Perspectives
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“Microsoft is the one to own among the Mag 7”
May 14, 2025
Not all Mag 7 stocks are the same. “Microsoft is the one to own among the Mag 7,” said Brian Krawez, president and lead portfolio manager at Scharf Investments during an appearance on May 14, 2025 on Reuters TV. Brian noted Microsoft’s recent earnings announcement and strong growth in their Azure cloud business, well ahead of their competitors, Amazon and Google. Brian views Microsoft’s decision to lay off 3% of its workforce as “prudent” and he believes “management is doing the right things.”
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Krawez: Recession Still a Likely Outcome
May 12, 2025
After weeks of escalation, the U.S. and China recently agreed to a temporary reduction in tariffs. This came as welcome news to the stock market and to businesses that rely on imports from China, but is this reason to celebrate? “For consumers, tariffs are still going to be a problem,” said Brian Krawez, president and lead portfolio manager at Scharf Investments during an appearance on May 12, 2025 on Reuters TV “Sectors Up Close” program. Brian noted that tariffs will weaken the U.S. dollar and increase inflationary concerns for consumers as prices will go up on imported goods. Brian added, “Recession is still a likely outcome given the path we’re on.”
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Krawez on Reuters TV: Trump Fed Threats Concerning Investors
April 21, 2025
The stock market was rocked yet again by recent comments from President Trump, this time with regard to Federal Reserve Chair Jerome Powell. “These threats of firing Jay Powell are really concerning investors,” said Brian Krawez, president and lead portfolio manager at Scharf Investments during an appearance on April 21, 2025 on Reuters TV. Putting the Fed chair’s job in question at a time when tariffs and policy changes are already throwing everyone for a loop is almost too much for markets to handle. Especially when foreign investors in U.S. bonds, as well as domestic investors, are relying on the safety and security of the U.S. Dollar. Brian added, “If politics starts getting into monetary policy, investors can’t necessarily trust that their interest as a bondholder will be respected.”
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Brian Krawez Highlights Hershey and Heineken on Reuters TV
April 21, 2025
Given the current market and economic environment in the U.S. with tariffs, policy changes, and daily comments that take the stock market on a roller coaster ride, what are investors to do and where can they find investment opportunities amidst all this volatility? “As an investor, you can’t just hide in cash. Stocks still remain a good defense,” said Brian Krawez, president and lead portfolio manager at Scharf Investments during an appearance on April 21, 2025 on Reuters TV. We believe there’s a new playbook for stocks. What worked previously—momentum, high growth, mega-cap tech—has given way to value stocks and non-U.S. stocks, which we believe are poised to do well. In particular, Brian highlighted two stocks that we find compelling, Hershey (HSY) and Heineken (HEINY).
Announcement
Krawez Shares Insights on McKesson in Barron’s
April 3, 2025
In an April 3, 2025 Barron’s article highlighting McKesson, Brian Krawez offered his perspectives on the company. “You’re paying a below-market multiple for a lot more certainty and better growth,” says Brian Krawez, president and portfolio manager at Scharf Investments, who notes that McKesson’s roughly 11% growth rate over the past decade is better than the S&P 500’s. “When you put it all together, it’s a company with really high market share, a really high-cost advantage, one that’s focused on the U.S. and a part of the economy that is less volatile,” said Krawez. “It should be far more insulated” than many other companies, no matter what happens with trade and other domestic policy changes in Washington, D.C.”
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Spring 2025 Quarterly Newsletter
April 2025