Bahl & Gaynor Q1 2026: A Dividend-Growth Book

Bahl & Gaynor, a Cincinnati firm specializing in dividend-growth investing, reported a $19.83B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0000872259-26-000007, filed 2026-05-07). The book sat essentially flat in value, which is fitting: Bahl & Gaynor runs one of the steadiest, most income-oriented portfolios among large filers, built on companies with long records of paying and raising dividends.

The holdings reflect that mandate clearly. The book is led by Broadcom (AVGO) at 4.42%, Microsoft (MSFT) at 3.49%, and Johnson & Johnson (JNJ) at 3.35% — quality businesses that combine durability with dividend growth. Pharmaceuticals, a money-center bank, a pipeline operator, and a regulated utility fill out a portfolio designed for rising income rather than rapid capital appreciation.

With very low turnover, the quarter's only notable moves were modest trims to a few names — Eli Lilly (LLY) down 15%, AbbVie (ABBV) down 11%, and Procter & Gamble (PG) down 16%.

A dividend-growth book

After Broadcom, Microsoft, and Johnson & Johnson come Eli Lilly at 3.09%, AbbVie at 3.00%, JPMorgan (JPM) at 2.86%, pipeline operator Williams Companies (WMB) at 2.52%, and utility NextEra Energy (NEE) at 2.46%.

The sector mix is built for income and stability: dividend-paying technology (Broadcom, Microsoft), healthcare (J&J, Lilly, AbbVie), financials (JPMorgan), energy infrastructure (Williams), utilities (NextEra), and consumer staples (P&G). With 327 positions and the ten largest at roughly 29% of the book, it is broadly diversified — a hallmark of an income strategy that spreads risk across many reliable payers.

Stability by design

Bahl & Gaynor's reported value has barely moved over two years, holding in a tight $18B-$20B band. That steadiness is not an accident — a dividend-growth book of mature, cash-generative companies is structurally less volatile than a growth or concentrated portfolio.

The quarter's small trims to Lilly, AbbVie, and P&G are the kind of routine rebalancing an income manager does to manage position sizes and valuations, not a directional shift. A 6% add to Taiwan Semiconductor (TSM) was among the few increases.

What it means for 13F readers

Bahl & Gaynor is a clean example of dividend-growth investing in 13F form — diversified, low-turnover, and tilted toward reliable payers across defensive sectors. The book is more about steady income compounding than quarterly trading, so the rare position changes are the signals worth noting. Track the firm's quarter-over-quarter holdings on the Bahl & Gaynor filer page.

FAQ

What is Bahl & Gaynor?

Bahl & Gaynor is a Cincinnati-based investment firm specializing in dividend-growth investing. It reported a $19.83B U.S. equity 13F book for the quarter ended March 31, 2026, across about 327 positions.

What are Bahl & Gaynor's largest holdings?

Its five largest positions are Broadcom (4.42%), Microsoft (3.49%), Johnson & Johnson (3.35%), Eli Lilly (3.09%), and AbbVie (3.00%) — quality dividend-paying businesses.

What kind of stocks does Bahl & Gaynor own?

The book favors companies with long records of paying and growing dividends, spanning dividend-paying technology, healthcare, financials, energy infrastructure, utilities, and consumer staples.

What did Bahl & Gaynor do in Q1 2026?

Turnover was low. The firm trimmed Eli Lilly (-15%), AbbVie (-11%), and Procter & Gamble (-16%), and added modestly to Taiwan Semiconductor (+6%), while most positions were held roughly flat.