Dividend-Yield Fixation Shown in Vanguard ETF’s Advance

U.S. companies that want to attract stock investors would do well to focus on dividends. This year, the Vanguard High Dividend Yield exchange-traded fund is beating not only the SPDR S&P 500 ETF but also the Cambria Shareholder Yield ETF, which picks stocks based on repurchases and debt repayments as well as dividends. “Investors appear to be fixated on dividend yield,” Adam Parker, Morgan Stanley’s chief U.S. equity strategist, wrote Thursday in a report.