Reaves Utility Income Fund
UTG
New York Stock Exchange American- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Jeremy Oppegard May
- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 10 Exchange Place Jersey City NJ United States of America 07302
- IPO Date
- Feb 25, 2004
- CIK
- 0001263994
- Website
- utilityincomefund.com
- Similar Companies
- Business
- Reaves Utility Income Fund (NYSE American: UTG) is a closed-end management investment company that seeks to provide a high level of after-tax income and total return, consisting primarily of tax-advantaged dividend income and capital appreciation, through investments in securities of domestic and foreign companies engaged in the utility industry and infrastructure operations. The Fund invests at least 80% of its total assets in equities, preferred stocks, and debt securities of companies involved to a significant extent in the generation or distribution of electricity, gas, or water; telecommunications activities; or infrastructure such as airports, toll roads, and municipal services, with a portfolio emphasis on infrastructure stocks, predominantly utilities. It trades on the secondary market and pays regular monthly distributions to shareholders, which have totaled more than $1.7 billion in cash since inception, sourced from dividends, capital gains, and return of capital. Reaves Asset Management, an independent firm with expertise in publicly listed infrastructure equities, serves as the investment adviser. Launched on February 27, 2004, on the American Stock Exchange at $20 per share and headquartered at 1700 Broadway, Suite 1850, Denver, Colorado 80290, the Fund operates globally through its holdings in U.S. and international utility and infrastructure issuers, targeting income-oriented investors seeking defensive characteristics and high single-digit returns with lower volatility. As of December 2025, the Fund manages approximately $4.27 billion in total assets across 90.74 million common shares outstanding, with a net asset value reflecting strong performance including a 5-year average annual total return on NAV of around 12%. In recent developments, the Fund announced on December 16, 2025, the maintenance of its monthly distribution rate at $0.20 per common share for the next three months, payable through March 2026, unchanged from prior periods and supported by an annualized distribution rate of approximately 6% on NAV, with fiscal year-to-date distributions comprising a mix of net investment income (around 15%), short- and long-term capital gains (over 65%), and return of capital. This follows a 5.26% increase in its annual distribution to $2.40 per share earlier in 2025, marking continued consistency in payouts without cuts since inception. The Fund has sustained at least 80% allocation to qualifying utility and infrastructure securities amid market cycles, with no reported acquisitions, partnerships, or structural changes in the last 1-2 years.