US engine of dividend growth slows markedly, while Europe picks up the pace

Global dividend growth slowed in the second quarter, according to the latest Henderson Global Dividend Index. Underlying dividend growth, which strips out exchange rate movements and other lesser factors, was 1.2%. This is slower than the 3.1% underlying growth seen in the first quarter, partly reflecting Q2 seasonal patterns that give greater weight to slower growing parts of the world, and partly owing to a more muted performance from the US.
Key Highlights

  • Global dividends rose in underlying terms by 1.2% year on year to $421.6bn
  • US engine of global dividends decelerated to slowest growth since 2013, partly thanks to the stronger dollar
  • Europe saw broad-based, encouraging growth year on year – Q2 saw two thirds of Europe’s dividends
  • France and Netherlands show second and third fastest growth in the world
  • 80% of European companies raise or maintain dividends
  • The strong yen has impacted corporate profits and Japanese dividend growth, though in dollars, Japanese dividends rose strongly
  • H2 set to be slightly weaker than H1, as slower growing regions make up a larger share of the total

All figures as at 30.06.2016, Henderson Global Investors

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For professionals only. Past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.


This information does not qualify as an investment recommendation.

Issued by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), AlphaGen Capital Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), Gartmore Investment Limited (reg. no. 1508030), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services.



Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

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