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Dogs of the DJIA 2010

08/01/2010 - Les dividendes du Dow Jones

Pour ceux qui souhaitent appliquer la technique des Dogs of the Dow pour l’année 2010, il suffit de prendre les dix premières valeurs ci-dessous.

Le dividende indiqué s’entend TTM et provient de Bloomerg.

Company Profile
AT&T Inc
Dividend Yield: 6,1
AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing. Ticker: T:US
Verizon Communications Inc
Dividend Yield: 5,9
Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The Company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones. Ticker: VZ:US
EI du Pont de Nemours & Co
Dividend Yield: 4,8
E. I. du Pont de Nemours and Company is a global chemical and life sciences company, with businesses that include agriculture and industrial biotechnology, chemistry, biology, materials science and manufacturing. The Company operates globally and offers a wide range of products and services for markets including agriculture and food, building and construction, electronics and communications. Ticker: DD:US
Pfizer Inc
Dividend Yield: 4,3
Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals. The Company’s products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines. Ticker: PFE:US
Kraft Foods Inc
Dividend Yield: 4
Kraft Foods Inc. is a food and beverage company. The Company manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products. Kraft sells its products throughout the world. Ticker: KFT:US
Merck & Co Inc
Dividend Yield: 4
Merck & Co., Inc. is a global pharmaceutical company that discovers, develops, manufactures, and markets a broad range of human and animal health products. Merck’s products include a treatment for elevated cholesterol, a treatment for male pattern hair loss, a preventive treatment for osteoporosis, a treatment for hypertension, and a treatment for allergic rhinitis. Ticker: MRK:US
General Electric Co
Diversified Manufact Op
Dividend Yield: 3,7
General Electric Company is a diversified technology, media and financial services company. The Company offers products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and industrial products. General Electric conducts operations globally. Ticker: GE:US
Chevron Corp
Oil Comp-Integrated
Dividend Yield: 3,4
Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services. Ticker: CVX:US
McDonald’s Corp
Dividend Yield: 3,3
McDonald’s Corporation operates and franchises fast-food restaurants worldwide. The Company’s franchised and company operated fast food restaurants offer a variety of low price fast foods in locations around the world. Ticker: MCD:US
Home Depot Inc
Retail-Building Products
Dividend Yield: 3,1
The Home Depot, Inc. is a home improvement retailer that sells building materials and home improvement products. The Company’s sell a wide assortment of building materials, home improvement and lawn and garden products and provide a number of services. Home Depot operates throughout the U.S. (including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico. Ticker: HD:US
Johnson & Johnson
Medical Products
Dividend Yield: 3
Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world. Ticker: JNJ:US
Coca-Cola Co/The
Dividend Yield: 2,9
The Coca-Cola Company manufactures, markets, and distributes soft drink concentrates and syrups. The Company also distributes and markets juice and juice-drink products. Coca-Cola distributes its products to retailers and wholesalers in the United States and internationally. Ticker: KO:US
Procter & Gamble Co/The
Dividend Yield: 2,9
The Procter & Gamble Company manufactures and markets consumer products in countries throughout the world. The Company provides products in the laundry and cleaning, paper, beauty care, food and beverage, and health care segments. Proctor & Gamble’s products are sold primarily through mass merchandisers, grocery stores, membership club stores, drug stores, and neighborhood stores. Ticker: PG:US
Caterpillar Inc
Dividend Yield: 2,8
Caterpillar Inc. designs, manufactures, and markets construction, mining, agricultural, and forestry machinery. The Company also manufactures engines and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers. Ticker: CAT:US
Boeing Co/The
Dividend Yield: 2,7
The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide. The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems. Ticker: BA:US
Intel Corp
Electronic Compo-Semicon
Dividend Yield: 2,7
Intel Corporation designs, manufactures, and sells computer components and related products. The Company’s major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products. Ticker: INTC:US
Travelers Cos Inc/The
Property/Casualty Ins
Dividend Yield: 2,5
The Travelers Companies, Inc. provides commercial property casualty insurance and asset management services to businesses, government units, associations and individuals. The Company underwrites homeowners and auto insurance through independent agents. Ticker: TRV:US
3M Co
Diversified Manufact Op
Dividend Yield: 2,4
3M Co. conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company’s businesses share technologies, manufacturing operations, brands, marketing channels, and other resources. 3M serves customers in countries located around the world. Ticker: MMM:US
Exxon Mobil Corp
Oil Comp-Integrated
Dividend Yield: 2,4
Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company’s operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals. Ticker: XOM:US
United Technologies Corp
Dividend Yield: 2,2
United Technologies Corporation provides technology products and support services to customers in the aerospace and building industries worldwide. The Company’s products include aircraft engines, elevators and escalators, heating and air conditioning equipment, helicopters, aerospace systems, fuel cell systems, and fire and safety equipment. Ticker: UTX:US
Wal-Mart Stores Inc
Dividend Yield: 2
Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood markets. The Company’s discount stores and supercenters offer merchandise such as apparel, housewares, small appliances, electronics, and hardware. Walmart’s markets offer a full-line supermarket and a limited assortment of general merchandise. The Company operates nationally and internationally. Ticker: WMT:US
American Express Co
Finance-Credit Card
Dividend Yield: 1,7
American Express Company is a global payment and travel company. The Company’s principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world. Ticker: AXP:US
Microsoft Corp
Applications Software
Dividend Yield: 1,7
Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices. Ticker: MSFT:US
International Business Machines Corp
Dividend Yield: 1,7
International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company’s solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers. Ticker: IBM:US
Alcoa Inc
Dividend Yield: 1,5
Alcoa Inc. produces primary aluminum, fabricated aluminum, and alumina, and participates in mining, refining, smelting, fabricating, and recycling. The Company serves customers worldwide primarily in the transportation, packaging, building, and industrial markets with both fabricated and finished products. Ticker: AA:US
Walt Disney Co/The
Dividend Yield: 1,1
The Walt Disney Company, an entertainment company, conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and Internet and direct marketing. The Company produces motion pictures, television programs, and musical recordings, as well as publishes books and magazines. Disney also operates ABC radio and television and theme parks. Ticker: DIS:US
Hewlett-Packard Co
Dividend Yield: 0,6
Hewlett-Packard Company provides imaging and printing systems, computing systems, and information technology services for business and home. The Company’s products include laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. Hewlett-Packard sells its products worldwide. Ticker: HPQ:US
JPMorgan Chase & Co
Diversified Banking Inst
Dividend Yield: 0,5
JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals. Ticker: JPM:US
Bank of America Corp
Diversified Banking Inst
Dividend Yield: 0,2
Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary. Ticker: BAC:US
Cisco Systems Inc
Networking Products
Dividend Yield: 0
Cisco Systems, Inc. supplies data networking products for the Internet. The Company’s Internet Protocol-based networking solutions are installed at corporations, public institutions and telecommunication companies worldwide. The Company’s solutions transport data, voice, and video within buildings, across campuses, and around the world. Ticker: CSCO:US
Company Profile


4 commentaires

1) Jean-Marc
Cher Philippe,
merci pour tous ces éléments. peut-être auriez-vous pu initier la première de ces déclinaisons en rappelant ce qu'est la méthode des dogs of the Dow (je l'ignorais tandis que je pratique quelque chose de similaire).
Cette méthode consiste à choisir, en début d'année, les 10 titres présentant le plus fort rendement (passé ou issu du consensus sur l'avenir ??) et de répartir son pécule équitablement sur les 10 titres.
Chaque année, on procède à des arbitrages pour s'adapter à la nouvelle donne.
Entre 1957 et 2003, cette méthode a surperformé le Dow Jones de 3.3% l'an.
Entre 1973 et 1996, la surperformance monte à 4.5% l'an.
Il existe des variantes avec moins de titres : 4 titres seulement, dont le plus fort rendement dispose d'un poids doublé (soit 40% sur le titre présntant le plus fort rendement, 20% sur chacun des 3 autres). Sur ce cas caricatural, la surperformance entre 1973 et 1996 grimpe à... 12.2% l'an !!
Ca mérite d'être rappelé ici. Nous sommes bien d'accord que les perfs passées ne valent pas pour le futur mais quand-même. Une raison palpable à ceci : une forte sécurité à la baisse (protection du rendement) et le cours, en général, compense la baisse lors du détachement du coupon, d'où une hausse à peu près "garantie" dès lors que les rendements sont préservés.
Ce processus de "dogs of the dow" mérite sans doute d'être nuancé en pré-sélectionnant les titres au vu de quelques critères de qualité.
Et pourquoi attendre le premier janvier pour procéder à une unique mise à jour ?
Moyennant ces deux nuances, c'est ma méthode !!

Après les daubasses, les clebs ?
L'investisseur heureux : devenir rentier
Merci Jean-Marc !

C'est tellement connu les Dogs que je considérais cela comme acquis !

Il faudrait avoir des outils pour backtesté la méthode des Dogs, mais sans les valeurs financières.

L'avantage de cette méthode, c'est qu'elle est totalement mécanique et demande peu de temps.
3) Auguste
Salut Philippe,
Une question un peu annexe mais que vous avez déjà évoquée sur les valeurs US. Vous avez dit je crois que votre position en US$ représentait 24% de votre portefeuille. Si je me rappelle bien, Graham met en garde contre des positions en devises, mais je n'ai pas son livre avec moi et ne peux donc vérifier. J'ai pour ma part environ 12% en $.
Il me semble qu'il y a deux manières de considérer la question : ou bien on passe une partie de son temps en zone US$ et dans ce cas on peut proportionner sa position au temps qu'on y passe (2 mois par an = 2:12 ou 1/6e en US$). Mais passez vous 3 mois par an en zone US$ (12 mois : 4)?
Ou bien, puisqu'il me semble impossible pour un investisseur long terme de prévoir l'évolution des devises sur plusieurs années, simplement ne pas considérer le taux de change et croire que sur le moyen long terme on pourra procéder aux arbitrages nécessaires le cas échéant. Il me semble que c'est votre choix ?
Il existe bien une dernière solution, que j'ai entendue proposer récemment, c'est de prendre une couverture contre le risque de change : j'ai vu qu'un hedge fund US proposait des investissements en devise avec couverture. Le hic c'est qu'il y a un coût.
Pour ma part, j'ai acheté mes dollars en deux fois, en gros à 1,25 et à 1,5 $/€. Mais comme mon investissement US est mon "pension fund", la paire €-$ ne m'intéresse désormais plus beaucoup pour les 2 décennies à venir.
L'investisseur heureux : devenir rentier
C'est un vrai problème. Celui qui habite parfois dans un pays $ peut s'appuyer sur la règle que vous donnez mais ça n'est pas mon cas et je pense prendre ma "retraite" en Europe.

Ce risque devise, je m'en passerais bien, pour autant hors de question que je paie encore des "frais" pour m'en préserver.

Pour le moment, je limite ce risque en investissement essentiellement sur des valeurs internationales (exit donc les petites utility US qui seraient pourtant intéressant pour générer du revenus) et j'essaie d'en jouer en profitant quand le $ est haut par rapport à sa moyenne historique pour faire des achats. Mais ça introduit de la "spéculation".


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