13F
中
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REAVES W H & CO INC

13F equity value
$6.0B
Positions
90
Top 10 concentration
47.0%
Quarters / total new picks
29 / 104
13F equity value over time
$0M$3B$6B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 29 quarters, returned +0.6% per quarter — versus +2.5% per quarter from simply owning every 13F stock. It beat that baseline in only 41.4% of quarters (excess t = -1.02, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-3.3%
t-stat
-1.02
Quarterly win rate
41%
Annualized excess
-8.4%
$1 → follow vs universe
$1.02 vs $1.82
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320190331: universe 0.98520190630: universe 1.05920191231: universe 0.85520200331: universe 1.03020200630: universe 1.13820200930: universe 1.39620201231: universe 1.45920210331: universe 1.47220210630: universe 1.59020210930: universe 1.42720211231: universe 1.21520220331: universe 1.30420220630: universe 1.20820221231: universe 1.12220230331: universe 1.18220230630: universe 1.14020230930: universe 1.29420231231: universe 1.35220240331: universe 1.38220240630: universe 1.50820240930: universe 1.49520241231: universe 1.39520250331: universe 1.52120250630: universe 1.56920250930: universe 1.76420251231: universe 1.825 20180331: follow 1.15220180630: follow 1.16320180930: follow 1.24920190331: follow 1.26620190630: follow 1.26420191231: follow 0.97320200331: follow 0.72820200630: follow 0.76320200930: follow 0.72620201231: follow 0.82520210331: follow 0.86920210630: follow 0.78120210930: follow 0.78120211231: follow 0.74720220331: follow 0.77520220630: follow 0.69220221231: follow 0.63420230331: follow 0.66320230630: follow 0.63320230930: follow 0.63620231231: follow 0.73220240331: follow 0.71420240630: follow 0.77420240930: follow 0.76620241231: follow 0.74220250331: follow 0.78520250630: follow 0.73420250930: follow 0.83120251231: follow 1.016 0.58 1.28 1.97 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 90 · 2026 Q1

Ticker Value Weight QoQ
TLN $482M
8.0%
HOLD
CEG $336M
5.6%
ADD
VST $315M
5.2%
TRIM
CNP $302M
5.0%
TRIM
XEL $282M
4.7%
HOLD
IDA $257M
4.3%
HOLD
ETR $252M
4.2%
TRIM
LNT $215M
3.6%
TRIM
SRE $201M
3.3%
TRIM
NI $192M
3.2%
TRIM
EQIX $170M
2.8%
ADD
CMS $164M
2.7%
HOLD
GEV $153M
2.5%
ADD
WMB $152M
2.5%
ADD
PPL $142M
2.4%
TRIM
PWR $137M
2.3%
TRIM
EPD $132M
2.2%
HOLD
MP $126M
2.1%
HOLD
DTM $126M
2.1%
ADD
CCJ $122M
2.0%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

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Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.