II pillar

LHV Pensionifond Eesti
Active Management • Aggressive Strategy
10%
-10%
10%
10 year net yield
3
1
7
Risk level
63.10%
0%
100%
Invests into Estonia
100
Fund investors

Suitable if

  • you have more than 15 years left until retirement,
  • you want to link your pension with the Estonian economy,
  • you also have investments in other regions.
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Strategy
The fund invests, subject to the availability of suitable investments, up to 100% in Estonia. Investments are made in shares, debts, real estate, and also in other funds. Since the number of securities traded on the Tallinn Stock Exchange is low, the fund invests extensively outside the exchange. Since the fund is linked to one region, it would not be wise to invest all your pension assets in this fund.

Performance
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Current year
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Biggest investments

The data is presented as at 31.07.2019

Biggest investments
Birdeye Timber Fund4.32%
EfTEN Kinnisvarafond II4.22%
Tallinna Kaubamaja4.18%
Tallinna Sadam4.16%
Eesti Energia 2.384% 22/09/234.03%
Luminor 1.5% 18/10/213.81%
Baltic Horizon Fund 4.25% 08/05/233.79%
Birdeye Timber Fund 23.78%
Autolist 12% 03/04/223.75%
HSBC Holdings Plc 04/12/213.75%

Biggest investments in Estonia

Biggest investments in Estonia
Birdeye Timber Fund4.32%
EfTEN Kinnisvarafond II4.22%
Tallinna Kaubamaja4.18%

Asset Classes

The data is presented as at 31.07.2019.

Information about the fund

Information about the fund
Volume of the fund (as of 31.07.2019)2,688,520.17 €
Management companyAS LHV Varahaldus
Equity in the fund2,690,184.87 units
Rate of the depository’s charge0,0576% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 1.20%

Management fee from 2 September 2019: 0.72%

July 2019 – Several Estonian public companies announced new investments

Kristo Oidermaa and Romet Enok, Fund Managers

In July the Vilnius Stock Exchange was the best in the Baltics by rising 4.3%. The Stock Exchange index in Riga rose 1.7% during the course of the month and the Tallinn stock market ended with a modest increase of 1.0%.

In July several companies in the Tallinn Stock Exchange reported their second quarter results. For example, the revenue of Tallinna Kaubamaja Group grew by 4.5% compared to the same period last year, with good results in all of the segments except footwear. The revenue of the supermarkets (Selver) segment and Kaubamaja increased by 5.8% and 3.6% respectively in the year. However, the net profit of the company decreased by 9.2% in the second quarter mainly due to wage pressures and the increase in IT costs, but also because of the costly rebuilding of stores. The next major development projects include improving the convenience and order fulfillment speed of the online shop, as well as the construction of a new production building for culinary products.

A new project was also announced by the Port of Tallinn, which plans to reconstruct the ferry Tõll to an environmentally friendly hybrid ship. The total cost of work is 1.6 million euros and the ship will start running on electricity in the first months of the next year.

June 2019 – Baltic stock exchanges remained modest

Kristo Oidermaa and Romet Enok, Fund Managers

While the global stock markets predominantly provided a very good return in June, the result of the Baltic stock exchanges remained quite meagre. Only the Tallinn Stock Exchange earned a positive result, with a 1.2% increase, while those of Riga and Vilnius declined by 2.7% and 1.7%, respectively.

The rate of return of the pension fund Estonia was supported by the shares of Ekspress Group and Tallink Group, with both rising 3% over the month. Shares of Tallinna Sadam, however, gave an unfavourable impact, dropping by 3%. It is likely that the share price was influenced by two court cases relating to the company, which the Harju County Court accepted for proceedings in June. First, the subsidiaries of Tallinna Sadam are accused of using alleged business secrets when participating in the public procurement of the ferry line service between Saaremaa and Hiiumaa. In the statement of claim, compensation is demanded for the buildings and equipment of the former coal terminal located in the Port of Muuga. The total amount of claims exceeds EUR 46 million; however, according to the management of Tallinna Sadam, both claims are groundless.

May 2019 – Racing after Eften equities

Kristo Oidermaa and Romet Enok, Fund Managers

In May, the Tallinn Stock Exchange went along with the decline of the global stock markets and the stock exchange index decreased by 1.4% within a month. At the same time, the Vilnius Stock Exchange index also decreased by 0.8%, while the Riga Stock Exchange increased by 2.4%, largely due to the increase in the share prices of the pharmaceutical manufacturers Grindeks and Olainfarm, which was almost 8%. In part, the decline of the Tallinn Stock Exchange was due to the fact that in May a number of companies paid the investors dividends, which were previously announced.

The LHV Pension Fund Etonia also participated in the subscription of the new shares of Eften Real Estate Fund III. The Real Estate Fund issued one million shares with a price of EUR 16 per share. As the interest of the investors was very high, the shares were oversubscribed more than three times. The current shareholders, including the Pension Fund Estonia, had a privileged guarantee of a third of their earlier investment. At the end of May, the share of Eften III was traded at EUR 17 on the Tallinn Stock Exchange.

Underestimated impact of new changes
Andres Viisemann, Head of LHV Pension Funds

July was notably more eventful on the securities markets than the monthly returns of stock indices and bonds might suggest. The first half of the month saw an upward trend on global stock markets, with the final days of the month yielding back some of that growth.