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.
In the latest of our monthly edition of Soapbox Snippets, we round up some of the news from the world of sustainable investing.
SEC disclosures
After two years of debate, the SEC has finalised its climate-related disclosure rules. Overall, it's considered as a step in the right direction, with many fearing that the new rules might not pass at all. Public companies will now be required to report greenhouse gas emissions and explain how they identify key information about the risks and opportunities their businesses face due to climate change.
However, these rules have been significantly watered down from their initial form. The biggest change from the proposed rules being that companies will not be required to disclose ‘scope 3’ emissions. The number of companies required to report ‘scope 1’ and ‘scope 2’ emissions has also been narrowed significantly.
Then there's the small print (I know, yawn) that allows companies to not report at all if they themselves deem their emissions to be "immaterial". How many companies will use this small print remains to be seen.
The original intention, which was to enhance and standardise climate-related disclosures is somewhat met… but not really.
IEA Global Methane Tracker 2024
The IEA recently released their Global Methane Tracker, marking the first comprehensive update on global methane emissions since the Dubai COP28 in December.
This report underscores the critical role of methane emissions, which have contributed to nearly a third of the rise in global temperatures since the Industrial Revolution, and highlights that they remain alarmingly high, posing a significant obstacle to meeting international climate targets.
According to the report, methane emissions from the production and use of fossil fuels reached close to 120 million tonnes in 2023, showing a slight increase compared to 2022 and to stay within the 1.5°C warming limit outlined in the Paris Agreement, methane emissions from fossil fuels must decrease by 75% within this decade. The report also highlighted that in 2023, the global fossil fuel operations lost an alarming 170 billion cubic meters of methane, surpassing the natural gas production of Qatar!
Despite efforts, methane emissions from the energy sector remained near record levels last year. However, recent policy initiatives and regulations, coupled with new commitments arising from the COP28 climate summit, hold promise for a reversal in this trend.
IEA analysis suggests that full and timely implementation of methane reduction pledges made by countries and companies could halve methane emissions from fossil fuels by 2030. Additionally, advancements in satellite technology continue to enhance our understanding of methane emissions and their sources, facilitating improved transparency and swift mitigation of large leaks.
EU AI Act
In March, the EU passed the AI Act, marking a significant milestone in the regulation of artificial intelligence. The act that echoes the ambition and broad scope of the GDPR, aims to govern the rapidly evolving landscape of AI technologies. With the absence of comparable US legislation, it is poised to shape the future of AI governance in the western world.
However, while the act is in its final stages - awaiting a formal approval vote in the Council of Ministers - it has already garnered attention for its ambitious scope. It sets regulations for general-purpose AI systems, with a strong emphasis on addressing applications deemed high-risk. These cover critical sectors such as infrastructure, education, healthcare, banking, migration, justice, and law enforcement.
General-purpose AI systems, and models they are based on, must meet certain transparency requirements, including compliance with EU copyright law and publishing detailed summaries of the content used for training. The more powerful models that could pose systemic risks will face additional requirements, including performing model evaluations, assessing and mitigating systemic risks, and reporting on incidents.
In addition to establishing regulatory frameworks, the AI Act explicitly prohibits certain AI applications, including untargeted facial image scraping, emotion recognition in workplaces and schools, and biometric categorisation systems using sensitive characteristics. It also addresses concerns about AI systems that may manipulate individuals or exploit vulnerabilities, although it stops short of a complete ban on biometric identification systems in law enforcement.
Despite these measures, there are concerns about the enforcement of these rules, particularly regarding high-risk algorithms. To address this, the EU plans to establish the European AI Office, tasked with overseeing AI matters across the union.
Further questions linger about whether the penalties outlined in the AI Act will serve as effective deterrents for companies. Regulators will have the authority to impose fines ranging from $8.2 million to $38.2 million or between 1.5% and 7% of a company’s global turnover, depending on the severity of the violation. Yet, there is scepticism, as previous fines imposed on tech giants have often been viewed as insignificant.
Enforcement of the AI Act will be phased in, with banned use cases taking effect within six months, obligations on providers of general-purpose AI systems enforceable within a year, and other provisions rolling out within two to three years. However, given the rapid pace of AI advancements, there's a possibility that the landscape may significantly change by the time these provisions come into effect.
Circular economy could save $100bn on waste management costs annually
According to the United Nations Environment Programme’s (UNEP) Global Waste Management Outlook 2024 (GWMO 2024) report - which is the biggest update on global waste generation and the cost of waste and its management since 2018 – the circular economy could save $100 billion on waste management costs.
The report found that municipal solid waste generation is predicted to grow from 2.3 billion tonnes in 2023 to 3.8 billion tonnes by 2050 - a 66% increase. When combining factors such as pollution, poor health, and emissions from poor waste disposal practices, UNEP warns that this rise will cost $361 billion, up from a direct cost of $252 billion in 2020.
The report emphasises that embracing better waste management controls and focusing on prevention as part of a switch to a circular economy could drastically cut costs. Better municipal waste management alone could limit net annual costs by 2050 to $270.2 billion, but decoupling waste generation from economic growth and promoting waste avoidance could deliver a net gain of $108.5 billion annually.
Shell Shock: climate change and Easter egg prices
With Easter around the corner, Easter egg prices might leave you hopping mad.
Which? has found that some Easter egg prices have risen by upwards of 50%. Cocoa growers in West Africa have been battling the extremes of climate change, seeing a drop in yields.
First, high temperatures have increased rates of evaporation meaning there is less moisture for cocoa plants. On top of that, intense rains towards the end of 2023 created wet conditions allowing fungal infections to spoil cocoa beans.
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 Ltd. 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.