Scharf Investments, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Scharf Investments, LLC reported 69 stock positions worth $4.0 billion. Its top holding was Scharf ETF (KAT) at 7.2% of the portfolio, followed by McKesson (MCK, 6.3%) and Microsoft (MSFT, 5.6%). Compared with Q2 2025, it opened 16 new positions, sold out of 13, added to 9 and reduced 40. The biggest buy was a new position in Scharf ETF (KAT) and the biggest sale Air Products & Chemicals (APD, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- LOS GATOS, CA
- CIK
- 0001463746
- Portfolio Value
- $4.0B (Q3 2025)
- SEC Filing
- 0001463746-25-000002 ↗ filed Nov 13, 2025
Holdings Value
Holdings 69 stocks · $4.0B
| KAT Scharf ETF | 7.21% | 5,097,717 | $286.9M | New |
| MCK McKesson Corp. | 6.31% | 324,733 | $250.9M | Reduce -6.8% |
| MSFT Microsoft Corp. | 5.55% | 426,605 | $221.0M | Reduce -4.1% |
| ORCL Oracle Corp. | 4.56% | 644,647 | $181.3M | Reduce -27.0% |
| BN Brookfield Corp. | 4.53% | 2,629,310 | $180.3M | Reduce -6.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 4.46% | 352,896 | $177.4M | Reduce -19.2% |
| OXY Occidental Petroleum Corp. | 4.09% | 3,439,635 | $162.5M | Reduce -1.2% |
| UNP Union Pacific Corp. | 3.97% | 668,092 | $157.9M | Add +102.6% |
| NVS Novartis AG-Sponsored ADR | 3.90% | 1,210,948 | $155.3M | Reduce -4.1% |
| V Visa Inc. Class A | 3.81% | 443,873 | $151.5M | Reduce -6.5% |
| FISV Fiserv Inc. | 3.67% | 1,131,009 | $145.8M | Reduce -2.2% |
| MKL Markel Group Inc. | 3.62% | 75,346 | $144.0M | Reduce -14.4% |
| FNV Franco-Nevada Corp. | 3.35% | 597,744 | $133.2M | Add +24.8% |
| CME Cme Group Inc. | 2.87% | 422,070 | $114.0M | Reduce -4.1% |
| HSY The Hershey Co. | 2.51% | 534,020 | $99.9M | Reduce -2.2% |
| GKAT Scharf Global Opportunityetf | 2.50% | 2,488,761 | $99.3M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 2.43% | 843,866 | $96.6M | Add +0.4% |
| LMT Lockheed Martin Corp. | 2.28% | 181,834 | $90.8M | Reduce -6.4% |
| CB Chubb Ltd. | 2.13% | 299,482 | $84.5M | New |
| ADBE Adobe Inc. | 2.05% | 230,925 | $81.5M | Reduce -2.5% |
| BKNG Booking Holdings Inc. | 2.00% | 14,684 | $79.4M | Reduce -6.4% |
| AON Aon PLC Class A | 1.97% | 220,088 | $78.5M | Reduce -4.1% |
| CMCSA Comcast Corp. Class A | 1.96% | 2,476,072 | $77.8M | Reduce -6.3% |
| CNC Centene Corp. | 1.89% | 2,103,199 | $75.0M | Add +4.4% |
| SNN Smith & Nephew PLC -Spon ADR | 1.85% | 2,029,051 | $73.6M | Reduce -2.6% |
| OTIS Otis Worldwide Corp. | 1.84% | 800,601 | $73.2M | New |
| TMO Thermo Fisher Scientific Inc. | 1.83% | 150,346 | $72.9M | New |
| A Agilent Technologies Inc. | 1.83% | 567,816 | $72.9M | New |
| ZTS Zoetis Inc. | 1.82% | 494,216 | $72.3M | New |
| DCI Donaldson Co. Inc. | 1.59% | 772,172 | $63.2M | Add +1.6% |
| UHAL.B U-Haul Holding Co.-Non Voting | 1.15% | 902,234 | $45.9M | Add +508.6% |
| UHAL U-Haul Holding Co. | 0.79% | 548,115 | $31.3M | Reduce -62.2% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.77% | 499,419 | $30.7M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.40% | 23,875 | $15.9M | Reduce -35.4% |
| UNH Unitedhealth Group Inc. | 0.31% | 35,850 | $12.4M | Add +21.7% |
| HLN Haleon PLC-ADR | 0.21% | 933,328 | $8.4M | Add +89.9% |
| CVS CVS Health Corp. | 0.19% | 101,390 | $7.6M | Reduce -19.5% |
| AZN Astrazeneca PLC-Spons ADR | 0.18% | 92,464 | $7.1M | New |
| NVDA Nvidia Corp. | 0.18% | 37,773 | $7.0M | Reduce -17.3% |
| GOOG Alphabet Inc. Class C | 0.13% | 21,527 | $5.2M | Reduce -1.3% |
| SONY Sony Group Corp. - SP ADR | 0.13% | 181,601 | $5.2M | Add +75.8% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.13% | 55,449 | $5.1M | Reduce -92.7% |
| INTU Intuit Inc. | 0.10% | 5,906 | $4.0M | Reduce -1.4% |
| AAPL Apple Inc. | 0.09% | 13,414 | $3.4M | Reduce -1.9% |
| GOOGL Alphabet Inc. Class A | 0.08% | 13,522 | $3.3M | Reduce -1.4% |
| SYK Stryker Corp. | 0.08% | 8,622 | $3.2M | Reduce -0.9% |
| MA Mastercard Inc. Class A | 0.07% | 5,218 | $3.0M | Reduce -1.0% |
| META Meta Platforms Inc. Class A | 0.07% | 3,653 | $2.7M | Reduce -0.5% |
| CRM Salesforce Inc. | 0.06% | 10,832 | $2.6M | Reduce -2.5% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.05% | 2,251 | $2.1M | Reduce -1.5% |
| ADP Automatic Data Processing | 0.05% | 7,165 | $2.1M | Reduce -1.4% |
| VWO Vanguard Ftse Emerging Marke | 0.05% | 38,131 | $2.1M | New |
| LLY Eli Lilly & Co. | 0.05% | 2,444 | $1.9M | Reduce -1.5% |
| APD Air Products & Chemicals Inc. | 0.04% | 5,913 | $1.6M | Reduce -98.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.04% | 2 | $1.5M | No change |
| ETN Eaton Corp. PLC | 0.03% | 3,547 | $1.3M | Reduce -1.4% |
| AVGO Broadcom Inc. | 0.03% | 3,977 | $1.3M | New |
| UBER Uber Technologies Inc. | 0.03% | 13,035 | $1.3M | New |
| BMA Banco Macro SA-ADR | 0.02% | 19,965 | $844K | New |
| GGAL Grupo Financiero Galicia-ADR | 0.02% | 27,686 | $763K | New |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.02% | 21,384 | $735K | Reduce -96.3% |
| IMNM Immunome Inc. | 0.01% | 44,389 | $520K | No change |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.01% | 1,095 | $508K | No change |
| SHY iShares 1-3 Year Treasury Bo | 0.01% | 5,423 | $450K | New |
| CARG Cargurus Inc. | 0.01% | 11,868 | $442K | Reduce -9.1% |
| MLKN Millerknoll Inc. | 0.01% | 18,914 | $336K | Reduce -21.9% |
| KRC Kilroy Realty Corp. | 0.01% | 4,963 | $210K | New |
| QUINCE THERAPEUTICS INC | 0.00% | 91,061 | $148K | No change |
| PDM Piedmont Realty Trust Inc. | 0.00% | 14,812 | $133K | Reduce -29.1% |
Portfolio Sells Q2 2025 → Q3 2025
| APD Air Products & Chemicals Inc. | Reduce -98.8% | 0.04% | −4.08 |
| FISV Fiserv Inc. | Reduce -2.2% | 3.67% | −2.07 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -92.7% | 0.13% | −1.88 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -19.2% | 4.46% | −1.65 |
| UHAL U-Haul Holding Co. | Reduce -62.2% | 0.79% | −1.57 |
| MKL Markel Group Inc. | Reduce -14.4% | 3.62% | −1.44 |
| MCK McKesson Corp. | Reduce -6.8% | 6.31% | −1.05 |
| V Visa Inc. Class A | Reduce -6.5% | 3.81% | −1.05 |
| ORCL Oracle Corp. | Reduce -27.0% | 4.56% | −1.00 |
| MSFT Microsoft Corp. | Reduce -4.1% | 5.55% | −0.82 |
| CMCSA Comcast Corp. Class A | Reduce -6.3% | 1.96% | −0.76 |
| CME Cme Group Inc. | Reduce -4.1% | 2.87% | −0.63 |
| BKNG Booking Holdings Inc. | Reduce -6.4% | 2.00% | −0.62 |
| ADBE Adobe Inc. | Reduce -2.5% | 2.05% | −0.59 |
| SLB SLB Ltd. | Reduce -96.3% | 0.02% | −0.55 |
| NVS Novartis AG-Sponsored ADR | Reduce -4.1% | 3.90% | −0.50 |
| BN Brookfield Corp. | Reduce -6.9% | 4.53% | −0.50 |
| AON Aon PLC Class A | Reduce -4.1% | 1.97% | −0.38 |
| LMT Lockheed Martin Corp. | Reduce -6.4% | 2.28% | −0.31 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -35.4% | 0.40% | −0.26 |
| OXY Occidental Petroleum Corp. | Reduce -1.2% | 4.09% | −0.13 |
| POR Portland General Electric Co. | Sold out | 0.00% | −0.12 |
| HSY The Hershey Co. | Reduce -2.2% | 2.51% | −0.10 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.08 |
| CVS CVS Health Corp. | Reduce -19.5% | 0.19% | −0.06 |
| INTU Intuit Inc. | Reduce -1.4% | 0.10% | −0.03 |
| VVV Valvoline Inc. | Sold out | 0.00% | −0.03 |
| NVDA Nvidia Corp. | Reduce -17.3% | 0.18% | −0.03 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.03 |
| CRM Salesforce Inc. | Reduce -2.5% | 0.06% | −0.02 |
| SYK Stryker Corp. | Reduce -0.9% | 0.08% | −0.02 |
| IWB iShares Russell 1000 ETF | Sold out | 0.00% | −0.02 |
| GWW WW Grainger Inc. | Reduce -1.5% | 0.05% | −0.01 |
| ADP Automatic Data Processing | Reduce -1.4% | 0.05% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -1.0% | 0.07% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -0.5% | 0.07% | −0.01 |
| LLY Eli Lilly & Co. | Reduce -1.5% | 0.05% | −0.01 |
| HQY Healthequity Inc. | Sold out | 0.00% | −0.01 |
| FHN First Horizon Corp. | Sold out | 0.00% | −0.01 |
| MMI Marcus & Millichap Inc. | Sold out | 0.00% | −0.01 |
| DGX Quest Diagnostics Inc. | Sold out | 0.00% | −0.01 |
| AWI Armstrong World Industries | Sold out | 0.00% | −0.01 |
| SFM Sprouts Farmers Market Inc. | Sold out | 0.00% | −0.01 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.01 |
| EWBC East West Bancorp Inc. | Sold out | 0.00% | −0.01 |
| MLKN Millerknoll Inc. | Reduce -21.9% | 0.01% | −0.01 |
| ETN Eaton Corp. PLC | Reduce -1.4% | 0.03% | −0.00 |
| CARG Cargurus Inc. | Reduce -9.1% | 0.01% | −0.00 |
| PDM Piedmont Realty Trust Inc. | Reduce -29.1% | 0.00% | −0.00 |
| AAPL Apple Inc. | Reduce -1.9% | 0.09% | +0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| KAT Scharf ETF | New | 7.21% | +7.21 |
| GKAT Scharf Global Opportunityetf | New | 2.50% | +2.50 |
| CB Chubb Ltd. | New | 2.13% | +2.13 |
| OTIS Otis Worldwide Corp. | New | 1.84% | +1.84 |
| TMO Thermo Fisher Scientific Inc. | New | 1.83% | +1.83 |
| A Agilent Technologies Inc. | New | 1.83% | +1.83 |
| ZTS Zoetis Inc. | New | 1.82% | +1.82 |
| UNP Union Pacific Corp. | Add +102.6% | 3.97% | +1.78 |
| FNV Franco-Nevada Corp. | Add +24.8% | 3.35% | +1.09 |
| UHAL.B U-Haul Holding Co.-Non Voting | Add +508.6% | 1.15% | +0.90 |
| IFF Intl Flavors & Fragrances | New | 0.77% | +0.77 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.18% | +0.18 |
| DCI Donaldson Co. Inc. | Add +1.6% | 1.59% | +0.07 |
| HLN Haleon PLC-ADR | Add +89.9% | 0.21% | +0.06 |
| SONY Sony Group Corp. - SP ADR | Add +75.8% | 0.13% | +0.05 |
| VWO Vanguard Ftse Emerging Marke | New | 0.05% | +0.05 |
| UNH Unitedhealth Group Inc. | Add +21.7% | 0.31% | +0.05 |
| AVGO Broadcom Inc. | New | 0.03% | +0.03 |
| UBER Uber Technologies Inc. | New | 0.03% | +0.03 |
| BMA Banco Macro SA-ADR | New | 0.02% | +0.02 |
| GGAL Grupo Financiero Galicia-ADR | New | 0.02% | +0.02 |
| SHY iShares 1-3 Year Treasury Bo | New | 0.01% | +0.01 |
| KRC Kilroy Realty Corp. | New | 0.01% | +0.01 |
| DIS The Walt Disney Co. | Add +0.4% | 2.43% | −0.57 |
| CNC Centene Corp. | Add +4.4% | 1.89% | −1.26 |
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 |