Matrix Asset Advisors

Q4 2025 13F · by David Katz, CIO

As of: Dec 31, 2025
Filed: Jan 16, 2026
US stock: $1.1B · prev $1.1B
Positions: 107 · prev 107
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%

Moves93 since the prior filing

+1.0 pp in · −1.0 pp out

New 2 +0.02 pp
Added 36 +1.02 pp
Trimmed 53 −0.07 pp
Exited 2 −0.98 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.1 years per position

Low
Moderate
High

Top 5 positions23% of US stock

Positions107 in this filing · 2 exited


MSFTMicrosoft Corp	6.20%	142,717	$69M	added+1%	−0.62 pp	51 q
MAVFMatrix Advisors Value ETF	4.53%	414,930	$50M	added0%	+0.04 pp	4 q
GOOGAlphabet Inc. Class C	4.45%	157,612	$49M	trimmed−2%	+0.82 pp	39 q
MSMorgan Stanley	4.16%	260,503	$46M	trimmed−3%	+0.20 pp	51 q
JPMJPMorgan Chase & Co.	3.94%	136,135	$44M	trimmed−2%	−0.12 pp	51 q
AAPLApple Inc.	3.59%	146,802	$40M	trimmed−1%	+0.08 pp	50 q
PNCPNC Financial Services Group	3.58%	191,080	$40M	added0%	+0.03 pp	28 q
USBU.S. Bancorp	3.40%	709,254	$38M	trimmed−1%	+0.19 pp	23 q
QCOMQualcomm Inc	3.34%	217,557	$37M	added0%	−0.01 pp	50 q
MDTMedtronic plc	3.19%	369,541	$35M	trimmed−0%	−0.08 pp	16 q
AMGNAmgen Inc	3.05%	103,549	$34M	trimmed−3%	+0.27 pp	20 q
BNYBank of New York Mellon Corporation	2.73%	261,427	$30M	trimmed−3%	+0.02 pp	19 q
PEPPepsiCo, Inc.	2.64%	204,668	$29M	added+4%	+0.07 pp	8 q
AMZNAmazon.Com Inc	2.60%	125,319	$29M	trimmed−0%	+0.04 pp	29 q
GSGoldman Sachs Group Inc.	2.21%	27,996	$25M	trimmed−2%	+0.09 pp	37 q
TXNTexas Instruments Incorporated	2.09%	133,884	$23M	added+31%	+0.35 pp	16 q
TSNTyson Foods, Inc.	1.96%	372,014	$22M	added+3%	+0.13 pp	8 q
NEENextEra Energy, Inc.	1.93%	267,857	$22M	trimmed−1%	+0.03 pp	10 q
AEPAmerican Electric Power Company, Inc.	1.92%	185,281	$21M	trimmed−3%	−0.07 pp	17 q
METAMeta Platforms, Inc. Class A	1.91%	32,186	$21M	added+14%	−0.01 pp	30 q
WFCWells Fargo & Co.	1.82%	216,756	$20M	trimmed−1%	+0.12 pp	51 q
SBUXStarbucks Corp	1.71%	226,198	$19M	added+2%	−0.03 pp	15 q
AMATApplied Materials Inc	1.66%	71,798	$18M	trimmed−1%	+0.28 pp	3 q
CMCSAComcast Corp	1.61%	600,301	$18M	trimmed−29%	−0.86 pp	41 q
VOOVanguard S&P 500 ETF	1.59%	28,186	$18M	added+3%	+0.04 pp	18 q
HDHome Depot, Inc.	1.56%	50,466	$17M	added+5%	−0.25 pp	14 q
MTBM&T Bank Corp.	1.56%	86,333	$17M	trimmed−1%	−0.04 pp	23 q
LMTLockheed Martin Corp.	1.44%	33,077	$16M	added+44%	+0.38 pp	2 q
FDXFedEx Corporation	1.43%	55,079	$16M	trimmed−1%	+0.22 pp	27 q
LOWLowe's Companies Inc.	1.41%	65,036	$16M	added+7%	0.00 pp	7 q
PYPLPayPal Holdings, Inc.	1.41%	267,919	$16M	added+7%	−0.15 pp	16 q
GNRCGenerac Holdings Inc	1.38%	112,991	$15M	added+69%	+0.34 pp	4 q
VEAVanguard FTSE Developed Markets ETF	1.32%	234,854	$15M	added+7%	+0.10 pp	20 q
VYMVanguard High Dividend Yield ETF	1.27%	98,624	$14M	added+10%	+0.10 pp	23 q
TGTTarget Corporation	1.26%	143,580	$14M	trimmed−19%	−0.22 pp	4 q
TMOThermo Fisher Scientific, Inc.	1.11%	21,341	$12M	trimmed−1%	+0.14 pp	51 q
LHXL3Harris Technologies, Inc.	1.07%	40,674	$12M	trimmed−2%	−0.10 pp	22 q
IWFiShares Russell 1000 Growth ETF	1.03%	24,187	$11M	added+4%	+0.02 pp	20 q
TELTE Connectivity plc	0.95%	46,558	$11M	trimmed−2%	−0.02 pp	6 q
GDGeneral Dynamics Corporation	0.90%	29,725	$10M	trimmed−4%	−0.08 pp	21 q
ABBVAbbvie Inc.	0.79%	38,285	$9M	trimmed−1%	−0.04 pp	41 q
CSCOCisco Systems, Inc. (DE)	0.78%	112,308	$9M	trimmed−16%	−0.07 pp	51 q
IJRiShares Core S&P Small-Cap ETF	0.68%	62,874	$8M	added+9%	+0.04 pp	19 q
STZConstellation Brands, Inc.	0.56%	45,412	$6M	added+17%	+0.07 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.52%	11,595	$6M	trimmed−0%	−0.02 pp	51 q
IWRiShares Russell Mid-Cap ETF	0.51%	58,927	$6M	added+2%	−0.01 pp	18 q
ACNAccenture PLC	0.47%	19,679	$5M	added×2.1	+0.26 pp	12 q
VTVVanguard Morningstar Value ETF	0.45%	26,279	$5M	added+26%	+0.09 pp	9 q
MDYState Street SPDR S&P MIDCAP 400 ETF Trust	0.33%	6,116	$4M	added+2%	0.00 pp	20 q
TCHPT. Rowe Price Blue Chip Growth ETF	0.33%	74,722	$4M	trimmed−2%	−0.02 pp	13 q
BACBank of America Corporation	0.28%	57,421	$3M	trimmed−1%	0.00 pp	12 q
ZBHZimmer Biomet Holdings, Inc.	0.24%	30,032	$3M	trimmed−75%	−0.86 pp	51 q
IWMiShares Russell 2000 ETF	0.23%	10,326	$3M	trimmed−1%	0.00 pp	44 q
VWOVanguard FTSE Emerging Markets ETF	0.21%	42,633	$2M	added+4%	0.00 pp	13 q
IVViShares Core S&P 500 ETF	0.20%	3,278	$2M	added0%	0.00 pp	31 q
NVDANvidia Corp	0.14%	8,055	$2M	trimmed−4%	0.00 pp	11 q
VUGVanguard Morningstar Growth ETF	0.14%	3,145	$2M	held	—	26 q
EFAiShares MSCI EAFE ETF	0.13%	14,854	$1M	added0%	0.00 pp	26 q
VOVanguard Morningstar Mid-Cap ETF	0.13%	5,062	$1M	added+28%	+0.02 pp	9 q
IWDiShares Russell 1000 Value ETF	0.12%	6,305	$1M	added+1%	0.00 pp	13 q
GOOGLAlphabet Inc. Class A	0.11%	3,942	$1M	trimmed−0%	+0.02 pp	21 q
AXPAmerican Express Company	0.10%	3,066	$1M	trimmed−0%	+0.01 pp	51 q
VTIVanguard Morningstar Total Stock Market ETF	0.09%	3,134	$1M	held	—	11 q
QQQInvesco QQQ Trust, Series 1	0.08%	1,451	$891,791	trimmed−0%	0.00 pp	23 q
COFCapital One Financial	0.07%	3,178	$770,220	held	—	51 q
SPYXState Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.07%	13,023	$731,818	held	—	16 q
VIGVanguard Dividend Appreciation ETF	0.07%	3,535	$777,067	added+1%	0.00 pp	23 q
AFLAflac Inc.	0.06%	6,243	$688,391	added0%	0.00 pp	51 q
JNJJohnson & Johnson	0.06%	3,106	$642,787	trimmed−0%	+0.01 pp	51 q
XOMExxon Mobil Corp	0.05%	4,790	$576,459	trimmed−0%	0.00 pp	51 q
ESGDiShares Trust iShares ESG Aware MSCI EAFE ETF	0.05%	6,036	$573,963	held	—	16 q
SDYState Street SPDR S&P Dividend ETF	0.05%	3,780	$526,044	trimmed−7%	0.00 pp	31 q
ASTSAST SpaceMobile, Inc. Class A	0.04%	5,900	$428,517	held	—	3 q
APHAmphenol Corporation	0.04%	3,056	$412,988	held	—	5 q
CVSCvs Health Corporation	0.04%	6,175	$490,048	trimmed−0%	0.00 pp	51 q
COSTCostco Wholesale Corp	0.04%	563	$485,896	trimmed−0%	−0.01 pp	12 q
DHRDanaher Corporation	0.04%	1,703	$389,851	trimmed−0%	+0.01 pp	13 q
NUENucor Corporation	0.04%	2,468	$402,555	added+1%	+0.01 pp	6 q
PLTRPalantir Technologies Inc. Class A	0.04%	2,313	$411,136	trimmed−0%	0.00 pp	3 q
GLDSPDR Gold Trust, SPDR Gold Shares	0.04%	1,075	$426,033	added+3%	+0.01 pp	17 q
SKYXSKYX Platforms Corp.	0.04%	201,666	$437,615	held	—	14 q
VVISA Inc.	0.04%	1,149	$402,954	added+1%	0.00 pp	12 q
WMTWalmart Inc.	0.04%	3,716	$414,006	trimmed−0%	0.00 pp	23 q
AVGOBroadcom Inc.	0.03%	1,099	$380,364	trimmed−2%	0.00 pp	3 q
INTUIntuit Inc	0.03%	450	$298,089	trimmed−0%	0.00 pp	12 q
IJHiShares Core S&P Mid-Cap ETF	0.03%	5,104	$336,864	trimmed−9%	0.00 pp	3 q
IWNiShares Russell 2000 Value ETF	0.03%	1,765	$319,836	held	—	6 q
LLYEli Lilly & Co.	0.03%	325	$349,751	trimmed−1%	+0.01 pp	8 q
MCDMcDonald's Corporation	0.03%	1,090	$333,270	held	—	12 q
MRKMerck & Co., Inc.	0.03%	2,862	$301,254	trimmed−0%	+0.01 pp	51 q
PGProcter & Gamble Company	0.03%	2,194	$314,493	trimmed−0%	0.00 pp	51 q
SPYGState Street SPDR Portfolio S&P 500 Growth ETF	0.03%	2,998	$319,887	held	—	9 q
XLKState Street Technology Select Sector SPDR ETF	0.03%	2,316	$333,439	held	—	12 q
VBVanguard Morningstar Small-Cap ETF	0.03%	1,148	$296,208	added0%	0.00 pp	12 q
BMYBristol-Myers Squibb Co.	0.02%	3,929	$211,930	new	+0.02 pp	new
IBMInternational Business Machines Corporation	0.02%	819	$242,657	trimmed−3%	0.00 pp	6 q
QQQMInvesco NASDAQ 100 ETF	0.02%	1,054	$266,578	trimmed−22%	−0.01 pp	4 q
IWBiShares Russell 1000 ETF	0.02%	697	$260,377	trimmed−7%	−0.01 pp	8 q
IEMGiShares Core MSCI Emerging Markets ETF	0.02%	3,837	$257,936	added+3%	0.00 pp	23 q
TSLATesla, Inc.	0.02%	504	$226,659	trimmed−15%	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	721	$237,911	trimmed−3%	0.00 pp	2 q
AONAon plc Class A	0.02%	648	$228,666	held	—	5 q
ETNEaton Corporation, plc	0.02%	862	$274,556	trimmed−0%	−0.01 pp	9 q
DCGODocGo Inc.	0.01%	100,000	$87,780	held	—	5 q
CGENCompugen Ltd	0.01%	93,833	$143,564	held	—	49 q
MRKRMarker Therapeutics, Inc.	0.00%	15,000	$22,350	held	—	17 q
SCWO374Water Inc.	0.00%	10,000	$20,400	new	0.00 pp	new
FISVFiserv, Inc.	—	−78,306	—	exited	−0.94 pp	—
SCHDSchwab US Dividend Equity ETF	—	−15,383	—	exited	−0.04 pp	—