David Katz - Matrix Advisors Value Fund Investment Strategy (Sep 30, 2025)


As of Sep 30, 2025, the Matrix Advisors Value Fund portfolio managed by David Katz demonstrates a sophisticated investment approach with 82 positions and an average holding period of 864 quarters. The strategy focuses on Basic Materials, Communication Services, Consumer Cyclical, Consumer Defensive, Energy, Financial Services, Healthcare, Industrials, Technology, Utilities sectors with a typical position size of 1.7% of the portfolio.


The portfolio's risk management approach includes a maximum position size of 1.72% and sector diversification of 10%, exemplified by the case study of MICROSOFT CORP (MSFT). This strategic framework provides insights into David Katz's investment philosophy, risk management practices, and long-term value creation approach.

Investment Strategy Metrics

Key metrics revealing investment style, risk management, and performance characteristics

MetricValueCategoryDescription
Holding Period2.4 yearsStyleAverage duration positions are maintained
Position Count82StyleNumber of active positions in portfolio
Position Size1.7%RiskTypical allocation per position
Win Rate66.5%PerformancePercentage of profitable positions
Average Return10.9%PerformanceMean return across positions
Sharpe Ratio0.27PerformanceReturn per unit of risk taken

Investment Case Study: MICROSOFT CORP (MSFT)

12/31/2017 - 12/1/2025

Performance Metrics

Total Return: 102,726.71%

Holding Period: 2892 days

Max Position Size: $73,512,767.00

Position Weight: 6.08%

Key Events

12/31/2017: DECREASE(-8,483.00 shares) @ $0.09
3/31/2018: DECREASE(-27,007.00 shares) @ $0.09
6/30/2018: DECREASE(-24,152.00 shares) @ $0.10
9/30/2018: DECREASE(-51,829.00 shares) @ $0.11
12/31/2018: INCREASE(91.00 shares) @ $0.10
3/31/2019: DECREASE(-13,999.00 shares) @ $0.12
6/30/2019: DECREASE(-17,806.00 shares) @ $0.13
9/30/2019: DECREASE(-5,008.00 shares) @ $0.14
12/31/2019: DECREASE(-1,244.00 shares) @ $0.16
3/31/2020: DECREASE(-17,349.00 shares) @ $0.16
6/30/2020: DECREASE(-6,408.00 shares) @ $0.20
9/30/2020: DECREASE(-12,658.00 shares) @ $0.21
12/31/2020: INCREASE(667.00 shares) @ $0.22
3/31/2021: DECREASE(-2,345.00 shares) @ $0.24
6/30/2021: DECREASE(-2,977.00 shares) @ $0.27
9/30/2021: INCREASE(346.00 shares) @ $0.28
12/31/2021: DECREASE(-1,805.00 shares) @ $0.34
3/31/2022: INCREASE(2,218.00 shares) @ $0.31
6/30/2022: DECREASE(-5.00 shares) @ $0.26
9/30/2022: DECREASE(-406.00 shares) @ $0.23
12/31/2022: DECREASE(-414.00 shares) @ $239.82
3/31/2023: DECREASE(-3,840.00 shares) @ $288.30
6/30/2023: DECREASE(-7,235.00 shares) @ $340.54
9/30/2023: DECREASE(-1,751.00 shares) @ $315.75
12/31/2023: DECREASE(-2,434.00 shares) @ $376.04
3/31/2024: DECREASE(-2,010.00 shares) @ $420.72
6/30/2024: DECREASE(-1,350.00 shares) @ $446.95
9/30/2024: DECREASE(-391.00 shares) @ $430.30
12/31/2024: DECREASE(-116.00 shares) @ $421.50
3/31/2025: INCREASE(1,986.00 shares) @ $375.39
6/30/2025: DECREASE(-950.00 shares) @ $497.41
9/30/2025: DECREASE(-205.00 shares) @ $517.95

Investment Thesis

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors:
  • Market volatility
  • Sector-specific risks

Key Learnings

  • Position sizing is critical for portfolio management
  • Important to monitor sector exposure

Sector Allocations