“I have no vested interest in AstraZeneca, but I enquired to S&P a few weeks ago as to why it had been dropped. They said it was added in 2011 because they list at least 40 Aristocrats, and the methodology reverts to 7 years of rising dividends if there are not enough companies over 10 years. AstraZeneca has been dropped because there are now at least 40 companies who have met the 10 year criteria. Please confirm this with S&P if you wish as I did not ask about the other companies which were dropped. I think in fairness to AstraZeneca you should point out to your readers the company did not cut its dividend. Thanks, and keep up the great work!”

Eoin Treacy's view Thank you for this informative email and for highlighting some of the less publicised reasons instruments are added and deleted from S&P's Dividend Aristocrat series. I touched on this subject in Comment of the Day on October 25 th when I reviewed former members of the index and your explanation sheds light on why Belgian listed Colruyt had previously been dropped but has since been added back into the Index.

Of the constituents which have been dropped, KPN is the only share to have cut is dividend. Astra Zeneca, Sanofi, BAE Systems and Atlantia all have unbroken records of dividend increases over at least the last five years. Of these BAE Systems is particularly noteworthy. The share has held a progression of higher reaction lows since August 2011 and broke its medium-term sequence of lower rally highs in September 2012. A sustained move below the 200-day MA, currently near 325p, would be required to question medium-term upside potential.