Yield. Valuation. Fundamentals.

Yield Investing

We Believe:

  • Dividend yield provides a meaningful portion of the market’s total return.
  • Dividend yield offers concrete evidence of real earnings and provides the most reliable valuation measure.
  • The return of cash to shareholders in the form of dividends encourages capital allocation discipline. 

The Importance of Dividends

  Price Return (Ex-Dividends) Total Return Difference=Dividends*
Russell 1000 Value Index (1991) 740% 1770% 57%
Russell 2000 Value Index (1994) 598% 1131% 47%
MSCI Emerging Markets Index (1988) 1115% 2571% 57%
Cumulative Performance as of December 31, 2019 since the inception of each index.
*The percentage represents dividends’ contribution to total return.