ð° é«é åœæè³ã®é åãšèœãšã穎
è¿å¹Žã®äœéå©ç°å¢äžã§ãS&P500ã®å¹³åé åœå©åãã¯1%ååŸã«ãšã©ãŸã£ãŠããŸãããã®ãããªäžã§ã8%以äžãäžã«ã¯13%ãè¶ ããé åœå©åããèªãéæãååšããŸããä»åã¯ãç¹ã«æ³šç®åºŠã®é«ã AGNCã€ã³ãã¹ãã¡ã³ã(AGNC)ãã¢ã¬ã¹ã»ãã£ãã¿ã«(ARCC)ããŠãšã¹ã¿ã³ã»ãããã¹ããªãŒã ã»ããŒãããŒãº(WES) ã®3éæãåŸ¹åºæ¯èŒããŠãããŸãã
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ð åè (Winner): AGNCã€ã³ãã¹ãã¡ã³ã (AGNC) - é æã®ææ¬¡é åœ
AGNCã¯ææ¬¡é åœã宿œããREITïŒäžåç£æè³ä¿¡èšïŒã§ãçŸåšã®é åœå©åãã¯13.5%ã«éããŸããå®ã«75ã¶æé£ç¶ã§çŸåšã®é åœãç¶æããŠãããé åœå®çžŸã¯å ç¢ã§ããå瀟ã¯ããã¡ããŒã¡ã€ãªã©ã®æ¿åºæ©é¢ãä¿èšŒããäœå® ããŒã³æ ä¿èšŒåžïŒMBSïŒã«ç¹åããŠæè³ããŠãããä¿¡çšãªã¹ã¯ã¯æ¯èŒçäœãéšé¡ã«å ¥ããŸãããã ããåçãæå€§åããããã«**ã¬ãã¬ããžïŒåå ¥ïŒ**ãæŽ»çšããŠãããããéå©å€åã®åœ±é¿ãåããããæ§é ã§ãã
ð¥ æºåªå (Runner-up): ã¢ã¬ã¹ã»ãã£ãã¿ã« (ARCC) - äžå äŒæ¥åãèè³ã®ãã
ARCCã¯äžå äŒæ¥ã«çŽæ¥èè³ãæäŸããBDCïŒäºæ¥éçºäŒç€ŸïŒã§ããé åœå©åãã¯**9.6%ã«è¿«ãã17幎é£ç¶ã§é åœãç¶æãŸãã¯å¢å ãããŠããŸãããåç€Ÿã®æå€§ã®åŒ·ã¿ã¯ãåè¶ããèè³å¯©æ»èœåã§ãã幎çæç®ã®çŽå®çŸæå€±çããã€ãã¹ïŒ-ïŒ**ãèšé²ãããªã©ãè³ç£ã®å¥å šæ§ã¯æ¥µããŠé«ããšè©äŸ¡ãããŠããŸããããã¯ãäžè¬ã®éè¡ãç«¶åä»ç€Ÿã®BDCãããã¯ããã«åªããæ°å€ã§ãã
ð¥ ææŠè (Challenger): ãŠãšã¹ã¿ã³ã»ãããã¹ããªãŒã ã»ããŒãããŒãº (WES) - ãšãã«ã®ãŒã€ã³ãã©ã®å
WESã¯ããã€ãã©ã€ã³ãåŠçãã©ã³ããªã©ã®ãšãã«ã®ãŒäžæµïŒãããã¹ããªãŒã ïŒã€ã³ãã©ãéå¶ããMLPïŒãã¹ã¿ãŒã»ãªããããã»ããŒãããŒã·ããïŒã§ããé åœå©åãã¯7.9%ã§ãé·æã®åºå®æéå¥çŽã«åºã¥ãå®å®ãããã£ãã·ã¥ãããŒãçã¿åºããŸãã2020幎ã«é åœããªã»ããããåŸã193%ãé åœãå¢ãããçŸåšã¯éå»ã®ããŒã¯ã倧ããäžåã£ãŠããŸãããã ããæ¯å¹ŽK-1çšåæžé¡ãåãåãå¿ èŠãããç¹ãããç ©éã§ãã

ð è¶ é«é åœ3éæãäžç®ã§æ¯èŒ
| é ç® | AGNCã€ã³ãã¹ãã¡ã³ã (AGNC) | ã¢ã¬ã¹ã»ãã£ãã¿ã« (ARCC) | ãŠãšã¹ã¿ã³ã»ãããã¹ããªãŒã (WES) |
|---|---|---|---|
| ã¿ã€ã | ã¢ãŒã²ãŒãžREIT | BDCïŒäºæ¥éçºäŒç€ŸïŒ | MLPïŒMLPïŒ |
| é åœå©åã | 13.5% | 9.6% | 7.9% |
| é åœé »åºŠ | æ¯æ | ååæ | ååæ |
| äž»ãªæè³å | æ¿åºä¿èšŒMBS | äžå äŒæ¥åãèè³ | ãšãã«ã®ãŒãã€ãã©ã€ã³ã»åŠçæœèš |
| äž»ãªãªã¹ã¯ | éå©äžæã»ã¬ãã¬ããžè² æ | æ¯æ°åŸéæã®èè³äžè¯ | ãšãã«ã®ãŒäŸ¡æ Œã»èŠå¶ãªã¹ã¯ |
| é·æ | é«é åœãæµåæ§ | åªããè³ç£å¥å šæ§ãå®å®é åœ | å®å®ãã£ãã·ã¥ãããŒãæé·æ§ |
| çæ | é åœåæžã®å¯èœæ§ | é婿å¿åºŠ | K-1çšåæžé¡ã®æåº |
ð ãã¯ãã«ã«åæ: ä»ãè²·ãæãïŒ
- AGNC: æ ªäŸ¡ã¯52é±é«å€åã§æšªã°ãã§ãã13%è¶ ã®é åœå©åããæ ªäŸ¡ã®äžå€ãæ¯ããŠããŸãããå©äžããé ããå Žåããããªãäžèœäœå°ããããŸãã
- ARCC: æ ªäŸ¡ã¯å 調ãªäžæãã¬ã³ããç¶æããŠããŸããæè¿ã¯å°å¹ ãªèª¿æŽãèŠãããŸãããé åœã®é åãéåžžã«é«ããããæŒãç®è²·ããç¶ç¶çã«å ¥ã£ãŠããç¶æ³ã§ãã
- WES: æ ªäŸ¡ã¯52é±é«å€ãç®åã«æ§ããŠããŸãããšãã«ã®ãŒã€ã³ãã©ã»ã¯ã¿ãŒã®å èª¿ãªæ¥çžŸãšé åœæé·ãæ ªäŸ¡ã«ããžãã£ãã«äœçšããŠããŸãã
ð ãã¡ã³ãã¡ã³ã¿ã«ãºè©³çްåæ
| äŒæ¥å | æ ªäŸ¡ | PER (æ ªäŸ¡åçç) | PBR (æ ªäŸ¡çŽè³ç£åç) | ROE (èªå·±è³æ¬å©çç) | å¶æ¥å©çç (OPM) | 売äžé«æé·ç |
|---|---|---|---|---|---|---|
| AGNC (AGNC) | $11 | 5.39 | 1.19 | 19.80% | 95.61% | 0.00% |
| WES (Western) | $47 | 14.75 | 5.46 | 34.11% | 41.29% | 30.00% |
| AGNCL (AGNC) | $25 | 0.00 | 2.78 | 19.80% | 95.61% | 0.00% |
| AGNCM (AGNC) | $25 | 0.00 | 2.77 | 19.80% | 95.61% | 0.00% |
| AGNCN (AGNC) | $26 | 0.00 | 2.85 | 19.80% | 95.61% | 0.00% |
| AGNCO (AGNC) | $26 | 0.00 | 2.82 | 19.80% | 95.61% | 0.00% |
| AGNCP (AGNC) | $25 | 0.00 | 2.78 | 19.80% | 95.61% | 0.00% |
| AGNCZ (AGNC) | $26 | 0.00 | 2.81 | 19.80% | 95.61% | 0.00% |
| ARCC (Ares) | $20 | 14.93 | 1.03 | 6.88% | 75.65% | 3.10% |

ð çµè«: è¶ é«é åœãžã®è³¢æãªã¢ãããŒã
ããã3éæã¯ãã¹ãŠè¶ é«é åœãšããæç¢ºãªé åããããŸãããããããç°ãªããªã¹ã¯èŠå ãæ±ããŠããŸãã
- å®å®ããææ¬¡é åœãšé«ãå©åããæ±ãããªã: AGNCãå¯äžã®éžæè¢ã§ãããã ããéå©å€åã«éåžžã«ææãªãããå©äžãã®ã¿ã€ãã³ã°ãçãæŠç¥ãå¿ èŠã§ãã
- å¥å šãªããŒããã©ãªãªãšå®å®ããé åœæé·ãæ±ãããªã: ARCCãæããã©ã³ã¹ã®åããéžæã§ããèè³ããŒããã©ãªãªã®è³ªãéåžžã«é«ããæ¯æ°åŸéæã«ãæ¯èŒçå ç¢ã§ãããšäºæ³ãããŸãã
- ãšãã«ã®ãŒã€ã³ãã©ã®å®å®æ§ãšé«ãæé·æ§ãæ±ãããªã: WESã«æ³šç®ã§ããé·æå¥çŽã«åºã¥ããã£ãã·ã¥ãããŒãå åºã§ãé åœæé·ã®äœå°ããŸã ååã«ãããŸãã
â ïž æè³ã«ããã£ãŠã®æ³šæç¹: è¶ é«é åœæ ªã¯é åçã§ãããé åœå©åããé«ãçç±ã¯ãããã ããªã¹ã¯ã倧ããããã§ããäžèšã®éæã«æè³ããéã¯ã忣æè³ãååãšããããŒããã©ãªãªå šäœã«å ããå²åã調æŽããããšãè³¢æã§ãããŸããåéæã®é åœæ§åãšãã£ãã·ã¥ãããŒãæç¶å¯èœãã©ãããå¿ ã確èªããå¿ èŠããããŸãã
