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Alternatieve vastrentende waarden zijn de afgelopen jaren steeds belangrijker geworden voor institutionele beleggers. Deze beleggingen bieden kansen om het portefeuillerendement te verhogen wanneer de lagere liquiditeit van deze activa geen beperking vormt. Dit is typisch het geval voor langetermijnbeleggers zoals pensioenfondsen.
We laten in dit artikel zien dat alternatieve vastrentende waarden een grote verscheidenheid vertonen, zowel in termen van kredietopslag, risico, vereist kapitaal, liquiditeit, renteafdekking en ESG-factoren. Pensioenfondsen hebben dus de mogelijkheid om die categorieën te selecteren die het best aansluiten bij hun specifieke beleggingsbehoeften. We vergelijken verschillende categorieën binnen het alternatieve vastrentende spectrum in de onderstaande tabel.
Tabel 1: Vergelijking van verschillende alternatieve vastrentende waarden
Kredietopslag
Risico
Kapitaal-beslag
Liquiditeit
Rente-afdekking
ESG
NL hypotheken
1,5%-2.0%
Laag (AA)
6%
Laag
Gemiddeld
✔
WSW leningen
~ 0,4%
Laag (AAA-AA)
0%
Laag
Hoog
✔
ECA leningen
0,5%-1,5%
Laag (AA-A)
0%
Laag
Laag
✔
AAA STS ABS
~ 1,0%
Laag (AAA)
3%
Hoog
Laag
✔
AA-A ABS
~ 3,0%
Laag (AA-A)
5%
Hoog
Laag
✔
BBB/BB ABS
7,5%
Gemiddeld (BBB/BB)
12%
Gemiddeld
Laag
✔
Verzekerde leningen
2,0%-2,5%
Laag (AA-A)
6%
Laag
Gemiddeld
✔
Verzekerde handels-financiering
1,75%-2,25%
Laag (AA-A)
1%
Gemiddeld
Laag
✔
Tabel 1: Kenmerken van verschillende soorten alternatieve vastrentende waarden (alleen ter illustratie). Werkelijke kredietopslagen worden gerapporteerd voor strategieën die beschikbaar zijn via een goed gediversifieerd fonds. Voor meer op maat gemaakte strategieën wordt een spectrum van kredietopslagen gegeven. Rating indicaties in deze tabel zijn ofwel externe ratings (indien beschikbaar) of interne ratings (voor instrumenten zonder externe rating). We gaan voor de renteafdekking uit van een pensioenfonds met langlopende verplichtingen. Neem contact met ons op voor meer informatie over hoe de strategieën een ESG-invalshoek kunnen hebben. Bronnen: Bloomberg, Aegon Asset Management, La Banque Postale Asset Management, per 31 maart 2023 of laatste beschikbaar.
Het is belangrijk op te merken dat de scores op de verschillende dimensies in de loop van de tijd kunnen (en zullen) verschuiven en dat de beoordeling soms gebaseerd is op kwalitatieve in plaats van kwantitatieve metingen (de ESG-beoordeling is een voorbeeld). Het vereiste kapitaal wordt hier bepaald conform de FTK regelgeving voor pensioenfondsen.
In het volledige artikel worden de verschillende kenmerken van elke categorie in Tabel 1 in meer detail besproken.
De belangrijkste conclusies zijn:
In de afgelopen jaren zijn alternatieve vastrentende waarden, zoals hypothecaire leningen, infrastructuurfinanciering en directe leningen, belangrijkere categorieën geworden voor institutionele beleggers. Deze beleggingen kunnen mogelijkheden bieden om het portefeuillerendement te verhogen wanneer de (vaak lagere) liquiditeit van deze activa geen beperking vormt. Dit is in het algemeen het geval voor langetermijnbeleggers zoals pensioenfondsen.
In de praktijk kunnen alternatieve vastrentende waarden blootstelling bieden aan een breed scala aan rendementsfactoren, waarvan er vele ook een ESG-focus hebben. Voorbeelden die in dit artikel worden besproken zijn verzekerde leningen (kredieten of handelsfinanciering), MKB-leningen en infrastructuurleningen.
Een interessant kenmerk van deze categorieën is dat er een grotere veiligheidsmarge kan bestaan in vergelijking met traditionele bedrijfsobligaties, bijvoorbeeld in de vorm van aanvullende convenanten of garanties. Nederlandse MKB-leningen kunnen bijvoorbeeld profiteren van extra bescherming door het Europees Investeringsfonds, terwijl directe leningen en handelsfinanciering kunnen profiteren van extra bescherming door een verzekeringsmaatschappij.
Alternatieve vastrentende strategieën vertonen een grote verscheidenheid, zowel op het gebied van kredietopslag, risico, kapitaalvereisten, liquiditeit, renteafdekking en ESG-factoren. Pensioenfondsen hebben dus de mogelijkheid om die categorieën te selecteren die het beste passen bij hun specifieke beleggingsbehoeften, door rekening te houden met de verschillende kenmerken van deze categorieën.
This material is provided by Aegon Asset Management (Aegon AM) as general information and is intended exclusively for institutional and wholesale investors, as well as professional clients (as defined by local laws and regulation) and other Aegon AM stakeholders.
This document is for informational purposes only in connection with the marketing and advertising of products and services, and is not investment research, advice or a recommendation. It shall not constitute an offer to sell or the solicitation to buy any investment nor shall any offer of products or services be made to any person in any jurisdiction where unlawful or unauthorized. Any opinions, estimates, or forecasts expressed are the current views of the author(s) at the time of publication and are subject to change without notice. The research taken into account in this document may or may not have been used for or be consistent with all Aegon AM investment strategies. References to securities, asset classes and financial markets are included for illustrative purposes only and should not be relied upon to assist or inform the making of any investment decisions. It has not been prepared in accordance with any legal requirements designed to promote the independence of investment research, and may have been acted upon by Aegon AM and Aegon AM staff for their own purposes.
The information contained in this material does not take into account any investor's investment objectives, particular needs, or financial situation. It should not be considered a comprehensive statement on any matter and should not be relied upon as such. Nothing in this material constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to any particular investor. Reliance upon information in this material is at the sole discretion of the recipient. Investors should consult their investment professional prior to making an investment decision. Aegon Asset Management is under no obligation, expressed or implied, to update the information contained herein. Neither Aegon Asset Management nor any of its affiliated entities are undertaking to provide impartial investment advice or give advice in a fiduciary capacity forpurposes of any applicable US federal or state law or regulation. By receiving this communication, you agree with the intended purpose described above.
Past performance is not a guide to future performance. All investments contain risk and may lose value. This document contains "forward-looking statements" which are based on Aegon AM's beliefs, as well as on a number of assumptions concerning future events, based on information currently available. These statements involve certain risks, uncertainties and assumptions which are difficult to predict. Consequently, such statements cannot be guarantees of future performance, and actual outcomes and returns may differ materially from statements set forth herein.
The following Aegon affiliates are collectively referred to herein as Aegon Asset Management: Aegon USA Investment Management, LLC (Aegon AM US), Aegon USA Realty Advisors, LLC (Aegon RA), Aegon Asset Management UK plc (Aegon AM UK), and Aegon Investment Management B.V. (Aegon AM NL).Each of these Aegon Asset Management entities is a wholly owned subsidiary of Aegon N.V. In addition, Aegon Private Fund Management (Shanghai) Co., a partially owned affiliate, may also conduct certain business activities under the Aegon Asset Management brand.
Aegon AM UK is authorised and regulated by the Financial Conduct Authority (FRN: 144267) and is additionally a registered investment adviser with the United States (US) Securities and Exchange Commission (SEC). Aegon AM US and Aegon RA are both US SEC registered investment advisers.