Veritas Asset Management LLP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	1,836,779	$574,912	9.7%	$109.31	+195.8%	—	02079K305
BIO	BIO RAD LABS INC	543,335	$164,625	2.8%	$490.93	-39.1%	—	090572207
HDB	HDFC BANK LTD	224,364	$8,198	0.1%	$54.25	—	—	40415F101
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	78,090	$6,481	0.1%	$59.72	+28.6%	—	192446102
NTES	NETEASE INC	32,957	$4,536	0.1%	$93.51	—	—	64110W102
SE	SEA LTD	22,860	$2,916	0.0%	$127.57	—	—	81141R100

Decreased Positions (19)

MSFT MICROSOFT CORP 8.1%

Value ($000) $480,716 (-52.3%) Shares 1,298,635 (-37.7%) Est. Cost $312.14 Unrealized +39.2%

AMZN AMAZON COM INC 9.2%

Value ($000) $545,527 (-46.0%) Shares 2,619,324 (-40.1%) Est. Cost $127.36 Unrealized +78.1%

CRM SALESFORCE INC 7.1%

Value ($000) $420,733 (-46.4%) Shares 2,253,886 (-24.0%) Est. Cost $253.05 Unrealized -14.7%

UNH UNITEDHEALTH GROUP INC 8.6%

Value ($000) $509,270 (-39.1%) Shares 1,882,071 (-25.7%) Est. Cost $318.33 Unrealized -3.0%

TMO THERMO FISHER SCIENTIFIC INC 7.0%

Value ($000) $415,832 (-36.7%) Shares 845,995 (-25.4%) Est. Cost $407.34 Unrealized +41.1%

BDX BECTON DICKINSON & CO 5.4%

Value ($000) $318,050 (-43.0%) Shares 2,022,830 (-29.6%) Est. Cost $209.29 Unrealized -19.8%

AON AON PLC 8.3%

Value ($000) $490,715 (-30.2%) Shares 1,520,277 (-23.7%) Est. Cost $312.70 Unrealized +7.5%

CP CANADIAN PACIFIC KANSAS CITY 9.1%

Value ($000) $539,164 (-21.6%) Shares 6,854,361 (-26.6%) Est. Cost $77.41 Unrealized -0.2%

ICE INTERCONTINENTAL EXCHANGE IN 5.7%

Value ($000) $337,688 (-27.3%) Shares 2,147,051 (-25.1%) Est. Cost $110.51 Unrealized +49.3%

ELV ELEVANCE HEALTH INC FORMERLY 3.2%

Value ($000) $186,005 (-39.3%) Shares 635,371 (-27.3%) Est. Cost $442.30 Unrealized -20.5%

WAT WATERS CORP 6.1%

Value ($000) $357,602 (-24.1%) Shares 1,200,813 (-3.3%) Est. Cost $336.77 Unrealized +9.0%

H HYATT HOTELS CORP 3.3%

Value ($000) $192,139 (-36.9%) Shares 1,336,247 (-29.7%) Est. Cost $152.05 Unrealized +8.2%

CHTR CHARTER COMMUNICATIONS INC 4.1%

Value ($000) $240,286 (-24.3%) Shares 1,113,053 (-26.8%) Est. Cost $364.78 Unrealized -41.4%

ZTS ZOETIS INC 2.5%

Value ($000) $148,105 (-33.2%) Shares 1,252,898 (-28.9%) Est. Cost $163.36 Unrealized -22.9%

TDG TRANSDIGM GROUP INC 2.6%

Value ($000) $155,271 (-17.7%) Shares 133,974 (-5.5%) Est. Cost $1310.75 Unrealized +3.9%

MDT MEDTRONIC PLC 0.2%

Value ($000) $14,099 (-18.9%) Shares 162,708 (-10.1%) Est. Cost $85.33 Unrealized +16.6%

PDD PDD HOLDINGS INC 0.0%

Value ($000) $1,024 (-59.9%) Shares 10,020 (-55.5%) Est. Cost $134.81 Unrealized —

MSM MSC INDL DIRECT INC 0.1%

Value ($000) $6,956 (-12.5%) Shares 75,386 (-20.3%) Est. Cost $71.44 Unrealized +24.4%

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.0%

Value ($000) $1,467 (-11.1%) Shares 4,342 (-20.0%) Est. Cost $71.95 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	1,298,635 (-37.7%)	$480,716 (-52.3%)	8.1%	$312.14	+39.2%	COM	594918104
AMZN	AMAZON COM INC	2,619,324 (-40.1%)	$545,527 (-46.0%)	9.2%	$127.36	+78.1%	COM	023135106
CRM	SALESFORCE INC	2,253,886 (-24.0%)	$420,733 (-46.4%)	7.1%	$253.05	-14.7%	COM	79466L302
UNH	UNITEDHEALTH GROUP INC	1,882,071 (-25.7%)	$509,270 (-39.1%)	8.6%	$318.33	-3.0%	COM	91324P102
TMO	THERMO FISHER SCIENTIFIC INC	845,995 (-25.4%)	$415,832 (-36.7%)	7.0%	$407.34	+41.1%	COM	883556102
BDX	BECTON DICKINSON & CO	2,022,830 (-29.6%)	$318,050 (-43.0%)	5.4%	$209.29	-19.8%	COM	075887109
AON	AON PLC	1,520,277 (-23.7%)	$490,715 (-30.2%)	8.3%	$312.70	+7.5%	SHS CL A	G0403H108
CP	CANADIAN PACIFIC KANSAS CITY	6,854,361 (-26.6%)	$539,164 (-21.6%)	9.1%	$77.41	-0.2%	COM	13646K108
ICE	INTERCONTINENTAL EXCHANGE IN	2,147,051 (-25.1%)	$337,688 (-27.3%)	5.7%	$110.51	+49.3%	COM	45866F104
ELV	ELEVANCE HEALTH INC FORMERLY	635,371 (-27.3%)	$186,005 (-39.3%)	3.2%	$442.30	-20.5%	COM	036752103
WAT	WATERS CORP	1,200,813 (-3.3%)	$357,602 (-24.1%)	6.1%	$336.77	+9.0%	COM	941848103
H	HYATT HOTELS CORP	1,336,247 (-29.7%)	$192,139 (-36.9%)	3.3%	$152.05	+8.2%	COM CL A	448579102
CHTR	CHARTER COMMUNICATIONS INC	1,113,053 (-26.8%)	$240,286 (-24.3%)	4.1%	$364.78	-41.4%	CL A	16119P108
ZTS	ZOETIS INC	1,252,898 (-28.9%)	$148,105 (-33.2%)	2.5%	$163.36	-22.9%	CL A	98978V103
TDG	TRANSDIGM GROUP INC	133,974 (-5.5%)	$155,271 (-17.7%)	2.6%	$1310.75	+3.9%	COM	893641100
MDT	MEDTRONIC PLC	162,708 (-10.1%)	$14,099 (-18.9%)	0.2%	$85.33	+16.6%	SHS	G5960L103
PDD	PDD HOLDINGS INC	10,020 (-55.5%)	$1,024 (-59.9%)	0.0%	$134.81	—	SPONSORED ADS	722304102
MSM	MSC INDL DIRECT INC	75,386 (-20.3%)	$6,956 (-12.5%)	0.1%	$71.44	+24.4%	CL A	553530106
TSM	TAIWAN SEMICONDUCTOR MANUFAC	4,342 (-20.0%)	$1,467 (-11.1%)	0.0%	$71.95	—	SPONSORED ADS	874039100

Unchanged Positions (1)

PM PHILIP MORRIS INTL INC 0.2%

Value ($000) $11,084 Shares 67,036 Est. Cost $60.69 Unrealized +189.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PM	PHILIP MORRIS INTL INC	67,036	$11,084	0.2%	$60.69	+189.9%	COM	718172109