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.