Phil Cliff joined M&G in January 2012 and was appointed fund manager of the M&G Pan European Dividend Fund in April 2012. He also became fund manager of the M&G Dividend Fund in July 2013. Phil was previously Head of European equities at Occam Asset Management and prior to that managed European equity portfolios at Threadneedle, where he was AA-rated by Citywire.
Topic: Income from equities: focus on dividend growth, not yield
Phil Cliff discusses why he believes dividend investing is compelling as a strategy to build wealth over the long term and why he believes the strategy has particular appeal in Europe.
Equity income is often associated with high yield investing, but Phil believes this traditional approach is flawed. A high yield is not an automatic signal of value, in his view. A much more compelling strategy, he believes, is to focus on dividend growth and invest in companies that can increase their dividends over time. Rising dividends will naturally lead to higher share prices, in his view, and the compounding of this effect will reward investors with excellent total returns over the long run.
Phil will explain how he applies this philosophy in European equity markets, the qualities he looks for in his stock selection process and how he constructs the portfolio to outperform in different market conditions.