SCHD 是前五大、不可或缺的持仓：今年上涨 27%，而 SPY 不含股息仅上涨 11%；费率 0.06%，持仓按现金流、盈利能力、股息率和增长筛选，而非仅看股息率。其非科技行业配置可平衡科技股占比较高的组合，但与 HDV 存在重叠。
逐段跳播
正如预期，第一只基金是 SCHD，也就是 Schwab US Dividend Equity ETF。如果你关注我的频道有一段时间了，就会知道这只基金是我投资组合中排名前五的投资之一。
The first fund, as expected, is the SCHD or Schwab US Dividend Equity ETF. If you have been following my channel for a while, you know that this fund is among the top five investments in my portfolio.
回到 SCHD，有意思的是，你们中很多人理解我为什么持有它、为什么它是我排名前五的投资之一。但另一方面，也有很多人因为我持有它而严厉批评我。我看到这样的评论：“Mark，你持有这只 ETF 吗？
它的增长慢得多。Mark，这只基金对科技板块的覆盖不够充分。”
Returning to SCHD, it's interesting that many of you understand why I own it and why it's among my top five investments. But on the other hand, many people criticize me harshly for owning it.
I see comments like: "Mark, do you own this ETF? Its growth is much slower. Mark , the fund doesn't adequately cover the technology sector ."
好，现在我们看到了我持有 SCHD 的真正原因。看看今年 SCHD 和标普 500 之间的差距。SCHD 今年上涨了 27%，而 SPY 只上涨了 11%，而且 SCHD 的这个回报还不包括任何已派发的股息。
Okay, now we see the real reason why I own SCHD. Look at the difference this year between SCHD and the S&P 500. SCHD has risen 27% this year, while SPY has risen only 11%, and this return for SCHD does not include any distributed dividends.
对我来说，SCHD 不只是一只普通的股息交易所交易基金，而是一只专注于这一领域的基金。这只基金聚焦于有着长期派息历史的成熟美国公司。但最重要的是，这只基金不只是买入股息率最高的股票，还会评估旨在识别财务特征最强公司的基本面因素。
这包括与现金流、盈利能力、股息率和增长相关的指标。
SCHD is not just an ordinary dividend exchange-traded fund for me, but a fund that specializes in this area. The fund focuses on well-established US companies with a long history of dividend payouts.
But most importantly, this fund does not just buy stocks with the highest dividend yields , but also evaluates fundamental factors designed to identify companies with the strongest financial characteristics.
This includes metrics related to cash flow, profitability, dividend yield and growth.
我更喜欢这种方式，因为高股息率本身未必是好事。有时候，一只股票的回报率高是因为它的价格大幅下跌了，而这可能是一个严重的警示信号。我更喜欢持有那些能产生足够现金流来支撑其股息派发以及未来潜在增长的公司股票。
这也是 SCHD 基金在股息投资者中受欢迎的原因之一。
I prefer this approach because a high dividend yield in itself is not necessarily a positive thing. Sometimes, a stock's return is high because its price has fallen significantly, and this can be a serious warning sign.
I prefer to own shares in companies that generate sufficient cash flow to support their dividend payouts and potential future increases. This is one of the reasons why SCHD funds are popular among dividend investors .
现在，让我们更仔细地看看 SCHD，我称它为一只有着低成本的交易所交易基金。费用率只有 0.06%，也就是说，每投资 10,000 美元，这只基金每年的费用大约是六
Now, let's take a closer look at SCHD, which I call a low-cost exchange-traded fund. The expense ratio is only 0.06%, meaning that for every $10,000 invested, the fund's annual expenses are about six
从投资组合的角度来看，我们先分析一下板块。如你所见，最大的板块包括医疗保健、基本消费品、科技和能源。看看过去一个月表现最好的板块，我们发现这四个板块中有三个（不包括科技）处于前列，这就解释了 SCHD 基金的良好表现。
它给我带来了平衡。我可以确认，对于以科技为重点的投资组合、标普 500 以及三大经济指数来说，SCHD 都是有价值的补充。所以，对我和我的投资组合来说，它不仅是我排名前五的投资之一，在我看来也是一项不可或缺的投资。
From the perspective of the investment portfolio, let's start by analyzing the sectors. As you can see, the largest sectors include healthcare, basic consumer goods , technology, and energy.
Looking at the best-performing sectors over the past month, we find that three of these four sectors, excluding technology, were at the forefront, which explains the good performance of the SCHD fund.
It gives me balance. I can confirm that SCHD is a valuable addition to a technology-focused investment portfolio , the S&P 500, and the three major economic indices. So , for me and my portfolio , it is not only among the top five investments, but it is also an indispensable investment in my view.
这只基金本身包含大约 100 家公司。现在，有意思的地方来了。我们来看看其中一些最大的投资。我们有 Texas Instruments 和 Qualcomm，这两家都是科技公司。
然后我们有 Procter & Gamble、Coca-Cola、Chevron、Merck、Amgen、UnitedHealth Group、Home Depot、Verizon 和 ConocoPhillips。
The fund itself includes approximately 100 companies. And now, here's the interesting part . Let's take a look at some of the biggest of these investments. We have Texas Instruments and Qualcomm, both of which are technology companies.
Then we have Procter & Gamble, Coca-Cola, Chevron, Merck, Amgen, UnitedHealth Group, Home Depot, Verizon, and ConocoPhillips.
所以，当科技股遭受损失时，像 HDV 和 SCHD 这样的基金受益于将投资分散到市场的其他板块，而这正是我认为它们是以成长为导向的投资组合中有价值补充的原因。
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.
现在，我们把这两只交易所交易基金（ETF）放在一起看。你可能会想：既然 SCHD 和 HDV 都是派息 ETF，我为什么要同时持有它们？这是个合理的问题。我是这样考虑的：SCHD 基金专注于派息公司，这些公司是通过股息率、盈利增长和关键财务指标的组合来筛选的。
Now, let's put these two exchange- traded funds (ETFs) together. You might be wondering: if both SCHD and HDV are dividend-paying ETFs, why would I own them both ? That's a valid question.
Here's how I think about it: The SCHD fund focuses on dividend-paying companies, which are selected using a combination of yield, earnings growth and key financial metrics.
SCHD 目前持有 Texas Instruments、Qualcomm、Coca-Cola 和 Home Depot 等公司的重要仓位。
SCHD currently has a significant stake in companies such as Texas Instruments, Qualcomm, Coca-Cola, and Home Depot.
因此，它们之间存在重叠。两只基金都持有 Chevron、Procter & Gamble 和 Verizon 等公司。所以，同时持有两者并不会让你的投资组合分散度翻倍。这是我希望投资者理解的一点。
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.
对我来说，SCHD 基金提供了一个投资于成熟派息公司、同时侧重增长的机会。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，我认为这会形成一个更平衡的投资组合。
科技板块仍然是我最大的投资。不过，这实现了更多的平衡。
For me, the SCHD fund offers an opportunity to invest in established, dividend-paying companies with a focus on growth. 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.
正是因为这个原因，SCHD 和 HDV 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.
这个频道对 $SCHD 的历次判断
Mark Roussin, CPA 在这只股票上共 3 条判断，这里只列相邻的几条。