Talking Dividends

August 2023

We’ve noticed lately that the dividend yield on the Fund has been creeping up and now sits at all-time high levels (3.8% for the Class A and 3.6% for the Class I, net of all fees and notably higher than the gross yield of 2.0% on the MSCI World). This rise comes on the back of increasing dividends from our holding companies matched with the attractive valuations we are finding out in the market.

We bring it up as we find this one metric to be especially helpful, both as shareholders and as managers – it’s a good indicator that we are finding attractive valuations, and it shows that the companies that we invest in are willing to share and are looking out for their shareholders’ interests. It also balances shorter-term returns in the form of cash dividends with longer-term capital growth.