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Independent research, long/short equity, dividend investing, ETF investing
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Approximately once per month I run a high-yield momentum screen using the free service on Finviz and post the results. Last month's results are here and the strategy returned 6%+ for the month.To reiterate, the screen is more of a trading strategy and less of an income strategy (unlike some of my dividend aristocrat screens), although the dividends do play an essential component in the overall returns. Thus, turnover could be high and the strategy is not for everyone.
Second, it is a screen and not a recommended or comprehensive portfolio. In other words, there could be sector imbalances so for investors looking to have exposure across different sectors and asset classes, this screen could potentially serve as a starting point for further research or one small piece to a much larger picture.
The screen looks for high yielding high momentum stocks. I screened the S&P 500 for stocks yielding greater than 4% and then ranked them by 6 month returns. There were 52 results (versus 55 last month) and per a previous article, the highest momentum, high yield stocks have historically been the best performing so I have listed the top 20% based on 6 month returns, or 10 stocks (Altria, or MO, was the 11th ranked stock). I listed the payout ratios for informational purposes, but I would always recommend researching payout ratios in-depth since one year of poor earnings (and vice versa) can skew the ratio significantly.
This strategy is one of several I track for free on the right hand column of my site:

Ticker Company Free Trend Analysis Dividend Yield Payout Ratio Performance (Half Year)
Q Qwest Communications International Inc. Here 5.90% 83.38% 49.72%
TEG Integrys Energy Group, Inc. Here 5.70%
37.51%
PCL Plum Creek Timber Co. Inc. Here 4.19% 116.53% 36.78%
DTE DTE Energy Co. Here 4.60% 65.60% 35.81%
PLD ProLogis Here 4.27%
28.93%
VTR Ventas Inc. Here 4.55% 159.03% 26.92%
DD EI DuPont de Nemours & Co. Here 4.18% 85.44% 26.38%
D Dominion Resources, Inc. Here 4.40% 80.95% 24.93%
SE Spectra Energy Corp. Here 4.29% 77.22% 24.28%
HCP HCP, Inc. Here 5.59% 716.07% 23.32%

Disclosure: No positions

Source: A 10 Stock High Yield Portfolio