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Dividend Equity Strategy

The strategy seeks a high level of current income and long-term growth of income and capital through a high-quality portfolio of large-cap, dividend-paying equity securities. The strategy employs fundamental input from a deeply experienced equity research team through a disciplined and repeatable process focused on elements supported by theory and evidence.

The strategy’s unique approach results in a portfolio of high-quality companies with sustainable competitive advantages and high returns on capital that should pay reliable, growing dividends at reasonable valuations.

Strategy Overview:

  • Seeks current income and capital appreciation
  • Balances dividend yield and dividend growth
  • Prioritizes risk management
  • Invests in high-quality companies with:
    - Sustainable competitive advantages
    - High returns on capital
    - Reliable and growing dividends
    - Reasonable valuations

Dividend Equity Commentary (PDF)

Dividend Equity Fact Sheet (PDF)

Large Cap / Dividend Income
S&P 500
Jan. 1, 2016


The team believes:

  • Dividend paying stocks tend to outperform over time with less risk
  • Companies with high barriers to entry sustain excess profits over time that promote dividend growth
  • Traditional dividend strategies often have unintentional embedded exposures
  • Avoid large exposures that are not supported by strong investment rationale

Portfolio Construction

The portfolio managers work directly with industry specific analysts to construct the portfolio. The iterative process balances top-down portfolio risk management with bottom-up security selection. Formal team portfolio reviews and daily communication guide trading activity within the portfolio based on, but not limited to, risk parameters, valuations, and overall business prospects. Portfolio guidelines include the following:

  • Sector exposures generally +/- 2% versus broad market (S&P 500)
  • Typically 65-90 holdings
  • At least 90% of the portfolio invested in S&P 500 securities
  • Max position size of 4% at purchase and 5% at market value
  • Top 10 holdings typically 20% to 30% of portfolio
  • Turnover typically 10% to 25%
Holdings subject to change without notice.

Strategy Facts

As of 12/31/2023
Assets Under Management
$4.3 billion
eVestment Universe U.S. Dividend Focus Equity
Investment Vehicle Separate Account
Mutual Fund



Austin Kummer

Austin R. Kummer, CFA

Managing Director, Senior Portfolio Manager

Career Summary
Fort Washington Investment Advisors, Inc.

BBA - Ohio University
MBA - Xavier University

Meet Austin Kummer
Jamie Wilhelm

James E. Wilhelm, Jr.

Managing Director, Senior Portfolio Manager

Career Summary
Riggs Investment Management
First Union Securities
Evergreen Funds
Salomon Smith Barney

BS - Wingate University
MBA - Johns Hopkins University

Meet James Wilhelm
Brendan White

Brendan M. White, CFA

Senior Vice President, Co-Chief Investment Officer

Career Summary
Ohio Casualty Corporation

BS - The Ohio State University
MBA - Xavier University

Meet Brendan White