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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Constructive on high-quality large-cap equities trading at significant valuation discounts, initiating a new long position in Uber Technologies while trimming winners and opportunistically rebalancing as market leadership broadens beyond narrow AI favorites."
Matrix's Large Cap Value Portfolio generated flat to modestly positive net performance in the third quarter of 2026, trailing the low-single-digit returns achieved by the S&P 500 Index and the Russell 1000 Value Index. Year-to-date through September 30, the portfolio advanced in the low double digits net of fees, matching the S&P 500 while lagging the Russell 1000 Value. Performance was driven by positive contributions from Technology, Healthcare, and Communication Services, while Industrials, Consumer Discretionary, Consumer Staples, and Financials detracted from quarterly returns. Overall portfolio positioning remains anchored in high-quality value opportunities trading at an attractive average multiple of 16.4x estimated 2027 earnings compared to the S&P 500's 18.3x. The macroeconomic environment was characterized by rising bond yields, with the 10-year Treasury yield reaching 5.29% and the Federal Reserve hiking short-term interest rates by 25 basis points to 3.75-4.00% to combat persistent inflation. The manager notes elevated risks from rising borrowing costs, expanded government deficits, depressed housing, and potential excess capacity in AI infrastructure capital expenditures. However, consumer spending remains resilient and corporate earnings growth expectations exceed 30%, supporting a constructive medium-term view as market participation broadens. Portfolio activity was highlighted by the initiation of a new long position in Uber Technologies at 16.2x 2027 estimated earnings, capitalizing on what the manager views as overblown concerns regarding autonomous vehicle disruption. Matrix also added to existing positions in TE Connectivity and Qualcomm on share price pullbacks. Conversely, the manager completely exited positions in Nike and Intuit due to protracted turnaround timelines and generative AI business model risks, while trimming positions in Amgen, Goldman Sachs, and Thermo Fisher Scientific into price strength.
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