Magellan Asset Management Ltd disclosed Q1 adjustments across several holdings, indicating a selective tilt toward utilities while trimming some tech exposure. Netflix was cut by 8.3% to about 1.5 million shares, roughly 1.9% of Magellan’s portfolio. Dominion Energy fell 1.3% to 2,777,633 shares as part of the same quarter. In contrast, ONE Gas rose 18.2% to 57,731 shares, Spire Inc. increased 21.4% to 56,048 shares, and Exelon surged 26.6% to 1,092,489 shares in Magellan’s holdings. Overall, the moves show Magellan maintaining a diversified, materially weighted position in utilities while pruning a notable tech exposure via Netflix. The set of filings underscores ongoing adjustments by Magellan across both growth and defensive names, reflecting dynamic sector allocations within a broad portfolio.