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Posts From Aegon Asset Management

Pensioenakkoord uitgelegd

Pensioenakkoord uitgelegd

🕔08:19, 9.Jun 2023

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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Advancing Responsible Investment: Aegon’s Approach and Progress in 2022

Advancing Responsible Investment: Aegon’s Approach and Progress in 2022

🕔08:12, 8.Jun 2023

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

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Balancing on a Tightrope: Deciphering the US Debt Ceiling Dilemma

Balancing on a Tightrope: Deciphering the US Debt Ceiling Dilemma

🕔14:14, 6.Jun 2023

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

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Navigating Asset Allocation amid Economic Uncertainty

Navigating Asset Allocation amid Economic Uncertainty

🕔08:21, 2.Jun 2023

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

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Dekkingsscan van pensioenfondsen in Nederland: Een helder vooruitzicht

Dekkingsscan van pensioenfondsen in Nederland: Een helder vooruitzicht

🕔15:32, 30.May 2023

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

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The US Federal Reserve is caught between Scylla and Charybdis

The US Federal Reserve is caught between Scylla and Charybdis

🕔08:52, 26.May 2023

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

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The Dividend Turnaround: From Dilemma to Deluge

The Dividend Turnaround: From Dilemma to Deluge

🕔11:55, 25.May 2023

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

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Analyse Q1 2023 Pensioenresultaten

Analyse Q1 2023 Pensioenresultaten

🕔07:25, 19.May 2023

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

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“Understanding the US Debt Ceiling: A Potential Default Scenario

“Understanding the US Debt Ceiling: A Potential Default Scenario

🕔08:21, 18.May 2023

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

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Economic Outlook: Federal Reserve Actions, Employment Data, and Future Implications

Economic Outlook: Federal Reserve Actions, Employment Data, and Future Implications

🕔08:07, 2.May 2023

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

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Nieuwe SFDR regels: geen appeltje-eitje Aandachtspunten voor 2023

Nieuwe SFDR regels: geen appeltje-eitje Aandachtspunten voor 2023

🕔14:37, 21.Apr 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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Dekkingsgraadscan pensioenfondsen

Dekkingsgraadscan pensioenfondsen

🕔09:56, 7.Apr 2023

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

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Net-zero investment framework: Carbon Footprinting. Essential Steps for a Sustainable Future

Net-zero investment framework: Carbon Footprinting. Essential Steps for a Sustainable Future

🕔07:27, 3.Apr 2023

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

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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, 31.Mar 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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FOMC Hikes Rates Amid Banking Turmoil; Dovish Outlook Misinterpreted

FOMC Hikes Rates Amid Banking Turmoil; Dovish Outlook Misinterpreted

🕔14:45, 29.Mar 2023

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

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Evaluating Credit Suisse And The Current Banking Sector Contagion Risk

Evaluating Credit Suisse And The Current Banking Sector Contagion Risk

🕔08:40, 29.Mar 2023

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

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Exploring Opportunities in Alternative Fixed Income Investments

Exploring Opportunities in Alternative Fixed Income Investments

🕔08:22, 24.Mar 2023

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

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Equity Investing under Solvency II: Approaches and Comparisons

Equity Investing under Solvency II: Approaches and Comparisons

🕔16:33, 21.Mar 2023

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

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ESG Megatrends: Demographics

ESG Megatrends: Demographics

🕔11:41, 17.Mar 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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US CRE Market Insights

US CRE Market Insights

🕔10:38, 14.Mar 2023

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

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Auto price normalization and what that means for the US loans market

Auto price normalization and what that means for the US loans market

🕔14:00, 13.Mar 2023

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,

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High Yield Fundamentals: Weathering a Slowdown

High Yield Fundamentals: Weathering a Slowdown

🕔10:08, 10.Mar 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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Voorzichtig begin in 2023

Voorzichtig begin in 2023

🕔08:00, 3.Mar 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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Macro musings: employment and lending

Macro musings: employment and lending

🕔11:42, 24.Feb 2023

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

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Powell The Destroyer Is A No-Show… So Let’s Party!

Powell The Destroyer Is A No-Show… So Let’s Party!

🕔14:27, 8.Feb 2023

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

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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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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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High Yield 2023 Outlook: Opportunities amid Uncertainty

High Yield 2023 Outlook: Opportunities amid Uncertainty

🕔08:01, 18.Jan 2023

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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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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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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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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