| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Matrix Asset Advisors maintains a cautiously optimistic outlook for 2026 despite Q1 market decline of -4.33% driven by the Iran war that began February 28. The conflict created near-term uncertainty through higher oil prices, rising interest rates, and reduced Fed rate cut expectations. However, the manager expects quick resolution and historical precedent shows markets recover rapidly from geopolitical conflicts. The firm opportunistically added positions during the quarter's volatility, initiating stakes in Intuit and Nike while adding to Microsoft, Qualcomm, and other holdings at attractive valuations. After over a decade of Growth outperforming Value, Matrix expects Value strategies to enter a favorable period of relative and absolute returns. The Dividend Income portfolio, yielding 2.83% versus 1.22% for the S&P 500, is well-positioned for heightened volatility as investors seek income stability. With portfolio companies trading at 16.0x forward earnings versus 20.2x for the S&P 500, the manager sees compelling risk-adjusted opportunities and expects high-single-digit equity returns with above-normal volatility.
Value investing approach focused on dividend-paying companies trading at attractive valuations, positioned to benefit from expected rotation from Growth to Value after decade of Growth outperformance, with emphasis on companies that can maintain and grow dividends through volatile periods.
Manager remains cautiously optimistic about economy and market outlook for 2026 despite Iran war uncertainty. Expects conflict resolution soon and market rally with de-escalation. Anticipates equities to deliver high-single-digit return this year with higher-than-usual volatility and leadership rotations. Expects corporate earnings to show solid growth but company guidance may be conservative due to uncertain impact of higher energy costs.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 13 2026 | 2026 Q1 | AAPL, ACN, ADP, AMZN, CMCSA, FDX, GNRC, INTU, MSFT, NKE, PEP, PG, QCOM, TSN | AI, dividends, financials, Geopolitical, oil, technology, value |
INTU NKE ADP PG |
Matrix opportunistically added positions during Q1 Iran war volatility, expecting quick conflict resolution and market recovery. After decade of Growth outperformance, firm positioned for Value rotation with dividend-focused portfolio yielding 2.83% and trading at attractive 16.0x forward earnings. Maintains cautiously optimistic 2026 outlook targeting high-single-digit returns despite near-term geopolitical uncertainty. |
| Jan 30 2026 | 2025 Q4 | ACN, LMT, META, TXN | AI, consumer, dividends, Fed, financials, rates, technology, value |
TXN FISV |
Matrix delivered strong 2025 returns and expects continued Value outperformance in 2026 as Fed cuts drive rotation from expensive Growth stocks to attractively valued dividend payers. While cautiously optimistic on high single-digit market returns, they cite risks from high valuations, weakening employment, and unbalanced economic growth dependent on AI investment and wealthy consumer spending. |
| Nov 16 2025 | 2025 Q3 | ACN, AMAT, BA, BK, CSCO, FI, GD, LHX, LMT, NESN.SW, NSC, SBUX, STZ, TEL, TGT, TSN, UNP | defense, dividends, financials, healthcare, technology, value |
ACN STZ LMT |
Matrix delivered strong Q3 performance with lower volatility than markets. With S&P 500 at elevated 22.8x forward earnings, the manager expects moderated gains and sector rotation to defensive areas as economic slowdown emerges. Portfolio emphasizes high-quality dividend growers positioned to benefit from rate cuts while maintaining disciplined value approach through continued market volatility. |
| Aug 7 2025 | 2025 Q2 | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, tariffs, technology, value, volatility |
AMAT FI |
Matrix Asset Advisors navigated Q2 volatility effectively through active management, deploying cash during the April tariff-driven selloff to purchase quality names like Applied Materials while exiting positions like UnitedHealth Group ahead of significant declines. Despite expecting continued volatility from policy uncertainty, the firm maintains constructive outlook for high single digit returns while reducing equity exposure given elevated valuations. |
| Apr 8 2025 | 2025 Q1 | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility |
GNRC PEP TGT |
Matrix Asset Advisors sees the tariff-driven market selloff as creating exceptional buying opportunities in high-quality dividend stocks. Despite Q1 volatility from policy uncertainty, their portfolios outperformed with strong dividend growth. Higher cash positions enable opportunistic deployment during weakness. They expect continued near-term volatility but meaningful recovery by year-end as markets force policy corrections. |
| Jan 8 2025 | 2024 Q4 | AMGN, BDX, BK, CSCO, DG, GILD, HUM, MS, PEP, PNC, UNH | dividends, financials, growth, healthcare, rates, technology, value |
AMGN DG PEP |
Matrix Asset Advisors expects Value stocks to outperform Growth in 2025 after a decade of underperformance, positioning portfolios in attractively valued Financials, Healthcare, and Consumer Staples. Despite cautious optimism on markets given elevated valuations, they anticipate positive returns driven by earnings growth and market rotation dynamics favoring their Value-oriented investment approach. |
| Sep 30 2024 | 2024 Q3 | ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, PYPL, QCOM, SBUX, UNP | dividends, financials, healthcare, large cap, rates, value |
MDT BDX NESN.SW |
Matrix Asset Advisors delivered strong Q3 performance through value-focused strategies emphasizing dividend-paying companies at attractive valuations. The Fed's rate-cutting cycle should benefit their financial and interest-sensitive holdings. Despite elevated market valuations and election uncertainty, the firm remains cautiously optimistic, selectively taking profits while maintaining overweight equity exposure and building cash for future deployment opportunities. |
| Jul 31 2024 | 2024 Q2 | CMCSA, CSCO, CVS, GD, GILD, HD, LOW, MDT, PEP, QCOM, SBUX, TSN | AI, dividends, financials, healthcare, large cap, rates, technology, value |
LOW MDT |
Matrix Asset Advisors expects the AI mega tech rally to broaden to undervalued sectors, benefiting their Large Cap Value and Dividend Income strategies. With portfolios trading at significant discounts to market multiples and Fed rate cuts expected, they see opportunities in Financials, Healthcare, and dividend-paying companies with strong fundamentals and attractive valuations. |
| Apr 15 2024 | 2024 Q1 | ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH | dividends, financials, large cap, Rate Cuts, technology, Utilities, value |
AEP TSN |
Matrix delivered solid Q1 returns while positioning for a choppier market environment ahead. The firm significantly increased utility exposure to capitalize on AI-driven power demand growth and added defensive dividend-paying stocks. With valuations fully priced, Matrix expects slower gains and is trimming winners while adding to undervalued quality names positioned for expected Fed rate cuts. |
| Dec 31 2023 | 2023 Q4 | AEP, BK, CMCSA, GILD, JPM, MDT, MSFT, PNC, UNP, USB | dividends, financials, income, large cap, value | - | Matrix Dividend Income rebounded strongly in Q4 with low double-digit returns, led by Financials recovery. The concentrated 25-stock portfolio focuses on high-quality dividend growers with 3.10% yield and 6.43% annual dividend growth. Despite lagging in 2023, strong 2022 defense resulted in better two-year performance with lower volatility than Russell 1000 Value. |
| Sep 30 2023 | 2023 Q3 | AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH | dividends, financials, large cap, rates, Utilities, value |
HRTX NEE |
Matrix Asset Advisors runs value-oriented strategies focused on dividend-paying companies trading at attractive valuations. Despite Q3 market weakness from rising rates, the firm maintains conviction that Fed policy will pivot in 2024, driving outperformance for undervalued quality companies. Portfolio yields 3.35% with embedded appreciation potential of 49.9%, positioning for strong returns as economic conditions normalize. |
| Aug 8 2023 | 2023 Q2 | AAPL, AMZN, CSCO, GD, GOOGL, KO, LHX, META, MSFT, PFE, PYPL, QCOM, SBUX, UNH | AI, dividends, financials, healthcare, large cap, rates, technology, value |
AAPL|MSFT|NFLX|NVDA|UNH PFE |
Matrix expects the 2023 market rally to broaden beyond concentrated technology winners, creating opportunities in undervalued Financials, Healthcare, and Industrials. Elevated insider buying across 21% of holdings supports their bullish outlook. While dividend strategies have lagged AI-driven growth stocks, they anticipate a powerful reversal as market leadership rotates to overlooked value opportunities. |
| Aug 5 2023 | 2023 Q1 | AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB | Banking, dividends, financials, healthcare, rates, technology, value |
PNC SUNP IN |
Matrix Asset Advisors remains bullish on 2023 stocks despite March banking failures, citing attractive valuations with 44% estimated upside in their Large Cap Value portfolio. Expects Fed rate hikes to pause soon, creating favorable conditions for quality regional banks and dividend growers. Anticipates market leadership broadening beyond mega-cap tech while maintaining equity overweight and adding short-term bond exposure. |
| Mar 22 2023 | 2022 Q4 | MS, TSN | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
GeopoliticalThe war with Iran that began February 28 created tremendous near-term uncertainty, driving higher oil prices, interest rates, and market volatility. Manager expects conflict resolution soon and believes markets will rally with de-escalation signs, as historically markets have bounced back from military conflicts. |
Iran War Oil Uncertainty Recovery |
AIAI poses threats to some software businesses and is creating significant stress on white-collar jobs. However, manager believes companies like Microsoft will benefit as more businesses adopt AI, and sees AI disruption fears for companies like ADP as exaggerated. |
Software Jobs Disruption Microsoft Adoption | |
ValueAfter more than a decade of Growth outperforming Value, manager expects Value to be in a period of favorable relative and absolute returns. Current volatile environment provides tailwind for value-oriented strategies. |
Growth Outperformance Relative Returns Cycle | |
DividendsDividend stocks could perform well in heightened volatility as investors seek stability from growing income. Six portfolio companies raised dividends by average 4.2% in quarter, with portfolio yielding 2.83% versus 1.22% for S&P 500. |
Income Stability Yield Growth Volatility | |
OilOil prices nearly doubled from $55.27 to $101.38 during quarter due to Iran conflict, driving energy sector outperformance and inflation concerns. Manager expects oil prices to fall once war ends. |
Energy Inflation Iran Prices Volatility | |
| 2025 Q4 |
AIAI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025. |
Artificial Intelligence Technology Market Concentration Growth Innovation |
RatesThe Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles. |
Federal Reserve Interest Rates Monetary Policy Easing Financial Conditions | |
InflationThe inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term. |
Inflation Federal Reserve Monetary Policy Economic Data | |
DollarThe U.S. dollar fell more than 9% during 2025, pressured by a high starting valuation and mounting concerns about global investor concentration in U.S. assets. With the Federal Reserve still focused on easing policy, narrowing interest rate differentials may drive a further decline in the dollar. |
US Dollar Currency Federal Reserve International | |
| 2025 Q3 |
AITechnology and Communications sectors led the market rally in Q3, accounting for close to 70% of the S&P 500's performance. Many companies within these sectors benefit from investor enthusiasm for artificial intelligence including the Magnificent 7. The manager expects corporations to continue finding new ways to run their businesses more efficiently as they incorporate AI. |
Technology Communications Magnificent 7 Efficiency Corporate |
DividendsThe Dividend Income strategy focuses on high current and growing income with capital appreciation. Four portfolio holdings increased dividends in Q3 by an average of 8.8%. Twenty portfolio companies increased dividends by an average of 6.4% in the first nine months, with all 26 companies raising dividends in the past year at an average of 6.2%. |
Income Growth Yield Payout Distribution | |
ValueThe Large Cap Value portfolio has an average P/E multiple of 16.9x on estimated 2026 earnings compared to the S&P 500 multiple of 22.1x. The Dividend Income portfolio trades at 16.0x estimated 2026 earnings. The manager emphasizes attractive valuations in lagging defensive sectors like Consumer Staples and Health Care. |
P/E Multiple Valuation Defensive Attractive | |
DefenseThe manager added Lockheed Martin to the Dividend Income portfolio, describing it as the largest U.S. defense contractor supplying advanced military systems. Despite recent underperformance and charges, the manager believes strong defense programs will allow shares to rebound when investors gain confidence in cost overrun resolution. |
Contractor Military Systems Programs Government | |
| 2025 Q2 |
TariffsThe administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The ultimate resolution of reciprocal tariff negotiations remains the biggest risk, with potential for short-term bumps that could hurt the economy and equity market. |
Trade Policy Volatility Economic Risk |
VolatilityQ2 was characterized by tremendous volatility with the market falling over 12% after tariff announcements then rallying 25% from April lows. The manager expects volatility to persist in the second half with sector rotation continuing and markets remaining headline-driven due to unpredictable policy environment. |
Market Volatility Sector Rotation Headlines | |
ValuationsHigh stock valuations may put a ceiling on upside performance and leave little margin of safety for disappointing earnings or outlooks. The manager believes valuations are at record highs and sees better value in fixed income than 12 months ago, leading to reduced equity overweight in balanced accounts. |
Stock Valuation Risk Management Asset Allocation | |
DividendsThe Dividend Income Strategy delivered strong dividend growth with seven portfolio holdings increasing dividends by 5.9% in Q2. Fifteen companies increased dividends by 6.2% in the first half, with 22 of 23 portfolio companies raising dividends in the past year and total portfolio dividend increase of 5.9%. |
Dividend Growth Income Strategy Shareholder Returns | |
| 2025 Q1 |
Trade PolicyThe administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports caused significant market disruption. Tariffs are viewed as policy mistakes that will increase inflation, slow economic growth, and force businesses and consumers to pull back on investments and spending. |
Tariffs Inflation Economic Growth Policy Trade |
VolatilityMarket volatility has increased significantly due to policy uncertainty, with the S&P 500 experiencing its worst month since December 2022 in March. The manager expects continued elevated volatility but views it as creating attractive buying opportunities for high-quality stocks. |
Market Volatility Uncertainty Buying Opportunities Price Swings Risk | |
DividendsThe Dividend Income portfolio companies demonstrated strong dividend growth with eight companies raising dividends by an average of 5.6% in Q1. All twenty-four companies raised dividends in 2024 by an average of 6.2%, with no dividend cuts in the past decade. |
Dividend Growth Income Dividend Yield Dividend History Cash Flow | |
ValueAfter the market decline, portfolios are trading at attractive valuations with the LCV portfolio at 15.2x 2025 estimated earnings and Dividend Income at 15.0x, both at healthy discounts to the S&P 500's 18.8x multiple. |
Valuation P/E Multiples Discount Fair Value Attractive Pricing | |
| 2024 Q4 |
ValueManager expects Value stocks to outperform Growth after more than a decade of underperformance. They anticipate market rotations and regression to the mean for Growth stocks, creating favorable conditions for Value investing. |
Value Growth Rotation Outperformance Regression |
DividendsAll 24 companies in the Dividend portfolio raised dividends in 2024 by an average of 6.2%. The portfolio yields 2.88% versus 1.27% for the S&P 500, providing attractive income generation. |
Dividends Income Yield Growth Distribution | |
RatesFed cut rates three times in 2024 and expectations are for additional cuts in 2025. Rising 10-year Treasury yields to 4.58% created challenges for longer-term bonds but opportunities for short-term fixed income. |
Rates Fed Treasury Yield Curve | |
| 2024 Q3 |
DividendsMatrix's Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q3, three portfolio holdings raised their dividends by an average of 6.1%, and over the past 12 months 23 of 24 holdings increased their dividends by 6.1%. The portfolio maintains a 2.80% dividend yield compared to the S&P 500's 1.28% yield. |
Dividend Yield Income Dividend Growth Shareholder Returns Yield |
RatesThe Federal Reserve's September 0.5% rate cut is viewed as very positive for the economy and increases confidence in capital markets outlook. Lower interest rates are expected to spur economic growth, particularly in interest-sensitive areas like housing. The firm expects continued rate cuts over the next 12-18 months, which should benefit financial holdings and reduce recession risk. |
Fed Funds Rate Interest Rates Monetary Policy Rate Cuts Yield Curve | |
ValueMatrix continues to find opportunities to invest in high-quality companies that have fallen out of favor due to changes in market psychology or short-term business issues. The Large Cap Value portfolio trades at an attractive 17.1x 2025 estimated earnings versus the S&P 500's 20.9x multiple. The Dividend Income portfolio also trades at a discount with a 16.6x P/E multiple. |
Valuation P/E Multiple Discount Undervalued Value Investing | |
| 2024 Q2 |
DividendsThe Matrix Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q2, eight portfolio holdings raised their dividends by an average of 5.9%, and fifteen holdings raised dividends by an average of 6.7% in the first six months. The portfolio maintains a 3.03% dividend yield compared to 1.33% for the S&P 500. |
Dividend Yield Income Dividend Growth Shareholder Returns Cash Flow |
ValueThe firm emphasizes attractive valuations across their portfolios, with the Large Cap Value portfolio trading at 15.3x 2025 estimated earnings versus the S&P 500's 19.7x. They believe valuation disparities between sectors and styles have reached unsustainable levels, with many pockets of undervaluation despite parts of the market being fully priced. |
Valuation P/E Multiples Undervalued Price-to-Earnings Discount | |
AIThe market's returns have been led by Technology & Communications Services sectors holding many stocks benefiting from the booming interest in artificial intelligence. The Magnificent 7 have accounted for 61% of the market return in 2024, though the manager believes this AI mega tech melt up is hitting extremes and expects market leadership to broaden. |
Technology Artificial Intelligence Magnificent Seven Mega Tech Market Leadership | |
RatesThe Fed has made it clear they will keep interest rates high until comfortable that inflation is no longer a threat. Based on slowing economy and declining inflation, the Fed is expected to start an interest rate decrease cycle later this year continuing into 2025. When rate cuts happen, it should boost the housing market with positive spillover effects on the economy and stock market. |
Federal Reserve Interest Rates Rate Cuts Monetary Policy Yield Curve | |
| 2024 Q1 |
UtilitiesUtilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio. |
Electric Utilities Dividend Growth AI Power Demand Grid Infrastructure Defensive |
DividendsEight portfolio holdings raised dividends by an average of 6.7% in Q1. The Matrix Dividend Income portfolio maintains a 2.98% dividend yield compared to 1.36% for the S&P 500. The strategy focuses on companies with records of consistently rising earnings and paying high current and growing dividends. |
Dividend Growth Income Yield Dividend Raises Cash Flow | |
AITechnology companies with AI-related businesses delivered some of the best gains in Q1. Electricity demand to power AI investment is expected to drive double-digit growth over the next five years. AI is creating new infrastructure demands that could strain power grids and benefit utility companies. |
Artificial Intelligence Technology Data Centers Power Demand Infrastructure | |
RatesInterest rates rose in Q1 with the 10-year Treasury yield increasing from 3.88% to 4.20%. The Fed kept rates unchanged at 5.25%-5.50% but most members expect multiple cuts this year. Lower rates are expected to boost housing activity and provide a favorable environment for stocks. |
Federal Reserve Interest Rates Rate Cuts Treasury Yields Monetary Policy | |
| 2023 Q4 |
DividendsThe portfolio focuses on high-quality companies that pay strong dividend yields with a long history of continually growing those dividends. The strategy generated high current and growing income with a 3.10% dividend yield and 6.43% average annual dividend growth. |
Dividend Growth Income Yield Payout |
| 2023 Q3 |
DividendsThe Dividend Income portfolio focuses on companies that pay regular dividends, with 17 companies announcing dividend increases in 2023 averaging 6.8%. The portfolio maintains a 3.35% dividend yield compared to 1.61% for the S&P 500, demonstrating the strategy's focus on generating strong and growing current income. |
Dividend Yield Income Dividend Growth Payout |
RatesInterest rates rose significantly in Q3 with the 10-year Treasury reaching 4.57%, the highest since 2007. The Fed raised rates to 5.25%-5.50% and signaled keeping rates higher for longer, though Matrix believes the Fed will soon pivot to cutting rates as economic data shows slowing growth. |
Fed Funds Treasury Monetary Policy Rate Cuts | |
ValueBoth the Large Cap Value and Dividend Income portfolios trade at attractive valuations with P/E multiples well below the S&P 500. The LCV portfolio trades at 15.6x 2023 earnings versus 19.4x for the S&P 500, with embedded appreciation potential of 49.9% above long-term averages. |
P/E Multiple Valuation Undervalued Fair Value | |
| 2023 Q2 |
AIAI enthusiasm has driven investor interest in technology stocks expected to benefit from artificial intelligence advances. The AI rally has boosted mega-cap technology stocks in the first half of 2023, though the manager expects the AI mania to subside and performance to broaden beyond these concentrated winners. |
Technology Growth Mega Cap Rally |
DividendsDividend-paying stocks have significantly underperformed in 2023 as very few mega-cap technology stocks driving market returns pay dividends. The manager believes this underperformance will reverse with a powerful catch-up period for dividend payers as market returns broaden. |
Income Yield Underperformance Value | |
ValueValue stocks have struggled in 2023 despite attractive valuations, with the manager's Large Cap Value portfolio benefiting from exposure to mega-cap technology names. The manager expects value stocks to outperform as market leadership broadens beyond the concentrated technology winners. |
Undervalued Multiples Rotation Opportunity | |
BuybacksInsider buying activity has reached the highest levels in many years across the manager's portfolios, with 21.4% of holdings showing meaningful insider purchases. This elevated insider buying strongly supports the manager's bullish outlook for their stock holdings. |
Insiders Signal Confidence Opportunity | |
| 2023 Q1 |
Regional BanksThree U.S. banks failed in March, creating market volatility and concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Portfolio includes well-capitalized banks like PNC Financial that are likely to gain market share. |
Banking Credit Financials Deposits Regulation |
DividendsNine portfolio holdings raised dividends by an average of 6.1% in Q1. Portfolio maintains a 3.12% dividend yield, significantly higher than the S&P 500's 1.68% yield. Manager continues to focus on companies with consistent dividend growth and safe payout ratios. |
Income Yield Payout Growth Distribution | |
RatesFederal Reserve raised rates twice in Q1 by 0.25% each time, bringing short-term rates to 4.75%-5.00%. Manager believes rates have likely peaked for this cycle and expects the Fed to pause or stop after possibly one more hike. Short-term bonds are viewed as attractive with good income and minimal principal risk. |
Fed Monetary Policy Bonds Yield Curve Duration | |
ValueMarket valuations came down significantly in 2022 while earnings and dividends for high-quality companies rose. Manager's valuation work shows above-average appreciation potential with the Large Cap Value portfolio having an estimated upside potential of more than 44%. Portfolio trades at attractive P/E ratios relative to the S&P 500. |
Valuation P/E Discount Appreciation Multiple |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2023 | Fund Letters | Matrix Dividend Income | NEE | NextEra Energy | Utilities | Electric Utilities | Bull | NYSE | Battery Storage, dividend, Electric Utility, Florida, regulated utility, renewable energy, Solar, utilities, Wind | Login |
| Sep 30, 2023 | Fund Letters | Matrix Dividend Income | HRTX | RTX Corp. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Commercial Aviation, Defense, Engine Components, Industrials, Military Contractor, turnaround, Value | Login |
| May 13, 2026 | Fund Letters | Matrix Dividend Income | INTU | Intuit Inc. | Software - Application | Application Software | Bull | NASDAQ | AI disruption, Ecosystem, financial technology, SaaS, small business, Software, tax preparation, Value | Login |
| May 13, 2026 | Fund Letters | Matrix Dividend Income | NKE | Nike Inc. | Footwear & Accessories | Footwear | Bull | New York Stock Exchange | Athletic Footwear, Brand, China, direct-to-consumer, insider buying, Sports apparel, turnaround, Wholesale | Login |
| May 13, 2026 | Fund Letters | Matrix Dividend Income | ADP | Automatic Data Processing Inc. | Software - Application | Data Processing & Outsourced Services | Bull | NASDAQ | AI disruption, business services, dividend aristocrat, High retention, Human Resources, Mission-Critical, Payroll Services | Login |
| May 13, 2026 | Fund Letters | Matrix Dividend Income | PG | Procter & Gamble Co. | Household & Personal Products | Personal Products | Bull | New York Stock Exchange | Consumer products, consumer staples, defensive, dividend aristocrat, Global Brands, Inflation Pressure, innovation | Login |
| Jan 30, 2026 | Fund Letters | David A.Katz | TXN | Texas Instruments Incorporated | Information Technology | Semiconductors | Bull | NASDAQ | Cyclicality, Industrial, Margins, semiconductors, valuation | Login |
| Jan 30, 2026 | Fund Letters | David A.Katz | FISV | Fiserv, Inc. | Financials | Transaction & Payment Processing Services | Neutral | New York Stock Exchange | earnings, Execution, management, Payments, Risk | Login |
| Nov 16, 2025 | Fund Letters | - | LMT | Lockheed Martin Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Charges, Defense, dividend, recovery | Login |
| Nov 16, 2025 | Fund Letters | David A.Katz | ACN | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | buybacks, Consulting, dividend, Free Cash Flow, technology | Login |
| Nov 16, 2025 | Fund Letters | David A.Katz | STZ | Constellation Brands, Inc. | Consumer Staples | Beverages (Alcoholic) | Bull | NYSE | Beer, brands, Cyclical, dividend, valuation | Login |
| Jul 8, 2025 | Fund Letters | Matrix Dividend Income | AMAT | Applied Materials | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, buybacks, cash flow generation, dividends, high-performance computing, Manufacturing Equipment, R&D investment, semiconductor equipment, technology | Login |
| Jul 8, 2025 | Fund Letters | Matrix Dividend Income | FI | Fiserv | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Contrarian Investment, Data Processing, Earnings Guidance, Financial Services Technology, Management Discussion, Payments, risk/reward | Login |
| Dec 31, 2024 | Fund Letters | Matrix Dividend Income | AMGN | Amgen Inc. | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Cancer Therapeutics, cardiovascular, dividend, drug approval, healthcare, Monthly Dosing, obesity treatment, pharmaceuticals, rare diseases | Login |
| Dec 31, 2024 | Fund Letters | Matrix Dividend Income | DG | Dollar General Corporation | Consumer Discretionary | General Merchandise Stores | Bull | NYSE | Budget Conscious, convenience stores, defensive, discount retail, Earnings-recovery, Low-Income Consumers, Multi-Year Low, Rural Markets, turnaround, Value retail | Login |
| Dec 31, 2024 | Fund Letters | Matrix Dividend Income | PEP | PepsiCo, Inc. | Consumer Staples | Soft Drinks | Bull | NASDAQ | Adaptability, Below Market Valuation, Beverages, consumer staples, dividend yield, political uncertainty, Regulatory risk, Snacks, Volume Trends, Well-managed | Login |
| Sep 30, 2024 | Fund Letters | Matrix Dividend Income | BDX | Becton Dickinson | Health Care Equipment & Services | Health Care Equipment | Bull | NYSE | Acquisitions, Critical Care, Earnings Accretive, Equity, healthcare, Medical devices, Value | Login |
| Sep 30, 2024 | Fund Letters | Matrix Dividend Income | NESN.SW | Nestlé | Consumer Staples | Packaged Foods & Meats | Bull | SIX Swiss Exchange | brand portfolio, consumer staples, defensive, Dividend Growth, Equity, Packaged Foods, Switzerland, Value | Login |
| Sep 30, 2024 | Fund Letters | Matrix Dividend Income | MDT | Medtronic | Health Care Equipment & Services | Health Care Equipment | Bull | NYSE | Equity, healthcare, Medical devices, Medical Procedures, pandemic recovery, Value | Login |
| Jun 30, 2024 | Fund Letters | Matrix Dividend Income | MDT | Medtronic plc | Health Care | Health Care Equipment | Bull | NYSE | cardiovascular, COVID-19 recovery, Global, healthcare, Implantable Devices, Medical devices, Neuroscience, turnaround | Login |
| Jun 30, 2024 | Fund Letters | Matrix Dividend Income | LOW | Lowe's Companies Inc | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | Consumer Discretionary, COVID-19 Beneficiary, Cyclical, home improvement, market share, retailer, Value | Login |
| Mar 31, 2024 | Fund Letters | Matrix Dividend Income | TSN | Tyson Foods | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | brand portfolio, Cost Reduction, Cyclical Recovery, Food Processing, operational improvements, Profit Recovery, Protein Processing, turnaround | Login |
| Mar 31, 2024 | Fund Letters | Matrix Dividend Income | AEP | American Electric Power | Utilities | Electric Utilities | Bull | NASDAQ | Activist Investment, AI infrastructure, data centers, defensive, Dividend Growth, Electric Utility, Icahn, Predictable Earnings, Technology Demand | Login |
| Jul 10, 2023 | Fund Letters | Matrix Dividend Income | AAPL|MSFT|NFLX|NVDA|UNH | UnitedHealth Group | Health Care | Health Care Providers & Services | Bull | NYSE | defensive, health insurance, healthcare, market leader, Medical Services, Optum, value opportunity | Login |
| Jul 10, 2023 | Fund Letters | Matrix Dividend Income | PFE | Pfizer Inc. | Health Care | Pharmaceuticals | Bull | NYSE | dividend yield, earnings growth, healthcare, pharmaceuticals, Post-COVID Transition, vaccines, Value | Login |
| Apr 11, 2023 | Fund Letters | Matrix Dividend Income | PNC | PNC Financial Services Group | Financials | Regional Banks | Bull | NYSE | asset management, banking, Credit risk, dividend, fee income, financials, regional banks, Treasury Services, Value | Login |
| Apr 11, 2023 | Fund Letters | Matrix Dividend Income | SUNP IN | Union Pacific Corporation | Industrials | Railroads | Bull | NYSE | Cost advantage, dividend, growth, Industrials, infrastructure, market share, railroads, Transportation, Value | Login |
| - | Fund Letters | Matrix Dividend Income | PEP | PepsiCo, Inc. | Consumer Staples | Soft Drinks | Bull | NASDAQ | Beverages, consumer staples, defensive, Dividend Growth, Income, Processed Foods, Snacks, Volatile Market, weight-loss drugs | Login |
| - | Fund Letters | Matrix Dividend Income | TGT | Target Corporation | Consumer Discretionary | General Merchandise Stores | Bull | NYSE | Consumer Discretionary, dividend aristocrat, Dividend Growth, Economic Slowdown, General Merchandise, retail, tariffs, Value | Login |
| - | Fund Letters | Matrix Dividend Income | GNRC | Generac Holdings Inc. | Industrials | Electrical Equipment | Bull | NYSE | backup power, Commercial, electrical equipment, energy solutions, Industrial, infrastructure, Power generation, Residential, secular growth | Login |
| TICKER | COMMENTARY |
|---|---|
| MSFT | Microsoft (down 24% in the quarter), which we believe will continue to show good growth as more businesses adopt AI. We view the decline in Microsoft's stock as an excellent buying opportunity. We added to Microsoft and Qualcomm on price weakness. Technology was the largest detractor from the quarter's results, with Microsoft and Qualcomm both down by more than 20%. We added to both of those names during price weakness. |
| QCOM | The largest detractors from performance this quarter were the Technology and Communications Services sectors (Microsoft and Qualcomm were both down by more than 20%). We added to Microsoft and Qualcomm on price weakness. Technology was the largest detractor from the quarter's results, with Microsoft and Qualcomm both down by more than 20%. We added to both of those names during price weakness. |
| INTU | After a careful review of the sector's leading companies, we initiated a small position in Intuit, a leading U.S. financial software and data-driven platform serving consumers, small businesses, and accounting/tax professionals. It is best known for its TurboTax business. Intuit's share price declined from over $800 in 2025 to the low $400's. We started our position near the end of the quarter at approximately $425 per share. AI poses a threat to some software businesses, but we believe Intuit has a loyal customer base and will adapt to technological change. The company has an 'ecosystem' advantage: workflows embedded in customers' financial lives (tax, accounting, payroll, payments, credit/financial offers) are efficient and discourage switching to another system. At 17x forward earnings, we believe it is very attractively priced for a company that has grown its earnings at a double-digit rate. |
| NKE | We also started a partial position in Nike, a premier athletic shoe and sports apparel company. The company's share price has fallen sharply due to weak sales in China, a strategic misstep toward direct-to-consumer sales that has hurt long-standing relationships with wholesale partners, and competition from newer brands. After several years of poor results, the company brought in a new CEO in 2024 to repair its relationships with global retailers and restore its image as a sports-focused company. The company has cautioned that there are ongoing challenges from tariffs, consumers buying lower-cost alternatives, and high inventory levels. The stock is down more than 65% from its 2021 high of $179, as its earnings declined from $3.56 per share to an estimated $1.55 in the year ending 8/26. Our interest was piqued when we saw significant insider buying of stock at prices below $60. The stock has pulled back from our initial buys, and when cash is available, we expect to continue to slowly add to our position in the company. We believe the turnaround at Nike will take time, but the risk/reward at the current price is very attractive. |
| AMZN | We added to positions in Amazon, Apple, Microsoft, Qualcomm, and PepsiCo on price weakness. |
| AAPL | We added to positions in Amazon, Apple, Microsoft, Qualcomm, and PepsiCo on price weakness. |
| PEP | The sectors that added the most to the LCV portfolio's return in the quarter were Industrials (FedEx and Generac) and Consumer Staples (PepsiCo and Tyson Foods). We added to positions in Amazon, Apple, Microsoft, Qualcomm, and PepsiCo on price weakness. |
| ADP | During the quarter, we started new partial positions in Automatic Data Processing and Procter & Gamble. Automatic Data Processing (ADP) is a leader in the business of administering payroll, group health insurance, business insurance, workers' comp plans, retirement plans, and compliance for large and small businesses. These administrative functions are critical to a business's operations, and the company has a very high client retention rate. The company's stock price has declined approximately 30% over the past year on concerns that artificial intelligence will disrupt its business and a slowing labor market. ADP has a long history of increasing earnings and dividends. At our initial purchase price of about $215, the shares were trading at the lower end of their historic P/E multiple, 18x forward earnings, and at the higher end of their dividend yield at 3.2%. ADP has increased its dividend for over 50 consecutive years. We believe the share price will rebound strongly when the company demonstrates that the fears about AI's disruption to its business are exaggerated. |
| PG | During the quarter, we started new partial positions in Automatic Data Processing and Procter & Gamble. Procter & Gamble (PG) is a pre-eminent global consumer products company whose share price has underperformed the overall market following tepid earnings growth since the Covid-19 'pantry loading' years. Earnings growth has been negatively affected by sluggish sales, very competitive pricing, and cost pressures from inflation and tariffs. PG remains an innovative company in our view, with best-in-class management that should continue to deliver solid, consistent earnings growth. We view the recent share weakness as an opportunity to invest in an industry leader at a very attractive price. At our initial purchase price of $140, PG traded at the lower end of its 10-year average P/E multiple and offered a 3.0% dividend yield. Like ADP, PG is a dividend aristocrat, having increased its dividend for over 68 years. Both ADP and PG should provide relatively stable earnings even in challenging economic environments. |
| ACN | In addition to adding to Microsoft and Qualcomm, we also added to the Accenture position started in 2025 and to Comcast with the proceeds from the Comcast cable channel spin-off Versant, which we sold during the quarter. |
| CMCSA | In addition to adding to Microsoft and Qualcomm, we also added to the Accenture position started in 2025 and to Comcast with the proceeds from the Comcast cable channel spin-off Versant, which we sold during the quarter. |
| FDX | The sectors that added the most to the LCV portfolio's return in the quarter were Industrials (FedEx and Generac) and Consumer Staples (PepsiCo and Tyson Foods). We modestly scaled back our position in FedEx and in TE Connectivity for taxable accounts. |
| GNRC | The sectors that added the most to the LCV portfolio's return in the quarter were Industrials (FedEx and Generac) and Consumer Staples (PepsiCo and Tyson Foods). |
| TSN | The sectors that added the most to the LCV portfolio's return in the quarter were Industrials (FedEx and Generac) and Consumer Staples (PepsiCo and Tyson Foods). |
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