Monthly report: January 2025

As we step into 2025, it's time to review my monthly dividend income for January and assess how my portfolio performed over the past month. January turned out to be a strong month for the global markets, with positive momentum across major indices. Here’s a detailed breakdown of market performance, portfolio changes, and how my dividend income compared to the same period last year.

Global Market Performance in January 2025

January was an impressive month for the stock market, with major indices posting solid gains:

• AEXGR: Increased from €3,480 to €3,605 (+3.6%)
• SX5E (Euro Stoxx 50): Jumped from €4,918 to €5,282 (+7.4%)
• IWDA (Global Equity ETF): Increased from €105 to €107 (+1.7%)
• DJITR (Dow Jones Total Return Index): Rose from $106,133 to $112,454 (+6.0%)
• S&P 500: Climbed from $5,869 to $6,071 (+3.5%)

The strong performance was driven by resilient earnings, cooling inflation, and renewed investor confidence in economic stability. The Euro Stoxx 50 had the most notable increase, rising by 7.4%, indicating strength in European equities. The Dow Jones Total Return Index also had a significant 6.0% increase, reflecting strong market participation across sectors.

Top 3 Gainers and Losers in My Portfolio

Top 3 Gainers:

• APD (+18%) – Strong earnings and positive industry outlook drove this stock higher.
• MPW (+17%) – A rebound in healthcare REITs contributed to this significant gain.
• DE (+14%) – Continued demand for agricultural and construction equipment boosted the stock price.

Top 3 Losers:

• BEPC: -5% – Weak renewable energy sector performance impacted this stock.
• OHI (Omega Healthcare): -2%. Faced pressure from higher operating costs in the healthcare sector.
• TXN (Texas Instruments): -1%. A ,inor decline, likely a result of cautious semiconductor sector outlooks.

Overall, my portfolio had a strong month, with more stocks gaining than losing:

• 27 winners with an average increase of 6.1%
• 7 losers with an average decline of -1.6%

Winners/losers ratio: 3.9

This positive ratio indicates broad-based strength in my holdings, reinforcing my long-term investment strategy.

Dividend Income Comparison

One of the most exciting parts of dividend investing is watching income grow over time. Here’s how my January 2025 dividend income compared to the same period last year:

The YoY growth of 37% in after-tax dividend income is a fantastic milestone, showcasing the power of reinvestment, dividend increases, and portfolio expansion. The most important contributors to this success are:

• Increased dividend payment from Brink, my employer.
• Increased dividend payments from my US-holdings like HASI, MRK, O, CSCO and WMT.
• Purchase of ADP back in June 2024.
• I also sold my position in BAX back in March 2024 and suffered a dividend cut from MPW.  

Final Thoughts

January 2025 was a great start to the year, with strong market performance and impressive dividend growth. This reinforces my commitment to a long-term, dividend-focused investment strategy. To wrap up, here’s a quote from Warren Buffett that perfectly captures the essence of dividend investing:

“If you don’t find a way to make money while you sleep, you will work until you die.”

I look forward to seeing how the rest of 2025 unfolds and hope to continue building a reliable and growing income stream. How did your dividends perform this month? Let me know in the comments!

Monthly report: Dividend 2024

December has come to a close, and as I reflect on the past month, I’m struck by how the global markets performed and how these shifts impacted my dividend portfolio. Let’s dive into the highlights for December 2024.

Global Market Overview for December 2024

December saw mixed movements across global indices, reflecting a somewhat turbulent month in financial markets. Here’s how the major indices performed:

• AEXGR: Dropped slightly by -1.8%, closing at €3,419.
• SX5E: Managed a modest gain of +0.5%, ending the month at €4,869.
• IWDA: Declined by -1.7%, finishing at €104.
• DJITR: Experienced the largest drop of -4.9%, closing at $106,587.
• S&P 500: Fell by -2.3%, settling at $5,907.

The global markets reflected caution among investors, with most indices posting declines. This downturn highlights the volatility in markets as the year wrapped up.

Portfolio Highlights: Top Gainers and Losers

While the broader markets faced challenges, individual stocks in my portfolio had varying performances. Here are the top three gainers and losers for December:

Top 3 Gainers
I only have 2 stocks in my portfolio with an increasing stock price during the last month. That kinda tells what a month it has been.

• ASML: Rose by +2%, continuing to showcase resilience as a leader in the semiconductor space.
• BLK (BlackRock): Held steady with 0% change, a testament to its stability despite market fluctuations.

Top 3 Losers
I have 31 losing stocks with an average loss of about 6%. It hasn't been a good month in terms of price appreciation. The biggest losers are:

• HASI: Dropped by -14%, reflecting challenges in the clean energy sector (mainly uncertainties regarding policies from Trump?)
• APD (Air Products and Chemicals): Fell by -14%, likely impacted by macroeconomic pressures.
• BEPC (Brookfield Renewable): Declined by -13%, facing headwinds in the renewable energy space (mainly uncertainties regarding policies from Trump?).

While the losses were notable, it’s essential to remember that these fluctuations are part of the journey as a dividend growth investor. Over time, the compounding effect of dividends smooths out these bumps.

December 2024 Dividend Income: A Year-Over-Year Comparison

Now, let’s talk about the core of my strategy—dividend income. December is traditionally a strong month for dividends, and this year did not disappoint. Here's a comparison of December 2023 and December 2024:

In december 2024 my dividend income jumped to €441, a +25% year-over-year increase! This significant growth was fueled by a combination of factors:

• Dividend increases from core holdings such as AFL (+19%),  V (+13%), CMI (+8%) and KO (+5%).
• Increased position in JNJ with a purchase back in January last year,
• New positions in BEPC, BIPC and CNI.
• I also sold my positions in IBM and INTC.  

The compounding nature of dividend reinvestments continues to be a driving force behind this growth, and December’s performance is a clear testament to the power of this strategy.

Cumulatieve dividend income

Last year I received almost € 11.200 in dividend income. This is almost € 2.400 more than last year, a whopping 27% extra! We'll have to see what next year brings. I don't expect this type of growth to continue. For next year I expect an increase of about 10% in my dividend income.

Final Thoughts

As I close the chapter on 2024, I’m reminded of a timeless quote from Sir John Templeton:

“If you want to have a better performance than the crowd, you must do things differently from the crowd.”

Dividend investing might not always grab headlines, but its steady, compounding nature provides a reliable path to financial freedom. By focusing on quality companies and embracing a long-term mindset, I’m building a portfolio that not only weathers market storms but thrives over time.

Here’s to a prosperous 2025, filled with more dividends, growth, and opportunities!

Monthly report: November 2024

As we wrap up November, it’s a perfect time to reflect on the performance of the global markets, my portfolio’s movers, and how my dividend income has grown compared to last year. Let’s dive into the numbers and insights!

Global Market Performance

November brought mixed but generally positive results across the global indices. The standout performers were international equity markets, signaling resilience amid a backdrop of mixed macroeconomic data. Here’s a snapshot of key indices:

• AEXGR: The index was nearly flat, with a marginal 0.1% increase, reflecting subdued performance in the Dutch market.
• SX5E (Euro Stoxx 50): Declined by 1.5%, signaling some turbulence in European equities.
• IWDA (MSCI World ETF): Gained a solid 6.6%, underscoring the strength in global equities.
• DJITR (Dow Jones Industrial Total Return): Surged by 7.0%, supported by robust earnings from industrial giants.
• S&P 500: Increased by 5.3%, driven by growth in the tech and energy sectors.

The performance of U.S. markets continues to outpace European benchmarks, highlighting the divergence in market sentiment.

Portfolio Highlights: Top Gainers and Losers

November was a month of significant activity in my portfolio, with more winners than losers. Here are the highlights:

Top 3 Gainers

• Kinder Morgan (KMI): Up 17%. The energy infrastructure company benefited from rising natural gas demand and improved pipeline margins.
• Deere & Co (DE): Up 16%. Strong agricultural equipment sales and cost optimization strategies boosted investor confidence.
• Cummins Inc. (CMI): Up 14%. Increased demand for diesel engines and electrification efforts drove its stock higher.

Top 3 Losers

• Hannon Armstrong (HASI): Down 9%. Renewable energy stocks faced headwinds as interest rates remained elevated.
• Brookfield Infrastructure Partners (BIP): Down 6%. A stronger U.S. dollar weighed on global infrastructure revenues.
• BHP Group (BHP): Down 6%. Falling commodity prices, especially iron ore, pressured this mining giant.

Overall, my portfolio had a winner-to-loser ratio of 1.5, with an average gain of 8.1% among gainers and an average loss of 2.6% among the decliners.

November Dividend Income: A Year-Over-Year Comparison

Dividend income remains the cornerstone of my investment strategy, and November 2024 delivered steady growth compared to last year. Here’s the breakdown:

Dividend income increased mostly because of dividend raises. Only my recent purchase of two additional shares in Deere helped my monthly dividend income.

Looking Ahead

With December just around the corner, I expect my dividend income to receive a seasonal boost, given the quarterly payout schedules of many companies. Furthermore, ongoing reinvestments and dividend hikes are expected to fuel my long-term compounding journey.

I’ll leave you with a timeless quote from John Bogle, the father of index investing, which perfectly encapsulates my approach to dividend growth investing:

“The stock market is a giant distraction to the business of investing.”

By focusing on the fundamentals—steady dividend growth and disciplined reinvestment - I remain confident in my portfolio’s ability to deliver consistent and growing income over the long term.

How was your November? Let me know in the comments below!

Monthly report: October 2024

Global Market Performance in October 2024

October brought varied results across major global indices, reflecting an uncertain but cautiously optimistic month for investors:

• AEXGR: The Dutch AEX Gross Return Index decreased by 1.5%, slipping from €3,557 to €3,502. This was driven by continued challenges in the European economy, including high inflation and slower-than-expected growth.
• IWDA: The iShares MSCI World Index (IWDA) recorded a solid gain of 2.9%, rising from €97 to €99, indicating resilient performance across global markets.
• DJITR: The Dow Jones Industrial Total Return Index (DJITR) inched up 0.6%, moving from $105,104 to $105,734. Steady performance from large-cap U.S. companies helped support this increase.
• S&P 500: The S&P 500 index showed stronger growth at 1.7%, rising from $5,709 to $5,808. Positive earnings reports from the tech and healthcare sectors, as well as resilient consumer spending, contributed to the index’s gains.

Overall, U.S. and global markets demonstrated cautious optimism, while European markets continued to face headwinds. This backdrop influenced individual stock performances within my portfolio, where some companies experienced gains while others declined.

Top 3 Gainers in My Portfolio

• KMI (Kinder Morgan): +10%
  Kinder Morgan’s stock was a top performer in my portfolio this month, likely benefiting from rising natural gas demand and steady dividend payouts, which bolstered investor confidence.
• APD (Air Products and Chemicals): +9%
  APD saw a significant increase in October, possibly due to its strong earnings in industrial gas and chemicals, which remain critical across sectors such as healthcare and energy.
• PM (Philip Morris International): +8%
  Philip Morris reported strong results, with its transition toward smoke-free products capturing market attention. The company’s high dividend yield continues to attract income-focused investors.

Top 3 Losers in My Portfolio

• AOS (A. O. Smith Corporation): -14%
  AOS experienced a double-digit drop, perhaps due to concerns over the housing and construction sectors. Rising interest rates are impacting housing demand, which directly affects AOS’s water heating products.
• ASML (ASML Holding): -10%
  ASML faced headwinds due to concerns over semiconductor demand and potential slowdowns in tech spending. Although ASML is a tech leader, the current economic uncertainties weighed on its stock price.
• BHP (BHP Group): -10%
  BHP, a major mining company, also faced a tough month. Falling commodity prices and fears of an economic slowdown impacted investor sentiment, leading to a drop in its stock price.

October 2024 Dividend Income: A Year-Over-Year Comparison

Examining my dividend income for October 2024 in comparison to last year reveals some interesting trends:

In October 2024, my U.S. dollar-denominated dividends grew slightly from $217 in October 2023 to $222, an increase of 2.3%. Noteworthy contributors included HASI (Hannon Armstrong) with a 5.1% increase, MRK (Merck & Co.) with 5.5%, and O (Realty Income), which provided a substantial 37.2% growth in dividend income, due to an additional purchase last year. These companies demonstrated stability in both payouts and growth, enhancing my overall income. ADP was a new dividend payer with a first payment of $11. MPW was a dissonant because of its dividend cut last quarter. We'll see how things develop in the coming months. Finally I sold my shares in BAX earlier this year so this will be a slight drag in the coming period. 

Despite the minor uptick in USD dividends, the after-tax total dividend income in October 2024 slightly decreased by 1.0%, from €175 to €173 after factoring in currency exchange fluctuations. 

Closing Thoughts: The Long View on Dividend Investing

October’s market performance and my portfolio’s dividend income are reminders of the importance of long-term thinking. Markets fluctuate and individual stocks can experience setbacks, but a diversified dividend growth portfolio can offer steady, compounding income over time.

As Benjamin Graham wisely put it:

"The individual investor should act consistently as an investor and not as a speculator.”

My focus remains on high-quality companies with reliable dividends, reinvesting income, and maintaining a balanced portfolio that can withstand market ups and downs. Each dividend payment brings me a step closer to financial independence, reinforcing the power of disciplined investing.

Recent buy: Canadian National Railway (CNI)

I recently added 20 shares of Canadian National Railway (CNI) to my dividend growth portfolio. CNI is one of North America's leading transportation companies, and I’ve been watching it for some time due to its solid fundamentals and consistent dividend growth history. I already own Union Pacific (UNP) and CNI is a nice addition since it operations in a different region.

CNI operates an extensive railway network, which is vital to the transport of goods across the U.S. and Canada. This gives it a defensive edge, even during economic downturns. What drew me to CNI, aside from its stable operations, is its impressive dividend growth track record. The company has been increasing its dividend for over two decades by roughly 10% per year, and with a current yield of around 2,2%, it provides a nice mix of income and future growth potential.

I also see long-term benefits as CNI continues to expand its operations and improve efficiency. Their commitment to innovation in logistics and sustainable operations positions them well for the future, especially with increasing demand for reliable transportation infrastructure.

For me, this investment is about more than just the dividend—it’s about owning a piece of a company that has a long history of delivering value to its shareholders. I’m excited to see how this addition performs over time and how it contributes to the overall growth of my portfolio’s dividend income.

This purchase will add about $60 to my annual forward dividend income.

Monthly report: September 2024

As September has passed, it’s time to reflect on how the markets performed, review the biggest movers in my portfolio, and assess the progress of my dividend income. Let’s break down the numbers and explore what they mean for the future.

Market Overview: Global Performance in September 2024

The global markets in September 2024 presented a mixed bag of performance, with different indices reflecting varying trends:

• AEXGR: The Dutch AEX Gross Return Index (AEXGR) saw a slight dip of -1.1%, falling from €3,597 to €3,556. The performance reflects a general weakness in European markets, driven partly by economic concerns such as inflation and energy prices.
• IWDA: The iShares World Index (IWDA), which offers exposure to global equities, showed modest growth of +0.7%, holding steady at €96. This indicates relatively stable performance in developed markets.
• DJITR: The Dow Jones Industrial Total Return Index (DJITR) surged +3.5%, increasing from $101,984 to $105,536. This gain was driven by strong earnings reports from key U.S. companies and a generally optimistic economic outlook.
• S&P 500: Meanwhile, the S&P 500 saw a notable increase of +4.2%, rising from $5,529 to $5,762. The U.S. stock market, fueled by tech and healthcare sectors, was one of the best-performing regions in September.
• Overall, U.S. markets outperformed their European counterparts during the month, showcasing the strength of the American economy, while European markets struggled under inflationary pressures.

Top 3 Gainers and Losers in My Portfolio

• MPW (Medical Properties Trust): +28%
  MPW was the top performer in my portfolio. They have bene beaten the last year but last month MPW announced that it reached a global settlement agreement with Steward and its secured lenders that restores MPW’s control over its real estate, severs its relationship with Steward and facilitates the immediate transition of operations to quality replacement operators at 15 hospitals around the country. This is good news since its the start of a new phase for the company.
  
  
• BHP (BHP Group): +19%
  The mining giant BHP benefited from rising commodity prices, particularly in iron ore and copper, both critical for global infrastructure and green energy projects.
  
  
• BEPC (Brookfield Renewable Partners): +18%
  BEPC's impressive gain highlights the increasing investor focus on renewable energy assets. With governments pushing for greener economies, renewable stocks like BEPC continue to attract attention.

Top Losers:

• Shell: -8%
  Shell faced a tough September, losing ground due to weakening oil prices and pressure from governments and investors to accelerate its transition to cleaner energy sources.

The prices of other companies only fell by 3% or less which is more or less noise. 

September 2024 Dividend Income: A Year-Over-Year Comparison

Looking at my dividend income for September 2024 compared to the same month in 2023, there has been a noticeable improvement, reflecting the growth of my portfolio and dividend reinvestments over time.

My Euro-denominated dividends increased modestly from €197 in September 2023 to €201 in September 2024, a growth of 2.1%. This is largely due to slight increases from companies like AD (+2%) and UNA (+4.8%), as well as Shell, which, despite price depreciation, delivered steady dividends.

My U.S. dollar-denominated dividends showed a much more robust increase, rising from $375 in September 2023 to $475 in September 2024, marking a 26.5% growth. Significant contributors include AFL (+19%), CMI (+56.3%), and BIPC and BEPC, which contributed nothing last year but provided more than $77 this year due to new purchases (BEPC: here and here, BIPC: here). JNJ (purchase in January 2024) and O (Realty Income) (last purchase in October 2023) in also delivered solid double-digit dividend increases.

Total Dividend Growth: On a constant foreign exchange basis, my total dividend income in September 2024 grew by 17.7% compared to September 2023. After factoring in exchange rate effects, my total after-tax dividend income stood at €539, up from €473 last year, representing a 14.0% year-over-year growth.

This continued growth is encouraging, especially as a long-term investor who relies on consistent and compounding dividend payments.

Conclusion: Long-Term Investing Pays Off

The mixed performance of global markets and individual stock fluctuations highlight the importance of focusing on the long term. Despite short-term volatility, my dividend income continues to grow steadily year after year, reaffirming my belief in a disciplined, dividend-focused investment strategy. As the legendary investor Peter Lynch once said:

"In the long run, it's not just how much money you make that will determine your future prosperity. It's how much of it you put to work by saving and investing."

I remain committed to reinvesting my dividends and focusing on quality, dividend-paying stocks to ensure that my portfolio continues to generate increasing income over time. The combination of stable dividend growth and strategic asset allocation continues to pay dividends — literally and figuratively!

Recent buy: Deere: a long-term investment

Last week, I made my second purchase of Deere shares—adding two shares at $388 each to my portfolio. It was a long time coming, as I first invested in Deere back in 2013 when I bought 18 shares for about $85 per share. Since then, the total return on those shares has been incredible, driven by strong earnings growth, massive share repurchases (3% annually on average), and a compounded annual growth rate of 10% in its dividend.

With my recent purchase, I’ve rounded out my position to an even lot, which has been a goal of mine for some time. The current price of Deere seems reasonable, with a price-to-earnings ratio of 13x—about halfway in its 52-week range. Interestingly, the stock price hasn’t moved much in the past three years, but I believe this is largely reflective of Deere’s cyclical nature.

Despite being in a downtrend right now, Deere’s core business remains strong, and I expect future growth as the agricultural and industrial sectors continue to evolve. The long-term prospects seem promising, especially considering Deere’s leadership in its industry and its commitment to returning value to shareholders.