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Evolving secular trends combined with maturing business cycle dynamics and elevated valuation multiples would suggest investors take a more defensive stance in their equity portfolios.
In our view, a credit rating is a measure of financial robustness and a proxy for quality, reflecting a firm’s proven results and history of prudent capital deployment.
For investors seeking higher long-term income and capital appreciation, a company’s dividend growth rate can be a more important consideration than its dividend yield.
We believe payout ratio is a critical metric in evaluating dividend-paying securities and avoiding the potential pitfalls associated with targeting solely high dividend yield.
We believe that investors may place too much emphasis on high absolute dividend yield when seeking defensive and high income-generating equity exposure.
