Rhame Joseph Burns III has demonstrated a consistent buying pattern in Reaves Utility Income Fund (UTG), with no recorded sales across 24 transactions totaling $125,933.77 since December 2024. The trades, all coded as "J" (other acquisition/disposition) except for a single "P" (open market purchase), reveal a methodical approach. The largest transaction occurred on October 23, 2025, with a $102,060 open market purchase, significantly larger than the recurring smaller acquisitions that typically fall between $750 and $1,350 per transaction. These smaller purchases appear monthly, often in pairs on the same day—such as the $846.27 and $1,329.52 acquisitions on October 30, 2025, or the $856.39 and $1,346.49 purchases on September 30, 2025.
The absence of any sell-side activity suggests a long-term accumulation strategy focused solely on UTG. The regularity of the transactions—nearly every month—points to either a systematic investment plan or dividend reinvestment, though the Form 4 filings do not specify the exact nature of the "J"-coded transactions. The pattern is notable for its discipline, with no deviation in direction or diversification across other securities. Whether these acquisitions reflect confidence in the fund or a structured financial strategy, the data shows a clear and sustained accumulation of UTG shares over the observed period.
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