在市场充斥着"抛售美国"的论调时，太平洋投资管理公司（Pimco）凭借对美国国债的逆势押注，在 2025年取得了瞩目的成功。这家管理着2.2万亿美元资产的巨擘顶住了市场抛售压力，其旗舰基金实现 了超过10%的回报率，一举登顶美国主动型债券基金榜首。 今年4月春季特朗普关税扰动时，市场动荡加剧，美国国债遭遇猛烈抛售。Pimco的投资委员会在集团 首席投资官Daniel Ivascyn的带领下，不仅决定坚守其在5至10年期美国国债和抵押贷款债券上的头寸， 更在价格下跌时进一步增持。 这一关键决策为Pimco带来了丰厚回报。其规模达2130亿美元的Pimco收益基金（Pimco Income Fund） 今年回报率高达10.4%，创下至少十年来的最佳表现，并优于所有以彭博美国综合指数为基准的主要竞 争对手。另一只规模470亿美元的Pimco总回报基金（Pimco Total Return Fund）也以9.1%的回报率紧随 其后。 "我们的认识是，投资者并非寻求全面抛售国债，我们观察到的是，在对冲美元敞口的基础 上购买美国资产的兴趣有所增加。" 这一洞察力给了Pimco信心，在收益率波动时增持5至10年期国债，并在 ...

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]