197 Impairment losses on shares The table below provides the length of time the shares held by Aegon Americas, Aegon the Netherlands and Aegon UK were below cost  prior to the impairment in 2013. Equity market risk and other investments risk  Fluctuations in the equity, real estate and capital markets have affected Aegon’s profitability, capital position and sales of equity  related products in the past and may continue to do so. Exposure to equity, real estate and capital markets exists in both assets  and liabilities. Asset exposure exists through direct equity investment, where Aegon bears all or most of the volatility in returns and  investment performance risk. Equity market exposure is also present in insurance and investment contracts policyholder accounts  where funds are invested in equities, backing variable annuities, unit-linked products and mutual funds. Although most of the risk  remains with the policyholder, lower investment returns can reduce the asset management fee earned by Aegon on the asset balance in  these products. In addition, some of this business has minimum return or accumulation guarantees. Aegon also operates an Investment  and Counterparty Policy that limits the Group’s overall counterparty risk exposure. The general account equity, real estate and other non-fixed-income portfolio of Aegon is as follows:  1  Common shares in Holding and other activities includes the elimination of treasury shares in the general account for an amount of EUR 10 million. 1  Common shares in Holding and other activities includes the elimination of treasury shares in the general account for an amount of EUR 8 million. Equity, real estate and non­fixed income  exposure Americas The  Netherlands United  Kingdom New Markets Holding and  other  activities Total 2012 Equity funds 868 686 - 12 - 1,566 Common shares  1) 322 10 51 4 - 387 Preferred shares 221 - - - - 221 Investments in real estate 766 860 - 1 - 1,627 Hedge funds 625 2 - - - 627 Other alternative investments 1,503 - - - - 1,503 Other financial assets 768 - - 15 - 783 At December 31 5,073 1,558 51 32 ­ 6,714 Equity, real estate and non­fixed income  exposure Americas The  Netherlands United  Kingdom New Markets Holding and  other  activities Total 2013 Equity funds 1,001 729 - 17 - 1,747 Common shares  1) 266 11 55 28 36 395 Preferred shares 214 - - - - 214 Investments in real estate 721 810 - 1 - 1,532 Hedge funds 603 1 - - - 604 Other alternative investments 1,363 - - - - 1,363 Other financial assets 633 - 4 26 - 663 At December 31 4,801 1,550 58 72 36 6,517 In million EUR 0- 6 months December 31, 2013 Shares (2) December 31, 2012 Shares (2)