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Fixed income

Yield-at-cost: seeing the whole picture

David S. Park
Portfolio Manager
David A. Chalupnik
Head of U.S. Active Equities Portfolio Management
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While many investment products provide a consistent income stream, the payments are often fixed and don't increase over time. Conversely, companies that are committed to rewarding shareholders through increasing dividend payments can provide investors with the potential for a growing income stream and stock price appreciation. Investors who focus too much on current dividend yield may overlook a wide universe of companies with attractive fundamentals and the potential for impressive dividend growth in the future. We believe investors are best served by approaching dividend-oriented portfolios from an integrated, total return perspective that considers both income and capital gains over the long term.

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