1. Reward fund income

2. The three brothers of the Award Fund

3. The principle of dividend fund making big money

4. The development of incentive funds

Bonus fund is a "basket of stocks with high cash dividend", which pays dividends every year.

How about it? Compared with banks, is it attractive? Is there a "dream come true"?

From the historical performance, its long-term trend is often better than the broader market. "Take the dividend of the Shanghai Stock Exchange as an example.

Of course, the Shanghai Stock Exchange dividend index also has some shortcomings. On the one hand, its volatility is less than SSE 50, on the other hand, it refers to the cash dividends in the past two years, so some constituent stocks with occasional large dividends are also included in its heavy positions. In other words, information has a certain lag.

The dividend yield of the index is greater than that of the index fund. Reason: the dividend yield of the index is calculated according to the cash dividends of the constituent stocks in the past year, but the index funds also need to deduct management fees, custody fees and fund errors. Therefore, the dividend rate of the final fund will be less than the dividend rate.

Moreover, the dividends of index funds are mostly conditional, that is, the accumulated net value needs to outperform the index itself 1% before cash dividends can be paid, otherwise the dividends obtained from constituent stocks will be classified as net value.

Dividends are a part of the company's profits-index dividends = profits of constituent stocks * average dividend ratio of constituent stocks.

At present, the average dividend ratio of A shares is around 30%, that is, 30% of the annual profit is used for dividends. For example, Hang Seng can reach 40%, and Shanghai and Shenzhen 300 are around 365,438+0%. In other words, every year, the constituent stocks of the CSI 300 will distribute 30% of the profits in the form of cash dividends.

Therefore, it will be terrible to invest in high dividend yield index funds when the dividend yield is high and then hold them all the time. After several rounds of bull and bear, the annual dividend will be terrible, and the dividend income will not be affected by the fluctuation of stock price. This is also a good investment idea, which tests perseverance.

The effectiveness of dividend strategy has been tested for a long time, so various index publishers have published indexes based on dividend strategy. Pay all Shanghai Stock Exchange dividends, Shenzhen Stock Exchange has Shenzhen Stock Exchange dividends, and CSI has CSI dividends.

Because the A-share stocks with high dividends are mainly blue chips, the Shanghai Stock Exchange dividend is also a standard blue chip index. The corresponding index is dividend ETF. The SSE dividend stock fund tracks and replicates the SSE dividend index, which is composed of 50 stocks with the highest dividend yield and the most cash dividends, and is the real core quality asset of the SSE A-share market. At present, only one fund is tracked: Huatai Bairui Shanghai Stock Exchange Dividend ETF(5 10880).

According to the latest ranking, the survival of the fittest every year has high investment value. The following picture shows the 50 constituent stocks of the latest Shanghai Stock Exchange dividend index:

Dividend ETF is an old-fashioned fund, and its management rate and custody rate are relatively low among its peers, and its scale is also good. It is the first choice for investing in dividend index funds in the market.

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Generally speaking, the cross-market CSI will perform better than the single-market Shanghai Composite Index in the same positioning index. The historical income of CSI dividend is better than that of SSE dividend.

At present, the CSI dividend index has three funds to track:

100032 Guo Fu CSI dividend index fund

0900 10 Dacheng CSI dividend index

100033 million CSI dividend index

You can choose from the perspective of rate and scale.

The valuation of this index is generally high, so the dividend yield is not high.

One fund tracks high dividends: ICBC, Credit Suisse and Shenzhen Stock Exchange Bonus Fund. On-site 159905, there is a corresponding linked fund 48 10 12 off-site.

In addition, when the H-share index and Hang Seng index are undervalued, the dividend yield will even be higher than the dividend series index of A-shares, because the dividend ratio of Hong Kong stocks is generally higher. There are also overseas markets such as New Zealand, which are accustomed to a large proportion of dividends. These are also potential dividend indices.

There is also a special investment skill about the high dividend yield index: Buffett introduced that if the P/E ratio is lower than the dividend yield, it is an excellent opportunity to invest in stocks.

This kind of investment opportunity is often caused by falling again on the basis of underestimation, which can be met but not sought.

For an index with a dividend ratio of 30-40%, to have this opportunity, the P/E ratio must drop by 5. X times or even lower.

14 years, the Shanghai stock exchange dividend also reached this situation in a short time, and then rose sharply.

Index funds will have certain errors when tracking the index. For example, the position is not satisfied. In addition, there are some mistakes in dividend etf. Considering these factors, we need to give dividend etf a higher security space, and it is best to start investing below 9 times P/E ratio.

There are many definitions of "value stock". For indexes, value stocks are defined as low P/E ratio, low P/B ratio, low P/B ratio and high dividend yield. Dividends mainly depend on the dividend yield. So usually this kind of variety also has a nickname called "value stock". The value of the index fund itself is easy to get more income than the market.

The source of excess income of dividend index funds: regular position adjustment-keep yourself "relatively cheap" and do "buy low and sell high" every year. You can get a certain excess return.

Every year, when the index foundation adjusts its position, it will bring in the high dividend rate and bring out the low dividend rate. Dividend rate = cash dividend/market value. Among them, the cash dividend only changes once a year, so the change of dividend rate is mainly due to the change of market value. In other words, the dividend yield of varieties that have risen much in the short term will become lower and easy to be transferred out; For varieties that fall much in the short term, the dividend yield will become higher and it will be easily transferred. The annual position adjustment has become "short-term rising varieties are transferred in batches, and short-term falling varieties are transferred in batches". Buying cheaply is easy to bring excess returns.

For example, in 2065438+February 2007 and 65438+2007, 20 stocks were adjusted, accounting for about 20% of all stocks.

The average valuation of the transferred shares is much lower than that of the transferred shares. The transfer in is mainly a short-term decline, and the transfer out is mainly a short-term rise.

In a word, dividend index investment is like an organic organism that can renew itself. It can continue to grow and evolve, eliminate bad goals, merge into new high-quality companies, and complete self-metabolism. Therefore, long-term investment in dividend opportunities still has a high probability of obtaining stable happiness.

Dividend index funds have also experienced three stages of evolution.

That is to say, choose a group of stocks with the highest dividend yield. Which stock has a large market value will have a higher proportion in index funds. The advantage of this dividend index fund is its good liquidity. But the disadvantage is that it does not take advantage of the high dividend yield of dividend index.

After this transformation, the domestic dividend index fund can be regarded as a real dividend index. Varieties with higher dividend yield will get more attention.

But there is still a problem. Some cyclical industries will make a lot of money when the industry is particularly prosperous. The extra profits will be divided into dividends. Resulting in a very high dividend yield in the short term. For example, the steel industry in 2007, 20 12 banking. In this case, the dividend indicators will be too concentrated in the strong cyclical industries.

Dividend opportunities require that stocks in a single industry cannot be held too much, and the profits of constituent stocks should be increased. The traditional dividend index has been revised. From the perspective of industry distribution, dividend opportunities are relatively uniform, and the distribution of large and small plates is relatively uniform. From the perspective of risk diversification, dividend opportunities are indeed the most dispersed, or even one. For example, deep dividends and SSE dividends are mainly large-cap stocks, while CSI dividends are relatively large. If there is a dividend opportunity, the proportion of small and medium-sized stocks will be higher (most of the small and medium-sized stocks here are 500 constituent stocks). This correction is not necessarily reflected in the income, but sometimes in the perspective of "more dispersed shareholding and less risk".

Summary:

Dividend strategy is an excellent strategy that has been tried and tested, and its high dividend characteristics are especially suitable for long-term investors: in the long run, the dividend of the index will increase with the growth of profit, and the dividend of the corresponding index fund will also increase continuously.

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If you have a bunch of bonus funds bought with high dividend yield, your future income will be very good, and you will also get high cash dividends every year, which will not be affected by bulls and bears. This is also a very good investment strategy.