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2021-01-23
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6 Dividend Funds for Long-Term Investors<blockquote>6只适合长期投资者的股息基金</blockquote>
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A lot of the mutual funds that specialize in these stocks “really suffered from not having as much tech exposure” as other funds did, Arnott tells<i>Barron’s</i>. These equity income funds, Arnott adds, also took a hit owing to the manydividend cuts and suspensionslast year as companies tried to preserve cash.</p><p><blockquote>晨星公司投资组合策略师艾米·阿诺特在最近的一份报告中总结道。阿诺特表示，许多专门投资这些股票的共同基金“确实因没有其他基金那么多科技投资而遭受损失”<i>巴伦周刊</i>阿诺特补充说，由于去年公司试图保留现金，许多股息削减和暂停，这些股票收益基金也受到了打击。</blockquote></p><p> From Feb. 19 of last year, when the market peaked at what was then a record high, through March 23, the average stock dividend fund had a return of minus 36.6%, versus minus 33.5% for the S&P 500, according to Morningstar. The MSCI USA High Dividend Yield Index notched a slightly better result, with a gross return of minus 32.6% over that stretch.</p><p><blockquote>晨星公司的数据显示，从去年2月19日市场达到当时的历史新高峰值到3月23日，股票股息基金的平均回报率为负36.6%，而标普500的平均回报率为负33.5%。MSCI美国高股息收益率指数的表现略好，同期总回报率为负32.6%。</blockquote></p><p> Looking at the full year, theTechnology Select Sector SPDR Fund(ticker: XLK), a proxy for large technology companies, returned 43.6% in 2020, well above theS&P 500’s18.4% result or theS&P 500 Dividend Aristocrats’ 8.7% return.</p><p><blockquote>从全年来看，代表大型科技公司的科技精选行业SPDR基金（股票代码：XLK）2020年的回报率为43.6%，远高于标准普尔500指数18.4%的业绩或标准普尔500股息贵族8.7%的回报率。</blockquote></p><p> Beaten but Not BrokenDespite recent underperformance, the long-term case for dividend funds</p><p><blockquote>尽管近期表现不佳，但仍未破产，股息基金的长期理由</blockquote></p><p> <table> <thead> <tr> <th>Fund or Index / Ticker</th> <th>1-Year Return</th> <th>Dividend Yield</th> <th>AUM (bil)</th> <th>Net Expense Ratio</th> </tr> </thead> <tbody> <tr> <td>Columbia Dividend Income / GSFTX</td> <td>9.2%</td> <td>1.7%</td> <td>$28.9</td> <td>0.69%</td> </tr> <tr> <td>Franklin Equity Income / FISEX</td> <td>6.2</td> <td>2.2</td> <td>2.8</td> <td>0.86</td> </tr> <tr> <td>JPMorgan Equity Income / OIEIX</td> <td>4.8</td> <td>2.3</td> <td>37.5</td> <td>0.98</td> </tr> <tr> <td>T. Rowe Price Dividend Growth / PRDGX</td> <td>12.3</td> <td>1.1</td> <td>18</td> <td>0.63</td> </tr> <tr> <td>Vanguard Dividend Growth / VDIGX</td> <td>8.5</td> <td>1.8</td> <td>47.4</td> <td>0.27</td> </tr> <tr> <td>Vanguard Dividend Appreciation / VIG</td> <td>13.0</td> <td>1.9</td> <td>53.2</td> <td>0.06</td> </tr> <tr> <td>S&P 500</td> <td>16.7</td> <td>1.5</td> <td>NA</td> <td>NA</td> </tr> </tbody> </table> Note: Returns as of Jan. 15. NA=Not applicable</p><p><blockquote><table><thead><tr><th>基金或指数/股票代码</th><th>1年回报</th><th>股息率</th><th>资产管理规模(bil)</th><th>净费用率</th></tr></thead><tbody><tr><td>哥伦比亚股息收入/GSFTX</td><td>9.2%</td><td>1.7%</td><td>$28.9</td><td>0.69%</td></tr><tr><td>富兰克林股票收益/FISEX</td><td>6.2</td><td>2.2</td><td>2.8</td><td>0.86</td></tr><tr><td>摩根大通股票收益/OIEIX</td><td>4.8</td><td>2.3</td><td>37.5</td><td>0.98</td></tr><tr><td>T.Rowe Price股息增长/PRDGX</td><td>12.3</td><td>1.1</td><td>18</td><td>0.63</td></tr><tr><td>先锋股息增长/VDIGX</td><td>8.5</td><td>1.8</td><td>47.4</td><td>0.27</td></tr><tr><td>先锋股息增值/VIG</td><td>13.0</td><td>1.9</td><td>53.2</td><td>0.06</td></tr><tr><td>标普500</td><td>16.7</td><td>1.5</td><td>NA</td><td>NA</td></tr></tbody></table>注：截至1月15日的退货。NA=不适用</blockquote></p><p> Sources: Morningstar; Bloomberg; company reports</p><p><blockquote>资料来源：晨星；彭博；公司报告</blockquote></p><p> However, Arnott argues that dividend stocks have acquitted themselves better during various other challenging periods—performance levels they may well return to in future rough patches. Over the 41 five-year rolling periods from 1976 through 2020, dividend stocks outpaced the broader market in 25 of those spans. But as with so much else during the pandemic, 2020 was an aberration for dividend stocks.</p><p><blockquote>然而，阿诺特认为，股息股票在其他各种充满挑战的时期表现得更好——在未来的艰难时期，它们很可能会恢复到这样的表现水平。从1976年到2020年的41个五年滚动期中，股息股票在其中25个期间跑赢了大盘。但与大流行期间的许多其他事情一样，2020年对于股息股票来说是一个异常。</blockquote></p><p> “They’ve typically fared best during periods of slow economic growth and sluggish market returns, such as the early part of the [2000s] and in the 1980s, when stagflation dragged down market returns,” Arnott observed in her Jan. 11 note.</p><p><blockquote>阿诺特在1月11日的报告中指出：“它们通常在经济增长缓慢和市场回报低迷的时期表现最好，例如[2000年代]初期和1980年代，当时滞胀拖累了市场回报。”</blockquote></p><p> In contrast, dividend stocks trailed the broader market through much of the 1990s when the tech-stock bubble inflated. They “tend to fare worst during more ebullient times, such as 1995-99 and the generally strong period from 2016 through 2020,” she wrote.</p><p><blockquote>相比之下，在20世纪90年代科技股泡沫膨胀的大部分时间里，股息股一直落后于大盘。她写道，他们“往往在更热闹的时期表现最差，例如1995年至1999年以及2016年至2020年普遍强劲的时期”。</blockquote></p><p> Arnott also looked at the trailing 20-year returns and volatility, as measured by standard deviation, for dividend stocks. The MSCI USA High Dividend Yield Index had a 20-year annual return of 7.89%, versus 7.49% for the S&P 500. That dividend index also was less volatile over that period, with a standard deviation of 13.23, nearly two percentage points better than the broader market’s 15.08.</p><p><blockquote>阿诺特还研究了股息股票过去20年的回报率和波动性（以标准差衡量）。MSCI美国高股息收益率指数的20年年回报率为7.89%，而标普500的年回报率为7.49%。该股息指数在此期间的波动性也较小，标准差为13.23，比大盘的15.08高出近两个百分点。</blockquote></p><p> “Stocks with above-average dividends have generally held up relatively well in previous market downturns,” Arnott wrote, pointing to the fourth quarter of 1987, the early 2000s, and the fourth quarter of 2018 as examples.</p><p><blockquote>阿诺特写道：“在之前的市场低迷时期，股息高于平均水平的股票通常表现相对较好。”他以1987年第四季度、2000年代初和2018年第四季度为例。</blockquote></p><p> To supplement Arnott’s observations,<i>Barron’s</i>looked at some of the equity income funds we have written about in recent years. None of these funds have outperformed the S&P 500 over the past 12 months.</p><p><blockquote>为了补充阿诺特的观察，<i>巴伦周刊</i>查看了我们近年来撰写的一些股票收益基金。过去12个月，这些基金的表现均未跑赢标普500。</blockquote></p><p> Nearly all of them, however, have finished in the top half of the Morningstar category when measured by three- and five-year returns—and many have strong performance over even longer periods as well.</p><p><blockquote>然而，以三年和五年回报率衡量，几乎所有公司都在晨星类别的上半部分，而且许多公司在更长的时期内也表现强劲。</blockquote></p><p> The T. Rowe Price Dividend Growth Fund (PRDGX), which tries togenerate income and capital appreciation, has a one-year return of 12.3%, ranking second among the funds included in the accompanying table.</p><p><blockquote>试图产生收入和资本增值的T.Rowe Price Dividend Growth基金(PRDGX)的一年回报率为12.3%，在附表所列基金中排名第二。</blockquote></p><p> As of Dec. 31, the portfolio’s top sector weighting was technology at 22.2%, followed by health care at 16.5%, and financials at 12.8%. Its top two holdings wereMicrosoft(MSFT), which yields 1%, andApple(AAPL), which yields 0.6%. Neither stock has a big yield. But Microsoft has returned about 36% over the past year, dividends included, and Apple has gained about 67%.</p><p><blockquote>截至12月31日，该投资组合中权重最高的行业是科技，为22.2%，其次是医疗保健，为16.5%，金融，为12.8%。其持有的前两大股票是微软(MSFT)（收益率为1%）和苹果(AAPL)（收益率为0.6%）。这两只股票的收益率都不高。但微软过去一年的回报率约为36%（包括股息），苹果的回报率约为67%。</blockquote></p><p></p><p> TheColumbia Dividend Income Fund(GSFTX) has a one-year return of 9.2%. A fourth-quarter tailwind forthe fundwas an overweight position in bank stocks such asBank of America(BAC), which yields 2.2%, andJPMorgan Chase(JPM), 2.7%.</p><p><blockquote>哥伦比亚股息收入基金(GSFTX)的一年回报率为9.2%。该基金第四季度的推动力是跑赢大盘持有银行股，例如美国银行(BAC)（收益率为2.2%）和摩根大通(JPM)（收益率为2.7%）。</blockquote></p><p> “The segment benefited from the quarter’s rotation into value,” according to the fund managers’ commentary on the company’s website, adding that bank stocks helped as well.</p><p><blockquote>根据基金经理在该公司网站上的评论，“该部门受益于本季度的价值轮动”，并补充说银行股也有所帮助。</blockquote></p><p> The JPMorgan Equity Income Fund(OIEIX) had a tougher time of it, with a return of 4.8% over the past 12 months, placing it in the middle of the pack among its peers.</p><p><blockquote>摩根大通股票收益基金(OIEIX)的处境更为艰难，过去12个月的回报率为4.8%，在同类基金中处于中游。</blockquote></p><p> Under longtime lead managerClare Hart, the portfolio has placed in the top half of its Morningstar peer group over the past three and five years and in the top 10% over the past 10 and 15 years. “Underperformance was predominantly a function of what we don’t own rather than what we do,” according to an assessment of the fund’s fourth-quarter performance by Hart and one of her colleagues, Jamie Steinhardt.</p><p><blockquote>在长期牵头经理克莱尔·哈特(Clare Hart)的领导下，该投资组合在过去三年和五年中一直位居晨星同行集团的前一半，在过去10年和15年中一直位居前10%。哈特和她的一位同事杰米·斯坦哈特(Jamie Steinhardt)对该基金第四季度业绩的评估显示，“表现不佳主要是由于我们不拥有什么，而不是我们做了什么。”</blockquote></p><p> The managers also pointed out thatBest Buy(BBY) andHome Depot(HD) “gave back some of their gains [despite] both companies reporting double-digit earnings growth.”</p><p><blockquote>经理们还指出，百思买(BBY)和家得宝(HD)“尽管两家公司都报告了两位数的盈利增长，但还是回吐了部分涨幅。”</blockquote></p><p> The fund did benefit from financial holdings such as Bank of America.</p><p><blockquote>该基金确实受益于美国银行等金融控股公司。</blockquote></p><p> Actively managed funds aren’t the only option for investors. There are various ETFs, which typically hew to an index and don’t have a manager actively buying and selling stocks.</p><p><blockquote>主动管理基金并不是投资者的唯一选择。ETF有各种类型，通常遵循指数，并且没有经理积极买卖股票。</blockquote></p><p> TheVanguard Dividend Appreciation ETF(VIG) has a one-year return of 13%, tops among the funds included in the table, helped by an ultralow expense ratio of 0.06%.</p><p><blockquote>得益于0.06%的超低费用率，Vanguard Dividend Appreciation ETF(VIG)的一年回报率为13%，在表中基金中名列前茅。</blockquote></p><p> The fund, which tries to track the Nasdaq US Dividend Achievers Select Index, recently held 212 stocks with a median market capitalization of about $158 billion, giving it a large-cap bent.</p><p><blockquote>该基金试图追踪纳斯达克美国股息精英会精选指数，最近持有212只股票，市值中位数约为1580亿美元，使其倾向于大盘股。</blockquote></p><p> As of Dec. 31, its biggest sector weighting was consumer discretionary at 22.8%, followed by industrials at 20.8%, and health care at 14.9%. Technology clocked in at 12.5%—showing that a dividend stock fund doesn’t have to have a big tech overweighting to perform well right now.</p><p><blockquote>截至12月31日，其最大的行业权重是非必需消费品，为22.8%，其次是工业，为20.8%，医疗保健为14.9%。科技股的涨幅为12.5%，这表明股息股票基金不一定要增持大型科技股才能在目前表现良好。</blockquote></p><p> “The bottom line is that every down market is different, and dividend-oriented stocks won’t excel in every one,” Arnott wrote in her note’s conclusion. “Overall, though, they tend to hold up a bit better than average during times of market turbulence and have generated attractive risk-adjusted returns over longer periods.”</p><p><blockquote>阿诺特在报告的结论中写道：“最重要的是，每个下跌市场都是不同的，股息导向型股票不会在每个市场中都表现出色。”“但总体而言，在市场动荡时期，它们的表现往往略好于平均水平，并在较长时期内产生了有吸引力的风险调整回报。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>6 Dividend Funds for Long-Term Investors<blockquote>6只适合长期投资者的股息基金</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n6 Dividend Funds for Long-Term Investors<blockquote>6只适合长期投资者的股息基金</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-01-22 16:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Although dividend stocks lagged behind flashier tech stocks during the pandemic last year, their “long-term investment case remains solid.”</p><p><blockquote>尽管去年疫情期间股息股落后于更耀眼的科技股，但它们的“长期投资理由仍然坚实”。</blockquote></p><p> So concludes Amy Arnott, a portfolio strategist atMorningstar,in a recent note. A lot of the mutual funds that specialize in these stocks “really suffered from not having as much tech exposure” as other funds did, Arnott tells<i>Barron’s</i>. These equity income funds, Arnott adds, also took a hit owing to the manydividend cuts and suspensionslast year as companies tried to preserve cash.</p><p><blockquote>晨星公司投资组合策略师艾米·阿诺特在最近的一份报告中总结道。阿诺特表示，许多专门投资这些股票的共同基金“确实因没有其他基金那么多科技投资而遭受损失”<i>巴伦周刊</i>阿诺特补充说，由于去年公司试图保留现金，许多股息削减和暂停，这些股票收益基金也受到了打击。</blockquote></p><p> From Feb. 19 of last year, when the market peaked at what was then a record high, through March 23, the average stock dividend fund had a return of minus 36.6%, versus minus 33.5% for the S&P 500, according to Morningstar. The MSCI USA High Dividend Yield Index notched a slightly better result, with a gross return of minus 32.6% over that stretch.</p><p><blockquote>晨星公司的数据显示，从去年2月19日市场达到当时的历史新高峰值到3月23日，股票股息基金的平均回报率为负36.6%，而标普500的平均回报率为负33.5%。MSCI美国高股息收益率指数的表现略好，同期总回报率为负32.6%。</blockquote></p><p> Looking at the full year, theTechnology Select Sector SPDR Fund(ticker: XLK), a proxy for large technology companies, returned 43.6% in 2020, well above theS&P 500’s18.4% result or theS&P 500 Dividend Aristocrats’ 8.7% return.</p><p><blockquote>从全年来看，代表大型科技公司的科技精选行业SPDR基金（股票代码：XLK）2020年的回报率为43.6%，远高于标准普尔500指数18.4%的业绩或标准普尔500股息贵族8.7%的回报率。</blockquote></p><p> Beaten but Not BrokenDespite recent underperformance, the long-term case for dividend funds</p><p><blockquote>尽管近期表现不佳，但仍未破产，股息基金的长期理由</blockquote></p><p> <table> <thead> <tr> <th>Fund or Index / Ticker</th> <th>1-Year Return</th> <th>Dividend Yield</th> <th>AUM (bil)</th> <th>Net Expense Ratio</th> </tr> </thead> <tbody> <tr> <td>Columbia Dividend Income / GSFTX</td> <td>9.2%</td> <td>1.7%</td> <td>$28.9</td> <td>0.69%</td> </tr> <tr> <td>Franklin Equity Income / FISEX</td> <td>6.2</td> <td>2.2</td> <td>2.8</td> <td>0.86</td> </tr> <tr> <td>JPMorgan Equity Income / OIEIX</td> <td>4.8</td> <td>2.3</td> <td>37.5</td> <td>0.98</td> </tr> <tr> <td>T. Rowe Price Dividend Growth / PRDGX</td> <td>12.3</td> <td>1.1</td> <td>18</td> <td>0.63</td> </tr> <tr> <td>Vanguard Dividend Growth / VDIGX</td> <td>8.5</td> <td>1.8</td> <td>47.4</td> <td>0.27</td> </tr> <tr> <td>Vanguard Dividend Appreciation / VIG</td> <td>13.0</td> <td>1.9</td> <td>53.2</td> <td>0.06</td> </tr> <tr> <td>S&P 500</td> <td>16.7</td> <td>1.5</td> <td>NA</td> <td>NA</td> </tr> </tbody> </table> Note: Returns as of Jan. 15. NA=Not applicable</p><p><blockquote><table><thead><tr><th>基金或指数/股票代码</th><th>1年回报</th><th>股息率</th><th>资产管理规模(bil)</th><th>净费用率</th></tr></thead><tbody><tr><td>哥伦比亚股息收入/GSFTX</td><td>9.2%</td><td>1.7%</td><td>$28.9</td><td>0.69%</td></tr><tr><td>富兰克林股票收益/FISEX</td><td>6.2</td><td>2.2</td><td>2.8</td><td>0.86</td></tr><tr><td>摩根大通股票收益/OIEIX</td><td>4.8</td><td>2.3</td><td>37.5</td><td>0.98</td></tr><tr><td>T.Rowe Price股息增长/PRDGX</td><td>12.3</td><td>1.1</td><td>18</td><td>0.63</td></tr><tr><td>先锋股息增长/VDIGX</td><td>8.5</td><td>1.8</td><td>47.4</td><td>0.27</td></tr><tr><td>先锋股息增值/VIG</td><td>13.0</td><td>1.9</td><td>53.2</td><td>0.06</td></tr><tr><td>标普500</td><td>16.7</td><td>1.5</td><td>NA</td><td>NA</td></tr></tbody></table>注：截至1月15日的退货。NA=不适用</blockquote></p><p> Sources: Morningstar; Bloomberg; company reports</p><p><blockquote>资料来源：晨星；彭博；公司报告</blockquote></p><p> However, Arnott argues that dividend stocks have acquitted themselves better during various other challenging periods—performance levels they may well return to in future rough patches. Over the 41 five-year rolling periods from 1976 through 2020, dividend stocks outpaced the broader market in 25 of those spans. But as with so much else during the pandemic, 2020 was an aberration for dividend stocks.</p><p><blockquote>然而，阿诺特认为，股息股票在其他各种充满挑战的时期表现得更好——在未来的艰难时期，它们很可能会恢复到这样的表现水平。从1976年到2020年的41个五年滚动期中，股息股票在其中25个期间跑赢了大盘。但与大流行期间的许多其他事情一样，2020年对于股息股票来说是一个异常。</blockquote></p><p> “They’ve typically fared best during periods of slow economic growth and sluggish market returns, such as the early part of the [2000s] and in the 1980s, when stagflation dragged down market returns,” Arnott observed in her Jan. 11 note.</p><p><blockquote>阿诺特在1月11日的报告中指出：“它们通常在经济增长缓慢和市场回报低迷的时期表现最好，例如[2000年代]初期和1980年代，当时滞胀拖累了市场回报。”</blockquote></p><p> In contrast, dividend stocks trailed the broader market through much of the 1990s when the tech-stock bubble inflated. They “tend to fare worst during more ebullient times, such as 1995-99 and the generally strong period from 2016 through 2020,” she wrote.</p><p><blockquote>相比之下，在20世纪90年代科技股泡沫膨胀的大部分时间里，股息股一直落后于大盘。她写道，他们“往往在更热闹的时期表现最差，例如1995年至1999年以及2016年至2020年普遍强劲的时期”。</blockquote></p><p> Arnott also looked at the trailing 20-year returns and volatility, as measured by standard deviation, for dividend stocks. The MSCI USA High Dividend Yield Index had a 20-year annual return of 7.89%, versus 7.49% for the S&P 500. That dividend index also was less volatile over that period, with a standard deviation of 13.23, nearly two percentage points better than the broader market’s 15.08.</p><p><blockquote>阿诺特还研究了股息股票过去20年的回报率和波动性（以标准差衡量）。MSCI美国高股息收益率指数的20年年回报率为7.89%，而标普500的年回报率为7.49%。该股息指数在此期间的波动性也较小，标准差为13.23，比大盘的15.08高出近两个百分点。</blockquote></p><p> “Stocks with above-average dividends have generally held up relatively well in previous market downturns,” Arnott wrote, pointing to the fourth quarter of 1987, the early 2000s, and the fourth quarter of 2018 as examples.</p><p><blockquote>阿诺特写道：“在之前的市场低迷时期，股息高于平均水平的股票通常表现相对较好。”他以1987年第四季度、2000年代初和2018年第四季度为例。</blockquote></p><p> To supplement Arnott’s observations,<i>Barron’s</i>looked at some of the equity income funds we have written about in recent years. None of these funds have outperformed the S&P 500 over the past 12 months.</p><p><blockquote>为了补充阿诺特的观察，<i>巴伦周刊</i>查看了我们近年来撰写的一些股票收益基金。过去12个月，这些基金的表现均未跑赢标普500。</blockquote></p><p> Nearly all of them, however, have finished in the top half of the Morningstar category when measured by three- and five-year returns—and many have strong performance over even longer periods as well.</p><p><blockquote>然而，以三年和五年回报率衡量，几乎所有公司都在晨星类别的上半部分，而且许多公司在更长的时期内也表现强劲。</blockquote></p><p> The T. Rowe Price Dividend Growth Fund (PRDGX), which tries togenerate income and capital appreciation, has a one-year return of 12.3%, ranking second among the funds included in the accompanying table.</p><p><blockquote>试图产生收入和资本增值的T.Rowe Price Dividend Growth基金(PRDGX)的一年回报率为12.3%，在附表所列基金中排名第二。</blockquote></p><p> As of Dec. 31, the portfolio’s top sector weighting was technology at 22.2%, followed by health care at 16.5%, and financials at 12.8%. Its top two holdings wereMicrosoft(MSFT), which yields 1%, andApple(AAPL), which yields 0.6%. Neither stock has a big yield. But Microsoft has returned about 36% over the past year, dividends included, and Apple has gained about 67%.</p><p><blockquote>截至12月31日，该投资组合中权重最高的行业是科技，为22.2%，其次是医疗保健，为16.5%，金融，为12.8%。其持有的前两大股票是微软(MSFT)（收益率为1%）和苹果(AAPL)（收益率为0.6%）。这两只股票的收益率都不高。但微软过去一年的回报率约为36%（包括股息），苹果的回报率约为67%。</blockquote></p><p></p><p> TheColumbia Dividend Income Fund(GSFTX) has a one-year return of 9.2%. A fourth-quarter tailwind forthe fundwas an overweight position in bank stocks such asBank of America(BAC), which yields 2.2%, andJPMorgan Chase(JPM), 2.7%.</p><p><blockquote>哥伦比亚股息收入基金(GSFTX)的一年回报率为9.2%。该基金第四季度的推动力是跑赢大盘持有银行股，例如美国银行(BAC)（收益率为2.2%）和摩根大通(JPM)（收益率为2.7%）。</blockquote></p><p> “The segment benefited from the quarter’s rotation into value,” according to the fund managers’ commentary on the company’s website, adding that bank stocks helped as well.</p><p><blockquote>根据基金经理在该公司网站上的评论，“该部门受益于本季度的价值轮动”，并补充说银行股也有所帮助。</blockquote></p><p> The JPMorgan Equity Income Fund(OIEIX) had a tougher time of it, with a return of 4.8% over the past 12 months, placing it in the middle of the pack among its peers.</p><p><blockquote>摩根大通股票收益基金(OIEIX)的处境更为艰难，过去12个月的回报率为4.8%，在同类基金中处于中游。</blockquote></p><p> Under longtime lead managerClare Hart, the portfolio has placed in the top half of its Morningstar peer group over the past three and five years and in the top 10% over the past 10 and 15 years. “Underperformance was predominantly a function of what we don’t own rather than what we do,” according to an assessment of the fund’s fourth-quarter performance by Hart and one of her colleagues, Jamie Steinhardt.</p><p><blockquote>在长期牵头经理克莱尔·哈特(Clare Hart)的领导下，该投资组合在过去三年和五年中一直位居晨星同行集团的前一半，在过去10年和15年中一直位居前10%。哈特和她的一位同事杰米·斯坦哈特(Jamie Steinhardt)对该基金第四季度业绩的评估显示，“表现不佳主要是由于我们不拥有什么，而不是我们做了什么。”</blockquote></p><p> The managers also pointed out thatBest Buy(BBY) andHome Depot(HD) “gave back some of their gains [despite] both companies reporting double-digit earnings growth.”</p><p><blockquote>经理们还指出，百思买(BBY)和家得宝(HD)“尽管两家公司都报告了两位数的盈利增长，但还是回吐了部分涨幅。”</blockquote></p><p> The fund did benefit from financial holdings such as Bank of America.</p><p><blockquote>该基金确实受益于美国银行等金融控股公司。</blockquote></p><p> Actively managed funds aren’t the only option for investors. There are various ETFs, which typically hew to an index and don’t have a manager actively buying and selling stocks.</p><p><blockquote>主动管理基金并不是投资者的唯一选择。ETF有各种类型，通常遵循指数，并且没有经理积极买卖股票。</blockquote></p><p> TheVanguard Dividend Appreciation ETF(VIG) has a one-year return of 13%, tops among the funds included in the table, helped by an ultralow expense ratio of 0.06%.</p><p><blockquote>得益于0.06%的超低费用率，Vanguard Dividend Appreciation ETF(VIG)的一年回报率为13%，在表中基金中名列前茅。</blockquote></p><p> The fund, which tries to track the Nasdaq US Dividend Achievers Select Index, recently held 212 stocks with a median market capitalization of about $158 billion, giving it a large-cap bent.</p><p><blockquote>该基金试图追踪纳斯达克美国股息精英会精选指数，最近持有212只股票，市值中位数约为1580亿美元，使其倾向于大盘股。</blockquote></p><p> As of Dec. 31, its biggest sector weighting was consumer discretionary at 22.8%, followed by industrials at 20.8%, and health care at 14.9%. Technology clocked in at 12.5%—showing that a dividend stock fund doesn’t have to have a big tech overweighting to perform well right now.</p><p><blockquote>截至12月31日，其最大的行业权重是非必需消费品，为22.8%，其次是工业，为20.8%，医疗保健为14.9%。科技股的涨幅为12.5%，这表明股息股票基金不一定要增持大型科技股才能在目前表现良好。</blockquote></p><p> “The bottom line is that every down market is different, and dividend-oriented stocks won’t excel in every one,” Arnott wrote in her note’s conclusion. “Overall, though, they tend to hold up a bit better than average during times of market turbulence and have generated attractive risk-adjusted returns over longer periods.”</p><p><blockquote>阿诺特在报告的结论中写道：“最重要的是，每个下跌市场都是不同的，股息导向型股票不会在每个市场中都表现出色。”“但总体而言，在市场动荡时期，它们的表现往往略好于平均水平，并在较长时期内产生了有吸引力的风险调整回报。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/6-dividend-funds-for-long-term-investors-51611244802?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/6-dividend-funds-for-long-term-investors-51611244802?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186615938","content_text":"Although dividend stocks lagged behind flashier tech stocks during the pandemic last year, their “long-term investment case remains solid.”\nSo concludes Amy Arnott, a portfolio strategist atMorningstar,in a recent note. A lot of the mutual funds that specialize in these stocks “really suffered from not having as much tech exposure” as other funds did, Arnott tellsBarron’s. These equity income funds, Arnott adds, also took a hit owing to the manydividend cuts and suspensionslast year as companies tried to preserve cash.\nFrom Feb. 19 of last year, when the market peaked at what was then a record high, through March 23, the average stock dividend fund had a return of minus 36.6%, versus minus 33.5% for the S&P 500, according to Morningstar. The MSCI USA High Dividend Yield Index notched a slightly better result, with a gross return of minus 32.6% over that stretch.\nLooking at the full year, theTechnology Select Sector SPDR Fund(ticker: XLK), a proxy for large technology companies, returned 43.6% in 2020, well above theS&P 500’s18.4% result or theS&P 500 Dividend Aristocrats’ 8.7% return.\nBeaten but Not BrokenDespite recent underperformance, the long-term case for dividend funds\n\n\n\nFund or Index / Ticker\n1-Year Return\nDividend Yield\nAUM (bil)\nNet Expense Ratio\n\n\n\n\nColumbia Dividend Income / GSFTX\n9.2%\n1.7%\n$28.9\n0.69%\n\n\nFranklin Equity Income / FISEX\n6.2\n2.2\n2.8\n0.86\n\n\nJPMorgan Equity Income / OIEIX\n4.8\n2.3\n37.5\n0.98\n\n\nT. Rowe Price Dividend Growth / PRDGX\n12.3\n1.1\n18\n0.63\n\n\nVanguard Dividend Growth / VDIGX\n8.5\n1.8\n47.4\n0.27\n\n\nVanguard Dividend Appreciation / VIG\n13.0\n1.9\n53.2\n0.06\n\n\nS&P 500\n16.7\n1.5\nNA\nNA\n\n\n\nNote: Returns as of Jan. 15. NA=Not applicable\nSources: Morningstar; Bloomberg; company reports\nHowever, Arnott argues that dividend stocks have acquitted themselves better during various other challenging periods—performance levels they may well return to in future rough patches. Over the 41 five-year rolling periods from 1976 through 2020, dividend stocks outpaced the broader market in 25 of those spans. But as with so much else during the pandemic, 2020 was an aberration for dividend stocks.\n“They’ve typically fared best during periods of slow economic growth and sluggish market returns, such as the early part of the [2000s] and in the 1980s, when stagflation dragged down market returns,” Arnott observed in her Jan. 11 note.\nIn contrast, dividend stocks trailed the broader market through much of the 1990s when the tech-stock bubble inflated. They “tend to fare worst during more ebullient times, such as 1995-99 and the generally strong period from 2016 through 2020,” she wrote.\nArnott also looked at the trailing 20-year returns and volatility, as measured by standard deviation, for dividend stocks. The MSCI USA High Dividend Yield Index had a 20-year annual return of 7.89%, versus 7.49% for the S&P 500. That dividend index also was less volatile over that period, with a standard deviation of 13.23, nearly two percentage points better than the broader market’s 15.08.\n“Stocks with above-average dividends have generally held up relatively well in previous market downturns,” Arnott wrote, pointing to the fourth quarter of 1987, the early 2000s, and the fourth quarter of 2018 as examples.\nTo supplement Arnott’s observations,Barron’slooked at some of the equity income funds we have written about in recent years. None of these funds have outperformed the S&P 500 over the past 12 months.\nNearly all of them, however, have finished in the top half of the Morningstar category when measured by three- and five-year returns—and many have strong performance over even longer periods as well.\nThe T. Rowe Price Dividend Growth Fund (PRDGX), which tries togenerate income and capital appreciation, has a one-year return of 12.3%, ranking second among the funds included in the accompanying table.\nAs of Dec. 31, the portfolio’s top sector weighting was technology at 22.2%, followed by health care at 16.5%, and financials at 12.8%. Its top two holdings wereMicrosoft(MSFT), which yields 1%, andApple(AAPL), which yields 0.6%. Neither stock has a big yield. But Microsoft has returned about 36% over the past year, dividends included, and Apple has gained about 67%.\nTheColumbia Dividend Income Fund(GSFTX) has a one-year return of 9.2%. A fourth-quarter tailwind forthe fundwas an overweight position in bank stocks such asBank of America(BAC), which yields 2.2%, andJPMorgan Chase(JPM), 2.7%.\n“The segment benefited from the quarter’s rotation into value,” according to the fund managers’ commentary on the company’s website, adding that bank stocks helped as well.\nThe JPMorgan Equity Income Fund(OIEIX) had a tougher time of it, with a return of 4.8% over the past 12 months, placing it in the middle of the pack among its peers.\nUnder longtime lead managerClare Hart, the portfolio has placed in the top half of its Morningstar peer group over the past three and five years and in the top 10% over the past 10 and 15 years. “Underperformance was predominantly a function of what we don’t own rather than what we do,” according to an assessment of the fund’s fourth-quarter performance by Hart and one of her colleagues, Jamie Steinhardt.\nThe managers also pointed out thatBest Buy(BBY) andHome Depot(HD) “gave back some of their gains [despite] both companies reporting double-digit earnings growth.”\nThe fund did benefit from financial holdings such as Bank of America.\nActively managed funds aren’t the only option for investors. There are various ETFs, which typically hew to an index and don’t have a manager actively buying and selling stocks.\nTheVanguard Dividend Appreciation ETF(VIG) has a one-year return of 13%, tops among the funds included in the table, helped by an ultralow expense ratio of 0.06%.\nThe fund, which tries to track the Nasdaq US Dividend Achievers Select Index, recently held 212 stocks with a median market capitalization of about $158 billion, giving it a large-cap bent.\nAs of Dec. 31, its biggest sector weighting was consumer discretionary at 22.8%, followed by industrials at 20.8%, and health care at 14.9%. Technology clocked in at 12.5%—showing that a dividend stock fund doesn’t have to have a big tech overweighting to perform well right now.\n“The bottom line is that every down market is different, and dividend-oriented stocks won’t excel in every one,” Arnott wrote in her note’s conclusion. “Overall, though, they tend to hold up a bit better than average during times of market turbulence and have generated attractive risk-adjusted returns over longer periods.”","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":837,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/310786236"}
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