REAVES W H & CO INC
Long book
$6.03B
Q1 2026
Positions
90
Top-10 weight
47%
concentration
Last quarter
+5.5%
SPY +14.8%
Turnover
14%
of book per quarter
Strategy in plain words
auto-generated from filingsREAVES W H & CO INC is a diversified fundamental manager, specialised in utilities (73% of the long book), running a $6.03B US long book across 90 positions.
The portfolio is moderately concentrated (top 10 ≈ 47% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: TALEN ENERGY CORP, CONSTELLATION ENERGY, VISTRA CORP, CENTERPOINT ENERGY INC, XCEL ENERGY INC.
Over the last 9 quarters its long book ran on average 1.3pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.4%
Q2 2024
+18.9%
Q3 2024
+1.3%
Q4 2024
+1.3%
Q1 2025
+11.3%
Q2 2025
+9.4%
Q3 2025
-4.4%
Q4 2025
+6.4%
Q1 2026
+5.5%
Sector allocation
Utilities 76%
Industrials 11%
Materials 6%
Energy 3%
Technology 2%
Other 1%
Communications 0%
Services media 0%
Long book by quarter
What does REAVES W own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TLN TALEN ENERGY CORP | Utilities | 1.5M | $482.3M | 8.0% | -0.7% |
| CEG CONSTELLATION ENERGY | Utilities | 1.2M | $336.1M | 5.6% | +6.1% |
| VST VISTRA CORP | Utilities | 2.1M | $314.9M | 5.2% | -4.7% |
| CNP CENTERPOINT ENERGY INC | Utilities | 7.0M | $302.3M | 5.0% | -8.7% |
| XEL XCEL ENERGY INC | Utilities | 3.5M | $281.9M | 4.7% | -0.9% |
| IDA IDACORP INC | Utilities | 1.8M | $257.4M | 4.3% | -0.4% |
| ETR ENTERGY CORP | Utilities | 2.2M | $252.0M | 4.2% | -8.3% |
| LNT ALLIANT ENERGY CORP | Utilities | 3.0M | $214.8M | 3.6% | -2.1% |
| SRE SEMPRA | Utilities | 2.1M | $200.9M | 3.3% | -3.4% |
| NI NISOURCE INC | Utilities | 4.1M | $191.9M | 3.2% | -24.2% |
| CMS CMS ENERGY CORP | Utilities | 2.1M | $164.0M | 2.7% | +1.3% |
| GEV GE VERNOVA INC | Industrials | 175.1K | $152.8M | 2.5% | +138.5% |
| WMB WILLIAMS COS INC | Utilities | 2.1M | $152.1M | 2.5% | +61.4% |
| PPL PPL CORP | Utilities | 3.7M | $141.6M | 2.3% | -16.2% |
| PWR QUANTA SERVICES INC | Industrials | 250.3K | $137.4M | 2.3% | -7.5% |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 3.5M | $132.2M | 2.2% | Held |
| MP MP MATERIALS CORP | Materials | 2.6M | $125.9M | 2.1% | 0.0% |
| DTM DT MIDSTREAM INC | Utilities | 932.5K | $125.6M | 2.1% | +22.3% |
| CCJ CAMECO CORP | Materials | 1.1M | $122.4M | 2.0% | -22.5% |
| NEE NEXTERA ENERGY INC | Utilities | 1.3M | $122.2M | 2.0% | -1.0% |
| AEE AMEREN CORPORATION | Utilities | 1.1M | $117.9M | 2.0% | -1.1% |
| PNW PINNACLE WEST CAPITAL | Utilities | 1.1M | $108.6M | 1.8% | -37.3% |
| NRG NRG ENERGY INC | Utilities | 734.3K | $107.3M | 1.8% | +28.5% |
| GLW CORNING INC | Industrials | 763.2K | $103.8M | 1.7% | +0.5% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 1.1M | $84.8M | 1.4% | +13063.1% |
| DY DYCOM INDUSTRIES INC | Industrials | 248.1K | $84.1M | 1.4% | +73.3% |
| OGE OGE ENERGY CORP | Utilities | 1.6M | $76.9M | 1.3% | -17.5% |
| EQT EQT CORP | Energy | 1.1M | $69.4M | 1.2% | -6.2% |
| WEC WEC ENERGY GROUP INC | Utilities | 563.0K | $65.2M | 1.1% | +49.1% |
| MPC MARATHON PETROLEUM CORP | Energy | 220.6K | $53.9M | 0.9% | +32.1% |
| ANET ARISTA NETWORKS INC | Technology | 415.2K | $51.0M | 0.8% | +1679.4% |
| COHR COHERENT CORP | Other | 205.8K | $49.0M | 0.8% | +691.7% |
| DTE DTE ENERGY COMPANY | Utilities | 323.7K | $47.3M | 0.8% | -22.5% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 344.7K | $45.2M | 0.7% | New |
| MPLX MPLX LP | Energy | 670.5K | $38.3M | 0.6% | Held |
| LEU CENTRUS ENERGY CORP-CLASS A | Materials | 211.9K | $36.8M | 0.6% | +21.4% |
| USAR USA RARE EARTH INC | Materials | 2.3M | $35.1M | 0.6% | New |
| NFG NATIONAL FUEL GAS CO | Utilities | 314.5K | $29.5M | 0.5% | New |
| LITE LUMENTUM HOLDINGS INC | Technology | 41.8K | $29.4M | 0.5% | +104.0% |
| TMUS T-MOBILE US INC | Communications | 107.0K | $22.5M | 0.4% | -29.0% |
| TIC TIC SOLUTIONS INC | Services media | 3.1M | $20.2M | 0.3% | +43.1% |
| VRT VERTIV HOLDINGS CO-A | Technology | 72.9K | $18.3M | 0.3% | -12.1% |
| PEG PUBLIC SERVICE ENTERPRISE GP | Utilities | 215.1K | $17.4M | 0.3% | -61.8% |
| UNP UNION PACIFIC CORP | Industrials | 67.2K | $16.3M | 0.3% | -16.2% |
| ODFL OLD DOMINION FREIGHT LINE | Industrials | 69.2K | $13.5M | 0.2% | +1547.6% |
| UTL UNITIL CORP | Utilities | 248.3K | $13.0M | 0.2% | -9.7% |
| WBI WATERBRIDGE INFRASTRUC-CL A | Energy | 450.0K | $12.1M | 0.2% | Held |
| MWH SOLV ENERGY INC-CL A | Industrials | 400.0K | $12.0M | 0.2% | New |
| TBN TAMBORAN RESOURCES CORP | Energy | 170.0K | $8.5M | 0.1% | +70.0% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 17.7K | $8.5M | 0.1% | -0.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 7, 2026 | 109 | $6.03B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 105 | $5.72B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 6, 2025 | 103 | $5.61B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 97 | $4.51B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 100 | $3.93B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 89 | $3.79B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 5, 2024 | 94 | $3.66B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 97 | $2.96B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 92 | $2.82B | $K fixed canonical | SEC ↗ |
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