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.

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.

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.