AEGON USA Investment Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), AEGON USA Investment Management, LLC reported 18 stock positions worth $111.2 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 85.8% of the portfolio, followed by WW International Inc.-New (WW, 4.8%) and Vanguard Total Bond Market (BND, 2.7%). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 2 and reduced 6. The biggest buy was a new position in Eaton Vance Fltng RT Inc. TR (EFT) and the biggest sale WW International Inc.-New (WW, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- CEDAR RAPIDS, IA
- CIK
- 0001454937
- Portfolio Value
- $111.2M (Q4 2025)
- SEC Filing
- 0001454937-26-000003 ↗ filed Feb 9, 2026
Holdings Value
Holdings 18 stocks · $111.2M
| VTI VG Morningstar TS MKT ETF-US | 85.77% | 284,368 | $95.3M | Reduce -2.0% |
| WW WW International Inc.-New filed as WW INTL INC | 4.79% | 182,286 | $5.3M | Reduce -38.0% |
| BND Vanguard Total Bond Market | 2.73% | 41,001 | $3.0M | Reduce -1.0% |
| SRLN SS Blackstone Sr Loan ETF | 1.57% | 42,300 | $1.7M | No change |
| BKLN Invesco Senior Loan ETF | 1.19% | 63,000 | $1.3M | No change |
| VGSH Vanguard Short-Term Treasury | 0.71% | 13,500 | $793K | No change |
| HFRO Highland Opport & Income | 0.47% | 88,168 | $527K | Reduce -16.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.42% | 957 | $467K | No change |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.40% | 5,575 | $450K | No change |
| SPHQ Invesco S&P 500 Quality ETF | 0.33% | 4,920 | $369K | Add +3.4% |
| FCT First Trust SNR FL RT Inc. II | 0.27% | 30,017 | $302K | No change |
| XEFRX Eaton Vance Sr FLTG Rate TR | 0.24% | 24,120 | $269K | Add +63.4% |
| HIX Western Asset High Inc. II | 0.23% | 60,614 | $252K | No change |
| EFT Eaton Vance Fltng RT Inc. TR | 0.18% | 17,768 | $201K | New |
| CCO Clear Channel Outdoor Holdin | 0.18% | 88,592 | $196K | Reduce -63.5% |
| IHRT Iheartmedia Inc. Class A | 0.17% | 46,764 | $195K | Reduce -60.0% |
| RXT Rackspace Technology Inc. | 0.17% | 200,000 | $194K | New |
| HYT BlackRock Corp. Hi YLD | 0.16% | 20,000 | $178K | New |
Other holdings (26): bonds, preferreds, convertibles and warrants · $26.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 2,248 | $2.8M | No change |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 37,400 | $1.9M | Add +38.5% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 1,847,000 | $1.9M | No change |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 1,403,000 | $1.8M | No change |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 22,713 | $1.7M | No change |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 1,800,000 | $1.6M | No change |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 1,434,000 | $1.5M | No change |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 1,129,000 | $1.2M | No change |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 1,122,000 | $1.2M | No change |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 22,700 | $1.1M | No change |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 932,000 | $1.1M | No change |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 761,000 | $1.1M | No change |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 882,000 | $984K | No change |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 905,000 | $968K | No change |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 750,000 | $800K | No change |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 746,000 | $775K | No change |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 621,000 | $771K | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 500,000 | $583K | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | 500,000 | $565K | No change |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 500,000 | $498K | No change |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 475,000 | $467K | No change |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 8,000 | $412K | No change |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 390,000 | $374K | No change |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | 350,000 | $374K | No change |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 185,000 | $183K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A · principal | 2,870 | $3K | No change |
Total filed on the 13F, all lines: $138.0M.
Portfolio Sells Q3 2025 → Q4 2025
| WW WW International Inc.-New | Reduce -38.0% | 4.79% | −2.26 |
| CBL CBL & Associates Properties | Sold out | 0.00% | −0.40 |
| CCO Clear Channel Outdoor Holdin | Reduce -63.5% | 0.18% | −0.16 |
| IHRT Iheartmedia Inc. Class A | Reduce -60.0% | 0.17% | −0.12 |
| HFRO Highland Opport & Income | Reduce -16.7% | 0.47% | −0.12 |
| BND Vanguard Total Bond Market | Reduce -1.0% | 2.73% | +0.03 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.0% | 85.77% | +2.28 |
Portfolio Buys Q3 2025 → Q4 2025
Notes & Other Activity Q3 2025 → Q4 2025
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Sold out | 2,268,000 | $2.6Mbefore exit |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +38.5% | 37,400 | $1.9M |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | Sold out | 155,000 | $155Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 19 | $115.1M | VTI, WW, BND, SRLN, OPI |
| Q1 2026 | 17 | $101.2M | VTI, BND, WW, SRLN, VGSH |
| Q4 2025 | 18 | $111.2M | VTI, WW, BND, SRLN, BKLN |
| Q3 2025 | 16 | $114.0M | VTI, WW, BND, SRLN, BKLN |
| Q2 2025 | 15 | $98.7M | VTI, BND, SRLN, VGSH, BKLN |
| Q1 2025 | 14 | $93.1M | VTI, BND, SRLN, BKLN, VGSH |
| Q4 2024 | 14 | $99.1M | VTI, BND, SRLN, BKLN, HFRO |
| Q3 2024 | 16 | $100.3M | VTI, BND, SRLN, BKLN, HFRO |
| Q2 2024 | 21 | $98.3M | VTI, BND, SRLN, BKLN, CBL |
| Q1 2024 | 22 | $96.8M | VTI, BND, SRLN, BKLN, CBL |