Reaves Utility Income Fund

UTG • AMEX

Reaves Utility Income Fund is a publicly traded company on AMEX. As of Q3 2025, 218 institutional investors hold shares in this company, with total holdings valued at $436.4M. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $43.4M.

Websiteutilityincomefund.com

Overview

Overview of institutional ownership in UTG as of Q3 2025

All Institutions

Institutions: 218
Value Held: $436.4M
Shares Held: 11.0M
Avg Position: $2.0M
Median Position: $411.6K

Hedge Funds

Hedge Funds: 5
Value Held: $6.7M
Shares Held: 167.5K
Avg Position: $1.3M
Median Position: $463.5K

Biggest Investors

Institutions with the largest positions in UTG as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$43.4M 0.00% of portfolio	0.00% 1.1M shares	Q4 2022 Held for 2y 11m	$1.33T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$39.7M 0.00% of portfolio	0.00% 1.0M shares	Q4 2022 Held for 2y 11m	$1.65T
C Cornerstone Advisors, LLC Institution	Joshua Grant Bradshaw CEO	$30.4M 1.00% of portfolio	0.00% 768.2K shares	Q1 2025 Held for 8 months	$3.0B
L LPL Financial LLC Institution	-	$27.2M 0.01% of portfolio	0.00% 686.2K shares	Q4 2022 Held for 2y 11m	$340.07B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$26.2M 0.01% of portfolio	0.00% 660.4K shares	Q4 2022 Held for 2y 11m	$488.50B
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$15.0M 0.00% of portfolio	0.00% 377.8K shares	Q1 2023 Held for 2y 8m	$433.11B
J J.W. COLE ADVISORS, INC. Institution	-	$14.5M 0.28% of portfolio	0.00% 365.8K shares	Q4 2022 Held for 2y 11m	$5.2B
CAPTRUST FINANCIAL ADVISORS RIA/Wealth	James Fielding Miller CEO	$14.1M 0.03% of portfolio	0.00% 355.7K shares	Q4 2022 Held for 2y 11m	$48.9B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$12.4M 0.00% of portfolio	0.00% 312.7K shares	Q4 2024 Held for 11 months	$310.43B
S STIFEL FINANCIAL CORP Long Only Manager	Adam Vartan Topalian CIO	$10.4M 0.01% of portfolio	0.00% 263.6K shares	Q4 2022 Held for 2y 11m	$109.37B

Net Capital Flow

Institutional buying and selling activity for UTG in Q3 2025

Traded: +$24.8M
Buyers: 118
Sellers: 63
Total Bought: +$39.9M
Total Sold: −$15.2M
Avg Position: $1.9M

Biggest Buyers

Institution	Net Bought	Current Position
ABSOLUTE INVESTMENT ADVISERS LLC Hedge Fund•Multi-Strategy	+$5.1M +129.7K shares	$5.1M 129.7K shares
L LPL Financial LLC Institution	+$2.8M +69.6K shares	$27.2M 686.2K shares
BANK OF AMERICA CORP /DE/ Institution	+$2.1M +52.4K shares	$43.4M 1.1M shares
NBC SECURITIES, INC. RIA/Wealth	+$2.1M +1.1K shares	$2.1M 52.2K shares
Q Quarry LP Institution	+$1.9M +47.9K shares	$1.9M 47.9K shares
G GRIFFIN ASSET MANAGEMENT, INC. Institution	+$1.6M +39.8K shares	$1.6M 39.8K shares
C Cornerstone Advisors, LLC Institution	+$1.4M +35.7K shares	$30.4M 768.2K shares
Cetera Investment Advisers RIA/Wealth	+$1.2M +29.2K shares	$7.1M 179.6K shares
C Carnegie Lake Advisors LLC RIA/Wealth	+$1.1M +114.0 shares	$1.1M 28.7K shares
WELLS FARGO & COMPANY/MN Institution	+$1.1M +27.4K shares	$26.2M 660.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
Sontag Advisory, LLC RIA/Wealth	−$3.5M −97.7K shares	Sold Off 0 shares
Consolidated Portfolio Review Corp RIA/Wealth	−$2.7M −67.2K shares	$2.6M 64.8K shares
OAK FAMILY ADVISORS, LLC RIA/Wealth	−$1.1M −28.2K shares	$8.8M 221.2K shares
G GUGGENHEIM CAPITAL LLC Institution	−$680.1K −17.2K shares	$6.4M 161.7K shares
Tradition Wealth Management, LLC RIA/Wealth	−$669.0K −16.9K shares	$3.2M 81.4K shares
Change Path, LLC RIA/Wealth	−$637.3K −16.1K shares	$1.6M 41.1K shares
Armor Investment Advisors, LLC RIA/Wealth	−$596.4K −15.1K shares	$237.6K 6.0K shares
X XTX Topco Ltd Institution	−$537.1K −14.8K shares	Sold Off 0 shares
Calamos Advisors LLC Long Only Manager	−$354.9K −9.8K shares	Sold Off 0 shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	−$348.6K −8.8K shares	$463.5K 11.7K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited UTG in Q3 2025

New Positions: 25
New Value: $17.5M
Exited Positions: 13
Exited Value: $5.7M

New Positions

Institution	Position Value
ABSOLUTE INVESTMENT ADVISERS LLC Hedge Fund•Multi-Strategy	$5.1M 129.7K shares
NBC SECURITIES, INC. RIA/Wealth	$2.1M 52.2K shares
Q Quarry LP Institution	$1.9M 47.9K shares
G GRIFFIN ASSET MANAGEMENT, INC. Institution	$1.6M 39.8K shares
C Carnegie Lake Advisors LLC RIA/Wealth	$1.1M 28.7K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	$999.9K 25.2K shares
Atomi Financial Group, Inc. RIA/Wealth	$654.6K 16.5K shares
Beacon Pointe Advisors, LLC RIA/Wealth	$609.6K 15.4K shares
Modern Wealth Management, LLC RIA/Wealth	$458.1K 11.6K shares
Concurrent Investment Advisors, LLC RIA/Wealth	$405.0K 10.2K shares

Exited Positions

Institution	Previous Position
Sontag Advisory, LLC RIA/Wealth	$3.5M 97.7K shares
X XTX Topco Ltd Institution	$537.1K 14.8K shares
Calamos Advisors LLC Long Only Manager	$354.9K 9.8K shares
DOVER ADVISORS, LLC RIA/Wealth	$347.3K 9.6K shares
GWN SECURITIES INC. RIA/Wealth	$312.6K 8.6K shares
Summit Financial, LLC RIA/Wealth	$280.2K 7.7K shares
Baird Financial Group, Inc. Private Equity	$274.5K 7.6K shares
S SOA Wealth Advisors, LLC. Institution	$22.2K 613.0 shares
Fortitude Family Office, LLC Family Office	$12.3K 340.0 shares
Beaird Harris Wealth Management, LLC RIA/Wealth	$6.3K 175.0 shares

Options Activity

Institutions with the largest Call and Put options positions in UTG as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with UTG as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
ABSOLUTE INVESTMENT ADVISERS LLC Hedge Fund•Multi-Strategy	James Phillip Compson CIO	6.96% $5.1M	0.00% 129.7K shares	Q3 2025 Held for 2 months	$73.8M
OAK FAMILY ADVISORS, LLC RIA/Wealth	Terrence Scott Wilson CEO	2.84% $8.8M	0.00% 221.2K shares	Q1 2024 Held for 1y 8m	$308.4M
Smith Asset Management Co., LLC RIA/Wealth	Benjamin Larry Smith President	2.67% $3.1M	0.00% 79.3K shares	Q4 2024 Held for 11 months	$117.4M
JBR Co Financial Management Inc RIA/Wealth	Damon Christian Meyer CEO	2.42% $5.7M	0.00% 144.2K shares	Q4 2023 Held for 1y 11m	$236.3M
S Sterling Investment Advisors, Ltd. RIA/Wealth	Timothy Edward Flatley President	1.55% $7.6M	0.00% 190.9K shares	Q4 2023 Held for 1y 11m	$487.3M
C Cornerstone Advisors, LLC Institution	Joshua Grant Bradshaw CEO	1.00% $30.4M	0.00% 768.2K shares	Q1 2025 Held for 8 months	$3.0B
WEALTH EFFECTS LLC RIA/Wealth	William Anthony Liberti CEO	0.90% $2.8M	0.00% 70.2K shares	Q4 2023 Held for 1y 11m	$310.3M
L LongView Wealth Management RIA/Wealth	Keith Norman Tufte CCO	0.75% $2.8M	0.00% 69.7K shares	Q4 2023 Held for 1y 11m	$366.6M
Magnus Financial Group LLC RIA/Wealth	Michael Scott Schwartz CEO	0.73% $9.1M	0.00% 229.7K shares	Q4 2022 Held for 2y 11m	$1.2B
F Future Financial Wealth Managment LLC RIA/Wealth	Dennis Paul Marinich Managing Partner	0.64% $1.0M	0.00% 25.6K shares	Q4 2022 Held for 2y 11m	$158.7M

Hedge Fund Spotlight

Discover hedge funds investing in UTG

ABSOLUTE INVESTMENT ADVISERS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerJames Phillip Compson

Portfolio Value: $73.8M
Positions: 28
Last Reported: Q3 2025

Sector Allocation

Position in Reaves Utility Income Fund

Market Value: $5.1M
Shares Held: 129.7K
Portfolio Weight: 6.96%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 PHD Pioneer Floating Rate Fund PHD	Unknown Unknown	$14.2M	19.18%
2 abrdn Japan Equity Fund JEQ	Unknown Unknown	$8.5M	11.51%
3 Virtus Total Return Fund ZTR	Unknown Unknown	$5.4M	7.38%

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