PFFA 是组合的新增持仓：其 10.6% 的收益率、自 2021 年以来不断上升的月度分派，以及对优先股赎回风险的主动管理，使其尽管一年股价下跌 10% 仍具吸引力。它在三年内跑赢被动的 PFF（38.14% 对 21.6%）。股息增长预计是渐进的，但可能低于通胀。
逐段跳播
我们可以做的一件事是把 PFFA 加入我们的投资组合。我们只把投资组合的6%配置给这只 ETF，也就是6万美元。它目前的收益率为10.64%。
One thing we can do is add PFFA to our portfolio. We are allocating only 6% of our portfolio to this ETF, which means $60,000. And its current yield is 10.64%.
现在，如果我们看看这只 ETF，这是今天视频中第一只我们看到过去一年股价大幅下跌的 ETF。它下跌了约10%。
Now, if we look at this ETF, this is the first one in today's video where we've seen a good decline in share prices over the past year. It has dropped by about 10%.
而这正是 PFFA 所发生的情况。这正是我们在 PFFA 身上看到的情况。自2021年以来，派息一直在稳步增加。他们每月都派息，而且派息金额每年都在逐步增加。
And that's exactly what happened with PFFA. That's exactly what we're seeing in the case of PFFA. Distribution has been steadily increasing since 2021. They are paying distributions every month, and the amount of that distribution is gradually increasing every year.
所以，对于一只提供约10.6%收益率的 ETF 来说，这是相当了不起的成就。它在过去几年里变得更受欢迎，目前管理资产规模为23.3亿美元。
So, this is quite an achievement for an ETF that offers a yield of around 10.6%. It has become more popular in the last few years and currently has $2.33 billion in assets under management.
现在，我们需要提到的一点是，这是一只主动管理型基金。为什么这一点如此重要？事实上，你需要了解一些关于优先股的知识。这里面存在一个很大的风险，那就是赎回风险。大多数优先股都可能被其发行公司赎回或召回。
因此，被动管理的优先股 ETF 很难缓解这一风险。所以，它们可以通过主动管理来掌控固定利率和浮动利率证券。它们可以主动尝试降低赎回风险，同时跨行业分散配置，以最大化赎回收益率。
Now, the thing we need to mention is that this is an actively managed fund. Why is this so important? In fact, you need to understand something about preferred shares or preferred stock.
There is a big risk in this, and that risk is call risk. Most preferred shares can be redeemed or called by their issuing company. And so, it becomes difficult for passively managed preferred stock ETFs to mitigate this risk.
Therefore, they can maintain control over fixed and floating rate securities through active management. They can actively try to reduce call risk, while also diversifying across sectors to maximize yield to call.
所以，如果我们看看 PFFA 与其被动管理的同类产品 PFF 相比表现如何，PFF 过去3年的总回报率为21.6%，而 PFFA 的总回报率为38.14%。也就是说，这种主动管理策略的表现远好于其被动管理的同类产品。
So, if we look at how PFFA has performed compared to its passively managed counterpart PFF, PFF's total return over the last 3 years is 21.6%, while PFFA's total return is 38.14%.
That is, this actively managed strategy performed much better than its passively managed counterpart.
所以，虽然我在合适的情况下喜欢许多被动型基金，但优先股是一种主动管理更有意义的资产。通过将其加入投资组合，我们正是在利用这一点。
So, while I'm a fan of many passive funds in the right circumstances, preferred stock is an asset where active management makes much more sense. And with this addition to the portfolio, we are taking advantage of exactly that.
现在，我们并不预期未来股息会有很大增长，但我们会看到随着时间推移出现一些逐步增长。不过，它很可能会低于通胀率。然而，初始股息收益率为整体投资组合提供了不错的补充，使我们的初始收益率约为6.4%，加权5年股息增长率高于4.1%。
Now, we are not expecting much dividend growth in the future, but we will see some gradual growth over time. But, it will probably be lower than the inflation rate. However, the initial dividend yield provides a nice addition to the overall portfolio, putting our initial yield at around 6.4% and our weighted 5-year dividend growth rate above 4.1%.
这个频道对 $PFFA 的历次判断
Dividendology 在这只股票上共 2 条判断，这里只列相邻的几条。