“With the market trading at historically high valuations, and with such narrow concentration, we believe our diversified portfolio is built around high-quality companies with strong favorability ratios and faster, more predictable EPS growth than relevant market indexes.”
To our valued clients:
The 10-year treasury ended the quarter at 4.58%, its highest level since 2007 and a more than 8-fold increase (fastest on record) from the July 2020 low of 0.55%. Rates on everything from mortgages to car loans have similarly spiked. As rates rose in 2022, sky-high tech valuations and the IPO market crashed. The easy money era was over!
2023 reminds us of the cartoon catch phrase “Never fear, Underdog is here!” Channeling their inner underdog, investors have adopted the mantra “Never fear, AI Mania is here!” Take for example the recent AI fueled IPO, largest since 2021, of British semiconductorcompany ARM Holdings (“ARM”). The ARM IPO was 6 times oversubscribed and the stock popped 25% on its first day of trading. With AI in their corner, should investors have nothing to fear?
ARMs first day valuation of over 85 times 2023 estimates makes it one of the most expensive in the market. Yet, its recent earnings “growth” (-23% last fiscal year) leaves much to be desired. Caveat emptor!
Magnificent 7 – 1999 Flashbacks?
While the AI driven hype of the ARM IPO is concerning, the performance of the what the pundits have dubbed the “Magnificent 7” gives us flashbacks to 1999. The Magnificent 7 (or, Mag 7) consists of Apple, Microsoft, Amazon, Alphabet, Nvidia, Tesla and Meta. These 7 stocks were up an average of nearly 88% through the end of the third quarter compared to less than 2% for the average stock in the S&P 500 and the Russell 1000 Value (an index of large value stocks).
While the overall S&P 500 appears strong on the surface, over 75% of its performance has come from the Mag 7 who represent less than 1.5% of constituents in the index. With a combined market cap of $13 trillion, the weight of the Mag 7 now represents roughly 28% of the S&P 500. This level of concentration has not occurred in at least the last 40 years. On an annual basis, going back to 1985, the top 7 stocks in the S&P 500 typically have a combined weight of 16%. The last time the top 7 weight exceeded 20% was in early 2000 – the peak of the Tech Bubble. Those who piled into the most popular stocks back then did not do well. Fortunately, we believe there are still opportunities for investors willing to look outside of the Large Cap technology stocks currently dominating.
Looking below the surface, the S&P 500 is trading at a relatively high 19 times earnings – inflated by the Mag 7 who trade at a nosebleed average of over 37 times. The average S&P 500 stock trades at 16 times while the Russell 1000 Value trades at around 14 times. The historical average of the S&P 500 earnings multiple is roughly 15 times. For those worried about inflation, the Rule of 20 states that the appropriate multiple should be 20 minus the expected inflation rate. Recent CPI core inflation of 4.3%, as well as the median consumer five-year ahead inflation expectation from the NY Fed Survey of Consumer Expectations at around 3%, implies a “fair” multiple of 16-17 times. In other words, based on the Rule of 20, while some of the market darlings appear to be expensive, many other stocks appear to be reasonably priced despite elevated inflation.
As previously discussed, large companies dominate the S&P 500. Over the past 30 years, the average stock, represented below by the S&P Equal Weight Index, has outperformed the S&P 500 by roughly 0.3% per year. The average stock in the S&P500 is smaller than the market cap weighted S&P 500 itself. Since smaller companies tend to grow faster than larger ones, it makes sense that the average company in the S&P 500 would outperform the index over time. So far this year, the average stock in the S&P 500 (which is down on the year as of this writing) lagged the index by roughly 11% through the end of the third quarter. The last time the average stock in the S&P 500 underperformed this badly was 1999. Where some see underperformance, we see opportunity. To wit, from 2000-2005, the average stock trounced the S&P 500 by over 50% (8.6% annually).
Opportunities Outside of Concentrated Leadership
The largest company in the Magnificent 7 – and the entire world – is Apple Inc. With a market cap of approximately $2.7 trillion, Apple alone accounts for more than 7% of the S&P 500. The stock currently trades at 26 times 2024 estimated earnings. For that multiple, Apple must be growing rapidly, right? Well, no. Apple’s EPS growth is projected to be a modest 7% in 2023 and 8% in 2024.
Contrast this to one of our top holdings. Amidst the rush to crown “AI winners,” investors have overlooked Comcast, whose market-leading broadband network enables increased data usage for its customer base of 29.8 million US households and 2.5 million businesses. The chart below demonstrates that Comcast not only has a highpredictability score – a Value Line measurement of earnings volatility, where 100 denotes highest earnings predictability – of 90 (out of 100), but also strong historical EPS growth.In addition, thisgraph illustrates that Comcast trades well below its historical valuation range with significant upside to its median high.
While Comcast’s multiple reflects investor concerns around competition in broadband, we expect that increased usage of video streaming, video gaming, remote work applications, and other data-intensive services to highlight the company’s network superiority relative to “fixed wireless” offerings from mobile operators such as Verizon and T-Mobile. As it relates to Fiber competitors, we note that recent reports of potential environmental liabilities tied to lead-sheathed cables facing some of Comcast’s competitors could negatively affect their ability to invest in new builds.
Despite these positives on the horizon, unlike Apple, Comcast gets very little credit for its EPS predictability or past growth. At around 11 times Wall Street analysts’ estimates for 2024 earnings, Comcast’s multiple is significantly below the S&P 500. In fact, Comcast trades at less than half of Apple’s (~26x) multiple, despite having similar historical and projected EPS growth.
Thesis Update – MillerKnoll
In the past we have discussed MillerKnoll Inc., formed by the merger of Herman Miller and Knoll, Inc in 2021, which created the largest office furnishing company worldwide. Some clients have asked us why we are invested in a company focused on office furniture given the work-from-home trend. While MillerKnoll primarily serves corporate clients, the company is also rapidly expanding its small format store concept tosell directly to consumers. In the new hybrid work environment, we believe that workspaces may have to be reconfigured to encourage greater workplace collaboration, which could present an opportunity for MillerKnoll. Our research also leads us to believe that most CEOs want to get their employees back into the office.
MillerKnoll margins have been depressed due to pandemic-related supply chain issues and demand slowdowns. In the company’s recent quarterly earnings report, MillerKnoll had strong operating margin expansion driven by pricing power and synergies from the Knoll acquisition. In addition, they are seeing increased interest with many CEOs bringing employees back to work. This enabled MillerKnoll to beat Wall Street analysts’ earnings expectations. In response, the stock jumped 28% the day after the announcement. In calendar 2024, we believe continued margin expansion and improving sales trends will enable the company to grow earnings by roughly 25%.
Current Portfolio Positioning
With the market trading at historically high valuations, and with such narrow concentration, we believe our diversified portfolio is built around high-quality companies with strong favorability ratios and faster, more predictable EPS growth than relevant market indexes.
We are focused on three main themes: First, we prioritize margin of safety. We attempt to do this by purchasing companies near the lower end of their valuation ranges, which we believe offers both downside protection and higher potential upside returns. We believe stocks like Comcast, trading below their historical valuation ranges, not only offer better protection against potential losses but greater potential for gains. As illustrated below, our portfolio would have higher upside compared to the S&P 500 and Russell 1000 Value based on its median high P/E ratio. Moreover, we believe our portfolio has less downside risk relative to these indexes shown by the downside to the median low.
Second, our portfolio consists of companies that have had historically solid and predictable growth throughout market cycles. Over the last 10 years, our companies have achieved a respectable 10% growth rate, surpassing the S&P 500 and Russell 1000 Value. Despite concerns of a profit slowdown in 2023 for the indexes, current analysts estimates project 10% EPS growth for the median company in our portfolio.
We continue to hold high-quality, low-risk business models in our portfolio. This includes companies with recurring revenues and those offering consumable non-discretionary products. Comcast, mentioned earlier, is an example of a company with a high renewal rate. Companies like McKesson and Unilever, which provide necessities such as food and medicine, tend to be resilient even during economic downturns.
Finally, during the unique period of the 2020 COVID downturn we believe our companies showcased resilience. Our portfolio achieved an 8% growth in earnings despite the challenging environment. This is in stark contrast to the significant earnings contractions experienced by the S&P 500 (-15%) and Russell 1000 value (-28%) indexes. This reinforces our belief that our companies can thrive throughout economic cycles and overcome obstacles.
Here’s to Another 40 Years
Clients have expressed concerns about a variety of topical issues –the impact of rising interest rates, high stock market valuations, and the possibility of an economic downturn or profit recession. While these concerns are valid, attempting to time the market is a difficult task.
Our investment process has remained the same over the past 40 years. During this time, investors have endured recessions, wars, stock bubbles, and pandemics. Still, the prudent investor has been well rewarded. We believe our carefully selected companies are well-positioned to perform in any market environment. In fact, an investor that had the foresight to invest a million dollars with Scharf Investments at the end of 1983 would have $111,206,517 by the end of 2022 – a compound return of over 11,000%.
We are proud of our ‘mountain chart’ and believe it demonstrates the power of our simple, yet effective, approach to investing.
Sources: Bloomberg, Scharf Investments, as of 12/31/2022.
Past performance is no guarantee of future results, and different periods and market conditions may result in significantly different outcomes. Performance for 1989 through 1996 includes all fee-paying, fully discretionary equity accounts open for the entire calendar year. The performance for each year beginning with 1997 includes all fee-paying, fully discretionary equity accounts from their first full quarter under management through their last full quarter under management. Performance for all years reflects the reinvestment of dividends and other earnings, along with the deduction of trading commissions and other costs including management fees. No guarantee can be made that the composite performance is the statistically accurate presentation representing performance of any specific account, as specific account performance depends on investment timing, account specific guidelines, and other factors that vary from account to account. Results were generated using an investment philosophy and methodology similar to that described herein and that Scharf Investments, LLC expects to continue to use, but future investments will be made under different economic conditions and in different securities. Further, the results do not reflect performance in all different economic cycles. It should not be assumed that investors will experience returns, if any, comparable to those shown above. The Standard & Poor’s 500 Index contains 500 industrial, transportation, utility and financial companies regarded as generally representative of the large capitalization U.S. stock market. The comparison of performance to the market index shown is inappropriate because the index is more diversified than the portfolios generating such performance and represents only unmanaged results. Due to these differences, potential investors are cautioned that no market index is directly comparable to the performance shown above. Includes unaudited data from 1983-1996.
We thank you for the confidence and trust you have placed in us and look forward to another successful 40 years.
Scharf on CNBC FA 100
Scharf Investments is proud to announce that we have been named to CNBC’s list of 100 top Financial Advisory Firms.
The CNBC FA 100 recognizes the advisory firms that best help clients navigate their financial lives. The search begins with the 40,646 RIA firms from the Securities and Exchange Commission regulatory database. Through a process, the list is narrowed to 100 firms who best meet the CNBC criteria. CNBC enlisted data provider AccuPoint Solutions to assist with the ranking of registered investment advisors for this year’s FA 100 list. The 2023 FA 100 list is as of September 12, 2023, based on the year prior to the ranking. CNBC does not charge any type of fee to advisors to be listed in the annual ranking.
Finding the right financial advisor to help with your financial needs and goals can be a very complicated process. The CNBC ranking is meant to be a starting point for individual investors who are looking for a financial advisor.
At Scharf Investments, we work to safeguard your future while helping you achieve your goals. Our comprehensive wealth management approach aims to deliver long-term portfolio growth, downside protection, and lifelong financial guidance. We specialize in purchasing what we believe are undervalued companies with attractive growth potential, and we strive to find you the best investment allocation which allows you to enjoy your wealth.
Our highly developed investing methodology is designed to identify securities across asset classes and geographies that will outperform over the course of a market cycle. We believe Scharf’s time-tested approach also helps reduce volatility, and during our nearly 35-year history, we have found that reducing volatility adds to your investment returns over the long term.
We realize that our efforts on your behalf have real-life implications, and we take pride in being knowledgeable and responsive when needs arise. We focus on creating productive, long-term partnerships to serve your complete wealth management needs.
U-Haul Holding Company: Dominant Market Position, Underappreciated Self Storage Business
U-Haul is the leading truck and trailer rental company for do-it-yourself moving in North America. The company started in 1945 by renting moving trailers that customers hitched to their cars. By 1959, U-Haul rented trucks to customers through a network of independent dealers and opened its own retail locations in 1973. Today, U-Haul operates 2,100 company-owned stores and is partnered with 21,000 independent dealers. More recently, the company has expanded into self-storage. U-Haul owns and operates 82 million square feet of storage, which makes it the 5th largest competitor in the North America self-storage industry with ~4% market share.
While the company’s distinctive orange-and-white trucks are a common sight on roads throughout North America, U-Haul stock is relatively under the radar. The company is not included in most major public stock indexes because the founding family continues to own 50% of the voting shares so daily trading volume is below the threshold preferred by most public stock index providers. Despite being under-owned by institutional investors, since 2003 U-Haul’s book value per share has increased 16% annually and shares have outperformed the S&P 500 index over this two-decade period; 25% annualized for U-Haul, 10% annualized for the S&P 500 Index.
We believe U-Haul’s vast network of locations is a compelling value proposition for do-it-yourself moving customers. This is especially important during one-way moves. 57% of the U.S. population lives within 5 miles of a company-owned location, and 90% when U-Haul’s dealer network is included. Over the years, several competitors have tried to enter the moving rental business but have generally failed to take market share from U-Haul. Budget and Penske – the next largest competitors – have 2.8k and 2.5k locations respectively; compared to U-Haul’s 23k locations.
Today’s shares are cheap relative to the company’s trading history. Looking forward we believe higher margin business practices adopted during the Covid period are likely to continue – notably an increasing share of business conducted via the U-Haul mobile application. For much of summer 2023 U-Haul’s mobile application ranked in the top 10 downloaded apps, per Google analytics.
In addition to the company’s market leading self-moving segment, U-Haul operates an under-appreciated self-storage business. Self-storage is a natural extension of the moving business with many synergies between the two. Customers of U-Haul’s moving rental equipment can conveniently store excess home goods at a U-Haul storage unit. Concurrently, trucks can be returned at storage locations. The company believes one out of every four customers that use U-Haul storage are using rental equipment from U-Haul for a move. As of June 2023, the company owned and operated 82M square feet of rentable storage space. Over the past decade, the company has increased its self-storage square footage by 13% annually. Revenues in the self-storage segment are growing faster than the equipment rental segment, increasing 17% annually since 2012. In 2024, self-storage revenues at U-Haul are projected to be 14% of total company sales, up from 5% in 2012. This is significant because the market has historically valued U-Haul as a lower return-on-equity, more cyclical truck rental business. In contrast, storage peers, such Public Storage, Extra Space Storage, and Life Storage, trade at significantly higher earnings multiples, with recent transactions implying U-Haul shares are currently undervalued. Specifically, in April 2023 Extra Space Storage announced it was paying $16.3B to acquire competitor Life Storage, which equates to $185 per square foot. A few months later, in July 2023, Public Storage announced a deal to purchase Simply Self Storage for $2.2B from the private equity firm Blackstone. With 152 properties and 11.2M rentable square feet (9.4M owned, 1.8M managed), the Simply Self Storage transaction implies a price of $196 per square foot. If we use $196 per square foot to estimate the value of U-Haul’s self-storage business, it implies U-Haul’s 82M square feet of self-storage is worth ~$16.1B, which is slightly above the company’s current enterprise value of ~$15B (market cap ~$11B). We believe over time investors will recognize the increasing contribution of U-Haul’s growing self-storage business, resulting in shares trading at a higher earnings multiple. In the interim, we are happy to partner with the founding family and their multi-decade track record of consistently growing book value while maintaining market leading positions in the do-it-yourself moving and self-storage businesses.
Please submit all year-end requests by December 1 to ensure they are completed before December 31, 2023:
- Required Minimum Distributions from IRA’s & Inherited IRA’s
- Qualified Charitable Distributions from IRA
- Stock Gifts
Common Sources of Tax in Retirement
For many people, their wages from employers or profits from their business is a large driver of tax rates before retirement. After retirement tax rates can be influenced by several factors and understanding the taxability of distributions from various sources can help in developing strategies to manage tax burdens year to year. Below we will touch on some common cash flow sources in retirement and how they are treated with regard to taxes.
Social Security income
If you are eligible for and begin receiving income from Social Security in retirement, much of the income your receive from Social Security could be taxed at ordinary income rates depending on your overall taxable income.
For single filers, if your combined income in 2023 (your adjusted gross income, plus nontaxable interest, plus half of your Social Security benefits) is between $25,000 and $34,000 (or $32,000 and $44,000 for married people filing jointly), you may have to pay taxes on 50% of your Social Security benefits.
If your combined income in 2023 is more than $34,000 (or $44,000 for married people filing jointly), you may have to pay taxes on up to 85% of your benefits. The IRS will not tax more than 85% of your Social Security benefits.
Distributions from taxable accounts
If you are drawing cash flow from taxable accounts (i.e. trusts, individual or joint accounts), typically the amount distributed is not considered taxable income. Those distributions are not treated as taxable events, similar to withdrawing funds from a checking or savings account. Income earned in those accounts, such as dividends, interest or realized capital gains are taxable items in the year they occur.
Distributions from tax-deferred retirement accounts
For non-Roth tax deferred retirement accounts (i.e. IRA, 401k or 403b accounts), any amount distributed is considered taxable income in the year of distribution. This applies to amounts taken due to required minimum distributions as well as distributions taken simply for cash needs. The one caveat to this is amounts gifted to charity through Qualified Charitable Distributions (QCD). Under QCD rules the IRS allows that donations to 501c3 US based charitable organizations from tax deferred retirement accounts are not counted as taxable income, however the amounts do count toward satisfying any required minimum distributions due. Currently the maximum amount allowed under QCD rules is $100,000 per year.
For Roth retirement accounts (i.e. Roth IRA or Roth 401k), any amounts distributed are not counted as taxable income. Also, there are no required minimum distributions from Roth accounts.
Capital gains are taxed in the year they are realized, and tax rates vary depending on how long you owned the investment and your overall adjusted gross income. Short term gains are gains on investments held less than a year, and those are taxed at your ordinary income rate. Long term gains are gains on investments held over 1 year and are taxed at 0%, 15% or 20% federally based on your overall adjusted gross income (AGI). In 2023, for those filing as married, the 0% rate applies if AGI is below $83,350 ($41,675 if filing single). For those filing as married, the 15% rate applies if AGI is between $83,351 – $517,200 ($41,676 – $459,750 if filing single). In 2023, for those filing as married, the 20% rate applies if AGI is above $517,201 ($459,751 if filing single).
Managing Taxes in Retirement
Many retirees will have income or cash flow from several sources in retirement. At times there may be a choice in where to take needed cash from, for example distributing from an IRA vs. taking cash from a trust or joint account. It can be helpful to understand how various retirement cash flow sources are taxed as you make these decisions and plan for subsequent tax years.
Please contact your wealth advisor at Scharf Investments if you have questions related to your Scharf managed account and personal tax situation. We are happy to discuss strategies to manage your tax burden as well as work directly with your CPA in an effort to minimize taxes over the long run.
as of September 30, 2023
Scharf Quality Value (Equity)
The Scharf Quality Value Strategy seeks to invest in high quality, enduring franchises priced at substantial discounts to fair value. The team seeks to identify companies with low valuations combined with consistent and sustainable earnings, cash flow and/or book value. The goal is to provide capital appreciation over the course of an entire market cycle while losing notably less than relevant benchmarks in falling markets.
For the third quarter of 2023, Scharf Quality Value (Equity) account returned -1.3% (net). As short-term market and economic activity can be volatile, we encourage investors to take a long-term view. That said, we are pleased with the long-term performance of the Strategy. Since December 31, 1990, the Strategy returned 12.24% (net of fees) annualized compared with 9.37% for the Russell 1000 Value Index and 10.34% for the S&P 500. In other words, $1 million invested in the Strategy on December 31, 1990, grew to $43.9 million as of September 30, 2023, compared to $25.1 million and $19.9 million for the same $1 million invested in the S&P 500 and Russell 1000 Value, respectively.
Source: Bloomberg, Scharf Investments. Data as of 9/30/2023.
Scharf Multi-Asset Opportunity (Balanced)
The Scharf Multi-Asset portfolio seeks to combine the appreciation potential of equities with the capital preservation and income generation qualities of fixed income and alternative investments. In the equity allocation, the team maintains a strict focus on valuation, margin of safety and sustainable earnings growth, but maintains investment flexibility towards market capitalization and domicile. On the non-equity allocation, the team emphasizes credit quality and capital preservation. We seek to deliver a compelling risk-adjusted absolute return.
During the third quarter of 2023, Scharf Multi-Asset (Balanced) Strategy returned -0.67% (net). We believe a balanced portfolio can provide investors with peace of mind during adverse market conditions and is ideal for clients near or in retirement. As short-term market and economic activity can be volatile, we encourage investors to take a long-term view. That said, our balanced accounts have delivered favorable results over the long term. Since December 31, 1993, we are delighted to report that balanced account returns centered on 10.11% (net of fees) annualized compared with 6.7% for the Lipper Balanced Index. In other words, a $1 million investment in a balanced account on December 31, 1993, grew to $17.6 million as of June 30, 2023, compared to only $16.2 million and $6.9 million for the same $1 million invested in the S&P 500 or the Lipper Balanced Index, respectively.
Source: Bloomberg, Scharf Investments. Data as of 9/30/2023.
Scharf Global Opportunity (Equity)
The Scharf Global Opportunity Strategy seeks to invest in high quality, enduring franchises priced at substantial discounts to fair value. It is an extension of our flagship Quality Value (Equity) Strategy with greater flexibility to invest globally. The investment team seeks to identify companies in the U.S. and abroad (developed and emerging markets) with low valuations combined with consistent and sustainable earnings, cash flow and/or book value.
During the second quarter of 2023, the Scharf Global Opportunity Strategy returned -2.44% (net). As short-term market and economic activity can be volatile, particularly in a global strategy, it is essential to take a long-term view. That said, the Strategy has outperformed over the long term, with an annualized return of 9.49% (net of fees) since its inception in 2014, compared to 8.32% for the MSCI ACWI benchmark. In other words, a $1 million investment in the Strategy on October 14, 2014, grew to $2.0 million as of June 30, 2023, whereas the same amount invested in the MSCI ACWI Index would have grown to only $1.9 million. The current mountain chart illustrates how the Scharf Global Opportunity Strategy has increased significantly over time and outperformed the benchmark MSCI ACWI Index.
Source: Bloomberg, Scharf Investments. Data as of 9/30/2023.
Providing Assistance to Ukrainian Refugees in Poland
Global Volunteers is an organization that mobilizes volunteers to service local people on long-term community development projects. So, when Russia invaded Ukraine early in 2022, Global Volunteers was uniquely positioned to quickly mobilize to help community organizations in Poland prepare and host women and children who arrived from areas under attack. This included hosting mothers and children who had fled the conflict zone, offering them comfort and support through various activities and special evening gatherings. Working with community partners, Global Volunteers doubled the number of summer camps they typically offer in order to accommodate the immediate needs of Ukrainian families and create a sense of “normalcy” in a most traumatic time. In August, Brian Krawez and his family traveled to the Polish city of Siedlce to serve with a team of volunteers. Their team was responsible for engaging with 32 school-age Ukrainian and Polish children during “day camps.” During these camps, volunteers created a caring and supportive environment for refugees, as well as helped reinforce to them that people around the world care about their plight. They also helped children learn English, meet new people, and have fun. Brian recalled, “It was quite a moving cultural experience that literally brought me to tears. They clearly were touched by our presence as their appreciation was on full display.” The principal objective aimed to keep the children active and distracted from the trauma of displacement. Many friendships were also made among the Polish and Ukrainian children, as well as the volunteers, many of whom still speak today. A donation to Global Volunteers helps advance their lifechanging programs, provides resources for classrooms, helps expectant mothers deliver healthy babies, and ensures care for the children and families who need it most. If you are looking for a way to help Ukrainian refugees and you’d like to make a tax-deductible donation, please go to https://globalvolunteers.org/donate
Recruiting at Cal
We have been recruiting at Cal for sixteen years, over the years we had many interns and two of those interns became full time employees. This year we attended Business & Public Service Career Fair at UC Berkeley and the Berkeley Investment Group (BIG) info-session! We met with many talented students from a diverse set of majors, and were inspired by their incredible zeal.
Did you know that 500,000 individuals are in need of food every month in the Silicon Valley? Scharf Investments employees had the opportunity to volunteer at the distribution centers in San Jose. We collectively with the rest of the volunteers sorted and packed 22,500 pounds of fresh produce that day.
Our Latest Thinking
See Brian Krawez on Schwab Network as he discusses opportunities outside of big tech, as well as the outlook for this year’s tech rally, highlighting NVIDIA (NVDA) and Comcast (CMCSA).
See Eric Lynch on Schwab Network as he discusses the historic concentration of the top 7 in the S&P 500. He looks at Oracle (ORCL) which is up 33% year-to-date. He talks about finding opportunities outside of the “Magnificent 7,” highlighting Herman Miller (MLKN).
Focused on Your Goals. Invested in Your Success.
Helping you meet your financial needs and working to achieve your long-term goals is our passion. When you choose Scharf Investments, you gain a partner committed to providing individualized financial planning, strategic investment management, and superior service with a client centric focus. Building a relationship with you is our privilege and our responsibility. We are keenly aware that our efforts on your behalf have real-life consequences, and we constantly strive to add value across all aspects of our relationships.
Committed to Our Community. We Welcome Your Referrals.
We have safeguarded client’s assets for 40 years. Scharf is eager to serve more individuals who could benefit from our expertise and ask that you consider referring us to friends, family, or colleagues. Your satisfaction as our client is paramount and we are committed to delivering exceptional service to you and anyone you refer. Growing our business allows us to help more individuals achieve their financial goals.