For Renato Anzovino, yield is overrated, John Heinzl writes. When the portfolio manager at Heward Investment Management Inc. is hunting for promising stocks, he’s more interested in a company’s dividend growth. The yield may be modest, but if the dividend is growing, it’s often a bullish sign.
The strategy has produced solid results. Since the Heward Canadian Dividend Growth Fund launched a decade ago, it has posted an annualized total return − including dividends – of 9.85 per cent through June 30. That tops the total annualized return – also including dividends – of the S&P/TSX Composite Index by about two percentage points.
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