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大家好，我是 Palus Finance 的 Sam 和 Michael（网址：[https://palus.finance](https://palus.finance)）。我们正在为初创企业和中小企业构建一个国库管理平台，通过高收益债券投资组合来赚取更高的收益。我们最初获得了 YC 的投资，开发一款面向消费者的、高收益的储蓄产品。但在加入 YC 并获得融资后，我们意识到自己的初创企业也需要这样的产品来管理现金储备，而且其他初创企业也开始告诉我们他们也有同样的需求。我们发现，传统的初创企业国库产品都大同小异：开设一个经纪账户，将现金转入货币市场基金 (MMF)，然后收取管理费。根本没有投资策略可言。（确实有一款被广泛宣传的国库产品在收益率上有所不同，但它使用的不是 MMF，而是一种共同基金，本金面临相当大的风险——它在 2022 年亏损了 9%，花了数年时间才恢复。）我出身于金融行业，所以这种做法让我觉得很奇怪。初创企业的典型现金流模式是，通过融资获得一大笔资金，这笔资金可以满足 18-24 个月的运营开支，然后逐渐消耗。这笔资金闲置的时间很长，即使收益率略有提高，也能带来实际的收益。 MMF 是固定收益产品中最低级的。是的，它们非常安全且流动性好，但如果你把整个国库都放在 MMF 里，你就会为了获得现金的即时流动性而放弃收益，而你可能六个月或更长时间都不会动用这笔现金。大公司有专门的国库团队来积极管理其持有的资产，并投资于一系列安全的资产以最大化收益。但这些复杂的债券投资组合从未向初创企业开放。而这正是我们正在构建的。我们的债券投资组合持有短期浮动利率机构抵押贷款支持证券 (MBS)，这在大多数情况下是初创企业长期现金储备的理想、安全、高收益的资产。[1] 该债券投资组合由 Regan Capital 管理，该公司运营着 MBSF，这是美国最大的浮动利率机构 MBS ETF。目前，我们使用 MBSF 为客户创造收益（您可以在此处查看其历史回报，包括股息：[https://totalrealreturns.com/n/USDOLLAR,MBSF](https://totalrealreturns.com/n/USDOLLAR,MBSF)）。我们正在与 Regan 合作建立一个专门账户，采用相同的策略，这将使我们能够降低费用，并让每家初创企业直接拥有标的证券。所有资产都由 SEC 许可的托管人持有。根据历史回报，我们的目标是 4.5–5% 的回报率，而大多数货币市场基金的回报率约为 3.5%。[2] 流动性通常在 1-2 个工作日内可用。我们将收取 0.25% 的 AUM 年费，而其他国库管理机构收取的费用为 0.15–0.60%（取决于余额）。我们认为，初创企业银行产品本身（Brex、Mercury 等）在它们所做的事情上确实做得很好：支付、工资单、卡管理。问题在于与它们捆绑在一起的国库产品，而不是银行本身。因此，我们没有构建另一个新银行，而是构建了 Palus，通过 Plaid 连接到您现有的银行账户。我们的目标是为这款产品创建尽可能简单的用户体验：两个按钮和一个不断增长的巨大数字。请看这里：[https://www.youtube.com/watch?v=8Q_gwSqtnxM](https://www.youtube.com/watch?v=8Q_gwSqtnxM) 我们已经开始为 YC 内部的早期客户提供服务，并正在滚动接受新客户；您可以在 [https://palus.finance/](https://palus.finance/) 注册。我们欢迎那些考虑过闲置现金管理问题的创始人，或是有固定收益和结构性产品背景的人提供反馈。我们很乐意在评论区深入探讨。 [1] 机构 MBS 是由联邦政府机构（Ginnie Mae、Fannie Mae 和 Freddie Mac）担保的住宅抵押贷款的集合。这是一个价值 9 万亿美元的市场，与货币市场基金中的国债一样，拥有政府的担保和 AAA/AA+ 的评级。由于借款人违约，机构 MBS 的投资者从未遭受过损失。值得承认的是，许多人将“抵押贷款支持证券”与 2008 年的金融危机联系起来。但 2008 年爆发的资产是私人标签 MBS，即没有联邦担保的风险较高的次级抵押贷款的集合。在危机期间，机构 MBS 持有者没有遭受信贷损失，而且 2008 年后的承销标准变得更加严格。如果说有什么的话，2008 年证明了机构 MBS 的安全性，而不是相反。机构担保消除了信用风险。我们的短期、浮动利率策略解决了另一个主要风险：价格风险。固定利率债券在利率上升时会贬值，但浮动利率债券会根据 SOFR 基准重新设定票面利率，从而规避利率变动风险。 [2] 这是来自 MMF 和浮动利率机构 MBS 之间的历史利差；MMF 通常支付非常接近 SOFR 的利率，而 MBS 支付 SOFR + 1% 到 1.5% 的利率。这意味着，如果美联储改变利率并且 SOFR 发生变化，这两种资产类型的变动幅度大致相同，并且 1%-1.5% 的溢价将保持不变。 *此帖子仅用于教育目的，不构成财务、投资或法律建议。过去的表现并不能保证未来的结果。所引用的收益率和利差是近似值，基于历史数据。*

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Hi HN! We’re Sam and Michael from Palus Finance (<a href="https://palus.finance" rel="nofollow">https://palus.finance</a>). We’re building a treasury management platform for startups and SMBs to earn higher yields with a high-yield bond portfolio.We were funded by YC for a consumer-focused product for higher-yield savings. But when we joined YC and got our funding, we realized we needed the product for our own startup’s cash reserves, and other startups in the batch started telling us they wanted this too.We realized that traditional startup treasury products do much the same thing: open a brokerage account, sweep your cash into a money market fund (MMF), and charge a management fee. No strategy involved. (There is actually one widely-advertised treasury product that differentiates on yield, but instead of an MMF it uses a mutual fund where your principal is at considerable risk – it had a 9% loss in 2022 that took years to recover.)I come from a finance background, so this norm felt weird to me. The typical startup cashflow pattern is a large infusion from a raise covering 18–24 months of burn, drawn down gradually. That's a lot of capital sitting idle for a long time, where even a modest yield improvement compounds into real money.MMFs are the lowest rung of what's available in fixed income. Yes, they’re very safe and liquid, but when you leave your whole treasury in one, you’re giving up yield to get same-day liquidity on cash you won’t touch for six months or more. Big companies have treasury teams that actively manage their holdings and invest in a range of safe assets to maximize yield. But those sophisticated bond portfolios were just never made accessible to startups. That’s what we’re building.Our bond portfolio holds short-duration floating-rate agency mortgage-backed securities (MBS), which are an ideal, safe, high-yielding asset for long-term startup cash reserves under most circumstances.[1]The bond portfolio is managed by Regan Capital, which runs MBSF, the largest floating-rate agency MBS ETF in the country. Right now we're using MBSF to generate yields for customers (you can see its historical returns, including dividends, here: <a href="https://totalrealreturns.com/n/USDOLLAR,MBSF" rel="nofollow">https://totalrealreturns.com/n/USDOLLAR,MBSF</a>). We're working with Regan to set up a dedicated account with the same strategy, which will let us reduce fees and give each startup direct ownership of the underlying securities. All assets are held with an SEC-licensed custodian.Based on historical returns, we target 4.5–5% returns vs. roughly 3.5% from most money market funds.[2] Liquidity is typically available in 1-2 business days. We will charge a flat 0.25% annual fee on AUM, compared to the 0.15–0.60%, depending on balance, charged by other treasury providers.We think that startup banking products themselves (Brex, Mercury, etc.) are genuinely good at what they do: payments, payroll, card management. The problem is the treasury product bundled with them, not the bank. So rather than building another neobank, we built Palus to connect to your existing bank account via Plaid. Our goal was to create the simplest possible UX for this product: two buttons and a giant number that goes up.See here: <a href="https://www.youtube.com/watch?v=8Q_gwSqtnxM" rel="nofollow">https://www.youtube.com/watch?v=8Q_gwSqtnxM</a>We are live with early customers from within YC, and accepting new customers on a rolling basis; you can sign up at <a href="https://palus.finance/" rel="nofollow">https://palus.finance/</a>.We'd love feedback from founders who've thought about idle cash management or people with a background in fixed-income and structured products. Happy to go deep in the comments.[1] Agency MBS are pools of residential mortgages guaranteed by federal government agencies (Ginnie Mae, Fannie Mae, and Freddie Mac). It's a $9T market with the same government backing and AAA/AA+ rating as the Treasuries in a money market fund. No investor has ever lost money in agency MBS due to borrower default.It's worth acknowledging that many people associate “mortgage-backed securities” with the 2008 financial crisis. But the assets that blew up in 2008 were private-label MBS, bundles of risky subprime mortgages without federal guarantees. Agency MBS holders suffered no credit losses during the crisis, and post-2008 underwriting standards became even stricter. If anything, 2008 was evidence for the safety of agency MBS, not against it.The agency guarantee eliminates credit risk. Our short-duration, floating-rate strategy addresses the other main risk: price risk. Fixed-rate bonds lose value when rates rise, but floating-rate bonds reset their coupon based on the SOFR benchmark, protecting against interest rate movements.[2] This comes from the historical spread between MMFs and floating-rate agency MBS; MMFs typically pay very close to SOFR, while the MBS pay SOFR + 1 to 1.5%. This means that if the Federal Reserve changes interest rates and SOFR moves, both asset types will move by about the same amount, and that 1-1.5% premium will remain.This post is for educational purposes only and does not constitute financial, investment, or legal advice. Past performance does not guarantee future results. Yields and spreads referenced are approximate and based on historical data.

Launch HN: Palus Finance (YC W26)：为初创企业和中小企业提供闲置现金的更高收益