Scharf Investments claims compliance with the Global Investment Performance Standards (GIPS®) and has been independently verified for the periods January 1, 1997 through December 31, 2015 by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Balanced Opportunities composite has been examined for the periods January 1, 1997 through December 31, 2015. The verification and performance examination reports are available upon request.

The period January 1, 1994 through December 31, 1996 is not in compliance as performance for these years includes only those fee-paying, fully discretionary balanced accounts that were open for the entire calendar year. The period prior to 1994 is not in compliance as performance for these years includes all fee-paying, fully discretionary equity accounts open at any time during the year.

The Scharf Balanced Opportunities composite may not be an accurate representation of any specific account, as specific account performance depends on investment timing, account specific guidelines, and other factors that vary from account to account. For full disclosures, please see the Balanced Opportunities Composite Performance table in the Performance section.