Matrix Asset Advisors

Q3 2025 13F · by David Katz, CIO

As of: Sep 30, 2025
Filed: Oct 14, 2025
US stock: $1.1B · prev $988M
Positions: 107 · prev 108
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%

Moves101 since the prior filing

+2.7 pp in · −2.8 pp out

New 4 +1.59 pp
Added 56 +1.13 pp
Trimmed 36 −1.03 pp
Exited 5 −1.72 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.8 years per position

Low
Moderate
High

Top 5 positions23% of US stock

Positions107 in this filing · 5 exited


MSFTMicrosoft Corp	6.82%	141,930	$74M	trimmed−0%	−0.33 pp	50 q
MAVFMatrix Advisors Value ETF	4.49%	414,268	$48M	added0%	+0.03 pp	3 q
JPMJPMorgan Chase & Co.	4.06%	138,783	$44M	trimmed−0%	−0.02 pp	50 q
MSMorgan Stanley	3.96%	268,428	$43M	trimmed−0%	+0.12 pp	50 q
GOOGAlphabet Inc. Class C	3.63%	160,604	$39M	trimmed−2%	+0.70 pp	38 q
PNCPNC Financial Services Group	3.55%	190,412	$38M	added0%	−0.04 pp	27 q
AAPLApple Inc.	3.51%	148,549	$38M	trimmed−0%	+0.43 pp	49 q
QCOMQualcomm Inc	3.35%	217,037	$36M	added+4%	0.00 pp	49 q
MDTMedtronic plc	3.27%	370,609	$35M	added0%	+0.01 pp	15 q
USBU.S. Bancorp	3.21%	715,764	$35M	added0%	−0.06 pp	22 q
AMGNAmgen Inc	2.78%	106,231	$30M	added+5%	−0.09 pp	19 q
BNYBank of New York Mellon Corporation	2.71%	268,595	$29M	trimmed−7%	+0.06 pp	18 q
PEPPepsiCo, Inc.	2.57%	196,977	$28M	trimmed−11%	−0.38 pp	7 q
AMZNAmazon.Com Inc	2.56%	125,844	$28M	trimmed−0%	−0.24 pp	28 q
CMCSAComcast Corp	2.47%	846,697	$27M	added+3%	−0.50 pp	40 q
GSGoldman Sachs Group Inc.	2.12%	28,673	$23M	trimmed−1%	+0.05 pp	36 q
AEPAmerican Electric Power Company, Inc.	1.99%	191,116	$22M	added0%	−0.01 pp	16 q
METAMeta Platforms, Inc. Class A	1.92%	28,134	$21M	trimmed−0%	−0.19 pp	29 q
NEENextEra Energy, Inc.	1.90%	271,710	$21M	added+2%	+0.03 pp	9 q
TSNTyson Foods, Inc.	1.83%	362,906	$20M	added+82%	+0.70 pp	7 q
HDHome Depot, Inc.	1.81%	48,054	$19M	added+1%	+0.04 pp	13 q
SBUXStarbucks Corp	1.74%	222,347	$19M	added+9%	−0.16 pp	14 q
TXNTexas Instruments Incorporated	1.74%	102,326	$19M	added+1%	−0.39 pp	15 q
WFCWells Fargo & Co.	1.70%	218,757	$18M	trimmed−0%	−0.08 pp	50 q
MTBM&T Bank Corp.	1.60%	87,269	$17M	added+1%	−0.10 pp	22 q
PYPLPayPal Holdings, Inc.	1.56%	251,490	$17M	added+4%	−0.26 pp	15 q
VOOVanguard S&P 500 ETF	1.55%	27,302	$17M	added+12%	+0.15 pp	17 q
TGTTarget Corporation	1.48%	177,721	$16M	added+12%	−0.10 pp	3 q
LOWLowe's Companies Inc.	1.41%	60,625	$15M	added+1%	+0.06 pp	6 q
AMATApplied Materials Inc	1.38%	72,513	$15M	added+42%	+0.43 pp	2 q
VEAVanguard FTSE Developed Markets ETF	1.22%	220,304	$13M	added+6%	+0.02 pp	19 q
FDXFedEx Corporation	1.21%	55,499	$13M	added+1%	−0.05 pp	26 q
LHXL3Harris Technologies, Inc.	1.17%	41,442	$13M	trimmed−25%	−0.23 pp	21 q
VYMVanguard High Dividend Yield ETF	1.17%	89,436	$13M	added+4%	+0.01 pp	22 q
ZBHZimmer Biomet Holdings, Inc.	1.10%	120,206	$12M	trimmed−5%	−0.07 pp	50 q
LMTLockheed Martin Corp.	1.06%	22,990	$11M	new	+1.06 pp	new
GNRCGenerac Holdings Inc	1.04%	66,890	$11M	added0%	+0.07 pp	3 q
IWFiShares Russell 1000 Growth ETF	1.01%	23,358	$11M	added+2%	+0.02 pp	19 q
GDGeneral Dynamics Corporation	0.98%	30,922	$11M	trimmed−14%	−0.08 pp	20 q
TMOThermo Fisher Scientific, Inc.	0.97%	21,511	$10M	added+1%	+0.09 pp	50 q
TELTE Connectivity plc	0.97%	47,546	$10M	trimmed−39%	−0.36 pp	5 q
FISVFiserv, Inc.	0.94%	78,306	$10M	added×8.1	+0.77 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.85%	134,350	$9M	trimmed−17%	−0.28 pp	50 q
ABBVAbbvie Inc.	0.83%	38,813	$9M	added+1%	+0.11 pp	40 q
IJRiShares Core S&P Small-Cap ETF	0.64%	57,706	$7M	added+5%	+0.03 pp	18 q
BRK.BBERKSHIRE HATHAWAY Class B	0.54%	11,601	$6M	added0%	−0.03 pp	50 q
IWRiShares Russell Mid-Cap ETF	0.52%	58,017	$6M	added0%	−0.02 pp	17 q
STZConstellation Brands, Inc.	0.49%	38,878	$5M	new	+0.49 pp	new
VTVVanguard Morningstar Value ETF	0.36%	20,847	$4M	added+46%	+0.10 pp	8 q
TCHPT. Rowe Price Blue Chip Growth ETF	0.35%	76,275	$4M	added+18%	+0.05 pp	12 q
MDYState Street SPDR S&P MIDCAP 400 ETF Trust	0.33%	5,977	$4M	trimmed−4%	−0.03 pp	19 q
BACBank of America Corporation	0.28%	57,748	$3M	trimmed−0%	0.00 pp	11 q
IWMiShares Russell 2000 ETF	0.23%	10,467	$3M	trimmed−4%	−0.01 pp	43 q
VWOVanguard FTSE Emerging Markets ETF	0.21%	40,942	$2M	added+1%	+0.01 pp	12 q
ACNAccenture PLC	0.21%	9,345	$2M	added×11.8	+0.19 pp	11 q
IVViShares Core S&P 500 ETF	0.20%	3,277	$2M	added+1%	0.00 pp	30 q
NVDANvidia Corp	0.14%	8,358	$2M	trimmed−1%	+0.01 pp	10 q
VUGVanguard Morningstar Growth ETF	0.14%	3,145	$2M	added0%	0.00 pp	25 q
EFAiShares MSCI EAFE ETF	0.13%	14,825	$1M	trimmed−6%	−0.01 pp	25 q
IWDiShares Russell 1000 Value ETF	0.12%	6,272	$1M	added+1%	0.00 pp	12 q
VOVanguard Morningstar Mid-Cap ETF	0.11%	3,940	$1M	added+43%	+0.03 pp	8 q
VTIVanguard Morningstar Total Stock Market ETF	0.10%	3,134	$1M	held	—	10 q
GOOGLAlphabet Inc. Class A	0.09%	3,947	$959,612	added+2%	+0.02 pp	20 q
AXPAmerican Express Company	0.09%	3,068	$1M	trimmed−5%	−0.01 pp	50 q
QQQInvesco QQQ Trust, Series 1	0.08%	1,452	$871,863	added+6%	0.00 pp	22 q
SPYXState Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.07%	13,023	$714,357	trimmed−2%	0.00 pp	15 q
VIGVanguard Dividend Appreciation ETF	0.07%	3,514	$758,387	added+1%	0.00 pp	22 q
AFLAflac Inc.	0.06%	6,236	$696,512	added0%	−0.01 pp	50 q
COFCapital One Financial	0.06%	3,178	$675,579	trimmed−1%	−0.01 pp	50 q
COSTCostco Wholesale Corp	0.05%	564	$522,382	trimmed−2%	−0.01 pp	11 q
XOMExxon Mobil Corp	0.05%	4,794	$540,513	trimmed−1%	0.00 pp	50 q
ESGDiShares Trust iShares ESG Aware MSCI EAFE ETF	0.05%	6,036	$561,227	trimmed−5%	−0.01 pp	15 q
JNJJohnson & Johnson	0.05%	3,111	$576,842	trimmed−13%	−0.01 pp	50 q
SDYState Street SPDR S&P Dividend ETF	0.05%	4,064	$569,221	added0%	−0.01 pp	30 q
APHAmphenol Corporation	0.04%	3,056	$378,180	held	—	4 q
CVSCvs Health Corporation	0.04%	6,177	$465,684	trimmed−1%	0.00 pp	50 q
PLTRPalantir Technologies Inc. Class A	0.04%	2,316	$422,485	added0%	+0.01 pp	2 q
SCHDSchwab US Dividend Equity ETF	0.04%	15,383	$419,974	trimmed−21%	−0.01 pp	3 q
VVISA Inc.	0.04%	1,138	$388,367	added0%	0.00 pp	11 q
WMTWalmart Inc.	0.04%	3,731	$384,523	trimmed−14%	0.00 pp	22 q
ASTSAST SpaceMobile, Inc. Class A	0.03%	5,900	$289,572	held	—	2 q
AVGOBroadcom Inc.	0.03%	1,119	$369,169	added+2%	0.00 pp	2 q
DHRDanaher Corporation	0.03%	1,704	$337,835	added0%	0.00 pp	12 q
INTUIntuit Inc	0.03%	451	$307,992	added0%	−0.01 pp	11 q
QQQMInvesco NASDAQ 100 ETF	0.03%	1,350	$333,612	trimmed−11%	0.00 pp	3 q
IJHiShares Core S&P Mid-Cap ETF	0.03%	5,617	$366,565	added+2%	0.00 pp	2 q
IWBiShares Russell 1000 ETF	0.03%	751	$274,681	added+4%	+0.01 pp	7 q
IWNiShares Russell 2000 Value ETF	0.03%	1,765	$312,070	held	—	5 q
MCDMcDonald's Corporation	0.03%	1,090	$331,245	added+1%	0.00 pp	11 q
NUENucor Corporation	0.03%	2,450	$331,804	trimmed−9%	−0.01 pp	5 q
PGProcter & Gamble Company	0.03%	2,199	$337,868	trimmed−9%	−0.01 pp	50 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.03%	1,048	$372,533	added+10%	0.00 pp	16 q
SPYGState Street SPDR Portfolio S&P 500 Growth ETF	0.03%	2,998	$313,321	held	—	8 q
XLKState Street Technology Select Sector SPDR ETF	0.03%	1,158	$326,397	added+1%	0.00 pp	11 q
VBVanguard Morningstar Small-Cap ETF	0.03%	1,147	$291,824	held	—	11 q
ETNEaton Corporation, plc	0.03%	863	$322,978	added0%	0.00 pp	8 q
IBMInternational Business Machines Corporation	0.02%	845	$238,376	added+1%	−0.01 pp	5 q
IEMGiShares Core MSCI Emerging Markets ETF	0.02%	3,734	$246,170	trimmed−25%	−0.01 pp	22 q
LLYEli Lilly & Co.	0.02%	328	$250,566	added+1%	−0.01 pp	7 q
MRKMerck & Co., Inc.	0.02%	2,870	$240,879	trimmed−2%	0.00 pp	50 q
SKYXSKYX Platforms Corp.	0.02%	201,666	$225,866	held	—	13 q
TSLATesla, Inc.	0.02%	595	$264,608	new	+0.02 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	745	$257,127	new	+0.02 pp	new
AONAon plc Class A	0.02%	648	$231,064	held	—	4 q
DCGODocGo Inc.	0.01%	100,000	$136,000	held	—	4 q
CGENCompugen Ltd	0.01%	93,833	$137,935	held	—	48 q
MRKRMarker Therapeutics, Inc.	0.00%	15,000	$13,389	held	—	16 q
UNPUnion Pacific Corp.	—	−69,866	—	exited	−1.63 pp	—
PARAParamount Global-class B	—	−22,890	—	exited	−0.03 pp	—
BMYBristol-Myers Squibb Co.	—	−4,729	—	exited	−0.02 pp	—
CLColgate-Palmolive Company	—	−2,383	—	exited	−0.02 pp	—
PMPhilip Morris International Inc.	—	−1,229	—	exited	−0.02 pp	—