Dogs of the Hang Seng – October 1, 2025 Update

At the start of every year, investors around the world look at the “Dogs of the Dow” strategy. This is a simple approach where you buy the ten highest-yielding blue chips from the Dow Jones. It’s famous for being easy, mechanical, and surprisingly effective.

Inspired by that, we run our own parody version here in Hong Kong: the Dogs of the Hang Seng. The rules are just as simple:

• Pick the 10 highest-yielding Hang Seng blue chips on January 1.
• Invest HK$10,000 in each (HK$100,000 total).
• Hold for the year.

No active management, no stock-picking genius. Just collecting dividends.

How the Dogs performed in 2025

Portfolio value on Jan 1, 2025: HK$100,000
Portfolio value on Oct 1, 2025 (excl dividends): HK$124,892
Dividends collected: HK$6,459
Total worth today: HK$131,351

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That’s a +31.35% total return in nine months.

For comparison, the GX HS High Dividend ETF (HKG:3110) delivered +26.96% (including dividends). Once again, the Dogs of the Hang Seng have outperformed the “official” high dividend benchmark.

Winners and Losers

Like any parody portfolio, the fun comes in seeing which Dogs bark loudest and which ones just lie around.

Top Dogs

• Chow Tai Fook (HKG:1929): +135.96% The jewelry giant turned out to be a hidden gem.
• Hang Lung Properties (HKG:0101): +48.48% Property might be still sluggish, but this one sparkled.
• Link REIT (HKG:0823): +25.95%  Solid cash flow, solid gains.
• PetroChina (HKG:0857): +24.27% Oil & gas still have bite.

Sleepy Dogs

• Sinopec (HKG:0386): -3.39%  High yield didn’t translate into performance.
• China Resources Power (HKG:0836): +0.04% Barely above water.

The rest of the pack delivered double-digit returns, enough to more than offset the laggards.

The Dividend bone

The Dogs aren’t just about price moves. Dividends are the meat on the bone.

• Total Dividends collected in 2025: HK$6,459
• Yield on original portfolio: 6.46%
• Top Dividend contributors: China Shenhua, PetroChina, Henderson Land

This dividend cushion adds stability, even if a couple of Dogs don’t fetch much in capital gains.

Why this strategy might work

It’s mechanical, a bit tongue-in-cheek, but the Dogs of the Hang Seng might be on to something this year:

• High yield + blue chip quality = steady performance.
• A few big winners carry the portfolio.
• Dividends provide a extra income stream, regardless of price swings.

It’s not a replacement for deeper research or active management, but as a parody portfolio, it proves that sometimes the simplest rules deliver the strongest results.

Bottom Line

As of October 1, 2025, the Dogs of the Hang Seng are up +31.35%, comfortably ahead of the High Dividend ETF.

It’s a fun reminder that yield-focused strategies can deliver surprising strength, even in a volatile Hong Kong market.

Whether you take it seriously or just for fun, these Dogs are having their day.