The figure shows the percentage of companies in the high dividend yield universe that the LLM flagged as having a negative dividend outlook and groups them by quintile based on a score generated by the Sustainable Dividend Growth Submodel in Vanguard’s quantitative Equity Income Model. Quintile 1 is the best-performing quintile. Quintile 5 is the worst. The remaining quintiles (2, 3, and 4) have intermediate values. The model score measures dividend sustainability. About 14%, 13%, 15%, 17%, and 41% of companies that the LLM flagged as having a negative dividend outlook are in Quintiles 1, 2, 3, 4 and 5, respectively.