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.