RSRAX — Reaves Infrastructure Fund
Data updated: 2026-09-28
RSRAX — Reaves Infrastructure Fund. United States Mid Cap Blend / Core Industrials Equity · $37.10M AUM. Holdings, fees, performance and SEC filings.
RSRAX Fund Overview
RSRAX — Reaves Infrastructure Fund is a US mutual fund managed by Advisors' Inner Circle Fund II, categorised as United States Mid Cap Blend / Core Industrials Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Advisors' Inner Circle Fund II
- Category: United States Mid Cap Blend / Core Industrials Equity
- Assets under management: $37.10M
- Ticker: RSRAX
- SEC CIK: 0000890540
- SEC series ID: S000006467
- Share class ID: C000017674
RSRAX Investment Objective and Strategy
Reaves Infrastructure Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors' Inner Circle Fund II.
Investment objective
The Reaves Utilities and Energy Infrastructure Fund (the Fund) seeks total return from income and capital growth.
Principal investment strategy
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of domestic and foreign public utilities and energy companies. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. For purposes of this policy, (a) utilities companies, including those organized as master limited partnerships (MLPs), are companies involved to a significant extent in providing infrastructure-related products, services or equipment for: (i) the generation, transmission or distribution of electricity, gas or water; or (ii) telecommunications activities, including broadband and video services (Utilities or the Utilities Industry); and (b) energy companies, including those organized as MLPs, are companies involved to a significant extent in infrastructure-related activities, such as the discovery, development, production, generation, transmission, refinement, measurement or distribution of energy (Energy or the Energy Industry).
The Fund considers a company to be involved to a significant extent in the Utilities Industry and/or the Energy Industry, as applicable, if at least 50% of its assets, gross income or profits are committed to or derived from the activities described above. The Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in companies involved to a significant extent in the Utilities and/or Energy Industries. The Fund may invest in municipal utility companies, including rural electric cooperatives and similar organizations. In selecting investments for the Fund, Reaves Asset Management (the Adviser) utilizes an active trading approach and seeks to identify securities that offer the potential for positive total return during a three to five year period, based on, among other factors, a companys market capitalization, balance sheet strength, expected dividends, and current and expected earnings and cash flow.
The Adviser may sell a holding if its prospects for growth and income decline or when the Adviser deems it to be an unattractive investment.
RSRAX Holdings
Top 10 holdings of Reaves Infrastructure Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Quanta Services, Inc. | 5.83% |
| Dt Midstream, Inc. | 5.66% |
| Talen Energy Corp. | 4.99% |
| Entergy Corporation | 4.59% |
| Constellation Energy Corporation. | 4.38% |
| Equinix, Inc. | 4.12% |
| Idacorp, Inc. | 4.05% |
| Nisource Inc. | 4.00% |
| T-Mobile Us, Inc. | 3.53% |
| Johnson Controls International Public Limited Company | 3.42% |
RSRAX Portfolio Allocation
Asset-class allocation of Reaves Infrastructure Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.1% |
| Cash & Equivalents | 1.1% |
RSRAX Performance
Total returns for RSRAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 8.7% |
| 1 year | 14.3% |
| 3 years (annualised) | 16.5% |
| 5 years (annualised) | 7.0% |
RSRAX Risk Information
Risk metrics for RSRAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 20.7%
RSRAX Costs and Fees
RSRAX costs about $156 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.56%
- Gross expense ratio: 1.56%
- Portfolio turnover: 95%
- Brokerage commissions: 2.08 bps of average net assets (SEC N-CEN)
RSRAX Cashflows
Over the 12 months to 2026-07, Reaves Infrastructure Fund had net inflows of $1.41M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-07 | $52.18K |
| 2026-06 | $8.52K |
| 2026-05 | −$122.17K |
| 2026-04 | −$25.24K |
| 2026-03 | −$173.55K |
| 2026-02 | −$789.34K |
RSRAX Debt Constituents
No individual debt constituents are reported in Reaves Infrastructure Fund's latest SEC N-PORT filing.
RSRAX Prospectus and SEC Filings
Official Reaves Infrastructure Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-11-26
- Prospectus (485BPOS) — filed 2024-11-27
- Prospectus (485BPOS) — filed 2023-11-28
- Portfolio holdings (N-PORT) — filed 2026-09-28
- Portfolio holdings (N-PORT) — filed 2026-06-26
- Portfolio holdings (N-PORT) — filed 2026-04-01
- Annual census (N-CEN) — filed 2025-10-14
- Annual census (N-CEN) — filed 2024-10-11
Related Funds
Other United States Mid Cap Blend / Core Industrials Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.