David Katz - Matrix Asset Advisors Portfolio Q3’2025: Top Holdings & Recent Changes
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David Katz and Matrix Asset Advisors continue to exemplify a disciplined, quality-focused approach in a market defined by volatility and sector rotation. Their Q3’2025 portfolio demonstrates a commitment to blue-chip stability, with subtle but telling adjustments across technology, financials, and healthcare. The latest 13F filing reveals a $1.08B portfolio, with measured tweaks that reflect both risk management and a search for value in an uncertain macro environment.
Portfolio Overview: Quality at the Core, Discipline at the Margins
Portfolio Highlights (Q3’2025): - Market Value: $1,078.1M - Top 10 Holdings: 39.8% - Portfolio Size: 107 -2 - Average Holding Period: 23 quarters - Turnover: 7.5%
The Matrix Asset Advisors portfolio remains broadly diversified, with the top 10 holdings accounting for just under 40% of total assets. This signals a preference for risk mitigation and steady compounding over aggressive concentration. With 107 positions—down by two from the previous quarter—David Katz continues to trim the edges, focusing capital where conviction is highest while maintaining a robust core of long-term holdings.
A low turnover rate of 7.5% and an average holding period of 23 quarters (nearly six years) reinforce the firm’s patient, value-driven philosophy. Adjustments this quarter were incremental, reflecting a strategy of fine-tuning rather than wholesale repositioning. The portfolio’s construction suggests a belief in the resilience of established leaders, especially in sectors like technology, financials, and healthcare, while remaining nimble enough to capitalize on tactical opportunities.
Top Holdings Analysis: Blue Chips, Subtle Shifts, and Steady Hands
The Q3’2025 portfolio is anchored by a blend of technology giants, financial stalwarts, and healthcare leaders, with several notable adjustments this quarter. Microsoft Corporation remains a top position at 6.8% of assets, though it was trimmed slightly (Reduce 0.14%), signaling ongoing profit-taking or risk management. Alphabet Inc. 3.6% also saw a modest reduction (Reduce 1.68%), reflecting a cautious stance amid sector volatility.
Financials were a focal point for incremental change. Both JPMorgan Chase & Co. (4.1%, Reduce 0.29%) and Morgan Stanley (4.0%, Reduce 0.40%) were trimmed, while PNC Financial Services Group (3.5%, Add 0.08%) and US Bancorp (3.2%, Add 0.26%) received small additions, suggesting selective rotation within the sector. The addition to QUALCOMM Incorporated (3.3%, Add 4.48%) stands out as the most significant move, indicating renewed conviction in the semiconductor space.
Healthcare exposure remains robust, with Medtronic plc (3.3%, Add 0.39%) seeing a modest increase. Apple Inc. 3.5% was fractionally reduced (Reduce 0.02%), reflecting a disciplined approach to position sizing even among the most dominant franchises.
Other notable holdings include EA Series Trust (4.5%, Add 0.44%), which saw a slight increase, and a continued presence in diversified sectors. Across the top 10-15 positions, the theme is clear: incremental adjustments, a bias toward quality, and a willingness to rebalance as risk/reward profiles evolve.
What the Portfolio Reveals About Current Strategy
- Quality Over Aggression: The portfolio’s core is built around established, cash-generative leaders in technology, financials, and healthcare, with only minor tactical shifts.
- Sector Rotation Within Financials: Small trims to major banks and selective adds to regional players suggest a nuanced approach to sector risk and opportunity.
- Incrementalism, Not Overhaul: Changes are measured, reflecting confidence in the long-term thesis for core holdings while remaining alert to valuation and risk.
- Risk Management: Modest reductions in tech and financials, paired with additions in healthcare and select financials, point to a balanced risk posture.
- Long-Term Orientation: The low turnover and lengthy average holding period underscore a commitment to compounding through patience and discipline.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Microsoft Corporation | $73.5M | 6.8% | Reduce 0.14% |
| EA SERIES TRUST | $48.4M | 4.5% | Add 0.44% |
| JPMORGAN CHASE & CO. | $43.8M | 4.1% | Reduce 0.29% |
| MORGAN STANLEY | $42.7M | 4.0% | Reduce 0.40% |
| Alphabet Inc. | $39.1M | 3.6% | Reduce 1.68% |
| PNC FINL SVCS GROUP INC | $38.3M | 3.5% | Add 0.08% |
| Apple Inc. | $37.8M | 3.5% | Reduce 0.02% |
| QUALCOMM Incorporated | $36.1M | 3.3% | Add 4.48% |
| Medtronic plc | $35.3M | 3.3% | Add 0.39% |
| US BANCORP DEL | $34.6M | 3.2% | Add 0.26% |
The table highlights a broadly diversified top 10, with no single position exceeding 7% of assets. This reflects a deliberate effort to avoid overconcentration, spreading risk across sectors and individual names. The largest position, Microsoft, is only modestly larger than the rest, and the incremental changes this quarter reinforce a philosophy of steady, risk-aware capital allocation. The additions to QUALCOMM and Medtronic suggest selective conviction, while the trims to mega-cap tech and major banks indicate ongoing vigilance.
Investment Lessons from David Katz and Matrix Asset Advisors
- Diversification as a Core Principle: Spreading capital across sectors and names reduces idiosyncratic risk and smooths returns.
- Incremental Rebalancing: Small, frequent adjustments can optimize risk/reward without incurring excessive turnover or disrupting compounding.
- Long-Term Patience: Holding periods measured in years, not months, allow investment theses to play out and reduce the impact of short-term noise.
- Quality First: Emphasis on blue-chip, cash-generative businesses provides resilience in volatile markets.
- Risk Management Through Sizing: No single bet dominates the portfolio, reflecting humility and discipline in the face of market uncertainty.
Looking Ahead: What Comes Next?
With a stable, diversified core and cash available for selective deployment, Matrix Asset Advisors is well-positioned to navigate ongoing market volatility. The portfolio’s incremental shifts suggest a watchful eye on valuation and sector dynamics, with potential for further rotation within financials and technology as opportunities arise. Investors should watch for continued discipline in position sizing and a readiness to capitalize on dislocations in high-quality names.
FAQ about Matrix Asset Advisors Portfolio
Q: What were the most significant changes in Matrix Asset Advisors’ Q3’2025 portfolio?
The most notable moves were a 4.48% addition to QUALCOMM, modest trims to Microsoft and Alphabet, and selective adds within financials and healthcare.
Q: How concentrated is the Matrix Asset Advisors portfolio?
The top 10 holdings represent 39.8% of assets, with the largest single position at 6.8%. This reflects a diversified approach, avoiding overexposure to any one stock or sector.
Q: What is David Katz’s investment philosophy?
David Katz emphasizes quality, diversification, and long-term compounding, with incremental rebalancing to manage risk and capture value opportunities.
Q: Which sectors are most prominent in the current portfolio?
Technology, financials, and healthcare are the dominant sectors, with ongoing adjustments reflecting both conviction and risk management.
Q: How can I track Matrix Asset Advisors’ portfolio changes?
You can follow all quarterly updates and detailed 13F filing analysis on ValueSense. Note that 13F filings have a 45-day reporting lag, so use ValueSense tools for the most up-to-date insights and stock analysis.
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