The Great Capex Resurgence - A Cautionary Tale

As we close out the year, a robust US economy, revised tax code and repatriation of foreign earnings has provided US companies with a boost to profit growth which typically signals a resurgence of capital-expenditure spending (capex) and a strong growth outlook. While the general consensus sees a slight slowing of capex spending, we are more cautious going into year-end as we think the risk is asymmetrically skewed to the downside.

Aegon Insights

LDI is in our DNA

Aegon AM US combines the full complement of its deep, fundamental, bottom-up research culture, the global top-down house view process, and the firm's risk management systems, to provide customized liability-driven investment solutions.

Our Investment Centers

We understand the importance of long-term relationships, robust risk management and sustainable outperformance.

Aegon AM US provides fixed income strategies across the quality and yield spectrum to institutional investors.


Defining characteristics:
• Bottom-up, research-driven process informed by top-down analysis
• Integrated investment team comprised of industry-focused credit analysts and dedicated specialty research teams
• Collaborative, team-based research and portfolio management conducted by experienced, long-tenured investment team members

Real Estate

Aegon Real Assets US provides yield-oriented private debt and equity strategies and specialty solutions across tax credit equity, energy private equity, real estate private equity, asset management, commercial mortgage loans, agricultural loans, affordable housing debt, and loan servicing and special servicing.


Defining characteristics:
• A culture of creativity coupled with decades of experience structuring private real assets tailored to client preferences
• Cycle tested, disciplined and vertically integrated platform supported by applied research and risk management
• Deep market access coupled with focused underwriting teams
• Emphasis on, and long history of responsible investing seeking positive social and environmental impact

Kames Capital, based in the UK, provides globally-diversified fixed income, equities and multi-asset investment solutions.


Defining characteristics:
• Active manager with a high conviction approach, blending a top-down perspective with bottom-up analysis
• Robust and disciplined investment process
• Experienced and deeply-resourced investment and risk management teams