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Matrix

Mar 2025 → Jun 2026 · Publishes quarterly

Our archive holds 4 letters from Matrix, behind 4 investment theses and positions in 27 companies. Every quote below is copied verbatim from the letter it came from.

Matrix’s own letters page
4
Letters
27
Companies
27
Moves
4
Theses

What they bought and sold · 27 moves

  • TrimmedQualcomm
    June 2026
    “We also modestly trimmed the Technology names Alphabet (Google), Applied Materials, Qualcomm, and Generac (mostly in tax-exempt accounts) as these positions had become oversized because of significant stock price appreciation.”
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  • TrimmedBank of New York Mellon
    June 2026
    “We trimmed some positions in the financial sector (again): Bank of New York Mellon, Morgan Stanley, and Goldman Sachs.”
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  • ExitedFederal Express
    June 2026
    “During the quarter, we sold the portfolio’s position in Federal Express.”
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  • AddedConstellation Brands
    June 2026
    “We used the proceeds from these sales and scale backs to build positions in Automatic Data Processing, Comcast Corp, Constellation Brands, Home Depot, Medtronic, NextEra Energy (repurchased later in the quarter at lower levels), PepsiCo, Inc, Procter & Gamble Co., and Tyson Foods.”
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  • New positionAbbott Laboratories
    June 2026
    “During the quarter, we started new partial positions in Abbott Laboratories (ABT) and McDonald’s (MCD).”
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  • TrimmedMorgan Stanley
    June 2026
    “We trimmed some positions in the financial sector (again): Bank of New York Mellon, Morgan Stanley, and Goldman Sachs.”
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  • AddedAutomatic Data Processing
    June 2026
    “We used the proceeds from these sales and scale backs to build positions in Automatic Data Processing, Comcast Corp, Constellation Brands, Home Depot, Medtronic, NextEra Energy (repurchased later in the quarter at lower levels), PepsiCo, Inc, Procter & Gamble Co., and Tyson Foods.”
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  • AddedPepsiCo
    June 2026
    “We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
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  • AddedTyson Foods
    June 2026
    “We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
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  • New positionMcDonald’s
    June 2026
    “During the quarter, we started new partial positions in Abbott Laboratories (ABT) and McDonald’s (MCD).”
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  • TrimmedAlphabet
    June 2026
    “We also modestly trimmed the Technology names Alphabet (Google), Applied Materials, Qualcomm, and Generac (mostly in tax-exempt accounts) as these positions had become oversized because of significant stock price appreciation.”
    Read the letter
  • TrimmedGenerac
    June 2026
    “We also modestly trimmed the Technology names Alphabet (Google), Applied Materials, Qualcomm, and Generac (mostly in tax-exempt accounts) as these positions had become oversized because of significant stock price appreciation.”
    Read the letter
  • AddedThermo Fisher Scientific
    June 2026
    “We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
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  • TrimmedApplied Materials
    June 2026
    “We also modestly trimmed the Technology names Alphabet (Google), Applied Materials, Qualcomm, and Generac (mostly in tax-exempt accounts) as these positions had become oversized because of significant stock price appreciation.”
    Read the letter
  • AddedComcast Corp
    June 2026
    “We used the proceeds from these sales and scale backs to build positions in Automatic Data Processing, Comcast Corp, Constellation Brands, Home Depot, Medtronic, NextEra Energy (repurchased later in the quarter at lower levels), PepsiCo, Inc, Procter & Gamble Co., and Tyson Foods.”
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  • AddedLowe’s
    June 2026
    “We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
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  • AddedNike
    June 2026
    “We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
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  • ExitedNestlÈ
    June 2026
    “We sold NestlÈ at a modest gain to fund other positions.”
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  • AddedTE Connectivity
    June 2026
    “We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
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  • AddedProcter & Gamble Co.
    June 2026
    “We used the proceeds from these sales and scale backs to build positions in Automatic Data Processing, Comcast Corp, Constellation Brands, Home Depot, Medtronic, NextEra Energy (repurchased later in the quarter at lower levels), PepsiCo, Inc, Procter & Gamble Co., and Tyson Foods.”
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  • ExitedAccenture
    June 2026
    “For taxable accounts, we realized a loss in Accenture, a name we expect to repurchase after 31 days.”
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  • TrimmedGoldman Sachs
    June 2026
    “We trimmed some positions in the financial sector (again): Bank of New York Mellon, Morgan Stanley, and Goldman Sachs.”
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  • AddedIntuit
    June 2026
    “We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
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  • AddedHome Depot
    June 2026
    “We used the proceeds from these sales and scale backs to build positions in Automatic Data Processing, Comcast Corp, Constellation Brands, Home Depot, Medtronic, NextEra Energy (repurchased later in the quarter at lower levels), PepsiCo, Inc, Procter & Gamble Co., and Tyson Foods.”
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  • AddedNextEra Energy
    June 2026
    “We used the proceeds from these sales and scale backs to build positions in Automatic Data Processing, Comcast Corp, Constellation Brands, Home Depot, Medtronic, NextEra Energy (repurchased later in the quarter at lower levels), PepsiCo, Inc, Procter & Gamble Co., and Tyson Foods.”
    Read the letter
  • AddedMeta
    June 2026
    “We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
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  • AddedMedtronic
    June 2026
    “We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
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Companies held · 27

Every company Matrix has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 4

  • Applied Materials
    June 2025

    Applied Materials is a strong investment poised to benefit from the rising demand for advanced semiconductor manufacturing due to AI and high-performance computing, supported by its robust cash flow and strategic positioning.

    Read the full thesis
  • Generac
    March 2025

    Generac is a company focused on providing resilient and sustainable power solutions, with strong growth potential due to increasing demand for reliable energy.

    Read the full thesis
  • PepsiCo
    March 2025

    PepsiCo is a well-managed snack and beverage company with steady earnings and dividend growth, presenting a good investment opportunity at a 3.6% dividend yield amidst market volatility.

    Read the full thesis
  • Target
    March 2025

    Target is a well-managed retail company with a currently attractive stock price that offers potential for growth despite near-term challenges and has a long history of consistent dividend increases.

    Read the full thesis

Letter archive · 4

2026

2025

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