About Us
Fund Manager
W. H. Reaves & Company, Inc. - Investment Management
- An investment advisor specializing in utilities, founded in 1961
- Approximately $2 billion in total assets under management (as of 6/30/2011)
- 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
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
Portfolio Management
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