SCHARF INVESTMENTS, LLC

The portfolio management style is characterized by high conviction and active turnover. The firm initiated 23 new positions and sold out of 8, while simultaneously increasing stakes in 11 names and reducing 16. This high level of activity suggests a tactical approach to asset allocation rather than a passive buy-and-hold strategy. The portfolio is reasonably diversified, though it exhibits a clear preference for quality large-cap names, with the top 10 holdings accounting for roughly 44% of total assets.

2. Key Holdings

The portfolio is anchored by a mix of defensive stalwarts and high-quality compounders, with no single position dominating excessively (the largest position is under 7%).