Scharf Investments

Brian KrawezLOS GATOS, CAfiles as Scharf Investments, LLC

$3.0bn in 79 US stocks at the end of 30 June 2026. The top 10 are 45.0% of the money. It changed about 15.4% of the portfolio this quarter.

Value

$3.0bn

Stocks

Top 10 share

45.0%

Turnover

15.4%

What changed this quarter

New

Bought for the first time this quarter.

Smith A OAOS
0.8% of the fund
McDonald'sMCD
0.1% of the fund
LindeLIN
0.1% of the fund
ASML Holding NVASML
0.1% of the fund
Vanguard Intl Equity Index FVWO
<0.1% of the fund
Vanguard Intl Equity Index FVEU
<0.1% of the fund
Charles SchwabSCHW
<0.1% of the fund
IsharesEWY
<0.1% of the fund
Sprott Asset Management LPPSLV
<0.1% of the fund
CarGurusCARG
<0.1% of the fund
Select Sector Spdr TRXLV
<0.1% of the fund
East West BancorpEWBC
<0.1% of the fund
Vanguard Index FDSVTI
<0.1% of the fund
Piedmont Realty TrustPDM
<0.1% of the fund

Added

Bought more of a stock they already held.

Advisors SER TRGKAT
4.3% of the fund
+7%
Amazon.comAMZN
3.8% of the fund
+2672%
UnitedHealth GroupUNH
2.6% of the fund
+9%
StrykerSYK
1.9% of the fund
+3253%
NvidiaNVDA
1.4% of the fund
+762%
U-Haul HoldingUHAL
0.9% of the fund
+28%
MercadoLibreMELI
0.3% of the fund
+1121%
SLB LimitedSLB
0.2% of the fund
+8%
Ishares TRIWB
<0.1% of the fund
+39%
Vanguard Index FDSVV
<0.1% of the fund
+213%

Cut

Sold some of their stake.

Advisors SER TRKAT
7.9% of the fund
-3%
Occidental PetroleumOXY
5.1% of the fund
-11%
Union PacificUNP
4.9% of the fund
-10%
MicrosoftMSFT
3.9% of the fund
-9%
VisaV
3.8% of the fund
-8%
MckessonMCK
3.8% of the fund
-32%
BrookfieldBN
3.6% of the fund
-6%
CenteneCNC
3.5% of the fund
-4%
Franco NevadaFNV
3.3% of the fund
-15%
Meta PlatformsMETA
3.2% of the fund
-16%
Berkshire HathawayBRK-B
2.9% of the fund
-23%
ChubbCB
2.7% of the fund
-11%
AonAON
2.5% of the fund
-11%
Otis WorldwideOTIS
2.4% of the fund
-14%
CME GroupCME
2.1% of the fund
-11%
HersheyHSY
2.1% of the fund
-15%
AdobeADBE
2.0% of the fund
-9%
Marsh & McLennan CompaniesMRSH
1.9% of the fund
-23%
Walt DisneyDIS
1.9% of the fund
-12%
Thermo Fisher ScientificTMO
1.9% of the fund
-15%
ZoetisZTS
1.7% of the fund
-12%
State STR Spdr S&P 500 ETF TSPY
1.7% of the fund
-20%
Novartis AGNVS
1.6% of the fund
-47%
U-Haul HoldingUHAL-B
1.6% of the fund
-8%
Lockheed MartinLMT
1.5% of the fund
-9%

Sold out

Sold their entire stake.

Holdings

Advisors SER TRKAT
Share
7.9%
Value
$239m
Shares
4,419,958
-3%
Occidental PetroleumOXY
Share
5.1%
Value
$155m
Shares
3,187,747
-11%
Union PacificUNP
Share
4.9%
Value
$147m
Shares
542,136
-10%
Advisors SER TRGKAT
Share
4.3%
Value
$131m
Shares
3,036,088
+7%
Markel GroupMKL
Share
3.9%
Value
$118m
Shares
60,564
Held
MicrosoftMSFT
Share
3.9%
Value
$117m
Shares
313,848
-9%
Amazon.comAMZN
Share
3.8%
Value
$115m
Shares
484,291
+2672%
VisaV
Share
3.8%
Value
$115m
Shares
335,988
-8%
MckessonMCK
Share
3.8%
Value
$114m
Shares
150,631
-32%
BrookfieldBN
Share
3.6%
Value
$110m
Shares
2,591,096
-6%
CenteneCNC
Share
3.5%
Value
$106m
Shares
1,650,542
-4%
Agilent TechnologiesA
Share
3.3%
Value
$100m
Shares
754,161
Held
Franco NevadaFNV
Share
3.3%
Value
$98m
Shares
472,469
-15%
Meta PlatformsMETA
Share
3.2%
Value
$96m
Shares
170,441
-16%
Berkshire HathawayBRK-B
Share
2.9%
Value
$89m
Shares
178,328
-23%
ChubbCB
Share
2.7%
Value
$82m
Shares
240,324
-11%
UnitedHealth GroupUNH
Share
2.6%
Value
$79m
Shares
189,754
+9%
AonAON
Share
2.5%
Value
$75m
Shares
226,626
-11%
Otis WorldwideOTIS
Share
2.4%
Value
$72m
Shares
1,007,995
-14%
CME GroupCME
Share
2.1%
Value
$64m
Shares
289,373
-11%
HersheyHSY
Share
2.1%
Value
$62m
Shares
355,964
-15%
AdobeADBE
Share
2.0%
Value
$61m
Shares
295,118
-9%
StrykerSYK
Share
1.9%
Value
$58m
Shares
184,576
+3253%
Marsh & McLennan CompaniesMRSH
Share
1.9%
Value
$57m
Shares
344,395
-23%
Walt DisneyDIS
Share
1.9%
Value
$57m
Shares
591,045
-12%
Thermo Fisher ScientificTMO
Share
1.9%
Value
$57m
Shares
112,770
-15%
ZoetisZTS
Share
1.7%
Value
$53m
Shares
733,571
-12%
State STR Spdr S&P 500 ETF TSPY
Share
1.7%
Value
$50m
Shares
67,398
-20%
Novartis AGNVS
Share
1.6%
Value
$49m
Shares
310,818
-47%
U-Haul HoldingUHAL-B
Share
1.6%
Value
$47m
Shares
821,423
-8%
Lockheed MartinLMT
Share
1.5%
Value
$45m
Shares
87,401
-9%
NvidiaNVDA
Share
1.4%
Value
$41m
Shares
206,500
+762%
Spdr Series TrustBIL
Share
0.9%
Value
$27m
Shares
296,158
-54%
U-Haul HoldingUHAL
Share
0.9%
Value
$27m
Shares
412,078
+28%
Smith A OAOS
Share
0.8%
Value
$24m
Shares
374,792
New
CVS HealthCVS
Share
0.3%
Value
$10m
Shares
93,867
-2%
MercadoLibreMELI
Share
0.3%
Value
$9m
Shares
5,533
+1121%
Canadian National RailwayCNI
Share
0.3%
Value
$9m
Shares
77,884
-32%
SLB LimitedSLB
Share
0.2%
Value
$5m
Shares
103,789
+8%
HaleonHLN
Share
0.1%
Value
$5m
Shares
485,251
-58%
McDonald'sMCD
Share
0.1%
Value
$4m
Shares
13,863
New
Canadian Pacific Kansas CityCP
Share
0.1%
Value
$4m
Shares
40,452
-31%
LindeLIN
Share
0.1%
Value
$3m
Shares
6,379
New
ASML Holding NVASML
Share
0.1%
Value
$3m
Shares
1,573
New
AlphabetGOOG
Share
<0.1%
Value
$3m
Shares
8,511
-14%
AlphabetGOOGL
Share
<0.1%
Value
$3m
Shares
7,551
-11%
AppleAAPL
Share
<0.1%
Value
$3m
Shares
8,870
-10%
Ishares TRIWB
Share
<0.1%
Value
$2m
Shares
5,956
+39%
Vanguard Intl Equity Index FVWO
Share
<0.1%
Value
$2m
Shares
38,131
New
DonaldsonDCI
Share
<0.1%
Value
$2m
Shares
25,353
-5%
Booking HoldingsBKNG
Share
<0.1%
Value
$2m
Shares
11,295
-98%
ComcastCMCSA
Share
<0.1%
Value
$2m
Shares
76,396
-5%
W.W. GraingerGWW
Share
<0.1%
Value
$2m
Shares
1,260
-13%
OracleORCL
Share
<0.1%
Value
$1m
Shares
9,921
-9%
Eli LillyLLY
Share
<0.1%
Value
$1m
Shares
1,086
-19%
BroadcomAVGO
Share
<0.1%
Value
$1m
Shares
3,381
-12%
MastercardMA
Share
<0.1%
Value
$1m
Shares
2,190
-34%
ImmunomeIMNM
Share
<0.1%
Value
$940,603
Shares
44,389
Held
EatonETN
Share
<0.1%
Value
$862,467
Shares
2,024
-12%
Air Products & ChemicalsAPD
Share
<0.1%
Value
$856,379
Shares
2,921
-9%
Vanguard Intl Equity Index FVEU
Share
<0.1%
Value
$840,347
Shares
10,034
New
Charles SchwabSCHW
Share
<0.1%
Value
$817,420
Shares
8,859
New
Vanguard Index FDSVV
Share
<0.1%
Value
$732,850
Shares
2,131
+213%
AirbnbABNB
Share
<0.1%
Value
$681,156
Shares
4,760
-51%
AmphenolAPH
Share
<0.1%
Value
$640,218
Shares
3,631
-26%
Ishares TRSHY
Share
<0.1%
Value
$501,553
Shares
6,108
Held
IsharesEWY
Share
<0.1%
Value
$483,752
Shares
2,396
New
Sprott Asset Management LPPSLV
Share
<0.1%
Value
$471,750
Shares
25,000
New
CarGurusCARG
Share
<0.1%
Value
$404,580
Shares
11,868
New
S&P GlobalSPGI
Share
<0.1%
Value
$388,526
Shares
954
-69%
Smith & NephewSNN
Share
<0.1%
Value
$376,381
Shares
13,064
-26%
Select Sector Spdr TRXLV
Share
<0.1%
Value
$338,739
Shares
2,135
New
Automatic Data ProcessingADP
Share
<0.1%
Value
$322,544
Shares
1,440
-59%
ServiceNowNOW
Share
<0.1%
Value
$285,827
Shares
2,879
-63%
TJX CompaniesTJX
Share
<0.1%
Value
$269,518
Shares
1,779
-63%
East West BancorpEWBC
Share
<0.1%
Value
$229,264
Shares
1,776
New
Uber TechnologiesUBER
Share
<0.1%
Value
$203,491
Shares
2,820
-53%
Vanguard Index FDSVTI
Share
<0.1%
Value
$200,562
Shares
542
New
Piedmont Realty TrustPDM
Share
<0.1%
Value
$135,530
Shares
14,812
New

Company	Share of fund	Value	Shares	Change
Advisors SER TRKAT	7.9%	$239m	4,419,958	-3%
Occidental PetroleumOXY	5.1%	$155m	3,187,747	-11%
Union PacificUNP	4.9%	$147m	542,136	-10%
Advisors SER TRGKAT	4.3%	$131m	3,036,088	+7%
Markel GroupMKL	3.9%	$118m	60,564	Held
MicrosoftMSFT	3.9%	$117m	313,848	-9%
Amazon.comAMZN	3.8%	$115m	484,291	+2672%
VisaV	3.8%	$115m	335,988	-8%
MckessonMCK	3.8%	$114m	150,631	-32%
BrookfieldBN	3.6%	$110m	2,591,096	-6%
CenteneCNC	3.5%	$106m	1,650,542	-4%
Agilent TechnologiesA	3.3%	$100m	754,161	Held
Franco NevadaFNV	3.3%	$98m	472,469	-15%
Meta PlatformsMETA	3.2%	$96m	170,441	-16%
Berkshire HathawayBRK-B	2.9%	$89m	178,328	-23%
ChubbCB	2.7%	$82m	240,324	-11%
UnitedHealth GroupUNH	2.6%	$79m	189,754	+9%
AonAON	2.5%	$75m	226,626	-11%
Otis WorldwideOTIS	2.4%	$72m	1,007,995	-14%
CME GroupCME	2.1%	$64m	289,373	-11%
HersheyHSY	2.1%	$62m	355,964	-15%
AdobeADBE	2.0%	$61m	295,118	-9%
StrykerSYK	1.9%	$58m	184,576	+3253%
Marsh & McLennan CompaniesMRSH	1.9%	$57m	344,395	-23%
Walt DisneyDIS	1.9%	$57m	591,045	-12%
Thermo Fisher ScientificTMO	1.9%	$57m	112,770	-15%
ZoetisZTS	1.7%	$53m	733,571	-12%
State STR Spdr S&P 500 ETF TSPY	1.7%	$50m	67,398	-20%
Novartis AGNVS	1.6%	$49m	310,818	-47%
U-Haul HoldingUHAL-B	1.6%	$47m	821,423	-8%
Lockheed MartinLMT	1.5%	$45m	87,401	-9%
NvidiaNVDA	1.4%	$41m	206,500	+762%
Spdr Series TrustBIL	0.9%	$27m	296,158	-54%
U-Haul HoldingUHAL	0.9%	$27m	412,078	+28%
Smith A OAOS	0.8%	$24m	374,792	New
CVS HealthCVS	0.3%	$10m	93,867	-2%
MercadoLibreMELI	0.3%	$9m	5,533	+1121%
Canadian National RailwayCNI	0.3%	$9m	77,884	-32%
SLB LimitedSLB	0.2%	$5m	103,789	+8%
HaleonHLN	0.1%	$5m	485,251	-58%
McDonald'sMCD	0.1%	$4m	13,863	New
Canadian Pacific Kansas CityCP	0.1%	$4m	40,452	-31%
LindeLIN	0.1%	$3m	6,379	New
ASML Holding NVASML	0.1%	$3m	1,573	New
AlphabetGOOG	<0.1%	$3m	8,511	-14%
AlphabetGOOGL	<0.1%	$3m	7,551	-11%
AppleAAPL	<0.1%	$3m	8,870	-10%
Ishares TRIWB	<0.1%	$2m	5,956	+39%
Vanguard Intl Equity Index FVWO	<0.1%	$2m	38,131	New
DonaldsonDCI	<0.1%	$2m	25,353	-5%
Booking HoldingsBKNG	<0.1%	$2m	11,295	-98%
ComcastCMCSA	<0.1%	$2m	76,396	-5%
W.W. GraingerGWW	<0.1%	$2m	1,260	-13%
OracleORCL	<0.1%	$1m	9,921	-9%
Eli LillyLLY	<0.1%	$1m	1,086	-19%
BroadcomAVGO	<0.1%	$1m	3,381	-12%
MastercardMA	<0.1%	$1m	2,190	-34%
ImmunomeIMNM	<0.1%	$940,603	44,389	Held
EatonETN	<0.1%	$862,467	2,024	-12%
Air Products & ChemicalsAPD	<0.1%	$856,379	2,921	-9%
Vanguard Intl Equity Index FVEU	<0.1%	$840,347	10,034	New
Charles SchwabSCHW	<0.1%	$817,420	8,859	New
Vanguard Index FDSVV	<0.1%	$732,850	2,131	+213%
AirbnbABNB	<0.1%	$681,156	4,760	-51%
AmphenolAPH	<0.1%	$640,218	3,631	-26%
Ishares TRSHY	<0.1%	$501,553	6,108	Held
IsharesEWY	<0.1%	$483,752	2,396	New
Sprott Asset Management LPPSLV	<0.1%	$471,750	25,000	New
CarGurusCARG	<0.1%	$404,580	11,868	New
S&P GlobalSPGI	<0.1%	$388,526	954	-69%
Smith & NephewSNN	<0.1%	$376,381	13,064	-26%
Select Sector Spdr TRXLV	<0.1%	$338,739	2,135	New
Automatic Data ProcessingADP	<0.1%	$322,544	1,440	-59%
ServiceNowNOW	<0.1%	$285,827	2,879	-63%
TJX CompaniesTJX	<0.1%	$269,518	1,779	-63%
East West BancorpEWBC	<0.1%	$229,264	1,776	New
Uber TechnologiesUBER	<0.1%	$203,491	2,820	-53%
Vanguard Index FDSVTI	<0.1%	$200,562	542	New
Piedmont Realty TrustPDM	<0.1%	$135,530	14,812	New

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is down 12.8% since 30 June 2025.

Where the money is

Health care20.7%

Financial services19.9%

Industrials10.2%

Technology7.8%

Retail & consumer6.5%

Media & telecom5.3%

Energy5.3%

Real estate3.6%

Materials3.4%

Everyday goods2.1%

Other15.2%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.