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

 

Fund

Fund (%)

Benchmark (%)

Aegon Global Equity Income Fund

4.13

MSCI World AC index (GBP)

4.29

Aegon Sustainable Equity Fund

3.73

Sector median

4.88

Aegon Global Sustainable Equity Fund

3.59

MSCI World AC Index (GBP)

4.20

Aegon Ethical Equity Fund

3.50

Sector median

4.76
Equity market backdrop

 

  • Investors started the year optimistically, pushing global equity markets higher, with the MSCI ACWI gaining 3.4% in January (in USD terms).

  • The new Trump administration's pro-growth, pro-business stance was initially taken well by the market.

  • However markets were caught off guard at the end of the month following the release of DeepSeek's 'R1' AI model, which caused a significant drop in AI supply chain stocks, highlighting the concentration and high valuations in these indices.

  • The DeepSeek developments caused a reversal of the trends we have become accustomed to over the past couple of years: value outperformed growth, with the US tech sector lagging, and Europe leading due to lower tech exposure, signs of improving economic data and positive results from some of its largest companies.

  • Results from financials were also strong across the board, a factor which helped boost the UK market over the month, given its exposure to the sector.  
Aegon Global Equity Income Fund
  • Not holding NVIDIA and Apple positively impacted performance, while holdings in Broadcom, Microsoft, and Eaton Corp. detracted due to weakness in AI-linked names.

  • Despite the overall weakness in tech related stocks, there was a notable bright spot in Accenture which announced a strategic investment in post quantum cyber security company QuSecure. 

  • Financials like Morgan Stanley, JPMorgan, and Macquarie performed well, driven by the new Republican administration's focus on bank deregulation.

  • There were no new purchases or complete sales in January, reflecting the Fund’s long-term philosophy and low turnover approach.
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.

  • Positive contributions came from a wide range of sectors, with notable gains from Planet Fitness, Trustpilot, and Citizens Financial.

  • Stocks related to the AI supply chain, such as NVIDIA and Chroma ATE, were weak due to the DeepSeek news, highlighting potential near-term headwinds but possible long-term benefits.

  • Trainline was the largest detractor, affected by UK government plans for the rail sector, which could impact its software business.

  • Sustainable engineering consultancy Tetra Tech fell after lowering its 2025 guidance due to uncertainty over new presidential administration policies, particularly related to USAID.

  • There were no new buys or complete sales over the month.

 

Visit the Aegon Sustainable Equity Fund Fund page >

Visit the Aegon Global Sustainable Equity Fund page >

Aegon Ethical Equity Fund
  • Stock selection detracted, while sector allocation was marginally positive. Zero exposure to consumer staples and basic materials was beneficial, but lack of exposure to the energy sector mitigated gains.

  • Experian, Intermediate Capital Group, and Spectris were the top contributors, driven by strong trading updates and performance.

  • Trainline, FDM Group, and Gamma Communications detracted from performance due to various market and operational challenges.

  • Experian was the top contributor, with strong performance driven by organic revenue growth and positive quarterly trading updates.

  • It was a light month for trading, with no new buys or complete sales.

 

Visit the Aegon Ethical Equity Fund page

*Source: Lipper as at 31 January 2025. 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.

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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.

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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.

 

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