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.

Recent Buy: Automatic Data Processing (ADP)

I recently added to my position in Automatic Data Processing (ADP) with the purchase of 7 shares at around $260 per share. ADP is a company I’m happy to continue building over time given its exceptional dividend track record and highly durable business model.

This was not a new position for me. I first initiated my ADP holding in June 2024, when I purchased 8 shares. That initial buy was about getting exposure to one of the highest-quality dividend growth companies in the market, and this recent purchase builds on that foundation.

My total ADP position now stands at 15 shares.

Business Performance Since My First Purchase

Since my initial buy in mid-2024, ADP has continued to execute well operationally and strategically.

The company has benefited from:

• Ongoing demand for payroll and human capital management (HCM) services, supported by high client retention and recurring revenue.

• Growth in employer services and PEO offerings, which continue to expand margins over time.

• Product and platform enhancements, including increased use of data analytics, automation, and AI-driven tools to improve client efficiency and stickiness.

• Strategic acquisitions, such as the WorkForce Software deal, which strengthened ADP’s workforce management capabilities and supported long-term growth expectations.

ADP’s business model remains highly resilient, with strong free cash flow generation across economic cycles — a key reason it remains a core dividend holding for me.

Dividend Growth Update

Dividend growth is the main reason I own ADP.

Since my first purchase in 2024, ADP has continued its long-standing tradition of annual dividend increases. The quarterly dividend has risen from $1.54 per share at the time of my initial purchase to $1.70 per share, bringing the annual dividend to $6.80 per share.

That represents an increase of 10%, since I first bought the stock.

ADP has now raised its dividend for more than 50 consecutive years, firmly placing it among the elite dividend growth companies. This consistency is exactly what I look for when building long-term income streams.

Valuation Thoughts

At around $260 per share, ADP is not a bargain-basement stock, but quality rarely is. At this price, the stock offers:

• A dividend yield in the mid-2% range

• Reliable mid-single-digit to high-single-digit dividend growth

• Exceptional business stability and predictability

For a Dividend King with ADP’s track record, this valuation feels reasonable for long-term investors focused on income growth rather than short-term price movements.

Impact on My Dividend Income

This purchase increases my forward annual dividend income from ADP by approximately $47.60 (7 shares × $6.80).

With 15 shares total, ADP now contributes over $100 per year in dividend income to my portfolio — income that I fully expect to continue growing year after year.

Final Thoughts

Adding to ADP was an easy decision. The company continues to deliver steady earnings growth, consistent dividend increases, and strong cash flow generation. While the stock may not always look cheap, its reliability and income growth make it a cornerstone holding for a dividend-focused portfolio.

I’m happy to keep accumulating shares over time and letting compounding do the heavy lifting.

Monthly Report: December 2025

December ended the year on a positive note for global markets. After the mixed performance earlier in the autumn, equities broadly moved higher across regions. European markets performed well, with the AEX Gross Return Index rising +0.4% and the Euro Stoxx 50 gaining a solid +2.3%. Global equities followed suit, as IWDA increased +0.7% over the month.

The strength was even more pronounced in the United States. The Dow Jones Total Return climbed +2.4%, while the S&P 500 advanced +1.2%. Overall, December was a constructive month, supported by year-end optimism, easing financial conditions, and expectations for a more stable macro environment going into 2026.

Portfolio Movers – Top Gainers and Losers

My portfolio reflected the positive market backdrop, although individual stock movements varied widely. The three strongest performers in December were:

• BMY (+10%) – Bristol Myers Squibb rebounded strongly, likely helped by renewed confidence in its pipeline and valuation support.
• BHP (+10%) – The mining giant benefited from higher commodity prices and improving sentiment toward cyclicals.
• V (+6%) – Visa delivered a solid month, continuing to show resilience as a high-quality compounder in the financial sector.

On the downside, the three biggest decliners were:

• MPW (–11%) – The weakest performer this month, reflecting ongoing concerns around leverage and the healthcare REIT space.
• HASI (–8%) – Renewable infrastructure stocks remained under pressure, despite their long-term income appeal.
• MDT (–7%) – Medtronic pulled back after previous strength, possibly due to profit-taking toward year-end.

These moves underline how even in rising markets, individual stocks can behave very differently depending on sector dynamics and company-specific news.

Despite a few notable laggards, the overall ratio of winners versus losers was reasonably balanced, with a slight tilt toward positive performers. Many holdings posted modest gains of 1–3%, which may not grab headlines but are perfectly acceptable for a dividend-focused portfolio.

Compared to the broader indices—which all finished firmly positive—my portfolio showed more dispersion but remained well aligned with the market’s direction. This reinforces an important point: dividend investing is not about winning every month, but about steady participation in market growth while collecting income along the way.

Dividend Income – Year-over-Year Growth

December also delivered encouraging news on the income front. Total dividends grew from €446 in December 2024 to €455 in December 2025, representing a +2.1% year-over-year increase after tax. On a constant FX basis, income rose even more strongly, highlighting healthy underlying dividend growth across the portfolio.

An earlier purchase of BIPC shares is the reason for the big increase in dividend income. 

Another reason for the dividend income growth is a new position in Next Era Energy (NEE). Earlier in April and September I purchased shares in this company.

Dividend income from Visa increased compared to last year primarily because I recently bought more shares as discussed in my recent buy post from December. 

Currency effects continue to influence reported results, but the long-term trend remains intact: dividends are growing, and that growth compounds over time.

Final Thought

To close the year, a simple reminder that fits dividend investing perfectly:

“Price is what you pay, income is what you keep.”

December was a fitting end to the year—solid markets, growing dividends, and another step forward on the long journey toward financial independence.

Monthly report: November 2025

November turned out to be a relatively quiet month for global markets, with most major indices drifting slightly lower. Europe in particular showed some weakness: the AEX Gross Return Index slipped –2.1%, while the broader European index SX5E dipped –0.2%. Global equities reflected a similar muted tone, with IWDA declining –0.9%.

Across the Atlantic, the picture was mixed. The Dow Jones Total Return inched up by +0.1%, while the S&P 500 fell –0.6%. In short, markets were neither euphoric nor panicked—just mildly negative to flat. For dividend investors like me, that usually means a good time to monitor valuations rather than chase momentum.

Portfolio Movers – Top Gainers and Losers

While the overall markets were subdued, my portfolio saw a much broader spread of returns. The three strongest performers in November were:

• MRK (+27%) – A standout month driven by strong earnings sentiment and continued confidence in its pharma pipeline.
• HASI (+22%) – The sustainable infrastructure REIT rebounded sharply, benefiting from stabilizing interest-rate expectations.
• MDT (+17%) – Medtronic posted a solid recovery, likely supported by improving medical device demand and positive guidance.

On the other side, the three biggest laggards were:

• MPWR (-8%) - The weakest performer this month, likely due to short-term volatility in the semiconductor sector.
• BEPC (–6%) – Renewable energy names struggled again, pressured by bond yields and slower sector momentum.
• ASML (–2%) – A modest pullback after a strong prior run, in line with the weakness seen in European markets overall.

These movements reflect a clear theme: healthcare and infrastructure led, while the chip sector lagged. One of the more encouraging aspects of this month was the ratio of winners to losers in my portfolio. The list contains more names with positive price changes than negative ones—around two-thirds of holdings posted gains. That’s a much stronger showing than the global indices, which mostly hovered around zero or slightly negative.

This tells me two things:

• My portfolio composition is currently benefiting from sector rotation, especially toward healthcare and quality dividend names.
• Stock-specific fundamentals mattered more than broad index performance this month. Even while Europe and global markets dipped, many of my holdings still posted meaningful gains.

For dividend investors, this is a reminder that a diversified, long-term portfolio doesn’t always move in lockstep with the benchmarks—and that’s a good thing.

Dividend Income – Year-over-Year Update

Looking at income, November 2025 delivered €233 in dividends at constant FX, a 3.2% increase compared to last year. However, due to currency effects, the actual income received was €220, which is –4.9% lower year-over-year. While the currency-driven decline isn’t ideal, the underlying dividend growth is what matters most. The fact that my holdings collectively raised their payouts reinforces the long-term compounding engine of the portfolio.

Final Thought

To close, here’s a favorite bit of dividend-investing wisdom:

“Dividends are the market’s way of paying you to wait.”

And November was another quiet but steady reminder of exactly that.

Adding to My Visa Position: A Long-Term Bet on a Market Giant

On November 26th, I made my second purchase of Visa shares—adding 5 shares at $335 each. My first investment in Visa dates back to November 2021, when I bought 10 shares at around $195. Looking back, that initial purchase has performed extremely well. Strong earnings growth, relentless share repurchases, and about 18% annual dividend growth have all combined to deliver a terrific total return over the past few years.

Despite the run-up in price since 2021, I’ve been wanting to increase my Visa position for a while. Visa never really looks “cheap,” and maybe that’s simply the premium you pay for a business that dominates global payments and continues to grow even at its massive scale. With a current price-to-earnings ratio of around 32x, the stock is certainly not a bargain on paper—but it’s also trading closer to its 52-week low than its high, which gave me enough confidence to buy a bit more.

What ultimately pushed me to make this second purchase is the long-term nature of Visa’s business. Its model benefits from global spending growth, digital payment adoption, and network effects that only strengthen over time. Even though the stock has climbed over the past few years, I still expect meaningful growth ahead.

For me, adding these 5 shares wasn’t about timing the market—it was about continuing to build a position in a company I believe will keep compounding value for many years to come.

Monthly report: October 2025

October was a solid month for investors across the globe. After a volatile summer, markets found their footing again, buoyed by easing inflation expectations and renewed optimism around interest rate cuts in 2026. Let’s take a closer look at how major indices performed during the month:

• AEXGR (Netherlands): +3.6% — Dutch equities had a strong rebound, driven by cyclical sectors and resilient consumer demand.
• STOXX Europe 50 (SX5E): +2.1% — European markets climbed as corporate earnings came in better than expected and energy prices stabilized.
• iShares MSCI World (IWDA): +3.6% — Global equities mirrored this strength, supported by gains in technology and industrials.
• Dow Jones Total Return (DJITR): +2.4% — U.S. blue chips continued to perform steadily, with dividend payers leading the way.
• S&P 500: +1.7% — The broader U.S. market advanced modestly as megacaps took a breather after strong year-to-date rallies.

In short: October 2025 was a month of recovery and resilience, with most global markets showing healthy mid-single-digit gains.

Portfolio Performance – Top Gainers and Losers

While the overall market tone was positive, individual stock performances varied widely. Below are the top 3 gainers and losers in my dividend portfolio this month, along with possible explanations for their moves.

Top 3 Gainers

BEPC (+21%) – Brookfield Renewable Partners surged after strong Q3 earnings and upbeat guidance for 2026. The renewable energy sector benefited from improving sentiment around clean energy subsidies and stabilization in long-term bond yields, which eased pressure on capital-intensive firms.

MPWR (+10%) – Monolithic Power Systems delivered another strong quarter, continuing to benefit from secular growth in AI infrastructure and automotive semiconductors. Investors rewarded the company’s consistent margin expansion and robust dividend growth.

ASML (+9%) – The Dutch semiconductor equipment giant gained after reporting better-than-expected order growth, suggesting the chip downturn might be bottoming out. Long-term tailwinds from AI and advanced lithography remain intact.

Top 3 Losers

HASI (-12%) – Hannon Armstrong Sustainable Infrastructure continued to struggle amid rising financing costs and sector rotation away from yield-sensitive renewable assets. Despite solid fundamentals, sentiment remains fragile in the clean energy space.

ADP (-11%) – Automatic Data Processing saw profit-taking after a long run-up. Slower employment growth in the U.S. and slightly weaker guidance also weighed on the stock.

PM (-10%) – Philip Morris International declined after a mixed quarterly report. Although its smoke-free segment continues to grow, foreign exchange headwinds and regulatory uncertainties pressured investor sentiment.

Looking across my full portfolio, roughly half of the holdings showed gains, while the other half declined in October. This balance reflects the broader market mood: cautious optimism with select strength in technology and renewables.

The average increase among winners was +5%, while the average decline among laggards was a tad higher (around -5,7%). Overall, my portfolio gained slightly because my bigger positions performed better on average than my smaller positions. However outperformed the global equity benchmark (IWDA +3.6%) thanks to strong performance in BEPC, MPWR, and ASML, which offset some weakness in defensive dividend names like HASI, ADP, and PM.

Dividend Income – Year-over-Year Comparison

Turning to the main focus of this blog — dividends — October’s results were steady, though slightly softer after currency adjustments, compared to last year.

On a constant currency basis, my dividend income grew +5% year-over-year, which is perfectly in line with my long-term goal of 5–7% annual growth. However, due to a stronger euro versus the dollar, the reported euro income actually decreased by 1.6%.

This serves as a good reminder of the impact of currency fluctuations on international dividend portfolios. While the fundamentals of my U.S. holdings remain strong, a stronger euro can temporarily mask their progress in nominal terms. Over the long run, though, these fluctuations tend to even out.

Key Observations

• Dividend growth remains intact – Companies like MRK (+5.2%), O (+2.3%), and PM (+8.9%) continue to increase payouts consistently.
• MPWR is a new dividend payer after my purchase back in March.
• Currency headwinds are temporary – A mild euro appreciation hurt my reported income, but underlying growth remains healthy.
• Diversification is paying off – With dividends coming from multiple sectors and geographies, monthly income volatility stays low.
• Even with the small decline after FX adjustments, I consider this a successful month — my purchasing power remains strong, and my dividend stream continues to grow organically through reinvestment and payout hikes.

Final Thoughts

October was a month of stabilization and renewed optimism. Markets rallied, dividend growth continued, and the portfolio held up well despite some headwinds in renewable energy and defensive sectors.

For me, this reinforces the beauty of dividend growth investing: you get paid to wait, even when prices fluctuate. The focus remains on owning high-quality companies that steadily raise their dividends year after year — not on chasing short-term price swings.

As legendary investor Warren Buffet once said:

“Someone’s sitting in the shade today because someone planted a tree a long time ago.”

Here’s to another month of compounding returns and financial progress!

Monthly report: September 2025

September has come to a close, and it turned out to be one of the most remarkable months of the year for both the markets and my personal dividend journey. While global markets continued their steady climb, my portfolio had some spectacular movers, and my dividend income hit new highs—fueled by a very special one-off payment.

Global Market Performance in September

The overall market mood in September was optimistic. Despite lingering concerns around interest rates, inflation, and global growth, equities pushed higher:

• AEXGR (Netherlands): +5.1% – Dutch equities delivered the strongest performance among the indices I track, with standout results from ASML lifting the index.

• SX5E (Euro Stoxx 50): +2.6% – European blue chips continued their steady upward trend.

• IWDA (World ETF): +2.4% – global diversification once again rewarded investors, reflecting broad-based gains across regions.

• DJITR (Dow Jones Industrial Total Return): +2.4% – U.S. industrials held firm, with defensive sectors still in demand.

• S&P 500: +3.8% – technology and growth stocks pulled the index higher, driven by AI enthusiasm and solid earnings from big tech.

In short: September was another strong month for equities, with the Dutch market leading the way and the S&P 500 showing robust gains.

Portfolio Movers: Top 3 Gainers and Losers

Top 3 Gainers

• ASML +30%
  Semiconductor stocks were on fire in September, and ASML stood out with a massive +30% gain. Investor enthusiasm for chipmaking equipment surged as demand projections for AI and high-performance computing pushed growth expectations higher. ASML remains one of my key European holdings, and this month’s jump shows why.

• MPW (Medical Properties Trust) +15%
  MPW continued its recovery story. After months of bad news, the REIT reassured investors with progress on asset sales and refinancing, which eased concerns about its balance sheet. The high dividend yield remains controversial, but sentiment clearly shifted.

• MPWR (Monolithic Power Systems) +12%
  Another semiconductor name, MPWR benefited from the same AI-driven optimism that boosted ASML. With its niche in power solutions, MPWR is increasingly seen as a strong long-term compounder in the chip sector.

Top 3 Losers

• TXN (Texas Instruments) -8%
  After bouncing back in August, Texas Instruments fell again in September. Concerns about slowing demand in automotive and industrial chips weighed on the stock. While it remains a reliable dividend payer, near-term growth expectations are under pressure.

• APD (Air Products & Chemicals) -7%
  APD dropped as investors worried about slowing industrial gas demand and rising project costs. Long term, hydrogen and clean energy remain exciting growth drivers, but the market wants more clarity on execution.

• UNA (Unilever) -7%
  Unilever lagged as consumer staples fell out of favor in September. While the company continues to deliver steady cash flow, growth is slow, and investors rotated into more cyclical and growth-oriented names.

Looking across my portfolio, September was a winning month:

• 21 stocks posted gains, with ASML, MPW, and MPWR leading the charge. On average the winners increased by more than 6%.

• 16 stocks declined, with most losses between -2% and -8% (on average 3,5%).

This positive skew meant my portfolio kept pace with the strong global markets.

Dividend Income – September 2025 vs. September 2024

Now to the highlight of the month: dividend income.

That’s a staggering +439.5% increase year-over-year compared to last year.

The outsized jump came from a very special one-off payout from my employer, Brink, which paid €2.681 in dividends this month. This extraordinary event pushed my total far beyond a “normal” September. Excluding Brink, dividend growth was still strong, with a +12% YoY increase and that is with a 6% headwind in FX.

Notable dividend growers included:

• AFL +16%

• WMT +13.3%

• V +13.5%

• CMI +9.9%

On the flip side, Intel dropped off the list after I sold the stock back in August 2024.

Final Thoughts

September 2025 will go down as a landmark month in my dividend journey. The extraordinary payout from Brink pushed my income to levels I never imagined when I started this blog. But even without that one-time boost, the underlying picture is healthy: U.S. dividends are growing nicely, European names like ASML are delivering capital gains, and the portfolio is broadly participating in market strength.

It’s important to remember, though, that one-off events won’t repeat every year. The real story is the steady, compounding growth from reliable dividend growers.

As John D. Rockefeller once said:

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

And this September, they certainly did.