Carmel Magazine

135 Beachwood_MaterialGood_Scharf:SU08 10/21/13 12:20 PM Page 183 A Fresh New Look in Home Decor Offering e Warmth of the Holidays With Our Home Accessories & Gis Fun. Fresh. Fabulous. Interior Design and In-House Fabrication Services Unique Fashion & Accessories. Ocean Avenue at Monte Verde Carmel-by-the-Sea • 10am–6pm 831-624-0714 Lincoln – Between Ocean Ave. & 7th Carmel-by-the-Sea, CA 93921 (831) 293-8406 www.materialgoods.com Serving individuals, families, corporations and non-profits nationwide since 1983 Based in Santa Cruz County Morningstar Rating™ Morningstar Rating™ Overall Overall 3-Year 3-Year - 5-Year 5-Year 10-year 10-year 393 393 364 263 Overall Overall 9/30/ 9/30/2012 /2012 3-Year 3-Year - 5-Year 5-Year 10-year 10-year 224 224 189 113 Scharf Investments Equity Schar f Investments Equity Funds in Morningstar Category Funds Morningstar Categ y gor Morningstar Category: Large Blend Morningstar Category: Larg ge Morningstar Rating™ Morningstar Rating™ 9/30/ 9/30/2012 /2012 Scharf Investments Balanced Schar f Investments Balance ed Funds in Morningstar Categ y Funds Morningstar Category gor Morningstar Category: Moderate Allocation Morningstar Category: Mod ate Allocation der The composite may not be an accurate representation of any specific acco The composite may not be an accurate representation of any specific a unt, as specific account account, as specific account performance depends on investment timing, account specific guidelines, and other factors that vary performance depends on investment timing, account specific guidelines, and other factors that vary n n from account to account. from account to account. Results generated using an investment philosophy and methodology that Scharf Investments expects Results ge erated using an investment philosophy and methodology that Scharf Investments expects en to continue using. However, future investments may be made under different economic conditions different to continue using. However, future investments may be made under d ffer economic conditions e and in different securities. Further, the results do not reflect performance in every type of economic and different securities. Further, the results not reflect performance every type of economic ffer cycle. Past performance is not indicative of future results. cycle. Past performance is not indicative of future results. Morningstar is the largest independent research organization serving more than million individuMorningstar is the largest independent research organization serving more than 5.2 million individual investors, 210,000 Financial Advisors, and 1,700 institutional clients around the world. institutional clients around the world. al investors, Financial Advisors, and s For each separate account with at least a three-year history, Morningstar calculates a Morningstar For each separate account with at least three-year history, Morningstar calculates Morningstar i Rating™ based on a Morningstar Risk-Adjusted Re urn measure that accounts for variation in a sepaRating™ based on Morningstar Risk-Adjusted Return measure that accounts for variation i A et n separate account's monthly performance, pla g more emphasis on downward variations and rewarding rate account's monthly performance, placing more emphasis on downward variations and rewarding acin n consistent performance. The top 10% of separate accounts in each category receive 5 stars, the next consistent performance. The top of separate accounts each category receive stars, the next 22.5% receive 4 stars, the next 35% rece ve 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive stars, the next receive stars, the next ei receive stars and the bottom receive star. The Overall Morningstar Rating for separate account is derived from weighted receive 1 star. The Overall Morningstar Rating for a separate account is derived from a weighted average of the performance figures associated with its three-year, five-year and ten-year Morningstar average of the performance figures associated with its three-year, five-year and ten-year Morningstar y Rating metrics. The Scharf Equity composite was rated against the following numbers of US DomiRating metrics. The Scharf Equity composite was rated against the following numbers of Domiciled Large Blend separate accounts ove the following time period: 393 separate accounts in the last ciled Large Blend separate accounts over the following time period: er separate accounts the last three years, 364 separate accounts in the last five years and 263 separate accounts in the last ten years. three years, separate accounts the last five years and n separate accounts the last ten years. The Scharf Balanced composite was rated against the followi g numbers of US Moderate Allocation The Scharf Balanced composite was rated against the following numbers of in Moderate Allocation separate accounts over the followi g time period: 224 separate accounts in the last three years, 189 separate a unts over the following time period: acco in separate accounts the last three years, n separate accounts in the last five years and 113 separate accounts in the last ten years. separate a unts the last five years and acco separate accounts the last ten years. Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary © 2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not n warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is responsible for any damages or losses arising from any use of this information. Past performance is r no guarantee of future results. no guarantee of future results. For more information, please visit our website: www.s For more information, pl f lease website: www.scharfinvestments.com scharfinvestments.com n or call Michael Allard toll free at 877-429-6513 Allard tol free ll C ARMEL M AG A Z I N E • H O L I D AY 2013 135

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