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Veritas Investment Management LLP
Mark Rayward · Investment Advisor · Value
Veritas Investment Management LLP, now operating as Meridiem Investment Management, is a London-based investment boutique specializing in discretionary portfolio management for private clients, families, and charities. Established in 2012 as a dedicated private client spin-off from Veritas Asset Management, the firm maintains an independent partnership structure and a focus on managing wealth through long-term stewardship. It is known for its selective approach to global equity investing, emphasizing high-quality businesses and absolute returns. In 2024, the firm rebranded to Meridiem to reflect its core focus on the concept of time and sustainable long-term growth for its clients.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | -3.4% |
| YTD return | -5.2% |
| Sharpe ratio | -2.71 |
| Win rate | 31% |
| AUM | $3.8B |
| Inception | Oct 1, 2025 |
| Updated | Sep 11, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $3.8B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://meridiemim.com |
Current Holdings
Updated on Sep 11, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| MA | Mastercard Inc | 8.1% | +1.5% |
| MRSH | Marsh & McLennan Companies, Inc. | 7.7% | -2.5% |
| APH | Amphenol Corporation | 7.5% | +25.6% |
| TSM | Taiwan Semiconductor Manufacturing | 7.3% | +11.2% |
| AMZN | Amazon.com Inc | 7.3% | +15.5% |
| LH | Laboratory Corporation of America Holdings | 6.9% | +11.2% |
| TMO | Thermo Fisher Scientific Inc | 6.4% | +15.0% |
| MSFT | Microsoft Corporation | 6.4% | -3.3% |
| GOOGL | Alphabet Inc Class A | 5.9% | +33.7% |
| AME | Ametek Inc | 4.9% | +23.2% |
| CDNS | Cadence Design Systems Inc | 4.8% | -14.9% |
| XYL | Xylem Inc | 4.6% | -10.2% |
| ADP | Automatic Data Processing Inc | 4.5% | -3.5% |
| TSCO | Tractor Supply Company | 3.5% | -39.1% |
| AVY | Avery Dennison Corp | 3.1% | +3.8% |
| ISRG | Intuitive Surgical Inc | 3.1% | -14.8% |
| HEI | Heico Corporation | 2.2% | -15.1% |
| ACN | Accenture plc | 2.0% | -3.0% |
| VRSK | Verisk Analytics Inc | 1.9% | -8.1% |
| BSX | Boston Scientific Corp | 1.7% | -15.0% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 31, 2026 | BUY | GOOGL | 5.9% → 5.9% |
| Aug 31, 2026 | BUY | AMZN | 7.2% → 7.3% |
| Aug 31, 2026 | BUY | ADP | 4.3% → 4.5% |
| Aug 31, 2026 | SELL | APH | 7.9% → 7.5% |
| Aug 31, 2026 | SELL | CDNS | 4.5% → 4.8% |
Investment Style Analysis
Veritas Investment Management LLP is widely recognized for employing a Value strategy. As of Sep 11, 2026, the firm oversees approximately $3.8B in assets under management (AUM). The portfolio demonstrates a clear preference for the Diagnostics & Research and Specialty Industrial Machinery sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 31, Veritas Investment Management LLP made a significant move by increasing exposure to GOOGL. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
The firm employs a 'Real Return' investment philosophy, aiming to protect and grow the purchasing power of clients' capital in real terms rather than relative to market benchmarks. This strategy is executed through a research-intensive, bottom-up process that identifies high-quality global companies with durable competitive advantages, strong cash flows, and sustainable business models. By focusing on absolute valuations and maintaining a long-term investment horizon, the firm seeks to achieve consistent capital growth with a significant margin of safety. Stewardship and environmental, social, and governance (ESG) factors are integrated into the research process to ensure the long-term viability and quality of the investments.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Veritas Investment Management LLP.
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Frequently asked questions
How is the simulated portfolio for Veritas Investment Management LLP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Veritas Investment Management LLP's largest holding?
As of the latest filing, Veritas Investment Management LLP's top position is Mastercard Inc (MA), representing 8.1% of the portfolio. This reflects a high-conviction bet by the institution.
What is Veritas Investment Management LLP's historical performance and risk profile?
Our simulation indicates a total return of -3.4% with a win rate of 31%. Notably, the portfolio maintains a Sharpe Ratio of -2.71, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does Veritas Investment Management LLP primarily invest in?
Veritas Investment Management LLP has a strong preference for the Diagnostics & Research sector, which makes up 13.3% of their disclosed assets. The portfolio also has exposure to Specialty Industrial Machinery, indicating a specific thematic focus.
Is Veritas Investment Management LLP's portfolio concentrated or diversified?
Veritas Investment Management LLP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 23.3% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Veritas Investment Management LLP performed in 2026?
Our AI-simulated model portfolio for Veritas Investment Management LLP tracks a Year-to-Date (YTD) return of -5.2%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Mark Rayward manage Veritas Investment Management LLP directly?
Yes, Mark Rayward serves as the key portfolio manager for Veritas Investment Management LLP, overseeing the investment strategy and final capital allocation decisions.