Exelon Corp. (EXC) represents a Deep Value utility holding that inflected positively versus peers during the quarter. The company operates transmission and distribution across multiple U.S. regions and is positioned to benefit from higher transmission investment and state-regulated generation growth. Despite recent share price appreciation, EXC continues to trade at a discount to peers of comparable quality, indicating a re-rating opportunity that is still in the early stages.

Exelon: 1Q beat and reaffirmed guidance. Performance reversed in 2Q after benefitting from investors’ preference for traditional large-cap regulated utilities, like Exelon, amid market uncertainty in 1Q.

Exelon reported a 4Q earnings beat and topped 2025 guidance expectations, leading to a 10% increase in its four-year capital expenditure plan. This performance reflects a strong preference among investors for traditional large-cap regulated utilities amid market uncertainty, positioning Exelon favorably for continued growth. The company's ability to raise guidance and increase capex indicates confidence in its operational strategy and market conditions, suggesting a robust outlook for future performance.

Exelon raised the dividend by +5.3% and beat on EPS with a significant revenue increase, indicating strong operational performance. The management has guided 2025 results above expectations, showcasing confidence in the company's financial health and growth trajectory. This performance aligns with our strategy of focusing on high-quality income-generating assets, and we believe Exelon is well-positioned to provide high and rising income for our clients over the long term.

Exelon reported a strong 4Q earnings beat and exceeded 2025 guidance expectations, which reflects positively on its operational performance. The company also raised its four-year capital expenditure by 10%, indicating a commitment to growth and investment in its infrastructure. This aligns with the market's preference for traditional large-cap regulated utilities, especially in a time of uncertainty, making Exelon a compelling investment opportunity.