Matrix Asset Advisors

Q1 2018 13F · by David Katz, CIO

As of: Mar 31, 2018
Filed: May 14, 2018
US stock: $606M · prev $630M
Positions: 64 · prev 67
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves65 since the prior filing

+2.2 pp in · −2.2 pp out

New 1 +0.31 pp
Added 26 +1.90 pp
Trimmed 34 −1.68 pp
Exited 4 −0.55 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.4 years per position

Low
Moderate
High

Top 5 positions23% of US stock

JPM JPMorgan Chase & Co. trimmed+0.16 pp trimmed+0.165.3%
MSFT Microsoft Corp trimmed+0.10 pp trimmed+0.104.8%
CSCO Cisco Systems, Inc. (DE) trimmed+0.51 pp trimmed+0.514.3%
ETN Eaton Corporation, plc trimmed+0.20 pp trimmed+0.204.1%
WFC Wells Fargo & Co. trimmed−0.47 pp trimmed−0.474.1%

Positions64 in this filing · 4 exited


JPMJPMorgan Chase & Co.	5.31%	292,659	$32M	trimmed−4%	+0.16 pp	20 q
MSFTMicrosoft Corp	4.75%	315,309	$29M	trimmed−8%	+0.10 pp	20 q
CSCOCisco Systems, Inc. (DE)	4.31%	609,817	$26M	trimmed−3%	+0.51 pp	20 q
ETNEaton Corporation, plc	4.12%	312,511	$25M	trimmed−0%	+0.20 pp	17 q
WFCWells Fargo & Co.	4.06%	469,960	$25M	trimmed−0%	−0.47 pp	20 q
ABBVAbbvie Inc.	3.90%	249,633	$24M	trimmed−2%	+0.01 pp	10 q
METMetLife, Inc.	3.23%	426,309	$20M	trimmed−1%	−0.21 pp	20 q
GILDGilead Sciences Inc	3.10%	249,276	$19M	added+4%	+0.37 pp	16 q
QCOMQualcomm Inc	3.06%	334,548	$19M	added+3%	−0.23 pp	19 q
PGProcter & Gamble Company	2.99%	228,705	$18M	added+8%	−0.11 pp	20 q
UTXZRTX Corporation	2.98%	143,640	$18M	trimmed−8%	−0.19 pp	20 q
BBTTruist Financial Corporation	2.78%	323,419	$17M	trimmed−0%	+0.23 pp	20 q
PEPPepsiCo, Inc.	2.78%	154,148	$17M	added+5%	−0.02 pp	20 q
0VQJLTe Connectivity Ltd	2.66%	161,457	$16M	trimmed−4%	+0.14 pp	20 q
CVXChevron Corporation	2.41%	128,373	$15M	trimmed−1%	−0.17 pp	20 q
OXYOccidental Petroleum Corporation	2.33%	217,839	$14M	trimmed−0%	−0.22 pp	20 q
GOOGAlphabet Inc. Class C	2.32%	13,637	$14M	trimmed−2%	+0.01 pp	8 q
TMOThermo Fisher Scientific, Inc.	2.13%	62,590	$13M	trimmed−3%	+0.18 pp	20 q
ZBHZimmer Biomet Holdings, Inc.	2.02%	112,555	$12M	trimmed−3%	−0.19 pp	20 q
SLBSLB Limited	1.98%	185,140	$12M	trimmed−3%	−0.06 pp	20 q
COFCapital One Financial	1.93%	122,239	$12M	trimmed−4%	−0.08 pp	20 q
CBChubb Limited	1.85%	82,134	$11M	trimmed−1%	−0.08 pp	9 q
JCIJohnson Controls International plc	1.65%	284,611	$10M	added0%	−0.07 pp	7 q
MRKMerck & Co., Inc.	1.60%	178,437	$10M	added+3%	+0.05 pp	20 q
RDS.BRoyal Dutch Shell PLC	1.57%	145,109	$10M	added+2%	+0.03 pp	20 q
CVSCvs Health Corporation	1.56%	152,345	$9M	trimmed−2%	−0.22 pp	20 q
MSMorgan Stanley	1.52%	170,868	$9M	trimmed−3%	+0.05 pp	20 q
UPSUnited Parcel Service, Inc. Class B	1.52%	88,193	$9M	added+2%	−0.11 pp	20 q
VZVerizon Communications	1.49%	189,526	$9M	added+2%	−0.07 pp	18 q
PFEPfizer Inc.	1.47%	250,513	$9M	added+2%	+0.05 pp	20 q
VIABViacom Inc. Class B	1.38%	269,640	$8M	added0%	+0.07 pp	12 q
COPConocoPhillips	1.35%	137,686	$8M	trimmed−2%	+0.12 pp	20 q
TAT&T Inc.	1.27%	216,509	$8M	added+24%	+0.19 pp	20 q
GSGoldman Sachs Group Inc.	1.27%	30,597	$8M	added×29.8	+1.23 pp	6 q
MDLZMondelez International, Inc. Class A	1.24%	180,163	$8M	added+6%	+0.08 pp	8 q
TGTTarget Corporation	1.23%	107,821	$7M	added+1%	+0.12 pp	16 q
AXPAmerican Express Company	1.20%	77,959	$7M	trimmed−10%	−0.16 pp	20 q
KMBKimberly-Clark Corp.	1.20%	65,921	$7M	added+13%	+0.08 pp	20 q
XOMExxon Mobil Corp	1.08%	87,380	$7M	added+1%	−0.07 pp	20 q
HOGHarley-Davidson, Inc.	1.07%	151,054	$6M	trimmed−19%	−0.44 pp	12 q
JNJJohnson & Johnson	1.05%	49,816	$6M	added+2%	−0.04 pp	20 q
GISGeneral Mills, Inc.	1.04%	140,108	$6M	added+4%	−0.23 pp	20 q
DVNDevon Energy Corporation	1.01%	192,627	$6M	trimmed−1%	−0.27 pp	20 q
AAPLApple Inc.	0.99%	35,916	$6M	trimmed−6%	−0.03 pp	19 q
unresolvedCBS Corp	0.96%	113,121	$6M	added×2.3	+0.51 pp	2 q
KOCoca-Cola Company	0.73%	102,271	$4M	added+2%	0.00 pp	20 q
STTState Street Corporation	0.63%	38,590	$4M	trimmed−50%	−0.57 pp	20 q
IBMInternational Business Machines Corporation	0.55%	21,851	$3M	added+1%	+0.02 pp	20 q
SYMCGen Digital Inc.	0.31%	73,141	$2M	new	+0.31 pp	new
BMYBristol-Myers Squibb Co.	0.19%	17,934	$1M	trimmed−0%	+0.02 pp	3 q
MDYState Street SPDR S&P MIDCAP 400 ETF Trust	0.13%	2,288	$782,000	added+1%	+0.01 pp	17 q
EFGiShares MSCI EAFE Growth ETF	0.10%	7,240	$582,000	added+3%	+0.01 pp	10 q
CMCSAComcast Corp	0.08%	14,431	$493,000	trimmed−14%	−0.03 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	0.07%	2,188	$436,000	added0%	0.00 pp	20 q
unresolvedGeneral Electric Co	0.07%	29,859	$403,000	trimmed−14%	−0.03 pp	20 q
IWMiShares Russell 2000 ETF	0.07%	2,624	$398,000	trimmed−1%	+0.01 pp	13 q
CGENCompugen Ltd	0.06%	86,500	$385,000	added+2%	+0.03 pp	18 q
AFLAflac Inc.	0.05%	6,590	$288,000	held	—	20 q
BABoeing Company	0.05%	896	$294,000	trimmed−4%	+0.01 pp	2 q
WMTWalmart Inc.	0.05%	3,650	$325,000	trimmed−6%	−0.01 pp	20 q
SRNESorrento Therapeutics Inc	0.04%	50,000	$258,000	trimmed−31%	0.00 pp	19 q
MMM3M Company	0.04%	1,005	$221,000	trimmed−14%	0.00 pp	10 q
KHCThe Kraft Heinz Company	0.03%	3,326	$207,000	held	—	10 q
unresolvedCinedigm Corp	0.00%	12,365	$17,000	held	—	2 q
WPPWpp PLC	—	−33,737	—	exited	−0.48 pp	—
NVSNovartis AG	—	−2,729	—	exited	−0.04 pp	—
CLColgate-Palmolive Company	—	−2,725	—	exited	−0.03 pp	—
unresolvedPsivida Corp	—	−28,500	—	exited	0.00 pp	—