Quite a few changes in the portfolio to report. Sold Ford for a quick 8% profit, and sold our hedge too early in SDS, but made a small gain anyway. Added Citigroup (C), Eaton (ETN), Black Rock (BLK), and some small positions in foreign (and volatile) ADRs to juice up the yield while considering potential for dividend growth. Added were Chungwa Telecom (CHT), Bank of Nova Scotia (BNS), and Southern Copper (PCU).
The table below illustrates the improvement in yield from using the dividend growth strategy. Based on current holdings, and prices at which the positions were acquired, we can see how the yield has improved in the last few years. Although it is not clear how much the yield will improve in future years, it looks quite positive. Note that the 2006 yield is not the current 'indicated' yield, which is 3.35% based on acquisition cost. '% Alloc' means the percentage of the portfolio of a given holding.
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