REAVES W H & CO INC

2. Key Holdings

The portfolio is dominated by "Power" and "Infrastructure" themes, with the top three positions accounting for 37.4% of total assets.

• Talen Energy Corp (TLN): This is the largest holding, comprising 17.14% of the portfolio ($600.01M). The firm increased its stake by 12.6% (adding $235.83M), signaling strong conviction in the company’s strategic direction, likely related to data center power demands.
• Vistra Corp. (VST) & Constellation Energy Corp (CEG): These positions, ranked 2nd and 3rd, represent 10.74% and 9.55% of the portfolio, respectively. Both saw substantial increases of 22.3% and 23.3%. This trio (TLN, VST, CEG) indicates a massive bet on the renaissance of nuclear and independent power production.
• Regulated Utilities: The next tier includes CenterPoint Energy (CNP), Xcel Energy (XEL), and NiSource (NI). These positions provide stability and likely dividend income. Xcel and NiSource saw significant increases of 25.8% and 34.6%, respectively.
• Uranium Exposure: Cameco Corp (CCJ) and Centrus Energy (LEU) are notable top-15 holdings, providing direct exposure to the nuclear fuel cycle.