Lecture 11: South Africa's "Dividend Aristocrats"

The term "Dividend Aristocrats" comes from the US, where it means something very specific: S&P 500 companies that have raised their dividend every single year for at least 25 consecutive years. It's a genuinely exclusive club. Only a few dozen US companies qualify at any given time.

South Africa's stock market is far younger and smaller than the US market, so a straight 25-year requirement would leave the local version essentially empty. S&P Dow Jones Indices built a locally calibrated equivalent instead.

The Real, Current Definition