MATRIX ASSET ADVISORS INC/NY

Diversification Profile The portfolio now comprises 107 holdings, indicating a diversified approach. Despite the rapid growth in capital, the manager has maintained a relatively balanced structure, with the top 10 holdings accounting for approximately 40% of the total portfolio value. This suggests a "core-satellite" or broad-based investment strategy rather than a high-conviction, concentrated portfolio.

Turnover and Strategy The activity level for the quarter was exceptionally high. The manager executed 32 new positions and 25 complete exits, with zero positions remaining unchanged. This high turnover rate, combined with the tripling of AUM, indicates that the portfolio underwent a substantial restructuring or rebalancing phase during the period ending December 31, 2025.