Carmel Magazine

C A R M E L M A G A Z I N E • W I N T E R 2 0 1 4 71 Carmel-by-the-Sea | San Carlos & 7th | Open from 12 noon Daily | 831.626.WINE (9463) Estate Winery | 1972 Hobson Ave., Greenfield | Open from 11 am Daily | 831.386.0316 SCHEIDWINES.COM V I S I T O U R T A S T I N G R O O M S T H I S H O L I D A Y S E A S O N THE TASTE OF THE HOLIDAYS e composite may not be an accurate representation of any specic account, as specic account performance depends on investment timing, account specic guidelines, and other factors that vary from account to account. Results generated using an investment philosophy and methodology that Scharf Investments expects to continue using. However, future investments may be made under dierent economic conditions and in dierent securities. Further, the results do not reect performance in every type of economic cycle. Past performance is not indicative of future results. Morningstar is the largest independent research organization serving more than 5.2 million individu- al investors, 210,000 Financial Advisors, and 1,700 institutional clients around the world. For each separate account with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a sepa- rate account's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. e top 10% of separate accounts in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. e Overall Morningstar Rating for a separate account is derived from a weighted average of the performance gures associated with its three-year, ve-year and ten-year Morningstar Rating metrics. e Scharf Equity composite was rated against the following numbers of US Domi- ciled Large Blend separate accounts over the following time period: 452 separate accounts in the last three years, 412 separate accounts in the last ve years and 310 separate accounts in the last ten years. e Scharf Balanced composite was rated against the following numbers of US Moderate Allocation separate accounts over the following time period: 298 separate accounts in the last three years, 237 separate accounts in the last ve years and 139 separate accounts in the last ten years. © 2013 Morningstar, Inc. All Rights Reserved. e information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not 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 no guarantee of future results. www.scharfinvestments.com Morningstar Rating™ 9/30/2013 Overall 3-Year 5-Year 10-year Morningstar Rating™ 9/30/2013 Overall 3-Year 5-Year 10-year Serving individuals, families, corporations and non-profits nationwide since 1983 ting™ a orningstar R M 9/30/2013 ting™ ed a orningstar R M 9/30/2013 ts Balanc estmen v n f I char S egor t a ningstar C or unds in M F oder : M y egor t a ningstar C or M 9/30/2013 er v O 9/30/2013 ed er v O 298 y egor tion lloca e A t a oder 5- ear Year 3-Y all 5- ear Year 3-Y all 298 ear 10-y ear Year -Y ear 10-y ear Year -Y 139 237 cic acco e p y s n f a n o io t a t en es r ep e r t ura n acc e a t b o y n a e m t osi p m e co lin cic guide e p t s un , acco g imin t t en m t es v n in v s o d en ce dep n a m r o f er p t. un o acco t t un m acco o r f y t log do o h et d m n y a h p o los hi t p en m t es ves n in g a sin d u e t era en ts g e l u es Res der di ade un e m y b a ts m en m t es v e in ur t u , f er v e we o . 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