December 31, 2017

Fortis Inc., the Newfoundland-based utility company, is one of the largest and longest standing holdings in all Leon Frazer portfolios owing to its exemplary record for increasing dividends.  For 44 straight years, Fortis has increased its annual dividend every year, building a perfect “dividend staircase.”  Over time the stock price has little choice but to follow the dividend upward.  We attempt to build Leon Frazer portfolios with as many of these “dividend staircases” as possible.