DLN - DLN: Meritocratic And Probably Undervalued

• DLN is not like other dividend funds, as it views dividends among the portfolio as belonging to a "pool", from which it sorts companies into weightings in accordance with contribution.
• Larger dividend contributions, in nominal terms, create larger weightings. So, the largest dividend payers find higher weightings.
• Also, DLN upgrades company weightings if those companies fall into the 80th percentile in a composite risk scoring system.
• Overall, DLN to me looks like a more disciplined version of the more popular, mainstream funds.
• DLN is, at worst, trading at fair value, but I think it has the potential to outperform in the foreseeable medium term.

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