Morningstar Fund Report  | 17/04/2025Print

Veritas Global Focus Retail GBP

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Veritas Global Focus Retail GBP
Fund15.9-11.414.713.0-2.0
+/-Cat-2.1-2.12.0-1.21.7
+/-B’mrk-3.7-3.7-0.5-6.32.2
 
Category: Global Large-Cap Blend Equity
Category Benchmark: Morningstar Global TME NR USD
Key Stats
NAV
16/04/2025		 GBP 50.91
Day Change -0.49%
Morningstar Category™ Global Large-Cap Blend Equity
IA (formerly IMA) Sector Global
ISIN IE00B0WFLB07
Fund Size (Mil)
16/04/2025		 USD 2318.88
Share Class Size (Mil)
16/04/2025		 GBP 4.68
Max Initial Charge -
Ongoing Charge
19/12/2024		  1.54%
Morningstar Research
Analyst Report19/11/2024
Francesco Paganelli, Senior Analyst
Morningstar, Inc

Veritas Global Focus’ high-quality team and proven process earn it a Morningstar Analyst Rating of Gold for all but the most expensive share classes, which earn Silver. The strategy has been managed by Andrew Headley since its inception in 2003....

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People25
Parent24
Process25
Performance
Price
Investment Objective: Veritas Global Focus Retail GBP
The Sub-Fund is designed for long-term investors who wish to build capital over a number of years through investment in a focused portfolio of global companies. The Sub-Fund principally invests in equities, irrespective of specific geographical location listed or traded on Recognised Exchanges throughout the world. Investments may also be made in securities (including convertible bonds with equity linked notes which bonds shall 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 below, although it is not the current intention of the Directors that such investments will be made.
Returns
Trailing Returns (GBP)16/04/2025
YTD-5.81
3 Years Annualised4.13
5 Years Annualised7.99
10 Years Annualised8.67
12 Month Yield 0.00
Dividend Paying Frequency Annually
Management
Manager Name
Start Date
Andrew Headley
17/12/2003
Mike Moore
01/01/2020
Click here to see others
Inception Date
03/01/2006

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI World NR USDMorningstar Global TME NR USD
Portfolio Profile for  Veritas Global Focus Retail GBP31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock94.800.0094.80
Bond0.060.000.06
Property0.000.000.00
Cash5.080.015.07
Other0.070.000.07
Top 5 Regions%
United States54.21
Eurozone27.50
United Kingdom10.63
Canada4.26
Europe - ex Euro2.07
Top 5 Sectors%
Industrials25.05
Healthcare22.02
Technology16.44
Consumer Defensive10.63
Financial Services10.20
Top 5 HoldingsSector%
Microsoft CorpTechnologyTechnology5.95
Unilever PLCConsumer DefensiveConsumer Defensive5.55
Amazon.com IncConsumer CyclicalConsumer Cyclical5.39
Airbus SEIndustrialsIndustrials5.26
Safran SAIndustrialsIndustrials4.98
Increase Decrease New since last portfolio
Veritas Global Focus Retail GBP
Growth Of 1000 (GBP) 31/03/2025
Fund:  Veritas Global Focus Retail GBP
Category:  Global Large-Cap Blend Equity
Category Index:  Morningstar Global TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-0.8223.168.5315.94-11.4114.7313.03-2.04
+/- Category5.904.12-2.06-2.11-2.071.97-1.251.68
+/- Category Index2.691.60-3.72-3.72-3.70-0.52-6.272.25
% Rank in Category918666871396026
Trailing Returns (GBP)16/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.49   -0.57-0.37
1 Week3.29   0.82-0.81
1 Month-4.48   0.721.65
3 Months-9.20   0.822.68
6 Months-3.71   3.022.54
YTD-5.81   2.373.56
1 Year1.72   3.140.90
3 Years Annualised4.13   -0.77-2.23
5 Years Annualised7.99   -1.66-3.93
10 Years Annualised8.67   1.15-0.70
 
Category: Global Large-Cap Blend Equity
Category Index: Morningstar Global TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-2.04---
20248.66-2.192.303.96
20236.911.461.244.48
2022-1.04-6.85-0.65-3.27
20212.276.483.373.00
2020-11.3113.182.345.65
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageBelow Average3 star
5-YearBelow AverageBelow Average2 star
10-YearAverageBelow Average4 star
OverallAverageBelow Average3 star
 
Category :  Global Large-Cap Blend EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev9.64 %
3-Yr Mean Return4.84 %
 
3-Yr Sharpe Ratio0.08
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Global TME NR USD  Morningstar EAA USD Mod Tgt Alloc NR USD
3-Yr Beta0.761.23
3-Yr Alpha-2.54-0.18
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 152549-
Market Capitalisation% of Equity
Giant48.82
Large43.87
Medium5.59
Small1.72
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings19.631.05
Price/Book3.741.20
Price/Sales2.290.98
Price/Cash Flow11.910.92
Dividend-Yield Factor1.550.83
 
Long-Term Projected Earnings Growth8.460.88
Historical Earnings Growth27.162.66
Sales Growth8.941.52
Cash-Flow Growth5.630.83
Book-Value Growth8.100.99
 
Category: Global Large-Cap Blend Equity
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock94.800.0094.80
Bond0.060.000.06
Property0.000.000.00
Cash5.080.015.07
Other0.070.000.07
World Regions31/03/2025
 % of EquityRelative to Category
United States54.210.79
Canada4.261.76
Latin America0.000.00
United Kingdom10.632.29
Eurozone27.502.78
Europe - ex Euro2.070.43
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia1.331.38
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: Global Large-Cap Blend Equity
Sector Weightings31/03/2025
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical7.750.76
Financial ServicesFinancial Services10.200.58
Consumer DefensiveConsumer Defensive10.631.76
HealthcareHealthcare22.021.85
Communication ServicesCommunication Services7.900.94
IndustrialsIndustrials25.052.38
TechnologyTechnology16.440.63
 
Category: Global Large-Cap Blend Equity
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings28
Total Number of Bond Holdings0
Assets in Top 10 Holdings48.62
NameSectorCountry% of Assets
Microsoft Corp311United States5.95
Unilever PLC205United Kingdom5.55
Amazon.com Inc102United States5.39
Airbus SE310Netherlands5.26
Safran SA310France4.98
Vinci SA310France4.58
Diageo PLC205United Kingdom4.53
UnitedHealth Group Inc206United States4.31
Canadian Pacific Kansas City Ltd310Canada4.04
Alphabet Inc Class A308United States4.04
 
Increase Decrease New since last portfolio
Category: Global Large-Cap Blend Equity
 
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 ManagerAndrew Headley
Manager Start Date17/12/2003
 
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.
Fund ManagerMike Moore
Manager Start Date01/01/2020
Fund ManagerIan Clarke
Manager Start Date01/10/2023
 
Biography
Ian is a Fund Manager, Index Funds and is responsible for the team managing the UK and Pacific Basin equity index funds. His career in UK equities began in 1973 where he initially worked in the actively managed UK Equity team and was responsible for investment analysis for various sectors of the UK market and subsequently progressed to managing a number of funds, including the Life fund. He transferred to Index Funds in 1996. Ian qualified as a Fellow of the Institute of Actuaries in 1976.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.50%
Ongoing Charge1.54%
Purchase Details
Minimum Investments
Initial7000  GBP
Additional7000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes