AEGON USA Investment Management, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 1, 2025), AEGON USA Investment Management, LLC reported 14 stock positions worth $93.1 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 88.7% of the portfolio, followed by Vanguard Total Bond Market (BND, 3.4%) and SS Blackstone Sr Loan ETF (SRLN, 2.1%). Compared with Q4 2024, it added to 2 and reduced 3. The biggest buy was Vanguard Mrngstar GR ETF-Sui (VUG, shares +15%) and the biggest sale Highland Opport & Income (HFRO, shares −46%).

Most Recent 13F
Q2 2026
Location
CEDAR RAPIDS, IA
CIK
0001454937
Portfolio Value
$93.1M (Q1 2025)
SEC Filing
0001454937-25-000006 ↗ filed May 1, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $96.8M Q1 2024 Q2 2024: $98.3M Q2 2024 Q3 2024: $100.3M Q3 2024 Q4 2024: $99.1M Q4 2024 Q1 2025: $93.1M $93.1M Q1 2025 Q2 2025: $98.7M Q2 2025 Q3 2025: $114.0M Q3 2025 Q4 2025: $111.2M Q4 2025 Q1 2026: $101.2M Q1 2026 Q2 2026: $115.1M Q2 2026

Holdings 14 stocks · $93.1M
VTI VG Morningstar TS MKT ETF-US 88.68% 300,339 $82.5M Reduce -1.1%
BND Vanguard Total Bond Market 3.37% 42,648 $3.1M Reduce -1.7%
SRLN SS Blackstone Sr Loan ETF 2.09% 47,300 $1.9M No change
BKLN Invesco Senior Loan ETF 1.58% 71,000 $1.5M No change
VGSH Vanguard Short-Term Treasury 0.85% 13,500 $792K No change
HFRO Highland Opport & Income 0.59% 105,895 $551K Reduce -46.1%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.47% 5,575 $440K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.46% 1,152 $427K Add +15.0%
CBL CBL & Associates Properties 0.43% 14,909 $396K No change
SPHQ Invesco S&P 500 Quality ETF 0.41% 5,725 $380K No change
FCT First Trust SNR FL RT Inc. II 0.33% 30,017 $304K No change
CCO Clear Channel Outdoor Holdin 0.29% 240,310 $267K Add +11.3%
HIX Western Asset High Inc. II 0.27% 60,614 $253K No change
IHRT Iheartmedia Inc. Class A 0.19% 106,447 $176K No change
Other holdings (24): bonds, preferreds, convertibles and warrants · $29.1M (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 2,488$3.1MReduce -2.2%
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal 2,268,000$2.5MNo change
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 57,000$2.3MNo change
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 1,759,000$1.9MNo change
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) NOTE 0.750% 5/0 · principal 766,000$1.9MNo change
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 1,847,000$1.8MNo change
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 1,403,000$1.7MNo change
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 1,800,000$1.7MNew
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 22,713$1.7MReduce -12.3%
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal 981,000$1.3MNo change
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 1,122,000$1.3MNo change
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 1,129,000$1.2MNo change
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) NOTE 1.250% 5/0 · principal 1,128,000$1.1MReduce -21.0%
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 932,000$1.1MNo change
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 905,000$1.0MNo change
EXPEDIA GROUP INC (EXPE 0 02/15/26) NOTE 2/1 · principal 882,000$869KNo change
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal 746,000$797KNo change
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 621,000$717KNew
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) NOTE 3.625% 6/1 · principal 500,000$511KNo change
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 8,000$386KNo change
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) NOTE 7.500%10/1 · principal 155,000$157KNo change
SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) NOTE 0.250%12/0 · principal 1,000,000$90KNew
SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28) NOTE 2.625% 2/1 · principal 1,000,000$80KNew
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A · principal 3,070$4KReduce -6.8%

Total filed on the 13F, all lines: $122.2M.

Portfolio Sells Q4 2024 → Q1 2025
HFRO Highland Opport & Income Reduce -46.1% 0.59% −0.44
VTI VG Morningstar TS MKT ETF-US Reduce -1.1% 88.68% −0.08
BND Vanguard Total Bond Market Reduce -1.7% 3.37% +0.22

Portfolio Buys Q4 2024 → Q1 2025
VUG Vanguard Mrngstar GR ETF-Sui Add +15.0% 0.46% +0.04
CCO Clear Channel Outdoor Holdin Add +11.3% 0.29% −0.01

Notes & Other Activity Q4 2024 → Q1 2025
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Reduce -2.2% 2,488 $3.1M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal New 1,800,000 $1.7M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Reduce -12.3% 22,713 $1.7M
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) NOTE 1.250% 5/0 · principal Reduce -21.0% 1,128,000 $1.1M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal New 621,000 $717K
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) NOTE 0.750% 3/1 · principal Sold out 588,000 $581Kbefore exit
PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) NOTE 6.375% 3/0 · principal Sold out 217,000 $215Kbefore exit
SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) NOTE 0.250%12/0 · principal New 1,000,000 $90K
SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28) NOTE 2.625% 2/1 · principal New 1,000,000 $80K
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A · principal Reduce -6.8% 3,070 $4K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 19$115.1MVTI, WW, BND, SRLN, OPI
Q1 2026 17$101.2MVTI, BND, WW, SRLN, VGSH
Q4 2025 18$111.2MVTI, WW, BND, SRLN, BKLN
Q3 2025 16$114.0MVTI, WW, BND, SRLN, BKLN
Q2 2025 15$98.7MVTI, BND, SRLN, VGSH, BKLN
Q1 2025 14$93.1MVTI, BND, SRLN, BKLN, VGSH
Q4 2024 14$99.1MVTI, BND, SRLN, BKLN, HFRO
Q3 2024 16$100.3MVTI, BND, SRLN, BKLN, HFRO
Q2 2024 21$98.3MVTI, BND, SRLN, BKLN, CBL
Q1 2024 22$96.8MVTI, BND, SRLN, BKLN, CBL