June '26 dividend portfolio update: takeovers, turnarounds & transitions
June saw at least one FTSE 100 takeover in my dividend portfolio - possibly two. Company results were restricted to five of my small caps, with one issuing an unfortunate profit warning.
The second quarter of 2026 (a full H1 report will follow shortly) was a positive period for my model dividend portfolio. This result was aided by a cash takeover offer of £61.077 per share for FTSE 100 group Intertek (LON:ITRK), one of my top five holdings.
The average buy price of the model portfolio's Intertek position is c.£49, so I should enjoy a reasonable profit when dividends are included.
Another one of my top five holdings also received strong takeover interest during the period – I'm waiting to see if this will translate into a firm offer.
Takeover activity is gratifying in the sense that it provides immediate profits and supports my view that the companies in question were a) good and b) undervalued.
However, it does leave me with the challenge of finding suitable replacement sources of income.
More on that later in the year – for now, my second-quarter trades (see here and here) have been completed. I'm not planning any further transactions until the end of the third quarter, in line with my quarterly 'slow trading' strategy.
Turning to June's results, five of my portfolio stocks issued results last month, including one big profit warning. All five of these are small caps and all five are in the middle of multi-year periods of turnaround or transition.
Looking at the portfolio as a whole, I've realised this is probably true for around half my stocks. I don't want to build a portfolio of value/turnaround situations as, I don't think this is consistent with my desire for high quality income. So it looks like I'll need to be careful to manage this type of exposure going forward.
Quick reminder: my model dividend portfolio broadly mirrors the shares in my main personal portfolio, although position sizing and prices paid will vary for practical reasons.
Please note that my comments reflect my personal views and are not investment advice or recommendations. Please do your own research and seek professional advice if needed. Full disclaimer here.
Disclosure: Roland owned shares in Intertek at the time of publication.
For an explanation of my Quality Dividend score, see here.
In this month's report
Three of the FTSE 100 companies in my dividend portfolio issued results in June. I've reviewed each of them and share my thoughts below.
Please scroll down for the full report, or click on the links to go directly to a specific section:
