Not so with the Reaves Utility Income fund, which has a 6.48% dividend yield and performance that has beaten the S&P 500 Index.
John Bartlett, who co-manages the fund at Reaves Asset Management, discussed its strategy, holdings and how utility companies operate in an interview. As a South Florida resident, I pointed to Florida Power & Light Co., which has greatly reduced the amount of time it takes to restore electricity service after outages, over the past 16 years.
A lot of the fund’s long-term success has come from its focus on investing for total return, while not using as much leverage as it is allowed to, Bartlett said. The fund’s maximum allowed leverage is 33%, while it was 22.9% leveraged as of May 29, according to Morningstar. Closed-end funds A traditional open-ended mutual creates new shares as investors pour money in, and redeems them when investors sell. The shares are not traded publicly. The share price is really the net asset value , which is the sum of the market values of all the fund’s holdings, divided by the number of shares. You can only buy or sell shares of a mutual fund once a day, at the market close.
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