Will Muggia
President, Chief Executive Officer & Chief Investment Officer
Sector Focus
Dividend Growth Equity
Inception Date:
July 1, 2010
Strategy AUM:
$417M
BENCHMARK:
NASDAQ U.S. Dividend Achievers Select® Index
Status:
Open to new investors
Vehicles:
Separate Account
Active ETF
Strategy Overview
A concentrated portfolio of high-quality companies with durable cash flow generation and a demonstrated commitment to growing dividends. The strategy is designed to deliver consistent returns with lower volatility across market cycles.
Investment Approach
Dividend Growth Equity is built on the belief that companies with the ability and willingness to grow their dividends are often among the most fundamentally sound and financially disciplined. These businesses tend to generate durable free cash flow, allocate capital effectively, and demonstrate resilience across market environments.
The strategy seeks to deliver consistent returns and reduced volatility by investing in a concentrated portfolio of high-quality, dividend-growing companies. We focus on identifying businesses with strong balance sheets, defensible competitive positions, and the capacity to raise dividends over time—providing both income potential and downside support.
Dividend Growth is available as both a separate account and through a sole-subadvised active ETF. The strategy is managed by Will Muggia, President, CEO & CIO, and supported by the firm’s tenured Investment Team — a group of sector specialists with deep domain expertise across the market cap spectrum. The strategy is available
Key attributes of our approach include:
- Fundamental stock selection focused on quality and dividend durability
- Preference for companies with strong free cash flow and capital discipline
- Concentrated portfolio of 30-50 holdings
- Emphasis on consistent return profile with reduced drawdown risk
Performance and Exposures
Investment Performance
Preliminary Rates of Return (%) - Periods Ending September 30, 2025
Composite - Gross:
QTD
5.33
YTD
7.59
1-Year
7.07
3-Year
17.22
5-Year
12.61
10-Year
13.27
SI (JUL-10)
13.42
Composite - Net:
QTD
5.19
YTD
7.14
1-Year
6.48
3-Year
16.58
5-Year
11.95
10-Year
12.56
SI (JUL-10)
12.66
NASDAQ U.S. Div. Achiev. Select®:
QTD
5.58
YTD
12.49
1-Year
12.18
3-Year
19.98
5-Year
13.41
10-Year
13.77
SI (JUL-10)
13.45
S&P 500®:
QTD
8.12
YTD
14.83
1-Year
17.60
3-Year
24.94
5-Year
16.47
10-Year
15.30
SI (JUL-10)
15.19
Key Characteristics
As of September 30, 2025
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Characteristic | Portfolio | Benchmark |
|---|---|---|---|---|---|---|---|
| 22 | nhoyt | 10/10/2025 04:29 PM | nhoyt | 10/10/2025 04:29 PM | Dividend Yield (Wtd. Avg.) | 1.5% | 1.4% |
| 23 | nhoyt | 10/10/2025 04:29 PM | nhoyt | 10/10/2025 04:29 PM | 3-Year Historical Dividend Growth (Wtd. Avg.) | 12.2% | 9.9% |
| 24 | nhoyt | 10/10/2025 04:29 PM | nhoyt | 10/10/2025 04:29 PM | Cal Yr P/E 2026² | 24.5x | 25.0x |
| 25 | nhoyt | 10/10/2025 04:29 PM | nhoyt | 10/10/2025 04:29 PM | Forward EPS Growth 2026² | 13.3% | 11.9% |
| 26 | nhoyt | 10/10/2025 04:29 PM | nhoyt | 10/10/2025 04:29 PM | Number of Holdings | 43 | 302 |
| 27 | nhoyt | 10/10/2025 04:29 PM | nhoyt | 10/10/2025 04:29 PM | % in Top 10 Holdings | 43% | 37% |
| 28 | nhoyt | 10/10/2025 04:29 PM | nhoyt | 10/10/2025 04:29 PM | Wtd. Avg. Market Cap ($M) | $920,496 | $690,729 |
Top 10 Active Weights
As of September 30, 2025
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Security | Active Weight (%) | GICS Sector |
|---|---|---|---|---|---|---|---|
| 21 | nhoyt | 10/10/2025 04:31 PM | nhoyt | 10/10/2025 04:31 PM | NVIDIA Corporation | 4.98 | Info. Tech. |
| 22 | nhoyt | 10/10/2025 04:31 PM | nhoyt | 10/10/2025 04:31 PM | Meta Platforms Inc Class A | 4.19 | Comm. Svcs. |
| 23 | nhoyt | 10/10/2025 04:31 PM | nhoyt | 10/10/2025 04:31 PM | Mueller Industries, Inc. | 3.45 | Industrials |
| 24 | nhoyt | 10/10/2025 04:31 PM | nhoyt | 10/10/2025 04:31 PM | Arthur J. Gallagher & Co. | 3.44 | Financials |
| 25 | nhoyt | 10/10/2025 04:31 PM | nhoyt | 10/10/2025 04:31 PM | Williams Companies, Inc. | 3.00 | Energy |
| 26 | nhoyt | 10/10/2025 04:31 PM | nhoyt | 10/10/2025 04:31 PM | Tapestry, Inc. | 2.56 | Cons. Disc. |
| 27 | nhoyt | 10/10/2025 04:31 PM | nhoyt | 10/10/2025 04:31 PM | Primerica, Inc. | 2.51 | Financials |
| 28 | nhoyt | 10/10/2025 04:31 PM | nhoyt | 10/10/2025 04:31 PM | Mitsubishi UFJ Financial | 2.23 | Financials |
| 29 | nhoyt | 10/10/2025 04:31 PM | nhoyt | 10/10/2025 04:31 PM | Sumitomo Mitsui Financial | 2.08 | Financials |
| 30 | nhoyt | 10/10/2025 04:31 PM | nhoyt | 10/10/2025 04:31 PM | Wells Fargo & Company | 1.99 | Financials |
Sector Exposure
As of September 30, 2025
Source: FactSet. Representative Portfolio data shown as of 9/25/25 unless otherwise stated. Past performance is not indicative of future results - Please click here for GIPS® Compliant Presentation. Returns are annualized for periods greater than one year. Any third party data contained herein has been obtained from sources believed to be reliable, but the accuracy of the information cannot be guaranteed. ¹Active weights represent the top 10 active longs relative to the benchmark. Dual share classes are combined when calculating active weights. The holdings and percentages may not represent the current or future portfolio composition. Due to rounding and cash, sector weights may not sum to 100%. Portfolio characteristics may differ depending on specific client guidelines and restrictions.