II pillar

LHV Pensionifond Eesti
Active Management • Aggressive Strategy
10%
-10%
10%
10 year net yield
3
1
7
Risk level
67.62%
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 assets of the Fund shall be invested up to 100% in Estonia and in instruments related to Estonia, if possible and upon finding suitable instruments. At the same time, the proportion of Estonian-related instruments in the Fund is at least 50% of the value of the Fund’s assets. The assets of the Fund may be fully invested in the equity markets. In addition, the Fund is authorized to borrow up to 10%. The Fund’s long-term preferred asset class is investments related to Estonia.

Performance
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Current year
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Biggest investments

The data is presented as at 30.09.2019

Biggest investments
Birdeye Timber Fund4.36%
EfTEN Kinnisvarafond II4.35%
Tallink Grupp4.33%
Tallinna Sadam4.17%
Tallinna Kaubamaja4.14%
Eesti Energia 2.384% 22/09/234.01%
Autolist 12% 03/04/223.87%
Luminor 1.5% 18/10/213.85%
Birdeye Timber Fund 23.82%
Baltic Horizon Fund 4.25% 08/05/233.81%

Biggest investments in Estonia

Biggest investments in Estonia
Birdeye Timber Fund4.36%
EfTEN Kinnisvarafond II4.35%
Tallink Grupp4.33%

Asset Classes

The data is presented as at 30.09.2019.

Information about the fund

Information about the fund
Volume of the fund (as of 30.09.2019)2,662,489.12 €
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: 0.72%

Ongoing charges (inc management fee): 1.61%

Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.

October 2019 – Harju Elekter’s shares drove up Fund value

Kristo Oidermaa and Romet Enok, Fund Managers

The rate of return of the Tallinn stock exchange came to be 1.5% in October, and a fairly similar result was attained by the Vilnius stock exchange. On the other hand, the Riga stock exchange index declined by 0.3% within the month.

Harju Elekter’s shares, which rose a whole 17.6% in the month, strongly contributed to Pensionifond Eesti’s rate of return. The company reported strong results in the third quarter: turnover increased by 44% compared to the same period of the previous year, and the profit earned increased from EUR 18,000 in 2018 to EUR 1.3 million. The majority of Harju Elekter’s sales revenue increase originated from the electrical equipment business, and its Lithuanian subsidiary played a major role in the increase of sales volumes, at that.

The share of Tallinna Kaubamaja Grupp rose by 8.4% in October, also due to strong third quarter results. The company’s earned sales revenue increased 8.3% year-on-year, and the increase was driven by the car trade business, with its revenues increasing by a whole 23.8%.

The supermarket segment (Selver) also produced a great result, increasing sales revenue by 5.5%. Tallinna Kaubamaja improved profitability in all business segments, and the earned net profit increased by 10.4% in a year.

September 2019 – We invested in the BaltCap fund

Kristo Oidermaa and Romet Enok, Fund Managers

The Baltic stock exchanges moved quite little in September. While the Vilnius and Riga stock exchanges showed some positive rate of return, 0.3% and 0.4%, respectively, the Tallinn stock exchange underwent a 0.9% decline.

The LHV Pension Fund Eesti made a new investment into the private equity fund BaltCap Private Equity Fund III which focuses on company buyout transactions in the Baltics. For investments, the fund looks for companies that have good potential to expand internationally and the opportunities are mainly seen in healthcare, information and communications technology, and export-directed production sectors. BaltCap is the largest company in the Baltics that makes private equity investments and previously the company has managed a total of seven funds. Over the years, LHV pension funds have invested in several funds that are managed by BaltCap.

August 2019 – Auto24 will have a new owner

Kristo Oidermaa and Romet Enok, Fund Managers

The stock exchange of the Baltic states also followed the global decrease of stock markets in August. The stock indexes of Tallinn and Riga decreased by -1.7% and -1.6% respectively and the rate of return of the Vilnius stock exchange remained at -0.9%.

Many Estonian stock companies reported their results of the second quarter during the month. For example, Tallink increased its income by 0.3% compared to the same period of last year and altogether 2.7 million passengers were carried which is 0.8% more. The number of passengers on the Estonia-Finland route increased by 0.5% in the year to 1.3 million passengers. At the same time, the ticket price was pressurised by increased competition and the net profit of the company decreased by 2.5% compared to the second quarter of 2018. However, the Port of Tallinn increased the profits made in the second quarter by 0.2% and the pre-tax profit increased by 6.2%. The number of passengers who visited the port increased by 4,000 people i.e. 0.1% compared to last year. The highest growth was on the Tallinn–Helsinki route. The volume of goods that passed through Muuga Harbour increased by 4.3%, mostly due to the increased transport of gravel.

In August, it was reported that the portal auto24, which belonged to the management board of the company and a local investor BaltCap, would be put up for sale. After the sale of auto24, it is likely that the new owner will prematurely repay the loans of the company to our funds. The investment made by LHV funds at the beginning of 2017 was the first significant money placement of the new wave after easing the national restrictions of the pension funds. Then, we financed the company's purchase in full from the former Finnish owners. It was and still is one of the biggest local investments of LHV funds. The final rate of return of the investment depends on the deadline of the repayment; by now the fund has earned 12% interest per year from the bonds.

The euro of today must also serve the needs of tomorrow
Andres Viisemann, Head of LHV Pension Funds

All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.