Magellan's Portfolio Shift
Magellan Rebalances Q1 Portfolio, Trimming Netflix While Boosting Key Utility Holdings
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Key Points
1
Magellan’s Netflix position stands at 1,500,208 shares (after selling 136,000 in the quarter), making Netflix about 1.9% of Magellan’s holdings and ranking Netflix as the fund’s 25th-biggest holding, with a reported value of roughly $144.25 million.
2
Dominion Energy remains a meaningful holding but was reduced to 2,777,633 shares, about 2.2% of Magellan’s portfolio and the 18th-largest position, with the stake now valued at roughly $171.71 million after selling 37,781 shares.
3
Exelon Corporation was increased by Magellan by 229,573 shares, lifting the position by 26.6% to 1,092,489 shares and representing about 0.11% of Magellan’s holdings, with a value of around $53.55 million.
4
ONE Gas saw Magellan expand its stake by 8,885 shares to 57,731, an 18.2% increase, with the position accounting for roughly 0.09% of Magellan’s holdings and valued at about $4.97 million.
5
Spire Inc. increased its Magellan holding by 9,883 shares to 56,048, a 21.4% rise, with the position also around 0.09% of Magellan’s portfolio and valued at about $5.08 million.
Magellan Asset Management sold 136,000 Netflix shares in the first quarter, trimming its position by 8.3% to 1,500,208 shares, according to Watchlist News. The remaining stake is valued at roughly $144.25 million and makes up about 1.9% of Magellan's total portfolio, ranking Netflix as the fund's 25th-largest holding.
The Netflix cut was part of a broader set of Q1 moves that saw Magellan shift money toward utility stocks. The fund boosted positions in Exelon, ONE Gas, Spire, and others — even as it trimmed two of its larger existing holdings.
Netflix Stake Cut While Dominion Energy Holding Also Shrinks
Magellan sold 136,000 Netflix shares during Q1, leaving it with 1.5 million shares worth about $144.25 million. Netflix sits at roughly 1.9% of the portfolio — still a notable position, but clearly one Magellan decided to reduce.
Dominion Energy also saw a trim. Magellan sold 37,781 shares, cutting the position by 1.3% to 2,777,633 shares, according to Watchlist News. That stake is now worth about $171.71 million and remains the fund's 18th-largest holding at about 2.2% of the portfolio.
Magellan Pours Money Into Utility Stocks Across the Board
While trimming Netflix and Dominion, Magellan bought aggressively into other utility names. It added 229,573 shares of Exelon — a 26.6% jump — bringing that position to 1,092,489 shares worth around $53.55 million, according to Ticker Report.
Smaller utility bets also grew. ONE Gas rose 18.2% to 57,731 shares, valued at about $4.97 million. Spire Inc. climbed 21.4% to 56,048 shares, worth around $5.08 million. Magellan also added 142,026 shares of FirstEnergy, a 30% increase, and lifted its NorthWestern Corporation stake 25.7% to 65,874 shares, per Ticker Report.
S&P Global Stake Nearly Doubles in Surprise Growth Bet
Not all of Magellan's buying was in utilities. The fund added 70,804 shares of S&P Global, an 80.7% increase, bringing its total to 158,514 shares, according to Ticker Report. That move stands out as the sharpest percentage gain among Magellan's disclosed Q1 changes.
The S&P Global buy suggests Magellan is not abandoning growth entirely. Rather, the fund appears to be rotating selectively — cutting back on a streaming giant like Netflix while finding value in financial data and regulated utilities.
What the Q1 Moves Signal About Magellan's Strategy
Taken together, the Q1 filings show a clear tilt. Magellan trimmed two of its bigger tech and energy positions while piling into regulated utilities — a sector known for stable, predictable income. Exelon alone saw a nearly 27% position increase in a single quarter.
The moves suggest Magellan may be seeking more defensive exposure heading into a period of market uncertainty. Utilities tend to hold up better when growth stocks face pressure. Cutting Netflix by 8.3% while buying Exelon, FirstEnergy, ONE Gas, and Spire points to exactly that kind of shift.
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