<p>宏觀市場繼續獎勵耐心。增長速度從夏季的步伐放緩，而通脹的進展仍然不均衡。九月底，期限溢價再次上升，這使得長期收益率保持粘性，即使市場預計 2026 年會有更多的降息。這種組合使得久期成為阻力，並使得利差收入承擔了大部分的提升。</p>
<p>信用市場總體上仍然具有韌性，但領導地位已經縮小。貸款方正在收緊。再融資風險在房地產和一些被定價為完美的私人信貸中顯現。這是我們使命閃耀的環境。我們不需要藍天敍事。我們需要來自擁有真實資產、優先索賠權和理解資本的管理層的持久票息。</p>
<p>固定收益仍然是結構優於故事的遊戲。國債波動性從夏季高峰回落，但仍然足夠高，以懲罰鬆散的久期。我繼續偏好現金流信用而非長期名義久期，並在結構性產品和優先股中選擇我們的投資點，以便利差能補償我們面臨的延展風險。機構抵押貸款支持證券的利差終於值得再次承保，但必須考慮到一旦降息勢頭明顯後出現的再融資選擇權。</p>
<p>高級貸款仍然是穩定的耕作馬。浮動票息和高回收特徵仍然看起來有吸引力，只要違約週期保持個別而非宏觀。選擇亞太地區的主權和準主權收入仍然是多樣化的，儘管貨幣對收益的影響與票息一樣重要。</p>
<p>另類投資仍然是股市波動與債券數學之間的橋樑。隨着零售投資者降低風險，封閉式基金的折扣在季度末擴大，創造了我們喜歡耐心收割的 85 美分換 1 美元的機會。</p>
<p>優先股仍然提供類似股權的票息，來自能夠在各個週期中獲取資本的特許經營。專業金融繼續區分定價風險的贏家和追逐風險的輸家。我們的視角沒有改變。</p>
<p>我們購買現金流，避免愛好者，讓折扣和回購進行復利。</p>
<p>能源和中游是我想繼續供養的收入引擎。長期需求案例沒有改變。電力負荷增長、液化天然氣建設、石化擴張以及持續需要將分子從盆地運輸到燃燒器尖端，繼續鞏固交易量並支撐分配。整個行業的資產負債表比十年前更強。槓桿率較低，資本成本可控，董事會表現得像業主。</p>
<p>在項目上線和市場間歇性忘記管道和集氣系統不關心每日頭條焦慮時，我們被支付等待。</p>
<p>現在談談書籍。</p>
<p><strong>ArrowMark Financial (NASDAQ:BANX)</strong> 仍然是我們持有的一個小眾信用工具，因其能夠獲取與銀行相關的強抵押和契約的結構性信用。團隊保持槓桿適度，並在股票以折扣交易時對回購保持紀律。現金流穩定，投資組合傾向於高級和資產支持風險，符合我們的信用優先偏好。</p>
<p><strong>Nuveen Real Asset I&amp;G (NYSE:JRI)</strong> 是我們的真實資產收入和增長部分。它混合了上市基礎設施、公用事業、管道和真實資產信用，然後疊加封閉式結構的好處。在一個不願意為利率敏感資產支付全價的市場中，我們仍在收集健康的分配，並等待折扣的不可避免的均值迴歸，因為利率路徑逐漸明朗。</p>
<p><strong>iShares Mortgage Real Estate ETF (BATS:REM)</strong> 是一種簡單明瞭的方式，可以在不承擔單一名稱爆炸風險的情況下收穫抵押房地產投資信託的現金流。以機構為主的商店在基礎正常化和賬面價值穩定時受益，而信用敏感的房地產投資信託則跟隨我們已經跟蹤的相同貸款和住房潮流。這仍然是一個週期性部分，規模適中，因為融資成本仍然可能帶來驚喜。</p>
<p><strong>Virtus InfraCap U.S. Preferred Stock ETF (NYSE:PFFA)</strong> 為我們提供了一個多樣化的優先股收入來源，配有主動管理。優先股的利差再次補償我們，贖回動態也向我們傾斜。我繼續喜歡我們在高質量發行人、資本充足的銀行和透明費率案例的公用事業中的定位。該基金的主動工具有助於應對贖回、重置和破產問題。</p>
<p><strong>Special Opportunities Fund (NYSE:SPE)</strong> 是我們的機會主義封閉式複合基金。它是一個經理基金，購買折扣，爭取價值，並且在折扣稀薄時不怕持有現金或對沖。在許多封閉式基金買家對價格不敏感的世界中，擁有一個熟練的配置者是我們想要的優勢。</p>
<p>我們擁有 <strong>Infrastructure Capital Bond Income ETF (NYSE:BNDS)</strong>，因為它瞄準了由有形資產和基本服務支持的現金支付信用的甜蜜點。投資組合持有一系列企業和結構性債券，傾向於基礎設施，這使我們能夠在不犧牲信用質量的情況下獲得多樣化的利差收入。</p>
<p><strong>Angel Oak Financial (NYSE:FINS)</strong> 提供了一個以金融和結構性信用為基礎的定期收入投資組合，Angel Oak 團隊對此非常瞭解。隨着銀行修復資產負債表，結構性利差保持理性，該工具繼續提供可靠的收入，並有明確的結束日期，以規範槓桿和分配政策。</p>
<p><strong>Dorchester Minerals LP (NASDAQ:DMLP)</strong> 是我們的無需資本支出的特許權收入。它是一種與商品交易量和實現價格相關的收入流，沒有運營商的資產負債表負擔。管理層保持簡單、乾淨，並傳遞現金。在許多收益故事變得複雜的世界中，這個故事保持傳統，這就是我們擁有它的原因。</p>
<p><strong>阿伯丁亞太基金 (AMEX:FAX)</strong> 仍然是我們亞太地區的收入多元化工具。收益是真實的，投資組合廣泛，回報流與美國利率或利差並不完全同步。貨幣在幾個月內可能會增加噪音，但在幾年內，多元化和收入會發揮作用。</p>
<p>我們使用 <strong>簡化 MBS ETF (NYSE:MTBA)</strong> 以深思熟慮的方式獲取機構抵押貸款現金流，關注凸性和風險管理。由於利差補償我們面臨的延展風險和提前還款選擇權，我們將其作為一個有計劃的投資部分，賺取收益，同時關注利率走勢。</p>
<p><strong>WisdomTree 私募信貸 (BATS:HYIN)</strong> 是我們的另類收入工具包。它深入市場中在核心債券指數中表現不佳的部分，並以規則為基礎的紀律進行投資。這些敞口通過增加差異化的收益來源來補充我們的核心信貸，而不至於在任何一個因素上加倍下注。</p>
<p>我們持有 <strong>Saba 封閉式基金 (BATS:CEFS)</strong>，因為以折扣購買基金，然後讓催化劑和激進主義縮小這些折扣，是收入市場中可重複的超額回報來源。這是我們喜歡的元策略。在風險規避時期，折扣擴大，我們會增加投資。在平靜時期，折扣收窄，我們會獲得收益，同時繼續收取分配。</p>
<p><strong>SPDR 黑石高級貸款 ETF (NYSE:SRLN)</strong> 是我們的高級貸款主力。浮動利率的收益、高級擔保地位和廣泛的發行人多樣性持續提供穩定的收入，波動性可控。違約活動仍然是選擇性的，回收率與該資產類別的歷史一致。這仍然是我們的核心信貸頭寸。</p>
<p><strong>Tortoise 能源基礎設施 (NYSE:TYG)</strong> 是我們的中游封閉式基金。它擁有推動能源經濟的管道、工廠和儲存設施。槓桿率保守，分配覆蓋率強，投資組合偏向於該行業更好的資產負債表。隨着投資者繼續重新評估中游的資產負債表質量和資本紀律，我們收取支票，讓折扣為我們工作。</p>
<p><strong>VanEck BDC 收益 ETF (NYSE:BIZD)</strong> 是我們多元化的 BDC 投資部分。這是利用對中型市場的高級擔保貸款的最簡單方式，且注重頭寸規模。我們喜歡該行業向高級第一留置權敞口的轉變、改善的承保和比上一個週期更強的非應計管理。我們繼續要求合理的估值，避免追逐收益的公司。ETF 結構為我們提供了這種多元化，而不會帶來單一名稱的煩惱。</p>
<p>未來幾個月的佈局很簡單。我們保持久期控制，讓利差收入發揮作用。我們繼續偏好高級貸款、成熟的 MBS 和良好承保的優先股，而不是長期名義久期。我們選擇性地利用封閉式基金的折扣，並保持乾粉以應對二級市場發行和年末税損錯位。在能源方面，我們保持對中游的超配，並將在與利率新聞或商品波動相關的疲軟時增加投資，因為現金流不會因推文而改變。</p>
<p>風險管理仍然是過程的核心。我們並不試圖預測接下來四個 CPI 數據的確切路徑或期貨曲線在這些日期周圍的滑動情況。我們正在承保現金流、資產負債表，以及在經濟放緩和仍不確定的利率環境中捍衞分配的能力。今天的投資組合旨在從能夠承受衝擊的企業和結構中收穫高單位數到低雙位數的現金收益。</p>
<p>這就是更新。我們正在做我們設定的目標。我們在購買穩健的收入流，堅守安全邊際，讓時間和紀律進行復利。</p>

BANX

<p>2025 年 10 月的輕鬆收入投資組合更新強調了一個宏觀經濟環境，其中增長放緩，通脹依然不均。重點關注來自擁有真實資產的企業的可持續收入，強調現金流信用而非長期投資。主要持倉包括 ArrowMark Financial、Nuveen Real Asset I&G 和 iShares Mortgage Real Estate ETF，這些資產在當前市場條件下具有受益潛力。報告強調了結構性產品和優先股的重要性，同時指出能源和中游行業在持續需求下的韌性</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>宏觀市場繼續獎勵耐心。增長速度從夏季的步伐放緩，而通脹的進展仍然不均衡。九月底，期限溢價再次上升，這使得長期收益率保持粘性，即使市場預計 2026 年會有更多的降息。這種組合使得久期成為阻力，並使得利差收入承擔了大部分的提升。</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>信用市場總體上仍然具有韌性，但領導地位已經縮小。貸款方正在收緊。再融資風險在房地產和一些被定價為完美的私人信貸中顯現。這是我們使命閃耀的環境。我們不需要藍天敍事。我們需要來自擁有真實資產、優先索賠權和理解資本的管理層的持久票息。</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>固定收益仍然是結構優於故事的遊戲。國債波動性從夏季高峰回落，但仍然足夠高，以懲罰鬆散的久期。我繼續偏好現金流信用而非長期名義久期，並在結構性產品和優先股中選擇我們的投資點，以便利差能補償我們面臨的延展風險。機構抵押貸款支持證券的利差終於值得再次承保，但必須考慮到一旦降息勢頭明顯後出現的再融資選擇權。</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>高級貸款仍然是穩定的耕作馬。浮動票息和高回收特徵仍然看起來有吸引力，只要違約週期保持個別而非宏觀。選擇亞太地區的主權和準主權收入仍然是多樣化的，儘管貨幣對收益的影響與票息一樣重要。</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>另類投資仍然是股市波動與債券數學之間的橋樑。隨着零售投資者降低風險，封閉式基金的折扣在季度末擴大，創造了我們喜歡耐心收割的 85 美分換 1 美元的機會。</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>優先股仍然提供類似股權的票息，來自能夠在各個週期中獲取資本的特許經營。專業金融繼續區分定價風險的贏家和追逐風險的輸家。我們的視角沒有改變。</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>我們購買現金流，避免愛好者，讓折扣和回購進行復利。</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>能源和中游是我想繼續供養的收入引擎。長期需求案例沒有改變。電力負荷增長、液化天然氣建設、石化擴張以及持續需要將分子從盆地運輸到燃燒器尖端，繼續鞏固交易量並支撐分配。整個行業的資產負債表比十年前更強。槓桿率較低，資本成本可控，董事會表現得像業主。</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>在項目上線和市場間歇性忘記管道和集氣系統不關心每日頭條焦慮時，我們被支付等待。</p>
</div><p>Now to the book.</p>
<div class="lb-trans"><p>現在談談書籍。</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> 仍然是我們持有的一個小眾信用工具，因其能夠獲取與銀行相關的強抵押和契約的結構性信用。團隊保持槓桿適度，並在股票以折扣交易時對回購保持紀律。現金流穩定，投資組合傾向於高級和資產支持風險，符合我們的信用優先偏好。</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> 是我們的真實資產收入和增長部分。它混合了上市基礎設施、公用事業、管道和真實資產信用，然後疊加封閉式結構的好處。在一個不願意為利率敏感資產支付全價的市場中，我們仍在收集健康的分配，並等待折扣的不可避免的均值迴歸，因為利率路徑逐漸明朗。</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> 是一種簡單明瞭的方式，可以在不承擔單一名稱爆炸風險的情況下收穫抵押房地產投資信託的現金流。以機構為主的商店在基礎正常化和賬面價值穩定時受益，而信用敏感的房地產投資信託則跟隨我們已經跟蹤的相同貸款和住房潮流。這仍然是一個週期性部分，規模適中，因為融資成本仍然可能帶來驚喜。</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> 為我們提供了一個多樣化的優先股收入來源，配有主動管理。優先股的利差再次補償我們，贖回動態也向我們傾斜。我繼續喜歡我們在高質量發行人、資本充足的銀行和透明費率案例的公用事業中的定位。該基金的主動工具有助於應對贖回、重置和破產問題。</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> 是我們的機會主義封閉式複合基金。它是一個經理基金，購買折扣，爭取價值，並且在折扣稀薄時不怕持有現金或對沖。在許多封閉式基金買家對價格不敏感的世界中，擁有一個熟練的配置者是我們想要的優勢。</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>我們擁有 <strong>Infrastructure Capital Bond Income ETF (NYSE:BNDS)</strong>，因為它瞄準了由有形資產和基本服務支持的現金支付信用的甜蜜點。投資組合持有一系列企業和結構性債券，傾向於基礎設施，這使我們能夠在不犧牲信用質量的情況下獲得多樣化的利差收入。</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> 提供了一個以金融和結構性信用為基礎的定期收入投資組合，Angel Oak 團隊對此非常瞭解。隨着銀行修復資產負債表，結構性利差保持理性，該工具繼續提供可靠的收入，並有明確的結束日期，以規範槓桿和分配政策。</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> 是我們的無需資本支出的特許權收入。它是一種與商品交易量和實現價格相關的收入流，沒有運營商的資產負債表負擔。管理層保持簡單、乾淨，並傳遞現金。在許多收益故事變得複雜的世界中，這個故事保持傳統，這就是我們擁有它的原因。</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>阿伯丁亞太基金 (AMEX:FAX)</strong> 仍然是我們亞太地區的收入多元化工具。收益是真實的，投資組合廣泛，回報流與美國利率或利差並不完全同步。貨幣在幾個月內可能會增加噪音，但在幾年內，多元化和收入會發揮作用。</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>我們使用 <strong>簡化 MBS ETF (NYSE:MTBA)</strong> 以深思熟慮的方式獲取機構抵押貸款現金流，關注凸性和風險管理。由於利差補償我們面臨的延展風險和提前還款選擇權，我們將其作為一個有計劃的投資部分，賺取收益，同時關注利率走勢。</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 私募信貸 (BATS:HYIN)</strong> 是我們的另類收入工具包。它深入市場中在核心債券指數中表現不佳的部分，並以規則為基礎的紀律進行投資。這些敞口通過增加差異化的收益來源來補充我們的核心信貸，而不至於在任何一個因素上加倍下注。</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>我們持有 <strong>Saba 封閉式基金 (BATS:CEFS)</strong>，因為以折扣購買基金，然後讓催化劑和激進主義縮小這些折扣，是收入市場中可重複的超額回報來源。這是我們喜歡的元策略。在風險規避時期，折扣擴大，我們會增加投資。在平靜時期，折扣收窄，我們會獲得收益，同時繼續收取分配。</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 黑石高級貸款 ETF (NYSE:SRLN)</strong> 是我們的高級貸款主力。浮動利率的收益、高級擔保地位和廣泛的發行人多樣性持續提供穩定的收入，波動性可控。違約活動仍然是選擇性的，回收率與該資產類別的歷史一致。這仍然是我們的核心信貸頭寸。</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 能源基礎設施 (NYSE:TYG)</strong> 是我們的中游封閉式基金。它擁有推動能源經濟的管道、工廠和儲存設施。槓桿率保守，分配覆蓋率強，投資組合偏向於該行業更好的資產負債表。隨着投資者繼續重新評估中游的資產負債表質量和資本紀律，我們收取支票，讓折扣為我們工作。</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> 是我們多元化的 BDC 投資部分。這是利用對中型市場的高級擔保貸款的最簡單方式，且注重頭寸規模。我們喜歡該行業向高級第一留置權敞口的轉變、改善的承保和比上一個週期更強的非應計管理。我們繼續要求合理的估值，避免追逐收益的公司。ETF 結構為我們提供了這種多元化，而不會帶來單一名稱的煩惱。</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>未來幾個月的佈局很簡單。我們保持久期控制，讓利差收入發揮作用。我們繼續偏好高級貸款、成熟的 MBS 和良好承保的優先股，而不是長期名義久期。我們選擇性地利用封閉式基金的折扣，並保持乾粉以應對二級市場發行和年末税損錯位。在能源方面，我們保持對中游的超配，並將在與利率新聞或商品波動相關的疲軟時增加投資，因為現金流不會因推文而改變。</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>風險管理仍然是過程的核心。我們並不試圖預測接下來四個 CPI 數據的確切路徑或期貨曲線在這些日期周圍的滑動情況。我們正在承保現金流、資產負債表，以及在經濟放緩和仍不確定的利率環境中捍衞分配的能力。今天的投資組合旨在從能夠承受衝擊的企業和結構中收穫高單位數到低雙位數的現金收益。</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>這就是更新。我們正在做我們設定的目標。我們在購買穩健的收入流，堅守安全邊際，讓時間和紀律進行復利。</p>
</div>

簡單收益投資組合：2025 年 10 月更新