2.3 Why dividend grower “tortoises” may be core holdings Consistently dividend-paying equities may JOSEPH FIORICA continue strongly into 2023. And while Head of Global Equity Strategy history points to weaker performance once investors anticipate economic recovery, we believe these income-producing assets should be considered for the long term. ƒ Dividend grower equities have outperformed growth and other styles amid 2022’s turmoil ƒ Historically, over the long run, such equities have also performed better than their growth counterparts, like the tortoise outpacing the hare ƒ Early-stage recoveries, however, are typically the one period of the cycle where the tortoise typically loses to the hare ƒ Given our outlook, we would expect a shift in equity market leadership at some point in 2023 but continue to see long- term value in dividend growth for core portfolios Citi Global Wealth PUTTiNG YoUr CASH To worK iN A HiGHer rATe eNviroNMeNT | | 39 Investments