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The dividend strategy is still popular.Crashgamegambling!

On April 24, the Yong-win Fund announced that the deadline for raising its Yong-win Bond Fund was advanced from April 26, 2024 to April 24, 2024. The fund began to be raised on April 15, and as to the reasons for ending the fund ahead of time, according to channel sources, the initial launch of the product may have exceeded 6 billion yuan, triggering apocalyptic proportional placement. It is reported that the fund is the second "weighted" fund that triggered a ceiling of 6 billion yuan or more in 2024, and it is also the largest "weighted" popular style fund since April.

Wind data show that since 2024, among the newly established funds, there are 25 funds with "dividends" in their names, of which 17 are passive index funds, of which the issuance scale of BoCom's dividend low volatility index exceeds 1 billion yuan, Taikang's dividend low volatility ETF, and Pengyang's state-owned enterprise dividend linkage all exceed 800 million yuan.

In the past two days, the dividend sector has been adjusted and looking forward to the future, some fund managers said that the trading heat and congestion of the dividend sector have risen to a historically high level. If congestion continues to rise, the subsequent dividend sector may face pullback pressure, but from the perspective of the past decade, the current dividend yield of the sector is still at a historically high level, and the valuation is still cost-effective.

The scale of the first round exceeds 6 billion yuan.

On April 24, the Yong-win Fund announced that the deadline for raising its Yong-win Bond Fund was advanced from April 26, 2024 to April 24, 2024. The fund began to be raised on April 15, and as to the reasons for ending the fund ahead of time, according to channel sources, the initial launch of the product may have exceeded 6 billion yuan, triggering apocalyptic proportional placement.

It is reported that Yong win Yuehan is a mixed bond secondary fund, with an upper limit of 20% of equity assets. The proposed fund Liu Xingyu has a 10-year investment and research accumulation and is currently in charge of the absolute income investment department of the Yongwin Fund. He was once the deputy general manager of the fixed income department of BoCom Financial Management. Liu Xingyu previously said that the management of the fund will adopt a "dividend low-wave strategy", selecting stocks with high dividend yield, low volatility and high prosperity, taking into account profitability and defense. The bond part is mainly based on credit bond coupon strategy, supplemented by leverage, duration, riding and other strategies, as well as a certain position to participate in interest rate debt band trading, and strive to increase earnings.

Since the beginning of this year, the "popular styles" of newly issued funds are mostly pure debt funds and passive index bond funds. at present, Yong win Yuehan is the second "weighted" fund that triggered a ceiling of 6 billion or above this year. The custodian and main selling channel of this product is China Merchants Bank (600036).

Some people in the industry believe that the secondary debt base is hot against the market, on the one hand, in the continuous shock market, the differential segmentation strategy of "dividend low-wave solid collection +" more accurately meets the needs of retail customers to enhance financial management; on the other hand, it is also the embodiment of the professional asset allocation capacity of customers and the ability of fund companies to standardize and systematize services for customers.

Dividend funds pile up to be "new"

In the past two years, the dividend strategy with high dividend as the core has become a hot strategy in the market, and a number of related funds have been issued one after another.

Dividend investment strategy, also known as high dividend strategy and dividend investment strategy, is an investment strategy that pays attention to the dividend ability of listed companies. From the historical point of view, the dividend strategy is better than the overall performance of the market for a long time, and the ratio of investment performance to price in the volatile market is particularly obvious.

Wind data show that since 2024, among the newly established funds, there are 25 funds with "dividends" in their names, of which 17 are passive index funds, of which the issuance scale of BoCom's dividend low volatility index exceeds 1 billion yuan, Taikang's dividend low volatility ETF, and Pengyang's state-owned enterprise dividend linkage all exceed 800 million yuan.

In addition, it is reported that a number of dividend strategies are about to be released. As recently announced by the Xing Zheng Global Fund, the Xing Zheng Global dividend mixed Fund will be issued from May 20 to June 14. The fund mainly invests in listed companies related to dividend themes, that is, companies with stable dividend policies, higher dividend returns, higher dividend expectations or sustained dividend payouts strive to achieve long-term steady increase in net asset value under the premise of effectively controlling portfolio risk. Make equity investment more cost-effective.

Dividend investment is a kind of investment that pursues certainty. We believe that the essence of investment is the realization of DCF (discounted cash flow model). A flock of birds in the forest is not as good as a bird in hand. It is more in line with the nature of dividend investment to transfer the cash flow allocated by listed companies to the holders through regular dividends, so as to create a relatively stable cash flow for the holders. " Zhang Xiaofeng, the proposed manager of the Xingzheng Global dividend Fund, said.

Valuation is still cost-effective.

In the past two days, the dividend sector has been adjusted. What do you think of the future market?Crashgamegambling?

Liu Xingyu, the proposed fund manager of Yongsheng Yueheng, believes that at present, China's economy is in the stage of structural adjustment and shifting of new and old kinetic energy, and "stable happiness" is particularly valuable. Investing in enterprises that can continuously return investors through dividends is not only in line with the concept of long-term value investment, but also in line with the current policy orientation of "guiding more listed companies to pay more dividends and early dividends", which is worthy of attention. In the near term, thanks to the rising commodity prices and the catalysis of the Iran-Israel conflict, the dividend sector is relatively strong, rising to a new high for the year, causing investor sentiment to be hot, and the trading heat and congestion of the sector have risen to an all-time high. If congestion continues to rise, the subsequent dividend sector may face pullback pressure, but from the perspective of the past decade, the current dividend yield of the sector is still at a historically high level, and the valuation is still cost-effective.

Lan Xiaokang, manager of CEIBS dividend premium fund, said in the first quarterly report that in the context of the continuous decline in risk-free returns, dividend assets deserve to be paid more attention to. Just like when people bought sustainable assets four or five years ago, the return on the stock price is not the 20% increase in the performance of the current year, and the return on the stock price of the dividend stock is not necessarily just the dividend of the year. From the asset map of the whole society, the assets of dividend shares are attractive, and the value of dividend will be more important in the values of the stock market. " Lan Xiaokang said.

Huatai Berry dividend ETF Quarterly report said that since the beginning of the year, the dividend strategy has been concerned by more investors because of its strong performance, the index of transaction congestion once pointed to a higher level, market sentiment has cooled recently, and transaction congestion has returned to a reasonable range. Looking forward to the future, investors will play a game between policy expectations and actual cash, market volatility may still intensify, and the defensive attribute of dividend strategy may still be a safe haven for funds. At the same time, the market entered the restless end of spring and the verification period of economic data in April. With the gradual realization of the fundamental expectations of the annual report, dividend assets with performance support and high performance-to-price ratio of dividends are still expected to become an important starting point for both offensive and defensive targets.

From a medium-to long-term point of view, with the economy switching from high-speed development to high-quality development and the continuous inflow of foreign capital, the net profit growth advantage of core assets represented by the "Mao Index" may further converge relative to the dividend index. some companies may usher in a double downward shift in performance growth and valuation centers, which is no longer the better choice in the previous economic downturn. We believe that the future pricing system may change to increase the weight of profit pricing, and the dividend strategy based on dividend yield as the screening criteria naturally has the advantage of profit pricing. It not only controls downside risks to a greater extent, but also creates considerable growth in terms of fundamentals and valuations. At present, the Shanghai dividend (510880) index is in the reasonable range of the right layout.

Responsible editor: tactical constancy

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