The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Reaves Long Term Value Strategy seeks high risk-adjusted total returns by investing in financially sound, high-quality infrastructure companies characterized by strong cash flows and sustainable dividend growth. During the second quarter of 2026, the strategy outperformed its benchmark, buoyed by the ongoing expansion of the artificial intelligence ecosystem beyond semiconductors into essential physical infrastructure. Key performance drivers included electrical equipment providers, engineering contractors, optical networking suppliers, and power generation assets. Accelerating electricity demand from data center buildouts, domestic industrial reshoring, and broader electrification continues to fuel substantial capital expenditure cycles across utilities and independent power producers. While ongoing Middle East hostilities, elevated policy uncertainty, and commodity price fluctuations generated broader market volatility and weighed on select energy holdings, the underlying operational fundamentals across core holdings remain intact. The strategy remains anchored in companies critical to constructing, powering, and connecting digital networks, positioned to deliver durable cash flows and dividend growth.
Capitalize on multi-year infrastructure supercycles by investing in high-quality, cash-generative utility, power, and communications companies poised for sustainable earnings and dividend growth.
Reaves maintains that the multi-year investment case for physical infrastructure supporting artificial intelligence and broad electrification is strengthening. The firm expects durable earnings expansion, growing capital expenditure programs, and rising cash distributions across utility, power, and communications infrastructure despite lingering macroeconomic and geopolitical uncertainty.
As of Jun 30, 2026
Founded by William H. Reaves in 1961, the firm has over six decades of experience specializing in publicly listed infrastructure equities. Current leadership includes CEO Jay Rhame, CFA (joined 2005, CEO since 2019) and CIO Tim Porter, CFA (CIO since January 2020) with 24-25 years of investment experience. The firm employs 21-50 professionals and emphasizes that Reaves employees invest alongside clients, demonstrating alignment of interests.
Reaves Asset Management believes that a team of industry specialists utilizing fundamental research focused on specific sectors of the equity market can create an investment advantage which over time leads to competitive risk-adjusted returns. The firm's philosophy centers on three primary goals: Current Income, Growth of Income, and Capital Appreciation. Their investment approach seeks to conserve capital, generate current income, and deliver long-term growth to investors through four tenets: focus on select market sectors, research rigor and independence, portfolio management discipline, and alignment of interest with clients.
Lead Portfolio Manager
John P. Bartlett, Joseph 'Jay' Rhame, III, Rodney Rebello
Managing Partner
Moderate Conviction Bullish
Market Conviction
Reaves demonstrates strong fundamental conviction by identifying specific multi-year secular drivers, detailing individual company earnings targets (e.g. Quanta doubling earnings by 2030, Talen reaching $50/share FCF), and defending underperforming holdings against market sentiment. However, the score is calibrated at 0.72 rather than higher because position weightings are not explicitly disclosed and commentary spans a diversified set of utility, telecom, and energy assets.
Growth Outlook
The manager conveys a constructive market outlook, emphasizing that earnings resilience and an expanding multi-year AI capital spending cycle support equities. While acknowledging ongoing geopolitical turbulence and policy uncertainty, Reaves explicitly expects strong shareholder returns across its physical infrastructure universe.
Risk Appetite
Portfolio positioning is risk-on within core secular themes, retaining full exposure to cyclical engineering contractors, merchant power producers, and optical equipment vendors while viewing pullbacks as temporary noise. Risk appetite remains measured by the inherent defensiveness of regulated utility and infrastructure business models.
Capital Deployment
The letter describes a stable, fully deployed asset base riding secular infrastructure tailwinds, with no explicit mentions of aggressive cash hoarding or dramatic net cash additions during the period.
Forward Guidance
Reaves indicates a bias toward maintaining exposure to strengthening multi-year infrastructure fundamentals, actively framing temporary detractor weakness (such as CEG's acquisition overhang and TMUS's competitive fears) as buying or holding opportunities for long-term investors.
Language Signal
The letter uses heavily bullish terminology including 'multi-year expansion cycle,' 'exceptionally strong,' 'pricing power,' 'generational growth,' and 'compelling forward demand.' Bearish phrasing is confined to contextual descriptions of geopolitical flare-ups and short-term market overhangs.
Perceived Risk
The manager acknowledges concrete external risks, citing ongoing Middle Eastern warfare, Strait of Hormuz disruption, U.S./Iran conflict damage, and macro policy uncertainty, but treats these as manageable macro factors rather than existential portfolio threats.
Opportunity Density
The investment team sees a robust and expanding opportunity set across the physical infrastructure required to enable AI, noting that market breadth has broadened favorably to utilities, communications, and power providers.
Time Horizon
The strategy operates with an explicit multi-year orientation, evaluating holdings against targets stretching through 2028 and 2030 while emphasizing long-term compound dividend growth over short-term quarterly noise.
Top Conviction Themes
Key Catalysts
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