Fund Evaluator:
Matrix Advisors Dividend (MADFX)
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Best Performing in Large Value Over the Last Year
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Fund Details
Matrix Advisors Dividend Overview
Matrix Advisors Dividend (MADFX) is an actively managed U.S. Equity Large Value fund. Matrix Advisors Funds Trust launched the fund in 2016.
The investment seeks current income and capital appreciation. The fund invests primarily in dividend-paying common stocks or depositary receipts representing common stocks of U.S. companies and U.S.-listed international companies in developed markets that the advisor believes pay high and sustainable dividends, are financially strong, and meet specific valuation criteria using the principles of value investing based on Classic Valuation Analysis. It invests at least 80% of its net assets, plus borrowings for investment purposes, in dividend-paying stocks. The fund invests primarily in large capitalization companies.
About Matrix Advisors Dividend (MADFX)
There are 5 members of the management team with an average tenure of 9.89 years: Lon Birnholz (2016), Steven Roukis (2016), Jordan Posner (2016), Stephan Weinberger (2016), David Katz (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. Matrix Advisors Dividend has 26 securities in its portfolio. The top 10 holdings constitute 49.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Matrix Advisors Dividend is part of the Equity global asset class and is within the U.S. Equity fund group. Matrix Advisors Dividend has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.8%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Matrix Advisors Dividend has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $68 million in total assets, which is below the $1 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MADFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Matrix Advisors Dividend expense ratio is high compared to funds in the Large Value category. Matrix Advisors Dividend has an expense ratio of 0.90%, which is 3% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Matrix Advisors Dividend has a portfolio turnover rate of 27%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 63% for the Large Value category.
Recently, in the month of August 2026, Matrix Advisors Dividend returned 2.4%, which earned it a grade of B, as the Large Value category had an average return of 1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Matrix Advisors Dividend has a trailing yield of 1.65%, which is above the 1.17% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Matrix Advisors Dividend Grades
Year to date, the fund has returned 16.3%, 0.2 percentage points better than the category, which translates into a grade of C. The fund has returned 19.3% over the past year (grade of D), 18.6% over the past three years (grade of B) and 11.3% per year over the past five years (grade of B).
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MADFX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MADFX Return (NAV) | 2.4% | 5.6% | 19.3% | 18.6% | 11.3% | na |
| MADFX Grade | B | C | D | B | B | na |
| +/- Category | 0.8% | -0.6% | -2.3% | 1.4% | 0.6% | na |
| Large Value Avg | 1.6% | 6.2% | 21.6% | 17.3% | 10.7% | 11.4% |
| MADFX Tax Cost Ratio | na | na | 2.3% | 1.4% | 1.6% | na |
MADFX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MADFX Return (NAV) | 16.3% | 16.3% | 14.3% | 8.5% | -4.4% | 24.1% | 0.0% | 27.3% | -5.4% | 12.7% | na |
| MADFX Grade | C | B | C | D | B | D | F | B | A | F | na |
| +/- Category | 0.2% | 1.2% | 0.2% | -3.3% | 1.7% | -1.6% | -3.8% | 1.7% | 3.1% | -3.7% | na |
| Large Value Avg | 16.1% | 15.1% | 14.1% | 11.8% | -6.1% | 25.7% | 3.9% | 25.6% | -8.5% | 16.5% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 13.0% |
| Total Risk Index: | 1.07 - Above Average |
| Category Risk Index: | 1.09 - High |
| Category Risk Grade: | F (88% Rank) |
| Beta: | 0.76 |
| R-Squared: | 58% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.7% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $68 Mil |
| Fund Total Assets: | $ 68 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 27% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 9.9 years | |||
| Average Tenure: 9.9 years | |||
| Managers (Year): Birnholz Lon (2016), Roukis Steven (2016), Posner Jordan (2016), Weinberger Stephan (2016), Katz David (2016) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 26 |
| % in Top 10 Holdings: | 49.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.8% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | Matrix Advisors Funds Trust |
| Phone Number: | 866-209-1965 |
| Website: |
| Status: | Open |
| Inception Date: | October 13, 2016 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.90% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Matrix Advisors Dividend |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
