Portfolio Management
Ronald J. Sorenson
William A. Ferer
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Fund Manager
W. H. Reaves & Company, Inc. - Investment Managmenet
- An investment advisor specializing in utilities, founded in 1961
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- Approximately $2.5 billion in total assets under management
- 29-year track record for institutional clients
- Portfolio managers are supported by a highly experienced management team:
- Seven senior analysts average 27 years of industry experience
Philosophy W.H. Reaves & Co. believes that an information advantage can be created when experienced analysts focus their fundamental, quantitative and qualitative, bottom-up research within the utility sector. Furthermore, the identification of utility companies that are disciplined enough to supply growing dividend income to their shareholders is a key component in the management process.
Investment Process
| Research Process |
Portfolio Management |
Stage 1
Screen universe of 250 companies
Stage 2
Identify companies with the following corporate profile:
- Long operating history
- Critical products or core services
- Diverse expertise of management team
Stage 3
Identify companies with the following financial profile:
- Strong capital structure
- Growing earnings
- Increasing dividends
- Free cash-flow
Stage 4
Assess the regulatory environment
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Following the research process, eight stages are completed in the portfolio management process including:
- Identify positive catalysts such as industry regulation or consolidation
- Evaluate whether dividend policy is being initiated, terminated, increased or staying the same
- Screen companies for low correlation, volatility and beta
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The Reaves Utility Income Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through and intermediary or broker. The share price of a closed-end fund is based on the market’s value. The Fund’s investment objective is fundamental and may not be changed without the vote of the Fund’s shareholders.
An investor should consider investment objectives, risks, charges and expenses before investing. Click here to obtain a prospectus, call your financial advisor or call 1-800-644-5571 for a prospectus. Read it carefully before investing or sending money.
Closed-end Funds: Not FDIC Insured No Bank or Other Guarantee May Lose Money
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