Carmel Magazine

C A R M E L M A G A Z I N E • S P R I N G / S U M M E R 2 0 1 4 63 D iscover San Clemente Rancho, a 2600 acre private vacation preserve, located less then an hour away from the Salinas Valley in the Santa Lucia Mountains. The Rancho has 100 privately owned cabins, a few of which are currently for sale. These cabins are second homes and not permanent residences. The Rancho's amenities include two swimming pools, hot tub, sauna, tennis, mini golf, two small fishing/swimming/boating lakes, and miles of hiking & biking trails. Look us up on the internet, on Facebook or give us a call for an appointment. Please contact us to obtain a free "Get Acquainted" guest pass and spend the day checking out all we have to offer. Carmel's Only Private Recreation Resort SAN CLEMENTE RANCHO For More Information Contact: Bruce Dormody at 831-659-0402 www.Mountain-Cabins.com $375,000 $225,000 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: 476 separate accounts in the last three years, 426 separate accounts in the last ve years and 324 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: 315 separate accounts in the last three years, 247 separate accounts in the last ve years and 145 separate accounts in the last ten years. © 2014 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™ 12/31/2013 Overall 3-Year 5-Year 10-year Morningstar Rating™ 12/31/2013 Overall 3-Year 5-Year 10-year Serving individuals, families, corporations and non-profits nationwide since 1983 12/31/2013 ting™ a orningstar R M 12/31/2013 ed oder : M y egor t a ningstar C or M egor t a ningstar C or unds in M F ts Balanc estmen v n f I char S ting™ a orningstar R M er v O 12/31/2013 er ed tion lloca e A t a oder 315 y egor v O 12/31/2013 5- ear Year 3-Y all 5- 315 ear Year 3-Y all ear 10-y ear Year -Y ear 145 247 10-y ear Year -Y please visit our w ormation, e inf formation, or mor F ts a lien l c a n io t u t i t s d 1,700 in n s, a r o s i v d l A a ci n a s, 210,000 Fin r o t es ves l in a g m in v er n s io t niza ga r h o c r a e es t r den en dep t in es g r a e l h s t r i a t gs nin r o Mo ts. l u es e r ur t u f f e o ve o i t a dic t in o s n ce i n a m r o f er t p s a . P le c y c a m r o f er t p c ee t r o ts do n l u es e r h , t er h t ur ies. F u t i ur c e t s en er d in di er n a 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 . H g sin ue u in t nt o co t 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 t. un o acco t t un m acco o r f 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 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 y egor t a ningstar C or unds in M F quit ts E estmen v n f I char S i wi d toll fr Allar or call Michael .scharfin www ebsite: please visit our w e t s ra e wa t osi p m d co ce n a l a f B r a h c e S e l h ts in t unts in t e acco t ra a ep s, 426 s r a e e y e hr t er t v ts o un e acco t ra a ep d s len e B g r a d L le ci p m y co t ui q f E r a h c e S ics. r et g m in t a R o s s es a ce gur n a m r o f er e p h f t e o g era v a r R a t gs nin r o l M l era vera e O . r a t e 1 s ve 1 s cei e r cei e ext 35% r e n h s, t r a t e 4 s v cei e 22.5% r f s p 10% o o e t . ce n a m r o f er t p en t s si n co acin l , p ce n a m r o f er y p l h t n o s m ' t un e acco t ra k-A s i r R a t gs nin r o n a M Mo d o e s a g™ b in t a R t a t s a t le h a t i t w un e acco t ra a ep h s ac r e o F . ld r o e w h d t un o r ts a - u id v di n in lio l n 5.2 mi a h e t r o g m mic o n co f e e o yp y t er v ce in e n a s n io t di n mic co o n co t e en er di er ts c e ts exp en m t es v nv f I r a h c t S a h y r t va a h s t r o t er fac h t d o n es, a lin t un cic acco e p s s t, a un cic acco 476 y egor win win win n ee at 877-429-6513 d toll fr estments.com v scharfin n ra a o gu n b si n o p es r e t nt ra r wa nin r o o M Mo t © 2014 M e acco t ra a ep s e acco t ra a ep s n io t a c lo l e A t dera o f US M Mo s o er b um g n in w lo l o e f h t t s in ga d a e s. r a e en y t t s a e l h ts in t un e acco t ra a ep d 324 s n s a r a e e y v t s a e l t s a e l h ts in t un e acco t ra a ep d: 476 s io er e p im g t in w lo l o e f h er t - mi o f US D s o er b um g n in w lo l o e f h t t s in ga d a e t s ra e wa t osi p r a t gs nin r o r M Mo a e en-ye d t n r a a e e-y ve-y , r a e e-y e hr ts t h i t i d w e t a ci d e t h eig m a w o r d f e v i s der t i un e acco t ra a ep r a s o g f fo in t a R Ra m 10% o t t o e b h d t n s a r a t e 2 s v cei e ext 22.5% r e e n h s, t r a t e 3 s v cei ext e n h s, t r a t e 5 s ve 5 s cei e y r r o eg t a h c ac ts in e un e acco t ra a ep f s g din r wa e d r n s a n io t a i r d va r wa n w n do s o si a h p e em r o g m acin - a ep n in a s io t a i r r va o ts f unt t acco a h e t ur s a e n m ur et d R Ret e t s u j dj k-A r a t gs nin r o es a M t a l u lc a r c a t gs nin r o , M y r o t s r hi a e e-y e hr t a t 476 win ts. l u es e r ur t u f f e o e t n er t p s a n. P io t a m r o s inf hi f t e o s y u ny u m a o r g f sin i r es a s r los es o g a m a y d n r a o le f fo b v o r t p en t n ts co r i o r n a t gs nin r o er M h t ei . N y l e im r t e o let p m , co e t ura e acc o b d t d (3) i n d; a e t u b i r t s r di d o ie p e co t b o y n a s; (2) m ider v o r t p ent t n ts co r i d/o n r a a t gs nin s p ein: (1) i er d h e in a t n n co io t a m r o e inf . d e v er es ts R h ig l R l c. A n , I r a t gs nin r o M o s. r a e en y ye t t s a e l h ts in t un e acco t ra a ep d 145 s n s a r a e e y ve y t s a e l h ts in t un e acco hr t t s a e l h ts in t unt e acco t ra a ep d: 315 s io er e p im g t in w lo l o e f h er t v ts o un e acco 324 426 s ce i n a m r o f er e r s a ider v t o s n d (3) i y r a iet r p o r s p s, 247 r a e e y e 063 San Clement Ranch_Scharf_SU08 4/25/14 11:26 AM Page 183

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