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The Dividend Corner

The Dividend Corner

Written by: Bahl & Gaynor
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 The Dividend Corner, a podcast dedicated to providing mid-market updates and key trends impacting financial Investments by our host, Nick Puncer, Portfolio Manager & member of the Bahl & Gaynor Investment Committee. These updates will provide insights into our unique dividend growth investment approach, along with trends in macroeconomic shifts, and the impact on investments. Expert perspectives will take place through each episode, with in-depth conversations brought by the Bahl & Gaynor investment team.Copyright 2025 All rights reserved. Economics Personal Finance
Episodes
  • The Dividend Corner: 4Q2025 Review & Outlook

    The Dividend Corner: 4Q2025 Review & Outlook
    Jan 15 2026

    In this episode of The Dividend Corner, Nick Puncer walks through Six Charts for 2026 that frame Bahl & Gaynor’s outlook. Rather than offering forecasts, the discussion focuses on fundamental trends shaping markets today—including the scale of the AI infrastructure build-out, rising market concentration, valuation dispersion, and the importance of downside risk management. The episode highlights how history, valuation, and risk awareness can help investors navigate an increasingly concentrated but potentially opportunistic market environment.

    Disclosure: The views expressed in this podcast are those of the speakers as of the date of recording. They are for informational purposes only, not investment advice, and may change without notice. References to companies or securities are examples only, and not recommendations. Past performance is not a guarantee of future results and investing involves risk, including the possible loss of principal. Please see the full written disclosure appended to this podcast posting for additional important information.
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    14 mins
  • Special Edition: Healthcare — From Emergency Room to Recovery Room

    Special Edition: Healthcare — From Emergency Room to Recovery Room
    Dec 18 2025
    On this episode of The Dividend Corner, we’re going to dive deep into the Health Care sector with fellow Investment Committee member Kevin Gade, who’s part of our Health Care team. This is the first step in our journey to allow investors to look through the B&G lens and understand our positioning throughout various economic sectors. So Kevin, thanks a lot for your time today. Nick, it’s good to be here. The most recent sector deep dive that you shared with the committee was entitled Emergency Room to Recovery Room. Let’s start there. Can you talk about what justified that title? Yeah, certainly. Just to level set everything, Nick, it’s been an extremely brutal five years for any sector that you can classify as defensive, whether it’s healthcare, consumer staples, or utilities, and a lot of that is rational. It’s been an extremely strong bull market with the S&P up over 100%. So, it’s natural that there’s a lot of lag to the defensive Sectors. What that has really driven is a lot of narrowness—not only in the market overall with sectors, but as you lift under the hood, a lot of the sectors have really driven that narrowness. For Health Care specifically, Health Care actually kept up. It was a beneficiary coming out of the COVID pandemic, as you can imagine—innovation, testing, and pharmaceuticals. But really since 2024, almost in lockstep with the election, you saw a lot of policy headwinds appear. So that’s been a big driver of the decoupling of healthcare relative to the S&P 500 over the past 18 months. So it’s kind of election-based for now. Certainly, yeah. Health Care being a very diverse sector, many of the industries within it almost have their own policy overhangs that they’re dealing with at this time. That makes sense. And I shouldn’t say election-based—it’s probably more the political process, the policy-making process. Absolutely. Certainly something we’re aware of with Health Care. So that’s a great summary. And despite the challenges landing the sector in the emergency room, as it were, Health Care as a whole—among all the other S&P sectors—still has one of the highest Sharpe ratios. Can you provide some details about that? Yeah, absolutely. Health Care has been a long-term contributor to innovation in the marketplace. Whether it’s improvements in longevity driven by innovation in healthcare goods and services or the demand side, there’s been a focus on health here in the United States. And more broadly, globally, there’s been a growing middle class that’s helped the demand side. What we know from healthcare, for better or for worse for the consumer, is that it is an extremely inelastic good. It’s very much “when you need it, you need it.” So, from a business standpoint, that allows for reliability in the business model. The combination of innovation over the past 30 years and the reliable, steady business model that many of these companies have displayed has allowed Health Care to be the third best-performing sector over the past 30 years. On a risk-adjusted basis—return per unit of risk—it’s actually in second place. That’s a key focus for Bahl & Gaynor, in addition to companies with a growing stream of dividend income and compelling returns. That probably speaks to the value of compounding—that if you have a business model that just compounds with not a lot of variability over long timeframes, you get a pretty good outcome. You don’t need the highest absolute return, but that combination of return plus consistency is really powerful. Absolutely. Health Care, being the second best Sharpe ratio sector, shares top-three status with Consumer Staples and Utilities. By no means do you need the best return profile. The balance of return and stability creates a very compelling profile. I suspect healthcare also has one of the more attractive dividend yields. Does that play into it? Certainly. Across all strategies we manage at Bahl & Gaynor, Health Care has been a key anchor for dividend yield. The reliability of income streams—thanks to healthcare’s inelastic demand—lets companies reward shareholders through stable and growing dividends. A higher yield doesn’t necessarily mean the companies are mature or slow-growing; it reflects reliability. We actually see growth opportunities across the market cap spectrum. It’s interesting—the dividend yield might actually more reflect the variability of opinion of the public around the ability to compound. Part of the reason that we focus on above- average dividend yields is there might be an ability to add alpha if you have a well- informed opinion about the company because there’s disagreement on its future path. So we’re just looking for consistency of fundamentals to drive dividend growth, and that combined with a nice yield is hopefully additive to the portfolio’s objectives over time. Yeah, I would agree with that. That’s a hallmark of our strategies—we want ...
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    22 mins
  • The Dividend Corner: 4Q2025 Mid-Quarter Update

    The Dividend Corner: 4Q2025 Mid-Quarter Update
    Nov 20 2025

    4Q2025 Mid-Quarter Update

    In this episode of The Dividend Corner, Portfolio Manager Nick Puncer discusses current market dynamics and the balance between confidence and concentration across equity markets. With enthusiasm around AI, expectations for rate cuts, and strong equity performance shaping investor behavior, Nick explores how these themes are influencing both large-cap and small-mid market capitalization segments.

    He highlights the ongoing dividend growth outcomes Bahl & Gaynor seeks to deliver, contrasts the momentum-driven performance of unprofitable companies with the steady fundamentals of quality dividend payers, and examines what these trends mean for portfolio diversification and risk management. Ultimately, the conversation centers on helping investors stay constructive—focusing on fundamentals, discipline, and outcomes aligned with their long-term goals rather than short-term market sentiment.
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    11 mins
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