Dividends are not guaranteed, they are decided by boards of businesses and funded by profits. These three ASX shares have high dividend yields as a result of a lower price/earnings ratio valuation and/or a higher dividend payout ratio: Pengana is a funds management business that operates a variety of strategies for investors including Australian shares, global shares, private equity and property. In the six months to 31 December 2020, Pengana’s funds under management (FUM) increased by 15% to $3.586 billion. In the latest monthly update to 31 May 2021, FUM had increased further to $3.790 billion. Pengana said that the FY21 half-year result saw “strong investment performance, with all strategies outperforming respective benchmarks for the period” and “significant improvement in net flows”.