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Posts From Aegon Asset Management

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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ESG Megatrends: Climate Change

ESG Megatrends: Climate Change

🕔13:17, 17.Jun 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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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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Alternative Fixed Income and ESG integration

Alternative Fixed Income and ESG integration

🕔12:35, 30.May 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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High yield bonds in DC pension strategies

High yield bonds in DC pension strategies

🕔12:19, 26.May 2022

High yield bonds have become a mainstream asset class for many institutional investors. Historic returns are impressive, particularly on risk-adjusted measures, and an allocation to high yield bonds can add value to an overall portfolio. For defined contribution (DC) pension

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Opportunities in alternative fixed income

Opportunities in alternative fixed income

🕔10:20, 25.May 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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Commodities at war: Food Fight

Commodities at war: Food Fight

🕔10:53, 20.May 2022

Higher prices supported by a considerable percentage of global production coming from Russia and Ukraine have caught many commodities in the crosshairs of the Russian-Ukraine war. Concerns are growing over the ability to source these commodities from outside of Ukraine

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Global House View Second Quarter 2022

Global House View Second Quarter 2022

🕔10:39, 13.May 2022

Cross asset allocation: Our neutral score across all main asset classes represents a more cautious tone in markets that we see carrying on through the second quarter of 2022. Increased hawkishness by major central banks despite the ongoing Russia-Ukraine war

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Three factors favoring High Yield

Three factors favoring High Yield

🕔10:17, 11.May 2022

Heading into 2022, the high yield bond market was a tale of two halves. On one hand, solid company fundamentals, balanced technicals and the ongoing economic recovery painted a supportive backdrop. On the other, valuations were historically rich, with tight

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The Consumer Report

The Consumer Report

🕔08:03, 11.May 2022

Households are about to experience the biggest hit to disposable income in a long time. Rising inflation, continued supply chain constraints and now the Russia-Ukraine war have piled on seemingly all at once. The swelling piggybanks from stashing away cash

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Shortage of Neon Gas Dims Tech Output

Shortage of Neon Gas Dims Tech Output

🕔08:52, 10.May 2022

One commodity negatively impacted by the war is neon gas, a key input used in the semiconductor process. Bulk neon gas is a byproduct of the steel industry (primarily the Russian steel industry), which is captured and filtered to achieve

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The Yield Curve Briefly Inverted, Now What?

The Yield Curve Briefly Inverted, Now What?

🕔09:08, 4.May 2022

The lead time of curve inversion to recession can be more than two years, so it’s not the best timing tool. However, what we do know with more certainty is the signaling that the economy is now firmly in the

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Backtest solidaire premieregeling

Backtest solidaire premieregeling

🕔17:29, 3.May 2022

Pensioenakkoord uitgelegd – Deel 9: 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

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The state of the sustainability-linked bond market

The state of the sustainability-linked bond market

🕔08:29, 29.Apr 2022

Before we go further, we should define our terms. A sustainability-linked bond (SLB) is a general proceeds debt instrument, meaning the issuer does not have to predetermine projects and allocation of proceeds. Instead, the funds may be used for general

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Private markets: (em)brace for impact

Private markets: (em)brace for impact

🕔14:38, 26.Apr 2022

Impact investing is not new, but the development around dedicated private equity impact funds has accelerated in recent years. Increasing political and social pressure, growing awareness among customers and businesses and the emergence of sector initiatives have helped to create

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LDI Deep Dive Series – Part 5: Pulling the pieces together

LDI Deep Dive Series – Part 5: Pulling the pieces together

🕔12:50, 26.Apr 2022

The first and most prominent component of interest rate risk is that of parallel shifts of the interest rate curve. Approximately 90% of the movements in the interest rate term structure can be reflected as parallel shifts. Liability-driven investors can

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Swap spreads on the move

Swap spreads on the move

🕔10:33, 15.Apr 2022

Swap spreads, the difference between the yield on daily collateralized swaps and benchmark sovereign debt, are observed for many reasons: amongst others as an economic risk indicator; a measure of investor preferences over time; and an important consideration in setting

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Commodities at War Series: Fertilizer Prices are a Growing Concern for Farmers

Commodities at War Series: Fertilizer Prices are a Growing Concern for Farmers

🕔14:32, 14.Apr 2022

Fertilizer prices have risen rapidly following the Russian invasion of Ukraine. Russia is a material producer and exporter of fertilizer. The combination of sanctions, shipping firms avoiding the Black Sea region and Western banks, and traders shunning Russian supplies has

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A Bumpy Road: Energy Transition in an Increasingly Uncertain Market

A Bumpy Road: Energy Transition in an Increasingly Uncertain Market

🕔11:39, 6.Apr 2022

Time and time again, energy markets have demonstrated the ability to respond to global events faster than consumers are able to keep up. From liquefied natural gas (LNG) ships literally turning around mid-journeyii to the tripling of refining margins,(iii) recent

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US Property Investing Challenged by Rising Interest Rates and War Turbulence

US Property Investing Challenged by Rising Interest Rates and War Turbulence

🕔10:46, 5.Apr 2022

At the end of 2021, US commercial property investors were contemplating prospects for an easing Covid -19 threat in the year ahead along with still-strong economic growth accompanied by tightening interest rates to quell inflation. As often happens, it’s not

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Collaborating to boost engagement impact

Collaborating to boost engagement impact

🕔10:50, 1.Apr 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 – Q1 2022

Global House View – Q1 2022

🕔08:33, 25.Mar 2022

Cross asset allocation: Despite a volatile end to the year for markets, 2021 still was marked by strong equity market returns and above-trend economic growth. We expect the pace of growth to moderate in 2022. Central banks have begun removing

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Another Covid-19 winter may prolong feast and famine for US CRE

Another Covid-19 winter may prolong feast and famine for US CRE

🕔15:20, 23.Mar 2022

US CRE Market Insights – March 2022: Recently released fourth quarter and annual 2021 US CRE investment performance data show a continuing pattern of feast or famine across the four major sectors. Feasting in the industrial sector has produced a

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China’s Central Bank Reserves

China’s Central Bank Reserves

🕔14:19, 22.Mar 2022

Starting in 2003, Michael Dooley published a series of papers proposing the idea of a Bretton Woods revival as the plausible rationale for China’s relatively extreme foreign currency reserve accumulation policy. 

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Impact of IFRS 9 and IFRS 17 on insurance companies

Impact of IFRS 9 and IFRS 17 on insurance companies

🕔08:01, 21.Mar 2022

The International Financial Reporting Standards (IFRS) are a set of uniform accounting principles which are particularly relevant for publicly-listed companies. Some major IFRS standards have been completely revised in recent years. In 2018 the introduction of IFRS 9, the accounting

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Normalize or ‘Volckerize’

Normalize or ‘Volckerize’

🕔14:43, 18.Mar 2022

In our view, the Federal Reserve (Fed) has two choices to make for their stance on future monetary policy: to normalize or ‘Volckerize.’ The latter refers to Paul Volcker, Chair of the Fed most remembered for raising the fed funds

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Responsible investing: We need to take action

Responsible investing: We need to take action

🕔09:52, 7.Mar 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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Hedging inflation risk: a practical guide

Hedging inflation risk: a practical guide

🕔08:29, 4.Mar 2022

For three decades global inflation was on a downward trend. But in recent months inflation has risen sharply. The question which many investors are asking is whether this higher inflation rate is transitory or not?  This article summarises our views

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Global House View – Q1 2022

Global House View – Q1 2022

🕔12:57, 2.Mar 2022

Cross asset allocation: Despite a volatile end to the year for markets, 2021 still was marked by strong equity market returns and above-trend economic growth. We expect the pace of growth to moderate in 2022. Central banks have begun removing

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Normalize or ‘Volckerize’

Normalize or ‘Volckerize’

🕔10:48, 2.Mar 2022

In our view, the Federal Reserve (Fed) has two choices to make for their stance on future monetary policy: to normalize or ‘Volckerize.’ The latter refers to Paul Volcker, Chair of the Fed most remembered for raising the fed funds

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Russian invasion of Ukraine

Russian invasion of Ukraine

🕔14:05, 1.Mar 2022

Overnight headlines that Russia has begun a full-scale invasion of Ukraine have sent financial markets into acute risk-off mode. Equity markets fell sharply, oil prices jumped above $100 per barrel, and government bond yields declined. Markets had already been impacted

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Pensioenakkoord uitgelegd – Deel 8: Risicohouding

Pensioenakkoord uitgelegd – Deel 8: Risicohouding

🕔16:34, 25.Feb 2022

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 serie bespreken we het pensioenakkoord

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Value versus Growth in Equities: Our Outlook

Value versus Growth in Equities: Our Outlook

🕔08:54, 16.Feb 2022

Global equities recorded double digit gains in 2021 for the third year running, as economies continued their recovery from the pandemic, in turn feeding corporate profits. In that regard, it was more of the same as previous years but beneath

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Global House View – Q1 2022

Global House View – Q1 2022

🕔09:14, 15.Feb 2022

Cross asset allocation: Despite a volatile end to the year for markets, 2021 still was marked by strong equity market returns and above-trend economic growth. We expect the pace of growth to moderate in 2022. Central banks have begun removing

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2022 US Macro Outlook

2022 US Macro Outlook

🕔08:38, 11.Feb 2022

The Wildcard. The key factor to variability around real growth at 4% will be the ultimate path of Covid-19. This was prevalent during the ’21 recovery that witnessed a large hiccup when the Delta variant emerged. This is also what

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Our asset allocation decisions – in short

Our asset allocation decisions – in short

🕔10:15, 7.Feb 2022

GLOBAL HOUSE VIEW First Quarter 2022  Cross asset allocation: Despite a volatile end to the year for markets, 2021 still was marked by strong equity market returns and above-trend economic growth. We expect the pace of growth to moderate in

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Our top four sustainable equity investment themes for 2022

Our top four sustainable equity investment themes for 2022

🕔14:14, 2.Feb 2022

Sustainable investing has continued to grow at record pace. We believe one of the ways to generate value is to stick to long-term sustainable growth investing focused on the sustainable revolution underway in society. A growing number of companies and

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2022 European ABS Outlook

2022 European ABS Outlook

🕔14:31, 27.Jan 2022

Overall, we remain constructive on the European asset-backed securities (ABS) market. In the higher and more volatile interest rate environment that we expect in 2022 floating-rate assets should prove resilient. The fundamental backdrop is very strong in consumer ABS and

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2022 High Yield Outlook: Divergence Ahead?

2022 High Yield Outlook: Divergence Ahead?

🕔16:23, 26.Jan 2022

After a challenging 2020, the high yield market saw rapid fundamental improvement in 2021 and it staged an unprecedented recovery. As we enter 2022 and provided the economic recovery continues, we maintain a reasonably positive outlook on the high yield

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US Fixed Income Outlook 2022

US Fixed Income Outlook 2022

🕔14:36, 21.Jan 2022

Playing second fiddle. That’s how the 2022 economic forecasts feel when compared to 2021. For ’22, we see real growth running about 4%, or two times trend. That’s typically great performance, but when you’re coming off a phenomenal growth year

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Omicron variant: Fixed Income sector impacts

Omicron variant: Fixed Income sector impacts

🕔14:21, 14.Jan 2022

Energy: Most of the companies that survived the initial shocks last year are now leaner with lower cost profiles, lower debt leverage metrics, lower capital spending, and have exhibited flexibility around shareholder distributions, all of which has contributed to stronger

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The resilience of ABS under inflation scenarios

The resilience of ABS under inflation scenarios

🕔12:06, 6.Jan 2022

As market fears about inflation and potential central bank actions grow, we show why European asset-backed securities (ABS) tick some important boxes for investors seeking attractive yields, relatively stable returns, and limited sensitivity to interest rates. Before the pandemic spooked

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2022 Outlook: US Commercial Real Estate

2022 Outlook: US Commercial Real Estate

🕔12:25, 24.Dec 2021

Commercial real estate (CRE) investment performance for US properties soared in the third quarter as unlevered total return reported by the National Council of Real Estate Investment Fiduciaries (NCREIF) registered 12.1% for the four quarters ending September 30, 2021. This

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US commercial real estate strong performance expected into 2022

US commercial real estate strong performance expected into 2022

🕔10:26, 15.Dec 2021

US CRE Market Insights: Commercial real estate (CRE) investment performance for US properties soared in the third quarter as unlevered total return reported by the National Council of Real Estate Investment Fiduciaries (NCREIF) registered 12.1% for the four quarters ending

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The coup the graph

The coup the graph

🕔16:02, 10.Dec 2021

Our outlook favors the normalization case. The emergence of the Covid-19 Delta variant in the third quarter clearly put this thesis on hold and elongated the normalization process. Thus, the price pressures are going to leak well into 2022. But

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Apartment Markets Remain Robust Despite Roaring Home Purchases

Apartment Markets Remain Robust Despite Roaring Home Purchases

🕔10:53, 29.Nov 2021

As the US Covid-19 shutdown took hold in March 2020, the US Federal Reserve (Fed) moved quickly and decisively to loosen interest rates and provide liquidity to counter the recessionary effects of the virus. On March 3, 2020, the Federal

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