Morningstar Fund Report  | 07/04/2025Print

Veritas Global Equity Income Retail GBP

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Veritas Global Equity Income Retail GBP
Fund16.81.514.211.55.6
+/-Cat-1.52.36.91.14.8
+/-B’mrk-3.6-5.39.4-1.94.8
 
Category: Global Equity Income
Category Benchmark: Morningstar Gbl High Div Yl...
Key Stats
NAV
07/04/2025		 GBP 219.19
Day Change -4.07%
Morningstar Category™ Global Equity Income
IA (formerly IMA) Sector Global Equity Income
ISIN IE00B0WFLH68
Fund Size (Mil)
04/04/2025		 GBP 233.33
Share Class Size (Mil)
04/04/2025		 GBP 5.19
Max Initial Charge -
Ongoing Charge
19/12/2024		  1.59%
Morningstar Research
Analyst Report29/10/2024
Jeffrey Schumacher, Director
Morningstar, Inc

Diminishing conviction in the resources backing this strategy lead to a downgrade of its People Pillar score from Above Average to Average. The strategy’s Morningstar Analyst Ratings now range from Bronze to Neutral, depending on the fee level.As...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent24
Process24
Performance
Price
Investment Objective: Veritas Global Equity Income Retail GBP
The Sub-Fund is designed to provide a high and growing level of income and thereafter to preserve capital in real terms over the long term. The Sub-Fund principally invests in global equities listed or traded on Recognised Exchanges. Investments may also be made in global securities (including, but not exclusively, sovereign and 125 corporate index-linked bonds, sovereign, corporate and convertible bonds, which may be fixed and/or floating rate and shall generally be investment grade) which are listed or traded on a Recognised Exchange, subject to the Investment Restrictions listed in the main body of the Prospectus. The SubFund will not invest in leveraged notes.
Returns
Trailing Returns (GBP)07/04/2025
YTD-0.96
3 Years Annualised8.89
5 Years Annualised10.89
10 Years Annualised7.70
12 Month Yield 3.05
Dividend Paying Frequency Half-yearly
Management
Manager Name
Start Date
Ian Clark
01/01/2019
Mike Moore
01/10/2023
Click here to see others
Inception Date
03/01/2006

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI World NR EURMorningstar Gbl High Div Yld NR USD
Portfolio Profile for  Veritas Global Equity Income Retail GBP28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock92.710.0092.71
Bond0.150.000.15
Property0.000.000.00
Cash7.390.257.14
Other0.000.000.00
Top 5 Regions%
Eurozone37.02
United States26.59
United Kingdom18.22
Europe - ex Euro16.61
Australasia1.56
Top 5 Sectors%
Industrials29.46
Consumer Defensive22.58
Healthcare14.99
Technology13.87
Consumer Cyclical7.38
Top 5 HoldingsSector%
Siemens AGIndustrialsIndustrials5.76
Medtronic PLCHealthcareHealthcare5.66
Unilever PLCConsumer DefensiveConsumer Defensive5.51
Philip Morris International IncConsumer DefensiveConsumer Defensive5.36
Svenska Handelsbanken AB Class AFinancial ServicesFinancial Services5.18
Increase Decrease New since last portfolio
Veritas Global Equity Income Retail GBP
Growth Of 1000 (GBP) 31/03/2025
Fund:  Veritas Global Equity Income Retail GBP
Category:  Global Equity Income
Category Index:  Morningstar Gbl High Div Yld NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-3.8417.52-4.7616.791.5214.1911.505.58
+/- Category2.070.60-6.65-1.462.296.911.114.79
+/- Category Index----3.56-5.299.43-1.864.84
% Rank in Category31428365389419
Trailing Returns (GBP)07/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-4.07   -1.49-0.48
1 Week-6.19   -1.400.95
1 Month-9.55   -3.01-1.33
3 Months-2.04   1.645.67
6 Months-1.60   0.513.62
YTD-0.96   1.955.66
1 Year4.65   2.644.79
3 Years Annualised8.89   3.974.40
5 Years Annualised10.89   -0.61-1.52
10 Years Annualised7.70   -0.04-0.13
 
Category: Global Equity Income
Category Index: Morningstar Gbl High Div Yld NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20255.58---
20247.81-2.326.42-0.50
20235.710.433.354.07
20220.05-3.46-0.415.54
20214.334.234.302.97
2020-18.0913.89-4.206.58
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearHighAverage5 star
5-YearAbove AverageAverage4 star
10-YearAbove AverageAbove Average4 star
OverallAbove AverageAbove Average4 star
 
Category :  Global Equity IncomeClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev8.17 %
3-Yr Mean Return11.26 %
 
3-Yr Sharpe Ratio0.83
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Gbl High Div Yld NR USD  Morningstar DM Eur xUK TME NR EUR
3-Yr Beta0.820.68
3-Yr Alpha3.633.22
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 48827-
Market Capitalisation% of Equity
Giant34.62
Large50.85
Medium9.32
Small5.21
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings17.401.10
Price/Book2.611.02
Price/Sales1.871.01
Price/Cash Flow12.881.16
Dividend-Yield Factor3.100.93
 
Long-Term Projected Earnings Growth8.100.90
Historical Earnings Growth4.771.21
Sales Growth6.982.19
Cash-Flow Growth4.524.17
Book-Value Growth1.720.38
 
Category: Global Equity Income
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock92.710.0092.71
Bond0.150.000.15
Property0.000.000.00
Cash7.390.257.14
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States26.590.54
Canada0.000.00
Latin America0.000.00
United Kingdom18.221.97
Eurozone37.022.07
Europe - ex Euro16.612.19
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia1.561.24
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: Global Equity Income
Sector Weightings28/02/2025
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical7.380.94
Financial ServicesFinancial Services5.580.27
Consumer DefensiveConsumer Defensive22.582.00
HealthcareHealthcare14.991.18
Communication ServicesCommunication Services6.141.07
IndustrialsIndustrials29.462.36
TechnologyTechnology13.870.85
 
Category: Global Equity Income
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings28
Total Number of Bond Holdings0
Assets in Top 10 Holdings49.68
NameSectorCountry% of Assets
Siemens AG310Germany5.76
Medtronic PLC206United States5.66
Unilever PLC205United Kingdom5.51
Philip Morris International Inc205United States5.36
Svenska Handelsbanken AB Class A103Sweden5.18
Sanofi SA206France4.87
Diageo PLC205United Kingdom4.67
dorma+kaba Holding AG310Switzerland4.40
Amadeus IT Group SA311Spain4.34
Vinci SA310France3.93
 
Increase Decrease New since last portfolio
Category: Global Equity Income
 
Management
Name of CompanyVeritas Asset Management LLP
Phone+44 (0)20 3758 9900
Websitewww.veritas-asset.com
Address1 Smart’s Place, Holborn
 London   WC2B 5LW
 United Kingdom
DomicileIreland
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date03/01/2006
Fund Advisor(s)
Veritas Asset Management LLP
Fund ManagerIan Clark
Manager Start Date01/01/2019
Education
Warwick University, M.S.
 
Biography
Ian Clark is co-lead manager of the Newton Global Equity Income strategy. He joined Newton in 2011, and spent his first five years with the firm as a specialist global research analyst on our Global Equity Income and Real Return strategies. He continues to provide input on equity holdings in the Real Return strategy. Prior to joining Newton, Ian worked for Ziff Brothers Investments, covering industrial, building materials, transport and commodity companies. He also spent two years at McKinsey as a consultant in the firm's corporate finance practice. Ian holds a BSc from Warwick University.
Fund ManagerMike Moore
Manager Start Date01/10/2023
Fund ManagerAndrew Headley
Manager Start Date01/03/2005
 
Biography
Director, Fund Manager and Head of Global Research. Director of Veritas Asset Management (UK) Limited and Fund Manager of the Real Return Global Fund and Veritas Global Focus Fund. Joined The Real Return Group in 2003. Analyst and Portfolio Manager WP Stewart 2001 to 2003. Analyst and Portfolio Manager Newton Investment Management 1996 to 2001. Tax Consultant, Price Waterhouse 1993 to 1996. Education: Chartered Accountant, BSc, ASIP.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.50%
Ongoing Charge1.59%
Purchase Details
Minimum Investments
Initial7000  GBP
Additional7000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes