REAVES INFRASTRUCTURE FUND
Name
As of 04/16/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.1%
1 yr return
-1.0%
3 Yr Avg Return
-3.1%
5 Yr Avg Return
1.7%
Net Assets
$27.6 M
Holdings in Top 10
47.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.84%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 42.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/16/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
RSRFX - Profile
Distributions
- YTD Total Return -1.1%
- 3 Yr Annualized Total Return -3.1%
- 5 Yr Annualized Total Return 1.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.25%
- Dividend Yield 2.5%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameREAVES INFRASTRUCTURE FUND
-
Fund Family NameReaves Select Research
-
Inception DateJan 05, 2005
-
Shares Outstanding4876151
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerTimothy Porter
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of domestic and foreign public infrastructure companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. For purposes of this policy, public infrastructure companies are defined as companies that are listed on a public stock exchange and have at least 50% of assets committed to, or gross income or profits derived from, the following activities: (a) providing infrastructure products, services or equipment for (i) the generation, transmission, or distribution of electricity, gas, or water; or (ii) telecommunications
activities, including fixed line and wireless voice, data and video services, and broadband internet access such as high-speed internet, and the fiber optic and coaxial cable networks that enable such services (together, “Utilities” or “Utilities Industry”); (b) truck and rail transportation companies along with other companies involved in supply chain management and the products and infrastructure required to support such services; (c) wireless tower, data center, logistics, and other real estate infrastructure companies organized as real estate investment trusts (“REITs”) which provide data centers that house computer systems and associated components, as well as communication towers and warehouses that, particularly when located close to densely populated regions, may enable more efficient and faster delivery of goods; and (d) the discovery, development, production, generation, transmission, refinement, storage, and measurement or distribution of energy, including nuclear, renewable energy, biofuels, hydrogen, and battery storage (“Energy” or “Energy Industry”). Examples of infrastructure companies in which the Fund invests may include, but are not limited to, companies in the Utilities and Energy Industries, companies involved in transportation services such as truck and rail transportation, wireless tower companies, data center companies and industrial logistics companies.
In selecting investments for the Fund, Reaves Asset Management (the “Adviser”) utilizes fundamental research and a bottom-up stock selection approach to identify securities that offer the potential for positive total return during a three- to five-year period, based on, among other factors, a company’s market capitalization, balance sheet strength, expected dividends, and current and anticipated earnings and cash flow. The Adviser may sell a holding if its prospects for growth and income decline or when the Adviser deems it to be an unattractive investment.
The Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in companies involved to a significant extent in the Utilities and/or Energy Industries. The Fund considers a company to be involved to a significant extent in the Utilities and/or the Energy Industry, as applicable, if at least 50% of its assets, gross income or profits are committed to or derived from Utilities or Energy. While the Fund primarily invests in equity securities of large and mid capitalization companies, it may also invest in securities of small capitalization companies.
RSRFX - Performance
Return Ranking - Trailing
Period | RSRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.1% | -15.6% | 8.6% | 4.00% |
1 Yr | -1.0% | -28.9% | 35.8% | 12.00% |
3 Yr | -3.1%* | -14.4% | 14.2% | 86.60% |
5 Yr | 1.7%* | -2.6% | 18.6% | 89.02% |
10 Yr | 2.2%* | 1.0% | 8.8% | 92.50% |
* Annualized
Return Ranking - Calendar
Period | RSRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -1.3% | -17.5% | 30.1% | 79.00% |
2022 | -25.8% | -28.1% | -3.4% | 99.00% |
2021 | 8.7% | -28.7% | 35.7% | 45.26% |
2020 | 1.1% | -12.5% | 28.8% | 13.25% |
2019 | 22.2% | 9.9% | 33.6% | 62.20% |
Total Return Ranking - Trailing
Period | RSRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.1% | -15.6% | 8.6% | 4.00% |
1 Yr | -1.0% | -28.9% | 35.8% | 12.00% |
3 Yr | -3.1%* | -14.4% | 14.2% | 86.60% |
5 Yr | 1.7%* | -2.6% | 18.6% | 89.02% |
10 Yr | 2.2%* | 1.0% | 8.8% | 92.50% |
* Annualized
Total Return Ranking - Calendar
Period | RSRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.8% | -15.6% | 31.0% | 75.00% |
2022 | -16.7% | -27.1% | -0.5% | 98.00% |
2021 | 14.6% | -3.5% | 36.4% | 44.21% |
2020 | 1.8% | -11.2% | 29.9% | 20.48% |
2019 | 30.7% | 16.7% | 35.3% | 4.88% |
NAV & Total Return History
RSRFX - Holdings
Concentration Analysis
RSRFX | Category Low | Category High | RSRFX % Rank | |
---|---|---|---|---|
Net Assets | 27.6 M | 1.83 M | 8.77 B | 93.07% |
Number of Holdings | 27 | 27 | 233 | 100.00% |
Net Assets in Top 10 | 12.7 M | 757 K | 4.96 B | 93.07% |
Weighting of Top 10 | 46.99% | 9.2% | 63.5% | 31.68% |
Top 10 Holdings
- CONSTELLATION ENERGY COMMON STOCK 5.58%
- COGENT COMMUNICATIONS HOLDIN COMMON STOCK 5.03%
- UNION PACIFIC CORP COMMON STOCK 4.88%
- EQUINIX INC REIT 4.81%
- T-MOBILE US INC COMMON STOCK 4.80%
- LINDE PLC COMMON STOCK 4.70%
- ROGERS COMMUNICATIONS INC-B COMMON STOCK 4.39%
- NISOURCE INC COMMON STOCK 4.37%
- SBA COMMUNICATIONS CORP REIT 4.22%
- CANADIAN PACIFIC KANSAS CITY COMMON STOCK 4.22%
Asset Allocation
Weighting | Return Low | Return High | RSRFX % Rank | |
---|---|---|---|---|
Stocks | 99.43% | 86.92% | 102.71% | 15.84% |
Cash | 0.72% | 0.00% | 8.69% | 77.23% |
Preferred Stocks | 0.00% | 0.00% | 2.81% | 68.32% |
Other | 0.00% | -0.32% | 3.11% | 66.34% |
Convertible Bonds | 0.00% | 0.00% | 2.46% | 67.33% |
Bonds | 0.00% | 0.00% | 6.41% | 67.33% |
Stock Sector Breakdown
Weighting | Return Low | Return High | RSRFX % Rank | |
---|---|---|---|---|
Utilities | 35.51% | 3.71% | 96.19% | 74.26% |
Real Estate | 23.51% | 0.00% | 23.51% | 0.99% |
Communication Services | 20.88% | 0.00% | 27.53% | 5.94% |
Industrials | 12.78% | 0.00% | 68.24% | 88.12% |
Basic Materials | 4.05% | 0.00% | 25.54% | 3.96% |
Consumer Cyclical | 3.27% | 0.00% | 10.02% | 1.98% |
Technology | 0.00% | 0.00% | 25.65% | 85.15% |
Healthcare | 0.00% | 0.00% | 6.54% | 67.33% |
Financial Services | 0.00% | 0.00% | 17.28% | 72.28% |
Energy | 0.00% | 0.00% | 32.46% | 96.04% |
Consumer Defense | 0.00% | 0.00% | 0.99% | 67.33% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | RSRFX % Rank | |
---|---|---|---|---|
US | 99.43% | 1.21% | 99.74% | 1.98% |
Non US | 0.00% | 0.00% | 98.80% | 98.02% |
RSRFX - Expenses
Operational Fees
RSRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.84% | 0.30% | 18.17% | 21.43% |
Management Fee | 0.75% | 0.30% | 1.00% | 21.78% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.04% | 0.15% | 53.13% |
Sales Fees
RSRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 4.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
RSRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 2.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
RSRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 42.00% | 13.00% | 128.00% | 25.00% |
RSRFX - Distributions
Dividend Yield Analysis
RSRFX | Category Low | Category High | RSRFX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.51% | 0.00% | 5.75% | 90.10% |
Dividend Distribution Analysis
RSRFX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annual | Quarterly | Quarterly |
Net Income Ratio Analysis
RSRFX | Category Low | Category High | RSRFX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.25% | -0.39% | 4.38% | 95.88% |
Capital Gain Distribution Analysis
RSRFX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.030 | OrdinaryDividend |
Dec 29, 2023 | $0.053 | OrdinaryDividend |
Sep 29, 2023 | $0.025 | OrdinaryDividend |
Jun 30, 2023 | $0.010 | OrdinaryDividend |
Mar 31, 2023 | $0.025 | OrdinaryDividend |
Dec 30, 2022 | $0.010 | OrdinaryDividend |
Sep 30, 2022 | $0.020 | OrdinaryDividend |
Jun 30, 2022 | $0.020 | OrdinaryDividend |
Mar 31, 2022 | $0.019 | OrdinaryDividend |
Sep 30, 2021 | $0.010 | OrdinaryDividend |
Mar 31, 2021 | $0.020 | OrdinaryDividend |
Sep 30, 2020 | $0.010 | OrdinaryDividend |
Jun 30, 2020 | $0.020 | OrdinaryDividend |
Mar 31, 2020 | $0.030 | OrdinaryDividend |
Dec 31, 2019 | $0.057 | OrdinaryDividend |
Dec 20, 2019 | $0.645 | OrdinaryDividend |
Sep 30, 2019 | $0.025 | OrdinaryDividend |
Dec 29, 2017 | $0.041 | OrdinaryDividend |
Sep 29, 2017 | $0.025 | OrdinaryDividend |
Jun 30, 2017 | $0.019 | OrdinaryDividend |
Mar 31, 2017 | $0.025 | OrdinaryDividend |
Dec 30, 2016 | $0.188 | OrdinaryDividend |
Sep 30, 2016 | $0.030 | OrdinaryDividend |
Jun 30, 2016 | $0.027 | OrdinaryDividend |
Mar 31, 2016 | $0.020 | OrdinaryDividend |
Dec 31, 2015 | $0.059 | OrdinaryDividend |
Sep 30, 2015 | $0.040 | OrdinaryDividend |
Jun 30, 2015 | $0.040 | OrdinaryDividend |
Mar 31, 2015 | $0.040 | OrdinaryDividend |
Dec 31, 2014 | $0.025 | OrdinaryDividend |
Sep 30, 2014 | $0.040 | OrdinaryDividend |
Jun 30, 2014 | $0.030 | OrdinaryDividend |
Mar 31, 2014 | $0.034 | OrdinaryDividend |
Dec 31, 2013 | $0.105 | OrdinaryDividend |
Sep 30, 2013 | $0.040 | OrdinaryDividend |
Jun 28, 2013 | $0.040 | OrdinaryDividend |
Mar 28, 2013 | $0.040 | OrdinaryDividend |
Dec 31, 2012 | $0.059 | OrdinaryDividend |
Sep 28, 2012 | $0.040 | OrdinaryDividend |
Jun 29, 2012 | $0.040 | OrdinaryDividend |
Mar 30, 2012 | $0.030 | OrdinaryDividend |
Dec 30, 2011 | $0.075 | OrdinaryDividend |
Sep 30, 2011 | $0.030 | OrdinaryDividend |
Jun 30, 2011 | $0.030 | OrdinaryDividend |
Mar 31, 2011 | $0.030 | OrdinaryDividend |
Dec 31, 2010 | $0.030 | OrdinaryDividend |
Sep 30, 2010 | $0.030 | OrdinaryDividend |
Jun 30, 2010 | $0.030 | OrdinaryDividend |
Mar 31, 2010 | $0.030 | OrdinaryDividend |
Dec 31, 2009 | $0.030 | OrdinaryDividend |
Sep 30, 2009 | $0.030 | OrdinaryDividend |
Jun 30, 2009 | $0.030 | OrdinaryDividend |
Mar 31, 2009 | $0.030 | OrdinaryDividend |
Dec 31, 2008 | $0.070 | OrdinaryDividend |
Sep 30, 2008 | $0.070 | OrdinaryDividend |
Jun 30, 2008 | $0.070 | OrdinaryDividend |
Mar 31, 2008 | $0.070 | OrdinaryDividend |
Dec 31, 2007 | $0.123 | OrdinaryDividend |
Sep 28, 2007 | $0.080 | OrdinaryDividend |
Jun 29, 2007 | $0.080 | OrdinaryDividend |
Mar 30, 2007 | $0.080 | OrdinaryDividend |
Dec 29, 2006 | $0.080 | OrdinaryDividend |
Sep 29, 2006 | $0.080 | OrdinaryDividend |
Jun 30, 2006 | $0.080 | OrdinaryDividend |
Mar 31, 2006 | $0.080 | OrdinaryDividend |
Dec 30, 2005 | $0.080 | OrdinaryDividend |
Sep 30, 2005 | $0.131 | OrdinaryDividend |
Jun 30, 2005 | $0.055 | OrdinaryDividend |
Mar 31, 2005 | $0.054 | OrdinaryDividend |
RSRFX - Fund Manager Analysis
Managers
Timothy Porter
Start Date
Tenure
Tenure Rank
Feb 04, 2011
11.33
11.3%
Tim Porter joined Reaves Asset Management in 2004. Effective January 2020, Tim was named the firm’s Chief Investment Officer. He is the lead portfolio manager of the Reaves Infrastructure Fund, co-manager of the Reaves Utility Income Fund, co-manages accounts on several of the firm’s SMA retail platforms, and serves as a research analyst specializing in energy. He also serves on the portfolio review and risk management committee. Before joining Reaves, Mr. Porter was co-manager of a market-neutral energy strategy at Millennium Partners. Previously he served as an analyst at Circle–T Partners and HSBC Asset Management in New York. He started his career at Refco Inc. as a commodity research analyst. Tim received his undergraduate degree from SUNY Geneseo and is a CFA Charterholder.
Brian Weeks
Start Date
Tenure
Tenure Rank
Jan 07, 2020
2.4
2.4%
Brian Weeks joined Reaves Asset Management in 2012. He serves as the firm’s Director of Research. Brian is co-portfolio manager of the Reaves Infrastructure Fund and co-manages accounts on several of the firm’s SMA retail platforms. Brian came to Reaves with analytical experience from both the public and private sectors. He worked as a business analyst at the Federal Communications Commission (“FCC”), where he was a member of the U.S. National Broadband Plan Taskforce. Prior to joining the FCC, Brian was an investment associate at Boston Ventures Management, and an equities research associate at Thomas Weisel Partners. Brian received an undergraduate degree from Harvard College and an MBA degree from Columbia University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.17 | 18.18 | 5.94 | 8.08 |