--- title: Reaves Asset Management Blog | Defensive Investing description: Defensive Investing | Utility, energy & communication insights from four decades of intelligent investing image: https://insights.reavesam.com/hubfs/Content%20Offers/Subscribe%20to%20Insights/2020.01-Reaves-Subscribe.linkedin.png --- [![Reaves Asset Management](https://insights.reavesam.com/hs-fs/hubfs/raw_assets/public/ReavesAssetManagement_May2023/images/header_logo.png?width=270&height=135&name=header_logo.png "Reaves Asset Management")](https://reavesam.com/) [![Reaves Asset Management](https://insights.reavesam.com/hs-fs/hubfs/raw_assets/public/ReavesAssetManagement_May2023/images/Reaves_Asset_Management_Logo_mobile.png?width=1000&height=135&name=Reaves_Asset_Management_Logo_mobile.png "Reaves Asset Management")](https://reavesam.com/) - About Us - [About Reaves](https://reavesam.com/about-us/) - [Philosophy and Process](https://reavesam.com/philosophy-and-process/) - [Our Team](https://reavesam.com/our-team/) - Portfolios - [Reaves Utility Income Fund](https://reavesam.com/our_services/reaves-utility-income-fund/) - [Reaves Infrastructure Fund](https://reavesam.com/our_services/reaves-infrastructure-fund/) - [Virtus Reaves Utilities ETF](https://reavesam.com/our_services/reaves-utilities-etf/) - Separately Managed Accounts - [Reaves Long Term Value Strategy](https://reavesam.com/our_services/reaves-long-term-value-strategy/) - [Reaves Dividend Income Strategy](https://reavesam.com/our_services/reaves-dividend-income-strategy/) - Resources - [Content Library](https://reavesam.com/library/) - [Blog](https://insights.reavesam.com/blog) - [Contact](https://reavesam.com/contact-us/) - [Form CRS](https://reavesam.com/wp-content/uploads/2022/02/Reaves-Asset-Management-Form-CRS-123121.pdf) [![Reaves Asset Management](https://insights.reavesam.com/hs-fs/hubfs/raw_assets/public/ReavesAssetManagement_May2023/images/UTG_Logo_White_Rust1200px.png?width=900&height=835&name=UTG_Logo_White_Rust1200px.png "Reaves Asset Management")](https://utilityincomefund.com/) [![Reaves Asset Management](https://insights.reavesam.com/hs-fs/hubfs/raw_assets/public/ReavesAssetManagement_May2023/images/UTG_Logo_Color1200px_two.png?width=900&height=835&name=UTG_Logo_Color1200px_two.png "Reaves Asset Management")](https://utilityincomefund.com/) [UTG website](https://utilityincomefund.com/) [![Reaves Asset Management](https://insights.reavesam.com/hs-fs/hubfs/raw_assets/public/ReavesAssetManagement_May2023/images/Reaves_Asset_Management_Logo_mobile.png?width=1000&height=135&name=Reaves_Asset_Management_Logo_mobile.png "Reaves Asset Management")](https://reavesam.com/) [![Reaves Asset Management](https://insights.reavesam.com/hs-fs/hubfs/raw_assets/public/ReavesAssetManagement_May2023/images/UTG_Logo_Color1200px_mobile.png?width=100&height=135&name=UTG_Logo_Color1200px_mobile.png "Reaves Asset Management")](https://utilityincomefund.com/) - About Us - [About Reaves](https://reavesam.com/about-us/) - [Philosophy and Process](https://reavesam.com/philosophy-and-process/) - [Our Team](https://reavesam.com/our-team/) - Portfolios - [Reaves Utility Income Fund](https://reavesam.com/our_services/reaves-utility-income-fund/) - [Reaves Infrastructure Fund](https://reavesam.com/our_services/reaves-infrastructure-fund/) - [Virtus Reaves Utilities ETF](https://reavesam.com/our_services/reaves-utilities-etf/) - Separately Managed Accounts - [Reaves Long Term Value Strategy](https://reavesam.com/our_services/reaves-long-term-value-strategy/) - [Reaves Dividend Income Strategy](https://reavesam.com/our_services/reaves-dividend-income-strategy/) - Resources - [Content Library](https://reavesam.com/library/) - [Blog](https://insights.reavesam.com/blog) - [Contact](https://reavesam.com/contact-us/) - [Form CRS](https://reavesam.com/wp-content/uploads/2022/02/Reaves-Asset-Management-Form-CRS-123121.pdf) ![Reaves-Asset-Managment-Utilities-EFTs](https://insights.reavesam.com/hubfs/ReavesAssetManagement_May2023/Image/Reaves-Asset-Managment-Utilities-EFTs.jpg) ## Insights [The Opportunity In Utilities](https://info.reavesam.com/the-opportunities-in-utilities) ## Insights ## Utility, energy & communication insights from four decades of intelligent investing Posts about # Defensive Investing [![post](https://insights.reavesam.com/hubfs/2023.01%20Reaves%20Blog%20What%20You%20Don%E2%80%99t%20Know%20About%20Utilities%201.png)](https://insights.reavesam.com/blog/what-you-dont-know-about-utilities-may-surprise-you) [Utilities](https://insights.reavesam.com/blog/tag/utilities), [Defensive Investing](https://insights.reavesam.com/blog/tag/defensive-investing) ## [What You Don’t Know About Utilities May Surprise You](https://insights.reavesam.com/blog/what-you-dont-know-about-utilities-may-surprise-you) Utilities: An Overlooked and Underappreciated Asset Class Utility stocks have traditionally been valued by many investors and advisors for their dividend yields and bond-like... [Read More](https://insights.reavesam.com/blog/what-you-dont-know-about-utilities-may-surprise-you) [![post](https://insights.reavesam.com/hubfs/Blog/2022.06%20Reaves%20Blog%20Inflation%20and%20Utilities%202%20LinkedIn.png)](https://insights.reavesam.com/blog/interest-rates-are-higher-so-why-are-utility-stocks-up-too) [Utilities](https://insights.reavesam.com/blog/tag/utilities), [Defensive Investing](https://insights.reavesam.com/blog/tag/defensive-investing) ## [Interest Rates Are Higher – So Why Are Utility Stocks Up Too?](https://insights.reavesam.com/blog/interest-rates-are-higher-so-why-are-utility-stocks-up-too) One of the most common questions we have been asked in our 40-plus years of utilities investing is “What will happen to utility stocks in a rising rate, inflationary environment?” [Read More](https://insights.reavesam.com/blog/interest-rates-are-higher-so-why-are-utility-stocks-up-too) [![post](https://insights.reavesam.com/hubfs/2022.08%20Reaves%20Blog%20For%20Utility%20Investors%20IRA%20Is%20Good%20News%202%20LinkedIn.png)](https://insights.reavesam.com/blog/some-thoughts-following-q4-earnings-season) [Infrastructure](https://insights.reavesam.com/blog/tag/infrastructure), [Defensive Investing](https://insights.reavesam.com/blog/tag/defensive-investing) ## [Some Thoughts Following Q4 Earnings Season](https://insights.reavesam.com/blog/some-thoughts-following-q4-earnings-season) Most companies in the Reaves universe of essential infrastructure companies have now reported earnings for the final quarter of 2021. Having reviewed the financial results and... [Read More](https://insights.reavesam.com/blog/some-thoughts-following-q4-earnings-season) [![post](https://insights.reavesam.com/hubfs/Blog/2022.03%20Reaves%20Blog%20Revisiting%20Asset%20Allocation%201%20LinkedIn.png)](https://insights.reavesam.com/blog/revisiting-asset-allocation-with-markets-under-stress) [Defensive Investing](https://insights.reavesam.com/blog/tag/defensive-investing) ## [Revisiting Asset Allocation With Markets Under Stress](https://insights.reavesam.com/blog/revisiting-asset-allocation-with-markets-under-stress) The uncertainty caused by the onset of the global pandemic in early 2020 led to weeks of extreme volatility for financial markets and a nearly 20% decline in the S&P 500 Index in... [Read More](https://insights.reavesam.com/blog/revisiting-asset-allocation-with-markets-under-stress) [![post](https://insights.reavesam.com/hubfs/Blog/2021.12%20Reaves%20Blog%20Strategies%20Paper%20LinkedIn.png)](https://insights.reavesam.com/blog/a-look-at-our-strategies-through-the-client-lens) [Defensive Investing](https://insights.reavesam.com/blog/tag/defensive-investing), [Income](https://insights.reavesam.com/blog/tag/income) ## [A Look at Our Strategies Through the Client Lens](https://insights.reavesam.com/blog/a-look-at-our-strategies-through-the-client-lens) In our latest paper, we look at our strategies through the lens that matters most: Yours. [Read More](https://insights.reavesam.com/blog/a-look-at-our-strategies-through-the-client-lens) [![post](https://insights.reavesam.com/hubfs/Blog/2021.11%20Reaves%20Blog%20Low%20Beta%20vs%20High%20Beta%20LinkedIn.png)](https://insights.reavesam.com/blog/low-beta-vs.-high-beta-different-ride-similar-destination) [Defensive Investing](https://insights.reavesam.com/blog/tag/defensive-investing) ## [Low Beta vs. High Beta: Different Ride, Similar Destination](https://insights.reavesam.com/blog/low-beta-vs.-high-beta-different-ride-similar-destination) Not surprisingly, higher beta, growth-oriented stocks and sectors have performed very strongly1 in what’s largely been a bull market environment since the end of the financial... [Read More](https://insights.reavesam.com/blog/low-beta-vs.-high-beta-different-ride-similar-destination) ### Topics - [About Reaves (2)](https://insights.reavesam.com/blog/tag/about-reaves) - [Closed End Funds (3)](https://insights.reavesam.com/blog/tag/closed-end-funds) - [Communication Infrastructure (9)](https://insights.reavesam.com/blog/tag/communication-infrastructure) - [Defensive Investing (33)](https://insights.reavesam.com/blog/tag/defensive-investing) - [Dividend Growth (19)](https://insights.reavesam.com/blog/tag/dividend-growth) - [Equities (3)](https://insights.reavesam.com/blog/tag/equities) - [ETF (1)](https://insights.reavesam.com/blog/tag/etf) - [Income (13)](https://insights.reavesam.com/blog/tag/income) - [Income Investing (3)](https://insights.reavesam.com/blog/tag/income-investing) - [Industrial Infrastructure (5)](https://insights.reavesam.com/blog/tag/industrial-infrastructure) - [Infrastructure (35)](https://insights.reavesam.com/blog/tag/infrastructure) - [Quarterly Update (15)](https://insights.reavesam.com/blog/tag/quarterly-update) - [Renewables & Clean Energy Transition (15)](https://insights.reavesam.com/blog/tag/renewables-clean-energy-transition) - [Retirement (2)](https://insights.reavesam.com/blog/tag/retirement) - [Retirement Income (2)](https://insights.reavesam.com/blog/tag/retirement-income) - [Utilities (39)](https://insights.reavesam.com/blog/tag/utilities) see all topics ### Top Posts ### Utilities & Infrastructure Insights from 40+ Years of Experience Prev [1](https://insights.reavesam.com/blog) [2](https://insights.reavesam.com/blog/tag/defensive-investing/page/2) [3](https://insights.reavesam.com/blog/tag/defensive-investing/page/3) [4](https://insights.reavesam.com/blog/tag/defensive-investing/page/4) [5](https://insights.reavesam.com/blog/tag/defensive-investing/page/5) [Next](https://insights.reavesam.com/blog/tag/defensive-investing/page/2)     Reaves Asset Management is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Registration does not imply any skill or training. Reaves is a privately held, independently-owned “S” corporation organized under the laws of the State of Delaware. The information provided in this blog does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities and sectors listed. Investors should consider the investment objective, risks, charges and expenses of all investments carefully before investing. Any projections, outlooks or estimates contained herein are forward looking statements based upon specific assumptions and should not be construed as indicative of any actual events that have occurred or may occur. Past performance is no guarantee of future results. All investments involve risk, including loss of principal. All data is presented in U.S. dollars. Important Tax Information:  Reaves Asset Management and its employees are not in the business of providing tax or legal advice to taxpayers. 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