• Copeland White Paper I - Dividends & Tax Rates

    June 30, 2012 - As it stands today, barring a political compromise, the highest tax rate payable on dividends will jump from 15.0% to 43.4% for the 2013 tax year. That sets up two important questions for investors in dividend-oriented strategies. First, how will the securities of dividend payers and dividend growers perform relative to the market as investors are forced to share a larger portion of their income with the government? And second, will companies opt to put their cashflows to alternative uses, such as stock buybacks or M&A, rather than grow their dividends?


Copeland Review - Investment Commentary

  • Taper Tantrums Revisited- Q1 2018

    Through most of 2017 and into 2018, thanks to improving economic data and expectations for accelerated growth post tax reform, equity performance was strong and investor attitudes toward rising rates were sanguine. But, on February 5th the CBOE Volatility Index (VIX) suddenly spiked 116% and the S&P 500 Index sank 4% on concerns of higher interest rates and mounting inflation. By quarter-end, the US ten-year Treasury yield had climbed to 2.74%, up more than one-third of a point from year-end.

    The market is concerned on a few fronts. First, there’s the risk that the Federal Reserve throws too much water on the fire, if it believes that the economy is overheating. Likewise, a mounting federal budget deficit – exacerbated by tax reform – may become increasingly difficult to finance at higher borrowing costs, while also crowding out private investment. Finally, recently announced US trade policies could result in a trade war that slows economic growth for the US and world.

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