Cory Diary : Dividend Updates

Dividend Hits New Record

With most of the major dividends now ex-dividend, this is a good time to tally how the portfolio is performing. Year-on-year, we are looking at a strong 30% increase in dividends, driven mainly by sustained growth from the banks. Part of this year's spike is due to timing effects—some counters were bought just before ex-dividend dates, while others were sold only after collecting dividends.

Looking ahead, the macro environment for REITs is expected to improve in 2026, which could translate into higher distributions. On the banking side, DBS is working toward a 6-cent quarterly dividend increase, although the total portfolio dividend amount may remain flat in 2026. 

Nevertheless, the portfolio has finally broken out of the flat dividend trend that persisted over the past three years. Previously, the priority was portfolio growth through capital gains, which kept dividend increases modest. 2025 is shaping up to be a special year: barring any black-swan events or severe macro shocks, we may enjoy both higher dividends and stronger portfolio growth compared with recent years.

Below is the breakdown of where the dividends came from. Please note roughly 50% of the stocks listed are no longer in the portfolio, as we conducted a major shake-up throughout the year.

Strategy

The strategy is to reduce the volatility of the dividends segment of the portfolio for 2026. This means REITs like UK REIT, which face large forex and interest rate risks, are removed. Some are too small to track, like STI ETF, iREIT, Boustead Projects, MIT, Mapletree Logistics Trust, and a few others. A few were trading counters that happened to go ex-dividend, like Keppel, UOB, BABA, and CICT.

US Treasuries were tested but found not worthwhile. On the banking side, we have reduced holdings to only DBS. Some dividends came from US growth stocks, which contribute only minute amounts. Regarding portfolio dividend focus, there is a significant increase in Netlink BNB Trust. We are also trying out new counters like Comfortdelgro, Cent Accom Reit, and Alpha Integrated Reit (Sabana Reit).

Cory Diary

2025-11-16

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