普信主动权益产品如何战胜基准？

Investment Rating - The investment rating for the industry is "Positive" and maintained [10] Core Insights - The report highlights that the American PIMCO Group has consistently outperformed passive management and benchmarks over the long term, with 80% of its equity products exceeding the Morningstar equity fund median over a 10-year period [5][21] - However, the report notes that the short-term performance remains under pressure, with only 36% and 29% of equity products outperforming the Morningstar passive median over 3 and 5 years, respectively [5][21] - The report emphasizes that product size is not a significant factor in outperforming benchmarks, as the average sizes of winning and losing funds are relatively similar [7][33] Summary by Sections Performance Comparison - The report compares two groups of PIMCO's active equity funds based on their 5-year performance against benchmarks, revealing that the winning group has a slightly higher concentration in holdings [6][29] - The average holding concentration for the winning group is 26.8%, compared to 24.9% for the losing group [29] Size and Returns - Over the past decade, there is a positive correlation between fund size and returns, with larger funds achieving higher average returns of 13.8% for the top 5 funds, compared to 8.7% for the bottom 20 [7][33] - The average fund sizes for the winning and losing groups are $164.1 billion and $170.9 billion, respectively, indicating that size does not significantly influence performance [33] Turnover and Management - Funds that outperformed benchmarks exhibit a higher turnover rate of 61.2% compared to 36.4% for those that underperformed [34] - The average number of fund managers and their tenure show minimal differences between the two groups, with winning funds having an average of 1.4 managers and 11.8 years of experience [34] Strategic Responses - PIMCO has actively launched new products in response to market conditions, significantly increasing its AUM from $166.7 billion in 2000 to $1.61 trillion by 2024, with a compound annual growth rate of 9.9% [17][42] - The firm has also focused on retirement target products, with the AUM of target date funds growing from $121.2 billion in 2013 to $475.6 billion in 2024, achieving a compound annual growth rate of 13.2% [46][48]