2024-03-02 19:21:19
In the long term, the allocation logic of the dividend sector has not changed.As a bond-like dividend yield asset, the 10-year Treasury bond yield to maturity is the anchor of pricing for the dividend sector. Its breakthrough of 2.4% further enhances the attractiveness of dividend assets.
The net value of the fund has steadily increased
Dividend strategies are on the rise
◎Nie Linhao
Recently, high-dividend assets have maintained a rising trend, and some dividend strategy funds with heavy positions in high-dividend stocks have performed strongly. The money-making effect attracted an influx of funds, and many dividend-themed ETFs received a large amount of funds for subscription. At the same time, fund companies have accelerated the pace of “launching new” dividend theme funds. Many institutions said that in the long term, high-dividend assets are still worthy of attention and dividend strategies are still effective.
Bonus fund performance is outstanding
Since the beginning of this year, high-dividend assets have continued to strengthen, and high-dividend stocks in crude oil, coal, banking and other sectors have experienced significant gains. As of the close of trading on February 29, the CSI Dividend Index has risen 8.9% this year, with the highest increase in the range being close to 15%.
Affected by this, the net value of dividend strategy fund products continues to rise. Choice data shows that as of February 28, there were 110 equity funds with the word “dividend” in the market (different shares combined). Among active equity funds, Zhongtai Dividend Selected One-Year Holding Mixed Initiative led the gains, with an increase of 11.1%. Funds such as Anxin Dividend Selected Mixed, Sino-European State-owned Enterprise Dividend Mixed, and Huabao Dividend Selected Mixed all increased by more than 7%.
The performance of dividend-themed index funds is even more impressive. As of February 28, all related fund products have achieved positive returns this year, with an average return of up to 6%. Among them, 22 products, including CCB CSI 300 Dividend ETF, Huatai-Berry SSE Dividend ETF, and E Fund CSI Dividend Low Volatility ETF, all returned more than 7%.
Accelerate the layout of funds
Funds are gathering in the dividend sector. Choice data shows that as of February 28, there were 19 dividend-themed ETFs on the market, with the latest total size being 48.18 billion yuan, an increase of 10.61 billion yuan from the beginning of the year. According to Choice estimates, the net subscription amount of funds in this range reached 7.95 billion yuan.
The shares of many dividend themed index funds have increased significantly this year. For example, as of February 28, the shares of Tianhong CSI Dividend Low Volatility 100 ETF and Invesco Great Wall CSI Dividend Low Volatility 100 ETF were 1.91 billion and 6.42 billion respectively, an increase of 730% and 61.3% respectively from the beginning of the year. Choice estimates show that the two ETFs have received net subscriptions of 1.69 billion yuan and 3.16 billion yuan respectively so far this year.
At the same time, many fund companies are actively “launching new” bonus funds. According to statistics, as of February 29, 7 fund companies, including E Fund, Wells Fargo Fund, and Vanguard Fund, are issuing bonus fund products, and 5 fund companies, including GF Fund and CITIC Prudential Fund, are about to launch the issuance of bonus funds.
Dividend strategies still have validity
After continuous gains in the early stage, the dividend sector has experienced a certain correction in recent trading days. However, in the view of many institutions interviewed, the effectiveness of the dividend strategy is expected to continue.
“The recent fluctuations in the dividend sector are adjustments at the transaction level, and the main reason is that the short-term rise is too much.” Wu Zhipeng, fund manager of Debon Fund, believes that in the long term, the allocation logic of the dividend sector has not changed. As a bond-like dividend yield asset, the 10-year Treasury bond yield to maturity is the anchor of pricing for the dividend sector. Its breakthrough of 2.4% further enhances the attractiveness of dividend assets.
Lan Xiaokang, head of the value strategy group and fund manager of China Europe Fund, is also optimistic about the dividend strategy. He believes that from a rhythm perspective, value style, high dividend style and growth style have the characteristics of 3 to 4-year rotation; from a valuation perspective, the current value of national securities is at the lower end of historical valuation levels. “We believe that the dividend strategy will still be a better strategic choice in the next quarter or even two quarters. In the next two years, we believe that the high dividend style is more likely to dominate.” He said.
Li Yaozhu, general manager of the International Business Department of GF Fund, expressed optimism about high-dividend assets in Hong Kong stocks. The 2023 quarterly report of Guangfa Shanghai-Hong Kong-Shenzhen New Starting Point Stock under its management shows that China National Offshore Oil Corporation, China National Petroleum Corporation, China Mobile, Zijin Mining, China Petrochemical Corporation, etc. are among the top ten heavy holdings.
Li Yaozhu said that in an environment where liquidity remains reasonably abundant and interest rates show a downward trend, high-dividend assets with high free cash flow and stable dividends have obvious comparative advantages. These assets have a high proportion of central enterprises and state-owned enterprises and have stable operations. For example, under the background of “one profit and five interest rates”, the valuation of central enterprises has been reshaped, energy security has been superimposed on limited supply, and the operational stability of crude oil and coal has been greatly improved. You can pay attention to the investment opportunities therein. In addition, stable assets such as public utilities, transportation, and state-owned banks are also worthy of attention.
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