<p>有一個非常重要的原因，某些以收入為導向的投資者可能想要購買抵押房地產投資信託（mREIT）<strong>AGNC Investment</strong>（AGNC 0.64%）。那就是它令人驚訝的 14% 的股息收益率。但如此高的收益率是非常不尋常的，因為 <strong>標準普爾 500 指數</strong>（^GSPC -0.10%）的收益率僅為 1.2%，而平均 REIT 的收益率僅為 3.8%。如果你在尋找一種能夠為你提供終身可靠股息的投資，你需要在這裏謹慎行事。</p>
<h2>AGNC Investment 是一個不錯的 mREIT</h2>
<p>在更廣泛的 REIT 領域的抵押貸款細分市場中，雙位數的股息收益率並不特別異常。總體而言，AGNC Investment 是一個管理相當不錯的 mREIT。值得注意的是，自首次公開募股（IPO）以來，該股票的總回報非常吸引人，如下圖所示。實際上，總回報與標準普爾 500 指數非常接近。然而，回報並沒有與標準普爾 500 指數同步，因此 AGNC Investment 看起來是一個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 總回報價格數據來自 YCharts。</p>
<p>然而，如果你在尋找一種總回報類型的投資，AGNC Investment 可能對你的投資組合具有吸引力。只是有一個小問題。總回報需要將股息再投資。這是合理的，因為 AGNC Investment 購買的抵押貸款支持證券的性質決定了這一點。</p>
<p>當你進行抵押貸款還款時，部分還款用於本金，部分用於利息。這一點並不會因為 AGNC Investment 擁有的抵押貸款被打包成類似債券的證券而改變。因此，每次 AGNC Investment 收取其擁有的證券的付款時，部分是利息，部分是本金。mREIT 支付的鉅額股息同樣部分由利息和本金組成。該本金實際上是投資者資本的回報。</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>圖片來源：Getty Images。</p>
<h2>AGNC Investment 的大股息問題</h2>
<p>對於股息投資者來説，AGNC Investment 的股息在時間上並不穩定。下表中，藍線代表股息，波動性很大。IPO 後，股息急劇上升。然後開始下降，過去大約十年一直在走低，股票也是如此。支付本金或將資本返還給投資者意味着投資組合的價值隨着時間的推移而固有地縮小。這意味着可賺取利息的資本減少。</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 數據來自 YCharts。</p>
<p>如果你花費 AGNC Investment 支付給你的股息，實際上就是在花費你自己的部分資本。公平地説，自 IPO 以來，AGNC Investment 支付的股息超過了其價值損失。因此，股息投資者在這種安排中表現得還不錯。但你仍然不能購買 AGNC Investment 並期望有可靠的股息來支持你在退休時的支出需求。這在這裏是不可行的，公司股息歷史證明了這一點。公平地説，公司本身強調其最終目標是總回報，而不是股息收入。</p>
<h2>AGNC 是一種獨特的選擇</h2>
<p>AGNC Investment 不是一個容易理解的 REIT。它並不是一個糟糕的投資，但理解起來非常複雜。對於股息投資者來説，更具體地説，股息並不可靠，可能永遠不會可靠。</p>
<p>大多數股息投資者都在尋找一種能夠持續支付股息的股票，甚至是隨着時間的推移而增長的股息。如果這正是你想要的，那麼這個 14% 的收益率很可能會讓你失望，無論它相對於其他高收益股息股票選項看起來多麼吸引人。</p>

美國資本代理公司

<p>AGNC Investment 提供高達 14% 的股息收益率，吸引了以收入為導向的投資者。然而，這一收益率波動較大，且並不穩定，因為該公司有股息下降的歷史。儘管自上市以來，AGNC 的總回報與標準普爾 500 指數相當，但其股息部分是資本回報，這使得其在退休收入方面不可靠。投資者應謹慎對待 AGNC，因為其複雜性和股息不穩定性可能無法滿足尋求穩定收入的投資者的期望</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>有一個非常重要的原因，某些以收入為導向的投資者可能想要購買抵押房地產投資信託（mREIT）<strong>AGNC Investment</strong>（AGNC 0.64%）。那就是它令人驚訝的 14% 的股息收益率。但如此高的收益率是非常不尋常的，因為 <strong>標準普爾 500 指數</strong>（^GSPC -0.10%）的收益率僅為 1.2%，而平均 REIT 的收益率僅為 3.8%。如果你在尋找一種能夠為你提供終身可靠股息的投資，你需要在這裏謹慎行事。</p>
</div><h2>AGNC Investment is a decent mREIT</h2>
<div class="lb-trans"><h2>AGNC Investment 是一個不錯的 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>在更廣泛的 REIT 領域的抵押貸款細分市場中，雙位數的股息收益率並不特別異常。總體而言，AGNC Investment 是一個管理相當不錯的 mREIT。值得注意的是，自首次公開募股（IPO）以來，該股票的總回報非常吸引人，如下圖所示。實際上，總回報與標準普爾 500 指數非常接近。然而，回報並沒有與標準普爾 500 指數同步，因此 AGNC Investment 看起來是一個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 總回報價格數據來自 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，如果你在尋找一種總回報類型的投資，AGNC Investment 可能對你的投資組合具有吸引力。只是有一個小問題。總回報需要將股息再投資。這是合理的，因為 AGNC Investment 購買的抵押貸款支持證券的性質決定了這一點。</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>當你進行抵押貸款還款時，部分還款用於本金，部分用於利息。這一點並不會因為 AGNC Investment 擁有的抵押貸款被打包成類似債券的證券而改變。因此，每次 AGNC Investment 收取其擁有的證券的付款時，部分是利息，部分是本金。mREIT 支付的鉅額股息同樣部分由利息和本金組成。該本金實際上是投資者資本的回報。</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>圖片來源：Getty Images。</p>
</div><h2>AGNC Investment's big dividend problem</h2>
<div class="lb-trans"><h2>AGNC Investment 的大股息問題</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>對於股息投資者來説，AGNC Investment 的股息在時間上並不穩定。下表中，藍線代表股息，波動性很大。IPO 後，股息急劇上升。然後開始下降，過去大約十年一直在走低，股票也是如此。支付本金或將資本返還給投資者意味着投資組合的價值隨着時間的推移而固有地縮小。這意味着可賺取利息的資本減少。</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 數據來自 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>如果你花費 AGNC Investment 支付給你的股息，實際上就是在花費你自己的部分資本。公平地説，自 IPO 以來，AGNC Investment 支付的股息超過了其價值損失。因此，股息投資者在這種安排中表現得還不錯。但你仍然不能購買 AGNC Investment 並期望有可靠的股息來支持你在退休時的支出需求。這在這裏是不可行的，公司股息歷史證明了這一點。公平地説，公司本身強調其最終目標是總回報，而不是股息收入。</p>
</div><h2>AGNC is an acquired taste</h2>
<div class="lb-trans"><h2>AGNC 是一種獨特的選擇</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 不是一個容易理解的 REIT。它並不是一個糟糕的投資，但理解起來非常複雜。對於股息投資者來説，更具體地説，股息並不可靠，可能永遠不會可靠。</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>大多數股息投資者都在尋找一種能夠持續支付股息的股票，甚至是隨着時間的推移而增長的股息。如果這正是你想要的，那麼這個 14% 的收益率很可能會讓你失望，無論它相對於其他高收益股息股票選項看起來多麼吸引人。</p>
</div>

今天購買超高收益的 AGNC Investment 股票能否讓你終身受益？