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C A R M E L M A G A Z I N E • H O L I D A Y 2 0 1 4 183 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 separate 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 Domiciled Large Blend separate accounts over the following time period: 462 separate accounts in the last three years, 422 separate accounts in the last ve years and 323 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: 329 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. 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Past performance is no guarantee of future results. www.scharfinvestments.com Morningstar Rating™ 6/30/2014 Overall 3-Year 5-Year 10-year Morningstar Rating™ 6/30/2014 Overall 3-Year 5-Year 10-year Serving individuals, families, corporations and non-profits nationwide since 1983 6/30/2014 ting™ a orningstar R M 6/30/2014 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 6/30/2014 er ed tion lloca e A t a oder 329 y egor v O 6/30/2014 5- ear Year 3-Y all er 5- 329 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 . 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