SCHARF INVESTMENTS, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MRSH	MARSH & MCLENNAN COS INC	357,764	$66,375	1.8%	$186.43	0.0%	COM	571748102
CNI	CANADIAN NATL RY CO	83,790	$8,283	0.2%	$96.14	0.0%	COM	136375102
CP	CANADIAN PACIFIC KANSAS CITY	58,104	$4,278	0.1%	$73.60	0.0%	COM	13646K108
IWB	ISHARES TR	8,313	$3,105	0.1%	$373.47	—	RUS 1000 ETF	464287622
APH	AMPHENOL CORP NEW	7,034	$951	0.0%	$133.54	0.0%	CL A	032095101
RSP	INVESCO EXCHANGE TRADED FD T	4,342	$832	0.0%	$191.56	—	S&P500 EQL WGT	46137V357
VOO	VANGUARD INDEX FDS	1,322	$829	0.0%	$627.13	—	S&P 500 ETF SHS	922908363
VV	VANGUARD INDEX FDS	1,768	$557	0.0%	$314.79	—	LARGE CAP ETF	922908637
SEMG	EA SERIES TRUST	14,770	$405	0.0%	$27.40	—	SUNCOAST SELECT	02072Q580

Increased Positions (14)

META META PLATFORMS INC 2.7%

Value ($000) $100,964 (+3663.5%) Shares 152,940 (+4086.7%) Est. Cost $666.70 Unrealized +0.1%

BKNG BOOKING HOLDINGS INC 3.7%

Value ($000) $138,513 (+74.5%) Shares 25,849 (+76.0%) Est. Cost $3307.29 Unrealized +55.3%

UNH UNITEDHEALTH GROUP INC 1.6%

Value ($000) $59,085 (+377.3%) Shares 178,972 (+399.2%) Est. Cost $342.06 Unrealized -1.4%

SPY SPDR S&P 500 ETF TR 1.3%

Value ($000) $47,932 (+201.3%) Shares 70,284 (+194.4%) Est. Cost $644.78 Unrealized —

ZTS ZOETIS INC 2.8%

Value ($000) $103,032 (+42.5%) Shares 818,875 (+65.7%) Est. Cost $142.50 Unrealized -8.6%

OTIS OTIS WORLDWIDE CORP 2.7%

Value ($000) $100,020 (+36.6%) Shares 1,145,040 (+43.0%) Est. Cost $89.87 Unrealized -0.7%

BN BROOKFIELD CORP 4.3%

Value ($000) $161,352 (-10.5%) Shares 3,515,805 (+33.7%) Est. Cost $27.68 Unrealized +64.6%

CB CHUBB LIMITED 2.6%

Value ($000) $97,897 (+15.8%) Shares 313,636 (+4.7%) Est. Cost $275.99 Unrealized +5.9%

FNV FRANCO NEV CORP 3.9%

Value ($000) $143,484 (+7.7%) Shares 692,209 (+15.8%) Est. Cost $172.93 Unrealized +17.3%

GKAT ADVISORS SER TR 2.9%

Value ($000) $108,881 (+9.7%) Shares 2,659,431 (+6.9%) Est. Cost $39.95 Unrealized —

HLN HALEON PLC 0.3%

Value ($000) $11,078 (+32.3%) Shares 1,095,734 (+17.4%) Est. Cost $9.77 Unrealized —

AVGO BROADCOM INC 0.1%

Value ($000) $2,342 (+78.5%) Shares 6,766 (+70.1%) Est. Cost $326.87 Unrealized +9.2%

CVS CVS HEALTH CORP 0.2%

Value ($000) $8,213 (+7.5%) Shares 103,497 (+2.1%) Est. Cost $57.90 Unrealized +35.9%

SHY ISHARES TR 0.0%

Value ($000) $502 (+11.6%) Shares 6,063 (+11.8%) Est. Cost $82.95 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	152,940 (+4086.7%)	$100,964 (+3663.5%)	2.7%	$666.70	+0.1%	CL A	30303M102
BKNG	BOOKING HOLDINGS INC	25,849 (+76.0%)	$138,513 (+74.5%)	3.7%	$3307.29	+55.3%	COM	09857L108
UNH	UNITEDHEALTH GROUP INC	178,972 (+399.2%)	$59,085 (+377.3%)	1.6%	$342.06	-1.4%	COM	91324P102
SPY	SPDR S&P 500 ETF TR	70,284 (+194.4%)	$47,932 (+201.3%)	1.3%	$644.78	—	TR UNIT	78462F103
ZTS	ZOETIS INC	818,875 (+65.7%)	$103,032 (+42.5%)	2.8%	$142.50	-8.6%	CL A	98978V103
OTIS	OTIS WORLDWIDE CORP	1,145,040 (+43.0%)	$100,020 (+36.6%)	2.7%	$89.87	-0.7%	COM	68902V107
BN	BROOKFIELD CORP	3,515,805 (+33.7%)	$161,352 (-10.5%)	4.3%	$27.68	+64.6%	CL A LTD VT SH	11271J107
CB	CHUBB LIMITED	313,636 (+4.7%)	$97,897 (+15.8%)	2.6%	$275.99	+5.9%	COM	H1467J104
FNV	FRANCO NEV CORP	692,209 (+15.8%)	$143,484 (+7.7%)	3.9%	$172.93	+17.3%	COM	351858105
GKAT	ADVISORS SER TR	2,659,431 (+6.9%)	$108,881 (+9.7%)	2.9%	$39.95	—	SCHARF GLOBAL	00770X212
HLN	HALEON PLC	1,095,734 (+17.4%)	$11,078 (+32.3%)	0.3%	$9.77	—	SPON ADS	405552100
AVGO	BROADCOM INC	6,766 (+70.1%)	$2,342 (+78.5%)	0.1%	$326.87	+9.2%	COM	11135F101
CVS	CVS HEALTH CORP	103,497 (+2.1%)	$8,213 (+7.5%)	0.2%	$57.90	+35.9%	COM	126650100
SHY	ISHARES TR	6,063 (+11.8%)	$502 (+11.6%)	0.0%	$82.95	—	1 3 YR TREAS BD	464287457

Exited Positions (6)

AZN ASTRAZENECA PLC 0.2%

Value ($000) $7,094 Shares 92,464 Est. Cost $76.72 Unrealized —

SONY SONY GROUP CORP 0.1%

Value ($000) $5,228 Shares 181,601 Est. Cost $30.40 Unrealized —

BMA BANCO MACRO SA 0.0%

Value ($000) $844 Shares 19,965 Est. Cost $42.29 Unrealized —

GGAL GRUPO FINANCIERO GALICIA S.A 0.0%

Value ($000) $763 Shares 27,686 Est. Cost $27.56 Unrealized —

DIA SPDR DOW JONES INDL AVERAGE 0.0%

Value ($000) $508 Shares 1,095 Est. Cost $394.44 Unrealized —

KRC KILROY RLTY CORP 0.0%

Value ($000) $210 Shares 4,963 Est. Cost $42.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	92,464	$7,094	0.2%	$76.72	—	—	046353108
SONY	SONY GROUP CORP	181,601	$5,228	0.1%	$30.40	—	—	835699307
BMA	BANCO MACRO SA	19,965	$844	0.0%	$42.29	—	—	05961W105
GGAL	GRUPO FINANCIERO GALICIA S.A	27,686	$763	0.0%	$27.56	—	—	399909100
DIA	SPDR DOW JONES INDL AVERAGE	1,095	$508	0.0%	$394.44	—	—	78467X109
KRC	KILROY RLTY CORP	4,963	$210	0.0%	$42.25	—	—	49427F108

Decreased Positions (42)

FISV FISERV INC 0.0%

Value ($000) $943 (-99.4%) Shares 14,044 (-98.8%) Est. Cost $122.30 Unrealized -31.4%

ORCL ORACLE CORP 2.7%

Value ($000) $99,717 (-45.0%) Shares 511,594 (-20.6%) Est. Cost $47.33 Unrealized +402.9%

CMCSA COMCAST CORP NEW 0.1%

Value ($000) $2,566 (-96.7%) Shares 85,847 (-96.5%) Est. Cost $32.48 Unrealized -12.1%

OXY OCCIDENTAL PETE CORP 3.2%

Value ($000) $120,882 (-25.6%) Shares 2,939,724 (-14.5%) Est. Cost $52.06 Unrealized -20.2%

DCI DONALDSON INC 0.7%

Value ($000) $24,256 (-61.6%) Shares 273,570 (-64.6%) Est. Cost $72.25 Unrealized +19.6%

MSFT MICROSOFT CORP 4.9%

Value ($000) $182,860 (-17.2%) Shares 378,096 (-11.4%) Est. Cost $72.44 Unrealized +591.1%

MCK MCKESSON CORP 5.9%

Value ($000) $217,988 (-13.1%) Shares 265,731 (-18.2%) Est. Cost $154.96 Unrealized +426.3%

IFF INTERNATIONAL FLAVORS&FRAGRA 0.0%

Value ($000) $719 (-97.7%) Shares 10,669 (-97.9%) Est. Cost $67.84 Unrealized -5.1%

KAT ADVISORS SER TR 6.9%

Value ($000) $258,562 (-9.9%) Shares 4,701,050 (-7.8%) Est. Cost $56.27 Unrealized —

NVS NOVARTIS AG 3.6%

Value ($000) $132,756 (-14.5%) Shares 962,900 (-20.5%) Est. Cost $85.12 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 4.2%

Value ($000) $155,089 (-12.6%) Shares 308,528 (-12.6%) Est. Cost $173.33 Unrealized +187.1%

SNN SMITH & NEPHEW PLC 1.5%

Value ($000) $55,536 (-24.6%) Shares 1,692,649 (-16.6%) Est. Cost $24.33 Unrealized —

LMT LOCKHEED MARTIN CORP 2.0%

Value ($000) $75,062 (-17.3%) Shares 155,178 (-14.7%) Est. Cost $344.87 Unrealized +38.1%

V VISA INC 3.8%

Value ($000) $141,541 (-6.6%) Shares 403,573 (-9.1%) Est. Cost $236.24 Unrealized +44.1%

HSY HERSHEY CO 2.4%

Value ($000) $90,224 (-9.7%) Shares 495,776 (-7.2%) Est. Cost $161.62 Unrealized +12.7%

UHAL U HAUL HOLDING COMPANY 0.6%

Value ($000) $21,740 (-30.5%) Shares 431,250 (-21.3%) Est. Cost $61.02 Unrealized -12.8%

TMO THERMO FISHER SCIENTIFIC INC 2.2%

Value ($000) $81,134 (+11.3%) Shares 140,004 (-6.9%) Est. Cost $464.78 Unrealized +21.6%

UHAL/B U HAUL HOLDING COMPANY 1.0%

Value ($000) $38,419 (-16.3%) Shares 821,963 (-8.9%) Est. Cost $53.18 Unrealized -8.5%

CME CME GROUP INC 2.9%

Value ($000) $106,782 (-6.4%) Shares 391,015 (-7.4%) Est. Cost $196.43 Unrealized +37.8%

UNP UNION PAC CORP 4.1%

Value ($000) $151,748 (-3.9%) Shares 655,996 (-1.8%) Est. Cost $210.33 Unrealized +8.1%

DIS DISNEY WALT CO 2.5%

Value ($000) $91,303 (-5.5%) Shares 802,514 (-4.9%) Est. Cost $91.38 Unrealized +19.9%

AON AON PLC 2.0%

Value ($000) $73,444 (-6.4%) Shares 208,111 (-5.4%) Est. Cost $293.82 Unrealized +18.8%

BIL SPDR SERIES TRUST 0.0%

Value ($000) $201 (-96.1%) Shares 2,196 (-96.0%) Est. Cost $91.74 Unrealized —

MKL MARKEL GROUP INC 4.0%

Value ($000) $148,794 (+3.3%) Shares 69,203 (-8.2%) Est. Cost $1045.02 Unrealized +93.9%

ADBE ADOBE INC 2.1%

Value ($000) $78,021 (-4.2%) Shares 222,911 (-3.5%) Est. Cost $387.45 Unrealized -12.2%

GOOG ALPHABET INC 0.1%

Value ($000) $4,220 (-19.5%) Shares 13,447 (-37.5%) Est. Cost $122.23 Unrealized +134.3%

NVDA NVIDIA CORPORATION 0.2%

Value ($000) $6,320 (-10.3%) Shares 33,885 (-10.3%) Est. Cost $100.28 Unrealized +85.6%

INTU INTUIT 0.1%

Value ($000) $3,400 (-15.7%) Shares 5,132 (-13.1%) Est. Cost $465.77 Unrealized +41.9%

A AGILENT TECHNOLOGIES INC 1.9%

Value ($000) $72,285 (-0.8%) Shares 531,223 (-6.4%) Est. Cost $120.55 Unrealized +19.2%

ADP AUTOMATIC DATA PROCESSING IN 0.0%

Value ($000) $1,607 (-23.6%) Shares 6,248 (-12.8%) Est. Cost $222.90 Unrealized +18.8%

UBER UBER TECHNOLOGIES INC 0.0%

Value ($000) $791 (-38.0%) Shares 9,685 (-25.7%) Est. Cost $93.52 Unrealized -3.7%

APD AIR PRODS & CHEMS INC 0.0%

Value ($000) $1,129 (-30.0%) Shares 4,569 (-22.7%) Est. Cost $239.26 Unrealized +5.2%

GOOGL ALPHABET INC 0.1%

Value ($000) $3,767 (+14.6%) Shares 12,035 (-11.0%) Est. Cost $132.37 Unrealized +115.8%

SYK STRYKER CORPORATION 0.1%

Value ($000) $2,742 (-14.0%) Shares 7,801 (-9.5%) Est. Cost $266.15 Unrealized +36.6%

CRM SALESFORCE INC 0.1%

Value ($000) $2,130 (-17.0%) Shares 8,040 (-25.8%) Est. Cost $258.55 Unrealized -4.0%

LLY ELI LILLY & CO 0.1%

Value ($000) $2,217 (+18.9%) Shares 2,063 (-15.6%) Est. Cost $858.82 Unrealized +11.3%

ETN EATON CORP PLC 0.0%

Value ($000) $1,005 (-24.3%) Shares 3,156 (-11.0%) Est. Cost $278.94 Unrealized +27.0%

MA MASTERCARD INCORPORATED 0.1%

Value ($000) $2,699 (-9.1%) Shares 4,727 (-9.4%) Est. Cost $385.11 Unrealized +45.1%

GWW WW GRAINGER INC 0.1%

Value ($000) $1,949 (-9.2%) Shares 1,931 (-14.2%) Est. Cost $621.29 Unrealized +56.0%

MLKN MILLERKNOLL INC 0.0%

Value ($000) $235 (-30.0%) Shares 12,848 (-32.1%) Est. Cost $29.50 Unrealized -45.1%

AAPL APPLE INC 0.1%

Value ($000) $3,327 (-2.6%) Shares 12,237 (-8.8%) Est. Cost $128.34 Unrealized +109.1%

SLB SLB LIMITED 0.0%

Value ($000) $779 (+6.0%) Shares 20,295 (-5.1%) Est. Cost $40.40 Unrealized -10.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	14,044 (-98.8%)	$943 (-99.4%)	0.0%	$122.30	-31.4%	COM	337738108
ORCL	ORACLE CORP	511,594 (-20.6%)	$99,717 (-45.0%)	2.7%	$47.33	+402.9%	COM	68389X105
CMCSA	COMCAST CORP NEW	85,847 (-96.5%)	$2,566 (-96.7%)	0.1%	$32.48	-12.1%	CL A	20030N101
OXY	OCCIDENTAL PETE CORP	2,939,724 (-14.5%)	$120,882 (-25.6%)	3.2%	$52.06	-20.2%	COM	674599105
DCI	DONALDSON INC	273,570 (-64.6%)	$24,256 (-61.6%)	0.7%	$72.25	+19.6%	COM	257651109
MSFT	MICROSOFT CORP	378,096 (-11.4%)	$182,860 (-17.2%)	4.9%	$72.44	+591.1%	COM	594918104
MCK	MCKESSON CORP	265,731 (-18.2%)	$217,988 (-13.1%)	5.9%	$154.96	+426.3%	COM	58155Q103
IFF	INTERNATIONAL FLAVORS&FRAGRA	10,669 (-97.9%)	$719 (-97.7%)	0.0%	$67.84	-5.1%	COM	459506101
KAT	ADVISORS SER TR	4,701,050 (-7.8%)	$258,562 (-9.9%)	6.9%	$56.27	—	SCHARF ETF	00770X220
NVS	NOVARTIS AG	962,900 (-20.5%)	$132,756 (-14.5%)	3.6%	$85.12	—	SPONSORED ADR	66987V109
BRK/B	BERKSHIRE HATHAWAY INC DEL	308,528 (-12.6%)	$155,089 (-12.6%)	4.2%	$173.33	+187.1%	CL B NEW	084670702
SNN	SMITH & NEPHEW PLC	1,692,649 (-16.6%)	$55,536 (-24.6%)	1.5%	$24.33	—	SPDN ADR NEW	83175M205
LMT	LOCKHEED MARTIN CORP	155,178 (-14.7%)	$75,062 (-17.3%)	2.0%	$344.87	+38.1%	COM	539830109
V	VISA INC	403,573 (-9.1%)	$141,541 (-6.6%)	3.8%	$236.24	+44.1%	COM CL A	92826C839
HSY	HERSHEY CO	495,776 (-7.2%)	$90,224 (-9.7%)	2.4%	$161.62	+12.7%	COM	427866108
UHAL	U HAUL HOLDING COMPANY	431,250 (-21.3%)	$21,740 (-30.5%)	0.6%	$61.02	-12.8%	COM	023586100
TMO	THERMO FISHER SCIENTIFIC INC	140,004 (-6.9%)	$81,134 (+11.3%)	2.2%	$464.78	+21.6%	COM	883556102
UHAL/B	U HAUL HOLDING COMPANY	821,963 (-8.9%)	$38,419 (-16.3%)	1.0%	$53.18	-8.5%	COM SER N	023586506
CME	CME GROUP INC	391,015 (-7.4%)	$106,782 (-6.4%)	2.9%	$196.43	+37.8%	COM	12572Q105
UNP	UNION PAC CORP	655,996 (-1.8%)	$151,748 (-3.9%)	4.1%	$210.33	+8.1%	COM	907818108
DIS	DISNEY WALT CO	802,514 (-4.9%)	$91,303 (-5.5%)	2.5%	$91.38	+19.9%	COM	254687106
AON	AON PLC	208,111 (-5.4%)	$73,444 (-6.4%)	2.0%	$293.82	+18.8%	SHS CL A	G0403H108
BIL	SPDR SERIES TRUST	2,196 (-96.0%)	$201 (-96.1%)	0.0%	$91.74	—	STATE STREET SPD	78468R663
MKL	MARKEL GROUP INC	69,203 (-8.2%)	$148,794 (+3.3%)	4.0%	$1045.02	+93.9%	COM	570535104
ADBE	ADOBE INC	222,911 (-3.5%)	$78,021 (-4.2%)	2.1%	$387.45	-12.2%	COM	00724F101
GOOG	ALPHABET INC	13,447 (-37.5%)	$4,220 (-19.5%)	0.1%	$122.23	+134.3%	CAP STK CL C	02079K107
NVDA	NVIDIA CORPORATION	33,885 (-10.3%)	$6,320 (-10.3%)	0.2%	$100.28	+85.6%	COM	67066G104
INTU	INTUIT	5,132 (-13.1%)	$3,400 (-15.7%)	0.1%	$465.77	+41.9%	COM	461202103
A	AGILENT TECHNOLOGIES INC	531,223 (-6.4%)	$72,285 (-0.8%)	1.9%	$120.55	+19.2%	COM	00846U101
ADP	AUTOMATIC DATA PROCESSING IN	6,248 (-12.8%)	$1,607 (-23.6%)	0.0%	$222.90	+18.8%	COM	053015103
UBER	UBER TECHNOLOGIES INC	9,685 (-25.7%)	$791 (-38.0%)	0.0%	$93.52	-3.7%	COM	90353T100
APD	AIR PRODS & CHEMS INC	4,569 (-22.7%)	$1,129 (-30.0%)	0.0%	$239.26	+5.2%	COM	009158106
GOOGL	ALPHABET INC	12,035 (-11.0%)	$3,767 (+14.6%)	0.1%	$132.37	+115.8%	CAP STK CL A	02079K305
SYK	STRYKER CORPORATION	7,801 (-9.5%)	$2,742 (-14.0%)	0.1%	$266.15	+36.6%	COM	863667101
CRM	SALESFORCE INC	8,040 (-25.8%)	$2,130 (-17.0%)	0.1%	$258.55	-4.0%	COM	79466L302
LLY	ELI LILLY & CO	2,063 (-15.6%)	$2,217 (+18.9%)	0.1%	$858.82	+11.3%	COM	532457108
ETN	EATON CORP PLC	3,156 (-11.0%)	$1,005 (-24.3%)	0.0%	$278.94	+27.0%	SHS	G29183103
MA	MASTERCARD INCORPORATED	4,727 (-9.4%)	$2,699 (-9.1%)	0.1%	$385.11	+45.1%	CL A	57636Q104
GWW	WW GRAINGER INC	1,931 (-14.2%)	$1,949 (-9.2%)	0.1%	$621.29	+56.0%	COM	384802104
MLKN	MILLERKNOLL INC	12,848 (-32.1%)	$235 (-30.0%)	0.0%	$29.50	-45.1%	COM	600544100
AAPL	APPLE INC	12,237 (-8.8%)	$3,327 (-2.6%)	0.1%	$128.34	+109.1%	COM	037833100
SLB	SLB LIMITED	20,295 (-5.1%)	$779 (+6.0%)	0.0%	$40.40	-10.8%	COM STK	806857108

Unchanged Positions (7)

CNC CENTENE CORP DEL 2.3%

Value ($000) $87,372 Shares 2,123,245 Est. Cost $62.65 Unrealized -40.2%

IMNM IMMUNOME INC 0.0%

Value ($000) $953 Shares 44,389 Est. Cost $12.08 Unrealized +45.2%

QNCX QUINCE THERAPEUTICS INC 0.0%

Value ($000) $305 Shares 91,061 Est. Cost $1.50 Unrealized +67.5%

VWO VANGUARD INTL EQUITY INDEX F 0.1%

Value ($000) $2,050 Shares 38,131 Est. Cost $54.18 Unrealized —

CARG CARGURUS INC 0.0%

Value ($000) $455 Shares 11,868 Est. Cost $24.23 Unrealized +48.7%

PDM PIEDMONT REALTY TRUST INC 0.0%

Value ($000) $124 Shares 14,812 Est. Cost $7.68 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 0.0%

Value ($000) $1,510 Shares 2 Est. Cost $428128.38 Unrealized +74.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNC	CENTENE CORP DEL	2,123,245	$87,372	2.3%	$62.65	-40.2%	COM	15135B101
IMNM	IMMUNOME INC	44,389	$953	0.0%	$12.08	+45.2%	COM	45257U108
QNCX	QUINCE THERAPEUTICS INC	91,061	$305	0.0%	$1.50	+67.5%	COM	22053A107
VWO	VANGUARD INTL EQUITY INDEX F	38,131	$2,050	0.1%	$54.18	—	FTSE EMR MKT ETF	922042858
CARG	CARGURUS INC	11,868	$455	0.0%	$24.23	+48.7%	COM CL A	141788109
PDM	PIEDMONT REALTY TRUST INC	14,812	$124	0.0%	$7.68	—	COM CL A	720190206
BRK/A	BERKSHIRE HATHAWAY INC DEL	2	$1,510	0.0%	$428128.38	+74.3%	CL A	084670108