Archive for February, 2014

Ultimate Guide To Building A High Yield Dividend Portfolio

By: ispeculatornew | Date posted: 02.13.2014 (3:00 am)

rom2Whoa…! Several months ago, I sent an email to the readers of my newsletter asking 2 simple questions:

-Would you be interested in a post about building a high yield portfolio?
-If so, what are some stocks or other assets that you’d possibly include?

By the way, if you’re not on the list, what are you waiting for? It’s free:)

I ended up being completely overwhelmed. I received hundreds of answers. All of you were extremely interested and had tons of suggestions. I started looking at the ideas, at all of these stocks and replied to almost everyone as well. I had initially expected to publish that post a couple of weeks later but ended up doing research for several months (on and off) and feeling like I’d never be able to publish anything. But here I am, ready to go ahead. A few disclaimers:

-There is no perfect portfolio, especially not a universal one. Each one of you would probably aim for something slightly different that would depend on your personal profile (risk appetite, age, means, etc).
-This is a starting point and I plan on updating it over time, and appreciate any feedback, ideas, etc.
-This portfolio is built with $USD stocks as I’ll explain later (most visitors here are US based)

Also, while this is an in-depth article, we have even more info on our membership website, DividendStocksRock, be sure to check it out if you haven’t done so yet!

Why A High Yield Dividend Portfolio?

High yield investments are “in” more than ever before. Why? Partially it’s because dividend investing is a proven method to generate good returns but also because in this era of very low interest rates, the traditional retirement investment doesn’t work so well. If you were planning on investing in stocks over your working years and eventually moving to a fixed income portfolio only in order to live off of it, I’ve got some bad news. You’ll need millions in order to survive off of 1% interest rates.

So yes, dividend stocks are very popular not only by individuals but also by pension funds, institutional investors, etc. The problem is that typical blue chip dividend stocks pay a very low dividend yield making it a challenge for most to generate significant income. So several investors have moved towards a higher yield portfolio. The main challenge of course is having limited risk in such a portfolio. There is a reason why some stocks offer higher dividend yields. I’ve mentioned FTR on this portfolio and I can tell you that even with a 10% or so dividend yield, it would never make my portfolio.

Main Objectives For My High Yield Portfolio

I’m looking to build a portfolio that will:

generate around 5% dividend yield
have relatively stable income from year to year
will generate decent total returns (yes income/yield is important but capital preservation is also critical)
will be highly diversified (in terms of sectors, asset classes, geographic exposure, etc)
hold sustainable companies (I’m not interested in holding a stock that is hanging on for its life, no matter what the yield is. Distressed stocks is an interesting investing method but I wouldn’t base my retirement on it)
limit the time required to maintain the portfolio (both in looking for stocks but also in managing taxes, international stocks, etc)

Main Asset Classes

Domestic Stocks:  Straight forward right? These are stocks trading on most stock exchanges. I’m personally going to stay away from penny stocks because they are too risky, pink sheet stocks because I’d like to have confidence in the financial filings being consistent, etc.

International Stocks:  Ignoring international stocks would be a big mistake. The world is more correlated than it was 20 years ago but those stocks do still provide great opportunities, add diversification to the portfolio, etc.

Fixed Income (government and corporate both domestic and abroad):  This is obviously a must as these assets will generally react very differently from others when markets decline providing critical diversification.

Other Fixed Income (bank loans, mortgages, etc): As you can imagine, most of us would not invest in these directly but their is significant income in these products

REIT’s (real estate income trusts): No brainer here, real estate can be a very significant part of any income portfolio and if you’re not considering buying physical buildings, considering REIT’s is a must as they provide high levels of income at historically low risk

MLP’s (Master Limited Partnerships): These more complex instruments that I’ve discussed provide extremely interesting levels of income from energy companies that are able to pass off their income but they do come with rather complex tax implications.

Annuities: These financial products can range from very simple to incredibly complex but the general concept is paying a lump sum in exchange for income that will be paid as long as the buyer is alive.

BDC’s (Business Development Companies): These companies operate in a similar way to venture funds

Preferred Shares: These assets provide a good mix between fixed income and stocks and have provided great income in recent years

Selling Options: The most popular strategy here would be selling call options on stocks that are held (covered calls) which can add to the income but limit the upside (in terms of capital appreciation)

Whole Life Policies: Some of these policies do pay dividends/income

CEF’s (Closed End Funds): Ah, these funds are very difficult to judge as a whole because there are good and bad ones but some certainly provide interesting opportunities

Am I missing anything here?

What I’ll Stay Away From For Now

Annuities: I don’t think I’d consider buying an annuity at this point because I do consider that these investments will provide a higher income at a much lower cost, that is really the whole point of building this portfolio.

BDC’s: I will continue to do research on these but at this point I’m simply not comfortable enough

Selling Options:  I’m sure some of you would argue with me on this but I personally think the cost (in terms of bid-ask spread, commissions) and time involved in selling calls. Also, to execute this strategy, a lot more is involved and I can’t imagine trading options without carefully looking at the implied volatility, etc. So not for me, at this point.

Whole Life Policies: Certain whole life insurance policies do pay out cash but I’ve said it before, these products become so complex that it’s nearly impossible to know if you’re paying too much for it. Companies make much higher margins on such complex products so it’s usually not a good deal to buy them:)

CEF’s: There are some good ones and I could see myself buying some but the problem is that these do not necessarily have good liquidity so I’d much prefer going for high quality dividend stocks at this point.

What I’d Invest In Through ETF’s or ETN’s

International Stocks: Any good income portfolio would hold international stocks. They provide great opportunities and some big companies such as Samsung, Nestle and dozens of others are not listed in the US so missing out on them would be a big issue. However, I personally have no interest in exchanging currency into all of those currencies, dealing with taxes, stamp fees, etc. So I prefer dealing with international ETF’s that will do the work for me.

TickerNameMarket CapPriceFees1Y ReturnDividend Yield
PIDPowerShares International Dividend Achievers Portfolio$1,075,402,343.75$17.840.5610.282.23
IDViShares International Select Dividend ETF$3,273,594,482.42$37.360.513.354.55
DVYEiShares Emerging Markets Dividend ETF$180,712,112.43$45.750.49-13.594.89
DWXSPDR S&P International Dividend ETF$1,308,791,137.70$46.570.452.976.98
SDIVGlobal X SuperDividend ETF$819,529,296.88$23.320.587.786.82
LVLGuggenheim S&P Global Dividend Opportunities Index ETF$88,325,202.94$12.990.653.186.66

Fixed Income: ETF’s are great for many different reasons but I’d argue that fixed income is the #1 use. Big funds are able to get much better pricing for their trades than individual investors making it a no-brainer. I strongly believe that only holding equities in an income portfolio is a mistake. Having both bonds and fixed income makes a lot of sense because bonds will perform better when the equity market declines and vice-versa.

TickerNameMarket CapPriceFees1Y ReturnDividend Yield
BNDVanguard Total Bond Market ETF$19,441,476,562.50$80.830.1-0.282.76
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF$16,489,384,765.63$115.550.150.543.77
HYGiShares iBoxx $ High Yield Corporate Bond ETF$13,442,157,226.56$93.540.56.526.02
JNKSPDR Barclays High Yield Bond ETF$10,062,708,007.81$40.820.46.775.98
EMBiShares JP Morgan USD Emerging Markets Bond ETF$3,474,560,058.59$108.580.6-5.174.72
BONDPimco Total Return ETF$3,487,852,539.06$106.240.55-0.142.71
BWXSPDR Barclays International Treasury Bond ETF$2,038,258,056.64$58.080.5-0.761.72
PCYPowerShares Emerging Markets Sovereign Debt Portfolio$1,816,334,960.94$27.140.5-7.314.62
ELDWisdomTree Emerging Markets Local Debt Fund$1,007,847,045.90$44.600.55-13.63.94

Other Fixed Income: Less common types of fixed income products such as bank loans or mortgages can provide interesting levels of income and provide good value. Those are not possible to get without ETF’s though unless you’re in the 1%!

TickerNameMarket CapPriceFees1Y ReturnDividend Yield
BKLNPowerShares Senior Loan Portfolio$6,830,297,363.28$24.910.663.934.31
FTSLFirst Trust Senior Loan ETF$159,294,494.63$49.780.85N/A2.94
VMBSVanguard Mortgage-Backed Securities ETF$388,066,558.84$51.730.120.661.09

MLP’s:  I’ve written about MLP’s before and while they do provide terrific yield and a different kind of exposure, I’d hesitate to buy them directly because of all of the taxes issues that are involved. Paying an ETF is the only option for me on MLP’s

TickerNameMarket CapPriceFees1Y ReturnDividend Yield
AMLPAlerian MLP ETF$7,630,753,417.97$17.650.859.696.15
AMJJPMorgan Alerian MLP Index ETN$5,968,270,019.53$47.180.8513.864.64
MLPNCredit Suisse MLP Equal Weight Index ETN$702,647,827.15$31.800.8520.494.28
MLPIETRACS Alerian MLP Infrastructure Index ETN$1,687,535,034.18$39.840.8514.54.54

Preferred Shares: The preferred shares market is highly illiquid and makes it very difficult for small investors like you and I to determine which ones are the better values. I’d much prefer paying a small fee in order to get a better execution and more diversification on these preferred shares

TickerNameMarket CapPriceFees1Y ReturnDividend Yield
PFFiShares US Preferred Stock ETF$8,573,138,671.88$38.070.481.176.41
PGXPowerShares Preferred Portfolio$1,984,785,766.60$13.950.50.316.5
FPEFirst Trust Preferred Securities and Income ETF$56,359,252.93$18.450.85-3.554.88

Stocks & REIT’s To Be Considered For Such A Portfolio

I did a few filters when trying to find quality and sustainable high paying stocks. I started off by looking for stocks that

-have a dvd yield of 4.50% or more
-tried excluding companies that had a special ex-dvd that does not seem recurring
-removed stocks with a payout ratio over 80%
-removed stocks with a mkt cap under $500M
-removed stocks with a debt/mkt cap ratio over 1

This gave me approx 30 names which I could potentially use in my portfolio:

TickerNamePriceDividend YieldPayout Ratio
PRKPark National Corp75.454.9875.04
TICCTICC Capital Corp10.1411.4462.26
EDConsolidated Edison Inc53.564.7162.3
NENoble Corp plc30.764.8924.31
IEPIcahn Enterprises LP108.65994.610.82
RIGTransocean Ltd42.3555.2934.81
VZVerizon Communications Inc46.894.5251.73
GMLPGolar LNG Partners LP30.296.9157.03
ARCCAres Capital Corp18.0458.4274.28
TAT&T Inc32.385.6953.24
SIXSix Flags Entertainment Corp35.51015.2941.93
ESVEnsco PLC50.535.9328.61
MAINMain Street Capital Corp33.445.9349.02
ARLPAlliance Resource Partners LP80.85.9361.99
PDLIPDL BioPharma Inc8.3757.1739.6
SEPSpectra Energy Partners LP45.474.825.93
AHGPAlliance Holdings GP LP615.4379.22
HCLPHi-Crush Partners LP37.595.43N/A
PDHPetroLogistics LP11.7510.21N/A
PMPhilip Morris International Inc78.974.7667.71
CVICVR Energy Inc36.18.3N/A
SXCPSunCoke Energy Partners LP29.166.4462.27
OBOneBeacon Insurance Group Ltd14.765.6954.37
DKLDelek Logistics Partners LP33.474.92N/A
ORIOld Republic International Corp15.044.7941.39
NTINorthern Tier Energy LP24.386.7N/A
KKRKKR & Co LP24.547.855.68
EMESEmerge Energy Services LP46.1058.69N/A
NMFCNew Mountain Finance Corp14.679.2779.95
WPTWorld Point Terminals LP20.165.95N/A

And a few REIT’s:

TickerNamePriceDividend YieldPayout Ratio
NRZNew Residential Investment Corp6.111.48N/A
DLRDigital Realty Trust Inc52.495.95196.84
FURWinthrop Realty Trust11.165.82139.4
NHINational Health Investors Inc61.734.9998.56
EARNEllington Residential Mortgage REIT16.4512.16N/A
PMTPennyMac Mortgage Investment Trust23.5610.0270.67
CMOCapstead Mortgage Corp12.5659.88132.56
STWDStarwood Property Trust Inc24.047.65109.46
ACREAres Commercial Real Estate Corp13.37.522353.23
NCTNewcastle Investment Corp5.7057.0128.25
BXMTBlackstone Mortgage Trust Inc28.2356.380
SIRSelect Income REIT27.326.7354.76

My High Yield Portfolio

As I’ve mentioned, this is my first run at building a high yield sustainable portfolio so I’ll certainly make adjustments over time. Here are the asset allocations I was looking for:

International Stocks 15%
Fixed Income 20%
Other Fixed Income 5%
MLP’s: 5%
Preferred Shares: 5%
Domestic Stocks: 45%
REIT’s: 5%

This portfolio actually yields 5,09%! Not bad right?

TickerNamePriceDividend Yield
VZVerizon Communications Inc46.894.52
TAT&T Inc32.385.69
SIXSix Flags Entertainment Corp35.51015.29
ESVEnsco PLC50.535.93
MAINMain Street Capital Corp33.445.93
ARLPAlliance Resource Partners LP80.85.93
SEPSpectra Energy Partners LP45.474.8
PMPhilip Morris International Inc78.974.76
NHINational Health Investors Inc61.734.99
PMTPennyMac Mortgage Investment Trust23.5610.02
SIRSelect Income REIT27.326.73
PFFiShares US Preferred Stock ETF$38.076.41
AMJJPMorgan Alerian MLP Index ETN$47.184.64
BKLNPowerShares Senior Loan Portfolio$24.914.31
JNKSPDR Barclays High Yield Bond ETF$40.825.98
BONDPimco Total Return ETF$106.242.71
ELDWisdomTree Emerging Markets Local Debt Fund$44.603.94
IDViShares International Select Dividend ETF$37.364.55
DVYEiShares Emerging Markets Dividend ETF$45.754.89

I’d love to get your thoughts on the portfolio but also on the process of high yield portfolio construction

Buying More Facebook At These Levels?

By: ispeculatornew | Date posted: 02.12.2014 (3:00 am)

$FBIn the light of the fact that I have been extremely bullish on Facebook, I thought today would be a good time to revisit that opinion. I did have Facebook near the very top of my 2014 power rankings, but since then the stock has increased almost 15% and a new set of earnings was released which always gives us a fresh look into what is being done.  As expressed last week,  I do have a strong belief in Mark Zuckerberg; however, choosing to purchase or not always comes down to valuations. At these levels, would I put more money into Facebook? Let’s start off by looking at some numbers:

TickerNamePricePE RatioPE Next YearReturn YTDSales GrowthAnalyst ratingBook ValueBetaRevenue/Share
FBFacebook Inc64.851108.4638.0217.0954.694.676.070.643.25

FB Revenue (Quarterly) Chart

FB Revenue (Quarterly) data by YCharts

That translates into a 72 P/E based off of 2013 EPS, 51 over 2014 and 38 over 2015.

I continue to believe that Facebook has a tremendous future:

-It is led by Mark Zuckerberg, who I would bet more on than anyone in tech these days.

-While the growth in users and activity is not likely to keep up, I am paying a lot more attention to monetization efforts (mostly advertising these days).

-I continue to believe that Facebook can expand into other advertising methods (ad network is already being tested, etc).

-The launch of Facebook apps and its first product “Paper” is highly encouraging and makes a ton of sense.

I do think that Facebook can expect strong growth for many years to come and warrants a strong P/E ratio.

There Is Risk Involved

I’ve already said over and over that Facebook is no MySpace. That being said, there is risk involved that the next big thing could emerge and take down Facebook. I happen to think that risk is very small in the short to medium term, but the growing trend of new apps/social networks that are able to gain millions of users within a few months is something to look out for.

Psychological Issues

This should not impact my decision, it really should not; however, buying Facebook for $65 that I  originally bought for under $20 doesn’t feel right. I always try to ignore such factors but they do exist so it’s probably a good idea to be aware of them.

Concentration

As I have explained, when I make my long term speculative picks, these are longer term trades and I also take bigger positions than I would for other types of trades. Since the stock has increased by over 200% since then, you can imagine that the % of my portfolio invested in Facebook is significant which is not ideal.

Yes, I’d Buy More Facebook

I still believe in the upside of owning Facebook compared to the overall market, and I may end up buying more. What I would say, is that it’s no longer a “screaming buy” in my opinion.  So it is also very possible that other stocks could provide better buying opportunities at these levels. I do love the company though, so it is always possible that if I see some kind of decline, I’ll jump in to add to my position.

Disclaimer: Long Facebook (FB)

New Trade: Long LinkedIn ($LNKD) & Short Pandora ($P)

By: ispeculatornew | Date posted: 02.10.2014 (3:00 am)

The year is young but stock picks have done well so far. I can’t complain about a lack of volatility on these names can I? My one losing trade is the stock that I believe the most in (AAPL) so hopefully that turns around.

As will be the case all year, my long & short stock picks will be available to see in my live spreadsheet:

http://www.intelligentspeculator.net/livetrades

You can see the numbers for both companies here:

TickerNamePricePE RatioPE Next YearSales GrowthAnalyst ratingBook ValueBetaRevenue/ShareSales 5Y Avg GrowthEPS 5Y Avg Growth
PPandora Media Inc34.34N/A69.76132.523.722.621.583.54N/AN/A
LNKDLinkedIn Corp209.59971.5280.1257.214.0525.831.0513.45N/AN/A

As you can see, both of these companies are seeing decelerating growth which is never a good sign. I’d bet that LNKD will have a softer landing though in terms of revenues but also better margins for the foreseeable future.

LNKD Revenue (Quarterly YoY Growth) Chart

LNKD Revenue (Quarterly YoY Growth) data by YCharts

$LNKDLong LinkedIn (LNKD)

LinkedIn released disappointing results last week for most on a number of fronts. I continue to be a strong believer and actually see the decline as a buying opportunity. The fact remains that while the company isn’t as exciting as other social plays, it does run without any significant competition and has been able to not only build a strong brand but also increase relationships and business with companies all around the world. It also relies less on advertising than companies like Facebook or Twitter which means less upfront growth (not as directly correlated to usage) but will end up being more valuable in my opinion as those corporate services will provide nice recurring revenues.

LNKD

Next earnings release: May 2nd 2014

$PShort Pandora (P)

I continue to believe that the distribution of music is an extremely difficult sector to make money out of. The competition is extremely fierce and while Pandora is a strong player, it faces competition not only from smaller players like Spotify but also from the big players that actually run ecosystems such as Apple (AAPL), Amazon (AMZN) and Google (GOOG). those players are willing to make very little profits on selling a comparable service, can leverage their network effect, already have a lot of knowledge about their users, etc. I have trouble seeing Pandora dominate the market. It will be unable to gain that much leverage with recording companies or even artists so margins will remain fairly low. It’s one big play is trying to become the “Netflix” of music but the odds are slim so I don’t think its current valuation makes much sense.

P

Next earnings release: No date yet

Disclaimer: No positions on LinkedIn (LNKD) or Pandora (P) but I will initiate the trade on the open today

Weekend Readings – No More Football

By: ispeculatornew | Date posted: 02.07.2014 (3:00 am)

Wow, can’t say the Super Bowl was up to my expectations and that marked the end of a great season so now I have to find something else to do on Sunday’s:) Haha:) Just kidding of course, my wife is more than happy that it’s finally over;) Here are some readings that you might enjoy have a great weekend!

General Readings

How Goldman Sachs rescued Libya @ TheDailyBeast
Why Bitcoin matters @ NYT
Wall Street’s Greatest Trader is back @ Forbes

Tech Readings

Uber might be worth more than Facebook someday @ NewYorker
Facebook turns 10: The Zuckerberg interview @ BusinessWeek
Is Yahoo (YHOO) worth saving? @ TechOpinions
Battle of the box @ Stretchery
Uber and disruption @ TechCrunch
Is search changing? @ BlogMaverick

Betting On Zuckerberg Is A Smart Move

By: ispeculatornew | Date posted: 02.06.2014 (3:00 am)

Mark Zuckerberg, Founder & CEO of Facebook, at the press confereDo you remember a few years ago when there were all these debates about how young and inexperienced he was, about the meltdown he had when being interviewed by Kara Swisher, etc. There was the entire IPO fiasco, etc. It’s safe to say that many have doubted his abilities.

I’ve been a believer for a long time in both him and in Facebook. Back in 2011 (seems so long ago), I wrote this piece:

How Long Will It Take Mark Zuckerberg To Become The World’s Richest Man?

At the time, he was just outside the top 50 in terms of net worth and he’s been climbing the rankings ever since apart from those few months following the IPO. How good has his run been?

Zuck added $12B to his net worth in 2013 and over $3B so far this year.

He now sits at #21 in the Bloomberg world rankings and given he continues to hold nearly all of his money in his Facebook stake, I personally think that will continue to climb.

There continue to be major challenges for Facebook but I think he’s tackling these issues the right way.

Mobile

The big challenge that most web companies have faced in recent years is the shift to mobile. These days, more Facebook users visit the site using a mobile site than a desktop, which creates many challenges (smaller screens = less ads) which most websites are struggling with.

Facebook has been able to integrate ads into the content and now makes most of its money from mobile advertising.

Competition

While Facebook remains the clear dominant social network, there is more competition from ever both from big players (LinkedIn, Twitter, Google, Instagram, Tumblr) and smaller ones (Snapchat, Path, etc) but I think that again Zuckerberg has been leading Facebook very carefully. First off, he’s been looking to buy some of these players and succeeded with Instagram which was a clear hit.

The other initiative is the creation of Facebook Labs which will focus on standalone products such as the newly launched Facebook Paper. I think this is brilliant. Facebook is amazing but one challenge is getting all of the functions and uses into a mobile screen. Running standalone products such as Paper (focused on news), Instagram (photos) will achieve a few different goals:

Creating Products People Want: Facebook serves a critical purpose but users are also looking for simple apps that focus on one goal.

Getting More Eyes: In a world where users tend to limit navigation within apps on mobile devices, it’s important to have several different apps. Google has its main Google app but also Gmail, Google+, Youtube, Google Maps and others. Facebook has its main app, Instagram, its messenger, paper and will hopefully add more.

What Makes Zuckerberg Unique

More than perhaps anyone else in the business, Mark Zuckerberg is willing to risk it all by making big moves that may or may not pan out and is willing to risk failure over and over again. Some argue that Facebook’s Paper will hurt its main product and that could end up being the case but he is willing to risk it. The launch of a Facebook phone clearly did not work out as is the case for other ventures but the company continues to march ahead.

Would you bet for or against Mark Zuckerberg with a 5-10 year horizon?

Disclosure: Long Facebook (FB)

Top 100 Dividend Stocks – February 2014 Edition

By: ispeculatornew | Date posted: 02.04.2014 (3:00 am)

manhattan2Dividend investing is a huge part of my investment strategy. As I’ve mentioned in my now monthly passive income updates, receiving dividend income from my both my Ultimate Sustainable Dividend portfolio and my ETF portfolio is a primary driver of how my retirement will be like a few decades from now:) Today, I went back to looking for the top dividend stocks from the S&P500! As markets continue to decline, I see a good opportunity to buy stocks at a better price. It’s even better because when some investors start to panic, buying and selling becomes less rational which creates opportunities:)

Find Out More

Once again, the top dog going into the new year Windstream (WIN) with a dividend yield above 13%!! That’s not everything that matters though.

Here are 2 stocks that paint a less attractive story

ycharts_chart

ycharts_chart (1)

I’ll perform a lot more analysis on these names in the coming days. If ever you’d like to get free analysis, please subscribe to our newsletter here:

In the meantime, here is the list!

TickerNamePriceDividend YieldPayout RatioEx-Dvd Date
WINWindstream Holdings Inc7.213.92356.153/27/2014
FTRFrontier Communications Corp4.429.01298.643/5/2014
TATransAlta Corp14.38.1N/A2/21/2014
CTLCenturyLink Inc28.137.67231.483/6/2014
DODiamond Offshore Drilling Inc47.77.3567.542/13/2014
CPGCrescent Point Energy Corp37.667.33488.532/26/2014
COSCanadian Oil Sands Ltd19.867.0481.292/19/2014
PWTPenn West Petroleum Ltd8.166.86294.253/26/2014
ESVEnsco PLC49.146.0928.613/13/2014
TAT&T Inc31.955.7453.244/8/2014
MOAltria Group Inc34.115.6281.113/14/2014
POMPepco Holdings Inc19.235.6187.023/6/2014
HCPHCP Inc38.835.6110.322/6/2014
ERFEnerplus Corp19.615.53N/A3/6/2014
HCNHealth Care REIT Inc57.495.53607.362/6/2014
TETECO Energy Inc16.265.3995.652/11/2014
RAIReynolds American Inc46.965.34103.63/7/2014
RIGTransocean Ltd42.475.2934.812/19/2014
ETREntergy Corp62.725.2869.572/11/2014
TEGIntegrys Energy Group Inc53.165.172.792/26/2014
BCEBCE Inc46.065.0665.513/14/2014
PMPhilip Morris International Inc75.394.9762.643/25/2014
KMIKinder Morgan Inc/DE33.324.92138.484/25/2014
SOSouthern Co/The41.254.91106.715/1/2014
NENoble Corp plc30.924.8624.312/6/2014
PPLPPL Corp30.494.8254.543/7/2014
EQREquity Residential54.84.75210.013/20/2014
VTRVentas Inc61.554.71238.423/7/2014
PBCTPeople's United Financial Inc13.844.786.944/29/2014
EDConsolidated Edison Inc53.744.6862.32/10/2014
DRIDarden Restaurants Inc47.324.6464.094/8/2014
LOLorillard Inc48.144.5773.632/26/2014
VZVerizon Communications Inc46.414.5751.734/8/2014
FEFirstEnergy Corp31.254.57119.432/5/2014
SJR/BShaw Communications Inc24.414.5161.582/12/2014
BMOBank of Montreal67.624.546.864/29/2014
CMCanadian Imperial Bank of Commerce/Canada85.814.4844.493/26/2014
MACMacerich Co/The55.744.46111.532/19/2014
POTPotash Corp of Saskatchewan Inc34.994.4564.424/8/2014
NANational Bank of Canada83.24.4438.363/25/2014
DUKDuke Energy Corp70.464.43100.422/12/2014
PNWPinnacle West Capital Corp51.284.475.484/29/2014
KIMKimco Realty Corp20.464.39356.183/31/2014
PCGPG&E Corp41.524.3895.713/28/2014
PEGPublic Service Enterprise Group Inc33.234.3356.313/7/2014
SCGSCANA Corp46.834.3361.83/11/2014
COPConocoPhillips63.864.3241.662/13/2014
EXCExelon Corp28.974.28147.722/12/2014
AEEAmeren Corp37.664.25N/A3/10/2014
ARXARC Resources Ltd28.494.21256.752/26/2014
PCLPlum Creek Timber Co Inc42.034.2133.832/19/2014
FTSFortis Inc/Canada30.524.273.332/12/2014
MATMattel Inc36.054.255.082/18/2014
IRMIron Mountain Inc25.94.17196.453/19/2014
LEGLeggett & Platt Inc29.064.1389.993/12/2014
AEPAmerican Electric Power Co Inc48.314.1364.172/6/2014
BNSBank of Nova Scotia60.594.1246.063/28/2014
CNPCenterPoint Energy Inc23.054.1182.972/12/2014
GRMNGarmin Ltd43.634.1164.783/13/2014
KRFTKraft Foods Group Inc51.124.118.053/27/2014
WMBWilliams Cos Inc/The39.334.08102.533/12/2014
SLFSun Life Financial Inc35.434.0761.122/24/2014
FCXFreeport-McMoRan Copper & Gold Inc31.084.0284.824/11/2014
GASAGL Resources Inc46.933.9974.912/19/2014
RYRoyal Bank of Canada68.53.9445.24/23/2014
CMSCMS Energy Corp27.423.9359.82/5/2014
POWPower Corp of Canada29.63.9264.183/19/2014
XELXcel Energy Inc28.613.958.073/18/2014
DTEDTE Energy Co67.973.8562.013/20/2014
TRPTransCanada Corp48.283.8295.523/26/2014
CVCCablevision Systems Corp15.853.8483.893/12/2014
NEMNewmont Mining Corp21.023.836.873/14/2014
SESpectra Energy Corp35.343.7880.172/12/2014
AVBAvalonBay Communities Inc123.293.77932.943/27/2014
INTCIntel Corp23.953.7646.52/5/2014
AIVApartment Investment & Management Co27.723.76N/A2/12/2014
TTELUS Corp38.443.7560.353/5/2014
RCI/BRogers Communications Inc46.073.7547.353/12/2014
SPLSStaples Inc12.93.73N/A3/26/2014
LLYEli Lilly & Co52.663.7245.382/12/2014
CINFCincinnati Financial Corp47.613.762.473/17/2014
HSEHusky Energy Inc32.53.6959.733/5/2014
WECWisconsin Energy Corp42.193.6950.582/12/2014
GEGeneral Electric Co24.353.6153.212/20/2014
TDToronto-Dominion Bank/The47.893.6146.724/2/2014
LMTLockheed Martin Corp147.743.6522/27/2014
PSAPublic Storage155.863.59114.783/10/2014
CVXChevron Corp111.143.5934.92/12/2014
DDominion Resources Inc/VA67.123.5872.882/26/2014
WMWaste Management Inc413.5680.583/4/2014
MCDMcDonald's Corp93.023.4955.52/27/2014
TRIThomson Reuters Corp39.443.4651.282/25/2014
FFord Motor Co14.553.45224/28/2014
PAYXPaychex Inc40.43.4583.785/8/2014
TCK/BTeck Resources Ltd26.293.4261.376/11/2014
GMGeneral Motors Co35.253.4203/14/2014
PFEPfizer Inc30.63.3957.672/5/2014
CVECenovus Energy Inc28.533.3866.973/7/2014
NUNortheast Utilities43.453.3871.42/28/2014
MRKMerck & Co Inc52.083.3883.873/13/2014