IMPORTANT DISCLOSURE: FOR NON-US PROFESSIONAL INVESTORS ONLY
This site is intended only for non-US professional investors or US-based fiduciaries representing non-US investors eligible to invest in Aegon Asset Management’s (the “Company”) UCITS funds. This site, and the funds described herein, are not suitable for individual investors.
The following information regarding the Company’s funds is for informational purposes only and does not constitute an offer for shares, products or services and should not be interpreted as an offer to sell, an invitation to acquire an investment, or a solicitation of an offer to buy for any persons who are prohibited from receiving such information under their domiciled local laws.
Aegon Asset Management Investment Company (Ireland) Plc is structured as an umbrella type open-ended investment company with variable capital consisting of a number of different sub-funds (“Funds”) and is authorized in Ireland pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) UCITS Regulations and the Central Bank UCITS Regulations (“UCITS Regulations"). Aegon Asset Management Europe ICAV is structured as an umbrella type open-ended investment ICAV with variable capital consisting of Funds and is authorized in Ireland as a UCITS pursuant to the UCITS Regulations.
These Funds are registered in Ireland and are available only to residents of those jurisdictions where allowed by law. Investors that do not meet these requirements will be denied access by the Company.
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Austria.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
If you are a retail investor, we recommend that you seek qualified financial advice before making any investment decisions.
You can get the current prospectuses, accounts, important information for investors and fund prices at https://www.fundinfo.com. Please click the accept button and select the county in which you live and identify yourself as a private investor.
Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Belgium.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
If you are a retail investor, we recommend that you seek qualified financial advice before making any investment decisions.
You can get the current prospectuses, accounts, important information for investors and fund prices at https://www.fundinfo.com. Please click the accept button and select the county in which you live and identify yourself as a private investor.
Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Denmark.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Finland.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in France.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
Attention aux fraudeurs se faisant passer pour Aegon Asset Management, d’autres institutions financières et organismes de régulation: Nous avons reçu plusieurs signalements de fraudeurs se faisant passer pour Aegon AM et d’autres entreprises en créant de faux sites web, de fausses publicités et de fausses adresses mail. Pour en savoir plus sur la manière de vous protéger contre ces escroqueries et comment signaler un comportement suspect,veuillez lire ce qui suit.
If you are a retail investor, we recommend that you seek qualified financial advice before making any investment decisions.
You can get the current prospectuses, accounts, important information for investors and fund prices at https://www.fundinfo.com. Please click the accept button and select the county in which you live and identify yourself as a private investor.
Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Germany.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
If you are a retail investor, we recommend that you seek qualified financial advice before making any investment decisions.
You can get the current prospectuses, accounts, important information for investors and fund prices at https://www.fundinfo.com. Please click the accept button and select the county in which you live and identify yourself as a private investor.
Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Jersey.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Ireland.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Italy.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Luxembourg.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
If you are a retail investor, we recommend that you seek qualified financial advice before making any investment decisions.
You can get the current prospectuses, accounts, important information for investors and fund prices at https://www.fundinfo.com. Please click the accept button and select the county in which you live and identify yourself as a private investor.
Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Malta.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in the Netherlands.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
If you are a retail investor we recommend that you take qualified financial advice before making any investment decisions. You can obtain the latest prospectus, accounts, Key Investor Information and fund prices at www.aegon.nl.
Risk Warning Capital at risk. The value of investments may go up or down and is not guaranteed.
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Norway.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Portgual.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Spain.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
If you are a retail investor, we recommend that you seek qualified financial advice before making any investment decisions.
You can get the current prospectuses, accounts, important information for investors and fund prices at https://www.fundinfo.com. Please click the accept button and select the county in which you live and identify yourself as a private investor.
Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
This is a marketing communication. Please refer to the Legal documents of the Fund(s), such as the KIID and/or prospectus, before making any final investment decisions.
I confirm that I am a Professional Investor based in Sweden.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
This Website and all information contained herein is intended for exclusive use of qualified investors as defined in the Federal Act on Collective Investment Schemes of 23 June 2006 (the “CISA”) and in its implementing ordinance, which have their residence or registered office in Switzerland (the “Qualified Investors”), excluding opt up Qualified investors.
Entry to the website is subject to your understanding of certain terms and important information which are available below:
If you are not a Qualified Investor or are an opt up Qualified Investor under CISA with residence or registered office in Switzerland, we recommend you consult a financial adviser before making any investment decisions.
You can get the current prospectuses, accounts, important information for investors and fund prices at https://www.fundinfo.com. Please click the accept button and select the county in which you live and identify yourself as a private investor.
Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
For investors in Argentina, Chile, Colombia, Peru, and Uruguay:
This material does not constitute an offer of products or securities in any country listed above or in any jurisdiction within Latin America and should not be construed as such. Unless otherwise indicated, no regulator or government authority has reviewed the content or the merits of any products and services referenced or implied herein. This material is being made available only to the extent it is in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. Information is directed at and intended only for institutional investors and their advisers for informational purposes and may not be reproduced in any form. Before acting on any information provided herein, prospective investors should inform themselves of, and observe, all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required.
If your country is not listed above, please contact us.
Much was written about the ‘Magnificent 7’ last year and rightly so - the cohort of US mega cap, tech related stocks accounted for around 80% of the total returns of the S&P 500. But there was another Magnificent 7 that was much closer to home for the Aegon Global Equity Income team. 2023 saw the Fund post its seventh consecutive year of above median performance versus its Lipper peer group*, which is an achievement we are very proud of, especially given the range of market conditions faced over that time.
Consistency is an incredibly powerful phenomenon – both in investing and more generally. The famous American investor Howard Marks wrote in one of his recent memos that “The key to investment success isn’t hitting home runs; it’s avoiding strikeouts and inning-ending double plays.” I’m not a baseball follower but I love the analogy, which matches perfectly how we manage the fund.
As an investor, it’s great if you buy a stock that goes to the moon within a few months but such instances are rare and tend to involve a relatively high risk of losing a lot of money. Instead, holding stocks that moderately but consistently outperform the market over time and, importantly, do so with lower volatility, avoiding blowups, is likely to result in a much better outcome.
It’s the same for the overall portfolio. Consistently delivering above median returns rather than taking on bigger bets and more risk to try to shoot the lights out in any given year is likely to mean that you find yourself in the upper echelons of the peer group over the long term. So it has proved for our fund which, on the back of the Magnificent 7 achievement, sits in the first quartile over three years, five years and since launch**.
Putting the philosophical chat to one side, it’s amazing to look back at the range of conditions we’ve faced over the past seven years. We’ve seen the Presidency of Donald Trump, a trade war between the US and China, the UK officially leave the EU, the COVID pandemic, the war in Ukraine and two periods of US interest rate rises (yes, there was one in 2018 too but it looks minor in comparison to last year’s sharp rises) to name but a few. That equity markets have managed to weather all of these without any lasting damage is testament to the resilience and adaptability of companies to deal with unexpected events and find new ways of operating.
Likewise, the ability of the fund to deliver consistently though this period speaks to the benefit of focusing on ‘quality income’ companies - those with strong balance sheets, well covered dividends and high returns on equity. Such companies are more likely to be able to withstand shocks and protect investors in tough times whilst also partaking in the good times. This a huge factor in explaining why the fund has managed to outperform peers both in down markets like 2018 and 2022 as well as racier years like 2017 and 2019.
What about some stock highlights from the past seven years? Adding Microsoft to the portfolio in 2018, partly as a hedge against the other members of the Magnificent 7 that don’t pay a dividend, has proved an effective move. Gaining exposure to the growing global demand for lithium for use in batteries also worked well, as lithium producer Albemarle tripled in price over our holding period(Jan 2020-April 2023). Delta Electronics, Simplo Technologies and DBS Group are all great illustrations of why we get so excited about dividend growth in Asia, especially in less well known companies. Finally, as an income investor, it’s hard not to appreciate a stock like Broadcom, which has increased its quarterly dividend more than fivefold between Q1 of 2017 and Q4 of 2023, or Cincinnati Financial, which boasts the record for most consecutive annual dividend increases in the portfolio at a whopping 63 years. The power of consistency springs to mind again.
All in all, it’s been a hugely enjoyable seven years and the stability of the team around me and our investment process have been huge contributors to the success of the fund. The world remains an unpredictable place and although inflation is now trending downwards and the market is looking towards rate cuts from central banks this year, risks remain from factors like slowing global growth, structural issues in the Chinese economy and geopolitical flashpoints across the world. That said, dividends and share buybacks are at record highs, meaning we remain confident in the prospects for equity income in 2024.
Regardless of the path that markets end up taking this year, we’ll remain steady in our approach. We won’t be swinging for the fences, we’ll be doing the same as we’ve done for the past seven years – trying to deliver consistent, predictable returns for clients and avoid those damaging strike outs and double plays.
* Source Lipper calendar year returns for periods to 31 December 2023. Nav to nav, noon prices, income reinvested, net of ongoing charges, excluding entry or exit charges.
The share classes included in the Lipper Global Equity Global Income peer group varied over the periods shown as a result of eligibility rule changes by Lipper and the closure of the A USD Acc chare class. The share classes included for the Aegon Global Equity Income Fund are as follows: 2019-2023 A EUR Inc, 2018 A USD Acc, 2017 C USD Inc.
**Source Lipper as at 31 December 2023. A EUR Inc share class. Nav to nav, noon prices, income reinvested, net of ongoing charges, excluding entry or exit charges.
For Professional Investors only and not to be distributed to or relied upon by retail clients.
This is a marketing communication. Please refer to the following legal documents of the UCITS before making any final investment decisions. For UK investors: please refer to the Prospectus and the UCITS KIID. For EU investors: please refer to the Prospectus and the PRIIPs KID. The relevant documents can be found at aegonam.com. The principal risk of this product is the loss of capital.
Past performance does not predict future returns. Outcomes, including the payment of income, are not guaranteed.
Opinions and/or example trades/securities represent our understanding of markets both current and historical and are used to promote Aegon Asset Management's investment management capabilities: they are not investment recommendations, research or advice. Sources used are deemed reliable by Aegon Asset Management at the time of writing. Please note that this marketing is not prepared in accordance with legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing by Aegon Asset Management or its employees ahead of its publication.
All data is sourced to Aegon Asset Management (a trade name of Aegon Investment Management B.V.) unless otherwise stated. The document is accurate at the time of writing but is subject to change without notice. Data attributed to a third party (“3rd Party Data”) is proprietary to that third party and/or other suppliers (the “Data Owner”) and is used by Aegon Investment Management B.V. under license. 3rd Party Data: (i) may not be copied or distributed; and (ii) is not warranted to be accurate, complete or timely. None of the Data Owner, Aegon Investment Management B.V. or any other person connected to, or from whom Aegon Investment Management B.V. sources, 3rd Party Data is liable for any losses or liabilities arising from use of 3rd Party Data.
Aegon Asset Management Investment Company (Ireland) Plc (AAMICI) is an umbrella type open-ended investment company which is authorised and regulated by the Central Bank of Ireland. Aegon Investment Management B.V (Aegon AM NL) is the appointed management company. Aegon AM NL (Chamber of Commerce number: 27075825) is registered with and supervised by the Dutch Authority for Financial Markets (AFM). Aegon AM NL's German branch markets AAMICI in Germany, Austria and Switzerland, is registered with and supervised by the AFM and supervised by BaFin in Germany. Aegon AM NL’s branch in Spain markets AAMICI in Spain, Italy and Switzerland. Aegon AM NL's Spanish branch is registered with and supervised by the AFM and is supervised by the CNMV in Spain. For Switzerland, AAMICI is a UCITS which is authorised for distribution by FINMA as a Foreign Collective Investment Scheme. The Disclosures are available from www.aegonam.com or from the Representative and Paying Agent in Switzerland, CACEIS (SA) Switzerland, Chemin de Precossy 7-9, CH-1260 Nyon / VD, Suisse, Phone: +41 22 360 94 00, Fax: +41 22 360 94 60
Please note that not all sub-funds and share classes may be available in each jurisdiction. This content is marketing and does not constitute an offer or solicitation to buy any fund(s) mentioned. No promotion or offer is intended other than where the fund(s) is/are authorized for distribution.
Please visit https://www.aegonam.com/en/contact/ for an English summary of investor rights and more information on access to collective redress mechanisms.
Mark Peden, investment manager, is a member of the global equities team, is the architect of and has been the lead investmentmanager of the Aegon Global Equity Income strategy since its inception in 2011
