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.
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