (Trailing 5-yr %) 13.05% 11.60% Forward EPS Growth (1-yr %) 25.14% 15.56% Forward EPS Growth (Long Term %) 15.37% 14.78% Revenue Growth (Trailing 5-yr %) 17.40% 16.97% Return on Equity 18.58% 13.38% Weighted Avg. Dividend Yield 1.56% 2.73% Debt to Equity 28.10 71.24 Trailing 12-Months Portfolio Turnover 72.56% As of: 12/31/2023 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. -6.05 -0.70 1.15 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. 24.87 27.07 22.76 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. -0.95 -0.31 -0.02 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. 64.20 66.97 31.67 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. 93.17 94.15 90.90 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. 0.74 0.78 0.62 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. 78.80 59.05 42.08 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. 13.82 18.25 19.50 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. -0.01 -0.02 -0.01 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. -31.77 -10.74 -0.80 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. -56.20 -56.20 -56.20 As of: 02/29/2024 Market Cap Fund MSCI China Index Market Cap ($mm) 0 - 1,000 0.00% 0.06% Market Cap ($mm) 1,000 - 1,500 0.00% 0.26% Market Cap ($mm) 1,500 - 2,500 0.00% 1.34% Market Cap ($mm) 2,500 - 5,000 4.33% 7.89% Market Cap ($mm) 5,000 - 10,000 5.24% 9.72% Market Cap ($mm) 10,000 - 25,000 16.54% 19.63% Market Cap ($mm) 25,000 - 50,000 16.27% 12.88% Market Cap ($mm) 50,000 - 100,000 19.45% 12.37% Market Cap ($mm) 100,000 - 200,000 15.53% 19.68% Market Cap ($mm) 200,000 - 22.65% 16.18% Market Cap – NA 0.00% 0.00% As of: 12/31/2023 Valuation Characteristics Fund MSCI China Index P/E 0-10 3.77% 25.24% P/E 10-15 32.77% 32.06% P/E 15-20 7.62% 10.35% P/E 20-25 7.84% 7.26% P/E 25-Above 44.45% 20.18% P/E – NA 3.55% 4.91% As of: 12/31/2023 Growth Characteristics Fund MSCI China Index EPS Growth (Trailing 3-yr %) - Negative 15.79% 27.12% EPS Growth (Trailing 3-yr %) 0 - 5 15.26% 4.30% EPS Growth (Trailing 3-yr %) 5 - 10 5.70% 8.27% EPS Growth (Trailing 3-yr %) 10 - 15 21.51% 23.70% EPS Growth (Trailing 3-yr %) 15 - 20 10.58% 6.53% EPS Growth (Trailing 3-yr %) Above 20 23.08% 16.15% EPS Growth (Trailing 3-yr %) - NA 8.07% 13.92% As of: 12/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2023 Tencent Holdings Ltd 14.48% Alibaba Group Holding Ltd 9.63% Kweichow Moutai Co Ltd, Class A 8.57% Hong Kong Exchanges & Clearing Ltd 7.57% AIA Group Ltd 4.80% PDD Holdings Inc ADR 4.58% NARI Technology Co Ltd 4.31% Yum China Holdings Inc [HKG] 4.07% Sands China Ltd 3.60% Meituan, Class B 144A 3.48% % in Top 10 Holdings 65.08% View Holding Details Holding Details Veritas China Fund (MIMFX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2023 Tencent Holdings Ltd 14.48% Alibaba Group Holding Ltd 9.63% Kweichow Moutai Co Ltd, Class A 8.57% Hong Kong Exchanges & Clearing Ltd 7.57% AIA Group Ltd 4.80% PDD Holdings Inc ADR 4.58% NARI Technology Co Ltd 4.31% Yum China Holdings Inc [HKG] 4.07% Sands China Ltd 3.60% Meituan, Class B 144A 3.48% % in Top 10 Holdings 65.08% As of: 12/31/2023 Download All Holdings (PDF) As of: 02/29/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 700 Tencent Holdings Ltd Communication Services S CN HKD 188,600 35.03 $6,606,778 14.82% 9988 Alibaba Group Holding Ltd Consumer Discretionary S CN HKD 491,500 9.19 $4,518,695 10.14% 600519 Kweichow Moutai Co Ltd, Class A Consumer Staples S CN CNY 17,300 235.02 $4,065,812 9.12% 388 Hong Kong Exchanges & Clearing Ltd Financials S HK HKD 92,300 30.80 $2,842,709 6.38% 1299 AIA Group Ltd Financials S HK HKD 270,900 8.06 $2,183,776 4.90% 600406 NARI Technology Co Ltd Industrials S CN CNY 673,471 3.22 $2,168,197 4.86% 1928 Sands China Ltd Consumer Discretionary S MO HKD 605,000 2.84 $1,717,804 3.85% 3690 Meituan, Class B 144A Consumer Discretionary S CN HKD 162,880 10.15 $1,653,585 3.71% 000858 Wuliangye Yibin Co Ltd, Class A Consumer Staples S CN CNY 76,900 19.71 $1,515,721 3.40% 002594 BYD Co Ltd Consumer Discretionary S CN CNY 51,100 26.46 $1,352,154 3.03% 000333 Midea Group Co Ltd, Class A Consumer Discretionary S CN CNY 147,100 8.69 $1,277,752 2.87% 300760 Shenzhen Mindray Bio-Medical Electronics Co Ltd Health Care S CN CNY 30,400 40.06 $1,217,744 2.73% 9999 NetEase Inc Communication Services S CN HKD 54,600 21.72 $1,186,053 2.66% 300124 Shenzhen Inovance Technology Co Ltd Industrials S CN CNY 126,700 8.77 $1,111,536 2.49% 603605 Proya Cosmetics Co Ltd Consumer Staples S CN CNY 72,000 14.72 $1,059,629 2.38% 168 Tsingtao Brewery Co Ltd Consumer Staples S CN HKD 148,000 6.40 $947,011 2.12% 2688 ENN Energy Holdings Ltd Utilities S CN HKD 115,400 8.12 $937,029 2.10% 1093 CSPC Pharmaceutical Group Ltd Health Care S CN HKD 1,162,000 0.78 $905,024 2.03% 9888 Baidu Inc, Class A Communication Services S CN HKD 69,200 12.65 $875,615 1.96% 9987 Yum China Holdings Inc [HKG] Consumer Discretionary S CN HKD 18,600 43.41 $807,396 1.81% 6078 Hygeia Healthcare Holdings Co Ltd 144A Health Care S CN HKD 206,600 3.75 $775,544 1.74% EDU New Oriental Education & Technology Group Inc ADR Consumer Discretionary S CN USD 8,137 93.53 $761,054 1.71% 601012 LONGi Green Energy Technology Co Ltd Information Technology S CN CNY 253,600 2.95 $747,920 1.68% 300750 Contemporary Amperex Technology Co Ltd Industrials S CN CNY 31,900 22.66 $722,816 1.62% MNSO Miniso Group Holding Ltd ADR Consumer Discretionary S CN USD 37,654 18.33 $690,198 1.55% 002472 Zhejiang Shuanghuan Driveline Co Ltd Consumer Discretionary S CN CNY 202,600 3.33 $675,359 1.52% 2382 Sunny Optical Technology Group Co Ltd Information Technology S CN HKD 82,700 6.44 $532,250 1.19% 1801 Innovent Biologics Inc 144A Health Care S CN HKD 85,000 5.39 $458,380 1.03% 300012 Centre Testing International Group Co Ltd Industrials S CN CNY 240,700 1.83 $439,820 0.99% Cash & Equivalents Cash C US USD - - -$180,325 -0.40% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return PDD Holdings Inc ADR 1 3.50% 49.19% AIA Group Ltd 2 4.38% 6.90% Shenzhen Mindray Bio-Medical Electronics Co Ltd 3 2.30% 11.71% Sungrow Power Supply Co Ltd 4 1.68% 9.91% Midea Group Co Ltd, Class A 5 0.73% 5.54% Sunny Optical Technology Group Co Ltd 6 0.42% 8.80% NARI Technology Co Ltd 7 3.94% 2.92% CSPC Pharmaceutical Group Ltd 8 0.34% 5.19% Contemporary Amperex Technology Co Ltd 9 0.27% 3.39% Proya Cosmetics Co Ltd 10 1.90% 0.96% As of: 12/31/2023 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 Meituan, Class B 144A 20 4.11% -28.32% Yum China Holdings Inc [HKG] 19 4.34% -23.70% Tencent Holdings Ltd 18 11.19% -3.83% Alibaba Group Holding Ltd 17 9.43% -10.23% Hong Kong Exchanges & Clearing Ltd 16 8.22% -8.13% Luzhou Laojiao Company Limited Class A 15 2.77% -18.43% MGM China Holdings Limited 14 2.66% -15.66% Hygeia Healthcare Holdings Co Ltd 144A 13 2.18% -19.35% NetEase Inc 12 3.45% -11.24% China Pacific Insurance Group Co Ltd 11 2.07% -19.35% As of: 12/31/2023 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: 12/31/2023 View Allocation Details Allocation Details Veritas China Fund (MIMFX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI China Index Consumer Discretionary 32.08% 30.23% Communication Services 17.64% 19.74% Financials 14.46% 15.74% Consumer Staples 13.72% 5.36% Industrials 12.04% 5.09% Health Care 6.64% 5.75% Information Technology 3.19% 6.65% Utilities 1.73% 2.45% Energy 0.00% 3.18% Materials 0.00% 3.17% Real Estate 0.00% 2.64% Cash & Other -1.50% 0.00% As of: 12/31/2023 Investment Allocation 12/31/2023 Stocks 101.50% Bonds 0.00% Cash and Other -1.50% As of: 12/31/2023 Country Fund MSCI China Index China 85.53% 100.00% Hong Kong 12.37% 0.00% Macau 3.60% 0.00% % in Top 3 Countries 101.5% 100% As of: 12/31/2023 Region Fund MSCI China Index Developed 12.37% 0.00% Europe & Middle East 0.00% 0.00% North America 0.00% 0.00% Pacific 12.37% 0.00% Emerging 85.53% 100.00% Asia 85.53% 100.00% 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 2.10% 0.00% As of: 12/31/2023 Industry Fund MSCI China Index Interactive Media & Services 14.48% 16.43% Broadline Retail 14.21% 15.33% Beverages 11.66% 3.08% Electrical Equipment 8.76% 0.85% Hotels, Restaurants & Leisure 7.67% 5.59% Capital Markets 7.57% 1.73% Insurance 6.89% 3.59% Entertainment 3.16% 2.84% Automobiles 2.90% 5.17% Health Care Equipment & Supplies 2.54% 0.48% % in Top 10 Industries 79.84% 55.09% As of: 12/31/2023 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 Ezra Sun FUND MANAGER AND HEAD OF ASIA Read full bio Xiaoyu Liu CO-PORTFOLIO MANAGER OF CHINA FUND Read full bio Investment Approach Investment Approach Veritas China 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 the Subadviser believes 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 MGSEX Veritas Asia Pacific Fund View Fund Details MFQAX Veritas Global Focus 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