Monthly report: July 2025

The month of July is behind us, and with it another opportunity to reflect on both the global markets and my personal dividend journey. July wasn’t a month of big fireworks on the markets, but it showed once again how different regions and asset classes can move in their own rhythm. Let’s dive in.

Global Market Performance in July

Looking at the broader indices, July offered a mixed picture:

• AEXGR (Netherlands): +0.1% – essentially flat, showing that Dutch equities treaded water.
• SX5E (Euro Stoxx 50): +2.1% – European blue chips gained modestly, helped by strong earnings from industrials and financials.
• IWDA (World ETF): +4.7% – global diversification paid off, with international equities showing strong momentum.
• DJITR (Dow Jones Industrial Total Return): +0.0% – a quiet month for the Dow, with cyclical stocks lagging behind.
• S&P 500: +2.7% – U.S. equities remained resilient, fueled by strong tech earnings and continued optimism around AI-related investments.

In short: the U.S. and global equities performed well, Europe kept a steady pace, and the Dutch market was flat. Against this backdrop, let’s see how my own portfolio developed.

Portfolio Movers: Top 3 Gainers and Losers

My portfolio didn’t move in unison with the broad market. There were clear winners and losers:

Top 3 Gainers

• CMI (Cummins) +12%. Cummins surged after reporting strong quarterly results and optimism around its hydrogen and clean energy initiatives. Investors seem to appreciate that the company is positioning itself for a low-carbon future, while still generating steady profits from its core engine business.
• BEPC (Brookfield Renewable) +12%. Renewable energy got a strong push this month. With governments and corporates doubling down on their green commitments, BEPC benefited from higher investor appetite for long-term sustainable energy plays. BEPC was also a top performer last month!
• WMT (Walmart) +9%. Walmart gained as it showed strong resilience in the consumer sector. The company reported better-than-expected earnings, highlighting how its scale and efficiency give it a competitive edge even as consumers remain price-sensitive.

Top 3 Losers

• TXN (Texas Instruments) -14%. Texas Instruments struggled as demand in the semiconductor sector cooled, particularly in industrial and automotive markets. The company is still a dividend stalwart, but growth expectations have been tempered for the short term.
• CNI (Canadian National Railway) -11%. Railways are often seen as steady performers, but CNI dropped amid concerns about slowing North American freight volumes and potential labor cost increases. Long-term fundamentals remain intact, but the market is cautious.
• BMY (Bristol-Myers Squibb) -11%. Bristol-Myers faced headwinds after weak pipeline updates and concerns over patent cliffs on some of its blockbuster drugs. The stock’s defensive nature wasn’t enough to offset investor worries. BMY was also a dog performer last month.

Looking at the full list, my portfolio had slightly more losers than winners.

About 16 stocks increased in price, led by Cummins and Brookfield Renewable.

Around 21 stocks declined, with TXN, CNI, and BMY dragging performance.

On average, the gainers rose by about +4,8%, while the losers fell by -5,2%. This tilt toward the negative side explains why my portfolio slightly underperformed the global indices despite some strong individual showings.

Dividend Income

And now the most important part: dividends. After all, short-term price fluctuations are just noise compared to the long-term compounding effect of growing passive income.

That’s a 2.3% drop in constant FX terms compared to last year and a much steeper -9.3% decline after currency effects and tax.

The main culprit was Medical Properties Trust (MPW), which slashed its payout from $30.00 to just $16.00, a painful -47% cut. On the positive side, Coca-Cola (+5.2%), Merck (+5.2%) and Philip Morris (+3.8%) delivered solid dividend growth. I also received a new dividend due to my purchase of two shares in MPWR earlier this year. It's a rather small position with a low dividend yield but it still counts!

This month serves as a reminder that dividend investing isn’t a straight line upward. Cuts happen, especially in riskier high-yield positions like MPW. The key is diversification and focusing on quality companies that can sustain and grow their payouts.

Final Thoughts

July wasn’t my strongest month for dividend income, but the beauty of dividend growth investing lies in the long-term trend, not in one-off months. Despite the temporary setback, I’m confident that my portfolio will continue to deliver growing passive income in the years to come.

As Warren Buffett once said:

“Do not save what is left after spending, but spend what is left after saving.”

Dividends are a perfect example of this philosophy: let your portfolio do the saving and investing for you, and you’ll reap the benefits over time.

Monthly report: June 2025

The first half of 2025 has officially come to a close, and June didn’t disappoint in terms of market movement and dividend income surprises. As a dividend growth investor, I love reflecting on my portfolio’s performance—not just in terms of gains and losses, but especially the sweet stream of passive income that keeps compounding month after month.

Let’s break down what happened in June, how my portfolio fared, and how my dividend income compared to the same time last year.

Global Markets in June 2025

June was a mixed month across global markets:

• U.S. markets surged: The S&P 500 rose by +4.5% and the Dow Jones Total Return Index (DJITR) followed closely with a +4.3% gain, driven by continued strength in tech and industrials.
• International markets were more subdued: The global ETF IWDA ticked up +1.4%, showing steady global optimism.
• Europe lagged behind: The AEXGR fell -0.5%, while the Euro Stoxx 50 (SX5E) dropped -1.0%, largely due to mixed economic data and ongoing political uncertainty.
• U.S. stocks clearly took the spotlight, which also benefited my largely dollar-denominated portfolio.
  
  

Portfolio Movers: Top Gainers & Losers

Based on price changes in my holdings, here are the standouts for June:

Top 3 Gainers

• Brookfield Renewable (BEPC): +13%. A strong quarter and guidance upgrade boosted sentiment. Investors cheered improved cash flow and long-term growth potential in renewables.
• Texas Instruments (TXN): +13%. Chip stocks rallied on AI-driven demand optimism. TXN benefitted from increased exposure to automotive and industrial semis.
• Monolithic Power Systems (MPWR): +9%. Another semiconductor winner, riding the AI and efficiency wave. Solid earnings and upward revisions fueled the rally.

Top 3 Losers

• Unilever (UNA): -6%. Weak emerging market performance and currency headwinds weighed on results. Investors were unimpressed by flat volume growth.
• ADP & Bristol-Myers Squibb (AD, BMY): -5%. ADP declined slightly on valuation concerns, while BMY dropped after an FDA delay and guidance downgrade in its oncology pipeline.
• Ahold Delhaize (AD): -4%. European retail sentiment weakened, and AD followed broader European indices lower, mirroring the AEXGR’s -0.5% drop.

In my portfolio I had 22 holdings with a positive price return, and 15 holdings with a decline in price. That gives a winners-to-losers ratio of roughly 60%. A respectable outcome in a choppy month for global equities.

The average gain among winners is about 5% and the average loss among losers is -2.6%. This positive skew in return distribution is exactly what I aim for—steady gains with limited downside.

Dividend Income: Then vs. Now

Here's how my dividend income stacked up compared to June last year:

This sharp drop is explained by the absence of the dividend from Brink, my employer’s company, which paid just under € 2.400 last year. There will be a final dividend of about 10% more than last year. It iwll be paid in September so all is good on that front. 

Excluding this, my dividend still have grown with about 8%. Notable contributors include:

• Increased positions like BIPC and BEPC.
• New additions like CNI and NEE.
• INTC and IBM paid me last year as well, but I sold them.

All in all a decent month!

Final Thoughts

June 2025 demonstrates the resilience and growth of my international dividend portfolio. The USD income saw solid growth, and the winners outweighed the losers—not just in quantity, but in average performance as well. In the spirit of staying the course, I’ll leave you with a quote from John D. Rockefeller:

"Do you know the only thing that gives me pleasure? It's to see my dividends coming in."

Thanks for reading! Let me know how your June dividends went in the comments.

Monthly dividend income: May 2025

May 2025 Dividend Report – Strong Market Gains & Steady Dividend Growth

As we wrap up May 2025, it’s time for my monthly dividend and market update. It’s been a positive month for global markets, and I’ve seen encouraging developments both in capital gains and income growth. Let’s dig into what happened in the markets and how it reflected in my portfolio and dividend income.

Global Market Overview – May 2025

Markets across the board posted solid gains in May. Here’s a quick snapshot of how major indices performed:

This strong performance came despite continued macroeconomic uncertainty. The standout was clearly the S&P 500, with tech and industrials leading the charge. Globally diversified ETFs like IWDA also benefited from broad-based optimism.

Top Portfolio Movers – May 2025

🏆 Top 3 Gainers

• TXN (Texas Instruments): +16%. A strong rebound supported by solid earnings and long-term optimism in semiconductors.
• MPWR (Monolithic Power Systems): +10%. Riding the AI infrastructure boom – great to see this name bouncing back.
• CNI (Canadian National Railway): +10%. Last year I added 20 shares, and they’ve paid off last month with strong performance tied to improved freight volumes and economic sentiment. I am still down a bit on this purchase however.

🔻 Top 3 Losers

• MPW (Medical Properties Trust): -11%. Continued weakness in the healthcare REIT sector.
• MRK (Merck): -8%. Likely a mix of biotech volatility and recent earnings reactions.
• AOS (A.O. Smith): -5%. Slight dip in cyclical industrials, nothing alarming for the long term.

Looking at my entire portfolio:

That’s about a 75% win ratio this month, with a fairly healthy average price gain among winners. The average gain among all stocks was approximately +5%, while the minority decliners averaged around -4%. The portfolio remains diversified across sectors and currencies, which helped absorb minor underperformance in areas like healthcare and real estate.

Dividend Income – May 2025 vs May 2024

The biggest driver was the addition of ASRNL, which contributed €78.40 this month. This is a recent portfolio addition, and it’s great to see such immediate income impact. The other reason dividend income was up was because of a recent addition of two shares in Deere and a 10% dividend raise earlier this year. May 2025 is now my highest May ever in dividend income.

Final Thoughts & Quote of the Month

May showed what dividend investing is all about: steady compounding, occasional price pops, and growing passive income. I’m especially proud of the diversification and the new positions (like ASRNL) that are already proving themselves.

As always, I’ll leave you with a quote to reflect on:

"Do you know the only thing that gives me pleasure? It’s to see my dividends coming in."

— John D. Rockefeller

Thanks for reading – and as always, happy compounding!

Monthly Dividend Income – April 2025

April 2025 turned out to be a challenging month across global markets. After a relatively calm first quarter, volatility returned in full force. However, my dividend portfolio proved its resilience once again, delivering income growth despite widespread declines in stock prices.

Global Markets Recap – April 2025

Markets worldwide retreated during April, driven by concerns about persistent inflation, interest rate uncertainty, and geopolitical tensions. Here’s a quick snapshot of the major indices:

These declines affected nearly all sectors, although defensive and dividend-focused stocks generally held up better than growth-heavy areas like tech. The pullback created pressure on capital appreciation but underscored the value of reliable dividend income.

Top 3 Gainers and Losers in My Portfolio

Despite the negative macro backdrop, several names in my portfolio posted solid gains.

Top 3 Gainers:

• Walmart (WMT): +10%. Strong quarterly earnings and solid U.S. sales performance helped drive the stock higher.
• Philip Morris (PM): +8%. Consistent cash flows and a stable dividend made it a safe haven in April.
• Ahold Delhaize (AD): +4%. A defensive consumer staple that continues to perform steadily in uncertain times.

Top 3 Losers:

• Bristol Myers Squibb (BMY): -16%. Weak guidance and increased competitive pressures led to a sharp drop.
• Shell: -15%. Energy prices softened and geopolitical risks weighed heavily on the stock.
• Hannon Armstrong (HASI): -11%. As a renewable energy REIT, it was hit hard by declining and uncertain markt sentiment.

Earnings Highlights – Q1 Results

Several companies in my dividend portfolio reported earnings in April. Here are a few noteworthy updates:

• Walmart (WMT): Beat expectations on revenue and earnings, citing strength in grocery and e-commerce sales.
• Johnson & Johnson (JNJ): Delivered results in line with expectations, though rising input costs remain a concern.
• ASML: Missed estimates slightly due to lower demand from China and cautious guidance for the rest of 2025.
• Merck (MRK): Reported strong sales from its oncology segment, led by Keytruda.

Overall, all companies maintained their dividends and several reiterated their commitment to shareholder returns.

Winners vs. Losers – Portfolio Ratio

April saw a clear tilt toward underperformance in my portfolio:

This divergence highlights how a few outperformers, like Walmart and PM, helped cushion broader declines. It also underlines the importance of diversification—something that continues to serve my long-term strategy well.

Dividend Income – Year-over-Year Growth

Despite market turbulence, dividend income remained steady—and even grew compared to April 2024:

The modest growth reflects dividend hikes (e.g. WMT, PM), reinvestment effects, and new positions such as ADP and MPWR. On the downside, Medical Properties Trust (MPW) slashed its dividend by -47%, and I sold my position in Baxter (BAX) in the beginning of 2024. This is therefore the last quarter in which this portfolio move negetively affects the year-on-year comparison.

Still, a +2.0% after-tax increase during a volatile month is a great example of why dividend investing can offer reliable income even when prices are falling.

Closing Thoughts

Dividend investing remains a pillar of my financial strategy, offering consistency amid market noise. While price fluctuations are inevitable, the ability to generate growing income month after month is incredibly reassuring—and motivating.

“Do you know the only thing that gives me pleasure? It’s to see my dividends coming in.”

— John D. Rockefeller

Here’s to more compounding, more consistency, and more dividends in the months ahead.

Recent buy: NextEra Energy

I'm excited to share a recent addition to my dividend portfolio: 25 shares of NextEra Energy (ticker: NEE). This purchase aligns with my long-term strategy of investing in companies that offer consistent dividend growth and are positioned for sustainable future performance.​

Why NextEra Energy?

NextEra Energy is one of the largest electric utility companies in the U.S., primarily serving Florida through its subsidiary, Florida Power & Light. Beyond traditional utilities, NextEra is a global leader in renewable energy, boasting one of the world's largest portfolios of wind and solar power assets. This dual focus on reliable utility services and clean energy innovation makes it a compelling choice for dividend growth investors.​

Dividend Growth and Yield

As of early 2025, NextEra offers an annual dividend of $2.26 per share, translating to a yield of approximately 3.48%. More impressively, the company has increased its dividend for 31 consecutive years, with an average annual growth rate of over 10% in recent years. Management has expressed confidence in continuing this trend, targeting roughly 10% annual dividend growth through at least 2026.

Financial Performance

In 2024, NextEra reported adjusted earnings per share (EPS) of $3.43, marking an 8.2% increase from the previous year. The company also expanded its renewable energy capacity by commissioning 8.7 gigawatts of new projects, with a backlog exceeding 12 GW. These developments underscore NextEra's commitment to growth and its strong position in the evolving energy landscape.​

Investment Rationale

By acquiring 25 shares at approximately $66 each, I've invested around $1.650 in NextEra Energy. This addition is expected to yield about $56 in annual dividends, with the potential for this income to grow over time given the company's dividend growth trajectory. NextEra's blend of stable utility operations and leadership in renewable energy aligns well with my investment goals, offering both income and growth potential.​

I'll continue to monitor NextEra's performance and share updates on how this investment contributes to my overall dividend income. As always, I welcome your thoughts and discussions on dividend investing strategies.

Monthly update: March 2025 - Navigating Market Volatility

As we wrap up another month in 2025, it’s time to reflect on how the markets performed, how my portfolio fared, and most importantly, how my dividend income has progressed compared to last year. Let’s dive in!

Global Market Performance in March 2025

March was a tough month for global markets, with most major indices experiencing a decline:

• AEXGR fell -3.4%, reflecting weakness in Dutch stocks.
• SX5E (Euro Stoxx 50) dropped -5.3%, showing broader European market struggles.
• IWDA had the steepest decline, -8.2%, indicating global equity weakness.
• DJITR dipped -2.7%, showing a slowdown in U.S. transport stocks.
• S&P 500 declined -4.1%, adding to the ongoing market correction in the U.S.

Overall, March was a challenging month for equities, with widespread declines across global markets.

Top Gainers and Losers in My Portfolio

Despite the tough month, a few of my holdings managed to perform well:

• ExxonMobil (XOM): +10% – The energy sector showed resilience, with XOM benefiting from strong oil prices and stable earnings.
• Brookfield Renewable (BEPC): +5% – Renewable energy stocks held their ground, and BEPC showed a solid recovery.
• Hannon Armstrong (HASI): +5% – Another renewable energy stock that managed to perform well despite broader market weakness.

However not all holdings fared well in March:

• Cummins (CMI): -12% - The diesel and natural gas engine manufacturer faced pressure due to supply chain issues and concerns over slowing demand. Industrial stocks were hit particularly hard in the market downturn.
• T. Rowe Price (TROW): -11% - Asset management companies like T. Rowe Price suffered due to market volatility and declining assets under management (AUM). Lower investor confidence in equities led to increased fund outflows.
• Walmart (WMT): -10% - Retail stocks struggled as consumer spending slowed.

Dividend Income Growth: March 2025 vs. March 2024

My dividend income continued its upward trend, showing strong year-over-year growth:

Total dividend income (March 2024): €395

Total dividend income (March 2025): €460

YoY growth: +16.5%

Despite market volatility, my passive income stream continues to grow, reinforcing the power of dividend investing.

Closing Thoughts: A Buffett Quote

As Warren Buffett wisely said:
"If you don’t find a way to make money while you sleep, you will work until you die."

This month’s performance is a perfect reminder of why I continue to invest in high-quality dividend stocks. Market fluctuations are temporary, but a well-built dividend portfolio keeps generating income, regardless of short-term volatility. Onward to April!

Recent Buys for My Dividend Portfolio (ASR, IWDA, BIPC, MPWR)

As part of my ongoing strategy to build a strong and growing dividend portfolio, I’ve made some recent additions that I believe will contribute to long-term wealth accumulation. Here’s a quick breakdown of my latest buys:

• ASR Nederland (ASRNL): ASRNL is a solid Dutch insurance company with a strong track record of dividend payments. With its recent acquisition of Aegon’s Dutch operations, the company has positioned itself for further growth. I see ASRNL as a stable income-generating asset with an attractive yield. I bought 40 shares for about € 49 per share, resulting in an annual dividend of € 125.
• iShares Core MSCI World (IWDA): While not a direct dividend play, IWDA provides global diversification and exposure to high-quality companies worldwide. This ETF adds stability and growth potential to my portfolio, complementing my dividend-focused investments.
• Brookfield Infrastructure Corp (BIPC): BIPC operates in essential infrastructure sectors like utilities, transport, and energy. The company has a strong dividend history, and I expect steady income growth over the long term. Infrastructure is a defensive sector that performs well in different market conditions, making BIPC a great addition. I bought shares last year as well. With my recent addition of 40 shares after the share price drop of last week, I added $70 in dividend income.
• Monolithic Power Systems (MPWR): MPWR is a high-growth semiconductor company with increasing dividend payments. While its yield is relatively low, its strong capital appreciation potential and consistent dividend growth make it an exciting long-term hold. It's a more risky play but I wanted to increase my tech holdings a bit. These two shares will only deliver $12 in forword annual dividend income. 

With these additions, my portfolio continues to balance income generation and long-term growth. I’m excited to see how these investments perform in the coming years. Let me know what you think—are you adding any of these stocks to your portfolio?