The Dogs of the Dow and Other High Yielders Keep Roaring Into 2021

Barrons2021-01-19

The Dogs of the Dow and other income investment strategies have enjoyed a bounce so far in 2021, while convertible bonds remain hot and the preferred stock market has experienced a small pullback. ...

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NZAaron
2021-01-20
NZAaron
👍
- koabi:
  Nice
Thanatael
2021-01-19
Thanatael
Great ariticle, would you like to share it?

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Bulls say the run could last a while given how much high yielders have lagged behind in recent years.\nThe Dogs of the Dow, which are the 10 highest-yielding stocks in the 30-stockDow Jones Industrial Average,were up 4% year-to-date through Thursday, topping the overall index, which gained 1%. That followed a poor 2020, when the 10 Dogs returned negative 7.7% including dividends, far behind the Dow’s 9.7% total return.\nThe most popular way to invest in the Dow Dogs is to rebalance the 10-stock portfolio annually at year-end.\nLeading the Dogs so far in 2021 areWalgreens Boots Alliance(ticker: WBA),Chevron(CVX), andJPMorgan Chase(JPM). The other seven stocks with the highest yields coming into 2021 areIBM(IBM), Dow (DOW),Verizon Communications(VZ),3M(MMM),Cisco Systems(CSCO),Merck(MRK), andCoca-Cola(KO). The 10 Dow Dogs have an average yield of about 4%, double that of the overall index.\nOne of the largest dividend-oriented exchange-traded funds, the $31 billionVanguard High Dividend Yield Indexfund (VYM) is up about 3.5% year-to-date against an 0.6% gain for theS&P 500index. The Vanguard ETF is dominated by large dividend payers likeJohnson & Johnson(JNJ), JPMorgan, andProcter & Gamble(PG).\nThe $350 billion convertible market was up about 45% in 2020, making it one of the best U.S. asset classes. It was driven by huge gains in Tesla (TSLA), the largest issuer at about 10% of the market, technology, and by so-called rescue capital deals from companies that issued converts amid the pandemic in March to shore up their balance sheets.\nSo far this year, the market is up 5.3% as of Thursday based on the ICE BofA US convertibles index, driven mainly by Tesla,Plug Power(PLUG), andWayfair(W), according to Michael Youngworth, the head of global convertibles strategy at Bank of America Securities.\nThere has been more than $2 billion of issuance so far from U.S. issuers and most of the deals have had interest rates of zero, reflecting strong investor demand. Issuers includeDocuSign(DOCU) and Box (BOX). NIO (NIO), the hot Chinese electric vehicle maker, has issued $1.3 billion of convertibles in 2021.\nThe leading convertibles ETF, theSPDR Bloomberg Barclays Convertible Securities(CWB) is up 4% this year.\nThe interest-rate sensitive preferred stock market is off about 1% this year as measured by the top ETF, theiShares Preferred & Income Securities(PFF).\nThe losses are concentrated among $25 par preferred securities, which tend to be perpetual (no maturity date), making them acutely rate sensitive especially given historically low yields. New preferreds came to market in late 2020 at yields of about 4%, down from 5% last May. The 10-year Treasury yield is up about a fifth of a percentage point this year, to 1.09%.\nThe $25-par preferred market has been popular with retail buyers, thanks to previously attractive yields and liquidity since most trade like common stocks on the New York Stock Exchange.\nThat market is “beginning the year with a visit from the three ghosts of selloffs past: rising rates, wider spreads, and negative flows,” UBS analysts Frank Sileo and Barry McAlinden wrote in a recent note.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":337175641,"gmtCreate":1611104645783,"gmtModify":1703748014710,"author":{"id":"3569857179667022","authorId":"3569857179667022","name":"NZAaron","avatar":"https://static.tigerbbs.com/d93b23bffa6908c8c6d569d0f2bc6bb9","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3569857179667022","authorIdStr":"3569857179667022"},"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/337175641","repostId":1123245116,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3375109,"gmtCreate":1611373904662,"gmtModify":1635768293650,"authorId":3562240188467019,"author":{"id":3562240188467019,"idStr":"3562240188467019","authorId":3562240188467019,"name":"koabi","avatar":"https://static.tigerbbs.com/fbb917db7d1d5438831ae45369d18840","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":337175641,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"}],"langContent":"EN"},{"id":337303775,"gmtCreate":1611064361097,"gmtModify":1703747748295,"author":{"id":"3568178322351914","authorId":"3568178322351914","name":"Thanatael","avatar":"https://static.tigerbbs.com/98a0b6cbd9839e8f54549bbeb4b97fe4","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3568178322351914","authorIdStr":"3568178322351914"},"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/337303775","repostId":1123245116,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":9,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1123245116"}