Core Insights - As market indexes approach all-time highs, investors are seeking ways to hedge against uncertainties in traditional equities [1] - The Nuveen Multi-Asset Income Fund (NMAI) is highlighted as a potential investment vehicle for generating income while maintaining total returns comparable to traditional index funds [1] Investment Strategy - The strategy involves a combination of classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds to enhance investment income [1] - This hybrid approach aims to achieve a total return that aligns with the performance of the S&P index [1]

Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and other income alternatives. 438 testimonials and most are 5 stars. Nothing to lose with our FREE 2-week trial .I'm one of these people as I have often made the case that I don’t see a bubble, while I'm fully aware of the unfavorable risk/reward that comes with this market and theLeo Nelissen is an analyst focusing on major economic developments related to supply chains, infrastructure, a ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) for Q3 2025 of CAD 0.87, an increase of CAD 0.02 compared to Q3 2024 [15] - Reported earnings for the quarter were CAD 409 million, or CAD 0.81 per common share, while year-to-date reported earnings were CAD 1.3 billion, or CAD 2.57 per common share [15] - Adjusted EPS for the year-to-date period was CAD 2.63, up CAD 0.18 compared to the same period last year [15] Business Line Data and Key Metrics Changes - U.S. Electric and Gas Utilities contributed a CAD 0.03 increase in EPS, driven by higher transmission revenue and AFUDC from major capital projects [15][16] - EPS for Western Canadian utilities increased CAD 0.01, primarily due to rate-based growth, although tempered by regulatory changes at Fortis Alberta [17] - The sale of Fortis TCI is expected to impact adjusted EPS by CAD 0.02 for the full year [17] Market Data and Key Metrics Changes - The new five-year capital plan totals CAD 28.8 billion, an increase of CAD 2.8 billion from the previous plan, supporting a rate-based growth of 7% [4][7] - The consolidated rate base is projected to grow by CAD 16 billion from approximately CAD 42 billion in 2025 to CAD 58 billion in 2030 [7] Company Strategy and Development Direction - The company emphasizes a regulated growth strategy with a focus on maintaining customer affordability and prioritizing capital investments that yield cost savings [4][6] - The capital plan is heavily directed towards transmission and distribution investments, with 77% allocated to these areas [7] - The company aims for annual dividend growth guidance of 4%-6% through 2030, supported by a disciplined capital investment strategy [4][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the capital plan and the potential for additional growth opportunities beyond the base plan [13][22] - The company remains committed to safety, reliability, affordability, and cleaner energy delivery for customers [22] - Management acknowledged the challenges in securing agreements and regulatory approvals for new projects but remains optimistic about future growth [26][35] Other Important Information - The company completed the sale of Fortis TCI and entered into an agreement to sell investments in Belize, resulting in a 100% regulated asset portfolio [3][4] - The board declared a fourth-quarter dividend increase of approximately 4%, marking 52 consecutive years of dividend increases [13] Q&A Session Summary Question: Timing and likelihood of incremental generation opportunities - Management highlighted the complexities involved in securing agreements and building necessary infrastructure, indicating that while opportunities exist, many steps remain before they can be included in the capital plan [25][26] Question: Thoughts on further asset sales - Management stated that the focus is on executing the five-year capital plan and that the recent asset sales do not indicate a strategy to divest further [29][30] Question: Timing for securing capital for new generation in Arizona - Management indicated that while customers desire immediate solutions, the timeline for securing capital and building infrastructure is longer due to permitting and construction requirements [34][35] Question: EPS CAGR initiation - Management is evaluating the potential for earnings guidance but is currently focused on rate-based growth and capital plan details [42][43] Question: Trends in buyer appetite for assets - Management noted that buyer interest fluctuates and that recent transactions do not indicate a shift in strategy regarding Caribbean assets [44] Question: Factors affecting higher spending - Management emphasized that customer affordability is a priority and that new large load customers should contribute to infrastructure costs, mitigating impacts on existing customers [49][50] Question: Funding plan and hybrid issuances - Management confirmed that while no further hybrid issuances are planned, they remain open to exploring this option depending on market conditions [56][57]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) for Q3 2025 of CAD 0.87, an increase of CAD 0.02 compared to Q3 2024 [15] - Reported earnings for the quarter were CAD 409 million, or CAD 0.81 per common share, with year-to-date reported earnings of CAD 1.3 billion, or CAD 2.57 per common share [14] - Adjusted EPS for the year-to-date period was CAD 2.63, up CAD 0.18 compared to the same period last year [15] Business Line Data and Key Metrics Changes - U.S. Electric and Gas Utilities contributed a CAD 0.03 increase in EPS, driven by higher transmission revenue and AFUDC from major capital projects [15] - EPS for Western Canadian utilities increased by CAD 0.01, primarily due to rate-based growth, although tempered by regulatory changes [17] - ITC's continued capital investments and related rate-based growth increased EPS by CAD 0.02, despite higher stock-based compensation [16] Market Data and Key Metrics Changes - The company expects to invest approximately CAD 5.6 billion for the full year, with CAD 4.2 billion invested through September [3] - The new five-year capital plan totals CAD 28.8 billion, up CAD 2.8 billion from the previous plan, supporting a rate-based growth of 7% [4][6] - Consolidated rate base is projected to increase by CAD 16 billion from approximately CAD 42 billion in 2025 to CAD 58 billion in 2030 [6] Company Strategy and Development Direction - The company has shifted to a 100% regulated asset portfolio following the sale of Fortis TCI and investments in Belize [3] - The five-year capital plan emphasizes maintaining customer affordability and includes significant investments in transmission and distribution [4][5] - The company aims for annual dividend growth guidance of 4%-6% through 2030, with a recent dividend increase of approximately 4% [4][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the capital plan and the potential for additional growth opportunities beyond the base plan [12][21] - The company is focused on safety, reliability, affordability, and cleaner energy delivery for customers [21] - Management acknowledged the challenges in securing agreements and regulatory approvals for new projects but remains optimistic about future growth [25][26] Other Important Information - The company raised over CAD 2 billion in debt, including a hybrid issuance of CAD 750 million at 5.1% [19] - The New York State Public Service Commission approved Central Hudson's three-year rate plan, which includes a continuation of an allowed ROE of 9.5% [20] Q&A Session Summary Question: Timing and likelihood of incremental generation opportunities - Management highlighted the complexities involved in securing agreements and building necessary infrastructure, indicating that while opportunities exist, they require careful negotiation and regulatory processes [25][26] Question: Thoughts on further asset sales - Management stated that the focus is on executing the five-year capital plan and that the recent asset sales do not indicate a strategy to divest further [27][28] Question: Timing for securing capital for new generation in Arizona - Management indicated that while customers desire quick connections, practical realities such as permitting and infrastructure development will dictate timelines [32][33] Question: EPS CAGR initiation - Management is evaluating the potential for earnings guidance but is currently focused on rate-based growth and capital plan clarity [39][40] Question: Buyer appetite for Caribbean assets - Management noted that interest in Caribbean assets fluctuates and that recent sales do not indicate a broader exit strategy from the region [41][42] Question: Friction points for higher spending - Management emphasized that customer affordability is not a concern, but equipment availability and permitting are critical factors [45][46] Question: Approval processes for new data center loads - Management confirmed that the Arizona Corporation Commission approval is the primary requirement for the first 300 megawatts, with further approvals needed for additional capacity [50][51] Question: Funding plan and hybrid issuances - Management clarified that while no further hybrid issuances are currently planned, they remain open to exploring this option depending on market conditions [54][55]

Financial Performance & Capital Plan - Q3 2025 actual EPS was $0.81, and adjusted EPS was $0.87, compared to $0.85 in Q3 2024[9] - The company announced a new $28.8 billion 2026-2030 capital plan, the largest in its history[9] - A Q4 dividend increase of approximately 4% was declared, marking 52 consecutive years of dividend increases[9] - The 2026-2030 capital plan is $2.8 billion over the prior plan[12] - The capital plan is expected to support an average annual rate base growth of 7%[18] Capital Allocation & Growth Drivers - Transmission investments account for 46% of the $28.8 billion 2026-2030 capital plan[19] - ITC's five-year capital plan is $9.8 billion, supporting an ~8% rate base CAGR[23] - UNS Energy's five-year capital plan is $5.6 billion, supporting a ~7% rate base CAGR[26] - FortisBC's five-year capital plan is $4.9 billion, supporting a ~6% rate base CAGR[30] Funding & Liquidity - The company issued $750 million in hybrids at Fortis Inc at 5.1% in Q3 2025[55] - The five-year capital plan is funded by 59% cash from operations, 11% equity, and 30% net debt[61]

Core Insights - Fortis Inc. reported third quarter net earnings of $409 million, or $0.81 per common share, a decrease of $11 million compared to the same period in 2024, primarily due to income taxes and closing costs related to the sale of FortisTCI [4][6][10] - The company announced a new five-year capital plan totaling $28.8 billion, an increase of $2.8 billion from the previous plan, driven by higher transmission investments and customer growth [3][12][20] - Fortis expects annual dividend growth of 4-6% through 2030, supported by a robust rate base growth projected to increase from $41.9 billion in 2025 to $57.9 billion by 2030 [3][20][22] Financial Performance - Net earnings attributable to common equity shareholders for Q3 2025 were $409 million, or $0.81 per share, down from $0.85 per share in Q3 2024 [4][8] - Adjusted net earnings per common share increased to $0.87, up from $0.85 in the same quarter of 2024 [8][10] - Year-to-date net earnings increased by $114 million, or $0.18 per share, compared to the same period in 2024, driven by rate base growth and favorable exchange rates [6][10] Capital Expenditures and Investments - Capital expenditures for 2025 are expected to be approximately $5.6 billion, up from a previous estimate of $5.2 billion, primarily due to increased transmission investments [11][12] - The new capital plan includes significant investments in transmission and distribution to support load growth and reliability, with only 21% related to major capital projects [12][22] - Fortis has identified additional growth opportunities beyond the five-year plan, including investments associated with the MISO long-range transmission plan [14][22] Dividends and Shareholder Value - The Board of Directors declared a 4.1% increase in the common share dividend for the fourth quarter of 2025, reflecting the company's commitment to shareholder returns [3][16] - The dividend reinvestment plan is expected to provide common equity proceeds to support the capital plan [13][20] Regulatory and Market Developments - The New York State Public Service Commission approved a three-year rate plan for Central Hudson, which includes a 9.5% allowed return on equity [19] - Fortis is experiencing interest from potential new large retail customers in sectors such as manufacturing and data centers, indicating potential for future energy demand growth [15][22] Environmental and Strategic Outlook - Fortis aims to achieve interim greenhouse gas emissions reduction targets of 50% by 2030 and 75% by 2035, although challenges remain [23] - The company remains committed to a coal-free generation mix by 2032 and a net-zero goal by 2050 [23]

Vanguard Dividend Appreciation ETF (VIG 0.50%) focuses on U.S. companies with a record of growing their dividends year over year, while ProShares S&P 500 Dividend Aristocrats ETF (NOBL 0.79%) invests in a diversified group of U.S. stocks. VIG casts a wider net with hundreds of holdings, while NOBL targets S&P 500 constituents, using an index with at least 40 equally weighted stocks and sector caps. Here is how the two compare on key metrics.Snapshot (cost & size)MetricNOBLVIGIssuerProSharesVanguardExpense r ...

Core Insights - Berkshire Hathaway has significantly increased its investment in Domino's Pizza, acquiring 1.28 million shares in Q3 2024, bringing its total holdings to 2.6 million shares valued at over $1 billion [2][4] - Despite a challenging macroeconomic environment affecting the restaurant industry, Domino's has shown strong earnings growth, with a 21.5% increase last quarter, outpacing the S&P 500's 9.2% growth [14] - Domino's has demonstrated impressive dividend growth, increasing its quarterly payout from $0.065 in 2004 to $1.74, reflecting a total growth of 2,576% over 12 years [13] Investment Activity - Berkshire Hathaway has made four separate purchases of Domino's shares over the past year, contrasting with its trend of being a net seller of stocks for 11 consecutive quarters [2] - The current market cap of Domino's Pizza is approximately $13 billion, with shares trading around $398.46 [8] Financial Performance - Domino's reported a revenue growth of only 3% year-over-year, indicating challenges due to reduced consumer spending and confidence [6] - The company has faced international headwinds, closing about 200 stores abroad due to a tough macro environment, with international same-store sales growth at 1.7%, compared to 5.2% in the U.S. [5] Dividend and Share Buyback Strategy - Domino's has a healthy dividend payout ratio of 39%, which is within the considered healthy range of 35% to 55% for dividend-paying stocks [15] - The company has initiated a share buyback program, repurchasing 166,000 shares for $75 million last quarter, with plans for an additional $540 million in buybacks [15][16] Long-term Outlook - The fundamentals of Domino's suggest a strong potential for continued dividend increases, making it an attractive investment for growth and income [17]

Group 1 - The article discusses the current market conditions where indexes are trading near all-time highs, prompting investors to seek hedging strategies against equity uncertainty [1] - Nuveen Floating Rate Income Fund (JFR) is highlighted as a potential investment option for those looking to gain exposure to floating rate income [1] - The author emphasizes a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]

Core Insights - Garmin's shares fell by 15% following the release of third-quarter earnings, which showed a 12% sales growth but flat earnings per share (EPS) [1] - Despite raising its full-year EPS guidance from $8 to $8.15, the results did not meet analysts' expectations, leading to the stock decline [1][2] - The company's price-to-earnings ratio increased from 15 in 2022 to 32 prior to the earnings report, indicating high market expectations that were not met in Q3 [2] Financial Performance - Garmin reported a 12% increase in sales for the third quarter, but earnings per share remained flat [1] - The company has raised its full-year EPS guidance from $8 to $8.15, reflecting a positive outlook despite the recent earnings miss [1] - Garmin has nearly $4 billion in cash and minimal debt, with a dividend growth of 8% over the last five years, utilizing only 41% of its total net income for dividend payments [4] Business Segments and Diversification - Garmin operates in five distinct business segments: fitness, outdoor, aviation, marine, and auto OEM, providing operational diversification and growth options [3] - The company has seen its sales growth reaccelerate over the last two years, although it slightly missed revenue expectations in the latest earnings report [7] Investment Potential - With a current price-to-earnings ratio of 26, Garmin is considered an attractive option for dividend growth investors [5] - The company has generated five times the total returns of the S&P 500 since 2000, indicating strong long-term performance potential [5]