<p>在數千家上市公司和交易所交易基金（ETFs）中，華爾街為投資者提供了豐富的財富增長方式。但在眾多投資路徑中，購買和持有高質量的分紅股票無疑是最成功的選擇之一。</p>
<p>分紅股票到底有多好？在《分紅的力量：過去、現在與未來》一書中，哈特福德基金的研究人員與內德·戴維斯研究公司合作，比較了 1973 年至 2024 年 51 年期間分紅股票與非分紅股票的表現。他們發現，二者的表現差異顯著——分紅股票的平均年回報率為 9.21%，而非分紅股票的平均年回報率為 4.3%。</p>
<p>他們的分析還顯示，收入股票的波動性明顯低於基準 <strong>標準普爾 500</strong> 指數。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc2NTgvc3RvcHdhdGNoLXNlY29uZC1oYW5kLXRpbWUtdG8tYnV5LWludmVzdC1zdG9jay1tYXJrZXQtZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc2NTgvc3RvcHdhdGNoLXNlY29uZC1oYW5kLXRpbWUtdG8tYnV5LWludmVzdC1zdG9jay1tYXJrZXQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>換句話説，分紅股票是否是明智的投資並不是問題所在。關鍵在於決定哪些收入股票能夠幫助你實現投資目標。</p>
<p>截至 10 月 13 日收盤，我的投資組合中共有 36 只股票和 ETF，其中近一半（17 只）支付了分紅。然而，有一隻股票在歷史上高價的股市中脱穎而出，成為不可錯過的價值投資。投資者們，歡迎認識這隻鮮為人知的、年收益率 14% 的每月分紅股票，我最近將其持股數量增加了一倍以上：<strong>PennantPark Floating Rate Capital</strong>（PFLT 0.03%）。</p>
<h2>商業發展公司面臨壓力</h2>
<p>PennantPark 被稱為商業發展公司（BDC）。BDC 是投資於通常未經過驗證的小型和微型企業的公司，這些企業通常被稱為 “中型市場公司”。</p>
<p>最近，上市的 BDC 遭遇了壓力，一些華爾街分析師預計它們將削減超額的分紅支付。雖然無法將責任歸咎於某一個具體問題，但有多種因素威脅着像 PennantPark 這樣的 BDC。</p>
<p>首先，唐納德·特朗普總統的關税和貿易政策帶來了不可預測性。儘管關税並不直接適用於 BDC，但它們可能會影響 BDC 投資的未經過驗證的企業。如果這些不確定性導致小型和微型企業出現問題，可能會對 BDC 產生連鎖反應，因為 BDC 投資和/或借貸給中型市場公司。</p>
<p>進一步説，人們擔心美國可能在未來幾個季度陷入衰退。雖然衰退的開始無法準確預測，但歷史告訴我們，衰退是經濟週期的正常和不可避免的組成部分。BDC 投資的未經過驗證的公司在經濟下行期間往往會面臨困難。</p>
<p>但或許 BDC，包括 PennantPark Floating Rate Capital，面臨的最大擔憂是美聯儲的貨幣政策。BDC 通常使用浮動利率貸款，這意味着國家中央銀行每次降息都會減少它們在貸款組合中能夠獲得的收入。隨着美聯儲顯然處於降息週期，BDC 在未來幾個季度面臨利潤縮水的威脅。</p>
<p>儘管面臨這些逆風，我上週將我在 PennantPark 的持股數量增加了一倍以上，原因明確。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc2NTgvYnVzaW5lc3MtbWVldGluZy10YWJsZXRzLWxhcHRvcHMtZ3JhcGhzLWNoYXJ0cy1hZHZlcnRpc2luZy1nZXR0eS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc2NTgvYnVzaW5lc3MtbWVldGluZy10YWJsZXRzLWxhcHRvcHMtZ3JhcGhzLWNoYXJ0cy1hZHZlcnRpc2luZy1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>PennantPark 可能是全球最安全的雙位數收益股票</h2>
<p>雖然高收益的分紅率通常吸引投資者關注 BDC，但深入挖掘這些公司背後的運作機制同樣重要。</p>
<p>PennantPark 在其財政第三季度（6 月 30 日）結束時，其投資組合超過 24 億美元，其中約 2.4 億美元為普通股和優先股，約 21.6 億美元為貸款組合。這使其成為一個主要以債務為主的 BDC。</p>
<p>儘管投資於早期階段/未經過驗證的公司的風險存在，但 BDC 也有其回報。由於中型市場公司通常難以獲得傳統銀行和信貸解決方案，因此它們從 PennantPark 等公司獲得的融資往往是高於市場利率的。</p>
<p>想一想這一點：儘管國債的收益率在 4% 到 5% 之間，PennantPark 在 6 月季度結束時的債務投資加權平均收益率達到了 10.4%！</p>
<p>然而，PennantPark Floating Rate Capital 的真正優勢在於其全名。其 21.6 億美元的貸款組合中約 99% 為浮動利率。雖然美聯儲處於降息週期對 BDC 並不是積極因素，但國家中央銀行的舉措緩慢且明確。自 2022 年 3 月美聯儲開始加息以來，PennantPark 的債務投資加權平均收益率已擴大了 300 個基點。</p>
<p>除了這些收益優勢外，該公司的管理團隊在保護投資本金方面表現出色。包括股權投資在內，其 24 億美元的投資分散在 155 家公司中，平均投資規模為 1260 萬美元。這意味着沒有單一投資對 PennantPark 的成功至關重要，也不會對其造成重大影響。</p>
<p>此外，其 21.6 億美元的貸款組合中，除了 1250 萬美元外，全部為第一留置權擔保債務。第一留置權債權人在借款人申請破產保護的情況下，優先獲得償還。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0ba04339e6b1328e6239f9e0cd29d178.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0ba04339e6b1328e6239f9e0cd29d178.png"/></p>
<p>PFLT 市淨率數據來源於 YCharts。</p>
<p>讓我更願意將在 PennantPark Floating Rate Capital 的投資翻倍的最後一塊拼圖是它的估值。</p>
<p>BDC 通常在其報告的賬面價值附近交易。根據 PennantPark 截至 6 月 30 日的每股淨資產值為 10.96 美元，其在 10 月 13 日的收盤價相較於賬面價值有 20% 的折扣。這種程度的折扣不會持續太久，尤其是對於一家擁有可持續每月分紅的公司。</p>

PFLT

<p>這篇文章討論了作者對 PennantPark Floating Rate Capital (PFLT) 的投資，這是一家收益率為 14% 的商業發展公司（BDC）。文章強調了股息股票與非支付股票的表現，顯示出股息股票具有顯著優勢。儘管面臨經濟不確定性和聯邦儲備政策等挑戰，作者仍然相信 PFLT 的潛力，因為其強大的貸款組合和管理團隊。文章強調了選擇合適的收益股票以實現投資目標的重要性</p>

<p>With thousands of publicly traded companies and exchange-traded funds (ETFs) to choose from, Wall Street provides investors with no shortage of ways to grow their wealth. But among the many paths investors can take, few have proved more successful than buying and holding high-quality dividend stocks.</p>
<div class="lb-trans"><p>在數千家上市公司和交易所交易基金（ETFs）中，華爾街為投資者提供了豐富的財富增長方式。但在眾多投資路徑中，購買和持有高質量的分紅股票無疑是最成功的選擇之一。</p>
</div><p>Just how good are dividend stocks? In <em>The Power of Dividends: Past, Present, and Future</em>, the researchers at Hartford Funds, in collaboration with Ned Davis Research, compared the performance of dividend stocks to non-payers over a 51-year period (1973-2024). What they found was a milewide difference in performance -- a 9.21% average annual return for dividend stocks vs. a 4.3% average annual return for non-payers.</p>
<div class="lb-trans"><p>分紅股票到底有多好？在《分紅的力量：過去、現在與未來》一書中，哈特福德基金的研究人員與內德·戴維斯研究公司合作，比較了 1973 年至 2024 年 51 年期間分紅股票與非分紅股票的表現。他們發現，二者的表現差異顯著——分紅股票的平均年回報率為 9.21%，而非分紅股票的平均年回報率為 4.3%。</p>
</div><p>Their analysis also showed that income stocks are considerably less volatile than the benchmark <strong>S&amp;P 500</strong>.</p>
<div class="lb-trans"><p>他們的分析還顯示，收入股票的波動性明顯低於基準 <strong>標準普爾 500</strong> 指數。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc2NTgvc3RvcHdhdGNoLXNlY29uZC1oYW5kLXRpbWUtdG8tYnV5LWludmVzdC1zdG9jay1tYXJrZXQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837658%2Fstopwatch-second-hand-time-to-buy-invest-stock-market-getty.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><p>In other words, it's not a matter of whether or not dividend stocks make for a smart investment. It's simply deciding which income stocks can help you reach your investment goals.</p>
<div class="lb-trans"><p>換句話説，分紅股票是否是明智的投資並不是問題所在。關鍵在於決定哪些收入股票能夠幫助你實現投資目標。</p>
</div><p>Out of the 36 combined stocks and ETFs in my investment portfolio, as of the closing bell on Oct. 13, nearly half (17) were paying a dividend. One, however, has stood out as a can't-miss value amid a historically pricey stock market. Investors, say hello to the little-known, 14%-yielding, monthly dividend stock that I more than doubled my stake in recently: <strong>PennantPark Floating Rate Capital</strong>(PFLT 0.03%).</p>
<div class="lb-trans"><p>截至 10 月 13 日收盤，我的投資組合中共有 36 只股票和 ETF，其中近一半（17 只）支付了分紅。然而，有一隻股票在歷史上高價的股市中脱穎而出，成為不可錯過的價值投資。投資者們，歡迎認識這隻鮮為人知的、年收益率 14% 的每月分紅股票，我最近將其持股數量增加了一倍以上：<strong>PennantPark Floating Rate Capital</strong>（PFLT 0.03%）。</p>
</div><h2>Business development companies have come under pressure</h2>
<div class="lb-trans"><h2>商業發展公司面臨壓力</h2>
</div><p>PennantPark is what's known as a business development company (BDC). BDCs are companies that invest in generally unproven small- and micro-cap businesses, known more commonly as &#34;middle-market companies.&#34;</p>
<div class="lb-trans"><p>PennantPark 被稱為商業發展公司（BDC）。BDC 是投資於通常未經過驗證的小型和微型企業的公司，這些企業通常被稱為 “中型市場公司”。</p>
</div><p>Recently, publicly traded BDCs have taken it on the chin, with some Wall Street analysts expecting them to pare back their supercharged dividend payouts. While fingers can't be pointed at any one specific issue, there are a number of factors that threaten to weigh on BDCs like PennantPark.</p>
<div class="lb-trans"><p>最近，上市的 BDC 遭遇了壓力，一些華爾街分析師預計它們將削減超額的分紅支付。雖然無法將責任歸咎於某一個具體問題，但有多種因素威脅着像 PennantPark 這樣的 BDC。</p>
</div><p>For starters, there's the unpredictability that comes with President Donald Trump's tariff and trade policy. Though tariffs aren't directly applicable to BDCs, they can impact the unproven businesses that BDCs have invested in. If these uncertainties lead to trouble for small- and micro-cap businesses, it can have a ripple effect for BDCs, which invest in and/or lend to middle-market companies.</p>
<div class="lb-trans"><p>首先，唐納德·特朗普總統的關税和貿易政策帶來了不可預測性。儘管關税並不直接適用於 BDC，但它們可能會影響 BDC 投資的未經過驗證的企業。如果這些不確定性導致小型和微型企業出現問題，可能會對 BDC 產生連鎖反應，因為 BDC 投資和/或借貸給中型市場公司。</p>
</div><p>To build on this point, there are concerns that the U.S. might dip into a recession in the coming quarters. While the start of recessions can't be predicted with any accuracy, history tells us they're a normal and inevitable aspect of the economic cycle. The unproven companies BDCs invest in are prone to struggle during economic downturns.</p>
<div class="lb-trans"><p>進一步説，人們擔心美國可能在未來幾個季度陷入衰退。雖然衰退的開始無法準確預測，但歷史告訴我們，衰退是經濟週期的正常和不可避免的組成部分。BDC 投資的未經過驗證的公司在經濟下行期間往往會面臨困難。</p>
</div><p>But perhaps the biggest concern for BDCs, including PennantPark Floating Rate Capital, is the Federal Reserve's monetary policy. BDCs commonly use variable-rate loans, which means every rate cut by the nation's central bank will reduce the income they're able to net on their loan portfolios. With the Fed clearly in a rate-easing cycle, there's the threat of shrinking profits for BDCs in the coming quarters.</p>
<div class="lb-trans"><p>但或許 BDC，包括 PennantPark Floating Rate Capital，面臨的最大擔憂是美聯儲的貨幣政策。BDC 通常使用浮動利率貸款，這意味着國家中央銀行每次降息都會減少它們在貸款組合中能夠獲得的收入。隨着美聯儲顯然處於降息週期，BDC 在未來幾個季度面臨利潤縮水的威脅。</p>
</div><p>Yet in spite of these headwinds, I more than doubled my existing stake in PennantPark last week for a number of well-defined reasons.</p>
<div class="lb-trans"><p>儘管面臨這些逆風，我上週將我在 PennantPark 的持股數量增加了一倍以上，原因明確。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc2NTgvYnVzaW5lc3MtbWVldGluZy10YWJsZXRzLWxhcHRvcHMtZ3JhcGhzLWNoYXJ0cy1hZHZlcnRpc2luZy1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837658%2Fbusiness-meeting-tablets-laptops-graphs-charts-advertising-getty.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>PennantPark might be the safest double-digit-yielding stock on the planet</h2>
<div class="lb-trans"><h2>PennantPark 可能是全球最安全的雙位數收益股票</h2>
</div><p>While the high-octane dividend yields are what typically attract investors to BDCs in the first place, it's important to dig beneath the surface and discover what makes these companies tick.</p>
<div class="lb-trans"><p>雖然高收益的分紅率通常吸引投資者關注 BDC，但深入挖掘這些公司背後的運作機制同樣重要。</p>
</div><p>PennantPark closed out its fiscal third quarter (June 30) with just a shade over $2.4 billion in its investment portfolio, consisting of around $240 million in common and preferred equity, and approximately $2.16 billion in its loan portfolio. This makes it a predominantly debt-focused BDC.</p>
<div class="lb-trans"><p>PennantPark 在其財政第三季度（6 月 30 日）結束時，其投資組合超過 24 億美元，其中約 2.4 億美元為普通股和優先股，約 21.6 億美元為貸款組合。這使其成為一個主要以債務為主的 BDC。</p>
</div><p>Despite the risks of investing in early stage/unproven companies, there are also rewards for BDCs. Since middle-market companies often have limited access to traditional banking and credit solutions, the financing they do receive from the likes of PennantPark tends to be at an above-market rate.</p>
<div class="lb-trans"><p>儘管投資於早期階段/未經過驗證的公司的風險存在，但 BDC 也有其回報。由於中型市場公司通常難以獲得傳統銀行和信貸解決方案，因此它們從 PennantPark 等公司獲得的融資往往是高於市場利率的。</p>
</div><p>Think about this for a moment: Whereas Treasury bonds have been dishing out yields ranging from 4% to 5%, PennantPark closed out the June quarter with a weighted-average yield on debt investments of 10.4%!</p>
<div class="lb-trans"><p>想一想這一點：儘管國債的收益率在 4% 到 5% 之間，PennantPark 在 6 月季度結束時的債務投資加權平均收益率達到了 10.4%！</p>
</div><p>However, the real advantage for PennantPark Floating Rate Capital can be seen its full name. Approximately 99% of its $2.16 billion loan portfolio sports variable rates. While the Fed being in a rate-easing cycle isn't a positive for BDCs, the nation's central bank is making slow, well-telegraphed moves. Since the Fed began hiking rates in March 2022, PennantPark's weighted-average yield on debt investments has expanded by 300 basis points.</p>
<div class="lb-trans"><p>然而，PennantPark Floating Rate Capital 的真正優勢在於其全名。其 21.6 億美元的貸款組合中約 99% 為浮動利率。雖然美聯儲處於降息週期對 BDC 並不是積極因素，但國家中央銀行的舉措緩慢且明確。自 2022 年 3 月美聯儲開始加息以來，PennantPark 的債務投資加權平均收益率已擴大了 300 個基點。</p>
</div><p>Beyond these yield advantages, the company's management team has done an exceptional job of protecting invested principal. Including equity investments, its $2.4 billion is spread across 155 companies, equating to an average investment size of $12.6 million. This means no single investment is imperative to PennantPark's success or capable of rocking the boat.</p>
<div class="lb-trans"><p>除了這些收益優勢外，該公司的管理團隊在保護投資本金方面表現出色。包括股權投資在內，其 24 億美元的投資分散在 155 家公司中，平均投資規模為 1260 萬美元。這意味着沒有單一投資對 PennantPark 的成功至關重要，也不會對其造成重大影響。</p>
</div><p>Furthermore, all but $12.5 million of its $2.16 billion loan portfolio is first-lien secured debt. First-lien debtholders are at the front of the line for recovery in the unlikely event that a borrower files for bankruptcy protection.</p>
<div class="lb-trans"><p>此外，其 21.6 億美元的貸款組合中，除了 1250 萬美元外，全部為第一留置權擔保債務。第一留置權債權人在借款人申請破產保護的情況下，優先獲得償還。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0ba04339e6b1328e6239f9e0cd29d178.png" alt="" original-src="https://media.ycharts.com/charts/0ba04339e6b1328e6239f9e0cd29d178.png"/></p>
<p>PFLT Price to Book Value data by YCharts.</p>
<div class="lb-trans"><p>PFLT 市淨率數據來源於 YCharts。</p>
</div><p>The final piece of the puzzle that enticed me to more than double my stake in PennantPark Floating Rate Capital is its valuation.</p>
<div class="lb-trans"><p>讓我更願意將在 PennantPark Floating Rate Capital 的投資翻倍的最後一塊拼圖是它的估值。</p>
</div><p>BDCs typically trade within close proximity of their reported book value. Based on PennantPark's net asset value of $10.96 per share (as of June 30), its closing price on Oct. 13 represents a 20% discount to its book value. Discounts of this magnitude don't stick around for long -- especially for a company with a sustainable monthly dividend.</p>
<div class="lb-trans"><p>BDC 通常在其報告的賬面價值附近交易。根據 PennantPark 截至 6 月 30 日的每股淨資產值為 10.96 美元，其在 10 月 13 日的收盤價相較於賬面價值有 20% 的折扣。這種程度的折扣不會持續太久，尤其是對於一家擁有可持續每月分紅的公司。</p>
</div>

I More Than Doubled My Stake in This Can't-Miss Monthly Dividend Stock With a Supercharged (and Sustainable) 14% Yield

- 研究顯示，股息股票在 1973-2024 年間年均回報率為 9.21%。  
- PennantPark Floating Rate Capital 是一家以債務為主的商業發展公司。  
- 該公司貸款組合的 99% 為浮動利率，且當前股價低於賬面價值 20%。

我在這只不可錯過的月度分紅股票中將持股增加了一倍多，該股票提供超高且可持續的 14% 收益率