Reflection Asset Management

CIK 0002108398 · Q4 2025

13F Equity AUM

$140.7M

Positions

499

AUM Rank

#8,786

Top 71%

Skill Alpha (FF)

—

No alpha data

Quarters Tracked

~0 years

Portfolio Concentration

Top 5: 23.0%Top 10: 33.8%Top 20: 47.5%

NVDA5.7%

AAPL5.3%

MSFT5.0%

NDQ3.7%

IVV3.3%

META3.0%

GOOGL2.1%

AMZN2.0%

PRIV1.9%

GOOG1.8%

Others (489)66.2%

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

Sector Allocation

Technology34.1%

Financial Services26.1%

Communication Services10.4%

Consumer Cyclical7.5%

Healthcare7.3%

Industrials7.2%

Consumer Defensive2.9%

Other4.5%

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

Position Sizing

Positions: 499Median: 0.03%Avg: 0.20%

0–0.5%

451(28.9%)

0.5–1%

22(17.3%)

1–3%

21(30.8%)

3–5%

3(12.0%)

5%+

2(11.0%)

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

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Portfolio Overlap

Shared: 497Unique: 2vs 20 funds

6.9%Low

499

Fund positions

7,201

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.

Most Similar Funds

Top 8 benchmark funds with highest portfolio overlap (Jaccard similarity)

BANK OF AMERICA CORP /DE/

10.5%

9.3%

10.2%

12.1%

16.5%

13.1%

12.8%

GEODE CAPITAL MANAGEMENT, LLC

12.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New505Increased0Decreased0Exited0

New Positions

NVDA5.7%

+43K

AAPL5.3%

+28K

MSFT5.0%

+15K

NDQ3.7%

+8K

IVV3.3%

+7K

META3.0%

+6K

GOOGL2.1%

+9K

AMZN2.0%

+12K

PRIV1.9%

+104K

GOOG1.8%

+8K

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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