This has been a good yield play for me since I bought at 92c in...

This has been a good yield play for me since I bought at 92c in August 2008. In fact if you add back the franking credits it has paid out already. And until just now it has traded mostly within a range above my purchase price.

But for the last 2-3 years the SP has been trending down, and so has the dividend, falling almost by half from 6.25c H2 2012 to 3.75c H1 2015.

I know the Board are expressing confidence in themselves with their share buyback, but the market seems underwhelmed.  I'm wondering whether I should quit now while I am still ahead.

Of course there is still the yield, but the danger with yield play is the capital offset. From the chart below DWS peaked at $1.75 in September 2012. Since then the cumulative dividend has been 30c, but the SP has fallen by 83c! So the question is where will it go from here?

When I bought DWS I thought the size and quality of their client base would make them bullet proof, but it seems at least recently not to have been the case. Without being intimate with the industry it seems that as IT becomes more universal/base tech than hi-tech, some of the fat is being leached out of the industry.

HC doesn't have a reduce sentiment, so I'll put sell, because my intention is to sell some of mine.