Sent: Tuesday, June 23, 2009 3:09 PM
進章桑問到，美國地產股的ETF，URE，
近3年的配息都很多
去年是美國地產業最慘的時候，都能配出這麼高的息
未來若景氣好轉，同時又能享有股價的上漲
我對這個題目不熟，不知同學有何意見 ?
Holdings As of 30-Apr-09
OVERALL PORTFOLIO COMPOSITION (%)
Stocks: 98.75
Bonds: 0.00
TOP 10 HOLDINGS ( 43.21% OF TOTAL ASSETS)
From: 李忠孝
Sent: Tuesday, June 23, 2009 3:35 PM
Annaly 抵押管理公司的股息幾乎是 EPS 的三倍
這應該不算是經常會發生的事吧?
From: 吳百正 Wu, Pai-cheng
Sent: Tuesday, June 23, 2009 4:10 PM
Morning Star 對於NLY的描述：
Annaly Capital Management is a real estate investment trust that owns and manages a portfolio of mortgage-backed securities. Its investments include mortgage pass-through certificates, collateralized mortgage obligations, and other mortgage-backed securities. These investments are backed by single-family residential loans that are guaranteed by government-sponsored entities. Annaly has over $60 billion in assets and is the owner of FIDAC, an investment advisor.
From: chenleon1
Sent: Tuesday, June 23, 2009 4:45 PM
FYI -- SP 500 analysis
Investment Rationale/Risk
We believe NLY is well positioned in the current challenging market environment, and expect
earnings growth to accelerate this year.We think that the U.S. government's September 2008 decision to take control of Fannie Mae and Freddie Mac and place them under conservatorship
has helped the MBS market, and removed considerable uncertainty from residential mortgage markets by ensuring that a market for conforming paper will be available. Further, we believe NLY benefits from a falling interest rate environment, because its funding costs are short term and reset based on market rates, while its assets are long term, and of the fixedrate variety. However, we are concerned that President Obama's housing plan may have increased the risk of higher prepayments, which could potentially reduce net yields on assets.
Risks to our recommendation and target price include less repurchase funding, more prepayments, and interest rates increases.
Our 12-month target price of $17 is based on our dividend discount model, which assumes a
required rate of return of 15% and a perpetuity growth rate of 2%.
From: Jackie
Sent: Tuesday, June 23, 2009 4:51 PM
URE 是每日2倍作多 Dow Jones U.S. Real Estate Index
(道瓊美國房地產指數) ，由於槓桿的關係，
波動率有可能將會對ETF股價造成不良影響，
比如指數即使不漲不跌，你的ETF仍有可能賠錢。
請參考http://media.proshares.com/documents/ProSharesSAI.pdf 第19頁，有估算波動率對報酬率的影響。
個人認為有槓桿的ETF並不適合長抱，
但適合波段操作，波段最好又快又急，
如果你抓得到的話，同樣的指數又沒有槓桿的問題，
可以考慮 IYR。
From: mikeon
Sent: Tuesday, June 23, 2009 8:07 PM
Jackie桑是聚亨網的ETF專家
同學可以多上他的部落格 (ETFs真簡單 )，
有許多精闢的ETF文章
From: Y.T Chen
Sent: Tuesday, June 23, 2009 4:23 PM
URE 類似台股不動產投資信託受益證券 (REITs)
例如:富邦 R1 (01001T)國泰 R1 (01002T).....等等
好處是可以有穩定配息，但房子要有出租
缺點是怕賺到息卻賠掉股價
(SPG一年股價在 106~24 股價波動很大)
From: mikeon
Sent: Tuesday, June 23, 2009 9:54 PM
看不懂的東西，不要亂買 !!
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