As such, these equities typically take on many of the same characteristics as bonds, including but not limited to sensitivity to interest rates and inverse correlation with many other equity sub sectors, factors which have both positive and negative ramifications for long term investors.
Fortis has expanded its geographical footprint significantly, primarily in the U.S. market, in recent years at prices which were quite favorable, given the currency spread which was paid at the time which was near-zero (when the Canadian and U.S. dollar were trading around par).
Income growth over four and a half decades is nothing to sneeze at, and when considering the company's ability to continue to grow earnings for shareholders over time and maintain a reasonable dividend payout ratio, expectations that such increases will continue indefinitely should excite even the most bearish cynic.