Executive summary
- The great dividend reset – dividends are expected to recover quickly from the low 2020 and 2021 base
- Scarcity of yield has been a key factor in UK equity income problems; regional and global propositions offer much more diversified opportunity sets
- Lower but growing and sustainable dividend yields are more compelling than highest yielders
- ESG not going away – more stakeholders getting more of a say in payouts
- Attractive dividend yields in disrupted sectors should continue to be avoided