<p>本月投资组合保持完全不变，所有头寸均被保留，基础阵容没有变化。值得注意的不是周转率，而是投资组合不同部分在表面下的表现。</p>
<p>这正是该策略设计的环境。</p>
<hr/>
<h3><strong>表现良好的部分</strong></h3>
<p><strong>能源收入领先</strong></p>
<ul>
<li><strong>Tortoise Energy Infrastructure Corp. (TYG – NYSE): +21.64%</strong></li>
<li>投资组合中表现最强的资产</li>
<li>反映了中游现金流的稳定性和对能源基础设施的持续需求</li>
</ul>
<p><strong>封闭式基金 / 特殊情况表现良好</strong></p>
<ul>
<li><strong>Saba Closed-End Funds ETF (CEFS – NYSE): +8.94%</strong></li>
<li><strong>Special Opportunities Fund (SPE – NYSE): +3.60%</strong></li>
<li>折扣捕捉 + 事件驱动策略发挥了作用</li>
</ul>
<p><strong>核心债券提供稳定性</strong></p>
<ul>
<li><strong>Infrastructure Capital Bond Income ETF (BNDS – NYSE): +3.63%</strong></li>
<li>正如预期的那样发挥作用——提供收入的稳定支撑</li>
</ul>
<hr/>
<h3><strong>我们看到的压力</strong></h3>
<p><strong>私人信贷 / BDCs</strong></p>
<ul>
<li><strong>VanEck BDC Income ETF (BIZD – NYSE): -20.75%</strong></li>
<li><strong>WisdomTree Private Credit and Alternative Income Fund (HYIN – NYSE): -20.38%</strong></li>
</ul>
<p>这直接与之前报告中讨论的 <strong>近期情绪驱动的抛售</strong> 相关。</p>
<p>价格走势疲软，但这更多是关于 <strong>市场认知而非基础收入崩溃</strong>。</p>
<hr/>
<p><strong>全球及利率敏感收入</strong></p>
<ul>
<li><strong>abrdn Asia-Pacific Income Fund (FAX – NYSE): -12.58%</strong></li>
<li><strong>优先股 + MBS (PFFA, MTBA, REM): 适度下跌</strong></li>
</ul>
<p>这些领域继续受到以下因素的影响：</p>
<ul>
<li>利率波动</li>
<li>货币压力 (FAX)</li>
<li>久期敏感性</li>
</ul>
<hr/>
<h3><strong>稳定的中间地带</strong></h3>
<p>投资组合中很大一部分资产正如预期般运作——虽然不激动人心，但却稳定：</p>
<ul>
<li><strong>Angel Oak Financial Strategies Income Term Trust (FINS – NYSE): -2.95%</strong></li>
<li><strong>SPDR Blackstone Senior Loan ETF (SRLN – NYSE): -3.03%</strong></li>
<li><strong>Nuveen Real Asset Income and Growth Fund (JRI – NYSE): -4.09%</strong></li>
<li><strong>Dorchester Minerals LP (DMLP – NASDAQ): -6.54%</strong></li>
</ul>
<p>这些资产在价格波动时仍在产生收入——这正是结构的全部意义。</p>
<hr/>
<h3><strong>收入概况（仍然是核心故事）</strong></h3>
<p>在整个投资组合中：</p>
<ul>
<li>大多数收益仍在 <strong>7%–14% 范围内</strong></li>
<li>收益最高的资产：
<ul>
<li><strong>SPE: 14.01%</strong></li>
<li><strong>FAX: 13.06%</strong></li>
<li><strong>BIZD: 13.12%</strong></li>
<li><strong>HYIN: 12.96%</strong></li>
<li><strong>JRI: 12.25%</strong></li>
</ul>
</li>
</ul>
<p>👉 关键点：</p>
<p><strong>收入生成没有中断——价格波动增加</strong></p>
<hr/>
<h3><strong>结论</strong></h3>
<p>本月 <strong>没有投资组合变动</strong>，但内部动态讲述了故事：</p>
<ul>
<li>能源和特殊情况 <strong>推动了表现</strong></li>
<li>私人信贷受到 <strong>情绪压力</strong></li>
<li>利率敏感资产 <strong>吸收了波动</strong></li>
<li>投资组合中的收入保持 <strong>强劲和完整</strong></li>
</ul>
<p>这正是一个多元化收入投资组合在混合和不确定市场环境中应有的样子。</p>

富国 BDC 指数 ETF - VanEck Vectors

<p>2026 年 4 月的轻松收入投资组合保持不变，所有头寸均 intact。以 Tortoise Energy Infrastructure Corp. 为首的能源收入表现最强，增长了 21.64%。私人信贷和 BDC 面临压力，VanEck BDC Income ETF 下跌了 20.75%。尽管价格波动，收入生成依然强劲，收益率在 7%-14% 之间。该投资组合的稳定性反映了其设计适应混合市场条件，展现出强劲的收入同时吸收波动</p>

<p>The portfolio remains fully intact this month, with all positions carried over and no changes to the underlying lineup. What stands out is not turnover, but how different parts of the portfolio are behaving under the surface.</p>
<div class="lb-trans"><p>本月投资组合保持完全不变，所有头寸均被保留，基础阵容没有变化。值得注意的不是周转率，而是投资组合不同部分在表面下的表现。</p>
</div><p>This is exactly the kind of environment the strategy is designed for.</p>
<div class="lb-trans"><p>这正是该策略设计的环境。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>What's Working</strong></h3>
<div class="lb-trans"><h3><strong>表现良好的部分</strong></h3>
</div><p><strong>Energy Income Leading</strong></p>
<div class="lb-trans"><p><strong>能源收入领先</strong></p>
</div><ul>
<li><strong>Tortoise Energy Infrastructure Corp. (TYG – NYSE): +21.64%</strong></li>
<li>Strongest performer in the portfolio</li>
<li>Reflecting stability in midstream cash flows and continued demand for energy infrastructure</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Tortoise Energy Infrastructure Corp. (TYG – NYSE): +21.64%</strong></li>
<li>投资组合中表现最强的资产</li>
<li>反映了中游现金流的稳定性和对能源基础设施的持续需求</li>
</ul>
</div><p><strong>Closed-End Fund / Special Situations Holding Up</strong></p>
<div class="lb-trans"><p><strong>封闭式基金 / 特殊情况表现良好</strong></p>
</div><ul>
<li><strong>Saba Closed-End Funds ETF (CEFS – NYSE): +8.94%</strong></li>
<li><strong>Special Opportunities Fund (SPE – NYSE): +3.60%</strong></li>
<li>Discount capture + event-driven strategies doing their job</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Saba Closed-End Funds ETF (CEFS – NYSE): +8.94%</strong></li>
<li><strong>Special Opportunities Fund (SPE – NYSE): +3.60%</strong></li>
<li>折扣捕捉 + 事件驱动策略发挥了作用</li>
</ul>
</div><p><strong>Core Bonds Providing Stability</strong></p>
<div class="lb-trans"><p><strong>核心债券提供稳定性</strong></p>
</div><ul>
<li><strong>Infrastructure Capital Bond Income ETF (BNDS – NYSE): +3.63%</strong></li>
<li>Acting exactly as intended — ballast with income</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Infrastructure Capital Bond Income ETF (BNDS – NYSE): +3.63%</strong></li>
<li>正如预期的那样发挥作用——提供收入的稳定支撑</li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Where We're Seeing Pressure</strong></h3>
<div class="lb-trans"><h3><strong>我们看到的压力</strong></h3>
</div><p><strong>Private Credit / BDCs</strong></p>
<div class="lb-trans"><p><strong>私人信贷 / BDCs</strong></p>
</div><ul>
<li><strong>VanEck BDC Income ETF (BIZD – NYSE): -20.75%</strong></li>
<li><strong>WisdomTree Private Credit and Alternative Income Fund (HYIN – NYSE): -20.38%</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>VanEck BDC Income ETF (BIZD – NYSE): -20.75%</strong></li>
<li><strong>WisdomTree Private Credit and Alternative Income Fund (HYIN – NYSE): -20.38%</strong></li>
</ul>
</div><p>This ties directly back to the <strong>recent sentiment-driven selloff</strong> discussed in prior reports.</p>
<div class="lb-trans"><p>这直接与之前报告中讨论的 <strong>近期情绪驱动的抛售</strong> 相关。</p>
</div><p>Price action has been weak, but this remains more about <strong>market perception than underlying income collapse</strong>.</p>
<div class="lb-trans"><p>价格走势疲软，但这更多是关于 <strong>市场认知而非基础收入崩溃</strong>。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><strong>Global &amp; Rate-Sensitive Income</strong></p>
<div class="lb-trans"><p><strong>全球及利率敏感收入</strong></p>
</div><ul>
<li><strong>abrdn Asia-Pacific Income Fund (FAX – NYSE): -12.58%</strong></li>
<li><strong>Preferreds + MBS (PFFA, MTBA, REM): modest declines</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>abrdn Asia-Pacific Income Fund (FAX – NYSE): -12.58%</strong></li>
<li><strong>优先股 + MBS (PFFA, MTBA, REM): 适度下跌</strong></li>
</ul>
</div><p>These areas continue to react to:</p>
<div class="lb-trans"><p>这些领域继续受到以下因素的影响：</p>
</div><ul>
<li>rate volatility</li>
<li>currency pressure (FAX)</li>
<li>duration sensitivity</li>
</ul>
<div class="lb-trans"><ul>
<li>利率波动</li>
<li>货币压力 (FAX)</li>
<li>久期敏感性</li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Steady Middle Ground</strong></h3>
<div class="lb-trans"><h3><strong>稳定的中间地带</strong></h3>
</div><p>A large portion of the portfolio is doing exactly what it should — not exciting, but stable:</p>
<div class="lb-trans"><p>投资组合中很大一部分资产正如预期般运作——虽然不激动人心，但却稳定：</p>
</div><ul>
<li><strong>Angel Oak Financial Strategies Income Term Trust (FINS – NYSE): -2.95%</strong></li>
<li><strong>SPDR Blackstone Senior Loan ETF (SRLN – NYSE): -3.03%</strong></li>
<li><strong>Nuveen Real Asset Income and Growth Fund (JRI – NYSE): -4.09%</strong></li>
<li><strong>Dorchester Minerals LP (DMLP – NASDAQ): -6.54%</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Angel Oak Financial Strategies Income Term Trust (FINS – NYSE): -2.95%</strong></li>
<li><strong>SPDR Blackstone Senior Loan ETF (SRLN – NYSE): -3.03%</strong></li>
<li><strong>Nuveen Real Asset Income and Growth Fund (JRI – NYSE): -4.09%</strong></li>
<li><strong>Dorchester Minerals LP (DMLP – NASDAQ): -6.54%</strong></li>
</ul>
</div><p>These are still generating income while prices fluctuate — which is the entire point of the structure.</p>
<div class="lb-trans"><p>这些资产在价格波动时仍在产生收入——这正是结构的全部意义。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Income Profile (Still the Core Story)</strong></h3>
<div class="lb-trans"><h3><strong>收入概况（仍然是核心故事）</strong></h3>
</div><p>Across the portfolio:</p>
<div class="lb-trans"><p>在整个投资组合中：</p>
</div><ul>
<li>Most yields remain in the <strong>7%–14% range</strong></li>
<li>Highest income producers:
<ul>
<li><strong>SPE: 14.01%</strong></li>
<li><strong>FAX: 13.06%</strong></li>
<li><strong>BIZD: 13.12%</strong></li>
<li><strong>HYIN: 12.96%</strong></li>
<li><strong>JRI: 12.25%</strong></li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>大多数收益仍在 <strong>7%–14% 范围内</strong></li>
<li>收益最高的资产：
<ul>
<li><strong>SPE: 14.01%</strong></li>
<li><strong>FAX: 13.06%</strong></li>
<li><strong>BIZD: 13.12%</strong></li>
<li><strong>HYIN: 12.96%</strong></li>
<li><strong>JRI: 12.25%</strong></li>
</ul>
</li>
</ul>
</div><p>👉 The key point:</p>
<div class="lb-trans"><p>👉 关键点：</p>
</div><p><strong>Income generation has not broken — price volatility has increased</strong></p>
<div class="lb-trans"><p><strong>收入生成没有中断——价格波动增加</strong></p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Bottom Line</strong></h3>
<div class="lb-trans"><h3><strong>结论</strong></h3>
</div><p>There were <strong>no portfolio changes this month</strong>, but the internal dynamics tell the story:</p>
<div class="lb-trans"><p>本月 <strong>没有投资组合变动</strong>，但内部动态讲述了故事：</p>
</div><ul>
<li>Energy and special situations are <strong>carrying performance</strong></li>
<li>Private credit is <strong>under sentiment pressure</strong></li>
<li>Rate-sensitive assets are <strong>absorbing volatility</strong></li>
<li>Income across the portfolio remains <strong>strong and intact</strong></li>
</ul>
<div class="lb-trans"><ul>
<li>能源和特殊情况 <strong>推动了表现</strong></li>
<li>私人信贷受到 <strong>情绪压力</strong></li>
<li>利率敏感资产 <strong>吸收了波动</strong></li>
<li>投资组合中的收入保持 <strong>强劲和完整</strong></li>
</ul>
</div><p>This is exactly what a diversified income portfolio is supposed to look like in a mixed and uncertain market environment.</p>
<div class="lb-trans"><p>这正是一个多元化收入投资组合在混合和不确定市场环境中应有的样子。</p>
</div>

轻松收益投资组合：2026 年 4 月版