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Dividends brighten the sharemarket picture By Juia Lee, Bell DirectOctober 2017min read Payouts at a record high despite Telstra cut. Dividends have always played a key part in the returns from the Australian sharemarket. Although the Australian market is struggling to regain the record-high levels seen in 2008, returns look better if dividends are included. Since the peak of the market on 1 November 2007, the Australian sharemarket is down 15 per cent, while the accumulation index, which includes dividend returns, is up 32 per cent. This highlights the importance of dividends in returns to shareholders in Australia. Source: IRESS, Bell Direct Research, at 13 September 2017 Reporting season is an important time for investors and professional fund managers. It’s a time to reset portfolios based on the newly released information. There’s a known effect around the months following reporting season whereby companies that beat expectations will continue to outperform over the next six months. Hence, it’s an opportune time for investors to identify where the strong trends are and which companies offer earnings growth. The good news is that for income investors, dividends being paid out by Australian companies are at a record high. In the month of September, it is expected that those companies listed on the market will pay out more than $16 billion in dividends. That’s a growth of around 15 per cent from the previous year. (Editor’s note: Do not read the following ideas as stock recommendations. Do further research of your own or talk to a financial adviser before acting on themes in this article). Disappointment from traditional defensives Defensive shares are usually ones that are characterised by consistent earnings and a high dividend. These shares usually are in the utilities, telecom, staples and property sectors. These sectors often outperform when markets are falling, as investors seek shelter in dividends. Dividends can act as a buffer to falling prices because they are paid out regardless of share-price direction. This reporting season has seen disappointments from the traditional defensive stocks such as Telstra (TLS), QBE Insurance (QBE) and Transurban (TCL). QBE Insurance in recent years has seen a series of profits downgrades. Earnings unpredictability has meant the share price has been under pressure. This stock should be benefiting from the global macro environment of increasing interest rates. Unfortunately, another year of sub-optimal returns has investors cautious despite the macro headwinds coming the company’s way. Transurban came out with a good result but the market was disappointed by the outlook. The guidance provided implies a lower growth year for the company, which trades at a premium yield compared to interest rates. The key risks of investing in a company like this are rising bond yields, project delays and lower-than-expected traffic numbers. Telstra operationally came out with a result that met guidance. The stock was hit by the capital review and the prospect of lower future dividend payments. Investors need to evaluate whether most of the bad news is now out of the way and hence the