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Matrix

Mar 2025 → Sep 2026 · Publishes quarterly

Our archive holds 5 letters from Matrix, behind 5 investment theses and positions in 35 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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5
Letters
35
Companies
47
Moves
5
Theses

What they bought and sold · 47 moves

  • TrimmedAmgen
    September 2026
    “We trimmed positions in Amgen, Goldman Sachs, and Thermo Fisher Scientific on price strength.”
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  • TrimmedGoldman Sachs
    September 2026
    “We trimmed positions in Amgen, Goldman Sachs, and Thermo Fisher Scientific on price strength.”
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  • TrimmedPNC Financial
    September 2026
    “We also trimmed positions in Amgen on price strength and did the same for the financial stocks: Bank of NY Mellon, M&T Bank, PNC Financial, and U.S. Bancorp.”
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  • TrimmedTarget
    September 2026
    “For tax-exempt accounts, we also sold the position in Target after strong performance (we pared back the position in taxable accounts).”
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  • AddedTyson Foods
    September 2026
    “And we added to our holdings in our consumer names on price weakness, including McDonald’s, PepsiCo, Tyson Foods, and Constellation Brands.”
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  • TrimmedThermo Fisher Scientific
    September 2026
    “We trimmed positions in Amgen, Goldman Sachs, and Thermo Fisher Scientific on price strength.”
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  • AddedMcDonald’s
    September 2026
    “And we added to our holdings in our consumer names on price weakness, including McDonald’s, PepsiCo, Tyson Foods, and Constellation Brands.”
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  • AddedPepsiCo
    September 2026
    “And we added to our holdings in our consumer names on price weakness, including McDonald’s, PepsiCo, Tyson Foods, and Constellation Brands.”
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  • TrimmedM&T Bank
    September 2026
    “We also trimmed positions in Amgen on price strength and did the same for the financial stocks: Bank of NY Mellon, M&T Bank, PNC Financial, and U.S. Bancorp.”
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  • ExitedLockheed Martin
    September 2026
    “We sold Lockheed Martin, locking in a good profit, after reports that the administration and Congress were trying to restrict share repurchases and dividends by defense companies unless they obtain a waiver.”
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  • ExitedNike
    September 2026
    “We sold our positions in Nike and Intuit, both of which proved to be disappointing investments.”
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  • TrimmedU.S. Bancorp
    September 2026
    “We also trimmed positions in Amgen on price strength and did the same for the financial stocks: Bank of NY Mellon, M&T Bank, PNC Financial, and U.S. Bancorp.”
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  • AddedQualcomm
    September 2026
    “We also added to positions in TE Connectivity and Qualcomm on share price weakness.”
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  • AddedTE Connectivity
    September 2026
    “We also added to positions in TE Connectivity and Qualcomm on share price weakness.”
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  • TrimmedBank of NY Mellon
    September 2026
    “We also trimmed positions in Amgen on price strength and did the same for the financial stocks: Bank of NY Mellon, M&T Bank, PNC Financial, and U.S. Bancorp.”
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  • AddedAmerican Electric Power
    September 2026
    “We opportunistically increased our weighting in Utilities, buying more American Electric Power and NextEra Energy.”
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  • AddedConstellation Brands
    September 2026
    “And we added to our holdings in our consumer names on price weakness, including McDonald’s, PepsiCo, Tyson Foods, and Constellation Brands.”
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  • New positionUber Technologies
    September 2026
    “During the quarter, we started a new position in Uber Technologies (UBER), the leading rideshare and delivery company.”
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  • ExitedIntuit
    September 2026
    “We sold our positions in Nike and Intuit, both of which proved to be disappointing investments.”
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  • AddedNextEra Energy
    September 2026
    “We opportunistically increased our weighting in Utilities, buying more American Electric Power and NextEra Energy.”
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  • 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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Showing the 30 most recent of 47 recorded moves.

Companies held · 35

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

Theses · 5

  • Uber Technologies
    September 2026

    Uber is the leading rideshare and delivery company with dominant market share, a strong balance sheet and capable management, and its share price decline on AV fears created an attractive buying opportunity at 16.2x 2027 earnings.

    Read the full thesis
  • 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 · 5

2026

2025

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