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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Matrix delivered strong Q2 returns as markets rallied 15.2%, but remains cautiously optimistic given elevated valuations at 20x earnings. The manager actively rotated the portfolio, trimming overweighted Financials and Technology winners while adding to lagging Consumer Staples and Healthcare names."
Matrix Asset Advisors' Large Cap Value and Dividend Income strategies delivered strong absolute returns in Q2 2026, with the market rallying 15.2% as investors focused on strong corporate earnings and expectations for an end to the Iran war. The manager remains optimistic about the economy but cautiously optimistic about the overall stock market given valuations at the high end of historical ranges with the S&P 500 trading at more than 20 times earnings. During the quarter, the manager opportunistically added to positions in Consumer Staples, Healthcare, and select Technology names that have been left behind, while trimming or selling positions in Financials and Technology that reached target prices or became overweighted. The portfolios are positioned to benefit from anticipated market broadening, owning many companies that remain inexpensive and are poised to lead. Key risks include potential labor market softening from healthcare spending cuts and AI-driven job losses, elevated market valuations with pockets of speculation, and the low dividend yield on the S&P 500 versus competitive Treasury yields. The manager expects higher-than-usual volatility and leadership rotations in the second half of 2026.
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