The phrase "arguably reflects" is correct and usable in written English.
It can be used when you want to suggest that something can be reasonably claimed to represent or show a particular idea or quality, though it may be open to debate.
Example: "The study's findings arguably reflect the changing attitudes towards climate change in recent years."
Alternatives: "can be said to represent" or "may be interpreted as".
But this, too, arguably reflects a certain amount of "luck" (bad luck in this case).
New Zealand have had a wonderful day, although their run-rate arguably reflects a slightly negative mindset.
A mixed record on Wall Street, civil liberties, and counter-terrorism arguably reflects the difficult political compromises faced at home and abroad.
Japan's fundamentals still look very dubious, and the recent enthusiasm of Western investors for its stocks arguably reflects herd mentality more than rational assessment.
Last week saw the 25th anniversary of The Witches, a movie that arguably reflects what's now become an increasingly dated approach to witches and witch culture.
This order arguably reflects both the sorting of non-EU men into low-productivity firms and the fact that this group has the lowest level of human capital (see Table 1).
The declining poll numbers arguably reflect the disarray in Congress and among Democrats; this is what happened in 1994.
That said, disinflation has tended to taper off at very low positive inflation rates, arguably reflecting downward nominal rigidities and well-anchored inflation expectations.
Red states have far fewer abortion providers than blue states; thus the lower numbers of abortions arguably reflect the regrettable lack of access to abortion in these states.
But then Andie tosses her phone in the fountain and rejects that world, arguably reflecting the mindset that being rich, privileged and status-heavy began counting for a lot less in pop culture.
C. Appearance of Partiality... We recognize that it would be extraordinary to disqualify a judge for bias or appearance of partiality when his remarks arguably reflected what he learned, or what he thought he learned, during the proceedings.
