DP.26 | Dividend Portfolio Update #26 — June 2026
June 2026
The portfolio has crossed $8,500.
As of June 17, 2026, the account sits at $8,554.88, up from $7,966.12 in the previous update—a gain of $588.76, or 7.4%.
That percentage needs the same qualification as always: it is not a pure investment return. The increase reflects a combination of recurring purchases, new contributions, dividend reinvestment, and market movement.
The May update recorded 26 holdings and a portfolio value of $7,966.12. The portfolio now contains 27 positions, with Roper Technologies joining as the newest starter position. (Gedal Notes)
The objective remains unchanged: consistently accumulate ownership in quality businesses, allow the dividends to grow, and give the underlying companies enough time to compound.
Portfolio Snapshot
| Metric | June 17, 2026 |
|---|---|
| Net Portfolio Value | $8,554.88 |
| Stock Market Value | $8,557.43 |
| Negative Cash Balance | −$2.55 |
| Invested Capital / Cost Basis | $7,122.54 |
| Total Unrealized Gain | +$1,434.89 (+20.1%) |
| Holdings | 27 |
| Previous Update | $7,966.12 |
| Change Since Previous Update | +$588.76 (+7.4%) |
| Pending Dividends Displayed | $4.48 |
| Largest Position | Dell — $1,522.56 |
| Largest Position Weight | 17.8% |
One number is deliberately absent: updated forward annual dividend income. The latest Robinhood capture does not provide that projection, so I am not carrying May’s $82.10 estimate forward and presenting it as though it were current.
Moving Beyond $8,000
The portfolio did not merely cross $8,000—it moved more than halfway toward $9,000.
The more important milestone is that unrealized appreciation has now reached $1,434.89, compared with an estimated position cost basis of $7,122.54. That produces an aggregate unrealized return of approximately 20.1%.
There is an important concentration underneath that result.
Dell alone accounts for $1,068.15 of the total unrealized gain. That is roughly 74% of the portfolio’s net unrealized appreciation.
The winners are working, but the results are not evenly distributed. Positive positions currently contribute approximately $1,804.25 in gains, while the positions below cost subtract about $369.36.
That is not inherently a problem. It is simply the portfolio’s current mathematical reality.
Performance Leaders
| Holding | Shares | Unrealized Gain | Return |
|---|---|---|---|
| Dell | 3.545 | +$1,068.15 | +235.1% |
| Alphabet | 1.799 | +$264.97 | +67.5% |
| Home Federal Bank of Louisiana | 36.980 | +$191.12 | +35.4% |
| Apple | 2.286 | +$153.79 | +29.3% |
| Starbucks | 3.794 | +$36.86 | +10.8% |
| Hamilton Beach | 11.438 | +$31.98 | +16.3% |
| UnitedHealth | 0.407 | +$30.99 | +23.6% |
| Waters | 0.155 | +$9.42 | +20.6% |
| American States Water | 2.919 | +$6.72 | +3.1% |
| Coca-Cola | 1.426 | +$3.68 | +3.3% |
Dell remains the defining position in the portfolio.
It began as a relatively modest investment, but appreciation has turned it into a $1,522.56 holding, representing approximately 17.8% of total stock value.
Alphabet, Home Federal Bank of Louisiana, and Apple are the next three major winners. Together with Dell, those four companies now account for approximately 42.0% of the portfolio.
Including Costco, the five largest positions represent approximately 47.6% of total stock value.
Twenty-seven holdings may look diversified by count, but position size—not ticker count—is what determines actual concentration.
The Other Side of the Ledger
A complete update should also show where the portfolio remains below cost.
| Holding | Unrealized Loss | Return |
|---|---|---|
| Microsoft | −$81.05 | −15.7% |
| Intuit | −$72.89 | −42.0% |
| Meta Platforms | −$59.91 | −13.6% |
| Automatic Data Processing | −$40.10 | −14.3% |
| Mastercard | −$38.99 | −10.6% |
These positions should not automatically receive more capital simply because they are down.
A lower price is valuable only when the underlying business remains attractive and the original thesis remains intact. Averaging down without reassessing the business is not discipline—it is habit.
At the same time, unrealized losses in high-quality businesses are not emergencies. The portfolio is still in accumulation mode, and short-term price weakness can become useful when the long-term business economics remain strong.
New Position: Roper Technologies
Roper Technologies is the portfolio’s 27th holding.
The current position is intentionally small:
| Metric | Roper Technologies |
|---|---|
| Shares | 0.021 |
| Position Value | $6.90 |
| Average Cost | $334.67 |
| Current Price | $329.97 |
| Unrealized Return | −$0.10 |
At this size, the position is better understood as a marker than a meaningful capital allocation.
It establishes Roper inside the portfolio and creates a place to build from gradually. The company fits the portfolio’s compounder side: recurring revenue, specialized businesses, strong cash generation, and a long history of disciplined capital allocation.
The immediate return is irrelevant. The question is whether Roper deserves to become a larger position over time.
Dividend Growth Without Additional Capital
Three portfolio companies recently increased their regular dividends:
| Company | Previous Quarterly Dividend | New Dividend | Increase |
|---|---|---|---|
| UnitedHealth | $2.21 | $2.32 | 5.0% |
| Hamilton Beach | $0.120 | $0.125 | 4.2% |
| Target | $1.14 | $1.16 | 1.8% |
UnitedHealth’s dividend history shows the quarterly payment moving from $2.21 to $2.32. Hamilton Beach raised its dividend from $0.12 to $0.125, while Target increased its quarterly payout from $1.14 to $1.16. (UnitedHealth Group)
None of those increases required an additional purchase.
That is the central appeal of dividend growth investing: the income capacity of an existing share can rise even when no new money is added.
The increases may appear small at the current portfolio size, but they permanently improve the income-producing power of the existing shares. Repeated across multiple businesses and multiple decades, those small increases become meaningful.
Pending Dividends
Robinhood currently displays the following pending payments:
| Company | Payment Date | Amount |
|---|---|---|
| PayPal | June 25, 2026 | $0.05 |
| Becton Dickinson | June 30, 2026 | $1.76 |
| Coca-Cola | July 1, 2026 | $0.74 |
| Automatic Data Processing | July 1, 2026 | $1.85 |
| Thermo Fisher Scientific | July 15, 2026 | $0.08 |
| Total Displayed | $4.48 |
The dollar amount is still modest, but the composition is encouraging.
These payments come from financial technology, medical devices, consumer staples, payroll infrastructure, and life-sciences tools. The income is not dependent on a single industry or economic driver.
How the Portfolio Is Shaping Up
The portfolio is continuing to separate into three broad groups.
Core compounders: Alphabet, Apple, Costco, Microsoft, Meta, Visa, Mastercard, S&P Global, Cintas, Thermo Fisher, Intuit, and Roper Technologies.
These businesses are owned primarily for durable earnings growth, strong competitive positions, and long-term increases in intrinsic value. Current dividend yield is secondary.
Dividend foundation: Home Federal Bank of Louisiana, Starbucks, UnitedHealth, American States Water, Coca-Cola, FS Bancorp, Target, Johnson & Johnson, Waste Management, Becton Dickinson, and Automatic Data Processing.
These companies provide the portfolio with recurring income, established payout histories, and exposure to businesses whose cash flows tend to remain durable across economic cycles.
Opportunistic or developing positions: Dell, Hamilton Beach, Waters, and PayPal.
Dell began in this category, but market appreciation has transformed it into the portfolio’s largest economic position. That creates a useful distinction: a position’s original role and its current portfolio impact are not always the same.
Going Into July
Four areas deserve attention.
- Concentration
Dell’s performance has been exceptional, but a 17.8% position can increasingly determine the portfolio’s overall direction. The objective is not to punish a winner. It is to understand the amount of portfolio risk now tied to one company.
- Contribution-adjusted performance
The portfolio increased by 7.4% since the previous update, but that figure includes new capital. Future updates should continue separating contributions from market appreciation wherever the available data permits.
- The quality of underwater positions
Microsoft, Intuit, Meta, ADP, and Mastercard account for much of the current unrealized loss. Their prices matter less than whether their business quality, growth prospects, and competitive advantages remain intact.
- Updated dividend projections
The next update should recalculate forward annual dividend income using the latest share quantities and dividend rates. The portfolio has added shares, introduced Roper, and received several dividend increases since May.
June Takeaway
The portfolio crossed $8,500, expanded to 27 holdings, and now carries more than $1,400 in net unrealized appreciation.
The strongest positions continue to do the heavy lifting. Dell, Alphabet, Home Federal Bank of Louisiana, and Apple have created most of the current gain, while several high-quality compounders remain below cost.
That combination is normal in a developing portfolio. Not every position will move at the same time, and equal outcomes are not the objective.
The central task now is to keep the structure intentional.
The next milestone is $9,000—but the more meaningful goal is to reach it with a portfolio that is stronger, better balanced, and capable of producing more income than it does today.
Full Portfolio Snapshot
| Holding | Shares | Position Value | Total Return |
|---|---|---|---|
| Dell | 3.545 | $1,522.56 | +$1,068.15 |
| Alphabet Class A | 1.799 | $657.44 | +$264.97 |
| Home Federal Bank of Louisiana | 36.980 | $730.35 | +$191.12 |
| Apple | 2.286 | $679.49 | +$153.79 |
| Starbucks | 3.794 | $379.35 | +$36.86 |
| Hamilton Beach | 11.438 | $228.35 | +$31.98 |
| UnitedHealth | 0.407 | $162.42 | +$30.99 |
| Waters | 0.155 | $55.20 | +$9.42 |
| American States Water | 2.919 | $224.46 | +$6.72 |
| Coca-Cola | 1.426 | $113.98 | +$3.68 |
| FS Bancorp | 6.441 | $265.25 | +$3.16 |
| Target | 0.578 | $74.17 | +$2.73 |
| Johnson & Johnson | 0.214 | $49.87 | +$0.68 |
| Roper Technologies | 0.021 | $6.90 | −$0.10 |
| PayPal | 0.620 | $26.21 | −$0.79 |
| Thermo Fisher Scientific | 0.185 | $85.50 | −$4.52 |
| Costco | 0.504 | $487.10 | −$5.83 |
| Waste Management | 1.447 | $312.25 | −$11.21 |
| Cintas | 0.825 | $140.03 | −$11.44 |
| Visa | 1.148 | $379.94 | −$11.46 |
| Becton Dickinson | 1.718 | $243.34 | −$13.01 |
| S&P Global | 0.593 | $247.87 | −$18.06 |
| Mastercard | 0.668 | $329.18 | −$38.99 |
| Automatic Data Processing | 1.100 | $240.67 | −$40.10 |
| Meta Platforms | 0.662 | $380.15 | −$59.91 |
| Intuit | 0.372 | $100.50 | −$72.89 |
| Microsoft | 1.138 | $434.90 | −$81.05 |
| Total Stocks | 27 positions | $8,557.43 | +$1,434.89 |
| Negative Cash | −$2.55 | ||
| Net Portfolio Value | $8,554.88 |
