Scharf Multi-Asset Opportunity Fund
Fund
LOGOX
Price as of:
$34.94
+ $0.19
+ 0.55%
Primary Theme
fund company
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
2.3%
1 yr return
12.3%
3 Yr Avg Return
4.1%
5 Yr Avg Return
8.3%
Net Assets
$48.5 M
Holdings in Top 10
35.5%
52 WEEK LOW AND HIGH
$34.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.15%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 28.67%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$5,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
LOGOX - Profile
Distributions
- YTD Total Return 2.3%
- 3 Yr Annualized Total Return 4.1%
- 5 Yr Annualized Total Return 8.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.77%
- Dividend Yield 1.3%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameScharf Multi-Asset Opportunity Fund
-
Fund Family NameScharf Investments
-
Inception DateDec 31, 2012
-
Shares Outstanding1177809
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerGabe Houston
Fund Description
The Multi-Asset Fund invests in a mix of equity securities and fixed-income securities. Under normal market conditions, the Fund allocates between 50% and 75% of its total assets to equity securities. Equity securities in which the Fund may invest include, but are not limited to, common and preferred stock of companies of all size market capitalizations, rights and warrants. The Fund may invest up to 50% of its total assets in securities of foreign issuers listed foreign exchanges (excluding depositary receipts), including up to 25% of its total assets in issuers in emerging markets. The Fund may invest without limit in depositary receipts, such as American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). The Fund may also invest up to 30% of its total assets in non-money market investment companies, including exchange-traded funds (“ETFs”). The Fund may also invest up to 20% of its total assets in Rule 144A securities.
Under normal market conditions, the Multi-Asset Fund allocates between 25% and 50% of its total assets to fixed-income securities. Fixed-income securities in which the Fund may invest include, but are not limited to, those of domestic and foreign governments, government agencies, foreign corporate bonds, inflation-protected securities, asset-backed securities, exchange-traded notes (“ETNs”), money-market instruments, convertible securities, bank debt, limited partnerships, municipalities and companies across a wide range of industries, market capitalizations and maturities, and may include, with respect to up to 30% of the Fund’s total assets, those that are rated below investment grade (i.e., “junk bonds”). The types of asset-backed securities in which the Fund may invest include mortgage-backed securities.
In general, the Adviser utilizes five key elements in its equity investment philosophy: low valuation, discount to fair value, investment flexibility, focus and long-term perspective. Through a proprietary screening process, the Adviser seeks to identify equity securities with low valuations combined with growing earnings, cash flow and/or book value. The Multi-Asset Fund may also invest in “special situations,” which may occur when the securities of a company are affected by circumstances, including, but not limited to, hidden assets (i.e., assets that may be undervalued on a company’s balance sheet or otherwise difficult to value and therefore not properly reflected in the company’s share price), spinoffs, liquidations, reorganizations, recapitalizations, mergers, management changes and technological changes. The Adviser seeks to identify fixed-income investments with favorable risk-reward characteristics. In screening for suitable investments, the Adviser considers many factors, including yield-to-maturity, credit quality, liquidity, call risk, duration risk, and capital appreciation potential.
As part of its research process, the Adviser may consider how environmental, social and governance (“ESG”) issues affect a company’s long-term outlook, in terms of opportunities and/or risks for the business and whether such ESG factors have the potential to influence future stock performance, but such factors are not determinative (i.e. they would not lead the Adviser to buy or sell a security without consideration of other factors in the investment process).
The Multi-Asset Fund may invest up to 100% of its net assets in cash, cash equivalents, and high-quality, short-term debt securities, money market mutual funds and money market instruments due to a lack of suitable investment opportunities or for temporary defensive purposes.
When selling securities, the Adviser considers the same factors it uses in evaluating a security for purchase and generally sells securities that it believes no longer have sufficient upside potential.
LOGOX - Performance
Return Ranking - Trailing
| Period | LOGOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.3% | -1.4% | 24.7% | 42.05% |
| 1 Yr | 12.3% | -8.4% | 44.5% | 31.79% |
| 3 Yr | 4.1%* | -7.0% | 8.1% | 8.93% |
| 5 Yr | 8.3%* | -4.3% | 13.9% | 10.65% |
| 10 Yr | 7.0%* | 0.4% | 10.5% | 21.72% |
* Annualized
Return Ranking - Calendar
| Period | LOGOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.1% | -12.2% | 23.9% | 90.66% |
| 2022 | -12.3% | -34.7% | 0.0% | 8.46% |
| 2021 | 5.4% | -11.9% | 18.1% | 48.22% |
| 2020 | 7.5% | -20.9% | 39.7% | 50.39% |
| 2019 | 12.5% | 0.8% | 25.7% | 68.00% |
Total Return Ranking - Trailing
| Period | LOGOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.3% | -1.4% | 24.7% | 42.05% |
| 1 Yr | 12.3% | -8.4% | 44.5% | 31.79% |
| 3 Yr | 4.1%* | -7.0% | 8.1% | 8.93% |
| 5 Yr | 8.3%* | -4.3% | 13.9% | 10.65% |
| 10 Yr | 7.0%* | 0.4% | 10.5% | 21.72% |
* Annualized
Total Return Ranking - Calendar
| Period | LOGOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 13.4% | -12.2% | 26.8% | 52.62% |
| 2022 | -9.2% | -29.0% | 10.9% | 10.47% |
| 2021 | 15.5% | -3.0% | 24.2% | 23.00% |
| 2020 | 11.7% | -19.5% | 40.6% | 58.94% |
| 2019 | 20.9% | 4.4% | 32.7% | 30.24% |
NAV & Total Return History
LOGOX - Holdings
Concentration Analysis
| LOGOX | Category Low | Category High | LOGOX % Rank | |
|---|---|---|---|---|
| Net Assets | 48.5 M | 789 K | 217 B | 90.29% |
| Number of Holdings | 76 | 2 | 15716 | 47.14% |
| Net Assets in Top 10 | 17.5 M | 618 K | 62.8 B | 92.19% |
| Weighting of Top 10 | 35.50% | 11.4% | 121.1% | 61.51% |
Top 10 Holdings
- McKesson Corp 4.47%
- Comcast Corp 4.23%
- Berkshire Hathaway Inc 4.02%
- Brookfield Corp 3.47%
- Fiserv Inc 3.40%
- Microsoft Corp 3.39%
- Heineken NV 3.22%
- Markel Group Inc 3.16%
- Centene Corp 3.09%
- Realty Income Corp 3.06%
Asset Allocation
| Weighting | Return Low | Return High | LOGOX % Rank | |
|---|---|---|---|---|
| Stocks | 73.46% | 0.00% | 103.09% | 46.30% |
| Bonds | 18.42% | 0.00% | 77.27% | 46.16% |
| Preferred Stocks | 7.03% | 0.00% | 23.88% | 1.53% |
| Cash | 1.08% | -10.21% | 100.00% | 57.46% |
| Other | 0.00% | -42.80% | 117.44% | 78.80% |
| Convertible Bonds | 0.00% | 0.00% | 23.84% | 96.91% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | LOGOX % Rank | |
|---|---|---|---|---|
| Healthcare | 25.16% | 0.00% | 29.35% | 0.70% |
| Technology | 21.64% | 0.00% | 44.21% | 33.38% |
| Financial Services | 12.21% | 0.00% | 38.77% | 82.39% |
| Industrials | 9.70% | 0.00% | 24.37% | 56.06% |
| Consumer Cyclical | 8.75% | 0.00% | 19.36% | 68.87% |
| Communication Services | 8.34% | 0.00% | 38.10% | 28.59% |
| Consumer Defense | 6.21% | 0.00% | 15.14% | 65.07% |
| Energy | 3.83% | 0.00% | 85.65% | 73.10% |
| Real Estate | 2.74% | 0.00% | 65.01% | 63.52% |
| Utilities | 1.42% | 0.00% | 99.55% | 84.08% |
| Basic Materials | 0.00% | 0.00% | 33.35% | 98.59% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | LOGOX % Rank | |
|---|---|---|---|---|
| US | 66.80% | 0.00% | 103.09% | 49.09% |
| Non US | 6.66% | 0.00% | 38.68% | 10.04% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | LOGOX % Rank | |
|---|---|---|---|---|
| Corporate | 48.82% | 0.00% | 98.21% | 19.80% |
| Government | 21.04% | 0.00% | 97.26% | 67.98% |
| Municipal | 13.99% | 0.00% | 24.80% | 0.56% |
| Cash & Equivalents | 1.08% | 0.00% | 100.00% | 50.63% |
| Derivative | 0.00% | -3.07% | 46.02% | 70.99% |
| Securitized | 0.00% | 0.00% | 92.13% | 96.35% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | LOGOX % Rank | |
|---|---|---|---|---|
| US | 18.42% | 0.00% | 77.27% | 45.33% |
| Non US | 0.00% | 0.00% | 14.17% | 74.90% |
LOGOX - Expenses
Operational Fees
| LOGOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.15% | 0.03% | 17.63% | 39.44% |
| Management Fee | 0.65% | 0.00% | 1.83% | 81.41% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.83% | N/A |
Sales Fees
| LOGOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| LOGOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 0.00% | 2.00% | 50.00% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| LOGOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 28.67% | 0.00% | 343.00% | 34.33% |
LOGOX - Distributions
Dividend Yield Analysis
| LOGOX | Category Low | Category High | LOGOX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.30% | 0.00% | 18.00% | 1.11% |
Dividend Distribution Analysis
| LOGOX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Monthly | Quarterly |
Net Income Ratio Analysis
| LOGOX | Category Low | Category High | LOGOX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.77% | -2.34% | 19.41% | 69.60% |
Capital Gain Distribution Analysis
| LOGOX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 12, 2023 | $2.961 | OrdinaryDividend |
| Dec 14, 2022 | $1.132 | OrdinaryDividend |
| Dec 11, 2018 | $0.489 | OrdinaryDividend |
| Dec 12, 2017 | $0.074 | OrdinaryDividend |
| Dec 12, 2016 | $0.205 | OrdinaryDividend |
| Dec 08, 2015 | $0.074 | OrdinaryDividend |
| Dec 16, 2014 | $0.098 | OrdinaryDividend |
LOGOX - Fund Manager Analysis
Managers
Gabe Houston
Start Date
Tenure
Tenure Rank
Dec 31, 2012
9.42
9.4%
Gabe Houston serves as a Senior Research Analyst and an investment committee member. He is responsible for new idea generation, research, analysis and valuation. Mr. Houston joined Scharf Investments in May 2006. Mr. Houston earned a Bachelor of Arts degree in Business Management Economics from the University of California, Santa Cruz. Mr. Houston has earned his Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco.
Brian Krawez
Start Date
Tenure
Tenure Rank
Dec 31, 2012
9.42
9.4%
Mr. Krawez began his career more than 20 years ago with Smith Barney in San Francisco and later moved to their investment banking division in New York City where he was ranked as a top-rated analyst focusing on health care. Prior to joining Scharf Investments, Mr. Krawez was a Partner and head of research for Belden and Associates Investment Counsel where he managed a successful large blend portfolio. He has also held research analyst positions at Dodge & Cox, Telegraph Hill Investment Counsel, and SC Fundamental, a successful value oriented hedge fund. Mr. Krawez earned both a BS with honors in Business Administration and an MBA from the Haas School of Business at the University of California, Berkeley. While at UC Berkeley he worked for Professor Yellen, the current Chair of the Board of Governors of the Federal Reserve. Mr. Krawez is a CFA® charterholder and a member of the Security Analysts of San Francisco.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 34.51 | 6.33 | 2.41 |