Dividendology 对 $PFFA 的判断变化
我们要讨论的第一个机会是 Virtus InfraCap US Preferred Stock ETF。我知道这名字有点拗口，但它的股票代码是 PFFA。
And the first opportunity we're going to be talking about is the Virtus InfraCap US Preferred Stock ETF. I know that's mouthful, but it's stock ticker PFFA.
这是一只过去 12 个月收益率非常接近 10% 的 ETF。也许同样令人印象深刻的是，尽管起始股息收益率是两位数的，但当你查看股息历史时，你可以看到这些支付随着时间的推移持续增长。
事实上，如果我们向下滚动，你可以看到在过去几年中几乎每一年都有股息增加。涨幅很小，毫无疑问，但 10% 收益率的股票还能增长股息，这绝对是一个加分项。
This is an ETF that has a trailing 12-month yield of very close to 10%. And perhaps what's just as impressive is despite that double-digit starting dividend yield, it's when you look at the dividend history, you can see those payouts have continued to grow over time. In fact, if we scroll down, you can see almost every single year for the past few years, there's been dividend increases. The hikes have been small, there's no doubt, but the fact that 10% yielders growing dividends at all is definitely a bonus.
那么，这只 ETF 是什么？PFFA 是一只主动管理的，记住这一点，主动管理的交易所交易基金，投资于多元化的美国优先股投资组合。
So, what is this ETF? Well, PFFA is an actively managed, keep that in mind, actively managed exchange-traded fund that invests in a diversified portfolio of US preferred stocks.
现在，当我们谈论 PFFA 的表现时，我们真正需要比较的是 PFF。这是 iShares Preferred and Income Securities ETF。然而，有一个主要区别。
PFF 是被动管理的，不是主动管理的。它跟踪 ICE Exchange Listed Preferred and Hybrid Securities Index。该基金通常根据指数规则持有优先股和混合证券。
所以，我们有这只被动基金与主动管理的基金，表现相当说明问题。PFFA 在过去一年中跑赢了 PFF。如果我们看过去 3 年，这种跑赢幅度变得更大，如果我们看过去 5 年，跑赢幅度再次变得更大。
Now, when we talk about the performance of PFFA, really what we need to compare it to is PFF. This is the iShares Preferred and Income Securities ETF. However, there's a major difference. PFF is passively managed, it's not actively managed. It tracks the ICE Exchange Listed Preferred and Hybrid Securities Index. The fund generally holds preferred stocks and hybrid securities according to the index's rules. So, we have this passively fund versus the actively managed fund, and the performance is pretty telling. PFFA over the last year has outperformed PFF. If we look at the last 3 years, that outperformance becomes even larger, and if we look at the last 5 years, the outperformance becomes even larger once again.
现在，很多投资者犯的一个大错误是，当他们在 Seeking Alpha 等平台上看到这只基金的头条费用率时，他们看到列出的 2.11%，立即将其一笔勾销，但那将是一个大错误。这不是真实的费用率。
这不是真正的管理费。真正的管理费实际上约为 0.8。那么，为什么这样列出？嗯，该基金实际上做的一件事是应用轻微杠杆来潜在地增强投资组合敞口，而且他们是机会主义地这样做。但是，任何时候你使用杠杆，你都必须将杠杆成本加到费用率中。
所以，实际上，这仍然是你前瞻性基础上获得的净收益率，再次接近 10%，但这不是真正的管理费。真正的管理费接近 0.8%。
Now, one of the big mistakes a lot of investors make is when they look at the headline expense ratio for this fund on platforms like Seeking Alpha, they see it listed at 2.11% and immediately write it off, but that would be a big mistake. This is not the true expense ratio. It's not the true management fee. The true management fee is actually about 0.8. So, why is it listed like this? Well, one of the things that the fund actually does is apply slight leverage to potentially enhance portfolio exposure, and they do this opportunistically. But, anytime you use leverage, you have to add the cost of leverage to the expense ratio. So, really, this is still the net yield you're getting on a forward-looking basis again, closer to 10%, but this is not the true management fee. The true management fee is closer to 0.8%.
现在，在 Mispriced Podcast 上，我实际上在几天前采访了 PFFA 的基金经理，我们对 STRC 进行了深入探讨，并讨论了他将其纳入基金以及其他几只基金的理由。
Now, on the Mispriced Podcast, I actually interviewed the fund manager for PFFA just a few days ago and we had a deep dive into STRC and we talked about his reasoning as to why he held it in the fund, as well as a few other funds.
现在，关于 PFFA，我最后想指出的一点是，优先股总体上对利率高度敏感。因此，如果长期利率继续走高，PFFA 的股价可能会面临压力。而且由于过去一年利率确实上升了，股价略有回落，大约 3%。
但这不像 ETF 那样，股价下跌自动等于收入下降。收入不仅得以维持，而且正如我们所见，即使在利率较高的环境下，它也在继续增长，在我看来，这给了它一个巨大的优势。
Now, the last thing I do want to point out in regards to PFFA is preferred stocks in general are highly interest rate sensitive. So, if long-term interest rates continue to march higher, PFFA is likely going to have pressure on its share price. And because rates have indeed gone higher over the last year, the share price has pulled back a little bit, around 3%. But, this isn't like ETF where a declining share price automatically equals lower income. The income has not only been sustained, but as we saw, it's continued to grow even in a higher interest rate environment, which in my opinion gives it a huge advantage.