Six months ago, Maura Shaughnessy couldn't find a single utilities company to buy. Back then, these businesses were on a tear—the S&P 500 Utilities sub-index was up 26 percent in 2014—which made it difficult to find undervalued opportunities.
Things have cooled off dramatically since.
The sector is down about 7 percent year-to-date, while its price-to-earnings valuations have dipped from about 18 times next year's earnings to 16 times. That's meant that Shaughnessy, manager of MFS Investment Management's Utilities Fund, is seeing some opportunities again. The sector closed out last week as the top-returning sector on Friday, up more than 1 percent on a flat day for the markets.
"It's a lot more interesting now," she said.