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May 2020 Portfolio Update - A Return To Normal?


  • The coronavirus chaos seems to abate, going by the number of nations announcing reopening plans and new strategies. More companies have reported earnings as well, with several beats on record.
  • Certain undervaluations persist - others, we can only dream about at this time.
  • I'm slowly working on my investment approach, detailing each step further and further. My stock watch list now holds over 400 stocks across the world, and there's more to add.
  • Dividends continue to flow.


May turned the tide a bit in terms of investments. While I invested sizeable amounts of capital - nearly $10,500 - it wasn't nearly as much as the preceding months. With dividend pauses, however, I managed to slowly work down my cash position more to where it stands today. I continue to focus on stocks bought at comparatively superior multiples that I believe will withstand the test of time.

My target remains to have spent the majority of my savings during 2020 and to be above 95% stocks, if not 99.3%, by December.

As a result of current dividend pauses/cuts and investments, my projected annual income from dividends alone is now ~151.18 % of the average dividend income/average monthly expenses ratio. This represents above all the cuts/pauses done by two companies as of this month.

This month's update of the international dividend investor's portfolio

As a value-oriented dividend investor with a very long-term perspective, I believe that investing in a diversified portfolio of dividend stocks and related shares/securities is a better option in the long term than investing in index funds or most ETFs.

In addition to receiving growth in stock/portfolio value, I also receive annual, quarterly, and monthly dividend payments without paying a fee, which enables me to live my life as I see fit.

In adopting a dividend investor's mindset, I've stopped caring about short-term stock movements. I consider my investment portfolio as a functioning business, and the business's goal is simple - to ensure my financial independence. I'll do this through any means at my disposal, and I've no moral/ethical qualms as an investor about investing in any sort of publicly-listed business.

My prerequisites

I'm a relatively young (34-year-old) trilingual (Swedish/German background) who holds a large variety of national and international stocks. I reached my financial independence (at least in Sweden/Swedish standards) in

This article was written by

Wolf Report profile picture

Wolf Report is a senior analyst and private portfolio manager with over 10 years generating value ideas in European and North American markets.

He is a contributing author for the investing group iREIT on Alpha where in addition to the U.S. market, he covers the markets of Scandinavia, Germany, France, UK, Italy, Spain, Portugal and Eastern Europe in search of reasonably valued stock ideas. Learn more.

Analyst’s Disclosure: I am/we are long ABBV, ALFVF, ALFVY, AMP, ASAZF, ASAZY, AVB, BDNNF, BMY, BTI, CE, CVS, D, EIFZF, EMN, FL, FOJCF, FOJCY, FRT, GD, JPM, KKOYF, KKOYY, LOW, MO, MRPRF, O, OMC, OYIEF, RNLSY, RNSDF, SKT, SYY, T, TD, TLTZF, TLTZY, UNM, YARIY, YRAIF. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

While this article may sound like financial advice, please observe that the author is not a CFA or in any way licensed to give financial advice. It may be structured as such, but it is not financial advice. Investors are required and expected to do their own due diligence and research prior to any investment. I own the European/Scandinavian tickers (not the ADRs) of all European/Scandinavian companies listed in my articles.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (15)

Good update.
Renault has suspended its dividend for 2019.
Hi, which broker do you use?
Mainly with the european stocks
As a SPG stockholder, I sure hope they reduce the dividend. All decks on hand conserving cash to maximize the long term profitable survival of the business. My dividend investment thesis in SPG has been shattered by COVID-19 for now, but I'm a long term investor and I think David and the team can come through this. But they're going to need lots of cash. So be it.

- Hoosier
Hi Wolf, good stuff. If you come to Canada, we could hook up for a beer :) . Was watching an analyst today on BNN discussing EIF, and he indicated that a number of financial indicators for EIF where in the process of turning into the red and heading south. I'm still holding, do you think things could go bad for this company? Thanks Wolf
Kmasse profile picture
Great article wolf and excellent buys!

Coke burner :)
Thank you very much for sharing your insights! As always, your articles are a great read.
Good article and portfolio which can weather many economical storms.
Own some of them.
Keep up the good work.
I appreciated the article. I started in March creating a dividend based portfolio. I am based in Italy so on all US dividend I loose 15 per cent US tax in addition to 26 per cent Italian one. What is your view regarding tax issues as a scandinavian resident?
Do you have tax free savings accounts in Italy you can use. In the UK we have ISA (Individual Savings Accounts) which are tax free but we suffer the 15% withholding tax on US dividends. We also have SIPPs (Self Invested Pension Plans) which as they are pension accounts there is no US withholding tax as the US IRS treats them as pension savings.
There was something akin to that called PIR (Individual Savings Plans) that allowed you to avoid dividend withholding and capital gain taxes, but they royally messed it up in about a year - like just about everything else the Italian government does without the EU's oversight.

So basically no, we're screwed.
Thanks for the insight! Only starting out in stocks, but I see a number of my picks coming back here, reassuring ;-)
ESGFIRE profile picture
Nice article, What do you think of exchange income corp at current share level ?

Why do you prefer Jp morgan over wells fargo?

Thanks in advance
Appreciate the article!
Thanks for the insight, as always. I have many of the same companies right now.
all_hat profile picture
Thanks for sharing your insight, I appreciate your approach to the long term, as we’re the same age, however I’m doing this with wife and kids in tow. Best of luck in June and beyond.
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