ETF Evaluator:
Scharf ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Blend Over the Last Year
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| 33.9% | Impact Shares NAACP Minority Empwrmt ETF (NACP) |
| 31.8% | Astoria US Equal Weight Quality KingsETF (ROE) |
| 30.5% | FIS Bright Portfolios Focused Equity ETF (BRIF) |
Risk
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Risk
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ETF Details
Scharf ETF Overview
Scharf ETF (KAT) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). Scharf Investments launched the ETF in 2011.
The investment seeks long-term capital appreciation.
Under normal market conditions, the fund primarily invests in equity securities that the Adviser believes have significantly more appreciation potential than downside risk over the long term. Equity securities in which the fund may invest include, but are not limited to, common and preferred stock of mid- and large- capitalization companies, rights, and warrants. It is non-diversified.
About Scharf ETF (KAT)
There are 3 members of the management team with an average tenure of 10.04 years: Brian Krawez (2011), Charles Ragauss (2025) and Gabe Houston (2011). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. Scharf ETF has 36 securities in its portfolio. The top 10 holdings constitute 48.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Scharf ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Scharf ETF has 15.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 83.9% There is 15.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Scharf ETF has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $676 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
KAT Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Scharf ETF expense ratio is above average compared to funds in the Large Blend category. Scharf ETF has an expense ratio of 0.75%, which is 81% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Scharf ETF has a portfolio turnover rate of 50%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Scharf ETF returned 5.3%, which earned it a grade of A, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Scharf ETF has a trailing yield of 0.46%, which is below the 1.16% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Scharf ETF Grades
Year to date, the ETF has returned 4.0%, 5.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 6.1% over the past year (grade of F), 8.1% over the past three years (grade of F) and 6.1% per year over the past five years (grade of F) and 8.9% per year over the past 10 years (grade of F).
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KAT Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| KAT Return (NAV) | 5.3% | 2.8% | 6.1% | 8.1% | 6.1% | 8.9% |
| KAT Return (Price) | 5.3% | 2.6% | 5.9% | 8.1% | 6.1% | 8.9% |
| NAV +/- Price Return | -0.002% | 0.176% | 0.204% | 0.069% | 0.041% | 0.021% |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| KAT Grade (NAV) | A | F | F | F | F | F |
| +/- Category (NAV) | 6.2% | -0.9% | -11.4% | -9.3% | -5.0% | -4.7% |
| KAT Tax-Cost Ratio | na | na | 0.2% | 1.2% | 1.4% | 1.3% |
KAT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KAT Return (NAV) | 4.0% | 7.0% | 7.8% | 16.7% | -9.5% | 21.5% | 13.0% | 25.5% | -3.1% | 13.3% | 3.9% |
| KAT Return (Price) | 4.0% | 6.8% | 7.8% | 16.7% | -9.5% | 21.5% | 13.0% | 25.5% | -3.1% | 13.3% | 3.9% |
| NAV +/- Price Ret | 0.000% | -0.030% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| KAT Grade (NAV) | F | F | F | F | A | F | F | F | A | F | F |
| +/- Category | -5.5% | -8.4% | -14.1% | -6.2% | 7.6% | -5.4% | -5.4% | -4.1% | 2.0% | -8.2% | -7.4% |
| Risk Measures | |
| Beta: | 0.62 |
| R-Squared: | 47% |
| Standard Deviation: | 11.9% |
| Category Risk Index: | 0.88 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.97 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.5% |
| Total Assets: | $ 677 Mil |
| Share Class Assets: | $ 677 Mil |
| Turnover: | 50.5% |
| Expense Ratio: | 0.75% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.6 years | |||
| Average Tenure: 10.0 years | |||
| Managers (Year): Krawez Brian (2011), Houston Gabe (2011), Ragauss Charles (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 36 |
| % in Top 10 Holdings: | 48.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 15.4% |
Portfolio Allocation |
|
| Domestic Stock: | 83.9% |
| Foreign Stock: | 15.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | 0.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Scharf Investments |
| Phone Number: | 800-617-0004 |
| Website: | www.scharffunds.com |
| Inception Date: | December 30, 2011 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.41% |
