Scharf Investments, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 14, 2025), Scharf Investments, LLC reported 66 stock positions worth $3.5 billion. Its top holding was McKesson (MCK) at 7.4% of the portfolio, followed by Microsoft (MSFT, 6.4%) and Berkshire Hathaway Class B (BRK.B, 6.1%). Compared with Q1 2025, it opened 5 new positions, sold out of 8, added to 28 and reduced 20. The biggest buy was a new position in Hershey (HSY) and the biggest sale Union Pacific (UNP, shares −41%).
- Most Recent 13F
- Q2 2026
- Location
- LOS GATOS, CA
- CIK
- 0001463746
- Portfolio Value
- $3.5B (Q2 2025)
- SEC Filing
- 0001085146-25-003788 ↗ filed Jul 14, 2025
Holdings Value
Holdings 66 stocks · $3.5B
| MCK McKesson Corp. | 7.35% | 348,429 | $255.3M | Reduce -8.5% |
| MSFT Microsoft Corp. | 6.37% | 444,957 | $221.3M | Add +6.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 6.11% | 436,722 | $212.2M | Reduce -0.5% |
| FISV Fiserv Inc. | 5.74% | 1,155,966 | $199.3M | Add +3.0% |
| ORCL Oracle Corp. | 5.56% | 883,272 | $193.1M | Add +4.9% |
| MKL Markel Group Inc. | 5.06% | 87,980 | $175.8M | Reduce -1.0% |
| BN Brookfield Corp. | 5.03% | 2,823,153 | $174.6M | Reduce -19.9% |
| V Visa Inc. Class A | 4.86% | 474,828 | $168.6M | Reduce -4.4% |
| NVS Novartis AG-Sponsored ADR | 4.40% | 1,262,444 | $152.8M | Add +0.3% |
| OXY Occidental Petroleum Corp. | 4.21% | 3,480,890 | $146.2M | Add +17.5% |
| APD Air Products & Chemicals Inc. | 4.12% | 506,600 | $142.9M | Reduce -0.8% |
| CME Cme Group Inc. | 3.49% | 440,229 | $121.3M | Reduce -0.4% |
| CNC Centene Corp. | 3.15% | 2,013,780 | $109.3M | Reduce -15.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.00% | 840,267 | $104.2M | Add +45.3% |
| CMCSA Comcast Corp. Class A | 2.72% | 2,641,848 | $94.3M | Reduce -8.9% |
| ADBE Adobe Inc. | 2.64% | 236,955 | $91.7M | Add +5059.1% |
| BKNG Booking Holdings Inc. | 2.62% | 15,686 | $90.9M | Reduce -9.5% |
| HSY The Hershey Co. | 2.61% | 545,858 | $90.6M | New |
| LMT Lockheed Martin Corp. | 2.59% | 194,309 | $90.0M | Add +0.0% |
| AON Aon PLC Class A | 2.36% | 229,454 | $81.9M | Reduce -0.4% |
| UHAL U-Haul Holding Co. | 2.35% | 1,449,296 | $81.7M | Add +137.2% |
| FNV Franco-Nevada Corp. | 2.26% | 478,933 | $78.5M | New |
| UNP Union Pacific Corp. | 2.19% | 329,812 | $75.9M | Reduce -41.5% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 2.01% | 760,224 | $69.7M | Reduce -30.9% |
| SNN Smith & Nephew PLC -Spon ADR | 1.84% | 2,083,513 | $63.8M | Add +0.3% |
| DCI Donaldson Co. Inc. | 1.52% | 760,079 | $52.7M | Reduce -3.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.66% | 36,954 | $22.8M | Add +28.9% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.57% | 583,633 | $19.7M | Reduce -64.7% |
| UNH Unitedhealth Group Inc. | 0.26% | 29,465 | $9.2M | New |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.26% | 148,257 | $9.0M | Reduce -85.0% |
| CVS CVS Health Corp. | 0.25% | 125,885 | $8.7M | Reduce -21.2% |
| NVDA Nvidia Corp. | 0.21% | 45,657 | $7.2M | Add +8.0% |
| HLN Haleon PLC-ADR | 0.15% | 491,450 | $5.1M | New |
| INTU Intuit Inc. | 0.14% | 5,989 | $4.7M | Add +8.8% |
| POR Portland General Electric Co. | 0.12% | 101,508 | $4.1M | Add +3.0% |
| GOOG Alphabet Inc. Class C | 0.11% | 21,803 | $3.9M | Add +7.4% |
| SYK Stryker Corp. | 0.10% | 8,700 | $3.4M | Add +8.9% |
| CRM Salesforce Inc. | 0.09% | 11,116 | $3.0M | Add +8.6% |
| MA Mastercard Inc. Class A | 0.09% | 5,273 | $3.0M | Add +8.8% |
| AAPL Apple Inc. | 0.08% | 13,668 | $2.8M | Add +4.1% |
| ACN Accenture PLC Class A | 0.08% | 9,120 | $2.7M | Add +8.5% |
| META Meta Platforms Inc. Class A | 0.08% | 3,671 | $2.7M | Add +8.6% |
| SONY Sony Group Corp. - SP ADR | 0.08% | 103,275 | $2.7M | No change |
| GOOGL Alphabet Inc. Class A | 0.07% | 13,713 | $2.4M | Add +8.6% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.07% | 2,285 | $2.4M | Add +8.8% |
| ADP Automatic Data Processing | 0.06% | 7,266 | $2.2M | Add +8.3% |
| LLY Eli Lilly & Co. | 0.06% | 2,481 | $1.9M | Add +9.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.04% | 2 | $1.5M | No change |
| ETN Eaton Corp. PLC | 0.04% | 3,596 | $1.3M | Add +9.1% |
| VVV Valvoline Inc. | 0.03% | 31,613 | $1.2M | Reduce -7.8% |
| PGR Progressive Corp. | 0.03% | 3,475 | $927K | Add +4.9% |
| IWB iShares Russell 1000 ETF | 0.02% | 1,886 | $641K | Add +7.3% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.01% | 1,095 | $483K | No change |
| MLKN Millerknoll Inc. | 0.01% | 24,206 | $470K | Reduce -28.7% |
| CARG Cargurus Inc. | 0.01% | 13,049 | $437K | No change |
| IMNM Immunome Inc. | 0.01% | 44,389 | $413K | No change |
| HQY Healthequity Inc. | 0.01% | 2,652 | $278K | No change |
| MMI Marcus & Millichap Inc. | 0.01% | 8,777 | $270K | No change |
| FHN First Horizon Corp. | 0.01% | 12,708 | $269K | No change |
| DGX Quest Diagnostics Inc. | 0.01% | 1,413 | $254K | No change |
| AWI Armstrong World Industries | 0.01% | 1,489 | $242K | No change |
| SFM Sprouts Farmers Market Inc. | 0.01% | 1,426 | $235K | No change |
| CP Canadian Pacific Kansas City | 0.01% | 2,853 | $226K | New |
| EWBC East West Bancorp Inc. | 0.01% | 2,230 | $225K | Reduce -24.1% |
| PDM Piedmont Realty Trust Inc. | 0.00% | 20,903 | $152K | No change |
| QUINCE THERAPEUTICS INC | 0.00% | 91,061 | $150K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| UNP Union Pacific Corp. | Reduce -41.5% | 2.19% | −1.84 |
| SLB SLB Ltd. | Reduce -64.7% | 0.57% | −1.52 |
| UHAL.B U-Haul Holding Co.-Non Voting | Reduce -85.0% | 0.26% | −1.51 |
| CNC Centene Corp. | Reduce -15.9% | 3.15% | −1.25 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -30.9% | 2.01% | −1.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 6.11% | −0.96 |
| GNTX Gentex Corp. | Sold out | 0.00% | −0.73 |
| DCI Donaldson Co. Inc. | Reduce -3.0% | 1.52% | −0.72 |
| BN Brookfield Corp. | Reduce -19.9% | 5.03% | −0.56 |
| CMCSA Comcast Corp. Class A | Reduce -8.9% | 2.72% | −0.52 |
| APD Air Products & Chemicals Inc. | Reduce -0.8% | 4.12% | −0.44 |
| AON Aon PLC Class A | Reduce -0.4% | 2.36% | −0.42 |
| V Visa Inc. Class A | Reduce -4.4% | 4.86% | −0.41 |
| MCK McKesson Corp. | Reduce -8.5% | 7.35% | −0.40 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.25 |
| CVS CVS Health Corp. | Reduce -21.2% | 0.25% | −0.08 |
| CME Cme Group Inc. | Reduce -0.4% | 3.49% | −0.05 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −0.03 |
| GLDM SPDR Gold Minishares Trust | Sold out | 0.00% | −0.01 |
| ALLY Ally Financial Inc. | Sold out | 0.00% | −0.01 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Sold out | 0.00% | −0.01 |
| MLKN Millerknoll Inc. | Reduce -28.7% | 0.01% | −0.01 |
| VOXX Voxx International Corp. | Sold out | 0.00% | −0.01 |
| BDN Brandywine Realty Trust | Sold out | 0.00% | −0.00 |
| VVV Valvoline Inc. | Reduce -7.8% | 0.03% | −0.00 |
| EWBC East West Bancorp Inc. | Reduce -24.1% | 0.01% | −0.00 |
| MKL Markel Group Inc. | Reduce -1.0% | 5.06% | +0.04 |
| BKNG Booking Holdings Inc. | Reduce -9.5% | 2.62% | +0.20 |
Portfolio Buys Q1 2025 → Q2 2025
| HSY The Hershey Co. | New | 2.61% | +2.61 |
| ADBE Adobe Inc. | Add +5059.1% | 2.64% | +2.59 |
| FNV Franco-Nevada Corp. | New | 2.26% | +2.26 |
| ORCL Oracle Corp. | Add +4.9% | 5.56% | +2.00 |
| MSFT Microsoft Corp. | Add +6.7% | 6.37% | +1.64 |
| DIS The Walt Disney Co. | Add +45.3% | 3.00% | +1.28 |
| UHAL U-Haul Holding Co. | Add +137.2% | 2.35% | +1.15 |
| UNH Unitedhealth Group Inc. | New | 0.26% | +0.26 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +28.9% | 0.66% | +0.17 |
| NVS Novartis AG-Sponsored ADR | Add +0.3% | 4.40% | +0.16 |
| HLN Haleon PLC-ADR | New | 0.15% | +0.15 |
| NVDA Nvidia Corp. | Add +8.0% | 0.21% | +0.07 |
| SNN Smith & Nephew PLC -Spon ADR | Add +0.3% | 1.84% | +0.06 |
| INTU Intuit Inc. | Add +8.8% | 0.14% | +0.03 |
| META Meta Platforms Inc. Class A | Add +8.6% | 0.08% | +0.02 |
| GOOG Alphabet Inc. Class C | Add +7.4% | 0.11% | +0.02 |
| GOOGL Alphabet Inc. Class A | Add +8.6% | 0.07% | +0.01 |
| ETN Eaton Corp. PLC | Add +9.1% | 0.04% | +0.01 |
| SYK Stryker Corp. | Add +8.9% | 0.10% | +0.01 |
| CP Canadian Pacific Kansas City | New | 0.01% | +0.01 |
| GWW WW Grainger Inc. | Add +8.8% | 0.07% | +0.01 |
| MA Mastercard Inc. Class A | Add +8.8% | 0.09% | +0.01 |
| CRM Salesforce Inc. | Add +8.6% | 0.09% | +0.00 |
| ADP Automatic Data Processing | Add +8.3% | 0.06% | +0.00 |
| IWB iShares Russell 1000 ETF | Add +7.3% | 0.02% | +0.00 |
| ACN Accenture PLC Class A | Add +8.5% | 0.08% | −0.00 |
| LLY Eli Lilly & Co. | Add +9.3% | 0.06% | −0.00 |
| PGR Progressive Corp. | Add +4.9% | 0.03% | −0.00 |
| AAPL Apple Inc. | Add +4.1% | 0.08% | −0.01 |
| POR Portland General Electric Co. | Add +3.0% | 0.12% | −0.01 |
| LMT Lockheed Martin Corp. | Add +0.0% | 2.59% | −0.03 |
| OXY Occidental Petroleum Corp. | Add +17.5% | 4.21% | −0.21 |
| FISV Fiserv Inc. | Add +3.0% | 5.74% | −1.75 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 79 | $3.0B | KAT, OXY, UNP, GKAT, MKL |
| Q1 2026 | 70 | $3.2B | KAT, OXY, MCK, UNP, FNV |
| Q4 2025 | 72 | $3.7B | KAT, MCK, MSFT, BN, BRK.B |
| Q3 2025 | 69 | $4.0B | KAT, MCK, MSFT, ORCL, BN |
| Q2 2025 | 66 | $3.5B | MCK, MSFT, BRK.B, FISV, ORCL |
| Q1 2025 | 69 | $3.3B | MCK, FISV, BRK.B, BN, V |
| Q4 2024 | 69 | $3.4B | FISV, BN, MCK, BRK.B, MSFT |
| Q3 2024 | 68 | $3.6B | FISV, BN, BRK.B, MCK, CMCSA |
| Q2 2024 | 58 | $3.5B | MCK, MSFT, FISV, BRK.B, BN |
| Q1 2024 | 61 | $3.7B | MCK, BRK.B, FISV, CMCSA, MSFT |