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Posts From Aegon Asset Management

Voorzichtig begin in 2023

Voorzichtig begin in 2023

🕔10:00, 7.Feb 2023

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

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European Natural Gas: Buying Time for Investment and Market Reform

European Natural Gas: Buying Time for Investment and Market Reform

🕔11:03, 6.Feb 2023

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 …

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Wet Toekomst Pensioenen – 20 jaar backtest SPR en FPR

Wet Toekomst Pensioenen – 20 jaar backtest SPR en FPR

🕔10:20, 3.Feb 2023

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

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High Yield Fundamentals: Weathering a Slowdown

High Yield Fundamentals: Weathering a Slowdown

🕔11:08, 31.Jan 2023

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 …

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ESG Megatrends: Demographics

ESG Megatrends: Demographics

🕔13:41, 27.Jan 2023

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

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Global House View – December 2022

Global House View – December 2022

🕔14:14, 23.Jan 2023

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 …

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Long Term Outlook: Macroeconomic Scenarios and Expected Returns 2023-2026

Long Term Outlook: Macroeconomic Scenarios and Expected Returns 2023-2026

🕔08:56, 20.Jan 2023

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

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Repair and remodel 2023 market outlook

Repair and remodel 2023 market outlook

🕔14:05, 17.Jan 2023

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

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2023 Multi-Asset Opportunities

2023 Multi-Asset Opportunities

🕔12:56, 17.Jan 2023

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 …

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Nieuwe SFDR regels: geen appeltje-eitje Aandachtspunten voor 2023

Nieuwe SFDR regels: geen appeltje-eitje Aandachtspunten voor 2023

🕔07:37, 6.Jan 2023

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

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The last time investment grade credit looked so good, Pluto was still a planet

The last time investment grade credit looked so good, Pluto was still a planet

🕔14:03, 30.Dec 2022

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

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Semiconductors: The Road Ahead

Semiconductors: The Road Ahead

🕔12:06, 26.Dec 2022

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

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Global Energy – a force in transition

Global Energy – a force in transition

🕔14:28, 23.Dec 2022

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

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Pensioenakkoord uitgelegd

Pensioenakkoord uitgelegd

🕔12:19, 22.Dec 2022

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.

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High Yield 2023 Outlook: Opportunities amid Uncertainty

High Yield 2023 Outlook: Opportunities amid Uncertainty

🕔08:01, 22.Dec 2022

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

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Trends in global currency markets and the outlook for 2023

Trends in global currency markets and the outlook for 2023

🕔14:38, 21.Dec 2022

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

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2023 US Macro Outlook

2023 US Macro Outlook

🕔10:53, 21.Dec 2022

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

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Backtest flexibele premieregeling

Backtest flexibele premieregeling

🕔16:56, 16.Dec 2022

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

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2023 Outlook: Us Commercial Real Estate

2023 Outlook: Us Commercial Real Estate

🕔14:36, 13.Dec 2022

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

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Alternative Fixed Income and ESG integration

Alternative Fixed Income and ESG integration

🕔12:35, 9.Dec 2022

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

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Implications Of An Inverted Yield Curve

Implications Of An Inverted Yield Curve

🕔16:30, 7.Dec 2022

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

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A decade of global equity income investing

A decade of global equity income investing

🕔09:03, 11.Nov 2022

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

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The UK’s LDI crisis: lessons for Dutch LDI investors

The UK’s LDI crisis: lessons for Dutch LDI investors

🕔10:27, 9.Nov 2022

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

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Are consumers really trading down to private label foods yet?

Are consumers really trading down to private label foods yet?

🕔13:00, 28.Oct 2022

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

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Collaborating to boost engagement impact

Collaborating to boost engagement impact

🕔10:50, 25.Oct 2022

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

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Global House View – Q4 2022

Global House View – Q4 2022

🕔11:15, 19.Oct 2022

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

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The evergreen appeal of high yield bonds

The evergreen appeal of high yield bonds

🕔08:24, 14.Oct 2022

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 …

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Future-Facing Commodities: Essential to the Energy Transition

Future-Facing Commodities: Essential to the Energy Transition

🕔10:54, 7.Oct 2022

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

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US CRE Market Insights – Fall 2022

US CRE Market Insights – Fall 2022

🕔10:38, 4.Oct 2022

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

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Stock market fragility

Stock market fragility

🕔16:47, 30.Sep 2022

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

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Careful Market Selection Beats Demographic Headwinds

Careful Market Selection Beats Demographic Headwinds

🕔15:19, 23.Sep 2022

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

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Credit Cracks: High Yield Fundamentals and Default Risk

Credit Cracks: High Yield Fundamentals and Default Risk

🕔09:47, 16.Sep 2022

Companies are facing a number of macro headwinds and ongoing margin pressures. While this environment can be challenging, we think many high yield companies are wellpositioned to navigate an economic slowdown given low leverage, healthy balance sheets and few near-term

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Global Fixed Income Mid-Year 2022 Outlook

Global Fixed Income Mid-Year 2022 Outlook

🕔12:09, 9.Sep 2022

We expect the second half of 2022 to present the same macro headwinds that posed a challenge in the first half: inflation, aggressive central bank action, growth concerns and wavering sentiment. Broadly, the pace and aggressiveness at which central …

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2022 Mid-Year Outlook: Recession Risk on the Rise

2022 Mid-Year Outlook: Recession Risk on the Rise

🕔08:40, 2.Sep 2022

The bar for monetary authorities to make a dovish pivot is quite high, as evidenced by recent statements by Chair Powell, et al. Even if there was a pivot later this year it would still imply a decent moderation in

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ESG Megatrends: Climate Change

ESG Megatrends: Climate Change

🕔13:17, 19.Aug 2022

Understanding the potential impact of climate change and the interaction between different stakeholders, initiatives, metrics, and tools presents challenges. There is a growing need for investors to understand the risks, opportunities and the impact on investment portfolios that come with

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Stock market fragility

Stock market fragility

🕔08:46, 5.Aug 2022

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

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Consequences of Russia’s Invasion of Ukraine on Global LNG Markets

Consequences of Russia’s Invasion of Ukraine on Global LNG Markets

🕔10:26, 27.Jul 2022

Russia’s war with Ukraine has led to a substantial demand shock from European countries for liquid natural gas (LNG) imports as the EU seeks to reduce its imports of Russian gas by two-thirds. They hope to offset the shortfall primarily

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Opportunities in alternative fixed income

Opportunities in alternative fixed income

🕔17:20, 22.Jul 2022

The alternative fixed income asset class is highly diverse, embracing private debt, consumer loans, mortgage investments, insured loans, loans to small and medium-sized enterprises (SMEs), infrastructure debt and asset-backed securities (ABS). These assets can offer enhanced yields compared to government

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US Consumer Inflation: who loses less wins

US Consumer Inflation: who loses less wins

🕔17:00, 21.Jul 2022

June’s Consumer Price Index (CPI) was about the worst composition possible from a Fed perspective as it was (1) a broad-based increase that (2) accelerated. The base effect was supposed to be shading inflation down, but it’s been totally overrun

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Responsible Investment in a DC World

Responsible Investment in a DC World

🕔17:34, 20.Jul 2022

In this article, we consider the future of responsible investment expectations in a defined contribution (DC) pensions world. In particular, the expectations of individual members and their pension providers. These are necessarily aligned in the longer term – providers will

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The Positive Impacts of US LIHTC Investing

The Positive Impacts of US LIHTC Investing

🕔12:05, 19.Jul 2022

The Low-Income Housing Tax Credit (LIHTC) program is the most significant resource for creating affordable housing in the United States. Created by the Tax Reform Act of 1986, the LIHTC program gives state and local LIHTC-allocating agencies tax credits worth

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Global house View

Global house View

🕔11:40, 13.Jul 2022

Cross asset allocation: Our pessimistic views on the direction of global growth have led us to change our scores for equities from neutral to underweight, and fixed income from neutral to overweight; commodities and cash remain neutral. While equity market

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An open letter to Mario Draghi

An open letter to Mario Draghi

🕔12:22, 5.Jul 2022

Dear Mr Draghi, After a busy couple of months leading a fractious Italian government through various crises, you must be looking forward to a well-deserved summer holiday. Before you and your team leave for the beach, the ECB is preparing

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The Future of Autos

The Future of Autos

🕔08:38, 1.Jul 2022

As a keen driving enthusiast, the future of autos is a subject close to my heart. Put me behind the wheel on an open, winding, country road and I will soon be enjoying myself. But I’m also an autos analyst,

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Maatschappelijk verantwoord beleggen

Maatschappelijk verantwoord beleggen

🕔14:32, 24.Jun 2022

Pensioenakkoord uitgelegd – Deel 10 In de zomer van 2020 hebben het kabinet en sociale partners overeenstemming bereikt over een vergaande herziening van het pensioenstelsel. Dit pensioenakkoord heeft grote gevolgen voor hoe pensioen wordt opgebouwd en wordt belegd. In deze

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High Yield: Harvesting Income

High Yield: Harvesting Income

🕔10:11, 21.Jun 2022

For most risk assets, total return is achieved predominantly via capital price return, but not in high yield. Over long-term periods, income tends to drive the bulk of the total return for high yield bonds. In fact, over 100% of

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A time for dividends to shine

A time for dividends to shine

🕔10:09, 14.Jun 2022

The past decade has been an exceptionally profitable period to be invested in global equity markets, with the MSCI AC World Index averaging 10.6% per annum in the 10 years to 31 March 2022*. Solid GDP growth, low interest rates

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Cyclical, structural and geopolitical challenges in play for US CRE

Cyclical, structural and geopolitical challenges in play for US CRE

🕔13:16, 13.Jun 2022

US CRE MARKET INSIGHTS June 2022: First quarter US CRE investment performance reported by NCREIF’s National Property Index (NPI) offers a continuation of the extraordinary total returns produced during 2021. Total return for the year ending March 2022 reached a

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Commodities at war: testing the mettle of the global metals industry

Commodities at war: testing the mettle of the global metals industry

🕔19:00, 10.Jun 2022

For the past couple of decades, China has been the driver of the health of the global metals industry as it accounts for roughly 50% of demand for a number of metals commodities. More recently, two other factors have driven

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Responsible investing: We need to take action

Responsible investing: We need to take action

🕔17:11, 3.Jun 2022

The 2020s so far have forced a global realization that threats posed by climate change are severe, urgent, and soon, irreversible. It is rather unusual to wake up to the start of the new year with a 13oC on the

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