Tesla’s governance is stuck in reverse
We have sold Tesla from our Global Sustainable Equity portfolios, having held the shares since early 2019. This sale follows a downgrade in our internal sustainability ranking.
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Posts From Aegon Asset Management
Collaborating to boost engagement impact
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
De overbruggingsperiode
Pensioenakkoord uitgelegd – Deel 7: Dit zevende artikel gaat in op de overbruggingsperiode tot het nieuwe pensioenstelsel. Is het verstandig om alvast voor te sorteren op een nieuwe regeling, of moeten risico’s worden verlaagd om de transitie makkelijker te maken?
Solving the puzzle: ESG assessment in sovereign bond portfolios
Sovereigns are difficult to assess, given their complex social, economic, political, and geographic makeup. Environmental, Social and Governance (ESG) analysis of sovereigns is thus inherently complicated since it builds on an already-challenging typical sovereign assessment. In part, this is due
Uncovering sustainable opportunities in sovereigns
Aligned with the United Nations Sustainable Development Goals (SGDs), we believe it is important to strike a balance between developed markets and investment grade emerging markets. We favor sovereign bonds with a global sustainable approach. We believe there are opportunities
Actuele dekkingsgraad stabiel in september
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 het afgelopen jaar. Daarnaast maken we …
Responsible Investment Report 2020
2020 could have been a pause for the growth of the RI industry. Instead, we saw an explosion in interest partly fueled by the resilience of sustainable portfolios to the economic shock we lived through. The effects of the global
Macroeconomic Scenarios and Expected Returns 2022-2025
Long-term Outlook: Beyond Borders The global economy continues to recover strongly from the worst of the Covid-19-driven lockdowns. Central banks are now either discussing the potential to reduce the level of support they provide to economies. While governments are starting
Positioning along the curve
LDI Deep Dive Series: Investors with future liabilities are normally exposed to interest rate risk. A fall in interest rates will increase the value placed on future liabilities. By adopting a liability-driven investment (LDI) strategy, much of this interest rate
LDI instrument selection
LDI Deep Dive Series: Part 4: LDI instrument selection Investors with long-term liabilities, like pension funds or life insurers, are normally exposed to interest rate risk because a fall in interest rates will increase the value of their liabilities. By
Commercial Real Estate Investors Revisit Inflation
Investors cite inflation hedging power as one of the primary attractions of property investments.2 This characteristic has been of limited use in recent years given the very low pace of inflation in the US and throughout most developed global markets
Lifecycle investing: From theory to practice
The concept of matching asset allocation to an individual’s risk preferences has been around for decades. As the theory developed, the concept of lifecycle investing – varying asset allocation according to an individual’s age – was born. In this article,
US CRE Market Insights – September 2021
It feels so good to celebrate the recovery from the Covid-19 recession. Economists in both the UK and US are turning out bright and buoyant forecasts for strong economic growth in both 2021 and 2022. Jobs are readily available and
The long road to sustainable development goals for sovereigns
The resolution was adopted by the General Assembly and agreed upon by the 193 Member States of the United Nations, with goals to transform our world by 2030. All countries and stakeholders, acting in collaborative partnership, will agree to 17
Reading the inflation tea leaves
Why is this concerning? Well, the clearing mechanism for supply and demand is price. If demand is growing robustly but supply is struggling to keep up (both anecdotes cited in the ISM report), then price is going to adjust to
Real estate in a portfolio context
Real estate is often a building block within the investment portfolios of institutional investors. As with other asset classes, there are times when real estate is over- or undervalued. In this article, we investigate the use of an econometric model
Libor Transition: How much longer must we ‘sofr’ from libor-linked securities?
In March of this year, regulators across multiple jurisdictions made a well-orchestrated announcement that all non-USD LIBOR rates would be discontinued at the end of 2021. However, and much to the relief of market participants in the US, this announcement
Identifying attractive cities for UK office investing
Property investors are examining the emerging “new normal” as input into capital deployment plans for the months ahead. If history is a guide, the UK will capture a lion’s share of planned investment because its defining features remain extremely attractive
How useful are the SDGs?
The Sustainable Development Goals (SDGs) were adopted by all United Nations Member States in 2015 as a universal call-to-action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030. This is a noble
Forse stijging tot nu toe in 2021
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 actuele en (12-maands) voortschrijdend gemiddelde dekkingsgraad in het …
Pensioenakkoord uitgelegd Deel 6: Solidariteitsreserve
Vorig jaar zomer 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 serie bespreken we het pensioenakkoord en de
DC pensions: UK and NL experiences
In recent years, both the United Kingdom and the Netherlands have introduced significant changes to the way defined contribution (DC) pensions can be accessed. This article examines the changes and reflects on how each country’s DC savers have responded. We
The growing threat of cyber risk
Companies are faced with a difficult decision after a cyberattack has occurred. Paying the ransom has become more expensive over time and it does not guarantee that the cyber criminals will release their grip on company systems, nor does it
European ABS Market Review
Risk assets continued their strong rally during June 2021. The continuing fast pace of the Covid-19 vaccine rollout has resulted in many economies starting to reopen and thereby increasing global activity. However, there is still a sense of unease as
US Labor Market: The Beveridge (Curve) of Choice
The Beveridge Curve (named after British economist William Beveridge) is an economic relationship between the job openings rate and the unemployment rate. It would stand to reason that the stronger the economy, the more job openings there are and vice
UK growth prospects rely on the bounce and the silver lining
As recovery from the Covid-19 recession appears to be gaining traction, prospects for rebounding economic growth and employment across UK regions and cities is now worth contemplating. Initially, the recovery should revive activity and jobs in the sectors that were
Just a bump in the road?
Despite investor worries about the impact of semiconductor shortages to automotive production and input cost inflation, the automotive industry remains healthy and the evolution of the industry towards electric vehicles remains strong.
Summer rebound
House View Restrictions are being lifted in the developed world releasing pent-up demand. Fiscal and monetary policy remains hugely accommodative. This will result in high growth figures in the coming quarters. The pandemic is however far from over as variants
Just a bump in the road?
Despite investor worries about the impact of semiconductor shortages to automotive production and input cost inflation, the automotive industry remains healthy and the evolution of the industry towards electric vehicles remains strong. After finishing 2019 at roughly 89 million units,
Rustig vaarwater in juni
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 het afgelopen jaar. Daarnaast maken we op
Mid-Year Outlook: US Fixed Income – June 2021
Fundamentals have continued to recover alongside vaccination efforts and reduced Covid restrictions, as well as fiscal and monetary accommodation driving increased general economic activity. We expect these factors …
It’s about time… Timeshare ABS holds steady as vacations resume
As the age-old adage goes, “shame on you if you fool me once, shame on me if you fool me twice.” Timeshare operators learned from their misfortune during the Global Financial Crisis and made substantial changes to their operating models,
FOMC Update: The ‘Talking about talking about tapering’ meeting
As expected, the FOMC maintained its current target range for the federal funds rate of 0.00 – 0.25% following its June meeting. It also indicated it would maintain its current pace of Treasury and agency MBS purchases totaling $120 billion
US CRE Market Insights – June 2021
We believe the forces driving US commercial real estate investment performance are strengthening and supporting expectations for a solid if not impressive recovery from the Covid-19 recession. First quarter National Council of Real Estate Fiduciaries (NCREIF) results were notable with
Dekkingsgraadscan pensioenfondsen – Stabilisatie in mei
Onze inschatting is dat de actuele dekkingsgraad in de afgelopen maand is gedaald met 0.2%-punt door marktbewegingen, om te eindigen op 108.1% per 31 mei. Onze inschatting is verder dat de 12-maands gemiddelde dekkingsgraad is gestegen met 1.3%-punt naar 99.7%.
Opportunities and Challenges in a Net-Zero Carbon World – One Year On
The world runs on energy. Unfortunately for the future of the climate, the current energy system relies heavily on fossil fuels—the primary source of greenhouse gas emissions. Enabled by emerging technologies and rapidly declining costs, the transition from traditional fossil-based
Danish versus Dutch mortgage investments: How do they compare?
Danish versus Dutch mortgage investments: How do they compare? Many institutional investors have been attracted in recent years by the potential for high yields on mortgage investments. Exposure to the mortgage market can be achieved in various ways. An interesting
Pensioenakkoord uitgelegd: Beleggingsbeleid in de nieuwe regelingen
Afgelopen zomer 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 serie bespreken we het pensioenakkoord en de gevolgen voor het beleggingsbeleid.
The vaccine rollout can boost the support driven recovery
The economy remains on pause in many parts of the world, but the vaccine rollout is improving the prospect of normalization and supports a positive medium-term outlook. In the meantime, global economies remain heavily supported …
Herstel zet door in maart
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 …
The Bank of Japan – keeping a lid on volatility
In its meeting last week, the Bank of Japan (BoJ) announced several changes in its monetary policy framework, but also confirmed its policy to keep yields under control. While other government bond markets have seen quite some volatility in the …
A Texas-Size Storm’s Global Implications for Plastics
When Covid-19 hit, many producers cut back production and drew down inventories as demand collapsed and the economic outlook was highly uncertain. While demand from cyclical end markets was hit hard, other end markets like …
The Workforce Housing Sweet Spot Prevails in US CRE Investing
Apartments, along with industrial, are the preferred sectors in 2021 for investors in US property, according to the Pension Real Estate Association, Investment Intentions Survey.1 The case for apartments is welldocumented and well-supported by data from a variety of sources. In the US, apartments have offered investment returns …
Italy’s Day in the Sun
Italian bonds are in a sweet spot in the market at the moment, but what is contributing to their newfound appeal and will it last? We think there are a couple of reasons why Italian bonds are appealing, but the sparkle may tarnish in a few years’ time.
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 het …
On pause… but vaccine rollout brings play closer
The economy remains on pause in many parts of the world, but the vaccine rollout improves the odds of normalization and supports a positive medium-term outlook. In the meantime, global economies remain supported by the large stimulus measures from …
Carbon Capture: Capturing, Storing and using Carbon
The global economy runs on energy and, by and large, energy still requires greenhouse gas emissions. Energy efficiency can reduce demand; renewables are driving down the cost of carbonfree energy and can be coupled with storage or …
Big picture update: A birds-eye view of the CRE market
Year-end data shows that 2020 turned out much better for US commercial real estate (CRE) than many had hoped, with the National Council of Real Estate Investment Fiduciaries (NCREIF) benchmark index delivering a positive albeit low 1.6% total return with the 4.2% income return more than offsetting a negative 2.5% capital depreciation.1 We believe this outcome can be …
Aegon AM: Can a tobacco firm really be sustainable? Yes, according to flawed ESG ratings
Ratings agencies are missing crucial aspects of ESG analysis and taking a top-down approach that leads to perverse outcomes such as tobacco companies scoring highly on ESG factors, says Aegon Asset Management. Euan Ker, Sustainable Investment Analyst at Aegon AM, believes ratings agencies employ …
The Great Rotation
The interest rate shock in the US is continuing, with 10-year government bonds now yielding around 1.6%, up with more than 60 bps since the start of the year. The confirmation of the 1.9 trillion USD stimulus bill by the US Senate this past weekend will support the trend of higher yields. Up until now, equity indices have largely shrugged off this sharp move in rates, but their overall performance hides a …
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