The DivGro Weekly—31.10.25

199 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when Visa increased its dividend by 13.6%. We also collected our quarterly dividend from Watsco, meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 199 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.4%.

Watsco

Watsco, our dominant HVAC distributor, recently paid its 200th consecutive quarterly dividend. This rare feat is only eclipsed by the company’s pace of dividend growth, rising more than 100-fold since 2000, with its stock price ascending in tandem. This year, Watsco faced a number of external challenges, including low housing turnover, muted new construction and regulatory changes in energy efficiency and refrigerants. Notwithstanding, Watsco continues to take share, investing aggressively towards faster sales growth and higher margins while extending its technology leadership. Inherently forward-thinking, Watsco was early to discontinue stocking systems using the now-obsolete refrigerant, stockpiling the new-standard systems instead while simultaneously assembling a cash war chest to deploy across acquisitions of smaller competitors at favourable prices. As the external challenges begin to subside, and with more than 120M systems installed which are gradually ageing, Watsco stands to seize an extensive replacement opportunity, precipitating a likely extension of its superb dividend growth record.