Aegon Euro Credits Fund: marking 17 years of consistent strong performance

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Article Type

Insights

Topic

Credit

Published

March 10, 2026

Read time

5 mins

Authors

Johan Rol
Lotte ten Braak

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Institutional investors have long benefited from our Euro Credits Fund which not only has outperformed its benchmark for 17 years in a row, but is also an ideal solution to match their liabilities.

The Aegon Euro Credits Fund was established in 1998 to provide clients with active exposure to European credits while keeping a low tracking error. Since then, the strategy has outperformed its benchmark by 44 basis points annually. The beginning of 2026 marks 17 years of outperformance in a row, showcasing our capability to deliver solid and stable returns¹, unmoved by periods of financial market volatility.

Cumulative Performance

_{Figure 1: Aegon Euro Credits Fund and Benchmark (Barclays Capital Euro-Aggregate Corporate Bond Index). Net returns in Euro. Source: Aegon AM, as at 31 December 2025.}

Experienced and dedicated team: The basis for a stable and strong track record

The fund is managed by a team of 4 experienced portfolio managers based in the Netherlands. They are assisted by a dedicated global credit research team of 25 analysts. Our global expertise supports rigorous security selection and enables the team to make optimal investment decisions that maximize returns while mitigating risks.

Attractive matching solution for liability-driven investors

The matching portfolio is crucial for many institutional investors, such as pension funds or insurance companies. Its primary goal is to provide a hedge for future liabilities. Assets are selected for their strong correlation with swap rates, against which future liability cash flows are discounted. For this reason, quality is paramount: assets must be investment-grade to maintain portfolio stability and reduce tracking error.

Investment-grade credits are excellent instruments for hedging interest rate risk on the short end of the curve while obtaining the additional carry. The Aegon Euro Credits Fund is an actively managed strategy that seeks to achieve its investment objective by investing directly in euro denominated investment grade corporate bonds and is a great choice to obtain investment-grade credits exposure.

Investment-grade credits are positioned for strength in 2026

Investment-grade credits are still offering attractive yields. With historically low levels of debt and positive earnings growth, asset class fundamentals remain strong. European countries are increasing fiscal spending on long-term investments such as infrastructure and defense, which should provide additional support against potential tariff impact. With this in mind, credits are in a good position to withstand potential headwinds in the coming year. Nevertheless, some sectors, such as chemicals, are beginning to feel the effects of tariffs. With this in mind, we believe corporate bonds are in a good position and anticipate the coming year to be an excellent year for security selection.

¹ _{the Fund also outperformed the market with 1.86% annualized return versus the benchmark’s 1.45% annualized return. Source: Aegon Asset Management. Fund and benchmark annualized return 10-year time frame as of 31 December 2025.}

Disclaimer

For Professional Investors only and not to be distributed to or relied upon by retail clients.

The offer and the marketing of units of the Aegon Euro Credits Fund in Switzerland will be exclusively made to, and directed at, qualified investors (the "Qualified Investors"), as defined in Article 10(3) and (3ter) of the Swiss Collective Investment Schemes Act ("CISA") and its implementing ordinance, at the exclusion of qualified investors with an opting-out pursuant to Art. 5(1) of the Swiss Federal Act on Financial Services ("FinSA") and without any portfolio management or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA ("Excluded Qualified Investors"). Accordingly, the Aegon Euro Credits Fund has not been and will not be registered with the Swiss Financial Market Supervisory Authority ("FINMA") and no representative or paying agent have been or will be appointed in Switzerland. This document and/or any other offering or marketing materials relating to the [units of the Aegon Euro Credits Fund may be made available in Switzerland solely to Qualified Investors, at the exclusion of Excluded Qualified Investors.

This is a marketing communication. Please refer to the following legal documents of the UCITS before making any final investment decisions. For UK investors: This product is based overseas (Ireland) and is not subject to UK sustainable investment labelling and disclosure requirements. Please read the Key Investor Information, Prospectus, Supplementary Information Document and Application Form carefully. Consider getting financial advice if you need help to understand the investment and both the risks and opportunities involved. This product is authorised overseas but not in the United Kingdom and the Financial Ombudsman Service is unlikely to be able to consider complaints related to the product, its operator or depositary. Any claims for losses relating to the operator or depositary of this product are unlikely to be covered under the Financial Services Compensation Scheme. 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.

All investments contain risk and may lose value. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized, or judgement exercised, by any company of Aegon Asset Management will reflect the beliefs or values of any one particular investor. Responsible investing norms differ by region. There is no assurance that the responsible investing strategy and techniques employed will be successful. Investors should consult their investment professional prior to making an investment decision.

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 Europe ICAV is an umbrella type open-ended investment company with variable capital, registered in the Republic of Ireland (Company No. C153036) at 25-28 North Wall Quay, International Financial Services Centre, Dublin 1. Board of Directors: M. Kirby, S.Donald and B. Wright. Aegon Asset Management Europe ICAV is 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). [For Switzerland, ICAV 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]

Aegon Asset Management UK plc is an appointed sub-promoter for Aegon Asset management Europe ICAV. Aegon Asset Management UK plc is authorized and regulated by the Financial Conduct Authority.

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/contact/ for an English summary of investor rights and more information on access to collective redress mechanisms

AdTrax code: 8796228.1.| Expiry date: 26 February 2027

Authors

Johan Rol

Portfolio Manager

Johan Rol is a portfolio manager in the fixed income, LDI and investment solutions team with a focus on credits.

View profile

Lotte ten Braak

Portfolio Manager

Lotte ten Braak is a portfolio manager in the fixed income, LDI and investment solutions team with a focus on credits.

View profile

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Institutional investors have long benefited from our Euro Credits Fund which not only has outperformed its benchmark for 17 years in a row, but is also an ideal solution to match their liabilities.

Cumulative Performance

Experienced and dedicated team: The basis for a stable and strong track record

Attractive matching solution for liability-driven investors

Investment-grade credits are positioned for strength in 2026

Authors