Soul Patts' Brickworks Merger Boosts a Remarkable Dividend Streak
A family office-style diversified portfolio delivered strong net asset value growth in its first result since the Brickworks merger, extending a 27-year run of dividend increases.
25 Sep 2026 · 3 min read
In short
Washington H. Soul Pattinson has paid a dividend every year across roughly 120 years listed and increased it for 27 consecutive years, backed by what Plato Investment Management calls proven great capital allocators.
The company's first result following completion of its Brickworks merger showed pre-tax net asset value up around 15% year on year, with the portfolio returning 9.7% and outperforming the ASX 200 by 6.6%.
Ten Cap and Market Partners both describe Soul Patts as investing much like a family office, now reallocating more capital toward real assets, private credit, emerging companies and international opportunities.
Washington H. Soul Pattinson has been one of Australia's great long-term dividend compounders, paying a dividend every year since listing 120 years ago and raising it for 27 consecutive years, and its first result following the completion of the Brickworks merger showed genuinely strong net asset value growth as fund managers increasingly frame it as a listed family office.
A remarkable dividend track record and a proven management team
Plato Investment Management said it would argue Soul Patts is one of Australia's greatest ever dividend-paying companies, having paid a dividend every year across roughly 120 years listed and increased the dividend every year for the last 27 years, rating the management team highly as proven great capital allocators, with a model and ability to take a long-term view giving it a genuine edge.
It's paid a dividend every year in the 120 odd years it's been listed and increased the dividend every year for the last 27 years. We rate the team there really highly, they've proven to be great capital allocators over time.
— Plato Investment Management, Article, March 2026
A strong first result post-Brickworks merger
Perpetual Asset Management said the stock climbed after releasing its interim result, the first reflecting the post-combination with Brickworks, showing another period of solid cash flow and growth in net asset value, arguing that in a market environment where valuations remain elevated, Soul Patts's diversified portfolio and highly regarded management team offer attractive exposure. Oracle Advisory Group said the stock was a top performer, up 8.8 percent, though it reduced its holding during the quarter.
The result reflected another period of solid cashflow and growth in net asset value. In a market environment where valuations remain elevated, SOL's diversified portfolio and highly regarded management team offer an attractive exposure.
— Perpetual Asset Management, Monthly Report, March 2026
A listed family office reallocating toward real assets and private credit
Ten Cap rated the stock a buy, calling it quite an amazing and unique business on the Australian market, giving investors access to a wide range of asset classes and investing much like a family office, with a yield that doesn't look particularly high but has been steadily growing, constructing its portfolio in a way that gives investors a unique opportunity. Market Partners also rated it a buy, describing a big 12 months for Soul Patts as it merged Brickworks into the group and evolved the way it invests, now allocating more capital toward real assets, private credit, emerging companies and international opportunities, noting a 3 percent yield isn't usually exciting but the underlying growth trajectory is.
It gives you access to lots of different asset classes and invests much like a family office. The yield itself doesn't look particularly high, but it's a steadily growing yield.
— Ten Cap, Article, June 2026
A continued re-rating following the merger
Perpetual Asset Management said Soul Patts was a significant contributor for the quarter, returning 15.5 percent as it continued re-rating following its first-half FY26 result in late March, the first reporting period since completion of the Brickworks merger, with pre-tax net asset value up around 15 percent on the prior corresponding period and the portfolio returning 9.7 percent, outperforming the ASX 200 by 6.6 percent.
What fund managers say they are watching next is continued net asset value growth and portfolio outperformance following the Brickworks merger, delivery on the reallocation toward real assets, private credit, emerging companies and international opportunities, whether the dividend growth streak extends beyond 27 consecutive years, and whether the family office positioning continues attracting investors despite a headline yield that doesn't look particularly high.
Questions
How long has Washington H. Soul Pattinson increased its dividend?
Washington H. Soul Pattinson has paid a dividend every year across roughly 120 years listed and increased it for 27 consecutive years, a track record Plato Investment Management calls among the greatest in Australia.
How did Washington H. Soul Pattinson perform after the Brickworks merger?
Washington H. Soul Pattinson's first result following completion of the Brickworks merger showed pre-tax net asset value up around 15% year on year, with the portfolio returning 9.7% and outperforming the ASX 200 by 6.6%.
Why do fund managers compare Washington H. Soul Pattinson to a family office?
Ten Cap and Market Partners both describe Soul Patts as investing much like a family office, giving investors diversified exposure across asset classes while reallocating more capital toward real assets, private credit, emerging companies and international opportunities.
9 managers, 19 comments, with each manager's latest recorded position.
See SOL