来源：智通财经 作者：马火敏
随着投资者纷纷涌入大型科技股，今年高股息股的股价表现落后，但高盛表示，这种情况即将改变。包括John Marshall在内的高盛期权策略师建议投资者买入部分高股息股的看涨期权。
高盛发出上述言论之际，股息指数ETF-iShares Dow Jones今年以来下跌了8.5%，而标普500指数上涨了7.2%，以科技股为主的纳斯达克100指数上涨了24%。
高盛策略师们表示，自2023年初以来，股息指数ETF较大盘落后16%，这是在股息指数ETF没有大量资金流出的情况下发生的。
由于公用事业和金融这两个市场表现最差的板块的权重过大，股息指数ETF受到的打击尤为严重。美国地区银行的动荡导致一些成分股今年下跌了40%以上，如第一地平线国家银行和KeyCorp。
美国地区银行股拖累股息指数ETF下跌
高盛表示，金融股和公用事业股的抛售“并不能完全解释高股息板块的疲软”。期权暗示，投资者看空股息指数ETF成分股，“一个月标准化看跌期权偏差度较过去一年高就是明证。”
高盛策略师建议买入自由现金流收益率高于股息收益率的表现不佳股票的看涨期权。
他们特别提到了Verizon、菲利普莫里斯、IBM Corp，这三家公司都不属于金融和公用事业领域，但今年以来股价下跌了8%至11%。上述三种看涨期权周三均处于低位。
编辑/lambor
Source: Zhitong Finance Author: Ma Huomin
With investors pouring into big tech stocks, the stock price performance of high-dividend stocks lagged behind this year, but Goldman Sachs said this situation is about to change. Goldman Sachs options strategists, including John Marshall, advised investors to buy call options on some high-dividend stocks.
When Goldman Sachs made these remarks, the dividend index ETF-iShares Dow Jones has fallen 8.5% since this year, while the S&P 500 index has risen 7.2%, and the Nasdaq 100 index, which is dominated by technology stocks, has risen 24%.
Goldman Sachs strategists said that since the beginning of 2023, dividend index ETFs have lagged 16% behind the broader market. This happened when dividend index ETFs did not have a large outflow of capital.
Dividend index ETFs have been hit particularly hard because the two worst performing sectors of the market, utilities and finance, are overweighted. The turmoil in US regional banks has caused some constituent stocks to fall more than 40% this year, such as First Horizon National Bank and KeyCorp.
US regional bank stocks dragged down dividend index ETFs
Goldman Sachs said the sell-off in financial and utility stocks “does not fully explain the weakness of the high-dividend sector.” Options suggest that investors are bearish on dividend index ETF constituent stocks. “The fact that standardized put options in one month was more biased than in the past year is a clear proof.”
Goldman Sachs strategists recommend buying call options on underperforming stocks with free cash flow yields higher than dividend yields.
They specifically mentioned Verizon, Philip Morris, and IBM Corp. None of these three companies are in the finance and utilities sector, but their stock prices have dropped 8% to 11% since this year. The three call options mentioned above were all low on Wednesday.
edit/lambor
