2025 Starting note:

Starting 2025, we’ve got a few things to keep in mind. First, there are dividend cuts planned from 2024 to consider, and one of our holdings is being taken private early in the year. But here’s the thing: the portfolio will make a profit from the sale of Hargreaves Lansdown. In fact, we have seen a 29.30% increase in share price appreciation over the last two years (not including any dividend income). However, we’ll miss out on future income we used to get from holding Hargreaves Lansdown. After the sale, we’ll have the money to reinvest, but finding investments that are similar in value and yield will be tough. And if we want to add any new equities without lowering our annual growth income target, that’s going to be even harder. The main goal of this portfolio is to increase year-over-year income, so we’ll have to make sure we achieve that by the end of the year without fail.

Vodafone and PZ Cussons were the only companies that cut their dividends in 2024. Vodafone has been a terrible investment since I bought it in 2018, even though the price has gone down. I don’t see any good reason to buy more or keep buying even at a lower price. There are still a lot of problems and challenges as they restructure the business, especially in key European markets.

If PZ Cussons decides to sell their African business, it could be a golden opportunity to buy more shares. The Nigerian market has been a major reason for the company’s stock price to drop. They’ve been struggling because of the weak currency and bad international exchange rates.