Reflection Asset Management

CIK 0002108398 · Q1 2026

13F Equity AUM

$163.5M

+16.2% QoQ

Positions

127

-372 QoQ

AUM Rank

—

Skill Alpha (FF)

—

Building track record (1q)

Quarters Tracked

~0 years

Portfolio Concentration

Top 5: 27.9%Top 10: 40.5%Top 20: 55.0%

AAPL8.7%

NVDA7.3%

MSFT4.5%

GOOG3.7%

NDQ3.6%

IVV3.4%

AMZN3.2%

META2.2%

COST2.0%

GOOGL1.9%

Others (117)59.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology37.4%

Financial Services26.1%

Communication Services11.0%

Consumer Cyclical7.2%

Industrials6.0%

Healthcare5.4%

Consumer Defensive3.3%

Other3.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 127Median: 0.36%Avg: 0.79%

0–0.5%

72(17.2%)

0.5–1%

29(21.1%)

1–3%

19(27.3%)

3–5%

5(18.4%)

5%+

2(16.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 127vs 20 funds

0%Low

127

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New4Increased92Decreased22Exited383

New Positions

QTUM0.8%

+10K

DEMZ0.5%

+18K

QQQM0.3%

+2K

CAN0.0%

+40K

Increased

AAPL8.7%

+26K(+96%)

NVDA7.3%

+23K(+53%)

TRVC1.3%

+15K(+607%)

DELL1.4%

+11K(+2006%)

GOOG3.7%

+10K(+130%)

AMZN3.2%

+10K(+81%)

OMC0.7%

+6K(+75%)

KMB0.5%

+6K(+208%)

L1.5%

+6K(+34%)

VLTO0.7%

+6K(+84%)

Decreased

KIM0.7%

-4,288(-7%)

NOW0.4%

-2,685(-32%)

DIS0.9%

-2,020(-12%)

PRIV1.6%

-2,008(-2%)

LRCX1.6%

-1,761(-12%)

BAC0.3%

-1,323(-11%)

DUT0.6%

-1,293(-38%)

ROST0.7%

-1,126(-19%)

ADSK0.2%

-586(-28%)

RL0.5%

-451(-16%)

Exited

-5,905

-1,023

-46

-861

-2,057

-407

-2,372

-283

-712

-950

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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