Been deep into dividend stocks for years now, and I've got to say - there's one position I keep coming back to that I genuinely think could be the biggest winner in my income portfolio over the next five years. It's Brookfield Infrastructure Partners, and honestly, it checks every box for what I'm looking for in a high conviction stock right now.

Here's the thing that caught my attention first - the valuation is almost absurdly cheap. We're talking 10.5x FFO when the market's pricing the S&P 500 at 25.5x earnings. Meanwhile, the company's FFO is tracking to hit $3.32 per share this year with over 6% growth, yet the units are sitting around $35. That's the kind of disconnect that usually doesn't last long.

But it's not just about catching a value trap. The dividend is genuinely bankable. We're looking at a 5% yield - way above the market's 1.1% - and it's backed by some seriously stable cash flows. About 85% of their annual funds from operations come from long-term contracts and government-regulated frameworks. That's not speculation, that's recurring revenue. The payout ratio sits at 67%, right in their target range of 60-70%, which gives them breathing room to fund growth without stretching themselves thin.

What really makes this a high conviction stock for me is the growth picture. These guys have grown FFO per share at 10% annually over the last five years, and they've managed 14% CAGR since 2009. That's above-average territory, and they're positioned to sustain it. They've got nearly $8 billion in expansion projects underway - think semiconductor fabrication facilities and data center developments - plus they just locked in $1.5 billion in new acquisitions including refined products systems and fiber networks.

The tailwinds are shifting too. They've been fighting a strong dollar and higher rates, but as interest rates normalize and the dollar potentially weakens, those headwinds could become tailwinds. Add in inflationary contract adjustments and volume growth from global economic expansion, and you're looking at multiple engines firing simultaneously.

I'm particularly watching their AI data center play. They've already got a $140 million investment in an AI power project through a partnership with Bloom Energy, and management's signaling this is just the beginning. That's the kind of forward-looking exposure you want in a high conviction stock.

The corporate twin, Brookfield Infrastructure Corporation, trades at 13.9x FFO and is up more than the partnership units. That arbitrage alone suggests the market's mispricing BIP right now. Pair that with a solid BBB+ credit rating, conservative balance sheet management, and a track record of 5-9% annual dividend increases, and I genuinely believe this could be the highest total return generator in my income portfolio over the next five years. Worth serious consideration if you're building a high conviction dividend strategy.