文章核心观点 - 公司是一家专注于投资机构级别的抵押贷款支持证券(MBS)的房地产投资信托公司(REIT) [1][2] - 公司在2022-2023年期间谨慎地缩减了MBS投资规模,等待市场波动性降低后再进行积极布局 [3][5][7] - 随着联储即将开始降息,公司有望通过增加MBS投资规模来提高收益,并从MBS价格上涨中获益 [7] 公司概况 - 公司专注于投资机构级别的抵押贷款支持证券(MBS),该资产类别由政府支持机构担保,信用风险较低 [2] - 公司主要面临利率风险,MBS价格与国债价格存在较强相关性 [2][3] - 公司在2018-2019年曾快速扩大MBS投资规模,利用当时MBS价格的调整期进行布局 [6] 投资策略 - 公司在2022-2023年谨慎缩减MBS投资规模,规模从2019年末的1000亿美元下降至2023年末的460亿美元 [3][5] - 公司之所以谨慎,是因为市场一直存在对联储何时开始降息的猜测,导致利率波动较大 [7] - 随着联储即将开始降息,公司有望增加MBS投资规模,从MBS价格上涨中获益 [7] - 公司目前的杠杆率较低,有较大的增加杠杆的空间 [7] 未来展望 - 随着联储开始降息,公司的融资成本将下降,有利于支持当前或更高的股息水平 [7] - MBS价格接近历史低位,未来有望随着利率下降而上涨,公司可以通过增加杠杆来放大收益 [7] - 公司目前正在通过发行新股来增加MBS投资规模,抓住当前MBS价格处于底部的机会 [7]

AGNC Investment has done a good job of creating value for investors, but there's a worrisome secret that you need to know before buying it.AGNC Investment (AGNC -0.39%) is not a dividend stock, despite the huge 14% or so dividend yield. It is a total return stock, which basically means to fully benefit here you need to reinvest dividends. But there's another open secret about AGNC's business model that you need to understand before you buy the mortgage real estate investment trust (REIT).What does AGNC Inve ...

AGNC Investment Corp. (AGNC) is in the limelight with the Federal Reserve's decision to begin an interest rate cut this month. The Fed has kept its influential lending rate at its highest level at 5.25-5.50% since 2001 to tame inflation. The inflation has been gradually cooling down.On Aug. 23, Fed Chairman Jerome Powell stated that the central bank has "ample room" to maneuver as policy enters its next phase. He stressed that the timing and speed of reduction will "depend on incoming data." With this, as p ...

Real estate stocks have struggled as interest rates rose over the past three years.With inflation mostly back under control, the Federal Reserve's attention has shifted toward the labor market, where the unemployment rate has inched higher in the past few months as job creation numbers slow.Last month, the unemployment rate triggered the "Sahm rule," which says when the three-month average of the unemployment rate rises half a percentage point above its low over the prior 12 months, the country is headed to ...

Both these stocks offer dividend yields at a double-digit percentage.Folks looking for a way to bulk up their passive income stream have lots of options, but many require more capital than the average investors can manage. Luckily, there are some ultra-high-yield dividend stocks that just about anyone can afford.AGNC Capital (AGNC 0.49%) and PennantPark Floating Rate Capital (PFLT 1.34%) offer an average yield of about 12.4% at recent prices. That means an investment of about $4,100 spread evenly among them ...

A high yield alone doesn't make a stock a good income investment, which AGNC Investment proves. Here are two better options.If you see a stock with a dividend yield exceeding 14%, you should immediately know you have to dig deeper. That is usually a sign that Wall Street views the investment as risky, which is why most investors will probably be better off avoiding AGNC Investment (AGNC 0.49%). But you'll likely find Realty Income (O 1.16%) and W.P. Carey (WPC 1.33%), both of which have yields just above 5% ...

Lower interest rates and tighter spread could propel the stock much higher.From June 2021 until the start of this year, AGNC Investment (AGNC 0.49%) had seen its stock decline steadily. This year, AGNC's stock price is up a modest 5%.So why would anyone predict that this perpetual underperformer will outperform the market over the next year? Let's delve into why I think AGNC's total return will outperform the market over the next year. But first, let's also look at why it has been underperforming the market ...

文章核心观点 - 公司在第二季度业绩报告中宣布了预期数字,净资产价值(NAV)从8.85美元下降到8.40美元 [1] - 尽管债券市场波动剧烈,但公司股价并未大幅下跌,市场预期未来会有正面变化 [1] - 公司管理层关注的关键参数,如收益率曲线、机构抵押贷款证券(MBS)利差、长期国债指数和高评级公司债券等,正处于修复的初期阶段 [2][4][5][6][7][10] 根据相关目录分别进行总结 收益率曲线 - 收益率曲线形状相对保持不变,但中间部分收益率有所上升 [4][5] - 收益率曲线变化表明利率降低的影响尚未完全显现,但变化正在来临 [6] 机构抵押贷款证券(MBS) - MBS价值出现积极分离,大部分变化发生在6月季度之后 [7] - 这种看涨态势是否能扭转公司的"美元滚动"收益,还有待观察 [7] 长期国债指数 - 长期国债指数当前值为3.40 [7] 高评级公司债券 - 公司债券收益率维持在5.5%左右,未发生变化 [8][9][10] 未来利率展望 - 市场预期美联储将在8月和9月分别降息25个基点和50个基点 [11] - 就业报告疲软和制造业指数下滑等指标表明降息即将到来,美联储主席鲍威尔在杰克逊霍尔会议上也确认了这一立场 [11] 公司业绩 - 第二季度净利差和美元滚动收入仍大幅高于公司股息,但下降了约30个基点至270个基点左右 [15] - 公司继续通过二级市场发行股票筹集资金,这引起了一些担忧 [16] 股息 - 管理层表示当前股息水平是合理的,不会在短期内面临风险 [17] 股价走势 - 公司股价在业绩公布后表现平稳,这与过去不同,反映了市场对未来的积极预期 [18]

文章核心观点 - 高收益股票可以为投资者带来稳定的月度收益 [1][8][9] - 两只高收益股票AGNC Investment和PennantPark Floating Rate Capital分别提供13.97%和11.15%的收益率 [10][18] - 这两只股票都有潜在的催化因素可以提高收益 [12-17][20-24] AGNC Investment - 作为一家抵押房地产投资信托公司,AGNC主要投资于政府支持的抵押贷款支持证券 [11][17] - 当利率下降时,AGNC可以购买收益更高的抵押贷款支持证券,同时其短期借款成本也会下降,从而扩大净利差 [13][15] - 收益率曲线正常化也将为AGNC带来收益提升 [16] PennantPark Floating Rate Capital - 作为一家中小企业发展公司,PennantPark主要投资于中小企业的股权和债务 [19] - 随着利率上升,PennantPark的债务投资收益率从7.4%上升到12.1% [20] - PennantPark的投资组合高度分散,仅1.5%的投资出现逾期,体现了其出色的风险管控能力 [23][24][25]

文章核心观点 - 现在买入股息率超14%的AGNC Investment不算晚，但投资者需清楚买入原因，否则可能受损；该公司不适合追求收益的投资者，但对采用总回报策略和注重资产配置的投资者有吸引力 [1][4] 公司业务 - 大多数房地产投资信托公司购买房产并出租，而AGNC作为抵押型房地产投资信托公司，购买打包成类似债券证券的抵押贷款，更像管理债券共同基金 [2] - 公司购买的抵押证券交易频繁、价格变化快，其价格受投资者情绪、利率、住房市场动态和还款率等因素影响，且公司常使用杠杆来提高回报，风险较高 [2] 投资风险 - 过去十年公司股息率大多高于10%，但股息持续下降，股价也随之下跌，若为股息买入，最终收益和资本都会减少 [3] 投资吸引力 - 自公司首次公开募股以来，总回报率超500%，尽管股价下跌且多次削减股息，但高额股息使投资者能购买更多股票，实现投资增长，这是资产配置者和一些大型投资者的投资思路 [4] - 若投资者构建多元化投资组合，将抵押贷款作为其中一部分并计划再投资股息，AGNC Investment可能是有吸引力的投资选择 [5] 投资建议 - 公司不适合靠股息收入生活的投资者，但采用总回报策略、注重资产配置的投资者可将其作为投资抵押证券的途径，且任何时候买入都不算差，关键是长期持有并进行股息再投资以获得总回报 [6]