Afgelopen woensdag 30 november is het langverwachte rapport van de commissie parameters gepubliceerd. Uit dit rapport komt een aantal wijzigingen naar voren die relevant zijn voor fondsen in het huidige stelsel, maar (vooral) ook naar aanloop naar het nieuwe stelsel.
In the "Responsible Investment: Our Progress on Active Ownership and Solutions in 2022" report, Aegon Asset Management (Aegon AM) outlines its evolving efforts towards responsible investing amidst an industry landscape that prioritizes climate action and greenwashing regulation. In 2022, Aegon
The text provides a comprehensive exploration of the current US debt ceiling standoff, reduced to two primary considerations: the mechanical and the process-related aspects. Firstly, it identifies the mechanical question concerning the time limit for raising the debt ceiling, in
The theme of the text pertains to current asset allocation decisions amidst a less optimistic economic outlook. The author maintains a preference for fixed income over equities, largely due to anticipated headwinds for corporate earnings and margins from higher interest
De gegeven tekst geeft vooral een uitgebreid overzicht van de dekkingsgraad van een gemiddeld Nederlands pensioenfonds. Het biedt inzicht in de ontwikkeling van de feitelijke en voortschrijdend gemiddelde dekkingsgraad over de afgelopen 12 maanden. Het bevat ook een projectie van
In this insightful piece by Aegon Asset Management, titled "Macro musings: The US Federal Reserve is caught between Scylla and Charybdis," the author discusses the Federal Reserve's precarious position in handling the trade-off between hiking interest rates to curb inflation
Aegon Asset Management, in their article "The Dividend Deluge", retraces the remarkable transformation of the dividend landscape in the wake of the Covid-induced market turmoil. During the market selloff, companies were extensively cutting or suspending dividends, leading to predictions of
In het onderzoek "Wet Toekomst Pensioenen Backtest Q1 2023" van Aegon Asset Management worden pensioenuitkeringen in het afgelopen kwartaal geanalyseerd. De uitkeringen voor gepensioneerden zouden ongeveer gelijk zijn gebleven, terwijl er voor jongere deelnemers een stijging van het verwachte pensioen
The report titled "The US debt ceiling: Navigating a potential default" explores the prospects of a possible US debt ceiling showdown that could lead to a default. While previous such showdowns have been averted in time, the report estimates a
The discussion in "Macro musings: The Fed, payrolls, and what to make of it all" revolves around the Federal Reserve's decision to hike rates, the effect on market pricing, and the potential scenarios that might prompt a change. While the
Op 10 maart 2021 is de Verordening betreffende informatieverschaffing over duurzaamheid in de financieledienstensector, ook wel bekend als SFDR1 , in werking getreden. Per 1 januari 2023 gelden specifiekere regels voor transparantie over duurzaam beleggen. Vooruitlopend op deze specifiekere transparantieregels
Rentestijging geeft duw in de rug De dekkingsgraadscan In deze dekkingsgraadscan vindt u meer informatie over de dekkingsgraad van een gemiddeld Nederlands pensioenfonds. We geven een overzicht van de ontwikkeling van de feitelijke en (12-maands) voortschrijdend gemiddelde dekkingsgraad in de
Aegon Asset Management's report, "Net-zero Investment Framework: Carbon Footprinting," highlights the challenges that investors face in constructing investment portfolios that align with the goal of achieving net-zero emissions by 2050. The report emphasizes the lack of a global market standard
On 19 December 2022, European Union (EU) ministers agreed on a mechanism intended to mitigate high natural gas prices which will suspend dealing in title transfer facility (TTF) gas trading on EU trading venues (OTC markets are excluded) if …
Rate Hike and Banking Sector Stability. In a widely anticipated move, the US Federal Open Market Committee (FOMC) increased rates by 25 basis points, despite recent upheaval in the banking sector. The FOMC stated that the US banking system is
Credit Suisse has been at the center of attention over the last few days, with significant market volatility around both its equity and debt instruments. After extensive work with our research team, we view the current situation as an issue
The alternative fixed income asset class offers investors a diverse range of investment options, including private debt, consumer loans, mortgage investments, insured loans, SME loans, infrastructure debt, and asset-backed securities (ABS). These assets have the potential to provide higher yields
This report discusses the importance of the Solvency II capital charge in portfolio construction and asset allocation for insurance companies. It compares different approaches to guide equity investors under Solvency II, including standard equity portfolios, long-term equity portfolios, and protected
General demographics trends can be decomposed in four subcategories: population growth, population ageing, migration and urbanization. Changes in any of these segments can cause different types of impact on both economic and social developments depending on the geographical region these
Economic developments unfolding over the first few weeks of 2023 offer some hope that a 2023 soft landing for the US macroeconomy is at least possible. Moderating inflation and a muted February fed funds increase contribute to this hope in
Used vehicle prices are still well above normal after declining 14.9% in 2022 following nearly two years of unprecedented levels, according to the Manheim Used Vehicle Value Index (exhibit 1). Supply chain issues stemming from the pandemic, while now easing,
While caution is warranted, we think many high yield companies are well-positioned to navigate a downturn given the solid fundamental starting point. In recent years, high yield companies diligently improved their balance sheets, resulting …
Dekkingsgraadscan pensioenfondsen: In deze dekkingsgraadscan vindt u meer informatie over de dekkingsgraad van een gemiddeld Nederlands pensioenfonds. We geven een overzicht van de ontwikkeling van de feitelijke en (12-maands) voortschrijdend gemiddelde dekkingsgraad in de afgelopen 12 maanden. Daarnaast maken we
First things first, the seasonals With the most recent release of nonfarm payrolls, I saw a lot of the focus placed on the seasonal adjustment being the source of upside and I believe this misses the point. Yes, seasonals likely
To paraphrase, “…We anticipate hiking a couple more times, and we intend to stay on hold for some time.” While this scripted message seemed to be very clear, Jay’s comments in the Q&A portion of the press conference were less
De laatste tijd is er veel discussie over de nieuwe pensioenregelingen. Zijn de nieuwe regelingen wel een verbetering ten opzichte van de huidige uitkeringsregelingen en zo ja, welke van de nieuwe regelingen pakt het beste uit? In dit artikel kijken
A deeper earnings downgrade is expected as valuations are yet to fully price in a recession Credit spreads, particularly in higher-grade assets, remain relatively …
To many investors, this year will feel like a rollercoaster. Several major developments have impacted the world economy, and in response, financial markets have reacted fiercely by repricing asset markets. Especially at times like these, it’s important to take a
Challenging economic conditions are setting the stage for an interesting year ahead in the high yield market. As the economy slows and the cycle matures, we believe caution is warranted. However, we expect dislocations to expose intriguing buying opportunities and
According to the Leading Indicator of Remodeling Activity (LIRA) put together by Harvard University’s Joint Center for Housing Studies, R&R spend has climbed from 9.1% to 17.8% on a trailing four-quarter basis for each of the last four quarters, which
Valuations, now close to their long-term norms after last year’s sell-off, should be less of a headwind for investors in 2023 than in 2022, although global economic growth is slowing on the back of tighter monetary and fiscal …
People my age and up will remember that for all of us (or since 1930, when Pluto was first discovered), the solar system consisted of nine planets. Then in 2006 a monumental event happened when the International Astronomical Union downgraded
In mid-September we moved our fundamental outlook for the semiconductor industry to declining, based on the expectation of slowing demand and the fact that inventory levels were well above historical averages across multiple end markets and channel distributors. Only a
The global energy landscape has started to transition away from fossil and CO2 heavy fuels to more renewable sources. This trend has been well underway for several years. As of 2019, fossil fuels, as the predominant source of energy, collectively
Without doubt, 2022 has been a tumultuous year. Markets have wrestled with increased geopolitical risks and a surge in inflation, leading to almost all central banks hiking at the fastest pace in decades. As we look into 2023, the drivers
Following significant monetary tightening in 2022, we expect the cumulative effect of a higher cost of capital to work its way through the economy in 2023, slowing both inflation and growth. Therefore, the overarching theme of 2023 is that restrictive
Pensioenakkoord uitgelegd: Veel pensioenfondsen staan aan de vooravond van een wijziging van de pensioenregeling. Momenteel wordt er volop gerekend hoe de nieuwe pensioenregelingen – de solidaire en flexibele premieregeling- in ALMstudies uitpakken. Het is echter ook informatief om te kijken
US commercial real estate performance is responding to higher interest rates and prospects for a weaker economy in 2023. The impact affects the demand for space as shown in absorption, vacancy rates, and rent growth along with the valuation of
In this first podcast series on Alternative Fixed Income and ESG we take a look at ESG integration in Alternative Fixed Income: more specifically in Dutch mortgages, Asset Backed Securities and the Government Related Investment Fund. Why invest in Alternative
With the Federal Reserve (Fed) continuing to hike interest rates, the probability of a sustained inversion in the yield curve is on the rise. Historically, an inverted yield curve, a common phenomenon late in an expansionary cycle, has been one
10 years is a long time in any walk of life. In the investment world it can feel like a lifetime. Since 2012 we have been through the depths of the European Sovereign Debt crisis, one of the longest equity
The world of Liability Driven Investment (LDI) strategies, one where “boring” is generally viewed as a strong selling point, became headline news in the UK last month. The much-awaited shift away from a low rate environment – generally a good
Since at least February, with the start of Russia-Ukraine War, many investors and sell-side analysts have sounded the alarm that private label was positioned to gain meaningful market share at the expense of branded food. There was certainly a logic
Active Ownership Report 2020: Welcome to our second annual Active Ownership Report, in which we report on our activities globally for the first time. The objective of this report is to inform our clients and other stakeholders of our stewardship
The year 2022 seems to have caused a regime shift in financial markets. In previous years, the assumption largely was that the world had more a deflationary issue due to aging, globalization and lack of bargaining power of labor. However
High yield bonds are frequently misunderstood, with an undeserved reputation for being high risk. We view them as a hybrid asset class, sitting between equity and traditional debt markets. In our view, high yield bonds exhibit compelling …
According to the International Energy Agency, in order to meet the Paris Agreement’s goals (climate stabilization at “well below” 2 degrees Celsius global temperature rise), mineral requirements for clean energy technologies would need to quadruple by 2040. In addition, in
Looking backward, US commercial real estate (CRE) produced very favorable returns over the first half of 2022 despite high inflation and a weakening US economic growth environment. With CRE investment performance historically lagging the macroeconomy, investors are pondering the possibility
Market structure across asset classes is continuously evolving. Consequently, financial markets can be seen as adaptive as the underlying dynamics and interactions between the different actors are not stable through time. These shifts in dynamics in turn impact the risks
US commercial real estate (CRE) investors are well-versed in the importance of economic growth to property investment performance. Focus on the Covid-19 recession, policies to truncate it and the path of recovery have dominated the attention of analysts for more
