[STUDY] Dividend Stocks 이란?

우리가 은행에 돈을 맡겨서 이자를 받는부분이 약3%라고 보면, 주식에 투자하여 은행금리보다 높은 수익을 내야 투자한 의미가 있습니다.

하지만 많은 분들이 어떤 종목은 은행이자 이상, 어떤 종목은 은행이자보다 적게 혹은 마이너스 수익을 내고 있는 것이 현실입니다.

따라서 개인의 능력을 통해 수익을 극대화하는 것이 신경쓰이고 매번 타이밍을 잡지 못해 손해를 보고 있다면, 굳이 주식에 투자할 이유가 없다고 생각됩니다.

이런 단점들을 해결하기 위해 채권이나, 배당주에 투자를 하는 이유입니다. 

매분기, 매년마다 배당시즌이 되면  많은 투자자분들께서 배당에 대해 다시 한번 생각해볼때가 있습니다.

어렵게 기업에 투자해서 주가가 흔들리는데에 가슴 졸이기 보다 그냥 배당주에 맘편하게 투자해서 배당금을 꼬박꼬박 받으면서 주가의 차액 또한 덤으로 노리면 어떨까 하는...

 

우리나라의 경우 매분기로 배당을 지급하는 기업들이 많지 않고 있다 하더라고 금액이 미미하기  때문에 사실상 국내 주식시장에서는 별로 재미를 느끼지 못하는 부분입니다만, 미국 주식시장의 경우 배당이 달별, 분기별로 지급하는 기업들이 많기 때문에 때에 맞춰 들어오는 배당금도 꽤나 매력적인 부분입니다. 

 

따라서, 미국시장에서는 배당주에 대한 관심도도 커서 배당금을 많이 주는 기업들을 정리하고 이들을 부르는 용어들이 따로 있습니다. 

1. 배당주의 종류

분류		내용
Dividend Achievers	배당성취주	과거 10년 이상 매년 배당금을 인상해온 기업
Dividend Aristocrats	배당귀족주	시가총액 3빌리언달러 의 S&P500에 속해있는 기업 중 과거 25년 이상 매년 배당금을 인상해온 기업
Dividend Kings	배당킹주	과거 50년 동안 매년 배당금을 인상해온 기업

보시는것 처럼 과거 일정기간 동안 계속해서 배당금을 인상해온 기업들을 기간과 기준에 따라 각각 다르게 부르고 있습니다.

이들 배당종목들은 인플레이션, 금리상승, 경기 침체등의 어떠한 경제적인 악조건 속에서도 배당금을 올린 기업이라는 얘기입니다. 

이런 통계적인 기준으로 앞으로도 계속해서 배당금을 인상할것이라는 기대를 가지고 투자하고 또 이에 걸맞는 배당을 받음으로서 투자하는 방법으로 이해해주시면 좋을것 같습니다.

2. 배당킹주 : 51개 기업

기준대로 50년 이상을 배당금을 인상해온 51개의 기업이 배당킹주에 해당합니다. 

가장 많은 배당 수익율은 알트리아 인데 담배를 생산하는 기업입니다. 아래 표에 나와 있는 대로 수익율에 따라 기업이 정리되어 있으니 참고하시고, 가장우측에 배당안전도도 포함되어 있으니, 포트폴리오를 구성하실때 이 기업이 어떤 기업이고 어떤분야에 속해있는지, 안전도를 보고 어떤 리스크가 있는지 참고 하시면 좋겠습니다. 

Ticker	Name	Industry	Dividend Yield	Dividend Safety
MO	Altria	Tobacco	9.60%	Borderline Safe
LEG	Leggett & Platt	Home Furnishings	6.86%	Borderline Safe
MMM	3M	Industrial Conglomerates	5.68%	Unsafe
CDUAF	Canadian Utilities	Multi-Utilities	5.59%	Safe
NWN	Northwest Natural	Gas Utilities	4.97%	Safe
UVV	Universal	Tobacco	4.91%	Borderline Safe
BKH	Black Hills	Multi-Utilities	4.53%	Safe
FRT	Federal Realty	Retail REITs	4.15%	Safe
ABBV	AbbVie	Biotechnology	4.03%	Safe
KMB	Kimberly-Clark	Household Products	3.94%	Very Safe
NFG	National Fuel Gas	Gas Utilities	3.88%	Very Safe
KVUE	Kenvue	Personal Care Products	3.80%	Safe
HRL	Hormel Foods	Packaged Foods and Meats	3.56%	Very Safe
SWK	Stanley Black & Decker	Industrial Machinery and Supplies and Components	3.31%	Safe
TGT	Target	Consumer Staples Merchandise Retail	3.18%	Safe
KO	Coca-Cola	Soft Drinks and Non-alcoholic Beverages	3.16%	Safe
JNJ	Johnson & Johnson	Pharmaceuticals	3.07%	Very Safe
PEP	PepsiCo	Soft Drinks and Non-alcoholic Beverages	3.02%	Very Safe
CINF	Cincinnati Financial	Property and Casualty Insurance	2.93%	Safe
GPC	Genuine Parts Company	Distributors	2.73%	Safe
SYY	Sysco	Food Distributors	2.72%	Safe
PG	Procter & Gamble	Household Products	2.59%	Very Safe
ADM	Archer-Daniels-Midland	Agricultural Products and Services	2.49%	Very Safe
CL	Colgate-Palmolive	Household Products	2.47%	Very Safe
SJW	SJW Group	Water Utilities	2.21%	Very Safe
EMR	Emerson Electric	Electrical Components and Equipment	2.19%	Safe
LANC	Lancaster	Packaged Foods and Meats	2.15%	Very Safe
ITW	Illinois Tool Works	Industrial Machinery and Supplies and Components	2.15%	Very Safe
AWR	American States Water	Water Utilities	2.06%	Very Safe
GRC	Gorman-Rupp Company	Industrial Machinery and Supplies and Components	2.03%	Safe
ABT	Abbott Laboratories	Health Care Equipment	2.02%	Very Safe
CBSH	Commerce Bancshares	Regional Banks	1.98%	Very Safe
LOW	Lowe's	Home Improvement Retail	1.96%	Very Safe
CWT	California Water Service Group	Water Utilities	1.93%	Very Safe
ABM	ABM Industries Incorporated	Environmental and Facilities Services	1.93%	Safe
MSEX	Middlesex Water Company	Water Utilities	1.83%	Very Safe
FMCB	Farmers & Merchants Bancorp	Regional Banks	1.77%	Very Safe
PPG	PPG Industries	Specialty Chemicals	1.76%	Very Safe
SCL	Stepan Company	Specialty Chemicals	1.59%	Very Safe
BDX	Becton, Dickinson and Company	Health Care Equipment	1.57%	Very Safe
WMT	Walmart	Consumer Staples Merchandise Retail	1.47%	Very Safe
DOV	Dover	Industrial Machinery and Supplies and Components	1.33%	Very Safe
PH	Parker-Hannifin	Industrial Machinery and Supplies and Components	1.29%	Very Safe
NUE	Nucor	Steel	1.21%	Very Safe
TNC	Tennant Company	Industrial Machinery and Supplies and Components	1.21%	Safe
MSA	MSA Safety Incorporated	Office Services and Supplies	1.13%	Very Safe
TR	Tootsie Roll	Packaged Foods and Meats	1.08%	Very Safe
NDSN	Nordson Corporation	Industrial Machinery and Supplies and Components	1.05%	Very Safe
FUL	H.B. Fuller	Specialty Chemicals	0.99%	Safe
GWW	W.W. Grainger	Trading Companies and Distributors	0.90%	Very Safe
SPGI	S&P Global	Financial Exchanges and Data	0.83%	Very Safe

다른 기업보다 Canadian Utilities, Northwest Natural 두 기업이 눈에 들어오는데, 배당수익률이 5%를 넘어가면서, 사행성 업종이 아닌 생활에 필수인 유틸리티관련 업종이다보니 필수적으로 소비하는 분야로 지속적인 수익이 가능하며, 물가상승에 어느정도 반영되는 업종으로 눈여겨 볼 필요가 있을것 같습니다. 

2. 배당귀족주 : 68개 기업

이들 기업이 다른 배당주와 다른점은 매년 배당금을 인상해온 기간도 있겠지만 무엇보다도 시가총액 3빌리언달러의 S&P500에 속해있는 기업이라는 점입니다.

다시말해 그말은 투자규모가 작지않고 쓰러질 확률이 작다는 뜻이며 그럼에도 불구하고 지속적인 배당금을 인상함으로써 기업의 가치가 크다는 의미입니다. 

따라서 여기에 속한 기업들은 68개 기업이 있습니다.

Ticker	Name	Industry	Dividend Yield	Dividend Safety
WBA	Walgreens Boots Alliance	Drug Retail	7.50%	Unsafe
LEG	Leggett & Platt	Home Furnishings	6.94%	Borderline Safe
MMM	3M	Industrial Conglomerates	5.75%	Unsafe
O	Realty Income	Retail REITs	5.40%	Safe
AMCR	Amcor	Paper and Plastic Packaging Products and Materials	5.18%	Borderline Safe
TROW	T. Rowe Price	Asset Management and Custody Banks	4.58%	Safe
BEN	Franklin Resources	Asset Management and Custody Banks	4.20%	Safe
FRT	Federal Realty	Retail REITs	4.20%	Safe
IBM	International Business Machines	IT Consulting and Other Services	4.14%	Safe
ABBV	AbbVie	Biotechnology	4.05%	Safe
CVX	Chevron	Integrated Oil and Gas	4.00%	Very Safe
KMB	Kimberly-Clark	Household Products	3.96%	Very Safe
ESS	Essex Property Trust	Multi-Family Residential REITs	3.81%	Very Safe
KVUE	Kenvue	Personal Care Products	3.81%	Safe
XOM	Exxon Mobil	Integrated Oil and Gas	3.73%	Safe
ED	Consolidated Edison	Multi-Utilities	3.60%	Very Safe
HRL	Hormel Foods	Packaged Foods and Meats	3.59%	Very Safe
SJM	J.M. Smucker	Packaged Foods and Meats	3.44%	Safe
CLX	Clorox	Household Products	3.40%	Safe
MDT	Medtronic	Health Care Equipment	3.39%	Very Safe
SWK	Stanley Black & Decker	Industrial Machinery and Supplies and Components	3.35%	Safe
TGT	Target	Consumer Staples Merchandise Retail	3.21%	Safe
KO	Coca-Cola	Soft Drinks and Non-alcoholic Beverages	3.18%	Safe
JNJ	Johnson & Johnson	Pharmaceuticals	3.08%	Very Safe
NEE	NextEra Energy	Electric Utilities	3.07%	Very Safe
PEP	PepsiCo	Soft Drinks and Non-alcoholic Beverages	3.04%	Very Safe
CINF	Cincinnati Financial	Property and Casualty Insurance	2.95%	Safe
CHRW	C.H. Robinson	Air Freight and Logistics	2.85%	Very Safe
ATO	Atmos Energy	Gas Utilities	2.81%	Very Safe
GPC	Genuine Parts Company	Distributors	2.76%	Safe
SYY	Sysco	Food Distributors	2.73%	Safe
PG	Procter & Gamble	Household Products	2.60%	Very Safe
APD	Air Products and Chemicals	Industrial Gases	2.59%	Very Safe
ADM	Archer-Daniels-Midland	Agricultural Products and Services	2.52%	Very Safe
MKC	McCormick & Company	Packaged Foods and Meats	2.49%	Safe
CL	Colgate-Palmolive	Household Products	2.47%	Very Safe
AFL	Aflac	Life and Health Insurance	2.46%	Very Safe
ADP	Automatic Data Processing	Human Resource and Employment Services	2.40%	Very Safe
MCD	McDonald's	Restaurants	2.31%	Safe
EMR	Emerson Electric	Electrical Components and Equipment	2.21%	Safe
ITW	Illinois Tool Works	Industrial Machinery and Supplies and Components	2.17%	Very Safe
GD	General Dynamics	Aerospace and Defense	2.10%	Very Safe
ABT	Abbott Laboratories	Health Care Equipment	2.04%	Very Safe
CAH	Cardinal Health	Health Care Distributors	2.02%	Safe
LOW	Lowe's	Home Improvement Retail	1.98%	Very Safe
CAT	Caterpillar	Construction Machinery and Heavy Transportation Equipment	1.78%	Very Safe
PPG	PPG Industries	Specialty Chemicals	1.77%	Very Safe
AOS	A. O. Smith	Building Products	1.59%	Very Safe
BDX	Becton, Dickinson and Company	Health Care Equipment	1.58%	Very Safe
CB	Chubb	Property and Casualty Insurance	1.56%	Very Safe
BF.B	Brown-Forman	Distillers and Vintners	1.53%	Very Safe
WMT	Walmart	Consumer Staples Merchandise Retail	1.47%	Very Safe
DOV	Dover	Industrial Machinery and Supplies and Components	1.34%	Very Safe
PNR	Pentair	Industrial Machinery and Supplies and Components	1.30%	Very Safe
LIN	Linde	Industrial Gases	1.25%	Very Safe
NUE	Nucor	Steel	1.22%	Very Safe
CHD	Church & Dwight	Household Products	1.19%	Very Safe
ECL	Ecolab	Specialty Chemicals	1.17%	Very Safe
ALB	Albemarle	Specialty Chemicals	1.12%	Very Safe
EXPD	Expeditors International of Washington	Air Freight and Logistics	1.09%	Very Safe
NDSN	Nordson Corporation	Industrial Machinery and Supplies and Components	1.06%	Very Safe
CTAS	Cintas	Diversified Support Services	0.97%	Very Safe
GWW	W.W. Grainger	Trading Companies and Distributors	0.91%	Very Safe
SPGI	S&P Global	Financial Exchanges and Data	0.84%	Very Safe
SHW	Sherwin-Williams	Specialty Chemicals	0.80%	Very Safe
BRO	Brown & Brown	Insurance Brokers	0.74%	Very Safe
ROP	Roper Technologies	Application Software	0.56%	Very Safe
WST	West Pharmaceutical Services	Life Sciences Tools and Services	0.23%	Very Safe

배당귀족주의 특징은 리츠와 금융이 상위에 있다는 점이네요. 연4%정도의 수익률과 주가의 증가를 고려한다면 나쁘지 않은 선택 같습니다. 

3. 배당성취주 : 243개 기업

아무래도 다른 배당주에 비해 짧은 기간으로 배당금을 인상한 이유는 기업의 역사와 관련되어 있는것 같습니다.

짧은기간에도 불구하고 10년 이상을 꾸준히 배당을 인상시켜 왔다는 점에서 높이 평가할만 하지만, 그만큼 우리가 모르는 기업도 많다는 뜻입니다.

따라서 배당성취주에 투자시 안전도와 함께 기업의 분류를 잘 확인해서 투자할 필요가 있겠습니다. 

Ticker	Name	Industry	Dividend Yield	Dividend Safety
NUS	Nu Skin Enterprises	Personal Care Products	8.00%	Unsafe
WHR	Whirlpool	Household Appliances	5.95%	Borderline Safe
HAS	Hasbro	Leisure Products	5.54%	Borderline Safe
BBY	Best Buy	Computer and Electronics Retail	4.83%	Safe
BMY	Bristol-Myers Squibb	Pharmaceuticals	4.67%	Safe
TROW	T. Rowe Price	Asset Management and Custody Banks	4.56%	Safe
HBNC	Horizon Bancorp	Regional Banks	4.55%
ES	Eversource Energy	Electric Utilities	4.41%	Very Safe
TRN	Trinity Industries	Construction Machinery and Heavy Transportation Equipment	4.25%	Borderline Safe
SMG	Scotts Miracle-Gro	Fertilizers and Agricultural Chemicals	4.24%	Borderline Safe
WLY	John Wiley & Sons	Publishing	4.18%	Safe
THFF	First Financial Corporation	Regional Banks	4.13%
UPS	United Parcel Service	Air Freight and Logistics	4.08%	Safe
PNC	PNC Financial Services	Diversified Banks	4.08%	Borderline Safe
IFF	International Flavors & Fragrances	Specialty Chemicals	4.07%	Borderline Safe
WEC	WEC Energy	Multi-Utilities	4.05%	Very Safe
HMN	Horace Mann Educators Corporation	Multi-line Insurance	4.01%
PLOW	Douglas Dynamics	Construction Machinery and Heavy Transportation Equipment	3.91%	Borderline Safe
TMP	Tompkins Financial Corporation	Regional Banks	3.75%	Borderline Safe
GLW	Corning	Electronic Components	3.74%	Safe
MAN	Manpower Group	Human Resource and Employment Services	3.73%	Safe
CATC	Cambridge Bancorp	Regional Banks	3.73%
EMN	Eastman Chemical	Specialty Chemicals	3.68%	Very Safe
HPQ	HP	Technology Hardware, Storage and Peripherals	3.67%	Safe
SON	Sonoco Products	Paper and Plastic Packaging Products and Materials	3.66%	Safe
STT	State Street	Asset Management and Custody Banks	3.59%	Borderline Safe
HRL	Hormel Foods	Packaged Foods and Meats	3.59%	Very Safe
LNT	Alliant Energy	Electric Utilities	3.56%	Safe
MNRO	Monro	Automotive Retail	3.55%
PRGO	Perrigo Company	Pharmaceuticals	3.52%	Safe
AUB	Atlantic Union Bankshares Corporation	Regional Banks	3.50%
SJM	J.M. Smucker	Packaged Foods and Meats	3.44%	Safe
MDT	Medtronic	Health Care Equipment	3.40%	Very Safe
CLX	Clorox	Household Products	3.39%	Safe
PB	Prosperity Bancshares	Regional Banks	3.39%	Very Safe
CBU	Community Bank	Regional Banks	3.38%	Very Safe
CMS	CMS Energy	Multi-Utilities	3.38%	Borderline Safe
XEL	Xcel Energy	Electric Utilities	3.36%	Safe
SWK	Stanley Black & Decker	Industrial Machinery and Supplies and Components	3.34%	Safe
WTRG	Essential Utilities	Water Utilities	3.33%	Very Safe
INDB	Independent Bank Corp.	Regional Banks	3.33%
BK	Bank of New York Mellon	Asset Management and Custody Banks	3.27%	Borderline Safe
TGT	Target	Consumer Staples Merchandise Retail	3.21%	Safe
KO	Coca-Cola	Soft Drinks and Non-alcoholic Beverages	3.18%	Safe
TXN	Texas Instruments	Semiconductors	3.13%	Very Safe
WABC	Westamerica Bancorporation	Regional Banks	3.11%
CNS	Cohen & Steers	Asset Management and Custody Banks	3.09%	Borderline Safe
JNJ	Johnson & Johnson	Pharmaceuticals	3.09%	Very Safe
NEE	NextEra Energy	Electric Utilities	3.08%	Very Safe
PKG	Packaging Corporation of America	Paper and Plastic Packaging Products and Materials	3.06%	Safe
PEP	PepsiCo	Soft Drinks and Non-alcoholic Beverages	3.05%	Very Safe
CINF	Cincinnati Financial	Property and Casualty Insurance	2.95%	Safe
MRK	Merck	Pharmaceuticals	2.91%	Very Safe
RTX	RTX Corporation	Aerospace and Defense	2.88%	Safe
CHRW	C.H. Robinson	Air Freight and Logistics	2.84%	Very Safe
HOMB	Home Bancshares, Inc. (Conway, AR)	Regional Banks	2.84%
LMT	Lockheed Martin	Aerospace and Defense	2.83%	Very Safe
PII	Polaris	Leisure Products	2.82%	Safe
ATO	Atmos Energy	Gas Utilities	2.81%	Very Safe
THG	Hanover Insurance Group	Property and Casualty Insurance	2.79%	Safe
PAYX	Paychex	Human Resource and Employment Services	2.78%	Safe
CMI	Cummins	Construction Machinery and Heavy Transportation Equipment	2.77%	Very Safe
GPC	Genuine Parts Company	Distributors	2.76%	Safe
SYY	Sysco	Food Distributors	2.74%	Safe
CASS	Cass Information Systems	Transaction and Payment Processing Services	2.67%	Very Safe
HSY	Hershey	Packaged Foods and Meats	2.64%	Very Safe
ALL	Allstate	Property and Casualty Insurance	2.61%	Safe
CMCSA	Comcast	Cable and Satellite	2.61%	Very Safe
PG	Procter & Gamble	Household Products	2.60%	Very Safe
SNA	Snap-on	Industrial Machinery and Supplies and Components	2.60%	Very Safe
APD	Air Products and Chemicals	Industrial Gases	2.58%	Very Safe
MATW	Matthews International	Diversified Support Services	2.58%	Safe
BOKF	BOK Financial Corporation	Regional Banks	2.58%
DFS	Discover Financial	Consumer Finance	2.57%	Borderline Safe
KR	Kroger	Food Retail	2.57%	Safe
ATRI	Atrion Corporation	Health Care Supplies	2.55%	Safe
ADM	Archer-Daniels-Midland	Agricultural Products and Services	2.52%	Very Safe
BLK	BlackRock	Asset Management and Custody Banks	2.52%	Very Safe
JPM	JPMorgan Chase	Diversified Banks	2.51%	Borderline Safe
MKC	McCormick & Company	Packaged Foods and Meats	2.49%	Safe
SXT	Sensient Technologies Corporation	Specialty Chemicals	2.48%	Very Safe
CL	Colgate-Palmolive	Household Products	2.47%	Very Safe
NHC	National HealthCare Corporation	Health Care Facilities	2.47%
AFL	Aflac	Life and Health Insurance	2.46%	Very Safe
SRCE	1st Source Corporation	Regional Banks	2.46%	Very Safe
IBOC	International Bancshares Corporation	Regional Banks	2.41%
MGEE	MGE Energy	Electric Utilities	2.40%	Very Safe
ADP	Automatic Data Processing	Human Resource and Employment Services	2.40%	Very Safe
SBUX	Starbucks	Restaurants	2.40%	Safe
HD	Home Depot	Home Improvement Retail	2.38%	Very Safe
AFG	American Financial	Property and Casualty Insurance	2.37%	Safe
FFIN	First Financial Bankshares	Regional Banks	2.36%
SYBT	Stock Yards Bancorp	Regional Banks	2.33%	Very Safe
MCD	McDonald's	Restaurants	2.31%	Safe
CPK	Chesapeake Utilities	Gas Utilities	2.27%	Safe
QCOM	Qualcomm	Semiconductors	2.27%	Safe
SJW	SJW Group	Water Utilities	2.24%	Very Safe
WOR	Worthington Enterprises	Household Appliances	2.22%
EMR	Emerson Electric	Electrical Components and Equipment	2.20%	Safe
RHI	Robert Half	Human Resource and Employment Services	2.20%	Very Safe
LHX	L3Harris Technologies	Aerospace and Defense	2.19%	Safe
LANC	Lancaster	Packaged Foods and Meats	2.18%	Very Safe
UNP	Union Pacific	Rail Transportation	2.17%	Very Safe
ITW	Illinois Tool Works	Industrial Machinery and Supplies and Components	2.17%	Very Safe
YORW	York Water Company	Water Utilities	2.16%	Safe
FAST	Fastenal	Trading Companies and Distributors	2.16%	Very Safe
TRV	Travelers Companies	Property and Casualty Insurance	2.16%	Safe
AWK	American Water Works	Water Utilities	2.14%	Safe
HON	Honeywell	Industrial Conglomerates	2.12%	Very Safe
RGA	Reinsurance Group of America	Reinsurance	2.10%	Very Safe
GD	General Dynamics	Aerospace and Defense	2.10%	Very Safe
CME	CME Group	Financial Exchanges and Data	2.09%	Very Safe
AWR	American States Water	Water Utilities	2.08%	Very Safe
GRC	Gorman-Rupp Company	Industrial Machinery and Supplies and Components	2.06%	Safe
ABT	Abbott Laboratories	Health Care Equipment	2.04%	Very Safe
CBSH	Commerce Bancshares	Regional Banks	2.00%	Very Safe
LOW	Lowe's	Home Improvement Retail	1.98%	Very Safe
MCHP	Microchip Technology Incorporated	Semiconductors	1.97%	Borderline Safe
CWT	California Water Service Group	Water Utilities	1.96%	Very Safe
NSP	Insperity	Human Resource and Employment Services	1.95%	Safe
TSCO	Tractor Supply	Other Specialty Retail	1.95%	Safe
ABM	ABM Industries Incorporated	Environmental and Facilities Services	1.94%	Safe
HI	Hillenbrand	Industrial Machinery and Supplies and Components	1.92%
UMBF	UMB Financial	Regional Banks	1.89%	Borderline Safe
AVGO	Broadcom	Semiconductors	1.88%	Safe
GATX	GATX Corporation	Trading Companies and Distributors	1.86%
MSEX	Middlesex Water Company	Water Utilities	1.85%	Very Safe
CE	Celanese	Specialty Chemicals	1.84%	Safe
EVR	Evercore	Investment Banking and Brokerage	1.81%	Safe
ASH	Ashland	Specialty Chemicals	1.80%
ADI	Analog Devices	Semiconductors	1.78%	Safe
WSM	Williams-Sonoma	Homefurnishing Retail	1.78%	Safe
CAT	Caterpillar	Construction Machinery and Heavy Transportation Equipment	1.78%	Very Safe
PPG	PPG Industries	Specialty Chemicals	1.77%	Very Safe
BANF	BancFirst	Regional Banks	1.76%	Very Safe
JJSF	J&J Snack Foods	Packaged Foods and Meats	1.74%	Very Safe
AIZ	Assurant	Multi-line Insurance	1.74%	Safe
WM	Waste Management	Environmental and Facilities Services	1.70%	Safe
SCI	Service Corporation International	Specialized Consumer Services	1.70%	Safe
TEL	TE Connectivity Ltd.	Electronic Manufacturing Services	1.69%	Very Safe
RPM	RPM International	Specialty Chemicals	1.65%	Safe
ROK	Rockwell Automation	Electrical Components and Equipment	1.64%	Safe
THO	THOR Industries	Automobile Manufacturers	1.63%	Safe
NOC	Northrop Grumman	Aerospace and Defense	1.63%	Safe
BR	Broadridge Financial Solutions	Data Processing and Outsourced Services	1.62%	Safe
SCL	Stepan Company	Specialty Chemicals	1.61%	Very Safe
SLGN	Silgan Holdings	Metal, Glass and Plastic Containers	1.61%	Safe
AVY	Avery Dennison Corporation	Paper and Plastic Packaging Products and Materials	1.60%	Safe
BRC	Brady Corporation	Commercial Printing	1.60%	Very Safe
MGRC	McGrath RentCorp	Trading Companies and Distributors	1.60%	Very Safe
RJF	Raymond James	Investment Banking and Brokerage	1.59%	Very Safe
AOS	A. O. Smith	Building Products	1.58%	Very Safe
BDX	Becton, Dickinson and Company	Health Care Equipment	1.58%	Very Safe
CB	Chubb	Property and Casualty Insurance	1.57%	Very Safe
ERIE	Erie Indemnity Company	Property and Casualty Insurance	1.55%	Safe
MMC	Marsh & McLennan Companies	Insurance Brokers	1.52%	Safe
ORCL	Oracle	Systems Software	1.52%	Very Safe
BF.B	Brown-Forman	Distillers and Vintners	1.52%	Very Safe
DCI	Donaldson Company	Industrial Machinery and Supplies and Components	1.52%	Very Safe
HUBB	Hubbell	Electrical Components and Equipment	1.52%	Very Safe
ACN	Accenture	IT Consulting and Other Services	1.51%	Very Safe
GNTX	Gentex Corporation	Automotive Parts and Equipment	1.49%	Very Safe
WDFC	WD-40 Company	Household Products	1.48%	Safe
WMT	Walmart	Consumer Staples Merchandise Retail	1.48%	Very Safe
TTC	Toro	Agricultural and Farm Machinery	1.47%	Very Safe
ETN	Eaton	Electrical Components and Equipment	1.46%	Very Safe
RS	Reliance Steel & Aluminum Co.	Steel	1.45%	Safe
UNH	UnitedHealth	Managed Health Care	1.45%	Very Safe
AMP	Ameriprise Financial	Asset Management and Custody Banks	1.44%	Very Safe
SEIC	SEI Investments Company	Asset Management and Custody Banks	1.43%	Very Safe
WLK	Westlake Corporation	Commodity Chemicals	1.41%	Very Safe
ANDE	Andersons	Food Distributors	1.36%
DOV	Dover	Industrial Machinery and Supplies and Components	1.34%	Very Safe
RGLD	Royal Gold	Gold	1.32%	Safe
RSG	Republic Services	Environmental and Facilities Services	1.31%	Safe
LECO	Lincoln Electric	Industrial Machinery and Supplies and Components	1.31%	Very Safe
ATR	AptarGroup	Metal, Glass and Plastic Containers	1.30%	Very Safe
PRI	Primerica	Life and Health Insurance	1.28%
HIFS	Hingham Institution for Savings	Regional Banks	1.28%
CSX	CSX Corporation	Rail Transportation	1.27%	Very Safe
JKHY	Jack Henry & Associates	Transaction and Payment Processing Services	1.27%	Very Safe
TT	Trane Technologies	Building Products	1.25%	Safe
CBOE	Cboe Global Markets	Financial Exchanges and Data	1.25%	Very Safe
TNC	Tennant Company	Industrial Machinery and Supplies and Components	1.23%	Safe
NUE	Nucor	Steel	1.22%	Very Safe
NKE	Nike	Footwear	1.21%	Very Safe
IEX	IDEX Corporation	Industrial Machinery and Supplies and Components	1.20%	Very Safe
GGG	Graco	Industrial Machinery and Supplies and Components	1.19%	Very Safe
CHD	Church & Dwight	Household Products	1.19%	Very Safe
ECL	Ecolab	Specialty Chemicals	1.16%	Very Safe
MSA	MSA Safety Incorporated	Office Services and Supplies	1.14%	Very Safe
ALB	Albemarle	Specialty Chemicals	1.11%	Very Safe
POOL	Pool Corp	Distributors	1.11%	Safe
SYK	Stryker	Health Care Equipment	1.10%	Very Safe
TR	Tootsie Roll	Packaged Foods and Meats	1.09%	Very Safe
CSL	Carlisle Companies	Building Products	1.09%	Very Safe
EXPD	Expeditors International of Washington	Air Freight and Logistics	1.09%	Very Safe
LNN	Lindsay	Agricultural and Farm Machinery	1.07%
NDSN	Nordson Corporation	Industrial Machinery and Supplies and Components	1.06%	Very Safe
MKTX	MarketAxess	Financial Exchanges and Data	1.02%	Very Safe
KLAC	KLA Corporation	Semiconductor Materials and Equipment	1.02%	Safe
COR	Cencora	Health Care Distributors	1.02%	Very Safe
LII	Lennox International	Building Products	1.00%	Very Safe
FUL	H.B. Fuller	Specialty Chemicals	1.00%	Safe
AJG	Arthur J. Gallagher & Co.	Insurance Brokers	1.00%	Very Safe
ITT	ITT	Industrial Machinery and Supplies and Components	0.99%	Very Safe
LFUS	Littelfuse	Electronic Components	0.98%
CTAS	Cintas	Diversified Support Services	0.97%	Very Safe
STE	STERIS plc	Health Care Equipment	0.95%	Very Safe
RRX	Regal Rexnord Corporation	Electrical Components and Equipment	0.95%	Safe
FELE	Franklin Electric Co.	Industrial Machinery and Supplies and Components	0.93%	Very Safe
GWW	W.W. Grainger	Trading Companies and Distributors	0.91%	Very Safe
HWKN	Hawkins	Commodity Chemicals	0.89%
FDS	FactSet	Financial Exchanges and Data	0.86%	Very Safe
KWR	Quaker Chemical Corporation	Specialty Chemicals	0.84%
JBHT	J.B. Hunt Transport Services	Cargo Ground Transportation	0.84%	Very Safe
SPGI	S&P Global	Financial Exchanges and Data	0.83%	Very Safe
RLI	RLI Corp.	Property and Casualty Insurance	0.82%	Very Safe
AIT	Applied Industrial Technologies	Trading Companies and Distributors	0.81%	Safe
MSFT	Microsoft	Systems Software	0.81%	Very Safe
V	Visa	Transaction and Payment Processing Services	0.81%	Very Safe
SXI	Standex International Corporation	Industrial Machinery and Supplies and Components	0.80%
MCO	Moody's	Financial Exchanges and Data	0.80%	Very Safe
SHW	Sherwin-Williams	Specialty Chemicals	0.79%	Very Safe
RNR	RenaissanceRe Holdings Ltd.	Reinsurance	0.78%
BRO	Brown & Brown	Insurance Brokers	0.74%	Very Safe
GL	Globe Life	Life and Health Insurance	0.74%	Very Safe
BMI	Badger Meter	Electronic Equipment and Instruments	0.71%	Very Safe
AEL	American Equity	Life and Health Insurance	0.65%
LAD	Lithia Motors	Automotive Retail	0.64%	Borderline Safe
CASY	Casey's General Stores	Food Retail	0.63%	Very Safe
WRB	W. R. Berkley Corporation	Property and Casualty Insurance	0.63%	Very Safe
COST	Costco	Consumer Staples Merchandise Retail	0.62%	Very Safe
MORN	Morningstar	Financial Exchanges and Data	0.58%
ROP	Roper Technologies	Application Software	0.56%	Very Safe
MCK	McKesson	Health Care Distributors	0.55%	Very Safe
BCPC	Balchem Corporation	Specialty Chemicals	0.54%	Very Safe
CHDN	Churchill Downs	Casinos and Gaming	0.29%
CHE	Chemed Corporation	Health Care Services	0.27%
DDS	Dillard's	Broadline Retail	0.26%
WST	West Pharmaceutical Services	Life Sciences Tools and Services	0.23%	Very Safe
ENSG	Ensign Group	Health Care Facilities	0.21%
HEI	HEICO	Aerospace and Defense	0.11%	Very Safe