在“抛售美国”声中重仓美债，Pimco登顶美国主动债基榜首，回报率超过10%

Core Insights - Pimco achieved remarkable success in 2025 by betting against the prevailing "sell America" sentiment, with its flagship fund returning over 10%, topping the list of active bond funds in the U.S. [1] - The firm maintained its positions in 5 to 10-year U.S. Treasuries and mortgage-backed securities during market turmoil, further increasing its holdings as prices fell [1][2] - Pimco's Income Fund recorded a return of 10.4%, marking its best performance in at least a decade, while the Total Return Fund followed closely with a 9.1% return [1] Investment Strategy - The investment committee at Pimco held intensive meetings to assess strategies during a critical period in April and May, focusing on the impact of Trump's tariff policies on economic growth [2] - Despite initial market reactions, Pimco's strategy to hold onto its positions in U.S. Treasuries was based on the belief that tariffs would negatively affect growth and increase uncertainty for consumers and businesses [2][3] - The firm observed that investor interest in U.S. assets was increasing, countering the narrative of a complete sell-off of U.S. Treasuries [3] Market Dynamics - During the market downturn, Pimco's Income Fund experienced a net outflow of $2 billion in April, the first since October 2023, while the overall U.S. bond market fell by 0.7% in May [3] - The frequency of investment committee meetings increased from three times a week to daily, reflecting heightened vigilance in monitoring client movements and market conditions [3] Yield Curve Strategy - Pimco maintained a bearish outlook on long-term bonds, anticipating poor performance due to central bank easing policies and concerns over sovereign debt and deficits [4] - The firm capitalized on a steepening yield curve, reducing exposure to 30-year Treasuries to lock in profits [5] Future Outlook - Pimco is shifting its focus to global bond markets, reducing its interest rate risk exposure in the U.S. and increasing positions in Japan, Australia, and the UK, reflecting a strategic pivot based on economic growth signals [5] - Despite challenges, including the recent departure of a key executive, Pimco's funds have consistently outperformed major competitors over 3, 5, and 10-year periods [6]