Cash Flow-Driven Investing: An alternative solution to pension de-risking in a low interest rate environment

“许多计划赞助商通过在这一环境中分配更多责任驱动的投资（LDI）策略，犹豫不决的养老金计划已经犹豫不决，”客户解决方案领袖杰夫怀特黑德说，Aegon.Asset Management US。“但是有传统的LDI定位有替代方案，他们可以在完全LDI实施之前提供过渡机会。”

Cash flow-driven investing (CDI): An alternative to LDI

对于计划的赞助商，AEGON AM美国的赞助商不舒服，AEGON美国制定了一种替代方法，仍然允许实施多元化的股权和固定收益组合，但重点是满足短期现金流量的需求计划。如果需要，这种方法允许养老金计划维持返回资产的大量分配，同时将固定收入资产添加到曲线的前端，以匹配近期责任流出。“实施CDI战略允许计划利用扁平化产量曲线，并且它的设计潜力可以减轻需要清算资产的风险来利用养老金流出的风险，”白头说。

CDI投资组合拨款

AEGON AM美国建立了CDI组合，目的是在所需流出之前立即提供从优惠券，实到期和支付的现金流量。整个曲线的固定收入提供的广度与我们的深度和经验丰富的信用研究团队相结合，扩大了可能提供所需现金流量的投资机会宇宙，同时保持投资组合多样化。“我们的方法是定制的多个部门投资解决方案，并提供了在标准私人养老金折扣曲线上产生额外产量的计划，其中参考AA级公司债券，”爱国家资产管理高级投资组合经理Jeremy Mead说我们。“潜在的额外收益率是通过投资级公司债券，结构性融资，高产公司和新兴市场债务的投资寻求。”

对于寻求增强收益率的投资者来说，CDI加策略可能是更好的拟合，将更高的拨款融合到高产公司和新兴市场债务，以及增加银行贷款和令人痛苦的债务的分配。“加强CDI Plus的收益机会的机会也意味着与CDI战略相比，由于流动性，更高的现金流量不确定性和增加的信贷风险，风险更高。米德说，在投资组合施工阶段考虑了这些风险，以减少资产现金流量缺乏计划流出的潜力。“

The charts below depict hypothetical allocations and estimated yields for CDI and CDI Plus strategies as of March 31, 2018. These examples are for a generic plan; Aegon AM US works in partnership with clients to evaluate potential asset allocations to meet the desired cash flow and risk profiles of each plan.

过渡到LDI.

The implementation and continuation of a CDI approach can mean periodically funding the strategy with contributions, or re-allocating from other asset classes, to maintain a rolling matched cash-flow period. This longer-term approach to extending the cash-flow match allows for the transition into a more traditional LDI approach if yield opportunities and plan funded status improve over time. The graph below demonstrates a hypothetical pattern of sources of cash flow needed to meet projected liability cash flows. Note that the contributions shown in the chart may be deployed into CDI or LDI depending on the phase of transition in investment strategy.

计划赞助商仍在评估时间是否有权提交长期持续时间，LDI策略可能希望考虑CDI解决方案以满足短期现金流需求。今天的扁平趋势曲线为计划提案国提供了实施CDI战略的机会，潜在的好处会减轻需要清算资产的风险，以资助养老金流出。“Our team’s knowledge of multi-sector fixed-income investing, experience with asset liability matching, and our willingness to partner with plan sponsors on a customized solution, lend themselves to designing a solution to fit the needs of your specific plan,” says Whitehead.

^{过去的表现并不预示未来的结果。这种材料将用于制度投资者，而不是任何其他目的。亚博赞助欧冠正在提供与产品和服务的营销和广告有关的信息目的，提供此沟通。本材料包含经理的当前意见，此类意见可能会有变更，恕不另行通知。AEGON AM美国不义务，表达或暗示，以更新本文所载的材料。此材料仅包含投资事项的一般信息;它不应被视为任何事项的综合声明，不应依赖于此。如果随附的信息与AEGON之间存在任何冲突，则为ADV控制。所载的信息不会考虑任何投资者的投资目标，特别需要或财务状况。本材料中的任何内容都没有作出投资，法律，会计或税务建议，或任何投资或策略适合或适合您的代表。 The value of any investment may fluctuate. Investors should consult their investment professional prior to making an investment decision. Aegon AM is not undertaking to provide impartial investment advice or give advice in a fiduciary capacity for purposes of any applicable federal or state law or regulation. By receiving this communication, you agree with the intended purpose described above.}

^{所呈现的信息仅用于说明目的。个人账户可能因限制，替代，现金流量和其他因素而异。}

^{仅包含某些图表和图形的结果，仅供参考，不应依赖于协助或告知制定任何投资决策。}

^{Specific sectors mentioned to not represent all sectors in which Aegon AM US seeks investments. It should not be assumed that investments of securities in these sectors were or will be profitable.}

^{多元化并不能确保利润，也不保证损失。}

^{使用以下市场指数作为资产类别分配的代理计算，计算CDI和CDI和CDI和CDI加上假设固定收入分配所示的估计收益率计算。计算中使用的产量截至2018年3月31日。每个资产类别的产量被分配权重加权，以计算每项投资策略的估计产量。}

^{IG Corporates: Bloomberg Barclays US Intermediate Credit Index
新兴市场：Bloomberg Barclays新兴市场USD总计3-5年指数
CMBS: Bloomberg Barclays CMBS 1-3.5 Year IG Index
ABS：Bloomberg Barclays ABS指数
HY公司：Bloomberg Barclays US高收益率BA / B 1-5年指数非机构人民币：彭博巴拉金美国财政部1-3年指数
苦恼的债务：Bloomberg Barclays美国高收益CCC只有指数
银行贷款：信用瑞士杠杆贷款指数}

^{The hypothetical portfolio shown is based on Aegon AM US’ investment process and assessment of the market and reflects a portfolio of securities similar to one which the team would construct today if they were awarded a mandate of similar market value to the portfolio shown. The portfolio is based on sample guidelines and the credits selected are reflective of similarly managed portfolios, but do not reflect an actual portfolio currently being managed by Aegon AM US.}

^{个人账户中的投资组合持有和其他特征可能因各种事物而异，包括但不限于帐户规模，现金流量，帐户限制和其他特定客户的因素。所选的控股可能会对表现产生积极或负面影响。POSTFOLIO HOLDINGS每天都会有所变化。已经为比较而提供了假设的投资组合，并作为潜在分配的示例。不应该假设客户端的产品组合将反映所示示例的特征。虽然AEGON AM美国美国在类似策略中管理账户，但所显示的假设组合特征不是从代表账户中获取的。提供的具体特征可能不代表AEGON美国我们寻求投资的整个宇宙。}

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^{上市的控股和资产课程不应被解释为买卖特定安全或投资特定资产类别的投资建议或建议。所呈现的信息是假设帐户，仅用于说明目的。持有可能因各种事物而异，包括但不限于帐户的大小，帐户内的现金流量，以及对帐户的限制。所选的控股可能会对表现产生积极或负面影响。POSTFOLIO HOLDINGS每天都会有所变化。已经为比较而提供了组合示例，并作为潜在拨款的例子。不应该假设为任何投资组合购买的证券是或将是专业表或所列证券的盈利。不应该假设客户端的产品组合将镜像所示示例的特征。Aegon Am美国可以以与本报告不一致的方式交易自己的专有账户或其他客户账户，具体取决于短期交易策略，特定客户指南和其他变量。}

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