May 2026 Portfolio Update
9 dividends received, winners & losers, and what we're watching in June
Dear reader,
May felt again like a month where the news headlines were coming in thick and fast. The Strait of Hormuz felt like it was to open and close on a near-daily basis another month of watching high volatility play out in real time. With the Strait largely shut, global oil inventories have been drawing at a record pace though by month-end there was some relief: Brent crude fell nearly 20% from its 2026 highs as hopes grew of a 60-day ceasefire extension, settling around $92. The frustrating pattern has been markets rallying on ceasefire news, only for volatility to return as the big questions Hormuz shipping, energy infrastructure, nuclear talks stay unresolved.
Closer to home, the picture was equally mixed. The UK economy grew 0.6% in Q1 ahead of forecasts but analysts were quick to point out it was largely pre-war activity, with Q2 expected to deteriorate. Inflation fell to 2.8% in April, down from 3.3% in March welcome progress, though the Iran war threatens to reverse it almost as quickly as it arrived. The Bank of England remains stuck: cut rates and risk reigniting inflation; hold them and squeeze an already fragile economy. House prices slipped 0.6% in May, the largest monthly fall in nearly a year. Not a crisis but a reminder that the domestic backdrop is hardly without its own pressures.
Against all of that, the portfolio had a strong month. While the headlines were doing their best to rattle nerves, the holdings quietly got on with what an income portfolio is supposed to do — pay you. May was the best dividend month of the year so far, with 9 payments received in a single month. There is something deeply satisfying about collecting income while the rest of the market argues about oil futures and ceasefire terms. The income engine is running well.
In Case You Missed It
Alongside the portfolio update, May was a busy month for research on Corfe Capital. Here’s everything published this month well worth a read if any slipped past you:
📊 Diageo plc (LON: DGE) — 12 May
🏦 NB Private Equity Partners (LON: NBPE) — 18 May
🏠 UK Housebuilders — One Year On — 22 May
🧱 Ibstock plc, Forterra PLC & Marshalls plc — 28 May
Sector Commentary
May was a broadly positive month across most of the portfolio’s sectors, with the macro volatility proving less damaging than the headlines might have suggested.
Infrastructure & Infrastructure Credit (27% of portfolio) had a strong month. The asset class continues to demonstrate exactly why it earns such a large allocation resilient income, defensive characteristics, and a quiet ability to hold value when equity markets wobble. With the Bank of England stuck between cutting and holding, long-duration income assets like infrastructure credit are increasingly attractive.
Property & Healthcare REITs (18% of portfolio) was the most interesting sector to watch in May. The broader property market faces headwinds, house prices slipped in May and the rate environment remains difficult but healthcare property in particular continues to offer a compelling combination of inflation-linked income and structural demand. A tale of two halves within the sector.
Investment Trusts — Global & Regional Income (16% of portfolio) delivered well this month. Asia-focused income in particular showed strength, benefiting from a weaker pound and solid underlying dividend streams. This allocation continues to provide useful geographic diversification away from the domestic UK picture.
Financial Services & Asset Managers (14% of portfolio) was mixed. Asset managers remain under pressure from outflows and a challenging environment for active funds, though May brought some relief. The broader financial services names held up better, supported by the higher-for-longer rate backdrop.
Renewable Energy Infrastructure (8% of portfolio) was the surprise package of the month a strong recovery after a prolonged period of weakness driven by rate fears. If the Bank of England begins cutting in the second half of 2026, this sector has meaningful re-rating potential and remains one of the portfolio’s most compelling long-term allocations.
The full portfolio breakdown all holdings, weightings, dividend income, and my thinking on what I’m watching for June is available to paid subscribers below. If you’re not yet a member, now’s a good time.
In this month’s update you’ll find everything you need to understand exactly what happened and why:
Portfolio performance — what moved, what didn’t, and what it means
Live portfolio holdings — every position, entry price, current price, and gain/loss in one place
Updates on individual holdings — the winners, the laggards, and the honest commentary on both
Dividend calendar — so you know exactly when income is hitting your account
