Scharf Global Opportunity 

The Scharf Global Opportunity ETF (GKAT) primarily builds a concentrated portfolio of 25 to 40 equity securities, irrespective of market capitalization. Its investment objective is to generate substantial long-term capital appreciation while simultaneously minimizing potential downside risks. The fund's strategy involves identifying undervalued companies that exhibit strong growth in earnings, cash flow, or book value. This approach is guided by five core principles: seeking low valuations, identifying a significant discount to fair value, maintaining investment flexibility, ensuring a focused portfolio, and adopting a long-term investment horizon. GKAT's investment scope includes a variety of equity-linked instruments, such as common and preferred stocks, rights, warrants, special situations, and various depositary receipts like ADRs, EDRs, and GDRs. A significant portion of the portfolio, at least 40%, is dedicated to non-U.S. securities. While primarily focused on equities, the fund has the option to allocate up to 30% of its assets to fixed-income securities and other exchange-traded funds. Additionally, for liquidity management or defensive measures, GKAT can fully transition its holdings into cash or short-term investment instruments. Securities are divested if their potential for attractive upside diminishes or if they no longer meet the fund's stringent valuation and growth criteria. Notably, GKAT transitioned from a mutual fund structure to an exchange-traded fund (ETF) on August 25, 2025, launching with an initial asset base of $30.55 million.