Dividends can be an important component of long-term equity returns. Dividend paying stocks may generate outperformance while helping to buffer market volatility. The Glenmede Equity Income Strategy seeks a high level of current income and long-term growth of capital consistent with reasonable risk to principal. The team targets the shares of durable businesses with the ability to grow shareholder dividends while trading at reasonable valuations. We believe that combining the power of dividends with sustainable cash flow growth can provide attractive risk-adjusted long-term total returns.