Seleccione otro país
Bienvenido a Lyxor España
Por favor, lea la información importante aquí incluida antes de continuar a nuestra página web

Información relevante 

Los Lyxor ETFs presentados en la página web de lyxoretf.com, pueden ser objeto de restricciones en lo que respecta a la inversión por determinadas personas o en determinados países, en virtud de las distintas regulaciones nacionales aplicables a dichas personas o en dichos países. Cualquier persona que acceda a esta página web desde una jurisdicción en la cual se aplican dichas restricciones tiene que informarse al respecto y observar dichas restricciones. Por consiguiente, le corresponde a usted asegurarse de que, efectivamente está autorizado a invertir en los Lyxor ETFs presentados en esta página web. Invirtiendo en estos productos, usted garantiza a Société Générale que está efectivamente autorizado a invertir. Inversores españoles se deben dirigir a www.lyxoretf.es

La información contenida en esta página web no constituye una oferta o invitación para adquirir o vender los productos aquí descritos a personas sometidas a  jurisdicciones donde:

(a) dicha oferta o invitación no esté autorizada;
(b) Lyxor Asset Management no esté cualificada para hacer dicha oferta o invitación;
(c)  sea ilícito hacer dicha oferta o invitación.

Los ETFs referidos en esta página web no han estado y no estarán registrados conforme al U.S Securities Act de1933, por lo tanto, no pueden ser ofertados ni vendidos en los EE.UU sin registro previo o solo en caso de excepción de registro conforme al  al Securities Act. Por consiguiente, los ETFs listados en esta página web no pueden ser vendidos a “U.S persons”, ni transferidos a los Estados Unidos a menos que dicha transacción esté sujeta a los requisitos de registro conforme a la ley Americana.

Esta página web es de carácter comercial y no de carácter legal. No se garantiza la exactitud, exhaustividad o pertinencia de la información aunque ha sido establecida a partir de fuentes consideradas como fiables.
La información presentada en esta página web se basa en información de mercado constada en un momento dado que puede variar con posterioridad a su publicación. El valor de reembolso de los Lyxor ETFs puede ser inferior al montante de la inversión inicial. En el peor de los casos, los inversores podrían perder hasta la totalidad de su inversión, por lo que se recomienda a los inversores consultar la sección« factores de riesgo » del folleto del producto. El precio de algunos Lyxor ETFs puede ser sensible a riesgos de tipo de cambio entre la cotización del ETF y/o la divisa del índice y/o la divisa del componente del índice.

Todos los LyxorETFs presentados en esta página web han sido aprobados por la “Autorité des Marchés Financiers (AMF)” y son objeto de un folleto aprobado por la AMF y pasaporteado en la CNMV conforme a la Directiva 2003/71/CE. Dichos folletos están disponibles en esta página Web.

La documentación relativa a los Lyxor ETFs preverá métodos de ajuste y de sustitución para tener en cuenta que consecuencias tendría cualquier suceso extraordinario que afecte a uno o varios de los subyacentes de estos productos.

Antes de invertir en un Lyxor ETF, usted debe hacer su propia valoración del riesgo desde un punto de vista legal, fiscal y  contable, sin depender exclusivamente de la información que le proporcionamos y consultando, si lo estima necesario, sus propios asesores en la materia o cualquier otro asesor independiente.

El inversor de ETFs estará expuesto a los siguientes factores de riesgo: Riesgo de pérdida del capital invertido, al no existir ninguna garantía, como consecuencia de un movimiento desfavorable del Índice de Referencia, Riesgo de que el objetivo de gestión solo se cumpla parcialmente, Riesgo de contrapartida como resultado de la utilización de los instrumentos financieros (OTC) formalizados con un establecimiento de crédito. Se recomienda a los inversores que consulten la sección del folleto antes de invertir.

En la medida en que cumpla con la legislación aplicable, ninguna entidad del Grupo Société Générale acepta responsabilidad alguna por las consecuencias financieras o de cualquier otra naturaleza que resulten de la inversión en este producto.

Utilizamos las Cookies para asegurar el correcto funcionamiento de nuestro sitio web, y para recopilar datos estadísticos sobre usuarios de modo que podamos mejorar el sitio web. Si continúa navegando por este sitio web usted aceptará nuestro uso de las Cookies.Para más información o para modificar sus preferencias sobre CookiesHaga click aquí

Good yield hunting

 

How to find income in Europe: An interview with Andrew Lapthorne

  • Superficially at least, dividend payouts across the globe look robust. Companies are growing their payouts in most major markets, fuelled by rising earnings
  • Scratch beneath the surface however and the picture is less clear cut. Dividend cover is stretched thin in some parts of the world
  • There are also risks associated with a change in monetary policy direction, so selectivity is vital
  • We spoke to Andrew Lapthorne, the man behind our quality income strategies, to find out more  

Andrew Lapthorne, Global Quantitative Research Strategist, Creator of SG Quality Income indices


What do your quality income indices tend to hold?  

In our SG quality income indices, we tend to have significant and long-lasting exposures to countries where the dividend regimes are tax-friendly and well-established like Canada and Australia. We also favour countries where the right kinds of businesses have established a firm foothold, such as pharmaceutical companies in the UK, or consumer goods producers in Switzerland. 

There are plenty of high quality businesses in the US, but the substitution of dividend payment with share buybacks means we don’t often find good enough companies with high enough dividend yields. Europe and Asia, with their higher propensity to pay dividends, are better hunting grounds.

 

Your European strategy is yielding more than 4.5%, how? 

As I’ve said, Europe is good ground for income seekers. The region’s dividend yield of 3.3% is much higher than the MSCI World’s 2.4% although, as SG Research shows below, individual country results vary quite widely. That 3.3% may not be quite as high as the FTSE 100 in the UK, but the dividend pool is far deeper and payouts far less concentrated. 

In SG’s view, prospects also look bright, after a Q1 earnings season far stronger than anything we’ve seen since 2010. Yet there is still plenty of room to grow. Earnings are 25% below the 2007 peak, vs. 11% above in the US.

Read more on our ETF

 

Discovering dividends in Europe 

Country Dividend Yield* Vs Europe* % of market cap yielding 4%+** Market-cap €1bn+ % and 4%+**

Austria

2.1% -1.2% 12.7% 10.3%

Belgium

3.1% -0.2% 21.1% 19.4%
Denmark 2.1% -1.2% 4.7% 40.1%
Finland  3.9% +0.6% 34.1% 31.8%
France 3.0% -0.3% 29.0% 28.2%
Germany  2.6% -0.7% 20.8% 19.9%
Ireland 1.4% -1.9% 4.0% 0.0%

Italy

3.9% +0.6% 40.4% 39.7%
Netherlands 2.5% -0.8% 24.1% 23.0%
Norway 4.4% +1.1% 52.9% 50.3%
Portugal 4.4% +1.1% 38.1% 30.4%
Spain 4.0% +0.7% 37.6% 36.9%

Sweden

3.3% 0% 34.2% 34.1%
Switzerland 3.1% -0.2% 11.6% 10.9%
UK 3.9% +0.6% 45.1% 42.4%


Source: *SG Research “The Big Picture”, 1 June 2017. **Thomson Reuters, Datastream. 29 June 2017.


Does that make it hard to identify the right kind of company?  

While those headline figures might suggest it’s tricky for our European quality income index - which insists on a yield of 4% as one of its three core entry requirements - to find the right kind of company, the underlying data tells a slightly different story. Around a third of the global 4% dividend yield universe can be found in Europe, and around 30% of European stocks come with a yield of 4% or more. In fact, the ground is fertile enough for us to keep delivering a yield well in excess of 4.5%. 

 

Regions: Defining the 4%+ yield universe (by number of stocks)


Do you worry about dividend cuts?

Of course! Our research suggests there are typically 40-80 cuts of 10%+ in the STOXX 600 each year. Avoiding them is the key to decent yield and returns. After all, a high yield isn’t always a good yield, and often signifies something else entirely. There will be some companies where the dividend is high because there is an element of distress. We’ve no interest in these companies. Our focus is on balance sheet strength, and those less fashionable, more mature companies that can pay and can keep paying a high dividend. They still represent a solid, low risk investment.

 

Do benchmarks bother you?

Put simply, no. Our search for the companies most capable of keeping their dividend promises leads to significant country and sector overweights relative to the MSCI Europe. Spain, Finland, Belgium and Austria are among our key mainland exposures, but the UK - one of Europe’s highest-yielding major indices - is one of our most significant underweights. Big-hitters like Germany and France are also under-represented.  

​Read more on targeting income 

What about at the sector level?

​Again, the answer is no. SG Research suggests that all European equity sectors currently offer a dividend yield in excess of the 10-yr bund. Six even offer a yield greater than 4%, but our search currently focuses on areas like utilities, telecoms and consumer services because that’s where the quality we need is. Right now, we don’t hold any basic resources stocks. We’ve never held any financials. 

Banks may now be returning more money to their investors, but there is no systematic way of understanding the leverage on a bank’s balance sheet. The balance sheet determines the dividends, so we cannot invest. We do review this policy from time to time, but have yet to see a compelling enough methodology to cause us to change it.

We have no preconceptions about where best to find income, so large country or sector over/underweights are natural. Worrying about risk relative to a benchmark is an unnecessary distraction. 

Weight watchers​

All the stocks in our portfolios are equally weighted, so individual weightings are likely to differ as much as countries or sectors. These are unusual times for income seekers and it pays to be discerning and to have conviction. Parts of the market may see dividend cuts: Isolating and avoiding the most vulnerable companies is key for long-term, sustainable returns.  

Disclaimer

The figures relating to past performances refer to past periods and are not a reliable indicator for future results. This also applies to historical market data.

This communication is for professional clients only. This document is for the exclusive use of investors acting on their own account and categorised either as “Eligible Counterparties” or “Professional Clients” within the meaning of Markets In Financial Instruments Directive 2004/39/EC.

This document is of a commercial nature and not of a regulatory nature. This document does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor International Asset Management or any of their respective affiliates or subsidiaries to purchase or sell the product referred to herein.

We recommend to investors who wish to obtain further information on their tax status that they seek assistance from their tax advisor. The attention of the investor is drawn to the fact that the net asset value stated in this document (as the case may be) cannot be used as a basis for subscriptions and/or redemptions. The market information displayed in this document is based on data at a given moment and may change from time to time. The figures relating to past performances refer or relate to past periods and are not a reliable indicator of future results. This also applies to historical market data. The potential return may be reduced by the effect of commissions, fees, taxes or other charges borne by the investor.

Lyxor International Asset Management (Lyxor ETF), société par actions simplifiée having its registered office at Tours Société Générale, 17 cours Valmy, 92800 Puteaux (France), 418 862 215 RCS Nanterre, is authorized and regulated by the Autorité des Marchés Financiers (AMF) under the UCITS Directive and the AIFM Directive (2011/31/EU). Lyxor ETF is represented in the UK by Lyxor Asset Management UK LLP, which is authorised and regulated by the Financial Conduct Authority in the UK under Registration Number 435658.        

Connect with us on linkedin