The Team

Our Approach
Fund Manager

W.H. Reaves & Company, Inc. (dba Reaves Asset Management) - Investment Management

  • An investment advisor specializing in utilities and energy infrastructure, founded in 1961
  • Approximately $3.425 Billion in total assets under management (as of 03/31/2022)
  • 40-year track record for institutional clients
  • Portfolio managers are supported by a highly experienced management team
  • Research team averages over 20 years of industry experience

Reaves Asset Management 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
Qualitative Process

Management Interviews

  • Gauge competence, track record, and alignment with shareholders' interests
  • Assess viability of management strategy and judge likelihood of meeting goals
  • Assess robustness of corporate governance

Field Research

  • Extract nuance through conversations with competitors, customers, and suppliers
  • Conduct industry research such as contact with regulators and performing supply chain analysis

Macro Factor Analysis

  • Evaluate industry prospects
  • Assess factor biases such as interest rates or commodity prices
  • Evaluate regulatory climate
Quantitative Process

Modeling and Analysis

  • Carefully model business drivers and financial statements to assess business viability, company robustness under differing business scenarios, and the level of realism imbedded in street expectations
  • Independent and original earnings projections made
  • Assess potential changes in cash, dividend and earnings generation capability


  • Utilize historical P/E, EV/EBITDA, P/B and P/CF
  • Utilize historical absolute and relative dividend yield analysis
  • Assess M&A attractiveness through NAV calculation


  • Assess shareholder base, short interest and liquidity

Internal Review by Team Conducted Weekly

Investment Philosophy
  • Portfolio managers dynamically evaluate research analysts' recommendations and determine priority and attractiveness in accordance with investment guidelines
  • Risk management reviews conducted before investments are made
  • Timing of entry and exit is assessed by mapping out catalysts, assessing market conditions and conducting technical analysis
  • Investments continuously re-evaluated and conviction level checked
  • Investments liquidated when objectives are reached, a change in our fundamental outlook has occurred or when relatively better investment opportunities arise