<p>本月投資組合保持完全不變，所有頭寸均被保留，基礎陣容沒有變化。值得注意的不是週轉率，而是投資組合不同部分在表面下的表現。</p>
<p>這正是該策略設計的環境。</p>
<hr/>
<h3><strong>表現良好的部分</strong></h3>
<p><strong>能源收入領先</strong></p>
<ul>
<li><strong>Tortoise Energy Infrastructure Corp. (TYG – NYSE): +21.64%</strong></li>
<li>投資組合中表現最強的資產</li>
<li>反映了中游現金流的穩定性和對能源基礎設施的持續需求</li>
</ul>
<p><strong>封閉式基金 / 特殊情況表現良好</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 + 事件驅動策略發揮了作用</li>
</ul>
<p><strong>核心債券提供穩定性</strong></p>
<ul>
<li><strong>Infrastructure Capital Bond Income ETF (BNDS – NYSE): +3.63%</strong></li>
<li>正如預期的那樣發揮作用——提供收入的穩定支撐</li>
</ul>
<hr/>
<h3><strong>我們看到的壓力</strong></h3>
<p><strong>私人信貸 / 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>這直接與之前報告中討論的 <strong>近期情緒驅動的拋售</strong> 相關。</p>
<p>價格走勢疲軟，但這更多是關於 <strong>市場認知而非基礎收入崩潰</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>優先股 + MBS (PFFA, MTBA, REM): 適度下跌</strong></li>
</ul>
<p>這些領域繼續受到以下因素的影響：</p>
<ul>
<li>利率波動</li>
<li>貨幣壓力 (FAX)</li>
<li>久期敏感性</li>
</ul>
<hr/>
<h3><strong>穩定的中間地帶</strong></h3>
<p>投資組合中很大一部分資產正如預期般運作——雖然不激動人心，但卻穩定：</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>這些資產在價格波動時仍在產生收入——這正是結構的全部意義。</p>
<hr/>
<h3><strong>收入概況（仍然是核心故事）</strong></h3>
<p>在整個投資組合中：</p>
<ul>
<li>大多數收益仍在 <strong>7%–14% 範圍內</strong></li>
<li>收益最高的資產：
<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>👉 關鍵點：</p>
<p><strong>收入生成沒有中斷——價格波動增加</strong></p>
<hr/>
<h3><strong>結論</strong></h3>
<p>本月 <strong>沒有投資組合變動</strong>，但內部動態講述了故事：</p>
<ul>
<li>能源和特殊情況 <strong>推動了表現</strong></li>
<li>私人信貸受到 <strong>情緒壓力</strong></li>
<li>利率敏感資產 <strong>吸收了波動</strong></li>
<li>投資組合中的收入保持 <strong>強勁和完整</strong></li>
</ul>
<p>這正是一個多元化收入投資組合在混合和不確定市場環境中應有的樣子。</p>

富國 BDC 指數 ETF - VanEck Vectors

<p>2026 年 4 月的輕鬆收入投資組合保持不變，所有頭寸均 intact。以 Tortoise Energy Infrastructure Corp. 為首的能源收入表現最強，增長了 21.64%。私人信貸和 BDC 面臨壓力，VanEck BDC Income ETF 下跌了 20.75%。儘管價格波動，收入生成依然強勁，收益率在 7%-14% 之間。該投資組合的穩定性反映了其設計適應混合市場條件，展現出強勁的收入同時吸收波動</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>本月投資組合保持完全不變，所有頭寸均被保留，基礎陣容沒有變化。值得注意的不是週轉率，而是投資組合不同部分在表面下的表現。</p>
</div><p>This is exactly the kind of environment the strategy is designed for.</p>
<div class="lb-trans"><p>這正是該策略設計的環境。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>What's Working</strong></h3>
<div class="lb-trans"><h3><strong>表現良好的部分</strong></h3>
</div><p><strong>Energy Income Leading</strong></p>
<div class="lb-trans"><p><strong>能源收入領先</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>投資組合中表現最強的資產</li>
<li>反映了中游現金流的穩定性和對能源基礎設施的持續需求</li>
</ul>
</div><p><strong>Closed-End Fund / Special Situations Holding Up</strong></p>
<div class="lb-trans"><p><strong>封閉式基金 / 特殊情況表現良好</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 + 事件驅動策略發揮了作用</li>
</ul>
</div><p><strong>Core Bonds Providing Stability</strong></p>
<div class="lb-trans"><p><strong>核心債券提供穩定性</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>正如預期的那樣發揮作用——提供收入的穩定支撐</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>我們看到的壓力</strong></h3>
</div><p><strong>Private Credit / BDCs</strong></p>
<div class="lb-trans"><p><strong>私人信貸 / 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>這直接與之前報告中討論的 <strong>近期情緒驅動的拋售</strong> 相關。</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>價格走勢疲軟，但這更多是關於 <strong>市場認知而非基礎收入崩潰</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>優先股 + MBS (PFFA, MTBA, REM): 適度下跌</strong></li>
</ul>
</div><p>These areas continue to react to:</p>
<div class="lb-trans"><p>這些領域繼續受到以下因素的影響：</p>
</div><ul>
<li>rate volatility</li>
<li>currency pressure (FAX)</li>
<li>duration sensitivity</li>
</ul>
<div class="lb-trans"><ul>
<li>利率波動</li>
<li>貨幣壓力 (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>穩定的中間地帶</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>投資組合中很大一部分資產正如預期般運作——雖然不激動人心，但卻穩定：</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>這些資產在價格波動時仍在產生收入——這正是結構的全部意義。</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>收入概況（仍然是核心故事）</strong></h3>
</div><p>Across the portfolio:</p>
<div class="lb-trans"><p>在整個投資組合中：</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>大多數收益仍在 <strong>7%–14% 範圍內</strong></li>
<li>收益最高的資產：
<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>👉 關鍵點：</p>
</div><p><strong>Income generation has not broken — price volatility has increased</strong></p>
<div class="lb-trans"><p><strong>收入生成沒有中斷——價格波動增加</strong></p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Bottom Line</strong></h3>
<div class="lb-trans"><h3><strong>結論</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>沒有投資組合變動</strong>，但內部動態講述了故事：</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>能源和特殊情況 <strong>推動了表現</strong></li>
<li>私人信貸受到 <strong>情緒壓力</strong></li>
<li>利率敏感資產 <strong>吸收了波動</strong></li>
<li>投資組合中的收入保持 <strong>強勁和完整</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>這正是一個多元化收入投資組合在混合和不確定市場環境中應有的樣子。</p>
</div>

輕鬆收益投資組合：2026 年 4 月版