Great Dividend Stocks

When Renato Anzovino surveys the dividend stock landscape, he sees plenty of fine companies – but not a lot of attractive prices. That would explain why the C.F.G. Heward Canadian Dividend Growth Fund he manages is sitting on a hefty cash balance of 8.5 per cent. “Of the stocks I follow, a lot of them are on the higher end of their valuation range, so it doesn’t lead me to rush in and buy,” said the portfolio manager with C.F.G. Heward Investment Management in Montreal. “I’ll just wait for some market pullbacks to deploy some of the excess cash that I have.”

Judging by the fund’s performance, his patient approach has paid off. From inception on June 30, 2009, through Dec. 31, 2011, the fund returned an annualized 10.26 per cent compared with 8.75 per cent for the S&P/TSX composite index. (Both results include dividends.) The fund’s return is before fees, which range from 1 per cent to 2 per cent depending on the amount invested and whether the fund was purchased directly or through a third party, he said.

Source: Globe and Mail

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