Dividend Growth Investor – Best Stocks Dividends Investing

Dividend Growth Investor

Dividend Growth Investor http://www.dividendgrowthinvestor.com/
I am a long term buy and hold investor who focuses on dividend growth stocks

Dividend Kings List for 2022 http://www.dividendgrowthinvestor.com/2021/12/dividend-kings-list-for-2022.html
tag:blogger.com,1999:blog-3584696203336871201.post-6334767691794713782
 <a href=”https://www.dividendgrowthinvestor.com/p/dividend-kings.html” target=”_blank”>A dividend king </a>is a company that has managed to increase dividends to shareholders for at least 50 years in a row.There are only 38 such companies in the US, and perhaps a couple more in the rest of the world. It is not a small achievement to have been able to reward long-term shareholders with a dividend raise for over half a century.Over the past 50 years, some calamities experienced include:- Seven Recessions since 1967 - The Vietnam War - The oil crisis in the 1970s - Stagflationary 1970s - Double digit interest rates in the 1980s - Fall of the Soviet Union in 1991 - 9/11 in 2001 - The Dot-com bubble bursting in 2000 - The housing bubble bursting in 2007 – 2008 - ZIRP and NIRP since 2009- The Covid-19 Pandemic<div> Throughout this calamity each of those businesses managed to grow earnings, and raise the dividend to their long-term shareholders. If you are looking for a long-term shareholder base, the best way to build it is by paying those owners more every single year. This is a simple, but novel idea for corporations to embrace.We had nine new additions to the list in 2021. There were no companies that left the list. These actions brought the number of companies to 38, from 29 at the end of 2020. This is a record since we started tracking the list of dividend kings in 2010.When <a href=”https://www.dividendgrowthinvestor.com/2010/02/ten-dividend-kings-raising-dividends.html” target=”_blank”>I first came up with the idea</a> for the list of dividend kings in 2010, there were only eleven companies on it. Our 2022 list includes 30 companies. </div><div> </div><div> The new additions for the current year include:</div><div> </div><div><div>Becton, Dickinson and Company (BDX)</div><div>W.W. Grainger, Inc. (GWW)</div><div>Illinois Tool Works (ITW)</div><div>Leggett & Platt, Incorporated (LEG)</div><div>National Fuel Gas Company (NFG)</div><div>PPG Industries, Inc. (PPG)</div><div>Target Corporation (TGT)</div><div>Tennant Company (TNC)</div><div>Universal Corporation (UVV)</div></div><div> </div><div> These were consistent with my predictions from last year. It is a testament to the predictable nature of their businesses, not in my forecasting abilities.</div><div> </div><div>There are a few companies, which are incorrectly listed as dividend kings elsewhere. One is Sysco (SYY). Upon review of <a href=”https://investors.sysco.com/stock-information/dividend-history” target=”_blank”>their dividend history</a>, I realized they only have 45 years of consecutive annual dividend increases under their belt. They would be eligible for inclusion in 2026. They kept dividends unchanged in 1975 and 1976. It pays to review the dividend history, before deciding </div><div> I did some research on <a href=”https://www.dividendgrowthinvestor.com/2018/07/evolution-of-dividend-kings-list-over.html” target=”_blank”>historical changes of the Dividend Kings list</a>, which you may find interesting. I reviewed the evolution of the dividend kings prior to 2007 in the article, which has not been done by anyone else. </div><div> </div><div>Since 2010, there have been only two companies that have left the list. One, Vectren (VVC) was acquired. The second, Diebold (DBD), kept dividends unchanged, but ultimately ended up cutting them.The companies in the 2021 dividend kings list include: </div><div> </div><div>Note: The prices and yields are as of  November 30, 2021 </div><div><div class=”separator” style=”clear: both; text-align: center;”><table border=”0″ cellpadding=”0″ cellspacing=”0″ class=”MsoNormalTable” style=”border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 709px;”>
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Company Name<o:p></o:p>
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Symbol<o:p></o:p>
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Sector<o:p></o:p>
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Years
Dividend Increases<o:p></o:p>
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10
Year Annualized Dividend Growth<o:p></o:p>
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Dividend
Yield<o:p></o:p>
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Share
Price<o:p></o:p>
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ABM Industries Inc.<o:p></o:p>
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ABM<o:p></o:p>
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Industrials<o:p></o:p>
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54<o:p></o:p>
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3.20%<o:p></o:p>
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1.69%<o:p></o:p>
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45.00<o:p></o:p>
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American States Water<o:p></o:p>
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AWR<o:p></o:p>
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Utilities<o:p></o:p>
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67<o:p></o:p>
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9.43%<o:p></o:p>
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1.55%<o:p></o:p>
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94.18<o:p></o:p>
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Becton, Dickinson<o:p></o:p>
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BDX<o:p></o:p>
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Health Care<o:p></o:p>
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50<o:p></o:p>
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8.02%<o:p></o:p>
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1.47%<o:p></o:p>
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237.14<o:p></o:p>
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Black Hills Corp.<o:p></o:p>
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BKH<o:p></o:p>
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Utilities<o:p></o:p>
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51<o:p></o:p>
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4.19%<o:p></o:p>
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3.71%<o:p></o:p>
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64.12<o:p></o:p>
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Commerce Bancshares<o:p></o:p>
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CBSH<o:p></o:p>
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Financials<o:p></o:p>
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53<o:p></o:p>
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6.47%<o:p></o:p>
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1.50%<o:p></o:p>
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69.8<o:p></o:p>
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Cincinnati Financial<o:p></o:p>
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CINF<o:p></o:p>
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Financials<o:p></o:p>
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61<o:p></o:p>
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4.06%<o:p></o:p>
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2.21%<o:p></o:p>
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113.9<o:p></o:p>
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Colgate-Palmolive Co.<o:p></o:p>
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CL<o:p></o:p>
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Consumer Staples<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
58<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
5.60%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
2.40%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
75.02<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 8;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
California Water Service<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
CWT<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Utilities<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
54<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
3.63%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
1.46%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
63.01<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 9;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Dover Corp.<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
DOV<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Industrials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
66<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
8.22%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
1.22%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
163.85<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 10;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Emerson Electric<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
EMR<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Industrials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
65<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
4.03%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
2.35%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
87.84<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 11;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Farmers & Merchants Bancorp<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
FMCB<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Financials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
59<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
2.50%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
1.62%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
965.04<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 12;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Federal Realty Inv. Trust<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
FRT<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Real Estate<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
54<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
4.74%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
3.49%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
122.67<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 13;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
H.B. Fuller Company<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
FUL<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Materials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
52<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
8.84%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
0.92%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
73.16<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 14;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Genuine Parts Co.<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
GPC<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Consumer Discretionary<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
65<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
6.75%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
2.55%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
127.74<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 15;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
W.W. Grainger<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
GWW<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Industrials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
50<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
11.06%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
1.35%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
481.41<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 16;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Hormel Foods Corp.<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
HRL<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Consumer Staples<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
54<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
16.04%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
2.51%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
41.4<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 17;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Illinois Tool Works<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
ITW<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Industrials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
50<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
13.10%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
2.10%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
232.15<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 18;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Johnson & Johnson<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
JNJ<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Health Care<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
59<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
6.55%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
2.72%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
155.93<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 19;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Coca-Cola Company<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
KO<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Consumer Staples<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
59<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
6.42%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
3.20%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
52.45<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 20;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Lancaster Colony Corp.<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
LANC<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Consumer Staples<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
59<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
8.77%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
2.19%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
146.2<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 21;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Leggett & Platt<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
LEG<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Consumer Discretionary<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
50<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
4.30%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
4.16%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
40.39<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 22;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Lowe’s Companies<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
LOW<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Consumer Discretionary<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
59<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
18.85%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
1.31%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
244.59<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 23;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
3M Company<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
MMM<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Industrials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
63<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
10.84%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
3.48%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
170.04<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 24;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Altria Group Inc.<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
MO<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Consumer Staples<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
52<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
9.06%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
8.44%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
42.64<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 25;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
MSA Safety Inc.<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
MSA<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Industrials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
50<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
5.62%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
1.23%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
143.32<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 26;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Nordson Corp.<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
NDSN<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Industrials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
58<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
14.65%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
0.80%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
254.19<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 27;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
National Fuel Gas <o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
NFG<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Utilities<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
51<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
2.61%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
3.15%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
57.81<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 28;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Northwest Natural Gas<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
NWN<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Utilities<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
66<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
1.30%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
4.48%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
43.12<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.75pt; mso-yfti-irow: 29;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Procter & Gamble Co.<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
PG<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Consumer Staples<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
65<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
5.16%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
2.41%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
144.58<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.0pt; mso-yfti-irow: 30;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Parker-Hannifin Corp.<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
PH<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Industrials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
65<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
12.65%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
1.36%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
302.06<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.0pt; mso-yfti-irow: 31;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
PPG Industries, Inc.<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
PPG<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Materials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
50<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
6.78%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
1.53%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
154.17<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.0pt; mso-yfti-irow: 32;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
Stepan Company<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” width=”64″>
SCL<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 111.0pt;” width=”148″>
Materials<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;” width=”77″>
54<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;” width=”79″>
8.71%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
1.19%<o:p></o:p>
</td>
<td nowrap style=”border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;” valign=”bottom” width=”64″>
112.71<o:p></o:p>
</td>
</tr>
<tr style=”height: 15.0pt; mso-yfti-irow: 33;”>
<td nowrap style=”border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;” width=”213″>
SJW Corp.<o:p></o:p>
</td>
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SJW<o:p></o:p>
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Utilities<o:p></o:p>
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54<o:p></o:p>
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6.53%<o:p></o:p>
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2.02%<o:p></o:p>
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67.35<o:p></o:p>
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Stanley Black & Decker<o:p></o:p>
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SWK<o:p></o:p>
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Industrials<o:p></o:p>
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54<o:p></o:p>
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7.57%<o:p></o:p>
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1.81%<o:p></o:p>
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174.76<o:p></o:p>
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Target Corporation<o:p></o:p>
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TGT<o:p></o:p>
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Consumer Discretionary<o:p></o:p>
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50<o:p></o:p>
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12.30%<o:p></o:p>
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1.48%<o:p></o:p>
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243.84<o:p></o:p>
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Tennant Company<o:p></o:p>
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TNC<o:p></o:p>
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Industrials<o:p></o:p>
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50<o:p></o:p>
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4.20%<o:p></o:p>
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1.27%<o:p></o:p>
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78.66<o:p></o:p>
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Tootsie Roll Industries<o:p></o:p>
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TR<o:p></o:p>
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Consumer Staples<o:p></o:p>
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52<o:p></o:p>
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4.22%<o:p></o:p>
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1.14%<o:p></o:p>
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31.45<o:p></o:p>
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Universal Corporation<o:p></o:p>
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UVV<o:p></o:p>
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Consumer Staples<o:p></o:p>
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51<o:p></o:p>
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4.99%<o:p></o:p>
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6.70%<o:p></o:p>
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46.57<o:p></o:p>
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</tbody></table></div><div class=”separator” style=”clear: both; text-align: center;”><div class=”separator” style=”clear: both;”><div style=”text-align: left;”><div style=”text-align: justify;”> </div><div style=”text-align: justify;”>There are five companies which are set to potentially join the elite list of dividend kings by the end of 2022. These companies have a 49 year record of annual dividend increases:</div><div style=”text-align: justify;”> </div><div style=”text-align: justify;”><div>The Gorman-Rupp Company (GRC)</div><div>Kimberly-Clark Corporation (KMB)</div><div>Middlesex Water Company (MSEX)</div><div>PepsiCo, Inc. (PEP)</div><div>V.F. Corporation (VFC)</div><div> </div></div></div><div style=”text-align: left;”><div style=”text-align: justify;”> </div><div style=”text-align: justify;”>This track record is a testament to the stability of the underlying businesses that generated the earnings growth necessary to grow the dividend for half a century (and longer). This track record is an indication of a business that is relatively immune to outside shocks. This resilience throughout the period manifests itself into the long stretch of dividend increases, spanning over half a century.</div><div style=”text-align: justify;”> </div><div style=”text-align: justify;”>While these companies are not investment recommendations, I post them as examples for further study by serious dividend investors. Studying the businesses, their industries, could give you clues as to the type of business that can flourish over a half of a century.</div></div></div></div><div class=”separator” style=”clear: both; text-align: center;”> </div><div class=”separator” style=”clear: both; text-align: justify;”>The chart below shows the historical performance of the Dividend Kings list since 2007. I will update the data by the end of 2020.</div><div class=”separator” style=”clear: both; text-align: justify;”> </div><div class=”separator” style=”clear: both; text-align: justify;”>If you had invested an equal amount in the dividend kings list starting at the end of 2007, and made updates along the way, along with re-balancing annually to an equal weighted position, you would have done well. The <a href=”https://www.dividendgrowthinvestor.com/2018/06/historical-performance-of-dividend.html” style=”text-align: left;” target=”_blank”>dividend kings list did better than S&P 500</a> over time, although it did not best it every single year.</div><div class=”separator” style=”clear: both; text-align: justify;”> </div><div class=”separator” style=”clear: both; text-align: center;”> </div><div class=”separator” style=”clear: both; text-align: center;”><div class=”separator” style=”clear: both;”><div class=”separator” style=”clear: both;”><div class=”separator” style=”clear: both;”><a href=”https://lh3.googleusercontent.com/-r6E9WdcN1GM/YcP0fHiCLJI/AAAAAAAAN6w/tg5h3scuj-IkyOa_m7tL2-8dFSK9z8HFgCNcBGAsYHQ/image.png” style=”margin-left: 1em; margin-right: 1em;”><img alt data-original-height=”562″ data-original-width=”860″ height=”418″ src=”https://lh3.googleusercontent.com/-r6E9WdcN1GM/YcP0fHiCLJI/AAAAAAAAN6w/tg5h3scuj-IkyOa_m7tL2-8dFSK9z8HFgCNcBGAsYHQ/w640-h418/image.png” width=”640″></a></div></div></div></div> As I mentioned above, I have been compiling the list of dividend kings since 2010. To view the historical changes in the list, please follow the links below:</div><div> </div><div><a href=”https://www.dividendgrowthinvestor.com/2020/12/dividend-kings-list-for-2021.html” target=”_blank”>Dividend Kings List for 2021</a></div><div> </div><div><a href=”https://www.dividendgrowthinvestor.com/2019/12/dividend-kings-list-for-2020.html” target=”_blank”>Dividend Kings List for 2020</a><a href=”https://www.dividendgrowthinvestor.com/2018/12/dividend-kings-list-for-2019.html” target=”_blank”>Dividend Kings List For 2019</a><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”><a href=”http://www.dividendgrowthinvestor.com/2017/12/2018-dividend-kings-list.html” target=”_blank”>2018 Dividend Kings List</a></div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”> </div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”><a href=”http://www.dividendgrowthinvestor.com/2016/12/dividend-kings-list-for-2017.html” target=”_blank”>Dividend Kings List for 2017</a></div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”> </div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”><a href=”http://www.dividendgrowthinvestor.com/2015/12/dividend-kings-for-2016.html” target=”_blank”>Dividend Kings for 2016</a></div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”> </div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”><a href=”http://www.dividendgrowthinvestor.com/2015/01/dividend-kings-list-for-2015.html” target=”_blank”>Dividend Kings List for 2015</a></div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”> </div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”><a href=”http://www.dividendgrowthinvestor.com/2014/01/the-dividend-kings-list-for-2014.html” target=”_blank”>The Dividend Kings List for 2014</a></div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”> </div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”><a href=”http://www.dividendgrowthinvestor.com/2013/01/the-dividend-kings-list-keeps-expanding.html” target=”_blank”>The Dividend Kings List Keeps Expanding in 2013</a></div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”> </div><div style=”font-family: "times new roman"; font-size: 16px; font-variant-east-asian: normal; font-variant-numeric: normal; margin: 0px;”><a href=”http://www.dividendgrowthinvestor.com/2012/01/eleven-dividend-kings-raising-dividends.html” target=”_blank”>Eleven Dividend Kings, Raising dividends for 50+ years</a> (2012 list)</div><div style=”margin: 0px;”><div style=”font-family: "times new roman"; font-size: 16px;”><a href=”http://www.dividendgrowthinvestor.com/2010/02/ten-dividend-kings-raising-dividends.html” target=”_blank”> </a><a href=”http://www.dividendgrowthinvestor.com/2010/02/ten-dividend-kings-raising-dividends.html” target=”_blank”>Ten Dividend Kings raising dividends for over 50 years</a> (2010 list)</div><div style=”font-family: "times new roman"; font-size: 16px;”> </div><div style=”font-family: "times new roman"; font-size: 16px;”><a href=”https://www.dividendgrowthinvestor.com/2018/07/evolution-of-dividend-kings-list-over.html” target=”_blank”>Evolution of the Dividend Kings List Before 2010</a><a href=”https://www.dividendgrowthinvestor.com/2018/06/historical-performance-of-dividend.html” target=”_blank”>Historical Performance of the Dividend Kings List</a></div><div style=”font-family: "times new roman"; font-size: 16px;”> </div></div> Thank you for reading!PS Note that Parker-Hannifin’s track record is based upon dividend payments for its Fiscal Year rather than the Calendar Year. The fiscal year runs from July 1 to June 30.Therefore, the FY 2015 dividend was $2.37/share ( one dividend payment of 48 cents/share plus three dividend payments of 63 cents/share). The FY 2016 dividend was $2.52/share ( four dividend payments of 63 cents/share) The FY 2017 dividend was $2.58/share ( two dividend payments of 66 cents/share plus two dividend payments of 63 cents/share)Because of the use of Fiscal Years, rather than Calendar Years, I excluded Parker – Hannifin from <a href=”http://www.dividendgrowthinvestor.com/2010/02/ten-dividend-kings-raising-dividends.html” target=”_blank”>the first list of dividend kings that I compiled in 2010</a>.</div>
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Fri, 24 Dec 2021 14:39:38 -0800 noreply@blogger.com (D)
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Twelve Companies Rewarding Shareholders With a Raise http://www.dividendgrowthinvestor.com/2021/12/twelve-companies-rewarding-shareholders.html
tag:blogger.com,1999:blog-3584696203336871201.post-4178622323730054258
 I am a long-term dividend growth investor. I buy companies with a long streak of annual dividend increases, <a href=”http://www.dividendgrowthinvestor.com/2015/06/how-to-value-dividend-stocks.html” target=”_blank”>at the right valuation</a>, and I hold them for as long as they do not cut dividends. I am a very patient buy and hold investor. My goal has always been to achieve a certain level of target dividend income. I invest with the end goal in mind, which is to generate that income to pay bills in retirement, and have it grow above the rate of inflation.I have discussed before <a href=”https://www.dividendgrowthinvestor.com/2020/10/how-to-find-companies-for-my-dividend.html” target=”_blank”>the process I follow to come up with investment ideas</a>. One of the ways I come up with ideas is during my monitoring process. Every week, I compile the list of dividend increases, and focus on those companies with at least a ten year history of annual dividend increases. I want to focus on companies that have managed to raise their dividends through the ups and downs of an economic cycle. This gives me a better feel that these dividends are coming from a sustainable business model, not a company that simply got lucky. I want dividends I can count on, whether we have a recession or a boom.<a href=”http://www.dividendgrowthinvestor.com/2013/11/how-to-read-my-weekly-dividend-increase.html” target=”_blank”>My monitoring process</a> around dividend increases helps me to see how existing portfolio holdings are doing. It also helps me identify new ideas for further research.In general, I look at the dividend increase, and compare it to the rate of dividend growth during the past five or ten years. It is helpful to see how sticky the dividend growth rate really is.Next, I look at trends in earnings per share, in order to determine if the dividend is on solid ground. Without growth in earnings per share, there is a natural limit to future dividend increases. This step is best done when I review trends in the payout ratio as well.I also <a href=”http://www.dividendgrowthinvestor.com/2015/06/how-to-value-dividend-stocks.html” target=”_blank”>look at valuation</a>, but I will have to tell you that valuation is more art than science. You have to look at trends in earnings and dividends, along with the valuation metrics such as P/E ratio and dividend yield. You also have to determine if those trends could last.During the past week, there were several companies that met the criteria as discussed above. The companies include: <div class=”separator” style=”clear: both; text-align: center;”><a href=”https://blogger.googleusercontent.com/img/a/AVvXsEjdGanf_rgVmPail7y9432Gm5iuNN0gTjRn5S0REMH0YBN7wIM3kZwRC8IgJd2MWc8KCrW_lwiGkkVx6GeIaa4VcO0z29osnekqoLbfwpv_t7q8mXgBqc1sQyVq6hoVQ38Ao4yMCSaZAIPJfIYIn1W9nzJcRCdRcwUQQQjHooB1Rs59OnC6-QlA74_x=s826″ imageanchor=”1″ style=”margin-left: 1em; margin-right: 1em;”><img border=”0″ data-original-height=”273″ data-original-width=”826″ src=”https://blogger.googleusercontent.com/img/a/AVvXsEjdGanf_rgVmPail7y9432Gm5iuNN0gTjRn5S0REMH0YBN7wIM3kZwRC8IgJd2MWc8KCrW_lwiGkkVx6GeIaa4VcO0z29osnekqoLbfwpv_t7q8mXgBqc1sQyVq6hoVQ38Ao4yMCSaZAIPJfIYIn1W9nzJcRCdRcwUQQQjHooB1Rs59OnC6-QlA74_x=s16000″></a></div> <div class=”separator” style=”clear: both; text-align: center;”> </div><div class=”separator” style=”clear: both; text-align: center;”><div style=”text-align: justify;”>This is a list of companies for further review. Most seem attractive as businesses, but that doesn’t mean that they should be invested in at any price, regardless of valuation.</div></div><div class=”separator” style=”clear: both; text-align: justify;”> </div><div class=”separator” style=”clear: both; text-align: justify;”>The next step is to check each business, in order to determine if it is worth further review. I would look at ten year trends in earnings per share, dividends per share, payout ratios, shares outstanding. I would try to understand what the business does, and make an assessment if the good times would continue, so that I can expect higher earnings, dividends and intrinsic values over time. I would look at the valuation relative to earnings and dividend growth, in order to determine if the business is fairly valued, if it looks promising too. For a sample analysis of American Tower (AMT) from a few months ago, <a href=”https://www.dividendgrowthinvestor.com/p/american-tower-amt-dividend-stock.html” target=”_blank”>check this article</a>. </div><div class=”separator” style=”clear: both; text-align: justify;”> </div><div class=”separator” style=”clear: both; text-align: justify;”>I also wanted to note that the data for American Tower (AMT) is based upon FFO/share, not EPS/share. </div><div class=”separator” style=”clear: both; text-align: justify;”> </div><div class=”separator” style=”clear: both; text-align: justify;”> </div><div class=”separator” style=”clear: both; text-align: justify;”><div class=”separator” style=”clear: both;”>Companies listed in this post include: AMT, BCPC, BEN, BMY, ENSG, FMAO, NWFL, SEIC, TTC, WASH, WDFC</div><div class=”separator” style=”clear: both;”> </div></div><div class=”separator” style=”clear: both; text-align: justify;”> </div><div class=”separator” style=”clear: both; text-align: justify;”>Relevant Articles:</div><div class=”separator” style=”clear: both; text-align: justify;”> </div><div class=”separator” style=”clear: both; text-align: justify;”>- <a href=”https://www.dividendgrowthinvestor.com/2021/12/sixteen-companies-delivering-value-to.html” target=”_blank”>Sixteen companies delivering value to their shareholders</a></div><div class=”separator” style=”clear: both; text-align: justify;”>- <a href=”https://www.dividendgrowthinvestor.com/2021/11/four-companies-rewarding-their-thankful.html” target=”_blank”>Four Companies Rewarding Their Thankful Shareholders With a Raise</a></div><div class=”separator” style=”clear: both; text-align: justify;”>- <a href=”https://www.dividendgrowthinvestor.com/2021/11/seven-companies-committed-to-growing.html” target=”_blank”>Seven companies committed to growing dividends</a></div><div class=”separator” style=”clear: both; text-align: justify;”>- <a href=”https://www.dividendgrowthinvestor.com/2021/10/twelve-companies-rewarding-shareholders.html” target=”_blank”>Twelve Companies Rewarding Shareholders With Regular Dividend Increases</a></div><div> </div><div> </div><div> </div><div> </div>
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Mon, 20 Dec 2021 09:20:09 -0800 noreply@blogger.com (D)
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dividend increase

Just Do It http://www.dividendgrowthinvestor.com/2021/12/just-do-it.html
tag:blogger.com,1999:blog-3584696203336871201.post-4405774220182975979
Investing is simple, but not easy. We all know that we should own great quality companies, which offer great products and services that consumer like. We also know to diversify, not trade too much, and keep investment expenses low. However, we also know that we should not overpay for quality companies as well. In addition, we know that we should not time the markets.The fascinating part for me is that a lot of investors I speak to seem to agree with the last two statements. They know that we should not time the markets. They also know that we should not overpay for quality companies. While many investors seem to understand the theory, real world application is quite often the tough part.The first hurdle is that waiting for a company to fall to a certain price and not investing right away is a form of market timing. This is where it is important to understand that a lot of platitudes about the stock market are just that. They are not an objective strategy to guide you through the ups and downs and the changes in the stock markets. Until you develop a strategy to invest, you would be like a blind person. Once you develop even a rudimentary strategy, and you start executing on it, you are on your way to success. This is essentially what I did between 2007 – 2008, as I was developing <a href=”https://www.dividendgrowthinvestor.com/2011/03/my-entry-criteria-for-dividend-stocks.html” target=”_blank”>my screening criteria</a>, my diversification criteria, and overall portfolio management guide.Once you start following a strategy, the next logical step would be to keep improving on it. Continuous improvement is a management concept from Japan, which has helped a lot of companies do their best. This concept can be applied successfully to the world of investing.I have done Dividend Growth Investing over the past 10 – 15 years, and documented my evolution on this very site here. As I kept investing, I kept noticing some recurring themes. Notably, I would identify great companies which checked on all of the boxes. However, I would not invest either because the yield was lower than some arbitrary measure I had set, or the P/E ratio was higher than an arbitrary measure I had set. In a way, I was timing the market. Even worse, I was not investing in some good quality companies, but buying stock in companies that appeared cheap, but they turned out to be value traps. The companies I skipped on turned out to do very well, and conquer the world. I was lucky to buy into some of them when they had temporary set-backs, like when Visa was selling around 20 times forward earnings in 2015 for example. But I also missed out on others.This is where I will insert a few quotes from Buffett, to reiterate the point I am trying to make.”It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”“Time is the friend of the wonderful business, the enemy of the mediocre.”Quite often over the past 10 – 15 years I would see a company selling a little above the top of my valuation range. I would like the company, the business, its prospects, but I would sit there, waiting for a dip that never arrived.I realized that I had set out some screening criteria which appeared to be an example of discipline and prudence. In reality, I was a little stubborn not to invest in quality companies when presented with the opportunity.I realized that if I identify a great company, I should just invest in it. I understand that I should not overpay dearly for a great company too. However, valuing companies is more art than science. A company with a low P/E ratio that doesn’t grow earnings is more expensive than a company with a higher P/E ratio that grows earnings. You have to take into consideration the quality of the earnings stream, the possibility for future earnings growth, the possibility for disruption down the road, how long that earnings stream can last for, and how cyclical that stream is.In general, a lot of companies are priced fairly. You can say that a company may be overvalued by a little or undervalued by a little. It doesn’t matter, because I am not in the business of forecasting short-term fluctuations in share prices. I am in the business of investing for the long-term. So as such, I benefit from along-term trends in the business, that would lift earnings, dividends and intrinsic values. Even if I overpay slightly for a quality business, over the long-run, overpayment would turn out to be a small rounding error. The far bigger problem would be NOT investing in the first place, notably because of something.In the long run, growth in earnings contributes more than expansion of price/earnings multiples, as evidenced by this chart from Fundsmith:<div class=”separator” style=”clear: both; text-align: center;”><a href=”https://pbs.twimg.com/media/FE9f5p9VcAo6cer?format=jpg&name=medium” style=”margin-left: 1em; margin-right: 1em;”><img border=”0″ data-original-height=”449″ data-original-width=”800″ height=”359″ src=”https://pbs.twimg.com/media/FE9f5p9VcAo6cer?format=jpg&name=medium” width=”640″></a></div>(I would add reinvested dividends too however)All of this works however, if you are going to be a patient long-term investor who will hold through thick or thin. You will not lose hope even if a position takes 5 – 10 years to start working out. You have to understand that not all positions would work, but on the aggregate, the portfolio will work wonders for the patient and persistent investor. This eliminates a large portion of the population however.This also works great for investors who buy every month. In my opinion, the ability to invest every month is more important than the ability to buy and the bottom and sell at the top. In other words, time in the market beats timing the market. At least <a href=”https://www.dividendgrowthinvestor.com/2020/10/time-in-market-beats-timing-market.html” target=”_blank”>that’s what my research found out</a>.<div class=”separator” style=”clear: both; text-align: center;”><div class=”separator” style=”clear: both; text-align: center;”><a href=”https://1.bp.blogspot.com/-8iuTc9wCyEc/X4TOhqASSfI/AAAAAAAAKIU/yswl3IjA9cMDurQkzMtJy_fnvVnRr5aCwCNcBGAsYHQ/s700/hiloclo.png” style=”margin-left: 1em; margin-right: 1em;”><img border=”0″ data-original-height=”395″ data-original-width=”700″ height=”362″ src=”https://1.bp.blogspot.com/-8iuTc9wCyEc/X4TOhqASSfI/AAAAAAAAKIU/yswl3IjA9cMDurQkzMtJy_fnvVnRr5aCwCNcBGAsYHQ/w640-h362/hiloclo.png” width=”640″></a></div> <div class=”separator” style=”clear: both; text-align: left;”>I intuitively understood that <a href=”https://www.dividendgrowthinvestor.com/2020/02/regular-investing-beats-buying-at.html” target=”_blank”>Regular Investing Beats Buying At The Bottom Every Time</a>, as illustrated by my example with Johnson & Johnson (JNJ). But crunching some numbers above helped solidify my understanding even better.</div></div>The exercise that really opened my eyes was when I played some more with some historical data.I compared a few different scenarios, in order to see if I can optimize my current situation. I compared investing a lump sum at the beginning of the year with spreading it over the next 12 months. It turned out that lump-sum investing did better than spreading it over. Check this article on <a href=”https://www.dividendgrowthinvestor.com/2019/09/dollar-cost-averaging-versus-lump-sum.html” target=”_blank”>dollar cost averaging versus lump sum investing</a>:<div class=”separator” style=”clear: both; text-align: center;”><a href=”https://blogger.googleusercontent.com/img/a/AVvXsEhnGGoal1LNdc8uLxcUUzQorfgj4xM3xzDYy8Da4oOnr3HBUGBsjroKSg4FEgWZr13Kf19idmospX7J3yurhgFhRM0j9ZRMPg81vYNvZ4ojKTRgJlvZ9j4ga8vv8Pb-VseewB6-5pl0z3uB_z8nprMvhqJ4tqLHCE45723A6cb4YS8nRFg43AY2-PLp=s781″ style=”margin-left: 1em; margin-right: 1em;”><img border=”0″ data-original-height=”781″ data-original-width=”385″ src=”https://blogger.googleusercontent.com/img/a/AVvXsEhnGGoal1LNdc8uLxcUUzQorfgj4xM3xzDYy8Da4oOnr3HBUGBsjroKSg4FEgWZr13Kf19idmospX7J3yurhgFhRM0j9ZRMPg81vYNvZ4ojKTRgJlvZ9j4ga8vv8Pb-VseewB6-5pl0z3uB_z8nprMvhqJ4tqLHCE45723A6cb4YS8nRFg43AY2-PLp=s16000″></a></div>This is successful, because the US market historically goes up. That’s because earnings go up, companies pay dividends that go up and they get reinvested. Earnings that are not distributed are reinvested as well, which further grows business earnings power ( on aggregate). If you look at historical data, US markets are up in 70% of the years. That’s a very strong long-term tailwind. Yes, there will be days, months, years and perhaps even a decade where stocks go nowhere. Example was the 1930s, 1970s and 2000s. But the probability of a higher decade is much higher than for a lower decade. On a random day, there is just a 50% probability that stocks would go up or down. But on an annual or decade basis, it is 70% to 80%.As you can see, the stock market as a whole tends to exhibit an upward bias over time. It is not all the time of course, and there are always obstacle along the way. There are always clouds on the horizon, and changes. There are always “reasons” to sell or not to invest. Yet, it has built a lot of wealth over the past decades for patient, long-term investors.<div class=”separator” style=”clear: both; text-align: center;”><a href=”https://lh3.googleusercontent.com/-v7DrrhnxjNM/Ybty37_TUCI/AAAAAAAAN40/dPQJ4_7WHHIVL5A16AlyXU7Jxh5g3wZPwCNcBGAsYHQ/image.png” style=”margin-left: 1em; margin-right: 1em;”><img alt data-original-height=”384″ data-original-width=”951″ src=”https://lh3.googleusercontent.com/-v7DrrhnxjNM/Ybty37_TUCI/AAAAAAAAN40/dPQJ4_7WHHIVL5A16AlyXU7Jxh5g3wZPwCNcBGAsYHQ/s16000/image.png”></a></div>Source: BlackrockI did this on purpose, because a lot of readers have kept asking me if they should wait for a market crash or a decline, before they put money to work.I also tested whether it makes sense to buy at the top each month, at the bottom each month or jut at the closing price for an index fund. This is a proxy for a stock portfolio. Turns out that being always wrong each month or always right each month is just overrated. The goal is to select good quality companies, and buy them each month whenever you have money to invest. Instead of waiting for a dip, buy when you have money to invest.This approach works best for someone like me, who is investing every month, and is buying several companies for their portfolio on a regular basis.For the past several years, whenever I have had money to invest, and quality companies to invest in, I would just invest in it. What is the point of this article?Investing is difficult. We do not know exactly how the future would turn out. Nobody really knows for sure if a stock is cheap today or expensive. This is why our valuation techniques should be questioned constantly, because they are prone to error.  A company with a low P/E may turn out to be more expensive than a company with a high P/E, if the latter grows earnings and the former doesn’t.  It’s a balancing act, where we do not want to chase yield or chase growth and overpay for it. Valuation is part art, part science, which is why formulaic investing can fail you, if you do not have enough fail safe mechanisms in place. Selecting quality companies is a good start, as is diversifying across companies, industries, and time. Continuously reviewing investments, and your process, can help identify improvement opportunities.In my case, I still start my review by looking at growth in earnings per share, dividends per share, dividend payout ratio, buyback history. I also look at trends in P/E ratios over the past decade, in addition to P/E ratios along with dividend growth to make a quick estimate of company quality, profitability and possibility for this future growth to continue. I have realized that having a minimum yield is counter-productive, so I have eliminated that from my process. I have also realized that having a P/E of 20 is overly limiting as well, so I have removed that from my process as well. That doesn’t mean I will be willingly paying 40 times earnings for a company. But I would consider paying up to 30 times forward earnings for a quality company that can grow earnings over the future. Investing is all about finding the right balance in my opinion, and not being too rigid. But not being too complacent either. In my case, it is also easy to just invest in a lot of companies every month, through the ups and downs. This is a smoothing mechanism, that takes care of things for me. I have also increasingly started DRIPing my dividends, rather than pool them and allocate them manually.The goal of this exercise is to overcome my fears, and invest decisively, without paralysis by analysis.So next time I identify a quality company with good prospects that’s not excessively expensive, I will think of the following right before I click the “buy” button:“Just do it”<div> </div>
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Thu, 16 Dec 2021 09:12:02 -0800 noreply@blogger.com (D)
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