Aegon Asset Management
The latest research and outlooks in the ProAllocate library
- Fixed Income
Podcast: Strategic Thinking Out Loud – November 2026
Aegon Asset Management's Colin Finlayson argues bond yields have fallen from multi-year highs as markets pivot focus from inflation to growth risks, prompting him to add duration to Strategic Bond funds since late September.
- Macro
Implications of the “blue-nami”
Aegon Asset Management's Frank Rybinski assesses the 2026 US midterms, arguing Democrats' large majority dilutes progressive influence while divided government raises fiscal tail risks like shutdowns. He also contends NIMBY data-center opposition will delay and relocate AI infrastructure rather than derail overall buildout demand.
- Equities
Strong earnings, higher expectations: why markets want more
Aegon AM's Jordy Hermanns and Peter Spijkman note Q3 earnings growth remains exceptionally strong in the US and Europe, but elevated expectations around AI spending are causing muted or negative share-price reactions. Europe's growth, led by AEX stocks like Shell, ASML and BESI, is narrowly concentrated in energy, AI and financials.
- Fixed Income
Short-dated credit: Attractive income without unnecessary duration risk
Aegon Asset Management's Colin Finlayson and Rory Sandilands argue short-dated corporate credit offers near-5% yields with limited duration risk, making it attractive despite tight spreads. They contend investors should focus on all-in yield rather than waiting for wider spreads.
- Fixed Income
“Would you rather…?”
Aegon Asset Management's Colin Finlayson highlights that Microsoft's new 40-year bond yields 6.36%, placing it between Indonesian and Panamanian sovereign debt despite its top-tier credit rating. He argues this reflects how recent credit-spread widening and AI-related concerns have repriced high-quality corporate bonds.
- Macro
October FOMC meeting: See you in December
Aegon AM's Frank Rybinski argues persistent inflation and a hawkish FOMC dissent signal further Fed rate hikes are coming, likely in December and March, while questioning new Chair Kevin Warsh's market communication and credibility.
- Fixed Income
European structured credit amid French fiscal pressures
Aegon Asset Management's Balint Vágvölgyi and Egbert Bronsema assess how French political and fiscal turmoil is repricing French RMBS, ABS and CLO exposures, concluding risks remain contained with senior tranches well protected.
- Sustainability
Nature risk: From awareness to action
Aegon AM's Miranda Beacham argues the ISSB's new nature-related disclosure exposure draft, aligned with TNFD, marks a significant step toward mainstreaming nature risk into financial analysis despite imperfect data.
- Fixed Income
CLOs – a mature asset class in strong demand
Aegon Asset Management's Bálint Vágvölgyi and fellow CLO specialists argue strong, broad-based demand for CLOs reflects compelling risk-adjusted returns, transparency and regulatory tailwinds like Solvency II and NAIC reform. They caution investors must still assess manager behaviour, correlation and valuation risks.