Analysis of the Effectiveness of High-Dividend Strategies on the Russian Stock Exchange

Investing based on the selection of shares with the highest dividend yield is one of the most popular methods of passive asset management in the stock market, and the most popular strategy like this is "Dogs of the Dow". This research is devoted to the creation of the author's modification of this strategy by introducing filtering indicators. This will allow to select stocks more accurately and choose stocks that are undervalued by the market, as well as solving the main problems of high dividend strategies when they include stocks whose high dividend yield has no fundamental justification. As part of the analysis, 33 portfolios were constructed within the framework of three author's strategies, which showed higher returns on the Russian stock market over the 2013-2023 horizon, both in comparison with the IMOEX Total Return Index and the classic version of "Dogs of the Dow". The results of this research can be used by the investment community in general and individual investors in particular to improve their stock market performance with a relatively simple approach to portfolio management.