Monthly report: May 2026

May delivered another constructive month for global equity markets, although the pace of gains slowed compared to April’s strong rebound. 

Across the major indices, performance remained clearly positive. The AEX increased by +3.7%, while the STOXX Europe 50 gained +5.0%. Global equities also moved higher, with IWDA up +5.1%. In the US, the S&P 500 rose +4.8% and the Dow Jones (DJITR) advanced +3.3%.

This confirms that markets continue to recover on the back of solid corporate earnings and relatively resilient macro conditions. Recent market commentary highlights that dividend‑paying stocks remain attractive in this environment, combining income stability with participation in equity upside.

Portfolio price performance

While markets were broadly positive, my portfolio showed a more mixed picture.

The top 3 gainers in May were:

• CSCO: +31%
• ASML: +17%
• BEPC: +14%

Strong performance was driven by technology and growth‑oriented names, particularly semiconductors and infrastructure‑linked assets.

On the downside, the biggest losers were:

• WMT: -12%
• NEE: -10%
• AD: -7% (closely followed by APD at -7%)

These declines were relatively contained but highlight that not all sectors participated equally in the rally. The broader picture becomes clearer when looking at the full distribution:

This is an interesting contrast with the indices. Despite positive market returns, more positions declined than increased. However, the magnitude of gains was significantly higher than losses, resulting in a positive overall portfolio return of +2.1%.

In other words: the portfolio lagged in breadth (more losers than winners). But compensated through stronger upside in key positions. This kind of performance is typical in diversified dividend portfolios. Returns are often driven by a limited number of strong performers, while the rest of the portfolio provides stability and income.

Dividend income – continued growth

The core of the strategy remains income, and May delivered another step forward.

Total dividend income increased from €304 in 2025 to €324 (+6.8% YoY on constant FX). After currency effects and taxes, income still grew by +4.0% year‑over‑year.

Key contributors:

• Growth in ASML (+63%) and ASRNL (+9.2%). An extra share of ASML helped a bit!
• Stable contributions from core US holdings such as TXN (+4.4%) and AOS (+5.9%).

While growth in May was more moderate than in previous months, it remains structural and consistent, which is ultimately what matters.

Final thoughts

May reinforces an important lesson: markets can rise even when many individual positions fall. What matters is overall portfolio construction and income growth, not short‑term hit rates.

Dividend investing continues to prove its value—combining resilience, income, and long‑term compounding.

“The income component of investing is far more stable than the price component. Focus on what you can control.”

And that remains the core principle behind DividendDream.