US High Yield
Overview

Objective

Outperform the benchmark over a full cycle

Benchmark

Bloomberg US Corporate High Yield 2% Issuer Capped Index

Investment Style
  • Traditional US high yield fixed income strategy
  • Credit-intensive, fundamentally drivesn process
  • Relative value-oriented, opportunistic total return approach 

Universe

Primarily frocused on US high yield bonds but may include opportunistic allocations to investment grade bonds, bank loans and emerging market bonds.

Inception Date

June 1, 1997

Vehicles & Minimums
  • Separate account minimum: $50 million
  • Collective investment trust minimum: $1 million

 

Characteristics

 

 

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.

 

***Yield-to-worst should not be interpreted as performance. Request composite trailing return data here.

Portfolio managers
Kevin Bakker, CFA
Co-head of US High Yield and Senior Portfolio Manager

Kevin Bakker, CFA, is co-head of US high yield and a senior portfolio manager responsible for US and global high yield portfolio management

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Ben Miller, CFA
Co-Head of US High Yield & Senior Portfolio Manager

Ben Miller, CFA, is co-head of US high yield and a senior portfolio manager responsible for US and global high yield poratfolio management.

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Jim Schaeffer
Head of US Leveraged Finance & Global CLOs

Jim Schaeffer is head of US leveraged finance & global CLOs and serves as a portfolio manager for the various leveraged finance strategies.  

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Important Disclosures

Offered by Aegon Asset Management US

Investments in high yield bonds may be subject to greater volatility than fixed income alternatives, including loss of principal and interest, as a result of the higher likelihood of default. The value of these securities may also decline when interest rates increase.