Dividend growth is supposed to be the safe corner of the market — but what happens when geopolitics, inflation shocks, and an evolving AI trade collide all at once? In this episode of In the Money with Amber Kanwar, Amber sits down with Amritha Kasturirangan, Co-Lead Portfolio Manager of the Franklin U.S. Rising Dividends Fund at Franklin Templeton, to break down how she’s navigating markets in a time of war. Running a $30 billion strategy built on dividend growth, she explains why she’s not chasing yield — but instead using consistent dividend growth as a signal of resilient, high-quality businesses that can hold up through uncertainty.
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Three dividend growth stocks:
Industrial leader with aerospace and defense exposure — a classic self-help story rerating from cyclical machinery to industrial compounder.
- Deliberate mix shift to higher-margin, longer-cycle end markets: Aerospace and defense now represent a growing share of the business, delivering more stable, higher-margin revenue in an uncertain macro backdrop.
- Structural margin expansion engine: Lean operations, disciplined pricing, and the portfolio mix shift drove EPS growth that substantially outpaced revenue last year — a repeatable flywheel.
- Virtuous M&A flywheel: Successful bolt-on and larger acquisitions are integrating cleanly and accelerating growth, creating a self-reinforcing growth platform that can run for multiple years.
Analog Devices (ADI)
Analog chipmaker that translates real-world signals (temperature, motion, power, sound) into digital data — offering broad diversification and secular tailwinds far beyond AI.
- Diversified exposure across multiple secular megatrends: Chips are critical in industrial automation, robotics, IoT, electric vehicles (2–3× the analog content of ICE vehicles), and advanced driver-assistance systems — reducing reliance on any single end market.
- Long runway of structural demand: Increasing sensor and analog content in everything from factories to cars to connected appliances creates a multi-year growth tailwind that is still in early innings.
- Natural hedge to pure-play AI tech: Provides balanced tech exposure with defense, automotive, aerospace, and consumer applications — attractive for portfolios seeking diversification within the sector.
Ross Stores (ROST)
Off-price retail powerhouse delivering branded merchandise at deep discounts — a resilient consumer play that just hit a fresh record high even in a nervous market.
- Turnaround flywheel under new CEO: Fresh merchandising mix, stepped-up marketing (Instagram focus), and store refreshes are successfully attracting younger consumers to the iconic “treasure hunt” shopping experience.
- Value proposition that resonates in any economy: Deep discounts and trade-down appeal are pulling both core lower-income shoppers and stressed middle-income consumers, a dynamic that has historically strengthened in tough times (and post-GFC).
- Proven, lean operator with enduring model: Frugal culture, strong execution, and an in-store experience that e-commerce struggles to replicate have delivered consistent performance in both good and bad economies — plus a track record of meaningful dividend growth.
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DISCLAIMERS: This text AI generated and should be checked against actual delivery. The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice. The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.
