Monthly report: September 2026

Weak Portfolio Month, but Underlying Dividend Growth Remains Strong

September was a mixed month for global markets, but a considerably weaker month for my dividend portfolio. That said, the income numbers once again show why one month rarely tells the whole story.

Global markets: a mixed September

Among the indices I track, IWDA performed best at +1.6%, followed by the AEX Total Return Index at +1.3% and the S&P 500 at +0.7%. Europe was weaker, with the STOXX Europe 50 declining -1.1%, while the Dow Jones Industrial Total Return Index fell -2.3%.

The US market environment was certainly not straightforward. On September 30, CNBC reported softer-than-expected inflation alongside higher Treasury yields, while the S&P 500 ended the month lower according to CNBC's measure.

Portfolio performance: semiconductor strength wasn't enough

My portfolio had a difficult month. The average price change across my 31 holdings was -0.9%. There were nevertheless some impressive winners:

• ASML: +11%
• Texas Instruments (TXN): +11%
• Monolithic Power Systems (MPWR): +10%

Interestingly, these same semiconductor stocks have demonstrated just how quickly prices can move. In my January 2026 report, ASML, TXN and MPWR were also my three largest gainers, at +23%, +22% and +20%, respectively.

At the opposite end:

• Realty Income (O): -11%
• Brookfield Renewable (BEPC): -11%
• HASI: -9%

APD, Ahold Delhaize, NextEra Energy, BHP and Aflac were also down 9%.

Winners versus losers

The breadth tells the real story. Just 7 positions increased versus 24 decliners, producing a winners/losers ratio of only 0.3.

The average winner gained 5.5%, while the average loser fell 5.1%. Consequently, the portfolio's -0.9% average price movement lagged the AEX, IWDA and S&P 500, but still performed better than the Dow's -2.3%.

This is almost the mirror image of my August report, when I had 18 winners versus 13 losers. It is a useful reminder not to draw conclusions from one month's price movements.

Dividend income: the headline is misleading

At first sight, September's dividend income looks terrible. At constant FX, income dropped from €3,377 to €696 (-79.4%). After tax, I received €608 versus €2,881 last year (-78.9%).

But there is one obvious explanation: Brink paid €2,680.99 in September 2025 and nothing this September. Excluding that exceptional payment, the underlying picture is much stronger. The other reason is that I sold my shares in TROW and CNI earlier this year. USD dividends only declined from $518 to $503 (-2.8%), despite receiving nothing from CNI and TROW this year.

More importantly, many continuing positions delivered excellent growth:

• NextEra Energy: +76.0%
• Visa: +70.3%
• BHP: +65.0%
• BIPC: +37.6%
• Shell: +12.4%
• Cummins and BlackRock: +10.0%

The higher BIPC income is particularly satisfying because I increased my position by 30 shares in April. My BIPC purchase update explains why I used the weakness to increase this income-producing position. Earlier this year I also highlighted how purchases helped boost the dividends from NEE and Visa.

Final thoughts

September wasn't a great month for share prices, and the headline dividend comparison is heavily distorted by last year's Brink payment. Underneath that noise, however, the portfolio continues doing what I want it to do: established holdings are increasing their dividends and recent investments are generating additional cash flow. That is ultimately what DividendDream is about.

“Don't judge a dividend portfolio by one payment or one month. Judge it by how much income it can produce five, ten and twenty years from now.”

Price is what the market offers me today. Growing cash flow is what I'm building for tomorrow.

Monthly report: August 2026

A Positive Portfolio, Despite Lower Income

August was a relatively quiet but positive month for most of the markets I track. After July's more mixed performance, four out of five indices finished August higher.

The AEX Total Return Index gained +0.8%, while IWDA rose +0.5%. In the US, the Dow Jones Industrial Total Return Index added +0.1% and the S&P 500 gained +1.1%. The only decliner was the STOXX Europe 50, down -0.1%. The broader US market also finished August in positive territory according to a month-end market review, which reported gains for the S&P 500 and Dow over the month.

Against this modestly positive backdrop, let's see how my dividend portfolio performed.

Portfolio performance: 18 winners versus 13 losers

The portfolio delivered an average price increase of +0.6% across 31 positions. The three biggest winners were:

• Merck (MRK): +16%
• BHP: +13%
• Deere & Company (DE): +8%

It is encouraging to see the gains spread across healthcare, mining and industrials rather than concentrated in a single sector.

At the other end, the biggest losers were:

• Cummins (CMI): -13%
• Ahold Delhaize (AD): -12%
• Aflac (AFL): -9%

Looking at the complete portfolio, the picture remained positive. 18 positions gained versus 13 that declined, resulting in a winners/losers ratio of 1.4. The average winner gained +4.4%, while the average loser declined -6.1%.



Compared with the indices I track, my +0.6% average portfolio price change was roughly in the middle of the pack. It beat IWDA (+0.5%), Dow (+0.1%) and STOXX Europe 50 (-0.1%), but trailed the AEX (+0.8%) and S&P 500 (+1.1%).

For me, that's perfectly fine. The objective isn't to beat every index every month. The objective is to build a diversified portfolio capable of producing reliable and growing income over many years.

Dividend income: down 4.5%

On the income side, August was less impressive. At constant exchange rates, dividend income declined from €218 in August 2025 to €206 in August 2026, down 5.5%. Currency movements softened the decline slightly. After FX, income was €207, while my after-tax dividend income decreased from €184 to €176, or -4.5%.



The main explanation is straightforward. USD dividend income declined from $236 to $217 (-8.0%), primarily because I sold my shares in A.O. Smith (AOS) and Kinder Morgan (KMI).

Only ASML offered a nice dividend boost (helped by the purchase of 1 additional share). The rest of the dividend growth was somewhat muted. However I don't judge dividend progress on a single month. 

Final thoughts

August wasn't spectacular, but it didn't need to be. The portfolio gained, more stocks went up than down, and several companies increased their dividends. Dividend investing is a marathon of small steps rather than monthly victories.

“Compounding works best when you give it the one thing it needs most: time.”

And that's exactly what I intend to keep giving my portfolio.

Monthly report: July 2026

Portfolio Strength Despite Weaker Markets

July was a mixed month for global stock markets. After several relatively strong months, most of the indices I track moved lower.

The AEX Total Return Index was the exception, gaining +1.9%. Elsewhere, the STOXX Europe 50 fell -0.5%, IWDA declined -1.2%, the Dow Jones Industrial Total Return Index lost -1.3%, and the S&P 500 dropped -2.2%. This fits the broader picture of a mixed July. A July 31 market review reported rotation away from mega-cap technology toward value and other parts of the market, alongside rising Treasury yields. For a dividend investor, such rotation is a useful reminder of the benefits of diversification.

Against that backdrop, my portfolio had an excellent month. Across 31 positions, the average price change was +2.8%, considerably better than most of the general market indices I track.

My three biggest gainers were:

• Microsoft (MSFT): +21%
• Shell: +18%
• Bristol Myers Squibb (BMY): +16%

Microsoft’s recovery is particularly striking after being my biggest loser in June at -19%. Markets can change direction quickly, which is another good argument for not making investment decisions based on one month of price performance. See my June 2026 monthly report for comparison.

On the other side, the three biggest decliners were:

• ASML: -13%
• Brookfield Renewable (BEPC): -9%
• Texas Instruments (TXN): -8%

Interestingly, ASML was June's biggest winner at +24%. One month later it sits at the bottom of the list. Yet another reminder that monthly price changes are mostly noise when your investment horizon is measured in years.

22 winners versus only 9 losers

The breadth of the portfolio was perhaps the most encouraging part of July:

With more than twice as many winners as losers, my portfolio performed considerably better than the overall direction of the markets. While IWDA and the S&P 500 declined, the average position in my portfolio gained 2.8%. This month therefore demonstrates the value of having exposure to different sectors rather than relying on one particular market or theme.

Dividend income: temporarily moving backwards

Dividend income was less positive. At constant exchange rates, July income decreased from €196 in 2025 to €181 in 2026, a decline of -7.5%. After FX, income came in at €187, and after tax I received €159 versus €168 last year, down -5.1%.

The main explanation can be found in the USD holdings. Total USD dividends decreased 7.5%, from $231 to $214, primarily because I sold my shares in MPT and MDT, versus $16.00 and $21.30 respectively last year. However, there was plenty of underlying dividend growth:

• ADP: +107.0%
• MPWR: +28.2%
• PM: +8.9%
• MRK: +4.9%
• KO: +3.9%

So, although July's headline income declined, several individual dividend streams continue moving in exactly the direction I want: upwards. That follows an extraordinary June, when dividend income reached a record level, largely due to the Brink dividend. You can read more in my June dividend report.

Final thoughts

July illustrates dividend investing perfectly. Markets declined, my portfolio gained, but dividend income fell. Next month the picture could be completely different. That is why I prefer to judge progress over years rather than months.

“Time in the market beats timing the market.”

For me, the objective remains unchanged: keep buying quality businesses, let dividends grow, reinvest the cash and give compounding enough time to do the heavy lifting.

Monthly report: June 2026

June turned out to be another positive month for investors. While headlines often focus on short-term market movements, this month was a good reminder of why I prefer to focus on dividend income and long-term ownership of quality businesses.

Most major equity markets finished June in positive territory. European markets in particular had a strong month, while performance in the United States was mixed.

The divergence between Europe and the United States highlights the benefits of maintaining a globally diversified portfolio. While US large caps faced some headwinds, European equities continued their upward trend and helped compensate for weaker performance elsewhere.

Dividend investing remains popular among investors seeking a combination of income and long-term capital appreciation. Recent market commentary continues to highlight the attractiveness of high-quality dividend-paying companies in a volatile environment.

Portfolio performance – more winners than losers

My portfolio had a strong month overall, with a return of +5.3%. The biggest gainers were:

• ASML (+24%)
• Deere & Company (+17%)
• Johnson & Johnson (+14%)

ASML once again demonstrated why it remains one of the highest-quality technology companies in Europe. Deere benefited from renewed optimism surrounding industrial and agricultural sectors, while Johnson & Johnson showed the defensive strength that healthcare can provide.

The biggest losers were:

• Microsoft (-19%)
• Monolithic Power Systems (-10%)
• BHP (-9%)

Although these declines were substantial, they were more than offset by gains elsewhere in the portfolio.

Winners versus losers

One metric I like to track every month is the balance between winners and losers. June's figures were:

A ratio above 1 means that more positions increased than decreased during the month. Combined with the strong performance of several core holdings, this resulted in portfolio performance that exceeded most of the benchmark indices.

This illustrates an important point: successful dividend investing is not about having every position perform well every month. It is about owning enough quality businesses so that the winners can more than compensate for the occasional laggards.

Dividend income reached a record level

The highlight of June was undoubtedly the dividend income received. 

My total dividend income increased from €524 in June 2025 to €15,817 in June 2026 before currency effects. After tax, income increased from €444 to €13,440. The primary reason for this extraordinary increase was a €15,250 dividend payment from Brink. This transformed June into a record month for portfolio income.

Beyond this exceptional payment, there were also encouraging signs of underlying dividend growth:

• BIPC: +37.6%: a recent buy in April fueled BIPCs dividend growth
• Visa: +70.3%: a recent buy in December 2025 helped to boost Visa's dividend growth.
• NextEra Energy: +76.0%: a recent buy back in September 2025 was the main reason for NEE's increased dividend payout.
• Cummins: +9.9%
• BlackRock: +10.0%
• Shell: +10.8%
• Aflac: +5.2%

The USD portion of the portfolio generated $520 compared to $479 last year, representing growth of 8.5%. This demonstrates one of the key advantages of dividend growth investing: income continues to rise even when market conditions fluctuate.

Final thoughts

June was an excellent month. The portfolio generated strong total returns, more positions advanced than declined, and dividend income reached an all-time high. While the Brink dividend payment was exceptional, the underlying trend remains the most important takeaway: the income generated by the portfolio continues to grow year after year.

As dividend investors, we are not merely collecting stocks—we are building a growing stream of cash flow that can eventually fund financial independence.

"The goal of dividend investing is not to predict the next market move. It's to own great businesses that pay you more every year."

That remains the guiding principle behind DividendDream.

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.

Monthly report: April 2026

After a difficult March, April delivered a powerful rebound across global equity markets. Most indices moved sharply higher, confirming how quickly sentiment can shift.

Based on my own tracking, the S&P 500 gained +8.5%, while the Dow Jones rose +5.0% and the MSCI World (IWDA) increased +5.4%. European markets also participated, with the AEX up +2.6% and STOXX Europe 50 rising +1.5%.

This aligns with what we saw in broader markets: April marked one of the strongest months in years, with the S&P 500 even posting its best monthly performance since 2020, driven by strong earnings and easing geopolitical pressure.

Portfolio performance: broad participation

This positive market momentum was clearly visible in my portfolio. The top 3 gainers in April were:

• MPWR: +44%
• TXN: +43%
• CMI: +22%

The common factor here is exposure to high-quality industrials and semiconductor-related names, which benefited from renewed growth optimism and strong earnings expectations.

On the downside, losses were limited and relatively modest:

• BEP: -10%
• MRK: -10%
• BIPC: -6%

Compared to March, downside volatility was clearly lower, which is exactly what you want to see in a recovering market.

Winners vs losers: a strong signal

The overall ratio tells an even more important story:

This is a very healthy distribution. Not only did a large majority of holdings move higher, but gains were roughly twice the size of losses.

Compared to the broader market, this indicates outperformance in stock selection. While indices already posted strong returns, my portfolio showed broad participation and strong upside capture, especially in growth‑sensitive and dividend‑growth names.

This reinforces a key principle I often discuss on my blog. Long-term success in dividend investing comes from owning quality businesses, not timing the market.

Dividend income: steady and growing

While price performance was strong, the real foundation remains income.

In April, total dividend income increased from €361 to €394 (+9.3% YoY at constant FX). After currency effects and taxes, income still grew +6.5% year‑over‑year.

Key drivers behind this growth:

• Continued contributions from USD income (up to $268, +9.4%)
• Strong and growing payouts from holdings such as MPWR (+28%), MPT (+12.5%) PM and AD (both +9%).
• Increased dividend from extra share purchases (mainly ADP, back in january).
• Gradual build‑up of positions added in recent months

This highlights the core strength of the strategy: income keeps compounding regardless of market direction.

Final thoughts

April was a reminder of how quickly markets can recover—and why staying invested matters. Missing just a few strong months like this can have a significant impact on long‑term returns.

Dividend investing is not about avoiding volatility. It’s about getting paid while you ride through it.

“Do not be distracted by short-term noise. Focus on growing your income stream.”

And that is exactly what I intend to keep doing.

Selling to Build: Freeing Up Capital for a Home

Over the past weeks, I have been unwinding several equity positions. Not as a reaction to markets, but as part of a deliberate shift in priorities: building cash for a future down payment on a house.

The positions sold:

• Kinder Morgan (KMI) – 48 shares
• Canadian National Railway (CNI) – 20 shares
• A. O. Smith (AOS) – 25 shares
• Medical Properties Trust (MPW/MPT) – 200 shares
• Medtronic (MDT) – 30 shares

This marks a temporary transition from long-term compounding to short-term certainty.

Looking Back at the Buys

Each of these investments was made with a clear thesis and documented at the time:

• https://dividenddream.blogspot.com/2024/10/recent-buy-canadian-national-railway-cni.html
• https://dividenddream.blogspot.com/2023/05/recent-buy-aos.html
• https://dividenddream.blogspot.com/2023/02/recent-buy-mpw.html
• https://dividenddream.blogspot.com/2022/09/recent-buys-asml-txn-mpw-afl-intc.html
• https://dividenddream.blogspot.com/2022/12/recent-buys-bep-txn-ad-and-mdt.html

Reality Check: Underwhelming Performance

Since purchase, results have been mixed at best:

• Limited price appreciation
• Some positions trading below cost
• Weak sentiment around MPT in particular
• Opportunity cost versus stronger performers

None of these positions were outright disasters. But collectively, they did not produce the expected combination of growth and income. Under normal circumstances, the answer might be patience. But portfolio decisions do not happen in isolation—they depend on real-world needs.

The Actual Driver: A Life Event

The decision to sell is not primarily market-driven. It is because I need liquidity for a future down payment on a house. Selling achieves three things:

1. Converts invested capital into usable cash
2. Eliminates downside risk before deployment
3. Creates flexibility and certainty

Final Thought

Investing is often framed purely in terms of returns. But ultimately, capital has a purpose beyond accumulation. This is one of those moments where capital shifts from: “working in the market” → “working in real life.” From building a portfolio… to building a home.