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.

Adding to My Visa Position: A Long-Term Bet on a Market Giant

On November 26th, I made my second purchase of Visa shares—adding 5 shares at $335 each. My first investment in Visa dates back to November 2021, when I bought 10 shares at around $195. Looking back, that initial purchase has performed extremely well. Strong earnings growth, relentless share repurchases, and about 18% annual dividend growth have all combined to deliver a terrific total return over the past few years.

Despite the run-up in price since 2021, I’ve been wanting to increase my Visa position for a while. Visa never really looks “cheap,” and maybe that’s simply the premium you pay for a business that dominates global payments and continues to grow even at its massive scale. With a current price-to-earnings ratio of around 32x, the stock is certainly not a bargain on paper—but it’s also trading closer to its 52-week low than its high, which gave me enough confidence to buy a bit more.

What ultimately pushed me to make this second purchase is the long-term nature of Visa’s business. Its model benefits from global spending growth, digital payment adoption, and network effects that only strengthen over time. Even though the stock has climbed over the past few years, I still expect meaningful growth ahead.

For me, adding these 5 shares wasn’t about timing the market—it was about continuing to build a position in a company I believe will keep compounding value for many years to come.

Monthly report: October 2025

October was a solid month for investors across the globe. After a volatile summer, markets found their footing again, buoyed by easing inflation expectations and renewed optimism around interest rate cuts in 2026. Let’s take a closer look at how major indices performed during the month:

• AEXGR (Netherlands): +3.6% — Dutch equities had a strong rebound, driven by cyclical sectors and resilient consumer demand.
• STOXX Europe 50 (SX5E): +2.1% — European markets climbed as corporate earnings came in better than expected and energy prices stabilized.
• iShares MSCI World (IWDA): +3.6% — Global equities mirrored this strength, supported by gains in technology and industrials.
• Dow Jones Total Return (DJITR): +2.4% — U.S. blue chips continued to perform steadily, with dividend payers leading the way.
• S&P 500: +1.7% — The broader U.S. market advanced modestly as megacaps took a breather after strong year-to-date rallies.

In short: October 2025 was a month of recovery and resilience, with most global markets showing healthy mid-single-digit gains.

Portfolio Performance – Top Gainers and Losers

While the overall market tone was positive, individual stock performances varied widely. Below are the top 3 gainers and losers in my dividend portfolio this month, along with possible explanations for their moves.

Top 3 Gainers

BEPC (+21%) – Brookfield Renewable Partners surged after strong Q3 earnings and upbeat guidance for 2026. The renewable energy sector benefited from improving sentiment around clean energy subsidies and stabilization in long-term bond yields, which eased pressure on capital-intensive firms.

MPWR (+10%) – Monolithic Power Systems delivered another strong quarter, continuing to benefit from secular growth in AI infrastructure and automotive semiconductors. Investors rewarded the company’s consistent margin expansion and robust dividend growth.

ASML (+9%) – The Dutch semiconductor equipment giant gained after reporting better-than-expected order growth, suggesting the chip downturn might be bottoming out. Long-term tailwinds from AI and advanced lithography remain intact.

Top 3 Losers

HASI (-12%) – Hannon Armstrong Sustainable Infrastructure continued to struggle amid rising financing costs and sector rotation away from yield-sensitive renewable assets. Despite solid fundamentals, sentiment remains fragile in the clean energy space.

ADP (-11%) – Automatic Data Processing saw profit-taking after a long run-up. Slower employment growth in the U.S. and slightly weaker guidance also weighed on the stock.

PM (-10%) – Philip Morris International declined after a mixed quarterly report. Although its smoke-free segment continues to grow, foreign exchange headwinds and regulatory uncertainties pressured investor sentiment.

Looking across my full portfolio, roughly half of the holdings showed gains, while the other half declined in October. This balance reflects the broader market mood: cautious optimism with select strength in technology and renewables.

The average increase among winners was +5%, while the average decline among laggards was a tad higher (around -5,7%). Overall, my portfolio gained slightly because my bigger positions performed better on average than my smaller positions. However outperformed the global equity benchmark (IWDA +3.6%) thanks to strong performance in BEPC, MPWR, and ASML, which offset some weakness in defensive dividend names like HASI, ADP, and PM.

Dividend Income – Year-over-Year Comparison

Turning to the main focus of this blog — dividends — October’s results were steady, though slightly softer after currency adjustments, compared to last year.

On a constant currency basis, my dividend income grew +5% year-over-year, which is perfectly in line with my long-term goal of 5–7% annual growth. However, due to a stronger euro versus the dollar, the reported euro income actually decreased by 1.6%.

This serves as a good reminder of the impact of currency fluctuations on international dividend portfolios. While the fundamentals of my U.S. holdings remain strong, a stronger euro can temporarily mask their progress in nominal terms. Over the long run, though, these fluctuations tend to even out.

Key Observations

• Dividend growth remains intact – Companies like MRK (+5.2%), O (+2.3%), and PM (+8.9%) continue to increase payouts consistently.
• MPWR is a new dividend payer after my purchase back in March.
• Currency headwinds are temporary – A mild euro appreciation hurt my reported income, but underlying growth remains healthy.
• Diversification is paying off – With dividends coming from multiple sectors and geographies, monthly income volatility stays low.
• Even with the small decline after FX adjustments, I consider this a successful month — my purchasing power remains strong, and my dividend stream continues to grow organically through reinvestment and payout hikes.

Final Thoughts

October was a month of stabilization and renewed optimism. Markets rallied, dividend growth continued, and the portfolio held up well despite some headwinds in renewable energy and defensive sectors.

For me, this reinforces the beauty of dividend growth investing: you get paid to wait, even when prices fluctuate. The focus remains on owning high-quality companies that steadily raise their dividends year after year — not on chasing short-term price swings.

As legendary investor Warren Buffet once said:

“Someone’s sitting in the shade today because someone planted a tree a long time ago.”

Here’s to another month of compounding returns and financial progress!

Monthly report: September 2025

September has come to a close, and it turned out to be one of the most remarkable months of the year for both the markets and my personal dividend journey. While global markets continued their steady climb, my portfolio had some spectacular movers, and my dividend income hit new highs—fueled by a very special one-off payment.

Global Market Performance in September

The overall market mood in September was optimistic. Despite lingering concerns around interest rates, inflation, and global growth, equities pushed higher:

• AEXGR (Netherlands): +5.1% – Dutch equities delivered the strongest performance among the indices I track, with standout results from ASML lifting the index.

• SX5E (Euro Stoxx 50): +2.6% – European blue chips continued their steady upward trend.

• IWDA (World ETF): +2.4% – global diversification once again rewarded investors, reflecting broad-based gains across regions.

• DJITR (Dow Jones Industrial Total Return): +2.4% – U.S. industrials held firm, with defensive sectors still in demand.

• S&P 500: +3.8% – technology and growth stocks pulled the index higher, driven by AI enthusiasm and solid earnings from big tech.

In short: September was another strong month for equities, with the Dutch market leading the way and the S&P 500 showing robust gains.

Portfolio Movers: Top 3 Gainers and Losers

Top 3 Gainers

• ASML +30%
  Semiconductor stocks were on fire in September, and ASML stood out with a massive +30% gain. Investor enthusiasm for chipmaking equipment surged as demand projections for AI and high-performance computing pushed growth expectations higher. ASML remains one of my key European holdings, and this month’s jump shows why.

• MPW (Medical Properties Trust) +15%
  MPW continued its recovery story. After months of bad news, the REIT reassured investors with progress on asset sales and refinancing, which eased concerns about its balance sheet. The high dividend yield remains controversial, but sentiment clearly shifted.

• MPWR (Monolithic Power Systems) +12%
  Another semiconductor name, MPWR benefited from the same AI-driven optimism that boosted ASML. With its niche in power solutions, MPWR is increasingly seen as a strong long-term compounder in the chip sector.

Top 3 Losers

• TXN (Texas Instruments) -8%
  After bouncing back in August, Texas Instruments fell again in September. Concerns about slowing demand in automotive and industrial chips weighed on the stock. While it remains a reliable dividend payer, near-term growth expectations are under pressure.

• APD (Air Products & Chemicals) -7%
  APD dropped as investors worried about slowing industrial gas demand and rising project costs. Long term, hydrogen and clean energy remain exciting growth drivers, but the market wants more clarity on execution.

• UNA (Unilever) -7%
  Unilever lagged as consumer staples fell out of favor in September. While the company continues to deliver steady cash flow, growth is slow, and investors rotated into more cyclical and growth-oriented names.

Looking across my portfolio, September was a winning month:

• 21 stocks posted gains, with ASML, MPW, and MPWR leading the charge. On average the winners increased by more than 6%.

• 16 stocks declined, with most losses between -2% and -8% (on average 3,5%).

This positive skew meant my portfolio kept pace with the strong global markets.

Dividend Income – September 2025 vs. September 2024

Now to the highlight of the month: dividend income.

That’s a staggering +439.5% increase year-over-year compared to last year.

The outsized jump came from a very special one-off payout from my employer, Brink, which paid €2.681 in dividends this month. This extraordinary event pushed my total far beyond a “normal” September. Excluding Brink, dividend growth was still strong, with a +12% YoY increase and that is with a 6% headwind in FX.

Notable dividend growers included:

• AFL +16%

• WMT +13.3%

• V +13.5%

• CMI +9.9%

On the flip side, Intel dropped off the list after I sold the stock back in August 2024.

Final Thoughts

September 2025 will go down as a landmark month in my dividend journey. The extraordinary payout from Brink pushed my income to levels I never imagined when I started this blog. But even without that one-time boost, the underlying picture is healthy: U.S. dividends are growing nicely, European names like ASML are delivering capital gains, and the portfolio is broadly participating in market strength.

It’s important to remember, though, that one-off events won’t repeat every year. The real story is the steady, compounding growth from reliable dividend growers.

As John D. Rockefeller once said:

“Do you know the only thing that gives me pleasure? It’s to see my dividends coming in.”

And this September, they certainly did.

Recent buy: NextEra Energy

I’m excited to share that I recently bought 15 additional shares of NextEra Energy (NEE), increasing my stake meaningfully in what has become one of my core dividend-growth holdings.

What I Bought Before & When

Back in April I made a purchase of NEE shares (see my April buy post), when I added to my position at an average cost of around $66 per share. That earlier buy was meant to start out a base position, and since then I’ve watched the company’s fundamentals and prospects unfold favorably.

This new purchase was done at current market levels (roughly $72), reflecting the stock’s rise since that earlier buy.

Why Buy More — Rather Than Opening a New Position

I see several reasons to deepen an existing position rather than diversify into another name:

1. Concentration in quality – I already believe strongly in NEE’s long-term outlook; adding to what I own increases potential upside and dividend yield on capital already committed.

2. Efficiency of capital deployment – Rather than spreading thin, adding to a proven idea lets me leverage research I already have, and lowers friction costs (brokerage, tracking).

3. Compounding effect – More shares in a high-quality dividend grower means faster growth in future income, all else equal.

In short: if I’m confident in NEE, it makes sense to lean in.

Why It Looks Attractive Now

• Earnings strength & tailwinds: NEE recently beat profit expectations for Q2 2025 (adjusted EPS of $1.05), even if revenue came in a bit light.

• AI / data center demand: The company is ramping its backlog of renewable + storage projects geared toward tech/data center customers — a growth vector in a world hungry for clean, reliable power.

• Nuclear revival opportunity: NEE is advancing plans to restart its Duane Arnold nuclear plant in Iowa (shut in 2020), tapping into renewed interest in firm, low-carbon baseload for AI/data center loads.

• Valuation and forward growth: Analysts forecast mid-to-high single digit growth in adjusted earnings over 2025–26.

Given all that, the current price offers a compelling risk/return tradeoff for long-term investors.

Final Thoughts

With this move, I’m not just padding my portfolio — I’m reinforcing conviction. NEE checks many boxes: stable regulated utility + growth in renewables + optional upside from nuclear revival. By increasing rather than diversifying, I double down on a name I trust, and position myself for better compounding of dividend income down the road.

I can’t wait to see how this holding contributes to my passive income stream in the years to come.

Recent buy: ASML

This week, I completed a milestone: I bought 1 additional share of ASML, taking my total position to an even 10 shares. My previous buys were from back in 2023 at prices between € 400 and €480. Today's purchase was a bit pricier—around $680.

Rounding up the position to 10 felt cleaner—not just psychologically, but it also helps me simplify tracking and future dividend calculations. An odd number always felt like unfinished business.

Why Now? 

ASML was trading at around € 1.000 last year but declined significantly. In the last 12 months the share price hovered between € 550 and € 750. Todays price seems reasonable if you still believe in ASML's leading position in the semi-conductor business. 

ASML’s move this week adds a powerful strategic dimension: it has led a major funding round in French AI startup Mistral AI, investing €1.3 billion—becoming its largest shareholder with an approximate 11% stake. This isn’t just financial support—it’s a synergy play. ASML now gains a seat on Mistral’s strategic committee, positioning the company to integrate advanced AI into its lithography tools. That could mean smarter, more efficient chip manufacturing—an edge that may well translate into future profits.

So Why Is This a Smart Move?

Technological Alignment – ASML isn’t just lending cash; it's embedding itself in the frontier of AI-powered chipmaking. That convergence could fuel long-term innovation.

European Sovereignty – Both ASML and Mistral contribute to strengthening Europe’s tech base, reducing dependency on US or Chinese firms.

Growth Potential – ASML stands to benefit from improved tool performance via AI, while Mistral gains credibility and scale. It’s a mutual boost.

Conclusion

With this acquisition, I’m not just boosting my dividend potential—I’m aligning with a tech leader stepping firmly into the future of AI-enabled semiconductor production.

Monthly report: August 2025

August has wrapped up, and with it another month of dividend income and portfolio performance. Compared to July, global markets were far more upbeat this time around, with several indices showing healthy gains. Let’s take a closer look at how the broader market did, how my portfolio movers stacked up, and finally how my dividend income compared year-over-year.

Global Market Performance in August

August was a strong month for global equities. The market mood was fueled by resilient corporate earnings, cooling inflation numbers, and renewed investor optimism:

• AEXGR (Netherlands): +1.9% – Dutch equities posted a solid gain, supported by cyclical names and financials.

• SX5E (Euro Stoxx 50): +3.9% – European blue chips rallied, making August one of the better months this year.

• IWDA (World ETF): +2.9% – diversified global exposure continued to pay off.

• DJITR (Dow Jones Industrial Total Return): +4.2% – a strong showing for U.S. industrials, with defensive names holding steady.

• S&P 500: +2.8% – tech kept the U.S. benchmark moving higher, but breadth improved compared to earlier months.

In short: August was a rising tide that lifted most boats. With this backdrop, my portfolio benefited strongly as well.

Portfolio Movers: Top 3 Gainers and Losers

Even though the general trend was positive, individual holdings had their own stories.

Top 3 Gainers

• CMI (Cummins) +12%: Cummins continued its strong run from July, fueled by investor enthusiasm around hydrogen and electrification projects. With consistent earnings and a solid dividend policy, the market rewarded CMI once again.

• TXN (Texas Instruments) +12%: After struggling in July, Texas Instruments bounced back. Investors seemed reassured by management’s outlook, expecting a gradual recovery in semiconductor demand. Its stability as a dividend payer added to the appeal.

• MPW (Medical Properties Trust) +11%. Surprisingly, MPW staged a recovery after months of weakness. Positive news on debt restructuring and progress in selling non-core assets gave investors confidence that the company is addressing its balance sheet challenges.

Top 3 Losers

• DE (Deere) -4%. Deere faced headwinds as analysts cut outlooks for agricultural equipment demand. Farmers have been more cautious with capital expenditures, weighing on Deere’s short-term prospects.

• KMI (Kinder Morgan) -4%. Energy infrastructure names lagged as oil and gas prices cooled off during August. For a pipeline operator like Kinder Morgan, stable volumes help, but investor sentiment remains tied to broader energy trends.

• BEPC (Brookfield Renewable) -1%. Renewable energy names took a breather after a strong July. Rising interest rates pressured yield-sensitive assets like Brookfield Renewable, even though the long-term story remains compelling.

The August picture looks much brighter than July:

• Around 33 stocks posted gains, with many names like HASI, BHP, and AFL also delivering strong double-digit or high-single-digit returns. The winners gained on average almost 5%.

• Roughly 8 stocks declined, mostly in the -1% to -4% range.

This healthy skew toward gainers explains why my portfolio kept pace with the strong performance of the global indices.

Dividend Income – August 2025 vs. August 2024

Now to the real reason I track my portfolio so closely: dividends. Here’s the comparison for August:

In constant FX terms, my dividends actually grew.  USD dividends rose by +4.5%, with Deere (+22.4%) and Texas Instruments (+4.6%) leading the way. Dividend income from Deere was fueled by purchasing extra shares last year. Euro dividends also grew, with ASML increasing its payout by +5.3%. Unfortunately, the strong euro-dollar exchange rate worked against me, turning a nice underlying growth into a reported -1.4% decline after tax.

This illustrates an important point: even if your companies continue to grow payouts, currency fluctuations can mask the underlying progress. 

Final Thoughts

August was a refreshing change compared to July. Markets rallied, my portfolio had far more winners than losers, and dividend income—although slightly down after FX—was solid. Dividend growth investing is a long game, and months like this show that patience pays off, even if currency swings occasionally hide the true growth underneath.

As Peter Lynch once said:

“The real key to making money in stocks is not to get scared out of them.”

Dividend investing works the same way: stay invested, reinvest dividends, and trust in the compounding power of time.