Focusing on US Large-Cap: Fuld's Portfolio Analysis

Introduction

This analysis examines the investment strategy and holdings of Richard S. Fuld, managing the Matrix Private Capital Group portfolio as of December 31, 2025.

Top Holdings by Value

The portfolio's largest allocation is held by Vanguard's VTV fund, representing approximately $20.7 million or 10.5% of the total. This is followed closely by Vanguard's VUG fund with $19.5 million (9.9%) and IShares' IEFA fund with $14.8 million (7.5%).

• VTV: 10.5% allocation, showing an increase of 4.25% in its percentage allocation over the prior period.
• VUG: 9.87% allocation, showing an increase of 2.88% in its percentage allocation over the prior period.
• IEFA: 7.52% allocation, showing an increase of 5.51% in its percentage allocation over the prior period.

Concentration in US and International Markets

The portfolio demonstrates a clear preference for US and international large-cap stocks, with significant allocations to broad-based index funds tracking the S&P 500 (VTV, VUG) and the EAFE index (IEFA). There is also a substantial allocation to Master Limited Partnerships (MLPA) and US large-cap financials (IJH).

While the data does not explicitly provide sector classifications, the funds held suggest strong exposure to US Large Cap Equities and International Developed Equities. Eaton Vance's XETYX, focused on tax-managed dividend income, also forms a significant part of the portfolio.

Recent Changes in Holdings

Several holdings show notable changes in the most recent period:

• XLE (Energy Sector SPDR): Showed a massive increase of 103.11% in shares, indicating a significant new investment in the energy sector.
• MLPA (Global X Fund): Experienced a substantial 9.91% increase in shares.
• BINC (BlackRock ETF Trust II): Showed a significant 32.67% increase in shares.
• Conversely, funds like IJR (Small Cap Value) saw a smaller increase of 3.53% in shares, while VWO (Intl Small/Mid Cap) increased by 5.38%.

Investment Strategy Summary

The portfolio appears to employ a strategy focused on large-cap US and international equities, supplemented by exposure to Master Limited Partnerships and tax-managed income funds. The heavy reliance on index funds (Vanguard, IShares, BlackRock) suggests a passive investment approach for a significant portion of the portfolio.

The allocation to XLE indicates a potential tilt towards cyclical sectors, while the inclusion of MLPA suggests a diversification into energy sector MLPs. The overall strategy seems to balance broad market exposure with targeted allocations to specific sectors and income-generating assets.

Conclusion

As of December 31, 2025, the Matrix Private Capital Group portfolio managed by Richard S. Fuld is characterized by significant allocations to large-cap US and international equities, with notable positions in energy and MLPs. Recent activity shows continued investment in certain sectors like energy and MLPA, alongside steady growth in other index funds.