The Davenport Asset Management Fixed Income team manages 5 models with oversight by the Investment Policy Committee (IPC). The team takes a dynamic approach to managing interest rate and credit risk with a conservative focus designed to meet individual client needs. Important Disclosures Disclosures: Any opinions expressed here are statements of judgment on this date and are subject to future change without notice. This information may contain forward looking predictions that are subject to certain risk ...

mohd izzuan/iStock via Getty Images Sentiment in the fixed income markets remains bullish and issuance is robust, but spreads are tight, so we are staying defensive and investing opportunistically. Newton’s First Law Of the many newsworthy events and policy ...

公司评级与市场表现 - 华尔街经纪商Benchmark维持对Strategy的买入评级和705美元的目标价 [1] - 尽管股价近期表现疲软 但Benchmark仍看好该公司 股价在早盘交易中下跌约2%至324美元 [1] 核心竞争优势 - 公司拥有640,031枚比特币储备 是第二大公司持有量的十二倍以上 规模无可匹敌 [2] - 其真正的优势在于永久优先股的结构 该结构消除了与比特币价格波动相关的再融资风险 提供了稳定的资本基础且不稀释普通股股权 [3] - 这些与比特币挂钩的永久优先股为公司提供了其他数字资产国库无法比拟的永久资本 [1] 战略愿景与市场潜力 - 公司战略旨在将比特币转变为新兴固定收益市场的基础 类似于抵押贷款支持证券对房地产市场的变革 [3] - Benchmark认为与比特币挂钩的固定收益产品将发展成为一个规模达数千亿美元的市场 而Strategy是该市场的构建者 [4] - 7月份的STRC发行筹集了25.2亿美元 是今年美国最大的IPO 显示出投资者的买入兴趣 [3] 估值基础 - 经纪商的目标价反映了对比特币价值的预测 对预期收益的10倍倍数 以及公司到2026年的软件业务前景 [4]