US Bank Loans CLO
Overview

Objective

Outperform the benchmark on a risk-adjusted basis over a full credit cycle

Benchmark

  S&P UBS Leveraged Loan Index  

Investment Style
  • Constrained bank loan strategy with emphasis on downside protection
  • Credit-intensive, fundamentally driven process
  • Relative value-oriented and opportunistic total return investment approach 

Universe

Primarily senior secured bank loans and limited allocations to cash / cash equivalents

Inception Date

January 1, 2000

Vehicles & Minimums

Separate account minimum: $50 million
Performance & Characteristics

 

As of March 31, 2025. Past performance is not indicative of future results. Returns are gross and net of management fees and include the reinvestment of all income. Returns for period longer than 12 months have been annualized. The inception date of Bank Loans CLO Composite is January 1, 2000. The firm claims GIPS compliance since 2002.  As a result, this slide includes composite data since 2002. Click here for a definition of the index.

 
 

Source: Aegon AM. Percentages based on market value as of March 31, 2025. Numbers may not add due to rounding. The above information represents the top 10 largest long positions in the representative account based on the aggregate dollar value. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the account and the reader should not assume that investments in the securities identified and discussed were or will be profitable. All information is provided for informational purposes only and should not be deemed as a recommendation to buy the securities mentioned. Top 10 holdings excludes cash and cash equivalent positions. Click here for term definitions.

 

**Effective June 1, 2022, credit quality calculations are sourced to Aegon AM and reflect a proprietary methodology. Credit quality calculations prior to June 1, 2022, may be different. Credit ratings for the portfolio reflect the Bloomberg Indices credit quality methodology which is the middle rating of the three agencies, if only rated by two agencies it uses the lower rating and if only rated by one entity it uses that rating. Ratings are calculated by applying the methodology to available ratings from rating agencies. If the rating is NR on a structured security, the methodology will look to both DBRS and Kroll and use the lower rating; if rated by one, use that rating; else it will remain NR. Average Quality excludes cash and securities that are not rated. The credit quality of a security or group of securities does not ensure the stability or safety of the overall portfolio. NR includes securities that are not rated by S&P®, Moody’s®, or Fitch and may contain bonds, equities and/or bank loans.

 
Portfolio managers
Jason Felderman, CFA
Head of Leveraged Loans

Jason Felderman, CFA, head of leveraged loans and a senior portfolio manager responsible for the overall management and development of all leveraged loans portfolios. 

View profile
Zach Halstead
Senior Portfolio Manager

Zach Halstead is a senior portfolio manager responsible for the portfolio management of bank loans strategies.

View profile
Important Disclosures

Offered by Aegon Asset Management US

Past performance is not indicative of future results. The net of fees performance is time weighted and includes the reinvestment of dividends, interest, and other earnings, and is calculated net of model fees and expenses. The gross of fees performance figures do not reflect the deduction of investment advisory fees (as described in the firm's ADV, Part 2), and other expenses. Cash is included in the calculation of performance. The client's return will be reduced by the management fees and any other expenses it may incur in the management of its investment advisory account. The volatility of the performance shown may be materially different from the individual performance attained by any specific investor. In addition, client holdings may differ significantly from the securities that comprise the index. It is not possible to invest directly in an index, which also does not take into account trading commissions and costs. In addition, the actual investment advisory fees incurred by the client will vary according to the asset classes in the account and the size of the account.  An individual client's actual returns may differ from the results shown for reasons such as the timing of investments and withdrawals.

 

Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans and such prepayments cannot be predicted with accuracy. There is no guarantee that the liquidation of any collateral from a secured bank loan would satisfy the borrower's obligation or that such collateral could be liquidated if necessary. 

The US dollar is the currency used to express performance.

 

The composite's primary benchmark changed over time. Returns reflect multiple benchmarks during the composite's history. Effective January 1, 2017, the composite was redefined to include only constrained assets; excluding the floating rate assets in sub-advised portfolios.  This change was made to reduce confusion between the two AUIM Leveraged Loans composites. From January 1, 2005 to December 31, 2016, the benchmark was the S&P/LSTA Leveraged Loan Index (Blend BB index = 60% and B index = 40%). For years 2000 through 2004 the benchmark was the ICE Bank of America Leveraged Loans Index. The index was revised in 2005 because Bank of America terminated the Leveraged Loan index.

 

Aegon AM US claims compliance with the Global Investment Performance Standards (GIPS®). Please contact Aegon AM US at 877-234-6862 to obtain a GIPS Composite Report for the strategy presented in this advertisement.

 

GIPS® is a registered trademark owned by CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.