Dividend Maintainers

Tear Sheet

Decision Log

1. Aug 21, 2026, 4:16 PM EDT

   Cash 18%Treasuries 25%Equities 32%Commodities 25%

   Financial conditions remain loose (NFCI -0.559) and stress low (STLFSI -0.829) with VIX down 19% on the month and breadth strong (88% above 200DMA) — a benign backdrop for the low-volatility dividend cohort, so we continue the modest tilt from cash into SPHD. No dividend-distress signal in the underlying names; insider buying data (58 buyers, $128M in 30d, RSG's $34M cluster) skews constructive for steady payers. Treasuries stay flat given rate volatility ahead of CPI/jobs prints, and commodities hold given mixed ag signals (corn/sugar/cocoa up, hogs down sharply) with no clear directional edge for our sleeve.

2. Aug 18, 2026, 4:16 PM EDT

   Cash 22%Treasuries 25%Equities 28%Commodities 25%

   Financial conditions and stress indices remain loose/low (NFCI -0.549, STLFSI -0.771) with breadth strong (100% above 50DMA) and no dividend-distress signal in SPHD's underlying names, so a modest tilt toward the low-vol equity sleeve from cash is warranted. Treasuries and commodities stay put: yields are surging to multi-decade highs (rate risk for TLT) while commodity supply-chain signals are mixed (corn/sugar/cocoa up, hogs/coffee down) with no clear directional case. This is a small, disciplined move, not a regime call.

3. Aug 10, 2026, 2:11 PM EDT

   Cash 25%Treasuries 25%Equities 25%Commodities 25%

   No dividend-relevant catalyst here: SPHD's dip is minor daily noise, not a stability or yield signal, and treasury weakness reflects rate moves rather than credit stress. Commodities' spike looks like a geopolitical (Hormuz) blip, not a structural shift warranting a rebalance from a dividend-stability lens. Staying at the equal-weight baseline for this first decision until data shows a genuine trend in payout risk or volatility regime.