Name: Dividends and Capital Appreciation
Uploaded: 2025-09-11T17:34:00Z
Duration: 4 min 13 s
Description: The stock market is expensive. What does that mean for your portfolio? Jack sits down with Franklin Templeton’s Matt Quinlan to talk dividend investing, and whether it’s a good move in a pricey market.

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The stock market is expensive. What does that mean for your portfolio? Jack sits down with Franklin Templeton’s Matt Quinlan to talk dividend investing, and whether it’s a good move in a pricey market.

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Dividends and Capital Appreciation

Do you think the stock market looks too expensive right now? And by the stock market, I mean the US stock market, specifically, let's say the S&P 500. Does it look too expensive?

No, we don't think so, and I would say for a couple reasons. One, if you look at the makeup of the market today in terms of the gross margins, the margin profile, the profitability profile of the market is much higher today, so it's obviously being led by that group of stocks at the top, but if you look at the number of companies that are having 0% gross margins today versus 10 years ago, it's about 10% higher. So the market is a lot more profitable, and if you look at those companies at the top, they're also driving really, really, really strong growth and innovating, so we don't think the market is expensive. We do think there's an opportunity for companies outside the Mag 7, outside of IT. That doesn't mean the IT sector will not do well, but we do think there's an opportunity for areas like financials, which is where we've been more excited over the last year, industrials to catch up with, some of the legislation, infrastructure spending, utilities, those types of things that can continue to do well.

Okay, good. Tell me about why dividends are important. Why should investors care? I thought all you do right now is you put your money in stocks that are exposed to AI and you just ride share prices endlessly higher. Who cares about quarterly payments to shareholders? Why should investors give a thought to dividends now?

Sure, so the dividend growth strategy makes a lot of sense. It is core equity exposure, so you're right, people have done very well in the Mag 7 and AI-oriented names. What dividend growth provides is a level of capital appreciation and resilience, so if you think about the companies that we are looking at, companies that can consistently and significantly increase their dividends over time, they're companies that are targeting large, addressable markets, leaders in their respective subcategories, showing capital discipline, appropriately reinvesting in the business, generating free cash flow that can then be paid in the form of dividends or reinvest back in the business, all of those support capital appreciation. But this group of stocks, this dividend growth universe is also more resilient. They tend to have more stable businesses, durable cash flows, all those things that allow a company to increase their dividend consistently, even in tougher markets. So it's a good balance between capital appreciation and resilience and stronger downside capture, and the result is, hopefully, a strong through-cycle performance and a relatively smoother ride. So we think a dividend growth strategy as a core equity exposure makes a lot of sense in a portfolio today.

How have dividend stocks in general done versus, let's say, the S&P 500? Have they had a hard time keeping up in recent years just because some of those go-go growth stocks have shot ahead?

They have in recent years, they obviously did quite well in '22. '23 and '24 were tougher years for dividend strategies. Over longer periods of time. I mean, decade, two decades, those types of parameters, dividend growth has actually outperformed. So the genesis of the dividend growth strategy is that companies that can increase their dividends over time outperform those companies that don't have a dividend or have a static dividend. So that's really the genesis of a dividend growth strategy. They have struggled more recently, as you mentioned, '23, '24. '25 has been a much better year. Markets where there is broader representation, where sectors like financials and industrials, those types of sectors, utilities, those types of things that can do well and it's not being led by a narrow group of stocks are good for dividend growth strategies, but to your point, it has been a tougher period to keep up with the S&P.

Dividends and Capital Appreciation

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