<p>宏观市场继续奖励耐心。增长速度从夏季的步伐放缓，而通胀的进展仍然不均衡。九月底，期限溢价再次上升，这使得长期收益率保持粘性，即使市场预计 2026 年会有更多的降息。这种组合使得久期成为阻力，并使得利差收入承担了大部分的提升。</p>
<p>信用市场总体上仍然具有韧性，但领导地位已经缩小。贷款方正在收紧。再融资风险在房地产和一些被定价为完美的私人信贷中显现。这是我们使命闪耀的环境。我们不需要蓝天叙事。我们需要来自拥有真实资产、优先索赔权和理解资本的管理层的持久票息。</p>
<p>固定收益仍然是结构优于故事的游戏。国债波动性从夏季高峰回落，但仍然足够高，以惩罚松散的久期。我继续偏好现金流信用而非长期名义久期，并在结构性产品和优先股中选择我们的投资点，以便利差能补偿我们面临的延展风险。机构抵押贷款支持证券的利差终于值得再次承保，但必须考虑到一旦降息势头明显后出现的再融资选择权。</p>
<p>高级贷款仍然是稳定的耕作马。浮动票息和高回收特征仍然看起来有吸引力，只要违约周期保持个别而非宏观。选择亚太地区的主权和准主权收入仍然是多样化的，尽管货币对收益的影响与票息一样重要。</p>
<p>另类投资仍然是股市波动与债券数学之间的桥梁。随着零售投资者降低风险，封闭式基金的折扣在季度末扩大，创造了我们喜欢耐心收割的 85 美分换 1 美元的机会。</p>
<p>优先股仍然提供类似股权的票息，来自能够在各个周期中获取资本的特许经营。专业金融继续区分定价风险的赢家和追逐风险的输家。我们的视角没有改变。</p>
<p>我们购买现金流，避免爱好者，让折扣和回购进行复利。</p>
<p>能源和中游是我想继续供养的收入引擎。长期需求案例没有改变。电力负荷增长、液化天然气建设、石化扩张以及持续需要将分子从盆地运输到燃烧器尖端，继续巩固交易量并支撑分配。整个行业的资产负债表比十年前更强。杠杆率较低，资本成本可控，董事会表现得像业主。</p>
<p>在项目上线和市场间歇性忘记管道和集气系统不关心每日头条焦虑时，我们被支付等待。</p>
<p>现在谈谈书籍。</p>
<p><strong>ArrowMark Financial (NASDAQ:BANX)</strong> 仍然是我们持有的一个小众信用工具，因其能够获取与银行相关的强抵押和契约的结构性信用。团队保持杠杆适度，并在股票以折扣交易时对回购保持纪律。现金流稳定，投资组合倾向于高级和资产支持风险，符合我们的信用优先偏好。</p>
<p><strong>Nuveen Real Asset I&amp;G (NYSE:JRI)</strong> 是我们的真实资产收入和增长部分。它混合了上市基础设施、公用事业、管道和真实资产信用，然后叠加封闭式结构的好处。在一个不愿意为利率敏感资产支付全价的市场中，我们仍在收集健康的分配，并等待折扣的不可避免的均值回归，因为利率路径逐渐明朗。</p>
<p><strong>iShares Mortgage Real Estate ETF (BATS:REM)</strong> 是一种简单明了的方式，可以在不承担单一名称爆炸风险的情况下收获抵押房地产投资信托的现金流。以机构为主的商店在基础正常化和账面价值稳定时受益，而信用敏感的房地产投资信托则跟随我们已经跟踪的相同贷款和住房潮流。这仍然是一个周期性部分，规模适中，因为融资成本仍然可能带来惊喜。</p>
<p><strong>Virtus InfraCap U.S. Preferred Stock ETF (NYSE:PFFA)</strong> 为我们提供了一个多样化的优先股收入来源，配有主动管理。优先股的利差再次补偿我们，赎回动态也向我们倾斜。我继续喜欢我们在高质量发行人、资本充足的银行和透明费率案例的公用事业中的定位。该基金的主动工具有助于应对赎回、重置和破产问题。</p>
<p><strong>Special Opportunities Fund (NYSE:SPE)</strong> 是我们的机会主义封闭式复合基金。它是一个经理基金，购买折扣，争取价值，并且在折扣稀薄时不怕持有现金或对冲。在许多封闭式基金买家对价格不敏感的世界中，拥有一个熟练的配置者是我们想要的优势。</p>
<p>我们拥有 <strong>Infrastructure Capital Bond Income ETF (NYSE:BNDS)</strong>，因为它瞄准了由有形资产和基本服务支持的现金支付信用的甜蜜点。投资组合持有一系列企业和结构性债券，倾向于基础设施，这使我们能够在不牺牲信用质量的情况下获得多样化的利差收入。</p>
<p><strong>Angel Oak Financial (NYSE:FINS)</strong> 提供了一个以金融和结构性信用为基础的定期收入投资组合，Angel Oak 团队对此非常了解。随着银行修复资产负债表，结构性利差保持理性，该工具继续提供可靠的收入，并有明确的结束日期，以规范杠杆和分配政策。</p>
<p><strong>Dorchester Minerals LP (NASDAQ:DMLP)</strong> 是我们的无需资本支出的特许权收入。它是一种与商品交易量和实现价格相关的收入流，没有运营商的资产负债表负担。管理层保持简单、干净，并传递现金。在许多收益故事变得复杂的世界中，这个故事保持传统，这就是我们拥有它的原因。</p>
<p><strong>阿伯丁亚太基金 (AMEX:FAX)</strong> 仍然是我们亚太地区的收入多元化工具。收益是真实的，投资组合广泛，回报流与美国利率或利差并不完全同步。货币在几个月内可能会增加噪音，但在几年内，多元化和收入会发挥作用。</p>
<p>我们使用 <strong>简化 MBS ETF (NYSE:MTBA)</strong> 以深思熟虑的方式获取机构抵押贷款现金流，关注凸性和风险管理。由于利差补偿我们面临的延展风险和提前还款选择权，我们将其作为一个有计划的投资部分，赚取收益，同时关注利率走势。</p>
<p><strong>WisdomTree 私募信贷 (BATS:HYIN)</strong> 是我们的另类收入工具包。它深入市场中在核心债券指数中表现不佳的部分，并以规则为基础的纪律进行投资。这些敞口通过增加差异化的收益来源来补充我们的核心信贷，而不至于在任何一个因素上加倍下注。</p>
<p>我们持有 <strong>Saba 封闭式基金 (BATS:CEFS)</strong>，因为以折扣购买基金，然后让催化剂和激进主义缩小这些折扣，是收入市场中可重复的超额回报来源。这是我们喜欢的元策略。在风险规避时期，折扣扩大，我们会增加投资。在平静时期，折扣收窄，我们会获得收益，同时继续收取分配。</p>
<p><strong>SPDR 黑石高级贷款 ETF (NYSE:SRLN)</strong> 是我们的高级贷款主力。浮动利率的收益、高级担保地位和广泛的发行人多样性持续提供稳定的收入，波动性可控。违约活动仍然是选择性的，回收率与该资产类别的历史一致。这仍然是我们的核心信贷头寸。</p>
<p><strong>Tortoise 能源基础设施 (NYSE:TYG)</strong> 是我们的中游封闭式基金。它拥有推动能源经济的管道、工厂和储存设施。杠杆率保守，分配覆盖率强，投资组合偏向于该行业更好的资产负债表。随着投资者继续重新评估中游的资产负债表质量和资本纪律，我们收取支票，让折扣为我们工作。</p>
<p><strong>VanEck BDC 收益 ETF (NYSE:BIZD)</strong> 是我们多元化的 BDC 投资部分。这是利用对中型市场的高级担保贷款的最简单方式，且注重头寸规模。我们喜欢该行业向高级第一留置权敞口的转变、改善的承保和比上一个周期更强的非应计管理。我们继续要求合理的估值，避免追逐收益的公司。ETF 结构为我们提供了这种多元化，而不会带来单一名称的烦恼。</p>
<p>未来几个月的布局很简单。我们保持久期控制，让利差收入发挥作用。我们继续偏好高级贷款、成熟的 MBS 和良好承保的优先股，而不是长期名义久期。我们选择性地利用封闭式基金的折扣，并保持干粉以应对二级市场发行和年末税损错位。在能源方面，我们保持对中游的超配，并将在与利率新闻或商品波动相关的疲软时增加投资，因为现金流不会因推文而改变。</p>
<p>风险管理仍然是过程的核心。我们并不试图预测接下来四个 CPI 数据的确切路径或期货曲线在这些日期周围的滑动情况。我们正在承保现金流、资产负债表，以及在经济放缓和仍不确定的利率环境中捍卫分配的能力。今天的投资组合旨在从能够承受冲击的企业和结构中收获高单位数到低双位数的现金收益。</p>
<p>这就是更新。我们正在做我们设定的目标。我们在购买稳健的收入流，坚守安全边际，让时间和纪律进行复利。</p>

BANX

<p>2025 年 10 月的轻松收入投资组合更新强调了一个宏观经济环境，其中增长放缓，通胀依然不均。重点关注来自拥有真实资产的企业的可持续收入，强调现金流信用而非长期投资。主要持仓包括 ArrowMark Financial、Nuveen Real Asset I&G 和 iShares Mortgage Real Estate ETF，这些资产在当前市场条件下具有受益潜力。报告强调了结构性产品和优先股的重要性，同时指出能源和中游行业在持续需求下的韧性</p>

<p>The macro tape continues to reward patience. Growth is slowing from the summer pace while inflation progress remains uneven. The term premium drifted higher again during late September which kept longer yields sticky even as the market penciled in additional cuts for 2026. That cocktail kept duration a headwind and made spread income do most of the lifting.</p>
<div class="lb-trans"><p>宏观市场继续奖励耐心。增长速度从夏季的步伐放缓，而通胀的进展仍然不均衡。九月底，期限溢价再次上升，这使得长期收益率保持粘性，即使市场预计 2026 年会有更多的降息。这种组合使得久期成为阻力，并使得利差收入承担了大部分的提升。</p>
</div><p>Credit remains broadly resilient, but leadership has narrowed. Lenders are tightening. Refi risk is the tell in real estate and in pockets of private credit that were priced for perfection. This is the kind of environment where our mandate shines. We do not need blue-sky narratives. We need durable coupons from businesses with real assets, senior claims, and managements that understand capital.</p>
<div class="lb-trans"><p>信用市场总体上仍然具有韧性，但领导地位已经缩小。贷款方正在收紧。再融资风险在房地产和一些被定价为完美的私人信贷中显现。这是我们使命闪耀的环境。我们不需要蓝天叙事。我们需要来自拥有真实资产、优先索赔权和理解资本的管理层的持久票息。</p>
</div><p>Fixed income is still a game of structure over story. Treasury volatility eased from the summer peaks but remains elevated enough to punish sloppy duration. I continue to favor cash-flowing credit over long nominal duration and to pick our spots in structured products and preferreds where spreads compensate us for extension risk. Agency MBS is finally paying a spread worth underwriting again, but you must size it with respect for the refinance optionality that will appear once rate-cut momentum becomes obvious.</p>
<div class="lb-trans"><p>固定收益仍然是结构优于故事的游戏。国债波动性从夏季高峰回落，但仍然足够高，以惩罚松散的久期。我继续偏好现金流信用而非长期名义久期，并在结构性产品和优先股中选择我们的投资点，以便利差能补偿我们面临的延展风险。机构抵押贷款支持证券的利差终于值得再次承保，但必须考虑到一旦降息势头明显后出现的再融资选择权。</p>
</div><p>Senior loans remain the steady plow horse. Floating coupons and high recovery characteristics still look attractive so long as default cycles remain idiosyncratic rather than macro. Select Asia-Pac sovereign and quasi-sovereign income remains a diversifier, though currency contributes as much to the ride as the coupons.</p>
<div class="lb-trans"><p>高级贷款仍然是稳定的耕作马。浮动票息和高回收特征仍然看起来有吸引力，只要违约周期保持个别而非宏观。选择亚太地区的主权和准主权收入仍然是多样化的，尽管货币对收益的影响与票息一样重要。</p>
</div><p>Alternatives remain the bridge between equity volatility and bond math. Closed-end fund discounts widened into quarter-end as retail de-risked, creating the kind of dollar-for-eighty-five-cents opportunities we like to harvest patiently.</p>
<div class="lb-trans"><p>另类投资仍然是股市波动与债券数学之间的桥梁。随着零售投资者降低风险，封闭式基金的折扣在季度末扩大，创造了我们喜欢耐心收割的 85 美分换 1 美元的机会。</p>
</div><p>Preferreds still offer equity-like coupons from franchises that can access capital across cycles. Specialty finance continues to separate winners that price risk and losers that chase it. Our lens is unchanged.</p>
<div class="lb-trans"><p>优先股仍然提供类似股权的票息，来自能够在各个周期中获取资本的特许经营。专业金融继续区分定价风险的赢家和追逐风险的输家。我们的视角没有改变。</p>
</div><p>We buy the cash flow, we avoid the hobbyists, and we let discounts and buybacks do the compounding.</p>
<div class="lb-trans"><p>我们购买现金流，避免爱好者，让折扣和回购进行复利。</p>
</div><p>Energy and midstream are the income engine I want to keep feeding. The secular demand case did not change. Power load growth, LNG buildout, petrochemical expansions, and the ongoing need to move molecules from basin to burner tip continue to firm volumes and underpin distributions. Balance sheets across the sector are stronger than they have been in a decade. Leverage is lower, cost of capital is manageable, and boards are behaving like owners.</p>
<div class="lb-trans"><p>能源和中游是我想继续供养的收入引擎。长期需求案例没有改变。电力负荷增长、液化天然气建设、石化扩张以及持续需要将分子从盆地运输到燃烧器尖端，继续巩固交易量并支撑分配。整个行业的资产负债表比十年前更强。杠杆率较低，资本成本可控，董事会表现得像业主。</p>
</div><p>We are paid to wait while projects come online and while the market intermittently forgets that pipelines and gathering systems do not care about daily headline anxiety.</p>
<div class="lb-trans"><p>在项目上线和市场间歇性忘记管道和集气系统不关心每日头条焦虑时，我们被支付等待。</p>
</div><p>Now to the book.</p>
<div class="lb-trans"><p>现在谈谈书籍。</p>
</div><p><strong>ArrowMark Financial (NASDAQ:BANX)</strong> remains a niche credit vehicle we hold for its ability to source bank-related and structured credit with strong collateral and covenants. The team has kept leverage measured and has been disciplined with repurchases when the shares trade at a discount. The cash flow is sturdy and the portfolio tilt toward senior and asset-backed risk fits our credit-first bias.</p>
<div class="lb-trans"><p><strong>ArrowMark Financial (NASDAQ:BANX)</strong> 仍然是我们持有的一个小众信用工具，因其能够获取与银行相关的强抵押和契约的结构性信用。团队保持杠杆适度，并在股票以折扣交易时对回购保持纪律。现金流稳定，投资组合倾向于高级和资产支持风险，符合我们的信用优先偏好。</p>
</div><p><strong>Nuveen Real Asset I&amp;G (NYSE:JRI)</strong> is our real-asset income and growth sleeve. It mixes listed infrastructure, utilities, pipelines, and real-asset credit, then layers the benefit of a closed-end structure. In a market that is reluctant to pay full value for rate-sensitive assets, we are still collecting a healthy distribution and waiting for the inevitable mean reversion in the discount as the rate path clarifies.</p>
<div class="lb-trans"><p><strong>Nuveen Real Asset I&amp;G (NYSE:JRI)</strong> 是我们的真实资产收入和增长部分。它混合了上市基础设施、公用事业、管道和真实资产信用，然后叠加封闭式结构的好处。在一个不愿意为利率敏感资产支付全价的市场中，我们仍在收集健康的分配，并等待折扣的不可避免的均值回归，因为利率路径逐渐明朗。</p>
</div><p><strong>iShares Mortgage Real Estate ETF (BATS:REM)</strong> is the plain-spoken way to harvest mortgage REIT cash flows without taking single-name blowup risk. Agency-heavy shops benefit as the basis normalizes and book values stabilize, while credit-sensitive REITs ride the same lending and housing currents we already track. This remains a cyclical sleeve sized modestly because funding costs can still surprise.</p>
<div class="lb-trans"><p><strong>iShares Mortgage Real Estate ETF (BATS:REM)</strong> 是一种简单明了的方式，可以在不承担单一名称爆炸风险的情况下收获抵押房地产投资信托的现金流。以机构为主的商店在基础正常化和账面价值稳定时受益，而信用敏感的房地产投资信托则跟随我们已经跟踪的相同贷款和住房潮流。这仍然是一个周期性部分，规模适中，因为融资成本仍然可能带来惊喜。</p>
</div><p><strong>Virtus InfraCap U.S. Preferred Stock ETF (NYSE:PFFA)</strong> gives us a diversified preferred stock paycheck with active management. Spreads in preferreds are compensating us again, and call dynamics have shifted in our favor. I continue to like our positioning in higher-quality issuers, banks with strong capital, and utilities with transparent rate cases. The fund's active tools help navigate calls, resets, and busted issues.</p>
<div class="lb-trans"><p><strong>Virtus InfraCap U.S. Preferred Stock ETF (NYSE:PFFA)</strong> 为我们提供了一个多样化的优先股收入来源，配有主动管理。优先股的利差再次补偿我们，赎回动态也向我们倾斜。我继续喜欢我们在高质量发行人、资本充足的银行和透明费率案例的公用事业中的定位。该基金的主动工具有助于应对赎回、重置和破产问题。</p>
</div><p><strong>Special Opportunities Fund (NYSE:SPE)</strong> is our opportunistic closed-end compounder. It is a manager's fund that buys discounts, agitates for value, and is not afraid to hold cash or hedges when discounts are thin. In a world where many CEF buyers are price-insensitive, having a skilled allocator in the seat is an advantage we want.</p>
<div class="lb-trans"><p><strong>Special Opportunities Fund (NYSE:SPE)</strong> 是我们的机会主义封闭式复合基金。它是一个经理基金，购买折扣，争取价值，并且在折扣稀薄时不怕持有现金或对冲。在许多封闭式基金买家对价格不敏感的世界中，拥有一个熟练的配置者是我们想要的优势。</p>
</div><p>We own <strong>Infrastructure Capital Bond Income ETF (NYSE:BNDS)</strong> because it targets the sweet spot of cash-pay credit backed by tangible assets and essential services. The portfolio holds a mix of corporate and structured bonds with an infrastructure tilt, which gives us diversified spread income without stretching on credit quality.</p>
<div class="lb-trans"><p>我们拥有 <strong>Infrastructure Capital Bond Income ETF (NYSE:BNDS)</strong>，因为它瞄准了由有形资产和基本服务支持的现金支付信用的甜蜜点。投资组合持有一系列企业和结构性债券，倾向于基础设施，这使我们能够在不牺牲信用质量的情况下获得多样化的利差收入。</p>
</div><p><strong>Angel Oak FInancial (NYSE:FINS)</strong> provides a term-dated, income-focused portfolio built around financials and structured credit that the Angel Oak team understands cold. As banks repair balance sheets and structured spreads remain rational, this vehicle continues to throw off reliable income with a clear end date that disciplines leverage and distribution policy.</p>
<div class="lb-trans"><p><strong>Angel Oak Financial (NYSE:FINS)</strong> 提供了一个以金融和结构性信用为基础的定期收入投资组合，Angel Oak 团队对此非常了解。随着银行修复资产负债表，结构性利差保持理性，该工具继续提供可靠的收入，并有明确的结束日期，以规范杠杆和分配政策。</p>
</div><p><strong>Dorchester Minerals LP (NASDAQ:DMLP)</strong> is our royalty check that does not need capex. It is an income stream linked to commodity volumes and realized prices without the balance sheet baggage of operators. Management keeps it simple, keeps it clean, and passes through cash. In a world where many yield stories get cute, this one stays old-fashioned and that is why we own it.</p>
<div class="lb-trans"><p><strong>Dorchester Minerals LP (NASDAQ:DMLP)</strong> 是我们的无需资本支出的特许权收入。它是一种与商品交易量和实现价格相关的收入流，没有运营商的资产负债表负担。管理层保持简单、干净，并传递现金。在许多收益故事变得复杂的世界中，这个故事保持传统，这就是我们拥有它的原因。</p>
</div><p><strong>Aberdeen Asia-Pacific (AMEX:FAX)</strong> remains our Asia-Pacific income diversifier. The coupons are real, the portfolio is broad, and the return stream does not dance perfectly with U.S. rates or spreads. Currency can add noise over months, but over years the diversification and income do their job.</p>
<div class="lb-trans"><p><strong>阿伯丁亚太基金 (AMEX:FAX)</strong> 仍然是我们亚太地区的收入多元化工具。收益是真实的，投资组合广泛，回报流与美国利率或利差并不完全同步。货币在几个月内可能会增加噪音，但在几年内，多元化和收入会发挥作用。</p>
</div><p>We use <strong>Simplify MBS ETF (NYSE:MTBA)</strong> to access agency mortgage cash flows with a thoughtful approach to convexity and risk management. As spreads compensate us for extension risk and prepay optionality, we will keep this as a measured sleeve that earns carry while we watch the rate path.</p>
<div class="lb-trans"><p>我们使用 <strong>简化 MBS ETF (NYSE:MTBA)</strong> 以深思熟虑的方式获取机构抵押贷款现金流，关注凸性和风险管理。由于利差补偿我们面临的延展风险和提前还款选择权，我们将其作为一个有计划的投资部分，赚取收益，同时关注利率走势。</p>
</div><p><strong>WisdomTree Private Credit (BATS:HYIN)</strong> is our alternative income toolkit. It reaches into parts of the market that are not well represented in core bond indexes and does so with a rules-based discipline. The exposures complement our core credit by adding differentiated sources of coupon without doubling our bet on any one factor.</p>
<div class="lb-trans"><p><strong>WisdomTree 私募信贷 (BATS:HYIN)</strong> 是我们的另类收入工具包。它深入市场中在核心债券指数中表现不佳的部分，并以规则为基础的纪律进行投资。这些敞口通过增加差异化的收益来源来补充我们的核心信贷，而不至于在任何一个因素上加倍下注。</p>
</div><p>We own <strong>Saba Closed-End Fund (BATS:CEFS)</strong> because buying funds at discounts, then letting catalysts and activism narrow those discounts, is a repeatable source of excess return in income markets. It is a metastrategy we like. In periods of risk-off, discounts widen and we add. In periods of calm, discounts close and we clip gains while still collecting distributions.</p>
<div class="lb-trans"><p>我们持有 <strong>Saba 封闭式基金 (BATS:CEFS)</strong>，因为以折扣购买基金，然后让催化剂和激进主义缩小这些折扣，是收入市场中可重复的超额回报来源。这是我们喜欢的元策略。在风险规避时期，折扣扩大，我们会增加投资。在平静时期，折扣收窄，我们会获得收益，同时继续收取分配。</p>
</div><p><strong>SPDR Blackstone Senior Loan ETF (NYSE:SRLN)</strong> is our senior-loan workhorse. Floating rate coupons, senior secured status, and broad issuer diversification have continued to provide steady income with manageable volatility. Default activity remains selective and recoveries have been consistent with the asset class history. This stays as a core credit position.</p>
<div class="lb-trans"><p><strong>SPDR 黑石高级贷款 ETF (NYSE:SRLN)</strong> 是我们的高级贷款主力。浮动利率的收益、高级担保地位和广泛的发行人多样性持续提供稳定的收入，波动性可控。违约活动仍然是选择性的，回收率与该资产类别的历史一致。这仍然是我们的核心信贷头寸。</p>
</div><p><strong>Tortoise Energy Infrastructure (NYSE:TYG)</strong> is our midstream CEF. It owns the pipes, plants, and storage that move the energy economy. Leverage is conservative, distribution coverage is strong, and the portfolio skews to better balance sheets in the sector. As investors continue to re-rate midstream for balance sheet quality and capital discipline, we collect the checks and let the discount work for us.</p>
<div class="lb-trans"><p><strong>Tortoise 能源基础设施 (NYSE:TYG)</strong> 是我们的中游封闭式基金。它拥有推动能源经济的管道、工厂和储存设施。杠杆率保守，分配覆盖率强，投资组合偏向于该行业更好的资产负债表。随着投资者继续重新评估中游的资产负债表质量和资本纪律，我们收取支票，让折扣为我们工作。</p>
</div><p><strong>VanEck BDC Income ETF (NYSE:BIZD)</strong> is our diversified BDC sleeve. It is the simplest way to harness senior secured lending to the middle market with careful position sizing. We like the sector's shift toward senior first-lien exposures, improved underwriting, and stronger non-accrual management versus the last cycle. We continue to demand sensible valuation and avoid names that chase yield. The ETF structure gives us that diversification without the single-name heartburn.</p>
<div class="lb-trans"><p><strong>VanEck BDC 收益 ETF (NYSE:BIZD)</strong> 是我们多元化的 BDC 投资部分。这是利用对中型市场的高级担保贷款的最简单方式，且注重头寸规模。我们喜欢该行业向高级第一留置权敞口的转变、改善的承保和比上一个周期更强的非应计管理。我们继续要求合理的估值，避免追逐收益的公司。ETF 结构为我们提供了这种多元化，而不会带来单一名称的烦恼。</p>
</div><p>Positioning for the next few months is straightforward. We keep duration contained and let spread income do the work. We continue to prefer senior loans, seasoned MBS, and well-underwritten preferreds over long nominal duration. We lean into closed-end fund discounts selectively and keep dry powder for secondary offerings and year-end tax-loss dislocations. In energy we stay overweight midstream, and we will add on weakness tied to rate headlines or commodity wobbles because the cash flows do not change with the tweets.</p>
<div class="lb-trans"><p>未来几个月的布局很简单。我们保持久期控制，让利差收入发挥作用。我们继续偏好高级贷款、成熟的 MBS 和良好承保的优先股，而不是长期名义久期。我们选择性地利用封闭式基金的折扣，并保持干粉以应对二级市场发行和年末税损错位。在能源方面，我们保持对中游的超配，并将在与利率新闻或商品波动相关的疲软时增加投资，因为现金流不会因推文而改变。</p>
</div><p>Risk management remains the core of the process. We are not trying to forecast the precise path of the next four CPI prints or how the futures curve slides around those dates. We are underwriting cash flows, balance sheets, and the ability to defend distributions through a slower economy and a still-uncertain rate regime. The portfolio today is built to harvest high single-digit to low double-digit cash yields from businesses and structures that can take a punch.</p>
<div class="lb-trans"><p>风险管理仍然是过程的核心。我们并不试图预测接下来四个 CPI 数据的确切路径或期货曲线在这些日期周围的滑动情况。我们正在承保现金流、资产负债表，以及在经济放缓和仍不确定的利率环境中捍卫分配的能力。今天的投资组合旨在从能够承受冲击的企业和结构中收获高单位数到低双位数的现金收益。</p>
</div><p>That is the update. We are doing exactly what we set out to do. We are buying sturdy income streams, insisting on a margin of safety, and letting time and discipline do the compounding.</p>
<div class="lb-trans"><p>这就是更新。我们正在做我们设定的目标。我们在购买稳健的收入流，坚守安全边际，让时间和纪律进行复利。</p>
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简单收益投资组合：2025 年 10 月更新