Reaves Utility Income Fund

What Reaves Utility Income Fund does

Reaves Utility Income Fund (NYSE American: UTG) is a diversified, closed-end fund that has delivered tax-advantaged monthly income to shareholders since its February 2004 inception. The fund invests at least 80% of its total assets in dividend-paying equity and fixed-income securities issued by companies within the utility industry and other infrastructure segments. It is managed by Reaves Asset Management, a privately held, independently owned Delaware S corporation with over four decades of utility sector investing experience, led by co-portfolio manager and CIO Tim Porter. The fund employs fundamental, bottom-up portfolio analysis to select holdings with strong cash flows, durable competitive advantages, and growing dividends.

UTG operates as a leveraged closed-end fund with 24.8% leverage ($875 million in debt against $3.52 billion in net assets as of March 2026), magnifying both yield potential and risk exposure. The portfolio spans 60+ holdings with top positions including Talen Energy, Entergy, Vistra Corp, and Constellation Energy, with a deliberate thematic tilt toward utilities exposed to AI-driven data center power demand. Geographic exposure extends beyond the United States to Canada, Germany, and Australia, broadening the utility and infrastructure issuer universe.

The core revenue mechanic for shareholders is the monthly distribution ($0.21 per share as of June 2026, an annualized rate of approximately 6.02% to 6.12% depending on reference price). Since inception, UTG has distributed more than $1.9 billion to shareholders across 14 distribution increases and 23 consecutive years of dividend payments. As a publicly traded CEF, shares are bought and sold on the NYSE American secondary market via brokers rather than through continuous primary issuance, with share price determined by market supply and demand. The primary customer segments are income-focused retirement investors, high-yield utility investors seeking superior yields versus ETFs such as XLU (2.63% yield versus UTG's 6%+ yield), and total return investors seeking infrastructure exposure.

Name

Reaves Utility Income Fund

Legal name

Reaves Utility Income Fund

Website

https://utilityincomefund.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

251–500 employees

Short description

Reaves Utility Income Fund (NYSE American: UTG) is a diversified, leveraged closed-end fund that invests at least 80% of its assets in dividend-paying utility and infrastructure securities, paying a tax-advantaged monthly distribution (approximately 6% yield) to income-focused investors since February 2004.

Ownership category

akta.pro rank

Headquarters

HQ city

Jersey City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel

Revenue model

1. Closed-End Fund Management: The fund operates as a leveraged closed-end fund with 24.8% leverage ($875 million in debt against $3.52 billion in net assets). Revenue generation comes from investment returns on the portfolio and management fees. The fund distributes income to shareholders from dividends, interest, and capital gains generated by the underlying utility and infrastructure holdings.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Reaves Utility Income Fund (NYSE: UTG) is a diversified, leveraged closed-end fund that invests at least 80% of its total assets in dividend-paying equity and fixed-income securities issued by companies within the utility industry and other infrastructure segments. Managed by Reaves Asset Management, the fund seeks to deliver tax-advantaged monthly income and total return through dividends and long-term capital gains from utility and infrastructure companies with strong cash flows, durable competitive advantages, and growing dividends.

Product overview

The Reaves Utility Income Fund (UTG) is a single closed-end fund product that provides tax-advantaged monthly income through investments in dividend-paying utility and infrastructure securities. The fund has delivered monthly distributions to shareholders since its inception in February 2004, increasing its distribution 14 times over its history. It operates as a leveraged equity strategy focused on utility companies positioned to benefit from AI-driven data center power demand, with top holdings including Talen Energy, Entergy, Vistra Corp, and Constellation Energy.

Differentiator

Problem solved

Functional benefit

Products and services

• Reaves Utility Income Fund (UTG) A diversified, leveraged closed-end fund that delivers tax-advantaged monthly income to shareholders by investing at least 80% of its total assets in dividend-paying equity and fixed-income securities issued by companies within the utility industry and other infrastructure segments. The fund focuses on companies with strong cash flows, durable competitive advantages, and growing dividends, targeting income-focused investors seeking higher yields than traditional utility ETFs.

Quantifiable outcome

• 6.12% annualized yield (vs 2.63% for XLU)
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators14 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Cohen & Steers Infrastructure Fund: NYSE-listed closed-end fund (UTF) investing in infrastructure and utility equities with monthly distributions; closest direct peer to UTG in mandate, structure, and yield orientation.
• Gabelli Utility Trust: Closed-end fund (GUT) focused on US utility equities with a managed distribution policy; directly comparable to UTG in sector focus and CEF structure.
• Liberty All-Star Equity Fund: Diversified US equity closed-end fund (USA) with a managed distribution policy; comparable as a leveraged CEF with monthly distributions, though with a broader mandate than UTG.
• Tortoise Power and Energy Infrastructure Fund: Closed-end fund (TPZ) investing in power and energy infrastructure securities with monthly distributions; directly comparable in mandate and yield strategy.
• Duff & Phelps Utility & Infrastructure Fund: Closed-end fund (DPG) investing in utility and infrastructure equities with monthly distributions; directly comparable CEF peer in mandate and yield strategy.
• Tortoise Energy Infrastructure Corp: Closed-end fund (TYG) focused on midstream energy and energy infrastructure MLPs; directly comparable CEF structure with leveraged income mandate, adjacent to UTG's utility focus.

Broad incumbents

• Vanguard Utilities ETF: Low-cost passive utility-sector ETF (VPU) offering comparable sector exposure to UTG but with no leverage, monthly distribution, or enhanced yield profile.
• iShares U.S. Utilities ETF: Broad US utilities ETF (IDU) providing sector beta similar to UTG but without CEF leverage or monthly income orientation.
• Utilities Select Sector SPDR ETF: Large passive utility-sector ETF (XLU) explicitly benchmarked against UTG in the company's own materials; comparable sector exposure but unleveraged, quarterly distributions, and lower yield.

Others

• Reaves Asset Management: Privately held investment adviser to UTG; comparable as the operating company behind the fund, relevant for assessing management quality and key-person exposure rather than as a competing product.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reaves Utility Income Fund