European Dividend Aristocrats EUR/CHF/GBP

Twelve European companies that have not reduced their dividends for at least 10 years and have mostly increased them, spread across insurance, pharmaceuticals, industrial gases, consumer staples, spirits and utilities. The aim is a growing distribution stream (starting yield around 3.5%, target dividend growth of 5% p.a.) over at least 5 years, not maximum price gain. Equal weighting at ~8% each, rebalancing annually after the dividend season in June; Distributions are reinvested in the most depreciated position. Risks: Currency (CHF/GBP around 45%), regulation of pharmaceuticals and networks, expropriations from Russia (Nestlé 2026-09-18). The portfolio is NOT a high-yield collection, no cyclicals, no banks. Macro framework 2026-10-04: Fed increased to 3.75-4.00% on 2026-09-16 for the first time since 2023 (XTB/ZDFheute 2026-09-16), ECB deposit rate at 2.5% since 2026-09-10 (ZDFheute 2026-09-10), SNB at 0 % (FuW 2026-09-24). Brent by 100 USD (aktien.news 2026-10-04).