Fund Overview Fund Overview Share Class I N I NAV | as of 12/06/2022 $14.89 -$0.22 (-1.46%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 12/18/2000 to 11/30/2022 = $42,986.27 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 800.835.3879. 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. View Performance 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 Factsheet Commentary Summary Prospectus Prospectus 2021 Year End Distributions View All Documents Andrew Headley FUND MANAGER AND HEAD OF GLOBAL See Our Approach Read Bio Xiaoyu Liu CO-PORTFOLIO MANAGER OF CHINA FUND See Our Approach Read Bio Mike Moore FUND MANAGER AND ANALYST See Our Approach Read Bio Ezra Sun FUND MANAGER AND HEAD OF ASIA See Our Approach Read Bio 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-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 11/30/2022 Overall Rating (of 1126) 3 Years (of 1126) 5 Years (of 1051) 10 Years (of 793) Category Large Growth 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. 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. 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). 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 800.835.3879. 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. Returns for periods less than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.02% Net Expense Ratio: 0.88% Expense Cap Expiration Date: 03/01/2023 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 15, 2021 $1.332100 — $0.218100 $1.114000 May 27, 2021 $24.477200 — $1.197200 $23.280000 Dec 16, 2020 $0.647400 $0.150300 — $0.497100 Dec 16, 2019 $0.218600 $0.174200 — $0.044400 Dec 27, 2018 $0.555400 $0.141000 — $0.414400 Dec 27, 2017 $0.141900 $0.102200 — $0.039700 Dec 27, 2016 $0.306200 $0.306200 — — Dec 28, 2015 $0.134000 $0.134000 — — Dec 26, 2014 $0.090800 $0.090800 — — Dec 26, 2013 $0.064800 $0.064800 — — Dec 26, 2012 $0.146200 $0.146200 — — Dec 27, 2011 $0.013700 $0.013700 — — Dec 28, 2010 $0.055100 $0.055100 — — Dec 28, 2009 $0.033000 $0.033000 — — Dec 26, 2008 $0.152600 $0.152600 — — Dec 26, 2007 $0.073500 $0.073500 — — Jul 26, 2007 $0.010300 $0.010300 — — Dec 27, 2005 $0.023000 $0.023000 — — Dec 28, 2004 $0.102000 $0.102000 — — Jul 28, 2003 $0.040000 $0.040000 — — Dec 26, 2002 $0.065000 $0.065000 — — From: To: 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. -4.48 -1.85 0.84 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. 21.08 18.86 15.09 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. 0.10 0.22 0.63 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. 91.99 100.89 107.27 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. 107.08 104.92 100.14 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. 1.02 1.02 0.99 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. 95.36 93.58 88.69 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. 4.55 4.80 5.08 View All Characteristics & Stats All Characteristics & Stats Veritas Global Focus Fund (MFQTX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI World Index Fund Assets (Mil.$) $29 Number of Holdings 26 1,513 Weighted Avg. Market Cap (Mil.$) $298,010 $333,340 Median Market Cap (Mil.$) $49,596 $15,090 Weighted Avg. P/E (1-yr Forward EPS) 17.67 13.86 Weighted Avg. P/E (Trailing EPS) 19.98 15.58 PEG Ratio 1.14 1.30 Weighted Avg. P/B 3.06 2.44 EPS Growth (Trailing 3-yr %) 12.77% 14.96% EPS Growth (Trailing 5-yr %) 14.45% 15.15% Forward EPS Growth (1-yr %) -1.80% 2.37% Forward EPS Growth (Long Term %) 13.37% 11.54% Revenue Growth (Trailing 5-yr %) 11.65% 8.75% Return on Equity 21.74% 21.52% Weighted Avg. Dividend Yield 1.12% 2.28% Debt to Equity 91.36 99.79 Trailing 12-Months Portfolio Turnover 17.21% As of: 09/30/2022 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. -4.48 -1.85 0.84 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. 21.08 18.86 15.09 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. 0.10 0.22 0.63 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. 91.99 100.89 107.27 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. 107.08 104.92 100.14 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. 1.02 1.02 0.99 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. 95.36 93.58 88.69 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. 4.55 4.80 5.08 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. -1.06 -0.41 0.13 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. 2.01 4.07 9.58 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. -26.25 -26.25 -26.25 As of: 11/30/2022 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 0.11% 0.02% Market Cap ($mm) 2,500 - 5,000 0.00% 0.98% Market Cap ($mm) 5,000 - 10,000 3.47% 4.72% Market Cap ($mm) 10,000 - 25,000 12.38% 14.79% Market Cap ($mm) 25,000 - 50,000 26.05% 17.60% Market Cap ($mm) 50,000 - 100,000 17.20% 15.61% Market Cap ($mm) 100,000 - 200,000 12.95% 16.60% Market Cap ($mm) 200,000 - 27.83% 29.66% Market Cap – NA 0.00% 0.01% As of: 09/30/2022 Valuation Characteristics Fund MSCI World Index P/E 0-10 4.82% 17.74% P/E 10-15 12.15% 12.95% P/E 15-20 22.28% 13.98% P/E 20-25 4.51% 20.73% P/E 25-Above 46.68% 31.71% P/E – NA 9.56% 2.88% As of: 09/30/2022 Growth Characteristics Fund MSCI World Index EPS Growth (Trailing 3-yr %) - Negative 23.37% 17.85% EPS Growth (Trailing 3-yr %) 0 - 5 5.72% 6.68% EPS Growth (Trailing 3-yr %) 5 - 10 9.26% 14.86% EPS Growth (Trailing 3-yr %) 10 - 15 11.80% 8.86% EPS Growth (Trailing 3-yr %) 15 - 20 10.65% 8.90% EPS Growth (Trailing 3-yr %) Above 20 39.07% 37.41% EPS Growth (Trailing 3-yr %) - NA 0.11% 5.44% As of: 09/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2022 Alphabet Inc, Class A 5.81% Canadian Pacific Railway Ltd 5.46% Unilever PLC [UNA] 5.27% Fiserv Inc 5.10% Vinci SA 4.75% Amazon.com Inc 4.74% Charter Communications Inc, Class A 4.48% Safran SA 4.44% Microsoft Corp 4.30% BAE Systems PLC 4.22% % in Top 10 Holdings 48.57% View Holding Details Holding Details Veritas Global Focus Fund (MFQTX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2022 Alphabet Inc, Class A 5.81% Canadian Pacific Railway Ltd 5.46% Unilever PLC [UNA] 5.27% Fiserv Inc 5.10% Vinci SA 4.75% Amazon.com Inc 4.74% Charter Communications Inc, Class A 4.48% Safran SA 4.44% Microsoft Corp 4.30% BAE Systems PLC 4.22% % in Top 10 Holdings 48.57% As of: 09/30/2022 Download All Holdings (PDF) As of: 10/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund CP Canadian Pacific Railway Ltd Industrials S CA USD 23,432 74.49 $1,745,450 5.86% MSFT Microsoft Corp Information Technology S US USD 7,146 232.13 $1,658,801 5.57% GOOGL Alphabet Inc, Class A Communication Services S US USD 17,400 94.51 $1,644,474 5.52% MA MasterCard Inc, Class A Information Technology S US USD 4,847 328.18 $1,590,688 5.34% SAF Safran SA Industrials S FR EUR 13,996 111.37 $1,558,734 5.23% CHTR Charter Communications Inc, Class A Communication Services S US USD 4,235 367.62 $1,556,871 5.23% DG Vinci SA Industrials S FR EUR 16,816 92.04 $1,547,695 5.20% FISV Fiserv Inc Information Technology S US USD 11,999 102.74 $1,232,777 4.14% AMZN Amazon.com Inc Consumer Discretionary S US USD 12,017 102.44 $1,231,021 4.13% UNA Unilever PLC [UNA] Consumer Staples S GB EUR 26,507 45.64 $1,209,840 4.06% BA/ BAE Systems PLC Industrials S GB GBP 125,666 9.35 $1,175,426 3.95% UNH UnitedHealth Group Inc Health Care S US USD 1,901 555.15 $1,055,340 3.54% SHL Sonic Healthcare Ltd Health Care S AU AUD 48,216 20.94 $1,009,425 3.39% TMO Thermo Fisher Scientific Inc Health Care S US USD 1,957 513.97 $1,005,839 3.38% CTLT Catalent Inc Health Care S US USD 15,272 65.73 $1,003,829 3.37% AENA Aena SME SA 144A Industrials S ES EUR 8,231 117.53 $967,402 3.25% BDX Becton Dickinson and Co Health Care S US USD 3,929 235.97 $927,126 3.11% CVS CVS Health Corp Health Care S US USD 9,321 94.70 $882,699 2.96% COO Cooper Cos Inc Health Care S US USD 3,158 273.39 $863,366 2.90% ILMN Illumina Inc Health Care S US USD 2,997 228.82 $685,774 2.30% MCO Moody's Corp Financials S US USD 2,559 264.87 $677,802 2.28% ICE Intercontinental Exchange Inc Financials S US USD 7,052 95.57 $673,960 2.26% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 1,800 351.71 $633,078 2.13% BAX Baxter International Inc Health Care S US USD 10,655 54.35 $579,099 1.94% META Meta Platforms Inc, Class A Communication Services S US USD 4,703 93.16 $438,131 1.47% AIR Airbus SE Industrials S FR EUR 3,458 108.20 $374,169 1.26% EMBC Embecta Corp Health Care S US USD 1,080 30.92 $33,394 0.11% Cash & Equivalents Cash C US USD - - $1,814,821 6.09% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return CVS Health Corp 1 3.62% 3.35% Amazon.com Inc 2 4.51% 6.39% Fiserv Inc 3 4.79% 5.17% CoStar Group Inc 4 0.34% 17.40% Illumina Inc 5 1.83% 3.49% Cochlear Ltd 6 0.15% 7.05% Embecta Corp 7 0.10% 14.07% UnitedHealth Group Inc 8 3.68% -1.46% Intercontinental Exchange Inc 9 2.03% -3.66% Unilever PLC [UNA] 10 4.80% -2.22% As of: 09/30/2022 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 Charter Communications Inc, Class A 20 5.47% -35.25% Catalent Inc 19 3.93% -32.56% Alphabet Inc, Class A 18 5.84% -12.22% BAE Systems PLC 17 4.77% -12.55% Meta Platforms Inc, Class A 16 3.60% -15.86% Aena SME SA 144A 15 2.99% -17.38% Cooper Cos Inc 14 2.92% -15.71% MasterCard Inc, Class A 13 4.00% -9.78% Vinci SA 12 4.62% -8.27% Baxter International Inc 11 2.89% -15.85% As of: 09/30/2022 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: 09/30/2022 View Allocation Details Allocation Details Veritas Global Focus Fund (MFQTX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI World Index Health Care 31.79% 14.02% Industrials 21.80% 9.95% Communication Services 13.78% 7.04% Information Technology 13.49% 21.08% Consumer Staples 5.27% 7.78% Cash & Other 4.85% 0.00% Consumer Discretionary 4.74% 11.28% Financials 4.28% 13.54% Energy 0.00% 5.20% Materials 0.00% 4.19% Real Estate 0.00% 2.77% Utilities 0.00% 3.14% As of: 09/30/2022 Investment Allocation 09/30/2022 Stocks 95.15% Bonds 0.00% Cash and Other 4.85% As of: 09/30/2022 Country Fund MSCI World Index United States 64.80% 69.74% United Kingdom 9.49% 4.15% France 9.19% 3.02% Canada 5.46% 3.53% Australia 3.28% 2.13% Spain 2.93% 0.63% % in Top 6 Countries 95.15% 83.2% As of: 09/30/2022 Region Fund MSCI World Index Developed 95.15% 100.00% Europe & Middle East 21.61% 17.26% North America 70.26% 73.27% Pacific 3.28% 9.46% 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 4.85% 0.00% As of: 09/30/2022 Industry Fund MSCI World Index Health Care Providers & Services 11.07% 2.50% Health Care Equipment & Supplies 9.41% 2.33% Interactive Media & Services 9.30% 3.36% IT Services 9.19% 3.71% Aerospace & Defense 8.67% 1.49% Life Sciences Tools & Services 8.00% 1.46% Road & Rail 5.46% 1.19% Personal Products 5.27% 0.67% Construction & Engineering 4.75% 0.27% Internet & Direct Marketing Retail 4.74% 2.59% % in Top 10 Industries 75.86% 19.57% As of: 09/30/2022 Read Important Investment Disclosures 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 Veritas Global Focus Fund and Global Real Return Fund Introduction An introduction to Veritas Asset Management, the AMG Veritas Global Focus Fund, and the AMG Veritas Global Real Return 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 Funds From Veritas Asset Management MGSEX Veritas Asia Pacific Fund By focusing on long term real returns, the fund aims to deliver capital appreciation and to outperform the MSCI Asia ex Japan index. View Fund Details MMCFX Veritas China 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