The DivGro Weekly—14.11.25

201 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when ADP increased its dividend by 10.4%. We also collected our quarterly dividends from Mastercard and American Express and became entitled to our quarterly dividends from Poolcorp and Visa, all meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 201 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.3%.

Mastercard

With 3.6 billion issued cards, Mastercard (together with DivGro sister holding Visa) is a dominant player in the payment processing ecosystem, having switched 45 billion transactions in the last quarter alone. Since its 2006 IPO, Mastercard has multiplied its dividend almost 100x — a feat facilitated by the company’s ability to consistently grow its core payment processing businesses while simultaneously identifying fast-growing, high-margin adjacencies. Recent examples include digital advertising and loyalty program optimisation services; these leverage Mastercard’s unique and vast datasets as well as security and authentication services for the emerging agentic commerce category. Mastercard is ideally positioned to win in these nascent categories as aspirant upstarts recognise that partnering with Mastercard, to harness its reputation and infrastructure, as well as billions of already established endpoints, is a more sensible approach than building from scratch. With its entrenched dominance and privileged position in new, fast-growing categories, Mastercard appears poised to extend its outstanding dividend growth trajectory.