Retailing icon Wal-Mart Stores is one of the fund's newer positions and something of a departure from the norm for Dahlberg, who had taken a negative view of the retailer for many years because it had a penchant for using cash to open new stores at the expense of maximizing profits from existing ones. But a change in direction marked by a pullback on growth and the attention the company gave to weak sales at some of its stores prompted him to buy the stock last fall. Other holdings with ample free cash flow and room for dividend increases include General Electric, Altria, McDonald's, Anheuser-Busch, Coca-Cola, and Pfizer.  

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