With the right investment strategy, dividends will “drip” to you constantly

Photo: Fotolia/aleciccotelli

For many novice investors, the stock market seems like a kind of game, the essence of which is to buy paper as cheaply as possible and after some time sell it for more. However, you can make money not only from rising stock prices, but also from dividends.

Quotes vs dividends

Dividends are the share of profits that a company distributes to shareholders. If you bought a share of a company on the stock exchange, you automatically became its shareholder and are entitled to a portion of the profits. On the dividend payment date, the money should arrive in your brokerage account. Dividend payments can be made once a year, every six months or quarterly.

The size of dividends depends on the profit that the company received on a certain date: for example, at the end of the year. Depending on its dividend policy, a company may allocate a different share of net profit to payments to shareholders. And this may be specifically stated in its charter. Or the amount of payments is discussed at a meeting of shareholders. But the size of dividends does not depend on how stock prices change on the stock exchange. On the contrary, a change in dividend policy may cause shares to fall.

The main advantage of the dividend trading strategy is the opportunity to receive a stable income by forming a portfolio of securities of various companies. An investor does not have to constantly monitor market indices and stock quotes: it is enough for him to understand how much he will receive on a certain date. Therefore, the main indicator of the effectiveness of such a strategy is dividend yield. It shows how much payment an investor will receive per share.

Another advantage of the dividend strategy is that when the market falls, the dividend yield can compensate for the investor’s losses due to lower prices. Sergei Suverov, head of the analytical department of BC Savings Management Company, says that dividends can increase the value of shares by up to 10%. “If we take the shares of such issuers as Norilsk Nickel, Aeroflot or RusHydro, then their dividend yield fluctuates at the level of 9-11% per annum. When the market falls, the income that an investor receives through dividend payments can amortize losses by reducing the value of shares,” he notes.

According to Vadim Bit-Avragim, senior portfolio manager at Capital Management Company, the risks of the dividend strategy lie in the fact that most Russian stocks depend on commodity prices and their cash flows are focused on the commodity sector and are very cyclical. “As a result, many companies are unable to maintain high cash flows when commodity prices fall,” he explains. Therefore, the manager recommends choosing companies that, even in the face of sharp fluctuations in raw material prices, can maintain stable payments.

How to earn money

The essence of dividend trading is to assemble a portfolio of companies that pay high dividends and regularly buy additional shares. Reinvestment allows you to constantly increase your capital and at the same time increase the volume of dividends received every year. The most suitable for such conservative tactics are securities of companies that pay quarterly dividends. In this case, stock quotes may remain almost unchanged.

The only question is when is it right to buy and when to sell securities of companies whose payments you are counting on. After all, it is clear that if a share was purchased for 200 rubles, then with the same amount of payments its dividend yield will be higher than if you bought it, say, for 220 rubles.

When the market falls, the income that an investor receives through dividend payments is able to absorb losses by reducing the value of shares.

You can find out about the date of registration of the register in advance and buy shares of the company in anticipation of dividends. But usually stock prices jump as soon as a company approves dividends. Therefore, it is better to buy shares in advance. Alexey Pavlov, chief specialist of the market analysis department at Otkritie Broker, recommends buying a security after the next cut-off (after payments to shareholders, its price may decrease) and “sit” in it until the next dividend cut-off. “During this period, the security can grow significantly higher than the dividend income itself,” he says. However, this works if the company makes payments once a year, and does not “spread” it over the year in the form of interim payments.

What other factors, besides dividend yield, should an investor consider when choosing a company? Vladimir Vedeneev, head of the investment department at Raiffeisen Capital Management Company, points out that high dividend yield does not always clearly indicate the attractiveness of a company: for example, the market may be mistaken about the ability to pay dividends, or these payments are one-time payments and are unlikely to be repeated in the foreseeable future.

Therefore, analysts recommend paying attention to the stability of the company's financial performance. And also monitor how consistently the company pays dividends and how liquid the shares are on the stock exchange. “The latter is important, since low-liquidity stocks can show greater volatility in moments of crisis in the market,” points out Suverov from BCS. The stability of payments can be judged if the size of dividends and their frequency are specified in the company's charter. “There are quite a lot of such issuers in Russia: for example, Rosseti, Surgutneftegaz, Lenenergo,” says Alexey Pavlov. The advantage is that the investor can predict the size of future payments.

Another criterion is stock prices, which need to be monitored, especially after the registry closes. Vadim Bit-Avragim notes that after dividends are paid, shares most often fall by the amount of the dividend paid. However, sometimes the drop in quotes can be significant: for example, shares of Nizhnekamskneftekhim have fallen in price by 40% since the beginning of the year amid declining profits and news that the company will not pay dividends. “In such a situation, it is better for an investor to sell securities as quickly as possible,” advises Suverov. Usually there is time for this - the fall in shares can last more than one day. But, according to him, it is not worth selling securities at a time when quotes have already reached the bottom: perhaps it is better not to record a loss, but to wait for the next dividend cycle.

Which companies to choose

The easiest way for a novice investor is to create a portfolio of dividend shares from companies included in the MICEX index. Their list is published by the Moscow Exchange; it currently includes 50 issuers. The advantage of this approach is that you invest in the securities of the most liquid and largest companies. According to Semyon Nemtsov, senior analyst at Russ-Invest Investment Company, the expected dividend yield of the MICEX index for 2017 is 5.4% per annum. This means that by investing in the shares of companies that are included in the index, in the same proportion as these companies represent the index, you can expect a corresponding return. “However, there are a number of companies on the market that pay higher dividends,” Nemtsov points out.

Companies that pay high dividends tend to generate high free cash flow. On average, over a five-year horizon, the dividend portfolio in Russia, according to Bit-Avragim, could bring in about 10% annually.

Among the most attractive securities in terms of dividend yield, financiers name shares of companies in the metallurgical and oil and gas sectors, as well as mobile operators. Aton senior analyst Mikhail Ganelin recommends paying attention to shares of issuers such as Severstal, NLMK, Norilsk Nickel, MTS, Unipro, which pay high dividends. Companies allocate all free cash flow to dividends, and this situation, according to Pavlov from Otkritie Broker, is typical for many companies that already have a stable market share. “The company is moving from a growth model to a different business model: it no longer needs to build new warehouses or make large investments in new equipment. She has a stable income, so she uses all available funds to pay shareholders,” explains Pavlov. As an example, the financier cites the operator MTS: according to the company, since 2010 it has paid shareholders more than 235 billion rubles in annual dividends with an average annual growth rate of 12%. At the same time, the annual payment volume increased by 69%.

Forecast of dividend yield of the largest Russian companies

Company	Promotion type	Expected dividend yield, %	Share price, rub.
AFK System
Aeroflot
Bashneft
Bashneft
VSMPO-AVISMA
Gazprom Neft
MMC Norilsk Nickel
InterRAO			3,4
Moscow Exchange
Mostotrest
Mosenergo
IDGC of Volga
Raspadskaya
Rosneft
Rostelecom
Rostelecom
RusHydro
Sberbank
Sberbank
Severstal
Surgutneftegaz
Surgutneftegaz
Tatneft
Tatneft
Transneft

We make money on dividends

How are dividends calculated and what are they?

Investments in the stock market have significant advantages over - they are regulated by law, and they are also investments in the real sector of the economy, in real companies. Every self-respecting investor should have stocks in their portfolio that can pay dividends. Dividends are the portion of profits that a company shares with its investor shareholders.

From the article you will learn:

• What are dividends and what income can you expect?
• How are dividends calculated?
• Which company shares are best to buy?
• How are dividends taxed?

How much profit can you expect?

I've been running this blog for over 6 years. All this time, I regularly publish reports on the results of my investments. Now the public investment portfolio is more than 1,000,000 rubles.

Especially for readers, I developed the Lazy Investor Course, in which I showed step by step how to put your personal finances in order and effectively invest your savings in dozens of assets. I recommend that every reader complete at least the first week of training (it's free).

Dividends in Russia are not the case when you can invest money in shares and sit quietly on the interest. Often, the income from dividends on them is not able to cover even changes in the market value of shares. This is due to the peculiarities of the Russian economy. In developed countries, such as the USA, dividends allow you to live on income from them. Although the percentage seems small (average 3-4%), however, if you consider that inflation in the country and interest rates are even lower, they turn out to be very profitable.

It turns out to be a double benefit, since most companies from the S/P 500 index are growing steadily from year to year, not counting the 2009 crisis. But we hope and continue to hope that the economy of our country will move from the category of “developing” to developed, and then all our purchased shares will show sky-high returns.

Income from dividends

I suggest you familiarize yourself with the table of dividend yield for 2015 (source dohod.ru/ik/analytics/dividend).

Dividend yield is a percentage equal to the ratio of the dividend to the market value of the stock. The annual effective yield column shows dividend income, taking into account reinvestment for each ruble of shares purchased. This is relevant when two companies have the same percentage of dividend yield, but different terms for receiving dividends. For example, Company A and Company B pay a 5% dividend yield, but Company A pays dividends after six months, and Company B after 2 months. The annual effective profitability of company B will be higher, the investor will buy it.

We see that the companies in the table show different dividend yields. Let’s take Lenzoloto, which ranks first in this indicator. However, it is too early to say whether investing in this company will be profitable. You need to see whether the company is overvalued or not. It may turn out that the acquired overvalued company shares will fall in price after some time and no interest on dividends will save you. Basically, the profitability of our companies does not exceed bank rates on deposits, but only together with the growth of shares can they overtake it. And this will happen when you buy a business “not at these prices.”

You probably have a question about which company is considered undervalued and which is not. There is such a value, P/E - the ratio of the total value of shares to the company's profit. It characterizes how justified each ruble invested in the company will be. A low P/E in Russia is considered to be below 5-6. If it is above 8, then it is better not to buy shares for the long term. One of the world's richest investors, Warren Buffett, bought successful companies that were running stable and profitable businesses when there was a market downturn or the companies faced temporary difficulties.

When are dividends calculated?

Dividend payments occur at intervals of one year, six months or quarterly. Dividends are paid to a brokerage account or. The decision on the payment of dividends, the date of closure of the register and the payment of dividends are made at the general meeting of shareholders. Shareholders entitled to receive dividends are determined after the closure of the share register. Only holders of shares entered into the register no later than 2 days before its closing will be able to make a profit. To be paid dividends, you only need to own the shares on the closing date, regardless of how long you held the shares.

During dividend cutoffs, the stock price typically falls by a percentage of the dividend. If we hold shares for a long-term period, then at this moment it would be a good idea to buy in assets that have fallen in price.

Which company shares to buy

There are two types of returns in the stock market. The first is speculative, playing on the difference in stock prices. The second is long-term, based on fundamental indicators. So, it makes sense to consider dividend income in the second case, that is, if you buy a company for five or more years.

In order to be able to receive dividend income, you need to know which companies to buy. Keep in mind that an excellent dividend history in the past does not guarantee future dividends. The company can use the profits to develop its business or to pay off debts, or for any unexpected expenses. In 2014, many companies refused to pay dividends due to the difficult economic situation in the country.

Companies need to be taken, firstly, that are undervalued (so that the potential for growth in the value of the shares themselves is maintained), and secondly, with a positive history of financial performance over the past period (preferably over five years). By positive history, I mean a stable increase in net profit, revenue, CFO (cash flow from operating activities minus interest and taxes paid), and dividend payments over several years.

The website cfocom.ru/issuers presents the main indicators of the most famous companies on the stock market. A convenient site, although little known if you are too lazy to look at the annual reports of companies under IFRS. I will give examples of which companies are currently showing the best results. These are M.Video, Dixy, E.ON Russia, Cherkizovo, Moscow Exchange, Magnit (currently greatly overvalued).

You can go to the “performance dynamics” tab of these companies and compare them with other companies in the list. Unfortunately, the Cherkizovskaya Group has not yet paid dividends, although the company certainly runs a successful business and is undervalued. My words will be confirmed by the annual IFRS reports, which can be viewed on the group’s website (cherkizovo.com/investors/reports/financial). Now it is actively developing, investing profits in production and, perhaps, in the coming years it will begin paying shareholders.

Conclusion

Why, you ask, bother when you can open a bank deposit with a large percentage? Firstly, we, secondly, we buy companies that have real assets behind them (power plants, equipment, factories). Thirdly, if the company continues to develop, then in addition to dividend income, we will receive profit from the growth of shares, which can be many times greater than dividends. In conclusion, I would like to add that you should not rush with (as well as with) until you have weighed all the arguments in favor of the purchase. It’s better to wait until the shares fall a little in price or look for other businesses than to then wonder: “Maybe I should sell before it’s too late?”

Profit to everyone!

Alexander Kaptsov

Reading time: 5 minutes

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Shares are one of the profitable areas for investing savings. There are two ways to profit from holding shares: through dividends or by selling these securities at a higher cost. If we are talking about long-term passive investments, then the investor focuses specifically on potential dividend income. Which Russian stocks have the highest dividend prices? What selection criteria should you focus on?

A little about stock dividends and when can you get them?

Dividends are part of a company's profits that are distributed among its shareholders according to the size of their shares. The higher the company's profit, the higher the dividend.

However, it is important to take into account some exceptions to the rule:

• Firstly , at the general meeting of shareholders a decision may be made to reinvest dividends in the development of the company, then no funds will be paid this year.
• Secondly , dividends depend on profit only on ordinary shares: on preferred securities, the dividend has a fixed amount and is paid even with negative and zero profit.

How to ensure that you receive dividends this year? In this case, it is not at all necessary to hold the shares throughout the year: it is enough to purchase them before the official closing of the register of shareholders (usually two months before the general meeting).

It is necessary to distinguish between two dates for closing the register of shareholders:

1. The closing date of the register for participation in the general meeting (all shareholders included in it before this date receive the right to vote).
2. Closing date for receiving dividend payments (if the shareholder purchased shares before the closing date, but after the first closing date, he will receive dividends, but will not be able to vote at the meeting).

As a rule, the period between two dates can be from 10 to 20 days (clause 5 N 379-FZ).

Important point: If shares are traded on the Moscow Exchange, then the T+2 regime in force there assumes that the transaction is settled two days after its conclusion. Therefore, the settlement date must occur before the second closure of the register.

The decision on the size of the dividend is made at the general meeting of shareholders on the recommendation of the corporation's board of directors. If the investor is an individual, then payments can be transferred to his bank account or card.

Typically, dividends are paid within 10-25 days from the date of the general meeting of shareholders (clause 6N 379-FZ).

How to choose a company with high dividend shares?

In order to ensure a profitable investment in shares, you need to know the criteria for selecting issuing companies.

Experienced investors analyze key parameters such as:

• Dividend yield . This indicator is published in official press releases of the stock exchange. Besides. You can calculate it yourself:
  Dividend yield = Dividend amount / Market price of the share * 100%
  An important point: For blue chips this figure is 5-7% (these shares are more profitable for resale rather than for receiving dividends), and for second-tier companies it is 8-12%.
• Dividend payment history . The selected company must continuously pay dividends to its shareholders for the maximum possible number of years, but not less than five. For example, for Gazprom this figure is 20 years, and for Sberbank - 17.
• Regularity of payments . The corporation must pay dividends consistently, year after year. Breaks of several years are an indicator of an unprofitable and dubious issuer.
• Availability of dividend policy . Some large companies develop and put into practice such a document as a dividend policy. It usually states what portion of the profit is consistently allocated to payments to shareholders.
• Payment procedure . Each corporation has its own procedure for paying dividends - some depend on the amount of profit, others with an annual increase. However, there are also issuers. Regularly reducing dividends: these should be eliminated immediately.
• Change in dividend amount . A potential shareholder needs to raise the company's dividend payment records for at least five years. If payments to shareholders have consistently increased over the selected period, this is a favorable indicator that proves the need to purchase shares.

In general, preferred issuers can be considered those companies that have been generating high and growing profits for at least five years.

The best shares of Russian companies with high dividends

Potential investors are always interested in which Russian issuers are the most preferable from the point of view?

A short press release based on information from the Moscow Exchange is given below:

1. Rollman Group of Companies . This broad-based industrial group, which has demonstrated strong profits over the past seven years, managed to offer its shareholders a dividend yield of 16.01% in 2016. The last 6 years of the enterprise's operation have been marked by continuous dividend payments.
2. Mordovian power supply company . The corporation is engaged in wholesale purchases of electricity and its distribution to consumers. It operates in Saratov and has demonstrated growing profits and continuous dividend payments for 22 years. In 2016, its dividend yield reached 14.32%.
3. LSR Group . A diversified concern, it is involved in several highly profitable areas of activity - construction, real estate transactions, mining of non-metallic minerals, production of building materials. In 2016, the firm provided a dividend yield of 11.85%.
4. Severstal . A large Russian holding company that operates in Russia, Belarus, Ukraine, Latvia, Poland, Italy and Liberia. Demonstrates steadily growing revenue and profit (total income in 2015 – 6.5 million US dollars). The dividend yield on the corporation's shares in 2016 was 11.18%.
5. ALROSA-Nyurba . A promising diamond mining company located in Yakutia, it is part of the largest diamond concern in Russia. Its activities were not affected by the negative impact of the global financial crisis. In 2016, its dividend yield was 10.97%.
6. Krasnoyarsenergosbyt (preference shares). The company, which supplies electrical energy to residents and enterprises of the Krasnoyarsk Territory, has demonstrated growing profits and stable dividend payments over the past five years. In 2016, the dividend yield of its preferred shares reached 9.46%.
7. Krasnoyarsenergosbyt (ordinary shares). The top ten most profitable securities from the point of view of paying dividends included ordinary shares of PJSC Krasnoyarsenergosbyt, which showed a 9.03% yield.
8. Megaphone . A corporation from the telecommunications sector, which demonstrates stability even during the years of crisis, has a stable array of clients and favorable operating prospects, presented a dividend yield of 7.45% in 2016.
9. Moscow Exchange . MB attracts investors with its stable dividend policy - at least 50% of its net profit is allocated for dividends every year. This policy allowed it to ensure a dividend yield of 7.07% for the current year.
10. YATEK . The corporation, formed as a result of the reorganization of the Yakutgazprom company, involved in the particularly profitable industry of selling hydrocarbon fuel processing products, provided its shareholders with a dividend yield of 6.8%.

Among the companies that pay maximum dividends to their shareholders, there are practically no “first echelon” corporations, since they are focused on the preferred change in the market value of securities. Average issuers, on the contrary, are trying to capitalize on the growth of the dividend value.

Dividend income

DIVIDEND INCOME

Finance. Dictionary. 2nd ed. - M.: "INFRA-M", Publishing House "Ves Mir". Brian Butler, Brian Johnson, Graham Sidwell and others. General editor: Ph.D. Osadchaya I.M.. 2000 .

See what “Dividend income” is in other dictionaries:

Dividend income- (dividend yield) IFRS indicator, calculated by the formula: Represents the effective interest on capital invested in shares. Dividend income is particularly important when compared to other forms of investment, e.g. bonds (considering that... ...

dividend income- IFRS indicator calculated using the formula: Represents the effective interest on capital invested in shares. Dividend income is particularly important when compared to other forms of investment, e.g. bonds (considering that the latter usually... ...

- (dividend yield) See: dividend. Business. Dictionary. M.: INFRA M, Ves Mir Publishing House. Graham Betts, Barry Brindley, S. Williams and others. General editor: Ph.D. Osadchaya I.M.. 1998 ... Dictionary of business terms

Dividend income- DIVIDEND YIELD Dividends paid by a public company for a given accounting period (usually one year), as a percentage of the current market price of the share. For example, if a company declares payment of dividends on ordinary shares for the past... ... Dictionary-reference book on economics

Dividend income- (Shares) This yield is the annual dividend divided by the current market price of the shares. * * * (Funds) This return represents the earnings per share of the mutual fund over the last 12 months.… … Investment Dictionary

Expected distributable profit/dividend income- (expected distributed profit, dividend yield) the indicator “expected distributed profit/dividend income” forms the conditions for the formation of the initially expected cash flow for the shareholder, which determines the current (modern) value... ... Economic and mathematical dictionary

Full dividend income- (total shareholder return) income from a share, taking into account not only the percentage, but also the increase in the value of the share during the year of payment of the dividend. For example, a share with a par value of 100 rubles at the beginning of the year promises a 2.5% dividend. Over the year, the share price increased by 5... ... Economic and mathematical dictionary

total dividend income- Income from the share, taking into account not only the interest, but also the increase in the value of the share during the year of payment of the dividend. For example, a share with a par value of 100 rubles at the beginning of the year promises a 2.5% dividend. Over the year, the share price increased by 5 rubles. Total income 5 + 2.5 =7 ... Technical Translator's Guide

Expected dividend income- (expected dividend yield) income from holding shares, calculated in rubles, dollars and other monetary units (as opposed to profitability calculated as a percentage) ... Economic and mathematical dictionary

expected dividend income- Income from holding shares, calculated in rubles, dollars and other monetary units (as opposed to profitability calculated as a percentage). Topics: economics EN expected dividend earnings… Technical Translator's Guide

Dividends give shareholders the right to receive a portion of the company's profits. Depending on the rules specified in the company’s status, it has the right to:

• make full payment of dividends;
• make partial payment of dividends;
• do not pay dividends.

Each joint stock company or corporation plans its strategy for a financial year, or for several financial years at once. Depending on this strategy, the profit received can either be fully distributed among shareholders (in proportion to the number of shares available), or only part of it can be distributed, or all profit can be reinvested in the further development of the company.

The latter option implies that there will be no dividend payments, or they will begin after an agreed number of years. In this case, shareholders have securities in their portfolio, the value of which is constantly growing. They can either be sold at a better price or they can be expected to pay dividends in the future.

Partial payment implies that the company will invest part of the profit in development and pay the rest to shareholders in the form of dividends. The Coca-Cola company works according to this scheme. According to open data from the Income statement for 2013, the company's net operating income amounted to $8.584 billion. At the same time, the company spent $4.969 billion on dividend payments, which is 58% of profits.

Calculation of dividend yield

• Dividends per share (Dividend per share- DPS)- this is the amount of dividends per one ordinary or preferred share of the company in monetary units.
• DPR (Dividend payout ratio)– the share of the company’s net profit allocated for the payment of dividends on ordinary or preferred shares.
• Dividend Yield (DY)– dividend yield is the income (as a percentage for the holding period - from the date of calculation of the yield to the date of actual payment of dividends) attributable to each monetary unit of investment in an ordinary or preferred share from the payment of dividends by the issuer of such a share.

Investors seeking to receive a small but constant income from existing securities appeal to such a concept as dividend yield. This ratio is determined by the size relative to the official price of the company's shares. In the absence of earnings growth dynamics, the stock's dividend yield becomes the return on investment for the security.

This ratio is used to estimate the amount of cash flow received by an investor for each dollar invested in the capital of a joint stock company.

The dividend yield of a stock is calculated using the formula: the ratio of the annual dividend per share to the share price multiplied by one hundred percent.

A striking example of the difference in this ratio can be companies Washington Post And Phillip Morris(new name of Altria Group).

	annual dividend ($)	share price ($)	dividend income
Washington Post	7	910	0,77%
Phillip Morris	2,72	49,75	5,47%

At the same time, shareholders have stable dividend payments.

Dividend distribution

Dividend payments are distributed in proportion to the number of shares held. However, there are differences between payments on ordinary and preferred shares.

• Preference shares. A fixed amount of payments, less often a certain percentage of net operating income;
• Ordinary shares. Remaining profit after payments for the first type of shares.

An example of such a distribution is the enterprise “ Johnson&Johnson", whose profits in 2014 amounted to $298.89 billion. The ratio of preferred and common shares is 1:10. The share price is $93.1, the dividend per common share is $2.76, and the dividend per preferred share is $67.31. Accordingly, the company initially pays dividends on the first type of shares, and distributes the remainder of the profit among shareholders who have the second type of shares. Since 2003, the price of Johnson & Johnson ordinary shares has increased from $0.79 to $2.76 (as of April 23, 2015).

In a simple example, this calculation looks like this:

• The total number of company shares is 100.
• Total privileged – 10 pcs.
• Total ordinary ones - 90 pcs.
• The dividend amount per 1 preferred share is $5.
• Payments to shareholders on preferred shares are $50.
• The company's total profit is $100.
• The remaining profit for ordinary shareholders is $50.
• The dividend per 1 ordinary share is $0.55.

Significant dates

You can have the right to dividend yield on purchased shares within a day after their acquisition. To do this, you just need to know a few important dates:

• Declaration date– The day on which the date and amount of dividend payments will be announced;
• Date of record– Four days before payment, the company draws up lists of shareholders who will receive dividends. Dividends will only be received by those investors who are included in the register of shareholders on this date. If you bought shares on this day or the day before, then you most likely will not have time to get into the register, as this usually takes 3 days.
• Payment date– Announcement of the date of payment of dividends on shares.

In addition, by decision of the board of directors, dividends can be paid not only in cash, but also in additional shares.

No action is required from the shareholder to receive dividends; all dividends will be transferred to the investor's brokerage account.

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