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BKT - BKT: Agency Mortgage-Backed Securities Remain One Of My Core Equity Hedges
BlackRock Income Trust Inc.
BKT's portfolio is almost exclusively agency mortgage backed securities, which are historically a very stable asset class.
The fund sports a small discount to NAV, and its leverage helps deliver an income stream near 7%.
Despite some positive traits, refinancing activity remains very high in the mortgage space. This limits total return, and supports a neutral view on the fund.