<p>有一个非常重要的原因，某些以收入为导向的投资者可能想要购买抵押房地产投资信托（mREIT）<strong>AGNC Investment</strong>（AGNC 0.64%）。那就是它令人惊讶的 14% 的股息收益率。但如此高的收益率是非常不寻常的，因为 <strong>标准普尔 500 指数</strong>（^GSPC -0.10%）的收益率仅为 1.2%，而平均 REIT 的收益率仅为 3.8%。如果你在寻找一种能够为你提供终身可靠股息的投资，你需要在这里谨慎行事。</p>
<h2>AGNC Investment 是一个不错的 mREIT</h2>
<p>在更广泛的 REIT 领域的抵押贷款细分市场中，双位数的股息收益率并不特别异常。总体而言，AGNC Investment 是一个管理相当不错的 mREIT。值得注意的是，自首次公开募股（IPO）以来，该股票的总回报非常吸引人，如下图所示。实际上，总回报与标准普尔 500 指数非常接近。然而，回报并没有与标准普尔 500 指数同步，因此 AGNC Investment 看起来是一个有吸引力的多元化工具。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/249026d484d4209877b145b3d52b8369.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/249026d484d4209877b145b3d52b8369.png"/></p>
<p>AGNC 总回报价格数据来自 YCharts。</p>
<p>然而，如果你在寻找一种总回报类型的投资，AGNC Investment 可能对你的投资组合具有吸引力。只是有一个小问题。总回报需要将股息再投资。这是合理的，因为 AGNC Investment 购买的抵押贷款支持证券的性质决定了这一点。</p>
<p>当你进行抵押贷款还款时，部分还款用于本金，部分用于利息。这一点并不会因为 AGNC Investment 拥有的抵押贷款被打包成类似债券的证券而改变。因此，每次 AGNC Investment 收取其拥有的证券的付款时，部分是利息，部分是本金。mREIT 支付的巨额股息同样部分由利息和本金组成。该本金实际上是投资者资本的回报。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM2MDkvMjFfMDVfMjUtYS1zaWduLXdpdGgtdGhlLXdvcmQtZGl2aWRlbmRzLW5leHQtdG8tYS1tb25leS1yb2xsLV9nZXR0eWltYWdlcy0xODYyMDE1NDQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM2MDkvMjFfMDVfMjUtYS1zaWduLXdpdGgtdGhlLXdvcmQtZGl2aWRlbmRzLW5leHQtdG8tYS1tb25leS1yb2xsLV9nZXR0eWltYWdlcy0xODYyMDE1NDQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>AGNC Investment 的大股息问题</h2>
<p>对于股息投资者来说，AGNC Investment 的股息在时间上并不稳定。下表中，蓝线代表股息，波动性很大。IPO 后，股息急剧上升。然后开始下降，过去大约十年一直在走低，股票也是如此。支付本金或将资本返还给投资者意味着投资组合的价值随着时间的推移而固有地缩小。这意味着可赚取利息的资本减少。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a3f0ad56853b6b2c28ee275c4157c721.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a3f0ad56853b6b2c28ee275c4157c721.png"/></p>
<p>AGNC 数据来自 YCharts。</p>
<p>如果你花费 AGNC Investment 支付给你的股息，实际上就是在花费你自己的部分资本。公平地说，自 IPO 以来，AGNC Investment 支付的股息超过了其价值损失。因此，股息投资者在这种安排中表现得还不错。但你仍然不能购买 AGNC Investment 并期望有可靠的股息来支持你在退休时的支出需求。这在这里是不可行的，公司股息历史证明了这一点。公平地说，公司本身强调其最终目标是总回报，而不是股息收入。</p>
<h2>AGNC 是一种独特的选择</h2>
<p>AGNC Investment 不是一个容易理解的 REIT。它并不是一个糟糕的投资，但理解起来非常复杂。对于股息投资者来说，更具体地说，股息并不可靠，可能永远不会可靠。</p>
<p>大多数股息投资者都在寻找一种能够持续支付股息的股票，甚至是随着时间的推移而增长的股息。如果这正是你想要的，那么这个 14% 的收益率很可能会让你失望，无论它相对于其他高收益股息股票选项看起来多么吸引人。</p>

美国资本代理公司

<p>AGNC Investment 提供高达 14% 的股息收益率，吸引了以收入为导向的投资者。然而，这一收益率波动较大，且并不稳定，因为该公司有股息下降的历史。尽管自上市以来，AGNC 的总回报与标准普尔 500 指数相当，但其股息部分是资本回报，这使得其在退休收入方面不可靠。投资者应谨慎对待 AGNC，因为其复杂性和股息不稳定性可能无法满足寻求稳定收入的投资者的期望</p>

<p>There's one very big reason some income-focused investors might want to buy mortgage real estate investment trust (mREIT) <strong>AGNC Investment</strong>(AGNC 0.64%). That would be its astonishingly high 14% dividend yield. But a yield that high is highly unusual, given that the <strong>S&amp;P 500</strong> index (^GSPC -0.10%) yields only 1.2%, and the average REIT yields only 3.8%. If you're looking for an investment that will set you up for a lifetime of reliable dividends, you'll need to tread with caution here.</p>
<div class="lb-trans"><p>有一个非常重要的原因，某些以收入为导向的投资者可能想要购买抵押房地产投资信托（mREIT）<strong>AGNC Investment</strong>（AGNC 0.64%）。那就是它令人惊讶的 14% 的股息收益率。但如此高的收益率是非常不寻常的，因为 <strong>标准普尔 500 指数</strong>（^GSPC -0.10%）的收益率仅为 1.2%，而平均 REIT 的收益率仅为 3.8%。如果你在寻找一种能够为你提供终身可靠股息的投资，你需要在这里谨慎行事。</p>
</div><h2>AGNC Investment is a decent mREIT</h2>
<div class="lb-trans"><h2>AGNC Investment 是一个不错的 mREIT</h2>
</div><p>A double-digit dividend yield isn't particularly abnormal in the mortgage niche of the broader REIT sector. For the most part, AGNC Investment is a fairly well-run mREIT. Notably, the stock's total return since its initial public offering (IPO) is very compelling, as the chart below highlights. In fact, the total return is very close to that of the S&amp;P 500 index. However, the return doesn't track along with the S&amp;P 500, so AGNC Investment looks like an attractive diversification tool.</p>
<div class="lb-trans"><p>在更广泛的 REIT 领域的抵押贷款细分市场中，双位数的股息收益率并不特别异常。总体而言，AGNC Investment 是一个管理相当不错的 mREIT。值得注意的是，自首次公开募股（IPO）以来，该股票的总回报非常吸引人，如下图所示。实际上，总回报与标准普尔 500 指数非常接近。然而，回报并没有与标准普尔 500 指数同步，因此 AGNC Investment 看起来是一个有吸引力的多元化工具。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/249026d484d4209877b145b3d52b8369.png" alt="" original-src="https://media.ycharts.com/charts/249026d484d4209877b145b3d52b8369.png"/></p>
<p>AGNC Total Return Price data by YCharts.</p>
<div class="lb-trans"><p>AGNC 总回报价格数据来自 YCharts。</p>
</div><p>If you're looking for a total return type of investment, however, AGNC Investment could be attractive for your portfolio. There's just one small problem. Total return requires the reinvestment of dividends. That makes sense, given the nature of the mortgage-backed securities that AGNC Investment buys.</p>
<div class="lb-trans"><p>然而，如果你在寻找一种总回报类型的投资，AGNC Investment 可能对你的投资组合具有吸引力。只是有一个小问题。总回报需要将股息再投资。这是合理的，因为 AGNC Investment 购买的抵押贷款支持证券的性质决定了这一点。</p>
</div><p>When you make a mortgage payment, part of the payment goes to the principal and part goes to the interest. That doesn't change just because AGNC Investment owns mortgages that have been pooled into bond-like securities. Thus, every time AGNC Investment collects a payment on a security it owns, part is interest and part is principal. The huge dividends the mREIT pays are, similarly, made up partly of interest and partly of principal. That principal is effectively a return of investor capital.</p>
<div class="lb-trans"><p>当你进行抵押贷款还款时，部分还款用于本金，部分用于利息。这一点并不会因为 AGNC Investment 拥有的抵押贷款被打包成类似债券的证券而改变。因此，每次 AGNC Investment 收取其拥有的证券的付款时，部分是利息，部分是本金。mREIT 支付的巨额股息同样部分由利息和本金组成。该本金实际上是投资者资本的回报。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM2MDkvMjFfMDVfMjUtYS1zaWduLXdpdGgtdGhlLXdvcmQtZGl2aWRlbmRzLW5leHQtdG8tYS1tb25leS1yb2xsLV9nZXR0eWltYWdlcy0xODYyMDE1NDQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833609%2F21_05_25-a-sign-with-the-word-dividends-next-to-a-money-roll-_gettyimages-186201544.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>AGNC Investment's big dividend problem</h2>
<div class="lb-trans"><h2>AGNC Investment 的大股息问题</h2>
</div><p>The issue for dividend investors is that AGNC Investment's dividend hasn't been stable over time. In the table below, the blue line is dividends, and it has been highly volatile. After the IPO, the dividend rose sharply. Then it started to fall, and it's been heading lower for roughly a decade, as have the shares. Paying out principal, or returning capital to investors, means that the value of the portfolio inherently shrinks over time. That means that there's less capital to earn interest.</p>
<div class="lb-trans"><p>对于股息投资者来说，AGNC Investment 的股息在时间上并不稳定。下表中，蓝线代表股息，波动性很大。IPO 后，股息急剧上升。然后开始下降，过去大约十年一直在走低，股票也是如此。支付本金或将资本返还给投资者意味着投资组合的价值随着时间的推移而固有地缩小。这意味着可赚取利息的资本减少。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a3f0ad56853b6b2c28ee275c4157c721.png" alt="" original-src="https://media.ycharts.com/charts/a3f0ad56853b6b2c28ee275c4157c721.png"/></p>
<p>AGNC data by YCharts.</p>
<div class="lb-trans"><p>AGNC 数据来自 YCharts。</p>
</div><p>If you spend the dividends AGNC Investment pays you, you are, effectively, spending some of your own capital. To be fair, AGNC Investment has paid out more in dividends than it has lost in value since its IPO. So dividend investors have made out OK with this arrangement. But you still can't buy AGNC Investment and expect a reliable dividend to support your spending needs in retirement. That's just not on the table here, and the company's dividend history proves it. To be fair, the company itself highlights that its ultimate goal is total return, not dividend income.</p>
<div class="lb-trans"><p>如果你花费 AGNC Investment 支付给你的股息，实际上就是在花费你自己的部分资本。公平地说，自 IPO 以来，AGNC Investment 支付的股息超过了其价值损失。因此，股息投资者在这种安排中表现得还不错。但你仍然不能购买 AGNC Investment 并期望有可靠的股息来支持你在退休时的支出需求。这在这里是不可行的，公司股息历史证明了这一点。公平地说，公司本身强调其最终目标是总回报，而不是股息收入。</p>
</div><h2>AGNC is an acquired taste</h2>
<div class="lb-trans"><h2>AGNC 是一种独特的选择</h2>
</div><p>AGNC Investment is not an easy REIT to wrap your head around. It's not a bad investment, but it is highly complicated to understand. More specifically for dividend investors, the dividend is not, and probably never will be, reliable.</p>
<div class="lb-trans"><p>AGNC Investment 不是一个容易理解的 REIT。它并不是一个糟糕的投资，但理解起来非常复杂。对于股息投资者来说，更具体地说，股息并不可靠，可能永远不会可靠。</p>
</div><p>Most dividend investors are looking for a stock that pays a dividend that's sustainable, if not growing, over time. If that's what you want, this 14% yield is very likely to let you down, no matter how attractive it looks relative to other high-yield dividend stock options you have.</p>
<div class="lb-trans"><p>大多数股息投资者都在寻找一种能够持续支付股息的股票，甚至是随着时间的推移而增长的股息。如果这正是你想要的，那么这个 14% 的收益率很可能会让你失望，无论它相对于其他高收益股息股票选项看起来多么吸引人。</p>
</div>

今天购买超高收益的 AGNC Investment 股票能否让你终身受益？