AGF Global Dividend Equity Strategy

A fundamental, combined investment approach.
Large cap
MSCI All Country World Index
Inception Date
August 2007

Key Reasons to Invest


The Strategy invests in high-quality, dividend-paying companies and maintains strong risk controls at the country, sector and company level which has contributed to lower volatility and better downside protection relative to the peer universe.


For investors seeking the benefits of global market diversification and capital appreciation.


The strategy focuses on risk-adjusted returns and downside protection.



The AGF Global Dividend Strategy seeks to capture returns from asset pricing inefficiencies at the company and at the country level. The Strategy focuses on Economic Value Added (EVA) with a fundamental, combined fundamental and quantitative core investment approach to drive long-term returns while controlling risk.


We believe a combined focus on corporate economic profit (EVA) growth and country allocation drives long-term returns while controlling risk. We further believe that a focus on dividend yield and dividend growth can add incremental performance. We seek companies that can generate returns in excess of their cost of capital, thereby creating shareholder value. We emphasize countries with attractive value, growth/sentiment and risk profiles.


Our process is based on the concept of EVA (economic value added), which focuses on finding companies that over time, will exhibit characteristics such as strong/growing cash flow generation, sales, margins and/or asset utilization.

Our process is underpinned by fundamental stock selection and aided by our disciplined country allocation framework. The global universe contains 49 countries. Political and liquidity screens eliminate a number of countries. The resulting country universe, representing approximately 90% of MSCI All Country World Index by market capitalization, is then scored and ranked for valuations, growth/sentiment, risk and dividend yield. A minimum market cap screen of US$1.5 billion is applied in the security screening process. The remaining universe is then ranked based on historical and prospective valuation, growth and sentiment characteristics. Companies in the top six deciles in this analysis are included in the next screening.

Subsequent EVA analysis reduces the universe to the ‘watchlist’. Selected names are reviewed using in- depth fundamental analysis to uncover companies with strong businesses and management, unrecognized growth potential, attractive valuations, dividend yield and/or dividend growth prospects.

The portfolio manager imposes disciplined controls at the country, sector, company and portfolio level. The Portfolio typically maintains a dividend yield in excess of the MSCI All Country World Index.

Investment Process

  • 49 countries
  • 1. Country Allocation Framework
    • Screen: Liquidity; Political Risk
    • Rank: Valuation, Growth/Sentiment, Risk, Dividend Yield
    • 29 countries (10 EM, 19 Developed)
    • Universe: 4,000 – 5,000 companies
  • 2. Initial Analysis and Filter
    • Screen: Liquidity (min. mkt. cap of US$1.5B)
    • Rank: Attractive Valuation; Growth/Sentiment
    • Universe: 1,500 – 2,000 companies
  • 3. EVA Analysis
    • Ability to generate future economic profits driven by historical value creation and/or business transformation
    • Universe: reduced to a watchlist of 600 – 800 companies
  • 4. Fundamental Research
    • Strong management and fair value
    • Distinct competitive advantage
    • Historical financial analysis
    • Positive dividend prospects
    • ESG analysis
  • 5. Disciplined and Diversified
    • Country: Minimum level of exposure to key markets
    • Sector: 8 of 11 GICS sectors, +/- 15% of index
    • Company: Maximum 6%
  • 50 – 100 names
*Control – Risk Management factors considered include: Country, Sector, Company and Portfolio levels. ¹Refers only to the investment selection process and not to outcomes or results.

Investment Team

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