AMG Veritas Asia Pacific Fund Class I
MSEIX
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- AMG Veritas Asia Pacific Fund Class I (MSEIX) is an open-end mutual fund that principally invests in equity securities listed or traded on exchanges in the Asia Pacific region excluding Japan, seeking long-term capital appreciation through a focus on large-cap growth stocks in the Pacific/Asia ex-Japan category. The fund's portfolio emphasizes sectors such as technology (31.93%), industrials (26.10%), and communication services (11.83%), with top holdings including Taiwan Semiconductor Manufacturing Co Ltd (13.40%), Tencent Holdings Ltd (7.09%), Hanwha Aerospace Co Ltd (6.67%), HD Hyundai Electric Co Ltd (6.21%), and Contemporary Amperex Technology Co Ltd (5.52%); it maintains approximately 97% allocation to non-U.S. stocks across developed Asia (53.56%) and emerging Asia (41.57%). AMG Funds LLC serves as the investment manager, with Veritas Asset Management LLP acting as subadviser since at least 2021 under lead portfolio manager Ezra Sun, providing institutional share class access with a minimum initial investment of $100,000, a net expense ratio of 0.93%, and daily pricing in USD. The fund, domiciled in the United States and launched on May 3, 2004, operates globally with primary exposure to Asia Pacific markets including Taiwan, China, South Korea, Hong Kong, and India, targeting institutional and qualified retail investors seeking regional equity growth. Veritas Asset Management, founded in 2003 and headquartered in London with an additional office in Hong Kong, became an AMG affiliate in 2014 through Affiliated Managers Group's majority equity investment, preserving its operational autonomy while leveraging AMG's resources for distribution and growth. Recent developments include a benchmark change implemented by the investment manager and subadviser to better align with the fund's current strategies emphasizing real returns and absolute value discipline, alongside quarterly performance commentary noting a -0.66% return for Q1 2025 versus the benchmark's +1.12% amid market volatility in Asia Pacific equities. The fund maintains total net assets of approximately $106.92 million, with Class I shares at $10.76 million as of early 2025, reflecting ongoing focus on high-conviction holdings in technology and industrials amid regional growth opportunities. No major acquisitions, funding rounds, or structural reorganizations have been reported in the last 1-2 years, with strategic emphasis remaining on Veritas' Real Return Approach through fundamental research.