Matrix Asset Advisors, an asset management company, released its third-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3, the Federal Reserve increased interest rates by 0.25%, which caused a sell-off in the stock market. The S&P 500 fell 3.27% in Q3 due to higher interest rates, economic slowdown, labor strikes, and budget impasse. Compared to the S&P 500 and Russell 1000 Value Index declines, Matrix’s Large Cap Value Portfolio experienced a slightly smaller decline during the third quarter. The Dividend Income portfolio was down modestly and outperformed the S&P 500 and the Russell 1000 Value Indexes in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Matrix Asset Advisors highlighted stocks like RTX Corporation (NYSE:RTX) in the third quarter 2023 investor letter. Headquartered in Arlington, Virginia, RTX Corporation (NYSE:RTX) is an aerospace and defense company. On November 27, 2023, RTX Corporation (NYSE:RTX) stock closed at $79.47 per share. One-month return of RTX Corporation (NYSE:RTX) was -2.36%, and its shares lost 18.43% of their value over the last 52 weeks. RTX Corporation (NYSE:RTX) has a market capitalization of $114.27 billion.
Matrix Asset Advisors made the following comment about RTX Corporation (NYSE:RTX) in its Q3 2023 investor letter:
“In Q3, we started a new position in RTX Corporation (NYSE:RTX), formerly Raytheon Technologies, an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. The company was formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses. We had previously owned United Technologies and were impressed with their CEO, Greg Hayes, now the CEO of RTX. The opportunity to purchase RTX came after the company disclosed a problem with an engine component that will result in a significant charge to inspect and replace. This is a fixable issue requiring time and money, but we believe the price decline provided a good opportunity to start a position in this highly profitable, well-managed company.”
A complex assembly line producing aircraft structures for aerospace applications.
RTX Corporation (NYSE:RTX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held RTX Corporation (NYSE:RTX) at the end of third quarter which was 56 in the previous quarter.
We discussed RTX Corporation (NYSE:RTX) in another article and shared the list of stocks that billionaire Paul Tudor Jones and insiders love. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 10 Top Stock Picks of Israel Englander
- 11 Stocks Under $20 To Buy Now
- 20 Most Powerful Country Leaders In The World in 2023
Disclosure: None. This article is originally published at Insider Monkey.
