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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.
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Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
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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.
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Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
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As the world is rocked by the Russia-Ukraine war, global energy markets have been thrown into turmoil. In the last year alone, the price of oil and natural gas have climbed by around 100%, with much of the change happening in the first three months of 2022.i This has led to a chorus of calls—mostly from the oil and gas industry and associated supporters—for increased investment and production of fossil fuels. However, as governments react with a raft of subsidies and other market manipulations in an effort to control consumer prices, it is increasingly clear financially, socially, and environmentally that the world would be better served by accelerating the transition to a net-zero energy system.
Ruthlessly efficient
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 market movements have left many wondering how this will end.
The global energy market is dominated by a handful of countries on both demand and supply. For example, the US is not only the world’s largest producer of oil and natural gas, but it is also the world’s largest consumer of both products.iv Not far behind is Russia, responsible for some 12% of global oil production and, more importantly, 17% of natural gas supplies.v Economically isolating Russia via sanctions at any level will thus necessarily influence energy markets. This puts consumer countries in a bind: embrace market disruption in the name of supporting Ukraine or pretend that there is something inherently apolitical about energy markets and they aren’t responsible for a Russian current account surplus.vi
Independence through dependence
At the same time, calls for energy independence are increasing. To many, this means that we should “open the taps” and look to further increase fossil fuel production. But what is energy independence, really? Independence is not increasing reliance on a finite amount of globally traded consumable commodities that are actively contributing to unmitigated climate change; it means isolation; it means no longer being exposed to the whims of global price swings influenced by more than just simple supply and demand.vii Isolation, in turn, means reducing demand for fossil fuels and boosting energy efficiency. Isolation means substitution. Isolation means new sources and storage methods. In essence, isolation—and true energy independence—will come from the transition to a net-zero energy system.
A bumpy road forward
Rising energy prices will test the resolve of any committed to the energy transition. Unfortunately, the world does not have a strong track record in committing to action, with examples ranging from G20 governments failing on promises to build back better in the face of record levels of stimulusviii to global oil and gas companies taking advantage of sanction-driven price discrepancies to buy Russian oil at discount.ix All this despite repeated evidence that investing in the energy transition is not only cheaper than the continued use of fossil fuels,x but will also bring greater economic benefitsxi alongside other health and human benefits as well.xii
How can investors continue to support the energy transition? At a fundamental level, nothing has changed. Recent energy market swings have further illustrated the benefits of the shift toward a net-zero carbon economy, and the need for investors to insulate their portfolios from transition risk. Further action to capitalize on long-term sustainable growth trends, investing in the innovation and deployment of necessary technologies to support a net-zero energy system, will not only reduce financial risk but encourage the required greenhouse gas reductions in the real economy.
There is a continued expectation that the years leading up to 2030 will play a determining role in the future of our climate. There will always be an excuse for inaction, but as the recent IPCC report made clear, the future depends on us—where every additional delay further closes the window we have to secure a livable and sustainable future.xiii What better time than now—with markets in turmoil and fossil fuel-funded conflict causing geopolitical instability—to break the world’s fossil fuel habit and transition to a net-zero future?
i Aegon AM calculation based on data from Bloomberg Finance
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 AM is under no obligation, expressed or implied, to update the information contained herein. Neither Aegon AM nor any of its affiliated entities are undertaking to provide impartial investment advice or give advice in a fiduciary capacity for purposes 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, the following wholly or partially owned affiliates may also conduct certain business activities under the Aegon Asset Management brand: Aegon Asset Management (Asia) Limited (Aegon AM Asia), Aegon Private Fund Management (Shanghai) Co., Ltd.
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. Aegon AM US is also registered as a Commodity Trading Advisor (CTA) with the Commodity Figures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). Aegon AM NL is registered with the Netherlands Authority for the Financial Markets as a licensed fund management company and on the basis of its fund management license is also authorized to provide individual portfolio management and advisory services in certain jurisdictions. Aegon AM NL has also entered into a participating affiliate arrangement with Aegon AM US. Aegon AM Asia is regulated in Hong Kong by the Securities and Futures Commission of Hong Kong for Professional Investors only (under SFC Ordinance Cap 571); in China, Aegon Private Fund Management (Shanghai) Co., Ltd is regulated by the China Securities Regulatory Commission (CSRC) and the Asset Management Association of China (AMAC) for Qualified Investors only; In Taiwan Neither Aegon Asset Management nor any of its affiliates are registered and may not sell, issue, or offer any products or services while in Taiwan. Marketing is intended to Professional Investors only has not been reviewed or endorsed by any regulatory authority in Taiwan; In Korea, Aegon USA Investment Management (AUIM) is registered as a CB-DIM and delegates Aegon Asset Management (Asia) Ltd to provide marketing and client services in Korea. Intended for Qualified Professional Investors only and contents have not been reviewed or endorsed by any regulatory authority in Korea; In Japan, neither Aegon Asset Management nor any of its affiliates carry on investment business. Intended for accredited, expert or institutional investors only and contents have not been reviewed by the Financial Services Agency of Japan.