Launched in October 2004, the Veritas Asian fund is managed by Ezra Sun from Veritas Asset Management, and is yet another debut 100 Club member to win its category.
The vehicle is designed for long-term investors who wish to build capital over a number of years by investing in a portfolio of equity and equity-related securities in companies located in Asia excluding Japan.
A performance fee of 20 per cent was originally charged on this fund, but was removed as of June 1 2016. The portfolio’s B share class sits at a risk-reward level of five out of seven, while ongoing charges are 1.68 per cent.
Mr Sun impressed the judges with his determination to stick to his process through tougher times. The panel said it had been “very impressed with the way he has managed that. He wouldn’t do as well as he has done if he’d veered away from the original process.”
In terms of sector allocation, the fund’s largest weighting is to IT at 23 per cent, while financials account for 15.7 per cent. The largest geographical weighting is to China at 25.7 per cent of the portfolio, just ahead of the 24 per cent allocation to Australia, while Chinese internet firm Tencent is the largest holding.
What the judges say
The manager of this portfolio stuck to his process through difficult periods and is now reaping the rewards again.
CLUB MEMBERS
Matthews Asia Pacific Tiger
Schroder Income Maximiser
Schroder Oriental Income
Stewart Investors Asia Pacific Sustainability
