Strategies

One logic, three markets.

The core logic is market-agnostic: detect dividend events, score them, rank them. What changes between markets is data source, ex-date conventions, and calibration thresholds.

StrategyStatusApproachUniverse
Dividend ERP Ranking — A-Shares Live Event-driven. Declared cash dividends scored at registration date by annualized excess return over the risk-free rate. Large-cap dividend payers, 3-year track record, DY > 3%
Dividend Yield Ranking — Hong Kong In development Ex-date based. Higher yield thresholds reflecting structurally higher HK payout yields. HKEXnews declared distributions
Dividend Growth — United States In development Growth-oriented rather than high-yield, given lower US payout yields. SEC EDGAR / Finnhub

Layer separation

Each market implementation separates into three layers, so that a new market is an adaptation rather than a rewrite:

  • Logic layer — event capture, scoring formula, ranking, rotation. Shared across all markets.
  • Data layer — the specific source and schema for declared distributions. Market specific.
  • Market layer — ex-date conventions, yield thresholds, risk-free reference. Recalibrated per market.

Core formulas

Dividend yield is computed per event, using each event's own registration-date closing price:

DY = Σ (DPS_i / P_registration_i)

Excess return potential is the annualized yield over the risk-adjusted reference rate:

ERP = annualized DY − (r10Y + λ · σ)

Events are ranked against their trailing 252-day history. Qualifying events enter available slots; a higher-ranked new event replaces the weakest current holding.

Known limitations

  • Look-ahead bias — signals use already-implemented payouts, which overstates realized returns.
  • Survivorship bias — delisted issuers' dividend histories are not fully verified.
  • Ex-dividend gap — price drops at ex-date are assumed to recover; not guaranteed in practice.
  • Odd-lot drag — capital below 1M CNY suffers rounding losses from indivisible share lots.