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- Basing your investment decisions on macroeconomic factors is notoriously unreliable, believes David Hogarty. He thinks investors are better off using their risk budget to apply stock selection while refraining from making any macro calls.
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Dividend-yielding companies are an important part of Hogarty’s portfolio. He considers dividends an important indicator of a company’s health. However, instead of focusing on the absolute level of yield, he looks for companies that offer competitive dividend yields compared to their peers.
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Hogarty’s team has 160 stocks in their global portfolio. While this may look like a lot, he thinks this gives you better downside protection than a concentrated portfolio. “Our exposure on the downside is really where we make our money,” he says. “We make most of our relative performance against the marketplace in months when the market goes down.”
