This article is divided into 3 parts, the first part is the introduction of the dividend index, the second part is the evaluation of the dividend fund, and the third part is the investment of the dividend fund.
1. Introduction to the dividend index
The dividend index generally uses dividend yield as the core stock selection indicator, and selects stocks with high cash dividend yield and relatively stable dividends as constituent stocks. The selected companies tend to have good cash flow, stable profitability, low earnings growth, and low valuations.
CSI dividends are prepared as follows: 1) In the past two consecutive years, cash dividends have been distributed and the after-tax cash dividend rate is greater than 0; 2) The average daily total market value and transaction value in the past year ranked in the top 80%.
Among the current CSI dividend ETF holdings, the three industries with the largest proportions are coal, real estate, and banking.
In this year’s earnings, the CSI dividend is -4.51%, which is better than several other broad-based indices. Among them, the coal sector is +50.11%, the real estate sector is -1.77%, and the banking sector is -4.43%, all of which are significantly higher than the market average.
2. Dividend Fund Evaluation
1. Western Profit State-owned Enterprise Dividend Index Enhanced A (501059), with a profit of 1.65% in the past year and 74.41% in the past three years, with a scale of 400 million
The performance of this index-enhanced fund is very good. Among dividend index funds with a scale greater than 1, its yield in the past 1 year ranks second (the first is the TEDA Consumer Dividend Index), and its yield in the past 3 years ranks first.
Sheng Fengyan and Chen Yuanhua jointly manage, Chen Yuanhua is good at dividends and low valuation, Sheng Fengyan is good at quantification and growth. The state-owned enterprise dividend index introduces the factor of state-owned enterprises, and the data shows that state-owned enterprises have a positive alpha factor for dividends. The index enhancement part of this fund is basically growth stocks, accounting for 15% to 20%, which forms a hedge with dividend stocks. Compared with the CSI Dividend Index, this fund has increased the proportion of banking and transportation.
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2. Chuangjin Hexin CSI Dividend Low Volatility Index A (005561), with an income of 0.98% in the past year and 64.53% in the past three years, with a scale of 600 million
This is a passive fund. The advantage is that the volatility is small. In the stock replication index classification, the Sharpe ratio in the past 4 years ranks 1/395, and the largest drawdown in the past 4 years ranks 1/395, which is only -15.67%. Compared with the CSI Dividend Index, this fund has significantly increased the proportion of banks and real estate, and reduced the proportion of coal.
3. Wanjia CSI Dividend Index (LOF) A (161907), the income in the past year is -6.09%, the income in the past three years is 35.95%, and the scale is 100 million
This is a passive fund with a small scale, so it will not be considered for inclusion in the fund pool for the time being.
I prefer another passive dividend fund that tracks CSI dividends, Dacheng CSI Dividend Index A (090010), with a return of -7.04% in the past year, 28.52% in the past three years, and a scale of 3 billion.
I previously bought Dacheng CSI in 2020.12~2021.2 with a dividend of 13,000, and since I held it, the income is 13.85%.
4. Huabao Dividend Fund (501029), with an income of 0.74% in the past year and 37.72% in the past three years, with a scale of 1.2 billion
This is a passive fund that tracks the CITIC S&P China A-Share Dividend Opportunities Index. This fund increases the proportion of banks and reduces the proportion of coal, a bit like a dividend low volatility index fund.
I previously bought 12,000 Huabao Dividend Fund from 2020.11 to 2021.1 and sold it in 2022.4, earning an average of 23.47%, basically selling it near the highest point, which is higher than the current net worth.
5. TEDA Consumer Dividend Index A (008928), with a revenue of 3.26% in the past year, established in March 2020, with a scale of 500 million
This is a passive fund, and in the smartbeta track, its 2021 and 2022 counterparts are high, with 84/697 and 138/1077, respectively. Among dividend index funds with a scale greater than 1, the yield in the past 1 year ranks first.
This fund is very different from the holdings of CSI Dividends. 60.2% is food and beverage, and 35.4% is agriculture, forestry, animal husbandry and fishery. It is a proper big consumption fund.
The first time I came into contact with this fund was when I was preparing the live PPT of the Big Consumption Fund.
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“Consumer Medicine Fund Inventory” live broadcast address: click here to directly watch part1 , part2 , nearly 3 hours of live broadcast, after the broadcast, the voice is hoarse, just like attending a star concert, screaming hoarsely all night
3. Investment in dividend funds
As far as short-term investment is concerned, I will be biased towards the Western Gains State-owned Enterprise Dividend Index Enhancement A and the TEDA Consumer Dividend Index A. Because coal performed well in the first half of the year and dividends performed well, but no one knows when the market trend will change. Personally, I am more optimistic about the performance of later growth and consumption.
As far as long-term investment and asset allocation are concerned, I will be biased towards the TEDA Consumer Dividend Index A and the Chuangjin Hexin CSI Dividend Low Volatility Index. The former has a high industry boom and the latter has little volatility. The correlation between the two is only 0.39.
TEDA’s second-largest consumer dividend stock is Yuanzu. The mooncakes it produced a while ago were expensive and popular, with a good reputation and users liked to post it.
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