Fund Overview Fund Overview Share Class I NAV | as of 12/06/2023 $34.65 -$0.02 (-0.06%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 171 Long-Short Equity funds as of 10/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 01/10/1991 to 11/30/2023 = $223,981.61 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 Bloomberg U.S. Treasury Inflation-Linked Bond Index replaced the Russell 1000® 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 1000 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 The Fund seeks to provide real returns over the medium and longer term. Why Consider The Fund may be appropriate for investors looking to protect and grow capital Combines focused investment in global equities with active hedging to reduce market exposure when necessary High conviction portfolio of 25 to 40 stocks Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions Estimates View All Documents Andrew Headley FUND MANAGER AND HEAD OF GLOBAL See Our Approach Read Bio Mike Moore FUND MANAGER AND ANALYST See Our Approach Read Bio Ian Clark FUND MANAGER AND ANALYST See Our Approach Read Bio Investment Style Veritas Global Real Return Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Veritas Global Real Return Fund is categorized as Large-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2023 Overall Rating (of 171) 3 Years (of 171) 5 Years (of 152) 10 Years (of 75) Category Long-Short Equity 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. 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). Ian Clark FUND MANAGER AND ANALYST Ian Clark is the Fund Manager for the Veritas Global strategies and a Roving Analyst within the Global Investment Team. Ian has been working in the investment management industry since 2005. He joined Veritas in 2018 after working as a Co-Lead Manager and Global Research Analyst at Newton Investment Management from 2011 to 2017. Prior to this Ian was an Investment Analyst at Ziff Brothers from 2006 to 2010 and at Deephaven Capital Management from 2005 to 2006. Ian also worked at The Prince's Charities, McKinsey, and Citigroup. 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 Bloomberg U.S. Treasury Inflation-Linked Bond Index replaced the Russell 1000® 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 1000 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: 1.18% Net Expense Ratio: 1.15% Expense Cap Expiration Date: 02/01/2024 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, 2022 $3.731600 $0.596000 $0.741700 $2.393900 Mar 24, 2021 $11.169700 — $11.086300 $0.083400 Dec 16, 2020 $12.956100 — $5.749800 $7.206300 Dec 16, 2019 $6.517300 — $0.259600 $6.257700 Dec 27, 2018 $5.361200 — — $5.361200 Dec 28, 2015 $0.083500 $0.083500 — — Dec 30, 2009 $0.020200 $0.020200 — — Oct 29, 2009 $0.046746 $0.046746 — — Dec 28, 2007 $0.489040 — $0.207750 $0.281290 Oct 30, 2007 $3.380700 — $2.292270 $1.088430 Dec 28, 2006 $0.066000 — $0.066000 — Oct 26, 2006 $1.033950 — $0.240510 $0.793440 Oct 27, 2005 $1.138780 — $0.861080 $0.277700 Oct 27, 2000 $10.708000 — $3.349500 $7.358500 Dec 21, 1999 $1.255130 — — $1.255130 Oct 27, 1999 $0.923610 — — $0.923610 Oct 26, 1998 $0.337072 $0.204780 $0.109111 $0.023181 Oct 27, 1997 $5.085142 — $2.297752 $2.787390 Oct 26, 1995 $1.105640 — $0.971750 $0.133890 Oct 25, 1994 $0.107740 — — $0.107740 Dec 30, 1993 $0.090000 — $0.090000 — Oct 25, 1993 $2.243000 — $1.062500 $1.180500 Dec 30, 1991 $0.005000 $0.005000 — — Oct 24, 1991 $0.620000 $0.027000 $0.593000 — From: To: Risk & Return Stats As of: 11/30/2023 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. 2.91 7.69 8.49 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. 11.43 15.36 14.11 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. -0.12 0.58 0.62 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. 154.04 270.07 276.23 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. 113.12 127.61 87.77 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. 1.16 1.40 1.09 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. 49.67 30.58 14.95 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. 8.19 13.02 13.02 View All Characteristics & Stats All Characteristics & Stats Veritas Global Real Return Fund (BLUEX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Fund Assets (Mil.$) $110 Number of Holdings 28 Percentage Net Exposure 67.34% Weighted Avg. Market Cap (Mil.$) $338,739 Median Market Cap (Mil.$) $68,051 Weighted Avg. P/E (1-yr Forward EPS) 21.67 Weighted Avg. P/E (Trailing EPS) 24.60 PEG Ratio 1.62 Weighted Avg. P/B 3.81 EPS Growth (Trailing 3-yr %) 14.24% EPS Growth (Trailing 5-yr %) 11.01% Forward EPS Growth (1-yr %) 8.19% Forward EPS Growth (Long Term %) 12.18% Revenue Growth (Trailing 5-yr %) 9.15% Return on Equity 19.22% Weighted Avg. Dividend Yield 1.19% Debt to Equity 94.10 Trailing 12-Months Portfolio Turnover 33.64% As of: 09/30/2023 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. 2.91 7.69 8.49 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. 11.43 15.36 14.11 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. -0.12 0.58 0.62 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. 154.04 270.07 276.23 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. 113.12 127.61 87.77 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. 1.16 1.40 1.09 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. 49.67 30.58 14.95 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. 8.19 13.02 13.02 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. 0.27 0.62 0.61 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. -1.15 6.38 7.96 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. -19.32 -19.32 -19.74 As of: 11/30/2023 Market Cap Fund Market Cap ($mm) 0 - 1,000 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% Market Cap ($mm) 1,500 - 2,500 0.00% Market Cap ($mm) 2,500 - 5,000 0.00% Market Cap ($mm) 5,000 - 10,000 3.36% Market Cap ($mm) 10,000 - 25,000 13.24% Market Cap ($mm) 25,000 - 50,000 5.28% Market Cap ($mm) 50,000 - 100,000 38.29% Market Cap ($mm) 100,000 - 200,000 15.74% Market Cap ($mm) 200,000 - 24.09% Market Cap – NA 0.00% As of: 09/30/2023 Valuation Characteristics Fund P/E 0-10 0.00% P/E 10-15 14.14% P/E 15-20 15.75% P/E 20-25 11.25% P/E 25-Above 54.87% P/E – NA 3.98% As of: 09/30/2023 Growth Characteristics Fund EPS Growth (Trailing 3-yr %) - Negative 22.01% EPS Growth (Trailing 3-yr %) 0 - 5 5.13% EPS Growth (Trailing 3-yr %) 5 - 10 14.42% EPS Growth (Trailing 3-yr %) 10 - 15 18.94% EPS Growth (Trailing 3-yr %) 15 - 20 9.93% EPS Growth (Trailing 3-yr %) Above 20 29.56% EPS Growth (Trailing 3-yr %) - NA 0.00% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 Alphabet Inc, Class A 5.86% Airbus SE 5.21% Amazon.com Inc 4.94% Charter Communications Inc, Class A 4.79% Canadian Pacific Kansas City Ltd 4.77% Vinci SA 4.67% Intercontinental Exchange Inc 4.35% MasterCard Inc, Class A 4.33% UnitedHealth Group Inc 4.27% Unilever PLC [UNA] 3.65% % in Top 10 Holdings 46.85% View Holding Details Holding Details Veritas Global Real Return Fund (BLUEX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 Alphabet Inc, Class A 5.86% Airbus SE 5.21% Amazon.com Inc 4.94% Charter Communications Inc, Class A 4.79% Canadian Pacific Kansas City Ltd 4.77% Vinci SA 4.67% Intercontinental Exchange Inc 4.35% MasterCard Inc, Class A 4.33% UnitedHealth Group Inc 4.27% Unilever PLC [UNA] 3.65% % in Top 10 Holdings 46.85% As of: 09/30/2023 Download All Holdings (PDF) As of: 10/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund GOOGL Alphabet Inc, Class A Communication Services S US USD 49,084 124.08 $6,090,343 5.68% AIR Airbus SE Industrials S FR EUR 42,687 134.08 $5,723,311 5.34% AMZN Amazon.com Inc Consumer Discretionary S US USD 42,585 133.09 $5,667,638 5.29% DG Vinci SA Industrials S FR EUR 46,265 110.57 $5,115,725 4.77% CP Canadian Pacific Kansas City Ltd Industrials S CA USD 70,213 70.97 $4,983,017 4.65% UNH UnitedHealth Group Inc Health Care S US USD 9,270 535.56 $4,964,641 4.63% ICE Intercontinental Exchange Inc Financials S US USD 43,337 107.44 $4,656,127 4.35% MA MasterCard Inc, Class A Financials S US USD 11,990 376.35 $4,512,437 4.21% DGE Diageo PLC Consumer Staples S GB GBP 117,833 37.82 $4,455,976 4.16% FI Fiserv Inc Financials S US USD 37,664 113.75 $4,284,280 4.00% CHTR Charter Communications Inc, Class A Communication Services S US USD 10,111 402.80 $4,072,711 3.80% UNA Unilever PLC [UNA] Consumer Staples S GB EUR 80,875 47.30 $3,825,739 3.57% COO Cooper Cos Inc Health Care S US USD 11,902 311.75 $3,710,449 3.46% MCO Moody's Corp Financials S US USD 12,041 308.00 $3,708,628 3.46% MSFT Microsoft Corp Information Technology S US USD 10,309 338.11 $3,485,576 3.25% ELV Elevance Health Inc Health Care S US USD 7,646 450.09 $3,441,388 3.21% AENA Aena SME SA 144A Industrials S ES EUR 23,436 145.10 $3,400,581 3.17% SAF Safran SA Industrials S FR EUR 20,612 156.22 $3,219,997 3.00% BA/ BAE Systems PLC Industrials S GB GBP 217,727 13.45 $2,927,640 2.73% BDX Becton Dickinson & Co Health Care S US USD 11,529 252.78 $2,914,301 2.72% TMO Thermo Fisher Scientific Inc Health Care S US USD 5,812 444.77 $2,585,003 2.41% FNV Franco-Nevada Corp Materials S CA USD 20,269 121.55 $2,463,697 2.30% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 7,452 275.28 $2,051,387 1.91% ADP Automatic Data Processing Inc Industrials S US USD 9,153 218.22 $1,997,368 1.86% EFX Equifax Inc Industrials S US USD 11,462 169.57 $1,943,611 1.81% SHL Sonic Healthcare Ltd Health Care S AU AUD 80,510 18.31 $1,474,224 1.38% CTLT Catalent Inc Health Care S US USD 41,097 34.39 $1,413,326 1.32% ILMN Illumina Inc Health Care S US USD 10,048 109.42 $1,099,452 1.03% Cash & Equivalents Cash C US USD - - $34,051,385 31.78% VGZ3 Eurex EURO STOXX 50 Future Dec 2023 Futures O DE EUR -223 4,306.47 -$9,603,421 -8.96% ESZ3 CME E-Mini Standard & Poor's 500 Index Future Dec 2023 Futures O US USD -83 4,212.25 -$17,480,838 -16.31% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Charter Communications Inc, Class A 1 4.38% 19.72% Alphabet Inc, Class A 2 6.86% 9.32% Automatic Data Processing Inc 3 2.19% 9.84% UnitedHealth Group Inc 4 3.98% 5.19% BAE Systems PLC 5 2.67% 3.34% Catalent Inc 6 1.70% 5.00% MasterCard Inc, Class A 7 4.20% 0.77% Safran SA 8 2.90% 0.55% Becton Dickinson & Co 9 2.77% -1.84% Elevance Health Inc 10 2.77% -1.77% As of: 09/30/2023 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 Cooper Cos Inc 20 3.82% -17.06% Illumina Inc 19 1.52% -26.78% Canadian Pacific Kansas City Ltd 18 4.87% -7.70% Diageo PLC 17 2.80% -12.50% Equifax Inc 16 1.76% -22.05% Airbus SE 15 5.29% -6.90% Moody's Corp 14 3.64% -8.92% Fiserv Inc 13 2.95% -10.46% Sonic Healthcare Ltd 12 1.56% -17.16% Microsoft Corp 11 3.91% -7.14% As of: 09/30/2023 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: 09/30/2023 View Allocation Details Allocation Details Veritas Global Real Return Fund (BLUEX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund Cash & Other 32.66% Industrials 27.18% Health Care 22.97% Financials 14.99% Communication Services 10.65% Consumer Staples 6.60% Consumer Discretionary 4.94% Information Technology 2.97% Materials 2.47% Energy 0.00% Real Estate 0.00% Utilities 0.00% Futures -25.43% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 92.77% Bonds 0.00% Cash and Other 7.23% As of: 09/30/2023 Country Fund United States 42.66% France 12.83% United Kingdom 9.03% Canada 7.24% Spain 3.22% Australia 1.40% Germany -9.05% % in Top 7 Countries 67.33% As of: 09/30/2023 Region Fund Developed 67.34% Europe & Middle East 16.04% North America 49.89% Pacific 1.40% Emerging 0.00% Asia 0.00% Latin America 0.00% Europe & Middle East 0.00% Africa 0.00% Frontier 0.00% Africa 0.00% Asia 0.00% Europe 0.00% Latin America 0.00% Middle East 0.00% Cash & Other 32.66% As of: 09/30/2023 Industry Fund Aerospace & Defense 10.59% Health Care Providers & Services 8.71% Capital Markets 7.83% Financial Services 7.16% Life Sciences Tools & Services 6.38% Health Care Equipment & Supplies 6.17% Interactive Media & Services 5.86% Broadline Retail 4.94% Media 4.79% Ground Transportation 4.77% % in Top 10 Industries 67.2% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach Veritas Global Real Return 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. Veritas will overlay hedging to reduce market exposure as appropriate and based on valuations of companies within their investment universe. 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 Products 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 MFQAX Veritas Global Focus Fund The Fund seeks to provide long-term capital appreciation. 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