债券巨头Pimco拒跟“抛售美国”浪潮，抄底策略大获全胜！

Core Insights - Pimco has faced significant challenges in managing its 5 to 10-year U.S. Treasury and mortgage-related assets during April to May due to the impact of Trump's tariffs and a wave of selling U.S. assets [1][18] - Despite these challenges, Pimco maintained its positions and even increased its holdings in U.S. Treasuries and mortgage-related assets, leading to strong performance in 2025 [18] Fund Performance - The Pimco Income Fund, with assets of $213 billion, achieved a year-to-date return of 10.4%, marking its best performance in at least a decade [2][19] - The Pimco Total Return Fund, with $47 billion in assets, followed closely with a return of 9.1% [2][19] - Pimco's Income Fund ranked in the top 3% among approximately 300 similar funds this year, a significant improvement from not being in the top 10 since 2017 [2][18] Market Context - A critical turning point for Pimco occurred on April 2, when Trump announced extensive tariffs, leading to volatility in the U.S. Treasury market [5][22] - The investment committee increased the frequency of meetings to daily during this turbulent period to assess market conditions and investor behavior [6][23] - By May 22, U.S. Treasury yields peaked at 4.6%, exacerbating concerns about U.S. debt following Moody's downgrade of the U.S. credit rating [6][22] Strategic Decisions - Pimco's investment committee decided to maintain a bullish stance on 5 to 10-year U.S. Treasuries, anticipating that tariffs would negatively impact economic growth [5][22] - The firm observed that foreign investors were not fully abandoning U.S. Treasuries but were instead using hedging strategies, which bolstered their confidence in increasing their Treasury holdings [7][23] - Pimco has since shifted some focus to global bond markets expected to yield higher returns in 2026, while still maintaining strong positions in U.S. Treasuries [7][15] Historical Performance - Pimco has a history of making timely decisions, such as predicting the 2007 housing bubble and acquiring distressed mortgage assets in subsequent years [8][24] - The Pimco Income Fund has outperformed major competitors over 3, 5, and 10-year periods, reinforcing its strong track record [8][24] Leadership Changes - The recent departure of Mark Kiesel, a key member of Pimco's investment committee, poses challenges for maintaining performance, as he had been a manager of the Total Return Fund since 2014 [10][26]