Category Archives: Dividends

Listed Swiss Property Fund List – Overview

For a client I recently compiled the following list of Swiss Property Funds;

Available as XLS and Immofonds PDF for download.

Name ISIN Marktkapit. In Mio. CHF * Ausschüttungs-rendite (%) Anlagefonds Agio Grundbesitz Kurs 30.04.17
UBS Swiss Sima CH0014420878 7’787.00 2.9 Gemischt 30.4 Indirekt 112
CS 1A Immo PK CH0008443035 3’959.00 3.5 Gemischt 24.9 Direkt 1500
CS Ref Siat CH0012913700 3’163.40 2.6 Wohnen 44.6 Indirekt 204.9
CS Ref Livingplus CH0031069328 2’857.00 2.4 Wohnen 32.7 Direkt 137
Cs Ref International CH0019685111 2’535.50 3.6 Ausland 16.9 Indirekt 1200
UBS Swiss Anfos CH0014420829 2’313.90 2.6 Wohnen 32.5 Indirekt 69.5
CS Ref Green Property CH0100778445 2’257.80 2.8 Nachhaltigk. 21.2 Direkt 132.9
CS Ref Interswiss CH0002769351 1’696.00 4.0 Geschäft 10.6 Indirekt 204.5
Swisscanto IFCA CH0037430946 1’527.90 2.4 Wohnen 41.8 Indirekt 144.9
Immofonds CH0009778769 1’529.00 2.8 Wohnen 57.9 Indirekt 475
UBS Sw Swissreal CH0014420886 1’561.50 3.9 Geschäft 13.7 Indirekt 68.25
La Fonciere CH0002782263 1’379.40 1.9 Wohnen 54.3 Gemischt 1115
Schroder Immoplus CH0007251413 1’323.80 2.5 Geschäft 33.0 Indirekt 1379
UBS Foncipars CH0014420852 1’230.00 2.7 Wohnen 33.7 Indirekt 95.9
FIR CH0014586710 1’247.00 2.0 Wohnen 48.6 Gemischt 193.8
Solvalor 61 CH0002785456 1’216.60 1.9 Wohnen 42.4 Direkt 270
Immo Helvetic CH0002770102 980.00 2.7 Wohnen 48.8 Indirekt 245
Rothschild Re Swiss CH0124238004 939.60 2.2 Wohnen 27.3 Direkt 140.6
Swissinvest Real CH0026168846 877.20 2.5 Wohnen 40.3 Direkt 181
Bonhote Immobilier CH0026725611 890.50 2.1 Wohnen 29.8 Indirekt 149.5
Realstone CH0039415010 849.10 2.5 Wohnen 27.2 Direkt 154
CS Ref Hospitality CH0118768057 824.20 3.2 Hospitality -2.0 Direkt 94.15
Procimmo CH0033624211 846.00 3.0 Geschäft 34.7 Direkt 175.2
Patrimonium CH0034995214 638.90 1.9 Wohnen 23.3 Direkt 155
UBS Direct Residential CH0026465366 604.10 2.2 Wohnen 40.9 Direkt 18.2
SF Sustainable Property CH0120791253 523.10 2.6 Wohnen 32.8 Direkt 148
Swisscanto Commercial CH0111959190 453.30 2.6 Gemischt 24.1 Direkt 126.5
UBS Direct Urban CH0192940390 378.70 1.9 Gemischt 17.2 Direkt 13.15
CS Ref Logisticsplus 2 CH0245633950 348.00 3.3 Logistik 13.4 Direkt 116
Polymen Fonds CH0107006550 337.80 2.2 Wohnen 27.2 Direkt 151
CS Ref Global CH0139851676 214.40 3.6 Ausland -1.6 Indirekt 92.8
Streetbox CH0037237630 183.10 2.9 Self Storage 76.6 Direkt 447.5
Residentia CH0100612339 160.90 2.3 Wohnen 18.5 Direkt 1347
SXI Real Estate Funds CH0009947406 40’393.70 2.7        

Julius Baer Structured Products & Dividend Games Very Profitable, Only in H1 Always

I find it rather interesting that dividend income from trading portfolios (CHF 180m, 121.9) and net trading losses on equity instruments (CHF 126m ; CHF 104m) only happen during the swiss dividend paying season. The profit margin between the dividend income on trading portfolios and the equity losses on trading are 15-30%. As a sidenote: withholding tax is 35%. Also: Dividends in Switzerland are mainly in H1. The dividend trading income and realised trading losses seem to be related to the swiss dividend paying cycle. If Julius Baer was doing trading with US equities for dividends they would be more evenely distributed throughout the year. However H2 never seems to have large fluctuations.

This could lead to a suspicous mind concluding that tax circumenventing in some form or other is taking place. Likely it is legal of course…

The official explanation (and one that makes a lot of sense):

The dividends come from equity securities that are held as a hedge in conjunction with structured products. 

This would also mean that most or all of the negative net trading income from equity instruments is in fact just marked to market securities held for trading.

It does show you that the structured products division of Julius Baer is rather important.  

Check out “Dividend income on trading portfolios”

julius-baer-net-interest-and-dividend-income Check out losses on “Equity Instruments”julius-baer-net-trading-income

Why Value Investing is a Good Choice for Your Nerves

tweedy-brown-global-value-fund

The chart above illustrates very well, why value investing is a superior way of investing long term. For example the Global Value Fund (Tweedy, Browne) has been able to outperform in down and normal markets (left, center) and only underperformed in strong markets (right). When M&A gets heated you’ll be feeling pain, potentially, with a value investing portfolio or fund. But when the rainy days do come, you’ll have the best umbrella!

 

Practical step:

Looking at Tweedy, Browne Swiss Equity portion portfolio:

Name Investment %
ABB Ltd 40’043’593 3.39%
CIE Financiere Richemont AG 30’059’973 2.55%
Coltene Holding AG(d) 12’659’866 1.07%
Daetwyler Holding AG, Bearer 18’116’447 1.54%
Loeb Holding AG 428’308 0.04%
Nestle SA, Registered 208’491’495 17.68%
Neue Zuercher Zeitung(a)(f) 415’515 0.04%
Novartis AG, Registered 279’700’952 23.71%
Phoenix Mecano AG(d) 31’805’097 2.70%
Roche Holding AG 285’117’184 24.17%
Siegfried Holding AG(d) 44’311’142 3.76%
Tamedia AG 70’841’142 6.01%
Zurich Insurance Group AG 157’581’660 13.36%
Total 1’179’572’374 100.00%

Schweizer Aktien nach Dividendenrendite 2015 sortiert

Nachfolgend eine Liste der Schweizer Mid&Small Cap (mittel- und kleinkapitalisierten)  Aktien nach Dividendenrendite 2015 sortiert. PDF Dividendenrendite zum Download für Schweizer Aktien

Firmenname Divrend. CHF 2015 Datum Div Ticker Kurs 17.11.15
1 CONZZETA N 7.75% 50.00 05.05.15 CON 645.00
2 SWISS RE N 7.51% 7.25 23.04.15 SREN 96.60
3 INTERSPORT N 7.08% 3.40 04.02.15 IHSN 48.00
4 WALTER MEIER N 6.93% 2.50 27.03.15 WMN 36.10
5 BELLEVUE GROUP N 6.76% 1.00 18.03.15 BBN 14.80
6 VALORA N 6.28% 12.50 24.04.15 VALN 198.90
7 ALPINE SELECT N 5.92% 1.00   ALPN 16.90
8 LEM N 5.88% 40.00 30.06.15 LEHN 680.00
9 ENERGIEDIENST N 5.84% 1.50 31.03.15 EDHN 25.70
10 APG SGA N 5.82% 22.00 22.05.15 APGN 377.75
11 GAVAZZI I 5.63% 12.00 30.07.15 GAV 213.10
12 HBM N 5.62% 5.50 01.07.15 HBMN 97.80
13 BC VAUD N 5.13% 32.00 27.04.15 BCVN 624.00
14 CEMBRA MONEY BANK N 5.12% 3.10 04.05.15 CMBN 60.60
15 INFICON N 5.11% 15.00 04.05.15 IFCN 293.50
16 SCHWEITER I 5.00% 40.00 08.05.15 SWTQ 800.00
17 SWISS PRIME SITE N 4.81% 3.70 21.04.15 SPSN 77.00
18 PRIVATE EQUITY N 4.74% 2.75 07.07.15 PEHN 58.00
19 BURKHALTER N 4.73% 5.00 29.05.15 BRKN 105.60
20 Looser Holding AG 4.69% 1.80 28.04.15 LOHN 38.40
21 BASLER KB PS 4.52% 3.10 30.04.15 BSKP 68.65
22 CIE FIN TR I 4.51% 3.00 27.05.15 CFT 66.45
23 BALOISE N 2. LINIE 4.46% 5.00 05.05.15 BALNE 112.20
24 MOBIMO N 4.44% 9.50 01.04.15 MOBN 213.80
25 BK COOP 4.35% 1.80 15.04.15 BC 41.35
26 BKW N 4.32% 1.60 12.05.15 BKW 37.05
27 USI GROUP N 4.29% 0.50 18.09.15 USIN 11.65
28 ALLREAL N 4.24% 5.50 ALLN 129.70
29 COLTENE N 4.21% 2.50 27.03.15 CLTN 59.40
30 ST GALLER KB N 4.19% 15.00 04.05.15 SGKN 357.75
31 GOLDBACH GROUP AG N 4.10% 0.80 17.04.15 GBMN 19.50
32 BB BIOTECH N 4.04% 11.60 20.03.15 BION 287.00
33 BACHEM N -B- 3.97% 2.00 29.04.15 BANB 50.40
34 STARRAG GROUP N 3.96% 1.80 28.04.15 STGN 45.40
35 WARTECK N 3.86% 68.00 02.06.15 WARN 1760.00
36 SWISS FIN&PROP INV N 3.86% 3.20 24.06.15 SFPN 83.00
37 BFW LIEGENSCHAFTEN N 3.83% 1.30 24.04.15 BLIN 33.90
38 BASELLAND KB PS 3.78% 34.00 03.03.15 BLKB 900.00
39 PSP N 3.77% 3.25 07.04.15 PSPN 86.10
40 ZUGER KB I 3.77% 175.00 05.05.15 ZG 4640.00
41 ROTHSCHILD I 3.72% 625.00 05.05.15 RLD 16800.00
42 SGS N 2. LINIE 3.68% 68.00 16.03.15 SGSNE 1850.00
43 HIAG IMMOBILIEN N 3.65% 3.30 27.04.15 HIAG 90.35
44 GAM N 3.64% 0.65 05.05.15 GAM 17.85
45 IMPLENIA N 3.62% 1.80 26.03.15 IMPN 49.75
46 ORIOR N 3.57% 2.00 30.03.15 ORON 55.95
47 PARGESA I 3.55% 2.27 07.05.15 PARG 63.90
48 WALLISER KB 3.53% 27.00 26.05.15 WKB 764.00
49 THURGAUER KB PS 3.53% 2.75 01.06.15 TKBP 78.00
50 HUBER+SUHNER N 3.44% 1.40 02.04.15 HUBN 40.65
51 VONTOBEL N 3.38% 1.55 30.04.15 VONN 45.85
52 HELVETIA HOLDING N 3.37% 18.00 27.04.15 HELN 533.50
53 SULZER N 3.37% 3.50 07.04.15 SUN 103.90
54 LOGITECH N 3.31% 0.51 18.09.15 LOGN 15.45
55 ROMANDE ENERGIE N 3.24% 30.00 28.05.15 HREN 925.00
56 KUONI N 3.19% 7.50 22.04.15 KUNN 234.90
57 BEKB / BCBE N 3.09% 5.80 15.05.15 BEKN 187.50
58 GLARNER KB N 3.09% 0.60 28.04.15 GLKBN 19.40
59 ADECCO N 2. LINIE 3.09% 2.10 ADENE 67.96
60 PHOENIX I 3.08% 15.00 27.05.15 PM 486.50
61 BURCKHARDT N 3.07% 10.00 07.07.15 BCHN 325.25
62 OC OERLIKON N 3.07% 0.30 10.04.15 OERL 9.76
63 SCHAFFNER N 3.04% 6.50 19.01.15 SAHN 213.70
64 BOBST GRP N 3.01% 1.25 04.05.15 BOBNN 41.50
65 LUZERNER KB N 2.99% 11.00 26.05.15 LUKN 368.50
66 SYNGENTA N 2. Linie 2.98% 11.00 30.04.15 SYNNEE 369.50
67 BOSSARD N 2.98% 3.00 15.04.15 BOSN 100.80
68 ROCHE I 2.93% 8.00 05.03.15 RO 273.00
69 BC JURA I 2.93% 1.80 05.05.15 BCJ 61.50
70 NESTLE N 2. LINIE 2.92% 2.20 20.04.15 NESNE 75.30
71 KOMAX N 2.91% 5.00 12.05.15 KOMN 171.70
72 NOVARTIS N 2. LINIE 2.91% 2.60 03.03.15 NOVNEE 89.48
73 BELIMO N 2.90% 65.00 22.04.15 BEAN 2241.00
74 EMS-CHEMIE N 2.85% 12.00 11.08.15 EMSN 421.00
75 BUCHER N 2.77% 6.50 16.04.15 BUCN 234.80
76 VALIANT N 2.76% 3.20 26.05.15 VATN 116.00
77 HYPO LENZB N 2.70% 110.00 24.03.15 HBLN 4080.00
78 FISCHER N 2.69% 17.00 20.03.15 FI-N 631.00
79 TAMEDIA N 2.64% 4.50 21.04.15 TAMN 170.70
80 RIETER N 2.61% 4.50 20.04.15 RIEN 172.60
81 VETROPACK I 2.57% 38.50 11.05.15 VET 1496.00
82 ALSO N 2.51% 1.60 16.03.15 ALSN 63.70
83 EFG INTERNATIONAL N 2.51% 0.25 28.04.15 EFGN 9.97
84 SWISSQUOTE N 2.50% 0.60 11.05.15 SQN 24.00
85 GEBERIT N 2. LINIE 2.49% 8.30 07.04.15 GEBNE 334.00
86 PANALPINA N 2.46% 2.75 15.05.15 PWTN 111.60
87 METALL ZUG AG 2.42% 61.00 05.05.15 METN 2523.00
88 CALIDA N 2.37% 0.80 15.05.15 CALN 33.80
89 VAUDOISE ASSU N 2.36% 12.00 20.05.15 VAHN 509.00
90 ASCOM N 10 2.31% 0.45 17.04.15 ASCN 19.45
91 GRAUB KB PS 2.31% 38.00 06.03.15 GRKP 1644.00
92 KUDELSKI I 2.31% 0.30 07.04.15 KUD 13.00
93 PARTNERS GROUP N 2.30% 8.50 19.05.15 PGHN 369.00
94 AUTONEUM N 2.28% 4.50 30.03.15 AUTN 197.80
95 SFS Group N 2.24% 1.50 11.05.15 SFSN 66.85
96 HUEGLI I 2.20% 16.00 22.05.15 HUE 726.50
97 SWATCH GROUP N 2.15% 1.50 01.06.15 UHRN 69.80

Hinweis: Die Aktien mit Bezeichnung 2. Linie; dort wurde die Dividende der Virt-X kotierten 1. Linie als Datenquelle benutzt. Die Rohliste, die für die Analyse gewählt wurde, ist ohne die Virt-X kotierten SMI Titel.

Value & Dividends – Criteria for Filtering Dividend Paying Stocks

If you’re looking for dividend paying equities it’s important to filter the possible candidates by one or , more likely, several criteria.

Here I list some such criteria for choosing dividend paying stocks.

  • debt / equity ratio  or gearing should be no more than 1 (=100%)
  • net debt no more than 2.5x EBITDA (operating profit)
  • free cash flow (FCF) should be higher than the paid dividend (as the companys’ substance would suffer otherwise)
  • growing or stable dividends in the past, falling dividends are a red light

Feel free to add, comment below. Or email me at mz@zuberbuehler-associates.ch . Please also see the excel list of dividend payment history of swiss stocks I published in this blog post.

BNP Switzerland Advertising: 325% Participation on Dividendstocks (Dividend Pearls)

BNP_Outperformance two pager v5 – DE

This ad was published on the cash.ch website today.325prozent

The ad leads to the website

http://www.bnpparibasmarkets.ch/DE/Showpage.aspx?pageID=601

bnp-paribasbnp-paribas-2

 

What surprised me was this payoff diagramm published in the two-pager for the 325% product.

payout-diagram-outperformance-tracker

What the investor needs to understand with this type of product: BNP will use the dividends to buy calls. This means that in a down market or one with sinking volatility, the return from this strategy will be 3-4% (the dividend yield of the stocks in the index) LOWER for the investor than if he’d have invested directly in the underlying stocks. That’s BEFORE costs of the structured product (outperformance tracker).

Cheap way to copy this strategy: Buy the high dividend paying stocks (dividend pearls) and whenever they pay the dividend reinvest that in call options.

Partizipation an
steigenden Kursen* Währung Valor Symbol ISIN
300% EUR 27420457 OPDIVE CH0274204574
225% CHF 27420456 OPDIVC CH0274204566
325% USD 27420460 OPDIVU CH0274204608

iSTOXX Europe Next Dividend Low Risk 50

The iSTOXX Europe Next Dividend Low Risk 50 Index monthly selects companies from the STOXX Europe 600 that will pay a dividend in the near future and have historically shown low volatility. In the first step, a liquidity filter of 10 million euros is applied. In the next step, remaining companies are sorted by increasing volatility and the top third (i.e. with low volatility) are selected. From that selection list, the 50 highest ranked companies that are going to pay a dividend in the next month are chosen as index components. If less than 50 companies will pay a dividend in the next month, the highest ranked companies which are not paying a dividend are selected to complete the index. All stocks are risk-weighted.

High Yielding Swiss Dividend Stocks (SMI and below Mid & Small Cap) – Top 20

Often prospects will enquire about what ideas I have for investments; one of the first places I look is in the dividend yield list. Then liquidity and free float to eliminate unattractive companies.

Company Yield % Historic % Ex-Date
Swiss Re 8,1 8,08 27.04.2015
Zurich 5,5 5,47 09.04.2015
UBS 4,4 2,89 13.05.2015
Swisscom 4,0 3,99 15.04.2015
Transocean 3,6 3,11 18.03.2015
SGS 3,5 3,51 18.03.2015
Syngenta 3,3 3,33 05.05.2015
Roche 3,1 3,08 10.03.2015
CS 3,0 2,99 24.04.2015 (AGM)
Nestlé 2,9 2,89 22.04.2015
Company Yield % Historic % Ex-Date
Nebag 6,9 6,90 08.05.2015 (AGM)
Intersport 6,5 6,30 06.02.2015
Bellevue Group 6,5 6,54 20.03.2015
APG SGA 6,0 3,00 27.05.2015
Dätwyler 5,9 1,66 23.04.2015
Walter Meier 5,9 5,90 31.03.2015
Banque Cantonale Vaudoise 5,8 5,82 29.04.2015
Valora 5,7 5,74 14.05.2015
Gavazzi 5,6 11,31 28.07.2015 (AGM)
Kardex 5,6 5,57 23.04.2015 (AGM)
Compagnie Financière Tradition 5,5 5,31 22.05.2015 (AGM)
Alpine Select 5,4 5,39 20.05.2015 (AGM)
Energiedienst 5,3 5,30 02.04.2015
Cembra Money Bank 5,2 5,17 06.05.2015
Intershop 5,2 5,25 09.04.2015
Lem 5,1 5,11 02.07.2015
Schweiter 5,0 4,95 12.05.2015
Kühne + Nagel 4,9 2,81 12.05.2015
Basler Kantonalbank 4,7 4,66 05.05.2015
Edmond de Rothschild 4,5 4,47 29.04.2015 (AGM)
Zuberbühler Associates AG

Swiss Dividend Stocks – Large Cap; Holdings

The equities listed are among favorites for investors looking to invest in large cap dividend stocks in Switzerland. I personally prefer selecting equities from the Swiss Small Cap universe. There are some companies that are traded with a discount to their dividend value I use for client portfolios. Contact me via the company website form or post for a list.

Example from the ishares Swiss Dividend Fund (CHDVD)

Dividend Basket
Company %
Nestle 15.75
Novartis 15.69
Roche 13.60
ABB 12.66
Syngenta 7.74
Swisscom 6.61
Adecco 5.52
Givaudan 5.46
Geberit 3.71
SGS 3.29
90.03

ECB Balance Sheet; Correlation of Gold Price and ETF Volume; Dividend Impact vs Price Return Graph

The two graphs below show nicely why the ECB was the odd one out in the recent central bank balance sheet expansion effort to inflate all problems away.

bilanzsumme_der_ezb_2014_1 entwicklung_der_bilanzsummen_vergleich_2014_1

The gold price and the boom of the ETF market for commodities simulataneously came to a climax. Many market participants now believe USD 1000 level will be tested which currently works out as a 20% drop.gold-price-vs-etf-investments-in-gold-2014

The chart of the dax – once the price return, once the the total return including dividends – shows clearly that without dividends the capital appreciation of equities has been unimpressive. But as is common knowledge dividends make up the lions share of long term profits, if reinvested. That’s one reason I’m always adamant that investors choose investments where they receive the full dividend and can reclaim witholding taxes etc. Over the long term those basis points add up to be very very meaningful.why_dividends_are_important_2014_dax_index_example 10-year-bond-yields_2014_poland_czechrepublic_germany

Copycat Investment Strategies: Example Tweedy Browne Value Portfolio Switzerland

Copycat Investment Strategies have been shown to be cheaper than investing in the real thing while at the same time capturing most if not all of the performance in the underlying holdings. You don’t pay the marketing expenses and expensive offices and analysts. As you know from the Aldi and Lidl concept, copying an original and selling it cheaper is good business for all those involved, as long as rules and laws are respected.

Today I’m taking a look at the very respected value investor Tweedy Browne, as their portfolio is one that can be easily copied, without much risk of timing/tracking error. Their portfolio of Swiss equity holdings is very stable as you can see from the graph below (note I use the ticker symbols).

tweedy-browne-swiss-holdings

There were just two changes this year. Firstly they bought close to CHF 50m worth of ABB. Second they sold into the strength of Daetwyler (Ticker: DAE).tweedy-browne-swiss-holdings-market-value

So if a client were to ask me for recommendations for a long term investment mandate I would show them Tweedy Brownes’ holdings as an example by percentage:tweedy-browne-swiss-holdings-percentage

I took Tweedy Browne, the value investor, as an example, as I believe that most long term investors will enjoy less volatility with more upside than most other strategies. Feel free to contact me via the contact form on the main website or leave a question below.

Please note that just 17% of the entire portfolio in the Tweedy Browne Global Value Fund are currently invested in Switzerland, but we’re talking about over USD 1.1bn just in Switzerland!

Here are some links to copycat investment strategies, i.e. the rationale behind it:

The Case for being a Copycat Investor:

www.theglobeandmail.com/globe-investor/investment-ideas/the-case-for-being-a-copycat-investor/article4097099/

Copycat Investing: Planning Your Retirement Like a Pro:

http://online.wsj.com/news/articles/SB105647773416202400