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Research: A dividend yield strategy wins

Does a simple dividend yield strategy outperform other strategies on the Nigerian equities market? I extended my old dividend strategy which was published in 2005. Original Paper here 

Dividends strategy extended to 2021 to check whether the discovered strategy had dwindled in performance. Turns out the strategy is very active and highly profitable.

Pdf of summary results here – Dividend Strategy Extended

In Nigeria, a simple dividend yield strategy outperforms other strategies (2015 – 2021) including pencom’s stock picks.
Position as at May 2022