The Morningstar Europe Dividend Yield Focus Index outperformed the Morningstar Europe Index in November 2025, with a 3.09% gain compared to 0.89%. Roche, British American Tobacco, and Lloyds Banking Group were the top performers, while Sanofi was the only stock among the top 10 to record a negative return.

Swiss and UK companies dominated Europe’s high-yield landscape, with healthcare and consumer staples sectors contributing most to the index’s profitability. Roche, British American Tobacco, and Lloyds Banking Group were the standout performers, benefitting from various factors like drug developments and regulatory discussions.

Roche saw an 18% increase in euros in November, driven by a successful breast cancer drug candidate. British American Tobacco delivered a robust return of nearly 14%, supported by renewed investor interest. Lloyds Banking Group extended its strong performance with an 8% gain due to positive guidance upgrades and share buybacks.

Novartis gained nearly 5% as new product launches gained traction, while Sanofi lagged with a 2.1% decline. The European healthcare sector gained 4.9% overall, highlighting Sanofi’s underperformance. Novartis had incrementally positive pipeline developments supporting its growth target.

Long-term returns for European dividend stocks in the Morningstar Europe Dividend Yield Focus Index show the importance of evaluating stocks over several years and market cycles. The top holdings in the index have varying one, three, and five-year returns, providing valuable information for investors.

Read more at Morningstar: How Europe’s Largest Dividend Stocks Performed in November 2025