{"id":119860,"date":"2025-06-23T15:21:02","date_gmt":"2025-06-23T19:21:02","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/quality-over-quantity-the-case-for-total-shareholder-yield\/"},"modified":"2025-07-01T11:50:26","modified_gmt":"2025-07-01T15:50:26","slug":"quality-over-quantity-the-case-for-total-shareholder-yield","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/quality-over-quantity-the-case-for-total-shareholder-yield\/","title":{"rendered":"Quality over quantity: The case for total shareholder yield"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09cb34a392b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Quality over quantity: The case for total shareholder yield<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/429775502-resiz.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Asset chart\" title=\"Asset chart\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09cb34af05f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">June 23, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09cb34b2044'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em><span class=\"TextRun SCXW160853741 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW160853741 BCX0\">This article<\/span><span class=\"NormalTextRun CommentStart SCXW160853741 BCX0\"> w<\/span><span class=\"NormalTextRun SCXW160853741 BCX0\">as written by Sean Murphy, Equity Indices Product Manager and Steve Hou, PhD, Quantitative Researcher at Bloomberg.<\/span><\/span><span class=\"EOP SCXW160853741 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/em><\/p>\n<p><span class=\"TextRun SCXW219053908 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CommentStart SCXW219053908 BCX0\">With<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> recent market volatility<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">, <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">many <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">equity investors <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">are <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">seeking<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> ways to de-risk<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> their portfolios<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">. While some have headed for the sidelines, <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">others<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> have instead <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">maintained<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> their equity <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">allocation <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">while<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> employ<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">ing<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> more defensive <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">positioning<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">. <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">ETF strategies <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">that target<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> low<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">&#8211;<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">volatility, quality, and dividend<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> stocks<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> have been gathering assets this year<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">, but<\/span> <span class=\"NormalTextRun SCXW219053908 BCX0\">these factors <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">can be difficult to find in a single strategy. <\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW219053908 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW219053908 BCX0\">Take dividend payers for example<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">:<\/span> <span class=\"NormalTextRun SCXW219053908 BCX0\">a<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> stock\u2019s dividend yield may appear attractive not because of a high <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">dividend amount<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">, but <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">because of a <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">lower<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> price. This price depreciation may be the result of a degradation in the<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> earnings<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\"> quality of the company<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">, increased share issuance, or <\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">unsustainable level<\/span><span class=\"NormalTextRun SCXW219053908 BCX0\">s of debt.\u00a0<\/span><\/span><span class=\"EOP SCXW219053908 BCX0\" data-ccp-props=\"{&quot;335559731&quot;:720}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09cb34b408b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_6242452253372869014\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Indices\"\n        >\n                      Bloomberg Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\n<div\n  id=\"cta_2582935962233786781\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/equity\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Equity Indices\"\n        >\n                      Bloomberg Equity Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW113205761 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW113205761 BCX0\">One <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">possible <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">alternative<\/span> <span class=\"NormalTextRun SCXW113205761 BCX0\">is <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">to<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> focus on<\/span> <span class=\"NormalTextRun SCXW113205761 BCX0\">share buybacks <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">as well as<\/span> <span class=\"NormalTextRun SCXW113205761 BCX0\">dividends<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">. <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">The <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">perception<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> of many <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">investors <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">is that <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">compan<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">ies<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> conducting both<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> must <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">have<\/span> <span class=\"NormalTextRun SCXW113205761 BCX0\">strong financial health. <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">Without examining debt levels, however, a<\/span> <span class=\"NormalTextRun SCXW113205761 BCX0\">strategy<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> may <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">select<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> stocks that <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">benefit<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> today\u2019s equity investors at the expense of <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW113205761 BCX0\">tomorrow<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW113205761 BCX0\">\u2019<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW113205761 BCX0\">s<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">.<\/span> <\/span><\/p>\n<p><span class=\"TextRun SCXW113205761 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW113205761 BCX0\">In the past, <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">companies have issued debt and used the proceeds to fund dividends <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">or to <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">buy back<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> shares<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">. <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">While this practice has waned in recent years due to higher borrowing costs, <\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">such firms<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> will need to repay or <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW113205761 BCX0\">roll<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> that debt<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\"> at some point<\/span><span class=\"NormalTextRun SCXW113205761 BCX0\">, perhaps when interest rates are not as accommodative to the bottom line.<\/span><\/span><span class=\"EOP TrackedChange SCXW113205761 BCX0\" data-ccp-props=\"{&quot;335559731&quot;:720}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09cb34b7cba'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore our index families.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn More<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3065985117304801415\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09cb34bccbf'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW207700458 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW207700458 BCX0\" data-ccp-parastyle=\"heading 2\">A more refined approach<\/span><\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW86176395 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86176395 BCX0\">With so many potential pitfalls, the <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">Bloomberg Shareholder Yield Index<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> (BSHARP)<\/span> <span class=\"NormalTextRun SCXW86176395 BCX0\">takes a more <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">refined<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> approach to <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">identifying<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> companies <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">with high shareholder yield<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">.<\/span> <span class=\"NormalTextRun SCXW86176395 BCX0\">The index <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">examines <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">the <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">total return of capital, which includes dividends paid, net buybacks, <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">as well as<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> debt repayment.<\/span> <\/span><\/p>\n<p><span class=\"TextRun SCXW86176395 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86176395 BCX0\">Within this framework, shareholder yield is total returned capital as a percentage of the company\u2019s market capitalization. <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">E<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">xamining debt levels<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> achieves two <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">objective<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">s<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">. While debt is an important metric in measuring quality, <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">it<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> also <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">may <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">identify<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> companies whose<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> interest <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">expense<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> may decrease<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">, <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">which could <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">benefit<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> equity investors <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">moving<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> forward<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">.<\/span> <span class=\"NormalTextRun SCXW86176395 BCX0\">The index also analyzes a company\u2019s <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">total return of capital in comparison <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">with its<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> free cash flow<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">.<\/span> <span class=\"NormalTextRun SCXW86176395 BCX0\">This helps to <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">ensure that the value <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">a company<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\"> returns to <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">its <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">shareholders in the form of dividends, buybacks, and debt repayment is within its <\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">capacity<\/span><span class=\"NormalTextRun SCXW86176395 BCX0\">.<\/span> <\/span><span class=\"EOP SCXW86176395 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1113\" height=\"431\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-1.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Total Shareholder Yield\" title=\"Total Shareholder Yield\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-1.jpg 1113w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-1.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-1.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-1.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-1.jpg 192w\" sizes=\"auto, (max-width: 1113px) 100vw, 1113px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">To be eligible for inclusion in the index, a company must be part of the Bloomberg US large &amp; mid cap universe excluding real estate investment trusts and pass certain tradability thresholds. More importantly, a company must have positive total returned capital, positive free cash flow, and capacity (total returned capital as a portion of free cash flow) below 150% for the trailing five years. Of the companies that remain, the largest 50 companies by total returned capital are selected for inclusion. The index is weighted according to each company\u2019s shareholder yield, with companies that have high shareholder yield having a higher allocation in the index.<\/span><span data-ccp-props=\"{&quot;335559731&quot;:720}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW121372920 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW121372920 BCX0\">A<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\"> current index constituent t<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">hat <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">demonstrates<\/span> <span class=\"NormalTextRun SCXW121372920 BCX0\">the Bloomberg Index approach to <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">total shareholder yield <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">is <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">Altria (<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">NYSE: <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">MO). The company pays a dividend <\/span><span class=\"NormalTextRun CommentStart SCXW121372920 BCX0\">above the broad market<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">, with a trailing yield of over 6% <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">(<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">vs 1.3% for <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW121372920 BCX0\">the Bloomberg<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\"> 1000<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">)<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">. At the same time, the company bought back over <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">$3 billion<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\"> in shares last year. <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">Altria<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\"> was able to do so without taking on more debt. In fact, the amount of long-term debt the company has outstanding has dropped by over 6% year-over-year. <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">The combination of dividends, share repurchases, and debt repayment results in a <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">total <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">shareholder yield of 11%. <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">T<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">here is <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">even <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">room for this to continue and grow<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">, as<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\"> Altria <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">has been able to return cash to shareholders through robust free-<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW121372920 BCX0\">cash-flow<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">, which has <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">remained<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\"> north of <\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">$8 billion<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\"> for the past 5 calendar years.<\/span><span class=\"NormalTextRun SCXW121372920 BCX0\">\u00a0<\/span><\/span><span class=\"EOP SCXW121372920 BCX0\" data-ccp-props=\"{&quot;335559731&quot;:720}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TrackChangeTextInsertion TrackedChange SCXW126825798 BCX0\"><span class=\"TextRun SCXW126825798 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW126825798 BCX0\" data-ccp-parastyle=\"heading 2\">Identifying<\/span><\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW126825798 BCX0\"><span class=\"TextRun SCXW126825798 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW126825798 BCX0\" data-ccp-parastyle=\"heading 2\"> under-the-radar companies<\/span><\/span><\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW202237872 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW202237872 BCX0\">Using this multipronged approach to shareholder yield helps to <\/span><span class=\"NormalTextRun SCXW202237872 BCX0\">identify<\/span><span class=\"NormalTextRun SCXW202237872 BCX0\"> companies that might otherwise fly under the radar. Paying an above-average dividend, for example, is not a requirement for the Bloomberg Shareholder Yield Index. KLA Corp (NASDAQ: KLAC) may seem like an outlier as the company pays only a small dividend, but it has provided attractive total shareholder yield due to a robust share repurchase program. <\/span><\/span><\/p>\n<p><span class=\"NormalTextRun SCXW11665568 BCX0\">In fact, the company recently announced an expansion of that program, authorizing an <\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">additi<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">onal<\/span> <span class=\"NormalTextRun SCXW11665568 BCX0\">$5 bi<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">llion<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\"> in stock buybacks<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">.<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\"> The company has been able to achieve this while also reducing debt <\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">outstanding<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">, with t<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">h<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">e<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\"> result<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">ing <\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">shareholder yield <\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">totaling<\/span> <span class=\"NormalTextRun SCXW11665568 BCX0\">nearly 4%<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">.<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\"> Despite<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\"> low and non-dividend paying stocks <\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">being <\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">eligible for the index, the <\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">overall<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\"> yield of the constituents in aggregate is still noticeably higher than that of the broad market<\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">. In fact, that gap has recently widened, <\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">as <\/span><span class=\"NormalTextRun SCXW11665568 BCX0\">95% of the dividend paying stocks within the index have grown their dividend amount over the past year. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1140\" height=\"943\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-2.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"BSHARP &amp; B1000 Dividend Yield\" title=\"BSHARP &amp; B1000 Dividend Yield\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-2.jpg 1140w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-2.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-2.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-2.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-2.jpg 131w\" sizes=\"auto, (max-width: 1140px) 100vw, 1140px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TrackChangeTextInsertion TrackedChange SCXW106764221 BCX0\"><span class=\"TextRun SCXW106764221 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW106764221 BCX0\">Taking a closer look at the<\/span><\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW106764221 BCX0\"><span class=\"TextRun SCXW106764221 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW106764221 BCX0\"> balance sheet<\/span><\/span><\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">This methodology helps avoid names that a simplistic approach may otherwise include. Take Ford (NYSE: F) for example. With an attractive yield of roughly 6%, the company is a constituent of many dividend indices. But Ford has also been a net issuer of both stock and debt. Another is Diamondback Energy (NASDAQ: FANG), which at first glance seems like a stock with strong shareholder yield. The company has an above-average dividend yield and a stock buyback program. But examining the balance sheet reveals a meaningful increase in debt, which more than offsets the dividends and share repurchase. In both instances, the shareholder yield is negative, something dividend yield would never be. <\/span> <span data-ccp-props=\"{&quot;335559731&quot;:720}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">From a factor perspective, the Bloomberg Shareholder Yield Index goes beyond delivering exposure to value and dividend yield factors when compared to the broad market. Using the TLTS function on the Terminal highlights exposure to quality and lower volatility companies relative to the market cap weighted Bloomberg 1000 Index. Looking further, when we compare BSHARP to a value benchmark, the index delivers the same expected tilts, but without sacrificing quality. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1136\" height=\"951\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-3.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"TLTS Factor Exposure of BSHARP &amp; B1000V Relative to B1000\" title=\"TLTS Factor Exposure of BSHARP &amp; B1000V Relative to B1000\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-3.jpg 1136w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-3.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-3.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-3.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-3.jpg 129w\" sizes=\"auto, (max-width: 1136px) 100vw, 1136px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW48425232 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW48425232 BCX0\">D<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">ividend<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\"> and s<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">hareholder yield <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">strategies are often <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">associated <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">with value <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">investing<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">, yet <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">the BSHARP Index<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\"> outperformed the broad market <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">over the <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">10-year<\/span> <span class=\"NormalTextRun SCXW48425232 BCX0\">period<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">, one defined<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\"> b<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">y the <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">significant contribution of growth names to <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">broad market returns. <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW48425232 BCX0\">Even still<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">, the primary contributor to returns was e<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">arnings<\/span> <span class=\"NormalTextRun SCXW48425232 BCX0\">expansion<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\"> rather than<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\"> multiple expansion<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">, as the t<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">railing<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\"> P\/E of the index has <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">remained<\/span> <span class=\"NormalTextRun SCXW48425232 BCX0\">relatively constant<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\"> over that same <\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">period<\/span><span class=\"NormalTextRun SCXW48425232 BCX0\">.<\/span> <\/span><span class=\"EOP SCXW48425232 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1139\" height=\"946\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-4-ei.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"10 Year Cumulative Returns &amp; Trailing P\/E Ratio, BSHARP &amp; B1000\" title=\"10 Year Cumulative Returns &amp; Trailing P\/E Ratio, BSHARP &amp; B1000\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-4-ei.jpg 1139w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-4-ei.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-4-ei.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-4-ei.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Fig-4-ei.jpg 130w\" sizes=\"auto, (max-width: 1139px) 100vw, 1139px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW16790867 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW16790867 BCX0\" data-ccp-charstyle=\"Heading 2 Char\">Conclusion<\/span><\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"NormalTextRun SCXW236455228 BCX0\">Equity markets have been <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">volatile <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">this year. <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">I<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">nvestors are adjusting their allocations<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> accordingly, with income, quality, and low-volatility strategies of particular interest<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">.<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> The Bloomberg Shareholder Yield Index employs a multi-faceted approach to <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">identify<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> companies returning <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">capital<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> to shareholder<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">s<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> in a responsible and repeatable way.<\/span><\/p>\n<p><span class=\"NormalTextRun SCXW236455228 BCX0\">The<\/span> <span class=\"NormalTextRun SCXW236455228 BCX0\">methodology<\/span> <span class=\"NormalTextRun SCXW236455228 BCX0\">seeks<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> to avoid missteps that overly simplistic <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">approaches<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> may <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW236455228 BCX0\">fall into<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> by going beyond superficial data points to take a more <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">holistic approach<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> to shareholder yield. The result is an index consisting of <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">\u201c<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">shareholder-friendly<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">\u201d<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> companies that have <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">a track record<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> of consistency and quality, traits that may help investors navigate the current environment.<\/span> <span class=\"NormalTextRun SCXW236455228 BCX0\">I<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">nvestors <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">can<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> gain exposure to the companies in <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">the BSHARP Index<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> through a<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">n<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\"> ETF offered by <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">First Trust, <\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">ticker<\/span> <span class=\"NormalTextRun SCXW236455228 BCX0\">SHRY<\/span><span class=\"NormalTextRun SCXW236455228 BCX0\">.<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW43804807 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CommentStart CommentHighlightPipeClicked CommentHighlightClicked SCXW43804807 BCX0\">Interested in learning more about Bloomberg<\/span> <span class=\"NormalTextRun CommentHighlightClicked SCXW43804807 BCX0\">Indices<\/span><span class=\"NormalTextRun CommentHighlightClicked SCXW43804807 BCX0\">?<\/span> <span class=\"NormalTextRun CommentHighlightClicked SCXW43804807 BCX0\">C<\/span><span class=\"NormalTextRun CommentHighlightClicked SCXW43804807 BCX0\">lick <\/span><\/span><a class=\"Hyperlink SCXW43804807 BCX0\" href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"FieldRange SCXW43804807 BCX0\"><span class=\"TextRun Underlined SCXW43804807 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun CommentHighlightClicked SCXW43804807 BCX0\" data-ccp-charstyle=\"Hyperlink\">here.<\/span><\/span><\/span><\/a><span class=\"EOP CommentHighlightPipeClicked SCXW43804807 BCX0\" data-ccp-props=\"{&quot;335559731&quot;:0}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09cb34ca139]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09cb34ca139'>\n        \n        \n     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gathering assets this year. This article examines how to find these factors in a single strategy.<\/p>\n","protected":false},"author":1935,"featured_media":119889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[453,444],"tags":[454,3672,547],"series":[],"class_list":["post-119860","post","type-post","status-publish","format-standard","hentry","category-markets","category-trading","tag-equities","tag-equity-indices","tag-indices","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Quality over quantity: The case for total shareholder yield | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Amid recent market volatility, ETF strategies targeting low-volatility, quality, and dividend stocks have been gathering assets this year. This article examines how to find these factors in a single strategy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/quality-over-quantity-the-case-for-total-shareholder-yield\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quality over quantity: The case for total shareholder yield | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"Amid recent market volatility, ETF strategies targeting low-volatility, quality, and dividend stocks have been gathering assets this year. 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