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.