Reflection Cuts 75% of Holdings, Puts Apple at Core

Reflection Asset Management fundamentally restructured its portfolio for the period ending March 31, 2026, executing one of the most significant concentration moves of the quarter. The firm slashed its total holdings count from 506 positions to just 127, shedding nearly 75% of its disclosed stocks while simultaneously increasing its total reported value by 16.2% to $163.5 million. This aggressive pruning created a portfolio where the top three holdings—Apple, NVIDIA, and Microsoft—now command nearly 20.5% of all reported assets, replacing a previously broad, diversified basket with a tightly focused technology and consumer staple core.

The defining development of this filing is the near-doubling of Apple Inc. (AAPL) shares and a massive accumulation in Applied Materials (AMAT). Apple shares jumped 95.8%, moving the stock from the second-largest position to the undisputed anchor of the portfolio, now representing 8.71% of total assets. Simultaneously, Reflection Asset Management initiated a substantial new position in Applied Materials, increasing its stake by 484% to become the seventh-largest holding. These additions were funded by a sweeping reduction in peripheral positions, including full exits from Capital One Financial (COF), Booking Holdings (BKNG), and Analog Devices (ADI), alongside significant cuts to Moody’s (MCO), Disney (DIS), and ServiceNow (NOW).

Apple and Applied Materials Lead the Charge

Apple Inc. became the undisputed leader of Reflection Asset Management’s portfolio, with share count surging from 27,600 to 54,029. This 95.76% increase in share count pushed Apple’s portfolio weight from 5.33% to 8.71%, allowing it to displace NVIDIA Corp (NVDA) as the firm’s single largest holding. The move signals a decisive pivot toward a narrower, high-conviction technology core.

NVIDIA remained a critical pillar, with the firm increasing its stake by 53.46% (22,849 additional shares). Despite the increased share count, NVIDIA’s portfolio weight declined slightly from 5.67% to 7.27%, dropping it to the second-largest position. The combined weight of Apple and NVIDIA now exceeds 15.9% of the portfolio, illustrating a clear preference for semiconductor and hardware leaders over other sectors.

Perhaps the most dramatic single-stock action was the accumulation of Applied Materials. The firm increased its AMAT stake by 483.88%, adding 5,134 shares to reach a total of 6,195. This aggressive buying promoted AMAT from the 58th-ranked position to the 7th spot, capturing 1.45% of the portfolio. The addition of AMAT, alongside increases in Microsoft (MSFT), Amazon (AMZN), and Costco (COST), reinforces a portfolio heavily tilted toward established large-cap technology and consumer staples.

Trimming the Margins: Reducing MCO, DIS, and NOW

To fund the expansion of its core tech holdings, Reflection Asset Management executed deep reductions in several mid-tier positions. Moody’s Corp (MCO) saw its stake cut by 37.61%, dropping 1,293 shares. This reduction was severe enough to push MCO out of the top 10 entirely, falling from rank 9 to rank 30 and reducing its portfolio weight from 1.25% to 0.57%.

The Walt Disney Co (DIS) also faced a significant pullback. The firm reduced its Disney stake by 11.5% (2,020 shares), causing the stock to fall from rank 6 to rank 14 and shedding its top-10 status. The portfolio weight for DIS declined from 1.42% to 0.92%.

ServiceNow Inc (NOW) was another major reducer, with the firm cutting its position by 31.87% (2,685 shares). NOW dropped from rank 19 to rank 39, and its portfolio weight fell from 0.91% to 0.36%. These three reductions—MCO, DIS, and NOW—collectively freed up capital that was immediately redeployed into the technology heavyweights, specifically Apple and Applied Materials.

Exiting the Periphery: COF, BKNG, and ADI

The most striking feature of this filing is the collapse in the breadth of the portfolio. Reflection Asset Management exited three previously disclosed positions entirely: Capital One Financial (COF), Booking Holdings (BKNG), and Analog Devices (ADI). While the absolute dollar value of these exits was relatively small (each represented less than 0.18% of the previous portfolio value), their removal is symbolic of the firm’s strategy to abandon financials and travel stocks in favor of pure-play technology.

COF, previously the 62nd-largest holding, was completely liquidated. BKNG, previously rank 63, was also fully exited. Analog Devices, rank 64, joined the list of full exits. These moves, combined with 244 other apparent exits, reduced the total number of disclosed holdings from 506 to 127. This drastic reduction in holdings count suggests a shift from a broad market-cap weighted approach to a concentrated, high-conviction strategy.

Looking Ahead: What the Next Filing Must Confirm

Several key developments from this filing require verification in the next quarterly report to confirm the sustainability of these trends:

1. Apple’s Dominance: Will Apple retain its rank as the number one holding, or will NVIDIA’s continued momentum allow it to reclaim the top spot?
2. Applied Materials Trajectory: Is the 484% increase in AMAT a one-time accumulation, or will the firm continue to add to this position in the upcoming quarter?
3. Core Stability: Will Microsoft (MSFT) and Amazon (AMZN) maintain their current ranks, or will further reductions in non-core holdings lead to additional increases in these names?
4. Exit Reversals: Will any of the exited positions (COF, BKNG, ADI) reappear in the next filing, or is the firm permanently exiting these sectors?
5. Concentration Risk: With the top three holdings now comprising over 20% of the portfolio, will the firm continue to narrow its focus, or will it begin to rebuild breadth in the next period?

Form 13F filings are delayed by 45 days and do not capture transactions made after the quarter-end. The data reflects only long positions at the end of the period and excludes short positions, derivatives, and other non-reportable assets. The apparent exits and concentration changes described here are based on disclosed share counts and may be subject to adjustment in future filings.