The Increase in the Efficiency of the Formation of the High-dividend Portfolios on the Russian Stock Market

This work is determined by an attempt to adapt the classic high-dividend investment strategy, Dogs of the Dow, to the realities of the Russian stock market. A kind of modification of the main strategy was made with an increase in the effectiveness of its implementation by selecting companies by financial indicators and transforming such fundamental characteristics of the portfolio as the month of its formation and the number of shares in it. The result of this work can be considered as the achievement of the main goal of the study, namely the formation of a new author’s model of a highly dividend strategy based on the Dogs of the Dow theory. In total, more than 150 thousand portfolios were tested during the study. The result of the simulation was to obtain different versions of the classical model: strategies containing portfolios formed only on the basis of the dividend yield metric and strategies with portfolios formed using filters by financial condition. The author concludes that the use of highly dividend strategies is quite feasible on the Russian stock market. Such strategies make it possible to obtain additional returns for investors, and the established filters regarding both the basic characteristics and the financial situation of companies when selecting stocks in the portfolio contribute to an increase of 10.1%. This allows recommending the author’s strategy as a possible strategy for private investors to use.