<p>這可能是我見過的最 “隱秘”（也許是最被厭惡的？）的股市上漲。</p>
<p>頭條新聞都是悲觀和沮喪（我想你會同意），但在這一切背後，股市正在蓬勃發展——在過去一年中回報率達到了 31%。這超過了市場長期平均年回報率約 10% 的三倍。</p>
<p>這對我們這些依賴股票尋求增長和收入的人來説意味着什麼？未來還有更多的上漲空間，還是已經太晚了？</p>
<p>在我看來，這 31% 的漲幅為更多的上漲奠定了基礎，我們稍後將詳細討論原因。我們將要分析的設置對於投資封閉式基金（CEFs）來説尤其具有吸引力，因為我們可以以折扣價購買，而不是通過 ETF 或直接在市場上購買股票。</p>
<p><strong>9%+ 收益的 CEFs 無論市場如何都給我們提供折扣</strong></p>
<p>我們在 CEFs 上的折扣機會部分源於 CEFs 市場的規模很小，僅包含約 400 只基金。而 CEFs 的買家往往是個人的保守投資者。</p>
<p>第二點非常關鍵，因為這些投資者的買賣行為是可預測的——他們總是為我們留下一扇 “折扣窗口”。此外，購買 CEFs 時，我們可以忘記典型指數基金支付的 1% 股息。CEFs 的收益通常在 9% 及以上，這意味着我們獲得的大部分回報是以現金形式體現的。</p>
<p>我現在提到 CEFs 是因為我想從兩個方面來討論今天的股市形勢——以及我們如何計劃參與其中。</p>
<p>首先，我們將探討為什麼這次股市上漲是合理的，根本不是泡沫。簡單來説，這意味着 31% 的漲幅並不排除未來類似的上漲。</p>
<p>在第二個方面，我們將從一般到具體，介紹一隻似乎專門為我們提供折扣進入這一上漲的 CEFs，且其股息為 10.3%。</p>
<p><strong>軌道 1：經濟在陰霾中蓬勃發展</strong></p>
<p>在我們進一步討論之前，我知道我對經濟的樂觀可能在現在看來有些不合時宜，霍爾木茲海峽關閉，切斷了石油和化肥等重要資源；失業恐慌加劇；消費者信心在四月份創下歷史低點。</p>
<p>讓我通過從我們談論股票時總是需要開始的地方來反駁這種悲觀敍述：盈利。</p>
<p>多虧了科技突破（換句話説，就是人工智能），生產力正在提升，這些增長體現在強勁的企業盈利增長上。截至 2025 年底，利潤率達到了多年來未見的水平，並預計將繼續增長：</p>
<p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/Profit-Margins-Grow.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://contrarianoutlook.com/wp-content/uploads/2026/04/Profit-Margins-Grow.png"/></p>
<p><em>來源：FactSet</em></p>
<p>與普遍看法相反，這些生產力和利潤的增長並不是以犧牲就業為代價的。正如我上週討論的，我們開始看到數據表明，人工智能實際上是在創造就業。隨着時間的推移，隨之而來的就業增長可能會為工人和公司創造更多的賺取和消費機會，從而釋放出更多的股市價值。</p>
<p>這裏還有另一份報告支持這一觀點（並反駁整個 “人工智能導致失業” 的敍述）：</p>
<p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/Wage-Growth.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://contrarianoutlook.com/wp-content/uploads/2026/04/Wage-Growth.png"/></p>
<p><em>來源：Apollo Global Management</em></p>
<p>上面的圖表告訴我們一個具體的故事：從一份工作轉到另一份工作的工人可能會看到收入顯著上升。這表明公司越來越重視招聘，並願意為頂尖人才支付更高的薪酬。這是美國經濟強勁的又一個明確跡象。</p>
<p><strong>軌道 2：我們在這次市場上漲中的 “便宜” 機會</strong></p>
<p>儘管如此，仍然很容易感到我們已經錯過了市場大部分的上漲。但隨着利潤的增長，更多資金流入經濟，未來的收益可能會更多。正如前面提到的，通過折扣 CEFs，我們可以做得更好。</p>
<p>因為通過 CEFs，我們獲得的大部分回報是以現金形式體現的，且我們以低於其投資組合價值的價格獲得這些基金。</p>
<p>考慮一隻名為 <strong>Liberty All-Star Equity Fund (USA)</strong> 的 CEFs。</p>
<p>該基金的收益率為 10.3%，幾乎是平均標準普爾 500 指數基金的 10 倍，而其大盤股的投資重點意味着我們可以接觸到許多相同的股票：<strong>NVIDIA (NVDA)</strong>、<strong>Microsoft (MSFT)</strong>、<strong>Alphabet (GOOGL)</strong>、<strong>Amazon.com (AMZN)</strong>、<strong>Visa (V)</strong> 和 <strong>Charles Schwab (SCHW)</strong> 都是主要持股，USA 的多樣化程度與標準普爾 500 本身相似：</p>
<p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Allocations.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://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Allocations.png"/></p>
<p><em>來源：Liberty All-Star Funds</em></p>
<p>USA 將這些持股的回報 “轉換” 為我們的收入流。它通過將股息與淨資產值（NAV，即基金基礎投資組合的價值）掛鈎，並承諾每年支付大約 8% 的 NAV 作為股息，以四個季度分期支付 2%。</p>
<p>這確實意味着股息會有些浮動，但我們對此並不在意，因為這種 8% 的 “NAV 掛鈎” 在過去三年中產生的股息相當穩定：</p>
<p><strong>USA 在波動市場中提供穩定的股息</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Dividend.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://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Dividend.png"/></p>
<p><em>來源：收入日曆</em></p>
<p>此外，該基金在過去十年的強勁回報——市場價格基礎上 216%（下圖紫色部分）和基於 NAV 的 187%（下圖橙色部分）——足以使 USA 的股息保持在高水平。考慮到經濟的強勁（且不斷改善）的前景，我認為這種情況將會持續：</p>
<p><strong>USA 的市場價格（和投資組合）表現出色</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Total-Returns-1.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://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Total-Returns-1.png"/></p>
<p>該基金自身的表現與其投資組合的表現之間的差距是 CEFs 所特有的。正如你在上面的圖表右側所看到的，最近有所縮小，為你在下面的圖表中看到的折扣機會奠定了基礎：</p>
<p><strong>USA 的折扣達到 COVID 時代的低點</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Discount-NAV.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://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Discount-NAV.png"/></p>
<p>美國目前的交易價格比淨資產價值（NAV，即其基礎投資組合的價值）低 10%。這遠低於其 4.2% 的長期平均水平，也是自 COVID 疫情以來的最低水平。對於這樣一個表現良好（並維持高分紅）的大型基金來説，這樣的折扣實在是過大。</p>
<p>此外，USA 持有的股票的任何收益都可能隨着基金折扣的縮小而複合增長。</p>
<p>這使我們擁有一個高收益、強勁表現且折扣自 COVID 以來未見的基金。而且這一交易發生在經濟強勁增長的時期。這種情況清楚地表明，無論市場其他部分如何波動，CEFs 始終是我們尋找價值的首選。</p>
<p><strong>這 5 只被忽視的基金每年支付</strong> <strong><em>60 次</em></strong> <strong>分紅，收益率 9.7%</strong></p>
<p>USA 的 “浮動” 分紅在 CEFs 中實際上是比較少見的。許多基金每月支付固定、可預測的金額。</p>
<p>“普通” 股票和 ETF 的投資者幾乎從未享受過這樣的奢侈！</p>
<p>為了讓您輕鬆啓動自己的高月收入流，我將我推薦的 5 只每月支付的 CEF 放在一個 “迷你投資組合” 中。我稱之為，簡單地説，<strong>“60 次薪水” 分紅投資組合</strong>。</p>
<p>它的 <strong>收益率為 9.7%</strong>，每月支付 5 次分紅。正如名稱所示，這一年總共相當於 60 次分紅 “薪水”！此外，這些基金現在價格便宜，隨着生產力的提升，經濟和股市將進一步上漲，帶來可觀的上行空間。</p>
<p>現在是購買這 5 只獨特的每月支付基金的最佳時機。<strong>點擊這裏，我將告訴您更多信息，並提供一份免費報告，揭示它們的名稱和代碼，以便您在幾周內收取第一筆月度 “薪水”</strong>。</p>
<h5>另見：</h5>
<p> 沃倫·巴菲特的分紅股票</p>
<p> 分紅增長股票：25 位貴族</p>
<p> 未來的分紅貴族：緊隨其後者</p>
<p>本文所表達的觀點和意見僅代表作者個人觀點，並不一定反映納斯達克公司的觀點。</p>

半導體 3 倍做多 - Direxion

半導體 ETF - VanEck Vectors

<p>股票市場在過去一年中實現了令人驚訝的 31% 的漲幅，顯著超過了長期平均水平。這一增長歸因於強勁的企業盈利，特別是來自人工智能等技術進步的推動，這些進步也在創造就業機會。投資者可以通過封閉式基金（CEFs）利用這一趨勢，這些基金提供更高的收益（超過 9%），目前以折扣價出售。Liberty All-Star Equity Fund（美國）被強調為一個典範，提供 10.3% 的收益，同時投資於像 NVIDIA 和 Microsoft 這樣的主要公司</p>

<p>This has got to be the most &#34;hidden&#34; (maybe hated?) stock-market run I've ever seen.</p>
<div class="lb-trans"><p>這可能是我見過的最 “隱秘”（也許是最被厭惡的？）的股市上漲。</p>
</div><p>The headlines are all doom and gloom (I think you'll agree), but behind it all, the stock market is on a roll--returning 31% in just the last year. That's more than <em>triple</em> the market's long-term average yearly return of around 10%.</p>
<div class="lb-trans"><p>頭條新聞都是悲觀和沮喪（我想你會同意），但在這一切背後，股市正在蓬勃發展——在過去一年中回報率達到了 31%。這超過了市場長期平均年回報率約 10% 的三倍。</p>
</div><p>Where does that leave those of us who look to stocks for growth and income? Is there more runway ahead, or is it too late to buy in?</p>
<div class="lb-trans"><p>這對我們這些依賴股票尋求增長和收入的人來説意味着什麼？未來還有更多的上漲空間，還是已經太晚了？</p>
</div><p>In my opinion, this 31% gain is <em>setting the table for more</em>, and we'll get into exactly why in a moment. The setup we'll break down is doubly attractive for investors in closed-end funds (CEFs), where we can get a discount on what we'd pay if we bought stocks through an ETF or directly on the market.</p>
<div class="lb-trans"><p>在我看來，這 31% 的漲幅為更多的上漲奠定了基礎，我們稍後將詳細討論原因。我們將要分析的設置對於投資封閉式基金（CEFs）來説尤其具有吸引力，因為我們可以以折扣價購買，而不是通過 ETF 或直接在市場上購買股票。</p>
</div><p><strong>9%+ Yielding CEFs Give Us a Discount No Matter What the Market Is Doing</strong></p>
<div class="lb-trans"><p><strong>9%+ 收益的 CEFs 無論市場如何都給我們提供折扣</strong></p>
</div><p>Our discount opportunity on CEFs exists in part because the CEF market is tiny, containing only about 400 funds. And CEF buyers tend to be individual, conservative investors.</p>
<div class="lb-trans"><p>我們在 CEFs 上的折扣機會部分源於 CEFs 市場的規模很小，僅包含約 400 只基金。而 CEFs 的買家往往是個人的保守投資者。</p>
</div><p>That second point is key because these investors buy and sell predictably--and they always leave a &#34;discount window&#34; open for us somewhere. Plus, with CEFs, we can forget about the 1% dividend your typical index fund pays. CEFs often yield 9% and more, which means we're getting the bulk of our return in cash.</p>
<div class="lb-trans"><p>第二點非常關鍵，因為這些投資者的買賣行為是可預測的——他們總是為我們留下一扇 “折扣窗口”。此外，購買 CEFs 時，我們可以忘記典型指數基金支付的 1% 股息。CEFs 的收益通常在 9% 及以上，這意味着我們獲得的大部分回報是以現金形式體現的。</p>
</div><p>I bring CEFs up now because I want to take on today's stock-market setup--and our plan to buy into it--in two tracks.</p>
<div class="lb-trans"><p>我現在提到 CEFs 是因為我想從兩個方面來討論今天的股市形勢——以及我們如何計劃參與其中。</p>
</div><p>First, we're going to look at why this stock-market run is justified and not at all a bubble. Simply put, this means that a 31% gain in the rearview does not preclude a similar rise looking ahead.</p>
<div class="lb-trans"><p>首先，我們將探討為什麼這次股市上漲是合理的，根本不是泡沫。簡單來説，這意味着 31% 的漲幅並不排除未來類似的上漲。</p>
</div><p>For the second track, we're going to move from the general to the specific, with a CEF seemingly purpose built to get us into this rise at a discount <em>and</em> a 10.3% dividend, too.</p>
<div class="lb-trans"><p>在第二個方面，我們將從一般到具體，介紹一隻似乎專門為我們提供折扣進入這一上漲的 CEFs，且其股息為 10.3%。</p>
</div><p><strong>Track 1: An Economy Rolling Through Gloom</strong></p>
<div class="lb-trans"><p><strong>軌道 1：經濟在陰霾中蓬勃發展</strong></p>
</div><p>Before we go further, I know my bullishness on the economy might seem a little out of step right now, with the Strait of Hormuz closed, cutting off vital resources like oil and fertilizer; rising fear of job losses; and consumer sentiment that hit record lows in April.</p>
<div class="lb-trans"><p>在我們進一步討論之前，我知道我對經濟的樂觀可能在現在看來有些不合時宜，霍爾木茲海峽關閉，切斷了石油和化肥等重要資源；失業恐慌加劇；消費者信心在四月份創下歷史低點。</p>
</div><p>Let me counter that gloomy narrative by starting where we <em>always</em> need to start when we're talking about stocks: earnings.</p>
<div class="lb-trans"><p>讓我通過從我們談論股票時總是需要開始的地方來反駁這種悲觀敍述：盈利。</p>
</div><p>And thanks in large part to tech breakthroughs (AI, in other words) productivity is jumping, and those gains are showing up in strong corporate earnings growth. As of the end of 2025, profit margins had hit levels unseen in years, with more gains forecast:</p>
<div class="lb-trans"><p>多虧了科技突破（換句話説，就是人工智能），生產力正在提升，這些增長體現在強勁的企業盈利增長上。截至 2025 年底，利潤率達到了多年來未見的水平，並預計將繼續增長：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/Profit-Margins-Grow.png" alt="" original-src="https://contrarianoutlook.com/wp-content/uploads/2026/04/Profit-Margins-Grow.png"/></p>
<p><em>Source: FactSet</em></p>
<div class="lb-trans"><p><em>來源：FactSet</em></p>
</div><p>And contrary to popular opinion, these productivity--and profit--gains are <em>not</em> coming at the expense of jobs. As I discussed last week, we're starting to see data telling us that AI is, in fact, <em>creating</em> jobs. Over time, the resulting employment gains are likely to create opportunities for workers and companies to earn and spend, unlocking even more value from the stock market.</p>
<div class="lb-trans"><p>與普遍看法相反，這些生產力和利潤的增長並不是以犧牲就業為代價的。正如我上週討論的，我們開始看到數據表明，人工智能實際上是在創造就業。隨着時間的推移，隨之而來的就業增長可能會為工人和公司創造更多的賺取和消費機會，從而釋放出更多的股市價值。</p>
</div><p>Here's another report that backs this up (and pushes back on the whole &#34;AI job apocalypse&#34; narrative):</p>
<div class="lb-trans"><p>這裏還有另一份報告支持這一觀點（並反駁整個 “人工智能導致失業” 的敍述）：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/Wage-Growth.png" alt="" original-src="https://contrarianoutlook.com/wp-content/uploads/2026/04/Wage-Growth.png"/></p>
<p><em>Source: Apollo Global Management</em></p>
<div class="lb-trans"><p><em>來源：Apollo Global Management</em></p>
</div><p>The chart above tells us a specific story: Workers moving from one job to another are likely to see their income rise--and significantly. This shows that companies are putting more emphasis on hiring, and are willing to pay for top talent. That's <em>another</em> clear sign of a strong US economy.</p>
<div class="lb-trans"><p>上面的圖表告訴我們一個具體的故事：從一份工作轉到另一份工作的工人可能會看到收入顯著上升。這表明公司越來越重視招聘，並願意為頂尖人才支付更高的薪酬。這是美國經濟強勁的又一個明確跡象。</p>
</div><p><strong>Track 2: Our Bargain &#34;Backdoor&#34; On This Market Run</strong></p>
<div class="lb-trans"><p><strong>軌道 2：我們在這次市場上漲中的 “便宜” 機會</strong></p>
</div><p>With all that said, it's still easy to feel as if we've missed the bulk of the market's upside. But with profits growing, and more money flowing through the economy, more gains are likely. And with a discounted CEF, as mentioned, we can do even better.</p>
<div class="lb-trans"><p>儘管如此，仍然很容易感到我們已經錯過了市場大部分的上漲。但隨着利潤的增長，更多資金流入經濟，未來的收益可能會更多。正如前面提到的，通過折扣 CEFs，我們可以做得更好。</p>
</div><p>That's because with CEFs we're getting most of our return in cash, <em>and</em> we're getting these funds for less than their portfolios are worth.</p>
<div class="lb-trans"><p>因為通過 CEFs，我們獲得的大部分回報是以現金形式體現的，且我們以低於其投資組合價值的價格獲得這些基金。</p>
</div><p>Consider a CEF called the <strong>Liberty All-Star Equity Fund (USA)</strong>.</p>
<div class="lb-trans"><p>考慮一隻名為 <strong>Liberty All-Star Equity Fund (USA)</strong> 的 CEFs。</p>
</div><p>With a 10.3% yield, this fund pays nearly 10X what the average S&amp;P 500 index fund does, while its large-cap focus means we get access to many of the same stocks: <strong>NVIDIA (NVDA)</strong>, <strong>Microsoft (MSFT)</strong>, <strong>Alphabet (GOOGL)</strong>, <strong>Amazon.com (AMZN)</strong>, <strong>Visa (V)</strong> and <strong>Charles Schwab (SCHW)</strong> are all main holdings, and USA is diversified in a way similar to the S&amp;P 500 itself:</p>
<div class="lb-trans"><p>該基金的收益率為 10.3%，幾乎是平均標準普爾 500 指數基金的 10 倍，而其大盤股的投資重點意味着我們可以接觸到許多相同的股票：<strong>NVIDIA (NVDA)</strong>、<strong>Microsoft (MSFT)</strong>、<strong>Alphabet (GOOGL)</strong>、<strong>Amazon.com (AMZN)</strong>、<strong>Visa (V)</strong> 和 <strong>Charles Schwab (SCHW)</strong> 都是主要持股，USA 的多樣化程度與標準普爾 500 本身相似：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Allocations.png" alt="" original-src="https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Allocations.png"/></p>
<p><em>Source: Liberty All-Star Funds</em></p>
<div class="lb-trans"><p><em>來源：Liberty All-Star Funds</em></p>
</div><p>USA takes the returns on these holdings and &#34;converts&#34; them into an income stream for us. It manages that 10.3% payout by linking the dividend to net asset value (NAV, or the value of the fund's underlying portfolio) and committing to paying out roughly 8% of NAV as dividends every year, in four quarterly installments of 2%.</p>
<div class="lb-trans"><p>USA 將這些持股的回報 “轉換” 為我們的收入流。它通過將股息與淨資產值（NAV，即基金基礎投資組合的價值）掛鈎，並承諾每年支付大約 8% 的 NAV 作為股息，以四個季度分期支付 2%。</p>
</div><p>That <em>does</em> mean the payout floats a bit, but we're okay with that, since this 8% &#34;NAV peg&#34; has resulted in a payout that's been pretty consistent over the last three years:</p>
<div class="lb-trans"><p>這確實意味着股息會有些浮動，但我們對此並不在意，因為這種 8% 的 “NAV 掛鈎” 在過去三年中產生的股息相當穩定：</p>
</div><p><strong>USA Delivers Steady Dividends in Choppy Markets</strong></p>
<div class="lb-trans"><p><strong>USA 在波動市場中提供穩定的股息</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Dividend.png" alt="" original-src="https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Dividend.png"/></p>
<p><em>Source:</em> Income Calendar</p>
<div class="lb-trans"><p><em>來源：收入日曆</em></p>
</div><p>Moreover, the fund's strong returns over the last decade--216% on a market-price basis (in purple below) and 187% based on NAV (in orange)--have been more than enough to keep USA's payout rolling out at a high rate. With the economy's strong (and improving) prospects, I see that continuing:</p>
<div class="lb-trans"><p>此外，該基金在過去十年的強勁回報——市場價格基礎上 216%（下圖紫色部分）和基於 NAV 的 187%（下圖橙色部分）——足以使 USA 的股息保持在高水平。考慮到經濟的強勁（且不斷改善）的前景，我認為這種情況將會持續：</p>
</div><p><strong>USA's Market Price (and Portfolio) Deliver</strong></p>
<div class="lb-trans"><p><strong>USA 的市場價格（和投資組合）表現出色</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Total-Returns-1.png" alt="" original-src="https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Total-Returns-1.png"/></p>
<p>That gap between the fund's own performance and that of its portfolio is unique to CEFs. As you can see at right in the chart above, it's narrowed lately, setting up the discount opportunity you can see in the chart below:</p>
<div class="lb-trans"><p>該基金自身的表現與其投資組合的表現之間的差距是 CEFs 所特有的。正如你在上面的圖表右側所看到的，最近有所縮小，為你在下面的圖表中看到的折扣機會奠定了基礎：</p>
</div><p><strong>USA's Discount Hits COVID-Era Lows</strong></p>
<div class="lb-trans"><p><strong>USA 的折扣達到 COVID 時代的低點</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Discount-NAV.png" alt="" original-src="https://contrarianoutlook.com/wp-content/uploads/2026/04/USA-Discount-NAV.png"/></p>
<p>USA now trades at a 10% discount to net asset value (NAV, or the value of its underlying portfolio). That's far below its 4.2% long-term average and the lowest it's been since the dark days of COVID. It's also far too large of a markdown for a large-cap fund that's performing (and maintaining high dividends) as well as this one is.</p>
<div class="lb-trans"><p>美國目前的交易價格比淨資產價值（NAV，即其基礎投資組合的價值）低 10%。這遠低於其 4.2% 的長期平均水平，也是自 COVID 疫情以來的最低水平。對於這樣一個表現良好（並維持高分紅）的大型基金來説，這樣的折扣實在是過大。</p>
</div><p>Moreover, any gains in the stocks USA holds are likely to compound as the fund's discount narrows over time.</p>
<div class="lb-trans"><p>此外，USA 持有的股票的任何收益都可能隨着基金折扣的縮小而複合增長。</p>
</div><p>This leaves us with a fund sporting a big yield, strong performance and a discount unseen since COVID. And that deal comes at a time when the economy is strong and growing. It's a situation that clearly shows why CEFs are our first stop when we're hunting for value, no matter what the rest of the market is doing.</p>
<div class="lb-trans"><p>這使我們擁有一個高收益、強勁表現且折扣自 COVID 以來未見的基金。而且這一交易發生在經濟強勁增長的時期。這種情況清楚地表明，無論市場其他部分如何波動，CEFs 始終是我們尋找價值的首選。</p>
</div><p><strong>These 5 Overlooked Funds Pay Dividends</strong> <strong><em>60 Times a Year</em></strong> <strong>, Yield 9.7%</strong></p>
<div class="lb-trans"><p><strong>這 5 只被忽視的基金每年支付</strong> <strong><em>60 次</em></strong> <strong>分紅，收益率 9.7%</strong></p>
</div><p>USA's &#34;floating&#34; dividend is actually unusual among CEFs. Many pay monthly, in <em>fixed, predictable amounts.</em></p>
<div class="lb-trans"><p>USA 的 “浮動” 分紅在 CEFs 中實際上是比較少見的。許多基金每月支付固定、可預測的金額。</p>
</div><p>Investors in &#34;regular&#34; stocks and ETFs almost never get that luxury!</p>
<div class="lb-trans"><p>“普通” 股票和 ETF 的投資者幾乎從未享受過這樣的奢侈！</p>
</div><p>To make it easy for you to kickstart your own high monthly income stream, I've put my 5 top monthly paying CEFs in their own &#34;mini-portfolio.&#34; I call it, simply, the <strong>&#34;60-Paycheck&#34; Dividend Portfolio</strong>.</p>
<div class="lb-trans"><p>為了讓您輕鬆啓動自己的高月收入流，我將我推薦的 5 只每月支付的 CEF 放在一個 “迷你投資組合” 中。我稱之為，簡單地説，<strong>“60 次薪水” 分紅投資組合</strong>。</p>
</div><p>It boasts <strong>a 9.7% yield</strong> and kicks out 5 dividend payouts every month. That, as the name says, amounts to 60 dividend &#34;paychecks&#34; a year! Plus these funds are cheap now, putting solid upside on the table as rising productivity juices the economy, and stock market, further from here.</p>
<div class="lb-trans"><p>它的 <strong>收益率為 9.7%</strong>，每月支付 5 次分紅。正如名稱所示，這一年總共相當於 60 次分紅 “薪水”！此外，這些基金現在價格便宜，隨着生產力的提升，經濟和股市將進一步上漲，帶來可觀的上行空間。</p>
</div><p>Now is the time to buy these 5 unique monthly payers. <strong>Click here and I'll tell you more about them and give you a free report revealing their names and tickers, so you can collect your first monthly &#34;paycheck&#34; within weeks</strong> <strong>.</strong></p>
<div class="lb-trans"><p>現在是購買這 5 只獨特的每月支付基金的最佳時機。<strong>點擊這裏，我將告訴您更多信息，並提供一份免費報告，揭示它們的名稱和代碼，以便您在幾周內收取第一筆月度 “薪水”</strong>。</p>
</div><h5>Also see:</h5>
<div class="lb-trans"><h5>另見：</h5>
</div><p> Warren Buffett Dividend Stocks</p>
<div class="lb-trans"><p> 沃倫·巴菲特的分紅股票</p>
</div><p> Dividend Growth Stocks: 25 Aristocrats</p>
<div class="lb-trans"><p> 分紅增長股票：25 位貴族</p>
</div><p> Future Dividend Aristocrats: Close Contenders</p>
<div class="lb-trans"><p> 未來的分紅貴族：緊隨其後者</p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>本文所表達的觀點和意見僅代表作者個人觀點，並不一定反映納斯達克公司的觀點。</p>
</div>

10% Dividends (at a 10% Discount) From This "Hated" Stock Rally

nasdaq

Liberty All Star Eq Fd

高科技指數 ETF - SPDR

雲計算 ETF - GlobalX

T-Rex 2X Long Microsoft Daily Target ETF

費城交易所 半導體 ETF - iShares

微軟每日 2 倍做多 ETF - Direxion

標普軟件與服務 ETF - SPDR

英偉達期權收益策略 ETF - YieldMax

YieldMax MSFT Option Income Strategy ETF

2 倍做多英偉達 ETF - GraniteShares

全球科技股指數 ETF - iShares

動態半導體 ETF - Invesco

北美科技軟件股指數 ETF - iShares

Kurv Yield Premium Strategy Microsoft MSFT ETF

2 倍做多英偉達 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

標普半導體 ETF - SPDR

2 倍做多 MSFT ETF - GraniteShares

輝盛研究系統

Apollo Global

英偉達

微軟

谷歌-A

亞馬遜

Visa

嘉信理財

標普 500 指數

APOLLO GLOBAL MANAGEMENT INC 6.75% CONV PFD STK SER A

Apollo Global Management Pref Share APO 7.625 09/15/53

NVIDIA Corporation

谷歌-C

SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

從這隻 “被厭惡” 的股票上漲中以 10% 的折扣獲得 10% 的股息