Is high-dividend a signal that the equities are more value oriented than growth oriented?

Yep, the fund picks the equities with the highest dividend payout, therfore the most value-oriented. Those tend to be old blue chips which have stood the test of time and pay out well to their shareholders. Lockheed Martin, Merck, Coca Cola, etc. When the growth economy tanks, it's an oasis of relative stability. People love their cheap sugar water.