The portfolio remains fully intact this month, with all positions carried over and no changes to the underlying lineup. What stands out is not turnover, but how different parts of the portfolio are behaving under the surface.

This is exactly the kind of environment the strategy is designed for.

What's Working

Energy Income Leading

  • Tortoise Energy Infrastructure Corp. (TYG – NYSE): +21.64%
  • Strongest performer in the portfolio
  • Reflecting stability in midstream cash flows and continued demand for energy infrastructure

Closed-End Fund / Special Situations Holding Up

  • Saba Closed-End Funds ETF (CEFS – NYSE): +8.94%
  • Special Opportunities Fund (SPE – NYSE): +3.60%
  • Discount capture + event-driven strategies doing their job

Core Bonds Providing Stability

  • Infrastructure Capital Bond Income ETF (BNDS – NYSE): +3.63%
  • Acting exactly as intended — ballast with income

Where We're Seeing Pressure

Private Credit / BDCs

  • VanEck BDC Income ETF (BIZD – NYSE): -20.75%
  • WisdomTree Private Credit and Alternative Income Fund (HYIN – NYSE): -20.38%

This ties directly back to the recent sentiment-driven selloff discussed in prior reports.
Price action has been weak, but this remains more about market perception than underlying income collapse.

Global & Rate-Sensitive Income

  • abrdn Asia-Pacific Income Fund (FAX – NYSE): -12.58%
  • Preferreds + MBS (PFFA, MTBA, REM): modest declines

These areas continue to react to:

  • rate volatility
  • currency pressure (FAX)
  • duration sensitivity

Steady Middle Ground

A large portion of the portfolio is doing exactly what it should — not exciting, but stable:

  • Angel Oak Financial Strategies Income Term Trust (FINS – NYSE): -2.95%
  • SPDR Blackstone Senior Loan ETF (SRLN – NYSE): -3.03%
  • Nuveen Real Asset Income and Growth Fund (JRI – NYSE): -4.09%
  • Dorchester Minerals LP (DMLP – NASDAQ): -6.54%

These are still generating income while prices fluctuate — which is the entire point of the structure.

Income Profile (Still the Core Story)

Across the portfolio:

  • Most yields remain in the 7%–14% range
  • Highest income producers:
    • SPE: 14.01%
    • FAX: 13.06%
    • BIZD: 13.12%
    • HYIN: 12.96%
    • JRI: 12.25%

👉 The key point:
Income generation has not broken — price volatility has increased

Bottom Line

There were no portfolio changes this month, but the internal dynamics tell the story:

  • Energy and special situations are carrying performance
  • Private credit is under sentiment pressure
  • Rate-sensitive assets are absorbing volatility
  • Income across the portfolio remains strong and intact

This is exactly what a diversified income portfolio is supposed to look like in a mixed and uncertain market environment.