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The dividend assets that fund managers have been holding tightly together are beginning to show signs of loosening slightly.

The change occurred in the second quarter of this year. Some funds that had been heavily invested in dividend assets for several consecutive quarters began to gradually reduce their holdings of related targets. The reason behind this is self-evident: more and more dividend stocks are becoming expensive, the investment cost-effectiveness is declining, and the dividend market may have entered the middle and late stages. Fund managers who sold dividend stocks began to target new directions: more cost-effective growth companies or targets based on the logic of the gradual improvement of the economy.

At the same time, dividend assets still have quite a lot of "fans". Some fund managers have given up their previous track and turned their holdings to dividend assets, and even continued to increase their holdings for several consecutive quarters. Their logic is also very clear: dividend investment is not simply based on the dividend rate, but on the stability of the company's business model; in addition, in the context of many uncertainties in the short- and medium-term market, the dividend factor continues to be effective.

The market's divergence on dividend assets is increasing. After the consensus expectations collapse, where will dividend assets go? (China Securities Journal)