Pimco：席卷新兴市场的上涨行情将持续“多年”

Core Viewpoint - Pimco believes that the recent surge in emerging markets is just the beginning of a more enduring trend, with no intention to withdraw investments [1][6] Group 1: Performance and Strategy - A fund managed by Pimco, heavily invested in local currency government bonds of developing countries, achieved a 22% return over the past year, outperforming nearly 90% of its peers [1][6] - The assets under management for this fund have risen to approximately $6.4 billion, the highest level since 2013 [1][6] - Emerging market assets are expected to perform well in 2025, particularly in local markets, with an emerging market stock index rising over 30%, nearly double the S&P 500 index's increase [3][8] Group 2: Market Dynamics and Investor Sentiment - A Bloomberg index measuring local currency bonds returned 17%, benefiting from a weaker dollar and renewed capital inflows [3][8] - Concerns about fiscal discipline in developed economies are increasing, while developing countries are showing stronger fiscal discipline, challenging long-held beliefs among global investors [3][8] - The dollar experienced its worst performance since 2017, which has helped boost returns for emerging market investors [3][8] Group 3: Investment Preferences - Pimco prefers local currency bonds over hard currency bonds in its investment portfolio, with a ratio of approximately 2:1 [5][10] - Key investment bets include countries like Peru, South Africa, Brazil, Turkey, as well as frontier markets such as Egypt and Nigeria [6][10] - Many emerging market central banks have established credibility, with attractive real yields and potential for currency appreciation, indicating a more sustainable investment theme compared to the early 2000s [6][10]