0001145549-22-011012.txt : 20220225 0001145549-22-011012.hdr.sgml : 20220225 20220225155908 ACCESSION NUMBER: 0001145549-22-011012 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220225 PERIOD START: 20220930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 22679686 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000035415 Scharf Fund C000108787 Institutional Class LOGIX C000152038 Retail Class LOGRX NPORT-P 1 primary_doc.xml NPORT-P false 0001027596 XXXXXXXX S000035415 C000108787 C000152038 Advisors Series Trust 811-07959 0001027596 2549003Z0J6URS6I4Y63 615 East Michigan Street Milwaukee 53202 626-914-7363 Scharf Fund S000035415 549300JCR6YPK2EHYU27 2022-09-30 2021-12-31 N 425949095.540000000000 602755.400000000000 425346340.140000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 N Advance Auto Parts Inc 529900UCNQ5H9FSL0Y70 Advance Auto Parts Inc 00751Y106 93761.000000000000 NS USD 22491388.680000000000 5.2877823452 Long EC CORP US N 1 N N N AstraZeneca PLC PY6ZZQWO2IZFZC3IOL08 AstraZeneca PLC 046353108 128385.000000000000 NS USD 7478426.250000000000 1.7581969196 Long EC CORP GB N 1 N N N Baidu Inc 254900AL64IANZYI1E02 Baidu Inc 056752108 38115.000000000000 NS USD 5671130.850000000000 1.3332972016 Long EC CORP CN N 1 N N N Berkshire Hathaway Inc 5493000C01ZX7D35SD85 Berkshire Hathaway Inc 084670702 85252.000000000000 NS USD 25490348.000000000000 5.9928452638 Long EC CORP US N 1 N N N CVS Health Corp 549300EJG376EN5NQE29 CVS Health Corp 126650100 222015.000000000000 NS USD 22903067.400000000000 5.3845690532 Long EC CORP US N 1 N N N Canadian Pacific Railway Ltd N/A Canadian Pacific Railway Ltd 13645T100 120585.088000000000 NS USD 8674891.230000000000 2.0394888615 Long EC CORP CA N 1 N N N Centene Corp 549300Z7JJ4TQSQGT333 Centene Corp 15135B101 229700.000000000000 NS USD 18927280.000000000000 4.4498513832 Long EC CORP US N 1 N N N Cognizant Technology Solutions 5493006IEVQEFQO40L83 Cognizant Technology Solutions Corp 192446102 168170.000000000000 NS USD 14920042.400000000000 3.5077396916 Long EC CORP US N 1 N N N Comcast Corp 51M0QTTNCGUN7KFCFZ59 Comcast Corp 20030N101 358525.000000000000 NS USD 18044563.250000000000 4.2423224434 Long EC CORP US N 1 N N N Constellation Brands Inc 5493005GKEG8QCVY7037 Constellation Brands Inc 21036P108 44853.000000000000 NS USD 11256757.410000000000 2.6464921283 Long EC CORP US N 1 N N N First American Treasury Obliga N/A First American Treasury Obligations Fund 31846V542 6686748.640000000000 NS USD 6686748.640000000000 1.5720715118 Long STIV RF US N 1 N N N Fiserv Inc GI7UBEJLXYLGR2C7GV83 Fiserv Inc 337738108 135853.000000000000 NS USD 14100182.870000000000 3.3149886432 Long EC CORP US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 Johnson & Johnson 478160104 81284.000000000000 NS USD 13905253.880000000000 3.2691603448 Long EC CORP US N 1 N N N Liberty Broadband Corp 549300MIX43II8JLN536 Liberty Broadband Corp 530307305 94430.000000000000 NS USD 15212673.000000000000 3.5765378856 Long EC CORP US N 1 N N N Lockheed Martin Corp DPRBOZP0K5RM2YE8UU08 Lockheed Martin Corp 539830109 40779.000000000000 NS USD 14493264.390000000000 3.4074031024 Long EC CORP US N 1 N N N Markel Corp 549300SCNO12JLWIK605 Markel Corp 570535104 14374.000000000000 NS USD 17737516.000000000000 4.1701348586 Long EC CORP US N 1 N N N Masco Corp 5GCSNMQXHEYA1JO8QN11 Masco Corp 574599106 273322.000000000000 NS USD 19192670.840000000000 4.5122454407 Long EC CORP US N 1 N N N McKesson Corp 549300WZWOM80UCFSF54 McKesson Corp 58155Q103 97965.000000000000 NS USD 24351160.050000000000 5.7250192965 Long EC CORP US N 1 N N N Microsoft Corp INR2EJN1ERAN0W5ZP974 Microsoft Corp 594918104 105734.000000000000 NS USD 35560458.880000000000 8.3603537927 Long EC CORP US N 1 N N N MillerKnoll Inc U98HXD3PNK7HYU2MU887 Herman Miller Inc 600544100 359648.000000000000 NS USD 14094605.120000000000 3.3136773001 Long EC CORP US N 1 N N N Novartis AG 5493007HIVTX6SY6XD66 Novartis AG 66987V109 145005.000000000000 NS USD 12683587.350000000000 2.9819434548 Long EC CORP CH N 1 N N N Samsung Electronics Co Ltd 9884007ER46L6N7EI764 Samsung Electronics Co Ltd Y74718118 228560.000000000000 NS 13689566.350000000000 3.2184516612 Long EP CORP KR N 1 N N N Oracle Corp 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp 68389X105 205325.000000000000 NS USD 17906393.250000000000 4.2098383271 Long EC CORP US N 1 N N N Progressive Corp/The 529900TACNVLY9DCR586 Progressive Corp/The 743315103 96575.000000000000 NS USD 9913423.750000000000 2.3306709884 Long EC CORP US N 1 N N N Heineken NV 724500K5PTPSST86UQ23 Heineken NV N39427211 87835.000000000000 NS 9886000.000000000000 2.3242235955 Long EC CORP NL N 1 N N N Unilever PLC 549300MKFYEKVRWML317 Unilever PLC 904767704 192345.000000000000 NS USD 10346237.550000000000 2.4324266071 Long EC CORP GB N 1 N N N Valvoline Inc 549300CMHPBEY6VPOT75 Valvoline Inc 92047W101 519785.000000000000 NS USD 19382782.650000000000 4.5569412079 Long EC CORP US N 1 N N N 2022-01-28 Advisors Series Trust /s/ Cheryl L. King Advisors Series Trust Vice President, Treasurer XXXX NPORT-EX 2 scharffund.htm NPORT-EX
Scharf Fund
  
Schedule of Investments
  
December 31, 2021 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 95.42%
  
Value
  
   
Aerospace and Defense - 3.41%
      
 
40,779
  
Lockheed Martin Corp.
  
$
14,493,264
  
     
Beverages - 4.97%
        
 
44,853
  
Constellation Brands, Inc. - Class A
    
11,256,757
  
 
87,835
  
Heineken N.V. (b)
    
9,886,000
  
           
21,142,757
  
     
Building Products - 4.51%
        
 
273,322
  
Masco Corp.
    
19,192,671
  
     
Chemicals - 4.56%
        
 
519,785
  
Valvoline, Inc.
    
19,382,783
  
     
Commercial Services & Supplies - 3.32%
        
 
359,648
  
Herman Miller, Inc.
    
14,094,605
  
     
Diversified Financial Services - 6.00%
        
 
85,252
  
Berkshire Hathaway, Inc. - Class B (a)
    
25,490,348
  
     
Health Care Providers & Services - 15.56%
        
 
229,700
  
Centene Corp. (a)
    
18,927,280
  
 
222,015
  
CVS Health Corp.
    
22,903,067
  
 
97,965
  
McKesson Corp.
    
24,351,160
  
           
66,181,507
  
     
Insurance - 6.50%
        
 
14,374
  
Markel Corp. (a)
    
17,737,516
  
 
96,575
  
Progressive Corp.
    
9,913,424
  
           
27,650,940
  
     
Interactive Media & Services - 1.33%
        
 
38,115
  
Baidu, Inc. - ADR (a)
    
5,671,131
  
     
IT Services - 6.83%
        
 
168,170
  
Cognizant Technology Solutions Corp. - Class A
    
14,920,042
  
 
135,853
  
Fiserv, Inc. (a)
    
14,100,183
  
           
29,020,225
  
     
Media - 7.82%
        
 
358,525
  
Comcast Corp. - Class A
    
18,044,563
  
 
94,430
  
Liberty Broadband Corp. (a)
    
15,212,673
  
           
33,257,236
  
     
Personal Products - 2.43%
        
 
192,345
  
Unilever plc - ADR
    
10,346,238
  
     
Pharmaceuticals - 8.28%
        
 
128,385
  
AstraZeneca plc - ADR
    
7,478,426
  
 
81,284
  
Johnson & Johnson
    
13,905,254
  
 
157,805
  
Novartis AG - ADR
    
13,803,204
  
           
35,186,884
  
     
Road & Rail - 2.04%
        
 
120,585
  
Canadian Pacific Railway, Ltd. (b)
    
8,674,891
  
     
Software - 12.57%
        
 
105,734
  
Microsoft Corp.
    
35,560,459
  
 
205,325
  
Oracle Corp.
    
17,906,393
  
           
53,466,852
  
     
Specialty Retail - 5.29%
        
 
93,761
  
Advance Auto Parts, Inc.
    
22,491,389
  
     
TOTAL COMMON STOCKS (Cost $271,325,440)
    
405,743,721
  
               
     
PREFERRED STOCK - 3.22%
        
     
Technology Hardware, Storage & Peripherals - 3.22%
        
 
228,560
  
Samsung Electronics Co., Ltd., 1.52% (b)
    
13,689,566
  
     
TOTAL PREFERRED STOCK (Cost $3,697,316)
    
13,689,566
  
               
     
MONEY MARKET FUND - 1.57%
        
 
6,686,749
  
First American Treasury Obligations Fund, Class Z, 0.01% (c)
    
6,686,749
  
     
TOTAL MONEY MARKET FUND (Cost $6,686,749)
    
6,686,749
  
               
     
Total Investments in Securities (Cost $281,709,505) - 100.21%
    
426,120,036
  
     
Liabilities in Excess of Other Assets - (0.21)%
    
(901,129
)
     
TOTAL NET ASSETS - 100.00%
  
$
425,218,907
  

ADR
American Depository Receipt
              
(a)
Non-income producing security.
              
(b)
Foreign issuer.
              
(c)
Rate shown is the 7-day annualized yield as of December 31, 2021.
              

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's
Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
Scharf Fund
                
Summary of Fair Value Disclosure at December 31, 2021 (Unaudited)
          
                   
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
                   
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
  
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may
include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,
default rates and similar data.
                
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions
about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
                   
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:
    

Scharf Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common Stocks
                        
Communication Services
  
$
38,928,367
    
$
-
    
$
-
    
$
38,928,367
  
Consumer Discretionary
    
22,491,389
      
-
      
-
      
22,491,389
  
Consumer Staples
    
31,488,995
      
-
      
-
      
31,488,995
  
Financials
    
53,141,288
      
-
      
-
      
53,141,288
  
Health Care
    
101,368,391
      
-
      
-
      
101,368,391
  
Industrials
    
56,455,431
      
-
      
-
      
56,455,431
  
Information Technology
    
82,487,077
      
-
      
-
      
82,487,077
  
Materials
    
19,382,783
      
-
      
-
      
19,382,783
  
Total Common Stocks
    
405,743,721
      
-
      
-
      
405,743,721
  
Preferred Stock
                                
Information Technology
    
13,689,566
      
-
      
-
      
13,689,566
  
Total Preferred Stock
    
13,689,566
      
-
      
-
      
13,689,566
  
Money Market Fund
    
6,686,749
      
-
      
-
      
6,686,749
  
Total Investments in Securities
  
$
426,120,036
    
$
-
    
$
-
    
$
426,120,036
  

Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.