Reaves Utility Income Fund (UTG) : Tiemann Investment Advisors scooped up 20 additional shares in Reaves Utility Income Fund during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 11, 2016. The investment management firm now holds a total of 18,452 shares of Reaves Utility Income Fund which is valued at $580,315.Reaves Utility Income Fund makes up approximately 0.53% of Tiemann Investment Advisors’s portfolio.
Other Hedge Funds, Including , Raymond James Associates boosted its stake in UTG in the latest quarter, The investment management firm added 2,101 additional shares and now holds a total of 43,005 shares of Reaves Utility Income Fund which is valued at $1,352,507. Qci Asset Management Incny added UTG to its portfolio by purchasing 14 company shares during the most recent quarter which is valued at $442.
Reaves Utility Income Fund closed down -0.15 points or -0.49% at $30.76 with 1,02,748 shares getting traded on Tuesday. Post opening the session at $30.99, the shares hit an intraday low of $30.76 and an intraday high of $31.0799 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
Reaves Utility Income Fund is a diversified closed-end management investment company. The Fund’s investment objective is to provide a high level of after-tax income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund intends to invest at least 80% of its total assets in dividend-paying common and preferred stocks and debt instruments of companies within the utility industry. The remaining 20% of its assets may be invested in other securities including stocks money market instruments and debt instruments as well as certain derivative instruments in the utility industry or other industries. Reaves Asset Management (Reaves) serves as the Fund’s investment adviser. ALPS Fund Services Inc. (ALPS) serves as the Fund’s administrator.