HDV 是成长型组合中宝贵的非科技、高股息分散化工具，仍是说话者最重要的投资之一：其回报率为 24%，而标普 500 为 11%；股息率超过 3%，费率 0.08%，科技板块占比仅约 1%。但埃克森美孚和雪佛龙能源敞口较重，若油价大幅下跌将使其承压；且前十大持仓占比达 55%，集中度高于预期，不能替代全面分散化。
逐段跳播
现在，我们接着看我想重点介绍的第二只交易所交易基金（ETF），也就是 HDV，即 iShares Core High Dividend ETF。虽然 HDV 和 SCHD 的名字听起来相似，但它们实际上在一些重要方面有所不同。
两只基金都专注于派息的美国公司，费用率都相对较低，并且都在主导许多主要市场指数的科技板块之外提供投资机会。不过，HDV 基金更关注那些符合特定财务标准的高股息率公司。这只基金跟踪 Morningstar Dividend Yield Focus Index，因此形成了不同的投资组合构成。
Now , let's move on to the second exchange-traded fund (ETF) that I would like to highlight , which is the HDV or iShares Core High Dividend ETF. Although the names HDV and SCHD may sound similar, they actually differ in some important aspects.
Both funds focus on dividend- paying US companies , feature relatively low expense ratios, and offer investment opportunities outside the technology sector that dominates many major market indices.
However, the HDV fund pays more attention to companies with high dividend yields that meet specific financial criteria. The fund tracks the Morningstar Dividend Yield Focus Index, producing a different investment portfolio composition.
来看看 HDV 今年的表现。又一只老派股息交易所交易基金（ETF）跑赢了科技股占比较重的标普 500，HDV 的回报率为 24%，而标普 500 为 11%。
Here's a look at HDV's performance over the year. Another old-school dividend exchange-traded fund (ETF) that outperforms the tech-heavy S&P 500, with HDV delivering a 24% return compared to 11% for the S&P 500.
和 SCHD 一样，这只基金也以低成本著称，费用率仅为 0.08%。从收益角度看，你能获得超过 3% 的回报率，但这只基金缺少我们在 SCHD 上看到的盈利增长。
Like SCHD, this fund also boasts a low cost with an expense ratio of just 0.08%. From an earnings perspective, you get a return of over 3%, but the fund lacks the earnings growth we saw with SCHD.
现在，我们深入看看板块细节，这只基金在板块上比 SCHD 更保守。主要板块包括基本消费品、能源、医疗保健和公用事业。以下是过去一个月表现最好的四个板块。科技板块在这只交易所交易基金中仅占约 1%。
Now, let's delve into the details of the sectors, where this fund is more conservative than SCHD. Key sectors include basic consumer goods, energy, healthcare and utilities. Here are the four best-performing sectors over the past month.
The technology sector represents only about 1% of this exchange-traded fund.
现在，我们来看看投资组合中最大的投资，包括 Exxon Mobil、Chevron、AbbVie、Verizon、Procter & Gamble、Philip Morris、Home Depot、Coca-Cola、PepsiCo 和 Altria Group。
前十大投资占基金总资产的 55%，这只基金总共包含大约 80 项投资。
Now, let's take a look at the portfolio's largest investments, which include Exxon Mobil, Chevron, AbbVie, Verizon, Procter & Gamble, Philip Morris, Home Depot, Coca-Cola, PepsiCo, and the Altria Group.
The top 10 investments make up 55% of the fund’s total, which includes approximately 80 investments.
所以，在科技股受挫的时候，像 HDV 和 SCHD 这样的基金却因为把投资分散到市场的其他板块而受益，而这恰恰让我认为，它们是面向成长型投资组合的有价值补充。
So, while technology stocks suffered , funds like HDV and SCHD benefited from diversifying their investments into other sectors of the market, and that is precisely what makes me think they are a valuable addition to development-oriented investment portfolios.
不过，我想强调一个重要的点：HDV 并不是无风险的防御型投资。事实上，投资者最需要了解的一点是它对能源板块的侧重，Exxon 和 Chevron 位居投资名单前列，仅这两家就占了这只基金的很大一部分。
能源股近期表现异常出色，但它们也可能波动。如果油价大幅下跌，能源公司的利润和股价就可能承压。这意味着，即便 HDV 基金的一些传统防御型投资保持稳定，这只基金本身也可能走弱。
However, I would like to emphasize one important point: HDV is not a risk-free defensive investment. In fact, one of the most important things for investors to understand about it is its focus on the energy sector, with Exxon and Chevron topping the list of investments, as they alone represent a large part of this fund.
Energy stocks have performed exceptionally well recently , but they can be volatile. If oil prices fall significantly, energy companies' profits and stock prices could come under pressure.
This means that the HDV fund may experience weakness even as some of its traditional defensive investments remain stable.
还有一点很重要：由于 HDV 基金持有的标的较少，且部分个股仓位相对较大，它的集中度可能比投资者最初预想的更高。所以，在查看我们列出的前十大股票名单时，要确认它是否适合你。因此，我并不认为 HDV 基金可以替代一个充分分散的投资组合，但我确实相信，与许多成长型基金相比，它提供了一种不同类型的敞口。这正是它让我觉得有意思的地方。
Here's another important point: because the HDV fund has fewer investments and some relatively large individual positions, it may be more concentrated than investors might initially expect.
So, when reviewing the list of the top 10 stocks we have presented, make sure that it suits you. Therefore, I do not consider the HDV fund to be a substitute for a fully diversified investment portfolio , but I do believe it offers a different kind of exposure compared to many growth-oriented funds. That's what makes it interesting to me.
而 HDV 基金则更侧重于股息率高、资产负债表稳健的公司。由于它们采用的指标和筛选方法不同，两者的投资组合并不完全相同。
While the HDV fund focuses more on companies with high dividend yields and strong balance sheets. Because they use different indicators and selection methodologies, their investment portfolios are not identical.
而 HDV 基金在能源、大宗商品、医疗保健和公用事业板块的持仓尤其大。
While the HDV fund has a particularly large stake in the energy, commodities, healthcare, and utilities sectors.
因此，两者之间存在重叠。这两只基金都持有 Chevron、Procter & Gamble 和 Verizon 等公司。所以，同时持有这两只基金并不会让你的投资组合分散度翻倍。这是我希望投资者能理解的一点。
Therefore, there is an overlap between them. Both funds own companies such as Chevron, Procter & Gamble, and Verizon. Therefore, owning both does not double the diversification of your portfolio.
This is something I want investors to understand.
HDV 这一块会给你带来更高的回报和更高水平的安全性。因此，当我把这些投资，也就是这两只基金，与我在科技板块、ETF 和个股上的大额投资结合起来时，我认为这会构建出一个更均衡的投资组合。
科技板块仍然是我最大的投资。不过，这样能实现更多的平衡。
An HDV box will give you a higher return and a higher level of security. Therefore, when I combine these investments, i.e., these two funds with my large investments in the technology sector, ETFs, and individual stocks, I believe that creates a more balanced portfolio.
The technology sector remains my biggest investment. However, this achieves more balance.
正因如此，SCHD 和 HDV 股票仍然是我最重要的投资之一。
For this reason in particular, SCHD and HDV stocks remain among my most important investments.