Matrix Capital's March Portfolio: Focus on ETFs, Growth & Dividends
Richard S. Fuld's Matrix Private Capital Group portfolio, as of March 31, 2026, shows significant allocations to Vanguard and iShares ETFs, with notable changes in holdings.
Top Holdings Analysis
As of March 31, 2026, Matrix Private Capital Group's portfolio, managed by Richard S. Fuld, holds a diverse range of funds, with the largest allocation being Vanguard's Total Stock Market ETF (VTV) at 10.34% of the portfolio, valued at $21,438,604. This is followed by the Vanguard Growth Index Fund (VUG) at 8.54% ($17,716,613) and the iShares Core U.S. Aggregate Bond Fund (IEFA) at 7.56% ($15,672,190).
The top ten holdings by value represent a significant portion of the portfolio, with the largest individual holding being VTV. Other major allocations include iShares Core S&P Small-Cap Index (IJH) at $12,439,414 (6.0%), Eaton Vance Tax-Managed Dividend Income Fund (XETYX) at $11,110,886 (5.36%), and iShares Core Mid-Cap Index (IJR) at $10,098,702 (4.87%).
Portfolio Strategy and Sector Focus
The portfolio's holdings suggest a strategy focused on broad market exposure through large-cap and total stock market funds, complemented by exposure to small-cap and mid-cap stocks via IJH and IJR. The inclusion of bond fund IEFA indicates a diversification into fixed income, while XETYX suggests a focus on tax-efficient dividend income.
Additionally, the portfolio includes exposure to the Energy sector through the SPDR Select Sector Fund (XLE), representing 4.23% of the portfolio. The portfolio also includes international exposure via the Vanguard FTSE Emerging Markets Index Fund (VWO) and a fund tracking MLPs (MLPA).
Recent Changes in Holdings
Several holdings show significant changes from the previous period. The iShares Core U.S. Aggregate Bond Fund (IEFA) saw an increase in shares by 4.48%, while the iShares Core S&P Small-Cap Index (IJH) increased by 7.07%. Eaton Vance Tax-Managed Dividend Income Fund (XETYX) experienced the largest percentage increase, rising by 16.39% in shares.
Conversely, the SPDR Select Sector Fund (XLE) saw a decrease in shares by 3.46%. Other funds with notable changes include the Vanguard Growth Index Fund (VUG) with a 1.72% increase, Vanguard Total Stock Market ETF (VTV) with a 0.61% increase, and several others with smaller percentage changes.
Concentration and Diversification
While the portfolio includes a variety of funds, the top three holdings (VTV, VUG, IEFA) account for approximately 26.44% of the total portfolio value. This indicates a moderate level of concentration in large, established funds, particularly in broad market and growth exposure.
The portfolio appears to be strategically positioned with a mix of large-cap, small-cap, mid-cap, international, and fixed income exposures, alongside a focus on dividend income. The specific allocations and recent changes suggest an investor comfortable with established vehicles and looking to capture growth and income streams.