Portfolio Update November 2025: EUR 74,600 & High-Yield

Portfolio Update November 2025: EUR 74,600 & High-Yield

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Portfolio Update November 2025: EUR 74,600 & High-Yield

Key Takeaway: EUR 74,600 portfolio in November 2025. Details in the video.

Portfolio Update November 2025: Income & Transparency

Monthly transparency report: Marco's hard asset dividend portfolio in November 2025. Key positions: CMB.Tech, BHP, Thungela Resources. Sector focus: Mining & Shipping.

Q3 results review + autumn dividends. Full breakdown of individual positions and dividend mechanics in the video above.

More Oil & Gas: Full guide: Best Upstream Oil & Gas Stocks 2026 — Devon, APA, Var Energi, Coterra and more with dividend analysis.

Index: The Baltic Dry Index (BDI) tracks global bulk shipping demand — a key leading indicator for commodity cycles and shipping stocks.

Related: Learn about Bulk Carrier Stocks — how Capesize, Panamax and Supramax vessels differ and why size matters for dividends.

Calculate your own YOC: Free Dividend Calculators → | Hard Asset Strategy Guide

Monthly update with dividends and positions.

November 2025: Hard Asset Dividend Portfolio Transparency

Monthly portfolio update from MB Capital Strategies. Focus sectors: Shipping (LPG, Tankers, Dry Bulk), Mining (Copper, Gold, Coal), Energy (Upstream, Midstream, Pipelines), REITs. All positions are held for cashflow generation and dividend growth — not short-term price speculation.

Sector Check: Year-End Portfolio Review: Hard Assets Leading

Hard asset dividend investing requires monthly attention to sector fundamentals. The question is not "what is the stock price?" but "is the underlying business generating enough free cash flow to maintain and grow the dividend?" Each month, this update tracks the key indicators for each sector.

Key Metrics to Watch Monthly

• Shipping: VLGC spot rate, VLCC TCE rate, Baltic Dry Index (BDI), fleet utilization rates.
• Mining: Copper price trend (key for BHP, Rio Tinto), gold price (Newmont, Barrick), coal realizations (Thungela).
• Energy: Brent/WTI spread, pipeline throughput volumes, midstream contract renewal rates.
• REITs: Net Asset Value per share, AFFO payout ratio, occupancy rates (if applicable).

Yield on Cost: The Long-Term Tracker

For positions held 3+ years, the Yield on Cost (YOC) has typically grown well above the current yield shown on financial platforms. This is the true measure of dividend investing success: each year the dividend grows, the YOC on the original cost base compounds upward. Use the free YOC calculator to track your own positions.

Strategy Principle

Hard assets provide the physical infrastructure that the global economy requires regardless of financial market cycles: tankers move energy, mines produce metals, pipelines transport gas. When these businesses generate durable free cash flows, they can sustain and grow dividends through multiple market cycles. See the full Hard Asset Investment Strategy →

November 2025: Hard Assets in a Rate-Cutting Environment

What Fed Rate Cuts Mean for Dividend Stocks

November 2025 marked the second Fed rate cut of the cycle (25bp, bringing Fed funds to 4.5%). For dividend investors in hard assets, this is a net positive: (1) financing costs for shipping/mining capex decrease, (2) dividend yields look more attractive vs. fixed income at lower rates, (3) emerging-market demand for commodities strengthens with a weaker USD. Personal analysis, not investment advice.

Shipping: Q3 Dividends Were the Year's Highlight

November is when the Q3 shipping dividends land. For VLCC tankers, Q3 2025 saw spot rates average $38,000–52,000/day (OPEC+ cuts kept supply tight, Russia-Ukraine friction added premium). My tanker positions delivered their strongest quarterly dividend per share of 2025. The lesson: in a tight shipping market, variable dividends can exceed "high-yield" bond returns by a wide margin.

Mining Positions: Gold Breaks $2,600

Gold crossed $2,600 for the first time in November 2025, driven by central bank buying and rate-cut expectations. My gold miner positions (AngloGold, Barrick) benefited directly. At $2,600 gold, producers with $1,400–1,500/oz AISC generate margins that fund both dividends and debt reduction simultaneously. Use the AISC explainer to understand what this means for profitability.

Disclaimer: For informational purposes only. Not investment advice.

Related Portfolio Analysis

• FLEX LNG Q1 2026: 9% LNG Tanker Dividend Analysis
• Tanker Charter Rates & Sanctions 2026: EIA/OPEC+ Guide
• Best Tanker Stocks 2026 — TORM, Frontline & Hafnia
• Best Mining Stocks 2026 — Copper, Gold & Coal
• 36 Dividend Stocks to Buy More Of — Hard Assets 2026
• Dividend Yield Explained: How to Calculate & Compare

November 2025 Portfolio Review: US Election Impact on Hard Assets

November 2025 was shaped by the US election and its aftermath. "Trump Trade" dynamics affected different parts of my hard asset portfolio differently — here's the breakdown:

Election Aftermath: Sector-by-Sector

Upstream Oil/Gas: Initially sold off (expectations of more US production, less regulation = lower prices). But within 2 weeks, recovered as physical demand data outweighed sentiment-driven selling. My Devon and Coterra positions bounced back strongly.

Pipelines (Enbridge, TC Energy): Stable. US election doesn't directly affect Canadian midstream infrastructure. The consistent dividend payments continued regardless.

Gold Miners: Sold off hard with dollar strength. This is the typical election-month pattern — USD rallies, gold corrects. For long-term holders with <5% portfolio allocation to gold miners, these corrections are noise.

Shipping: Continued its strong performance. US-China trade policy uncertainty initially pressured container shipping, but tankers and LNG carriers benefited from energy security premium.

November Dividend Income

~EUR 74 net in November 2025 — lighter month. The stronger months are March, June, September, December (when most Q3/Q4 dividends pay). November is the "gap month" in my dividend calendar.

The Trump Trade and Hard Assets: Why Policy Matters Less Than Fundamentals

The "Trump Trade" narrative assumed: more US oil production = lower prices = worse for energy stocks. My experience in November 2025 challenged this assumption:

• US production increases are slow: Even with deregulation, new US shale production takes 12-18 months to materially affect global supply. The immediate market move on "Trump = more production" was sentiment-driven, not supply-driven.
• Tanker demand benefits from more production: More US LNG exports and crude exports = more shipping demand. A "drill baby drill" administration is bullish for energy shipping, not just bearish for oil prices.
• Pipeline companies love infrastructure-friendly presidents: Enbridge Keystone expansion permits, TC Energy's TMX project — a deregulatory administration accelerates midstream growth capex. This is net positive for pipelines.

The November 2025 lesson: political headlines create short-term noise. Hard asset fundamentals — free cashflow, dividend coverage, reserve life — determine long-term outcomes. In November, I used the gold miner correction as a chance to check position sizing, not panic-sell.

Building the 2026 Dividend Income Roadmap

November is when I annually review the coming year's expected dividend income by position. Based on Q3 2025 results, 2026 guidance, and current TCE contracts:

• Shipping positions (variable): projected 8-12% yield on cost basis assuming TCE rates stay above $25,000/day (MR tankers) and $80,000/day (LNG) — reasonable given current contracted coverage
• Pipeline positions: 5-7% yield on cost, growing 2-5% annually (Enbridge guidance: ~3% annual dividend growth)
• Gold miners: 2-3% yield on cost, upside from $2,500-3,000 gold scenario
• Coal miners (Thungela, Yancoal): 8-15% variable — build around expected commodity cycle, not worst-case

November 2025 → December 2025: Portfolio Positioning Ahead of Year-End

November 2025 marked the entry into year-end positioning territory. Here is what I was thinking about and how the portfolio ended up entering December:

• Tax-loss harvesting pressure: November is when institutional investors clean up losers for year-end. This creates temporary dips in high-yield stocks that have had rough years — a DRIP opportunity if the underlying business is intact.
• Q4 dividend announcements: Most tanker and shipping companies announce Q4 dividends in November/December for January payment. The range of outcomes for variable-dividend stocks defines the Q1 income outlook.
• Commodity cycle positioning: Late 2025 showed early signals of shipping market softening. I used November to reduce concentration in the most rate-sensitive names and increase allocation to time-charter covered positions like FLEX LNG.

The December setup going into 2026: leaner on spot-rate exposure, higher weighting on contracted cashflow. That shift proved well-timed when tanker rates normalized in early 2026.

See also: December 2025 Portfolio Update | FLEX LNG Q1 2026 Dividend Analysis | Best High-Yield Dividend Stocks 2026 | Debitum P2P: 11% XIRR, Risks & Verdict