On Dividends and Despair: A Holding of KMB

The Form 13F, that quarterly confession of financial intent, revealed not merely a transaction but an act of faith-or perhaps its absence. Sarasin, in its mechanistic way, increased its stake in KMB to 2,048,544 shares, a portfolio holding now worth $251.27 million as of September 30, 2025. But let us not mistake volume for vitality. This is not the frenzied grasp of a gambler eyeing a miracle; no, it is the slow, deliberate hand of a man selecting bread at the market-not because it excites him, but because he must eat. And so, Sarasin eats.







