Veritas Asset Management LLP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WAT	WATERS CORP	1,241,206 (+112.3%)	$471,447 (+168.9%)	4.8%	$336.77	+9.3%	COM	941848103
H	HYATT HOTELS CORP	1,900,417 (+827.9%)	$304,675 (+948.2%)	3.1%	$152.05	+0.7%	COM CL A	448579102
ICE	INTERCONTINENTAL EXCHANGE IN	2,867,517 (+39.6%)	$464,423 (+34.2%)	4.8%	$110.51	+41.3%	COM	45866F104
MA	MASTERCARD INCORPORATED	787,850 (+18.6%)	$449,768 (+19.0%)	4.6%	$360.51	+55.0%	CL A	57636Q104

Exited Positions (5)

SCHW SCHWAB CHARLES CORP 1.5%

Value ($000) $142,077 Shares 1,488,189 Est. Cost $73.82 Unrealized +28.3%

FUTU FUTU HLDGS LTD 0.7%

Value ($000) $73,191 Shares 420,857 Est. Cost $118.37 Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 0.1%

Value ($000) $8,862 Shares 34,159 Est. Cost $237.69 Unrealized +14.5%

YMM FULL TRUCK ALLIANCE CO LTD 0.0%

Value ($000) $1,441 Shares 111,136 Est. Cost $11.39 Unrealized —

TAL TAL EDUCATION GROUP 0.0%

Value ($000) $456 Shares 40,746 Est. Cost $10.02 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SCHW	SCHWAB CHARLES CORP	1,488,189	$142,077	1.5%	$73.82	+28.3%	—	808513105
FUTU	FUTU HLDGS LTD	420,857	$73,191	0.7%	$118.37	—	—	36118L106
HLT	HILTON WORLDWIDE HLDGS INC	34,159	$8,862	0.1%	$237.69	+14.5%	—	43300A203
YMM	FULL TRUCK ALLIANCE CO LTD	111,136	$1,441	0.0%	$11.39	—	—	35969L108
TAL	TAL EDUCATION GROUP	40,746	$456	0.0%	$10.02	—	—	874080104

Decreased Positions (15)

MSFT MICROSOFT CORP 10.3%

Value ($000) $1,008,828 (-10.7%) Shares 2,085,994 (-4.4%) Est. Cost $312.14 Unrealized +60.4%

CHTR CHARTER COMMUNICATIONS INC N 3.2%

Value ($000) $317,536 (-25.3%) Shares 1,521,130 (-1.5%) Est. Cost $364.78 Unrealized -38.3%

UNH UNITEDHEALTH GROUP INC 8.6%

Value ($000) $836,047 (-8.7%) Shares 2,532,631 (-4.5%) Est. Cost $318.33 Unrealized +5.9%

BIO BIO RAD LABS INC 1.7%

Value ($000) $164,625 (-30.4%) Shares 543,335 (-35.6%) Est. Cost $490.93 Unrealized -36.4%

TMO THERMO FISHER SCIENTIFIC INC 6.7%

Value ($000) $657,020 (+11.2%) Shares 1,133,869 (-6.9%) Est. Cost $407.34 Unrealized +38.7%

CRM SALESFORCE INC 8.0%

Value ($000) $785,472 (+9.0%) Shares 2,965,053 (-2.5%) Est. Cost $253.05 Unrealized -1.9%

ZTS ZOETIS INC 2.3%

Value ($000) $221,699 (-15.2%) Shares 1,762,032 (-1.4%) Est. Cost $163.36 Unrealized -20.3%

CP CANADIAN PACIFIC KANSAS CITY 7.0%

Value ($000) $688,032 (-5.0%) Shares 9,344,449 (-3.8%) Est. Cost $77.41 Unrealized -4.9%

AON AON PLC 7.2%

Value ($000) $703,097 (-4.0%) Shares 1,992,453 (-3.0%) Est. Cost $312.70 Unrealized +11.7%

GOOGL ALPHABET INC 5.9%

Value ($000) $574,912 (+3.5%) Shares 1,836,779 (-19.6%) Est. Cost $109.31 Unrealized +161.3%

ELV ELEVANCE HEALTH INC FORMERLY 3.1%

Value ($000) $306,378 (+5.0%) Shares 873,993 (-3.2%) Est. Cost $442.30 Unrealized -23.9%

BDX BECTON DICKINSON & CO 5.7%

Value ($000) $557,870 (+0.9%) Shares 2,874,579 (-2.7%) Est. Cost $209.29 Unrealized -9.4%

AMZN AMAZON COM INC 10.3%

Value ($000) $1,010,033 (+0.3%) Shares 4,375,845 (-4.6%) Est. Cost $127.36 Unrealized +79.6%

NTES NETEASE INC 0.0%

Value ($000) $4,536 (-31.3%) Shares 32,957 (-24.2%) Est. Cost $93.51 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.0%

Value ($000) $1,650 (-40.7%) Shares 5,429 (-45.5%) Est. Cost $71.95 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	2,085,994 (-4.4%)	$1,008,828 (-10.7%)	10.3%	$312.14	+60.4%	COM	594918104
CHTR	CHARTER COMMUNICATIONS INC N	1,521,130 (-1.5%)	$317,536 (-25.3%)	3.2%	$364.78	-38.3%	CL A	16119P108
UNH	UNITEDHEALTH GROUP INC	2,532,631 (-4.5%)	$836,047 (-8.7%)	8.6%	$318.33	+5.9%	COM	91324P102
BIO	BIO RAD LABS INC	543,335 (-35.6%)	$164,625 (-30.4%)	1.7%	$490.93	-36.4%	CL A	090572207
TMO	THERMO FISHER SCIENTIFIC INC	1,133,869 (-6.9%)	$657,020 (+11.2%)	6.7%	$407.34	+38.7%	COM	883556102
CRM	SALESFORCE INC	2,965,053 (-2.5%)	$785,472 (+9.0%)	8.0%	$253.05	-1.9%	COM	79466L302
ZTS	ZOETIS INC	1,762,032 (-1.4%)	$221,699 (-15.2%)	2.3%	$163.36	-20.3%	CL A	98978V103
CP	CANADIAN PACIFIC KANSAS CITY	9,344,449 (-3.8%)	$688,032 (-5.0%)	7.0%	$77.41	-4.9%	COM	13646K108
AON	AON PLC	1,992,453 (-3.0%)	$703,097 (-4.0%)	7.2%	$312.70	+11.7%	SHS CL A	G0403H108
GOOGL	ALPHABET INC	1,836,779 (-19.6%)	$574,912 (+3.5%)	5.9%	$109.31	+161.3%	CAP STK CL A	02079K305
ELV	ELEVANCE HEALTH INC FORMERLY	873,993 (-3.2%)	$306,378 (+5.0%)	3.1%	$442.30	-23.9%	COM	036752103
BDX	BECTON DICKINSON & CO	2,874,579 (-2.7%)	$557,870 (+0.9%)	5.7%	$209.29	-9.4%	COM	075887109
AMZN	AMAZON COM INC	4,375,845 (-4.6%)	$1,010,033 (+0.3%)	10.3%	$127.36	+79.6%	COM	023135106
NTES	NETEASE INC	32,957 (-24.2%)	$4,536 (-31.3%)	0.0%	$93.51	—	SPONSORED ADS	64110W102
TSM	TAIWAN SEMICONDUCTOR MFG LTD	5,429 (-45.5%)	$1,650 (-40.7%)	0.0%	$71.95	—	SPONSORED ADS	874039100

Unchanged Positions (6)

CTSH COGNIZANT TECHNOLOGY SOLUTIO 0.1%

Value ($000) $6,481 Shares 78,090 Est. Cost $59.72 Unrealized +25.0%

MSM MSC INDL DIRECT INC 0.1%

Value ($000) $7,951 Shares 94,539 Est. Cost $71.44 Unrealized +21.3%

HDB HDFC BANK LTD 0.1%

Value ($000) $8,198 Shares 224,364 Est. Cost $54.25 Unrealized —

PDD PDD HOLDINGS INC 0.0%

Value ($000) $2,552 Shares 22,506 Est. Cost $134.81 Unrealized —

MDT MEDTRONIC PLC 0.2%

Value ($000) $17,388 Shares 181,007 Est. Cost $85.33 Unrealized +13.8%

PM PHILIP MORRIS INTL INC 0.1%

Value ($000) $10,753 Shares 67,036 Est. Cost $60.69 Unrealized +153.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	78,090	$6,481	0.1%	$59.72	+25.0%	CL A	192446102
MSM	MSC INDL DIRECT INC	94,539	$7,951	0.1%	$71.44	+21.3%	CL A	553530106
HDB	HDFC BANK LTD	224,364	$8,198	0.1%	$54.25	—	SPONSORED ADS	40415F101
PDD	PDD HOLDINGS INC	22,506	$2,552	0.0%	$134.81	—	SPONSORED ADS	722304102
MDT	MEDTRONIC PLC	181,007	$17,388	0.2%	$85.33	+13.8%	SHS	G5960L103
PM	PHILIP MORRIS INTL INC	67,036	$10,753	0.1%	$60.69	+153.1%	COM	718172109