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.

Recent Buy: Adding 30 Shares of Brookfield Infrastructure (BIPC)

Today I added 30 shares of Brookfield Infrastructure Corporation (BIPC) to my dividend portfolio. This is not a new name for me - BIPC has been a core infrastructure holding for some time - but the recent price weakness provided what I believe is an attractive opportunity to add at a higher yield.

What Happened to the Share Price?

BIPC has declined sharply since mid‑February. After reaching a 52‑week high of almost $52 on February 12, 2026, the stock has dropped to around $41–42, representing an 18% pullback in just over two months. The primary catalyst was the Q4 2025 earnings release, where reported EPS came in well below consensus. While headline EPS disappointed, funds from operations (FFO) rose 6% year over year, driven by organic growth and new investments, particularly in utilities and data infrastructure. As often happens with Brookfield entities, accounting noise around depreciation and disposals overshadowed solid cash flow performance.

Why BIPC Fits My Dividend Strategy

Brookfield Infrastructure owns a diversified portfolio of essential, long-life assets—utilities, transport networks, midstream, and data infrastructure—spread across multiple geographies. These assets benefit from inflation-linked contracts, regulated frameworks, and high barriers to entry.

At today’s price, BIPC offers a dividend yield of approximately 4.2%, well above both the broader market and the utilities sector average. The current quarterly dividend is $0.455 per share, reflecting a roughly 6% year‑over‑year increase, continuing Brookfield’s long-standing policy of mid‑single‑digit annual distribution growth.

Importantly, management has reiterated its expectation for FFO growth to accelerate in 2026, as recently commissioned projects contribute for a full year and capital recycling is redeployed into higher‑return opportunities.

This Is Not My First Purchase

This recent buy builds on earlier positions I established back in 2024 and 2025, which I documented previously on the blog.

Final Thoughts

By adding 30 shares at today’s prices, I am increasing portfolio income while averaging into a high‑quality infrastructure business during a period of market pessimism. With a higher yield, visible dividend growth, and improving cash flows, BIPC once again looks like a compelling long-term dividend holding especially when bought after a drawdown rather than at a peak.

As always, patience and cash flow matter more than short‑term price movements in a dividend portfolio.

Recent buy: Adding Microsoft (MSFT) to My Dividend Portfolio After the Recent Pullback

Last week I added 5 shares of Microsoft (MSFT) to my dividend portfolio, taking advantage of a sharp but, in my view, fundamentally driven mispricing that emerged in late March. While Microsoft is not a high‑yield stock, it remains one of the most reliable dividend growth compounders in the market, and the recent price weakness offered a rare chance to buy quality at a discount.

What Caused the Recent Price Drop?

Microsoft shares declined materially through March, falling roughly 25–33% from their 52‑week highs, with the stock trading in the $360–$380 range in the last two weeks of March 2026. Importantly, this drop was not driven by deteriorating fundamentals. The sell‑off was largely fueled by investor concerns around AI capital expenditure, margin compression, and fears that monetisation of AI investments might take longer than initially hoped. Combine this with the recent global sell-off due to geopolitical issues in the world. Despite these concerns, Microsoft’s FY2026 Q2 earnings beat expectations, showing 16.7% revenue growth and double‑digit EPS growth, reinforcing that operational performance remains strong. In other words, sentiment deteriorated faster than business performance—a dynamic long‑term investors should welcome.

Why This Is an Attractive Entry Point

At current levels, Microsoft trades at a compressed forward valuation, near its lowest multiples in nearly a decade. Analysts broadly agree the stock has moved into undervaluation territory, with many characterising recent prices as a valuation reset rather than a structural decline.

Crucially for a dividend portfolio, Microsoft maintains:

• A AAA credit rating
• Enormous cash generation
• A commercial backlog exceeding $600 billion
• Strong competitive moats across cloud, enterprise software, and AI infrastructure.

This combination significantly reduces long‑term downside risk.

Dividend Quality Still Intact

Microsoft continues to be a best‑in‑class dividend grower. As of early April 2026, the company pays an annual dividend of $3.64 per share, or $0.91 quarterly, with a yield of approximately 0.97% at current prices. While the yield is modest, the payout ratio remains low (around 22%), leaving ample room for future increases. With this purchase I add about $18 to my annual dividend income.

Microsoft has now increased its dividend for over 20 consecutive years, and the most recent dividend was confirmed in March with the next ex‑dividend date set for May 21, 2026.

Final Thoughts

Buying Microsoft during this pullback aligns perfectly with my dividend strategy: high‑quality businesses, temporary market fear, and long‑term compounding. The stock may remain volatile in the short term as AI investment debates continue, but from a multi‑year perspective, this looks like a rare opportunity to add an elite dividend growth stock at an attractive valuation.

As always, patience is the edge.

Monthly report: March 2026

March was another challenging month for equity markets, especially for investors with broad index exposure. Most major indices ended the month solidly in the red. The AEX GR declined by ‑5.1%, while the European STOXX 50 lost ‑7.4%. In the US, the damage was similar: the S&P 500 fell ‑7.8%, the Dow Jones Industrial Index ‑7.4%, and the global IWDA ETF dropped ‑4.9%. In short: this was a clear risk‑off month across regions and asset classes.

This market weakness fits well with the broader narrative we’ve been seeing recently. According to Reuters (March 30, 2026), dividend‑focused funds are attracting strong inflows as investors look for stability and income amid geopolitical tensions and rising volatility (U.S. Dividend Funds Draw Strong Flows). In that context, price pressure comes as no surprise—and neither does increased interest in dividends.

Portfolio price movements: winners and losers

Within my own portfolio, price movements reflected this tough environment. The top three gainers in March were:

• Shell: +14%
• Exxon Mobil (XOM): +10%
• APD: +5%

Energy clearly remained a bright spot, supported by higher oil prices and ongoing geopolitical risk.

On the other end of the spectrum, the three biggest losers were:

• UNA: ‑20%
• BIPC: ‑20%
• MPT: ‑18%

These declines look painful in isolation, but they need to be viewed in the context of the entire portfolio and the broader market sell‑off.

Out of 37 holdings, only 6 finished the month higher, versus 31 decliners. That gives a winners/losers ratio of 0.2, with an average gain of +4.3% for winners and an average loss of ‑7.7% for losers. This skew might feel uncomfortable, but it closely mirrors what happened in the indices. The portfolio did not “fail” this month—it simply moved in line with a broadly declining market, while still showing pockets of resilience.

More importantly, this kind of distribution is precisely why diversification and income matter. Short‑term price volatility is temporary; cash flow is not.

Dividend income: steady progress

The most encouraging part of the March report is dividend income. On a constant FX basis, total monthly income increased from €548 to €626, a +14.2% year‑over‑year improvement. Even after FX effects and taxes, net income still rose by +7.9% compared to March last year.

The important reasons for the dividend growth are:

• Companies such as AFL, CMI, BLK and CNI continued their cycle of steady dividend increases, which compounds nicely over time, even in weak market conditions.
• New addition to the portfolio NEE delivered a nice first dividend of almost $25. I purchased shares back in april and september last year.
• Dividends from Visa (V) and BIPC got boosted because of share purchases during the last year, in addition to their regular dividend increases.

That’s the real win: higher income despite lower prices. I’ll end with a piece of timeless wisdom that feels especially relevant this month:

“The stock market is a device for transferring money from the impatient to the patient.” — Warren Buffett

And for dividend investors, patience doesn’t just wait—it pays.

Monthly report: February 2026

February brought a mixed picture for global markets. European equities continued their positive momentum, while U.S. markets showed some weakness toward the end of the month. The AEX Gross Return Index rose +2.0%, and the Euro Stoxx 50 gained +2.2%, indicating continued strength in European markets. Global equities, represented by IWDA, were mostly flat with a modest +0.1% increase.

In contrast, U.S. indices struggled slightly. The Dow Jones Total Return declined –0.7%, while the S&P 500 fell –1.4% during the month. While these moves are not dramatic, they show that market performance remains uneven across regions. For long-term dividend investors, however, short-term index fluctuations are mostly background noise compared to the steady flow of dividend income.

Portfolio Movers – Top Gainers and Losers

Within my own portfolio, there were several notable price movements. The three biggest gainers in February were:

• AD (+25%) – Ahold Delhaize had an excellent month, leading the portfolio with a strong rebound. Defensive consumer staples companies can sometimes surprise with strong moves when market sentiment shifts.

• DE (+18%) – Deere delivered an impressive gain, likely supported by optimism around the agricultural and industrial sectors.

• BHP (+18%) – The mining giant benefited from stronger commodity sentiment and improving demand expectations.

On the other side of the spectrum, the three biggest losers were:

• ADP (–13%) – Automatic Data Processing declined the most this month, likely reflecting short-term market rotation rather than fundamental changes.

• TROW (–11%) – T. Rowe Price experienced a significant pullback, as asset managers can be sensitive to market volatility.

• TXN (–6%) – Texas Instruments fell modestly, possibly due to continued uncertainty around the semiconductor cycle.

Despite these declines, most movements appear to be normal market fluctuations rather than major fundamental changes.

Looking at the broader picture, February actually saw a clear majority of winners in my portfolio. Roughly two-thirds of the holdings posted gains, while the remaining positions ended the month lower. This positive ratio of winners versus losers is encouraging, especially considering the mixed performance of global indices.

The portfolio therefore slightly outperformed the general market direction in terms of individual stock performance. While U.S. indices declined modestly, many of my holdings—particularly in defensive sectors, industrials, and commodities—managed to post solid gains. This highlights the benefit of diversification across sectors and geographies within a dividend-focused portfolio.

Dividend Income – Year-over-Year Comparison

The most striking change in February is the sharp increase in dividend income compared to last year. In February 2026, total dividends after tax reached €6,323, compared to €203 in February 2025. At first glance, this represents a massive +3008.8% increase year over year.

However, this large jump is primarily driven by a one-time dividend from Brink, which accounted for the majority of the income this month. Without that payment, the comparison would look far more modest.

Looking at the recurring dividends, the USD subtotal increased from $235 to $239, representing 1.6% growth. This steady increase reflects the gradual dividend growth from companies like BMY, KMI, AOS, and others in the portfolio.

Final Thought

Dividend investing is often less about dramatic market moves and more about steady progress over time. As the legendary investor John D. Rockefeller once said:

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

Month after month, that steady stream of income continues to grow—one dividend at a time.

Monthly report: January 2026

The new year started on a positive note for global markets. January delivered solid gains across most major indices, setting a constructive tone for 2026. European markets led the way, with the AEX rising +3.5% and the Euro Stoxx 50 gaining +1.7%. Global equities also moved higher, as IWDA advanced +0.8% over the month.

In the United States, performance was steady rather than spectacular. The Dow Jones Total Return increased +1.1%, while the S&P 500 finished January up +1.2%. Overall, it was a healthy start to the year, driven by optimism around earnings, easing inflation concerns, and a general “risk-on” sentiment in equity markets.

Portfolio Movers – Top Gainers and Losers

Against this favorable backdrop, my portfolio saw some strong individual stock movements. The three biggest gainers in January were:

• ASML (+23%) – A very strong start to the year for ASML, benefiting from renewed confidence in the semiconductor cycle and AI-related demand.
• TXN (+22%) – Texas Instruments rebounded sharply, likely reflecting improving sentiment around industrial semiconductors.
• MPWR (+20%) – Monolithic Power Systems delivered an impressive rally, recovering from earlier weakness as growth expectations improved.

On the downside, the three weakest performers were:

• V (–7%) – Visa pulled back modestly after a strong prior period, likely due to short-term profit-taking rather than any fundamental deterioration.
• AD (–5%) – Ahold Delhaize declined slightly during the month, a relatively normal move for a defensive consumer-staples stock after a period of stability.
• CNI (–4%) – Canadian National Railway saw a mild correction, typical for a defensive, dividend-focused name after a strong run.

These moves highlight how sector momentum—especially in semiconductors—played a major role this month.

January showed a clear skew toward winners in my portfolio. A large majority of holdings posted positive monthly returns, with several double-digit gainers. Compared to the general markets, which delivered solid but relatively modest gains, the portfolio exhibited higher volatility but also stronger upside in certain positions.

For a dividend investor, this is a reminder that price fluctuations are secondary. While it’s nice to see capital appreciation, the portfolio’s main job is to keep producing reliable income—regardless of short-term market swings.

Dividend Income – Year-over-Year Comparison

Dividend income in January looks dramatically lower compared to last year at first glance. Total income dropped from €8,168 after tax in January 2025 to €170 in January 2026, a decline of –97.9%. However, this comparison is heavily distorted by a the annual dividend from Brink received in January last year, which did not repeat in 2026. I expect to receive dividends this year, but it will be somewhat further down the road due to our companies restructuring last year. 

Looking at the recurring income instead, the picture is much healthier. The USD dividend subtotal increased by 6.4% year over year, reflecting steady dividend growth from core holdings like MRK, PM, WMT, and ADP. This underlying growth is what really matters for long-term dividend investors.

Final Thought

To close, a simple reminder that fits moments like these perfectly:

“Dividends turn volatility into patience, and patience into progress.”

January was a strong start to the year—both for markets and for the long-term dividend journey ahead.