Aegon Equities Flash Report
See below for the December Equity Funds performance and positioning information*.

 

Fund

Fund (%)

Benchmark (%)

Aegon Global Equity Income Fund

-0.30

MSCI World AC index (GBP)

-0.88

Aegon Sustainable Equity Fund

-1.89

Sector median

-1.52

Aegon Global Sustainable Equity Fund

-1.89

MSCI World AC Index (GBP)

-0.88

Aegon Ethical Equity Fund

-3.29

Sector median

-1.30
Equity market backdrop
  • The MSCI ACWI lost -0.88% in December, but gained 20.13% for 2024.

  • US markets cooled post-Trump election rally due to concerns over fiscal policies and inflation.

  • The Fed cut rates in December but signaled only two more cuts in 2025 were expected, impacting US indices.

  • Europe’s economic data remained weak, with political issues in France and Germany and few signs of growth in the UK economy.

  • China announced a shift to "appropriately loose" monetary policy, but concerns over domestic consumption and the property market persisted.
Aegon Global Equity Income Fund
  • The fund outperformed peers, marking its eighth consecutive year of above-median performance.

  • Technology holdings, especially Broadcom, TSMC, and Delta Electronics, were top contributors.

  • Darden Restaurants also performed well after strong fiscal Q2 results.

  • US industrial holdings like Eaton Corp., Watsco, and United Rentals were the largest detractors.

  • Added Alphabet and Meta to the portfolio, funded by trimming other tech names and exiting Weyerhaeuser.
Visit the Aegon Global Equity Income Fund page
Aegon global sustainable equity funds

Our global sustainable equity strategy is available to investors through the UK-domiciled Aegon Sustainable Equity Fund and the Irish-domiciled Aegon Global Sustainable Equity Fund.

  • Growth – particularly mega and large-cap names - outperformed value, which hurt fund performance given our underweight in the former.

  • Top contributors included Marvell Technology, Cloudflare, and Endava, with Hyundai Electric and Planet Fitness also performing well.

  • Main detractors were affected by market shape, with TopBuild, Advanced Drainage Systems, and American Tower impacted by rate cut expectations.

  • Novo Nordisk fell on disappointing trial data for a new weight loss treatment.

  • New addition: Powerfleet; Complete sale: Amplifon.

 

Visit the Aegon Sustainable Equity Fund Fund page >

Visit the Aegon Global Sustainable Equity Fund page >

Aegon Ethical Equity Fund
  • Both sector allocation and stock selection dragged on returns in December.

  • Overweight positions in tech and industrials detracted, but lack of exposure to basic materials helped.

  • Watches of Switzerland and Trustpilot were top performers, with Just Group and Oxford Instruments also adding value.

  • Not holding HSBC was the largest relative detractor.

  • Ashtead and Ferguson were key negatives due to earnings calls and market dynamics.

  • Other detractors were mainly driven by macro factors rather than stock-specific news

 

Visit the Aegon Ethical Equity Fund page

*Source: Lipper as at 31 December 2024. NAV to NAV, noon prices, income reinvested, net of ongoing charges, excluding entry or exit charges. Performance for the Aegon Global Equity Income Fund is for the C Inc GBP share class. Performance for the Aegon Global Sustainable Equity Fund is for the B Acc GBP share class. Performance for the Aegon Sustainable Equity Fund is for the B Acc GBP share class. Performance for the Aegon Ethical Equity Fund is for the B Acc GBP share class.

 

The performance benchmark for the Aegon Global Equity Income Fund and the Aegon Global Sustainable Equity Fund is the MSCI All Countries World Index GBP. Index benchmarks have close of day prices. For the Aegon Sustainable Equity Fund: Investors are invited to compare the Fund’s performance against the performance of other funds within the Investment Association Global Sector. For the Aegon Ethical Equity Fund: Investors are invited to compare the Fund’s performance against the performance of other funds within the Investment Association UK All Companies Sector. Comparison of the Fund against this Sector will give investors an indication of how the Fund is performing compared with Funds investing in a similar but not identical investment universe. This comparison should be performed over at least a 7-year period to provide the most useful long-term comparison.

Equities email update

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Risks

The main risks of investing in these funds are:

 

Liquidity

Other markets

Concentration

Foreign exchange

Strategic Global Bond Fund

 ✘ ✘ ✘ ✘

High Yield Global Bond Fund

 ✘ ✘ ✘ ✘


For more information on the risks involved with these funds please see the Prospectus/KIID.

Calendar Year Performance (%)

Source: Lipper as at 31 December 2024. NAV to NAV, noon prices, income reinvested, net of ongoing charges, excluding entry or exit charges. Performance for the Aegon Global Equity Income Fund is for the C Inc GBP share class. Performance for the Aegon Global Sustainable Equity Fund is for the B Acc GBP share class, the Fund launched 21 April 2016. The performance benchmark for the Aegon Global Equity Income Fund and the Aegon Global Sustainable Equity Fund is the MSCI All Countries World Index GBP.

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

 

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.

 

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.

 

Fund Charges are taken from income but will be taken from capital where income is insufficient to cover charges, except the Aegon Global Equity Income Fund where the fund charges are deducted from capital which has the effect of increasing income distributions but constraining capital growth.

 

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.

 

All data is sourced to Aegon Asset Management UK plc 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 Asset Management UK plc under licence.  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 Asset Management UK plc or any other person connected to, or from whom Aegon Asset Management UK plc sources, 3rd Party Data is liable for any losses or liabilities arising from use of 3rd Party Data.

 

Aegon Asset Management Investment Company (Ireland) Plc (AAMICI) is an umbrella type open-ended investment company which is authorised and regulated by the Central Bank of Ireland. Aegon Investment Management B.V (Aegon AM NL) is the appointed management company. Aegon AM NL is registered with and supervised by the Dutch Authority for Financial Markets (AFM).

 

Aegon AM UK markets AAMICI in the UK and otherwise outside of the EEA. Aegon Asset Management UK plc (Aegon AM UK) is authorised 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.

 

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