In short: The US leg of the shareholder-yield trio, now 13 years old and past its 10-year mark: "top decile over the past 10 years… some of them it's like top 5% versus their category." Cap-size, sector and country agnostic within its geography (capped at a third per country or sector). He offers it as the drop-in LEGO substitute for a plain US equity sleeve.
"Shareholder yield" is Faber's alternative to dividend investing. A company can return cash to owners in three ways: pay a dividend, buy back its own shares, or pay down debt. Shareholder yield counts all three together — and crucially counts buybacks net of new shares issued. That last bit is the whole edge: a firm can announce a 5% buyback while quietly handing management 7% a year in new stock, so its real return to shareholders is negative. Most dividend funds never look, which is why he argues they miss the biggest channel — buybacks have exceeded dividends for over twenty years.
SYLD is the US version, launched thirteen years ago, and its ten-year record sits in the top decile of its category (some measures top 5%). It ignores style boxes — any size, any sector — with a cap so it can't concentrate more than a third in one sector. He positions it as a straight swap for a plain US stock fund rather than an exotic add-on.
27:32So, SYLD, FYLD Got my FYLD hat right here. FYLD which just hit a 10-year track FYLD has hit it EYLD's 10-year track. All three of those funds we just sent out an email, y'all probably got it. We're top decile over the past 10 years. Awesome, super cool, we're really proud of that. Some of them it's like top 5% versus their category.
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