The DivGro Weekly—19.09.25

198 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when Microsoft increased its dividend by 9.6%. We also collected our quarterly dividends from Interactive Brokers, Cintas and Alphabet and became entitled to our quarterly dividend from ADP, all meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 198 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.4%.

DivGro in the Press

We recently featured on a number of podcasts, including Financial Standard, Money Magazine’s Friends with Money and Shares for Beginners.

ADP

Treasures are often hidden — perhaps that’s why certain quantitative screening systems overlook Automatic Data Processing (ADP). Given the company holds significant cash earning modest interest, said systems wrongly conclude that ADP must be a capital-intensive, low-return business. Au contraire. The 75-year-old world leader in payroll processing has established a superlative dividend growth record stretching 50 years, which has accordingly driven a parallel outperformance in its stock. So, what do some of these quantitative screenings miss? ADP possesses a rare and hard-to-replicate asset nourished over 75 years: trust. The company services more than one million global businesses, spanning 42 million employees, who entrust ADP to process their payrolls in an accurate and timely fashion — and from which ADP earns a free interest carry in addition to its per-employee fees. As payroll becomes increasingly complex, requiring a foundational level of trust, the proverbial wall protecting ADP’s business is difficult for aspirant entrants to climb, sheltering a verdant landscape for ADP to extend its formidable dividend growth record.