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LHV Pensionifond S

10 year net yield
Risk level
Invests into Estonia
Fund investors

Suitable if

  • you have 2–5 years left until retirement age,
  • you have low risk tolerance,
  • your aim is the preservation and modest growth of your pension savings.
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A responsible keeper in S

  • We invest the assets of the S fund mainly in bonds. The fund’s assets may also be invested in bonds with a credit rating below investment grade.
  • Up to 25% of the fund’s assets may be invested in real estate, items of infrastructure, equity funds and convertible bonds.
  • The fund can also be used to grant loans. The fund’s preferred long-term asset class is listed debt instruments.

Romet Enok

Fund Manager at LHV

„Money in seriously large amounts moves in the world in the form of bonds. In truth, a bond is nothing more than a fancy name for a loan contract: parties agree on the time when the money is disbursed, the interest rate, and the repayment.“

Market overview

Biggest investments

The data is presented as at 31.10.2023

Biggest investments
Riigi Kinnisvara 1.61% 09/06/278.55%
Luminor 7.75% 08/06/20275.34%
France Treasury Bill 29/11/20235.30%
ZKB Gold ETF5.22%
Estonia 4.0% 12/10/20325.02%
German Treasury Bill 19/06/244.85%
ALTUMG 1.3% 07/03/254.60%
KBC Group NV 0.625% 07/12/20313.39%
Glencore 1.25% 01/03/20333.36%
BNP Paribas 2.5% 31/03/20323.25%

Biggest investments in Estonia

Biggest investments in Estonia
Riigi Kinnisvara 1.61% 09/06/278.55%
Luminor 7.75% 08/06/20275.34%
Estonia 4.0% 12/10/20325.02%

Asset Classes

The data is presented as at 31.10.2023.

Information about the fund

Information about the fund
Volume of the fund (as of 31.10.2023)28,220,476.10 €
Management companyLHV Varahaldus
Equity in the fund120 000 units
Rate of the depository’s charge0.0444% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 0,6240%

Success fee: no commission

Ongoing charges (inc management fee): 0,68%

Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.

October 2023: Appreciation in gold contributed to the fund’s performance

Kristo Oidermaa and Romet Enok, Fund Manager

As we announced in September, our investment in the real estate company Eastnine concluded in October. The early redemption of obligations yielded a return of approximately 16% in just over two years. Another notable development within the fund was the substantial increase in the value of gold, approximately 7%, which contributed to overall performance in October.

In October, the majority of the cornerstone of our local bond portfolio, comprising Baltic banks like Coop, Šiaulių, Citadele, and Bigbank, announced their quarterly results. Their latest reports show they have successfully raised their equity capital to 1.37 billion euros. This substantial financial buffer protects bond investors, including those invested in our fund.

Meanwhile, contrary to the expectations of many, the European public bond market delivered meagre returns during the first three quarters of the year.

September 2023: Eastnine redeems its bonds

Kristo Oidermaa and Romet Enok, Fund Managers

The real estate company Eastnine, part of the fund’s bond portfolio, announced the early redemption of all its debt obligations, offering bondholders an additional premium in return. This marks the first public bond issue of a foreign company in which LHV funds have been the largest investor throughout the bond’s entire duration. Eastnine is listed on the Nasdaq Stockholm and primarily focuses on commercial real estate in Vilnius. Our funds have generated a return of approximately 16% on the investment, which was made in July 2021.

Despite the rapid increase in interest rates, European bond markets remained firmly in the red during the same period, even experiencing declines of nearly 20% in some segments. Identifying opportunities and actively managing investments require effort, but the rewards are worth it.

August 2023: Bond markets are seeking clear direction

Kristo Oidermaa and Romet Enok, Fund Manager

Investors in the bond markets remain uncertain about the future of price increases. While inflation has slowed down, multiple signs indicate that central bank interest rate hikes have not yet achieved their desired impact on the economy. Therefore, the risk of future interest rate hikes continues to linger.

Due to this uncertainty, the European bond market experienced only minor movement in August, initially dropping by one percent before ending the month with a one percent gain compared to the beginning of the month. We can expect this uncertainty to persist.

Within our portfolio, the standout performers, once again, were this year’s biggest new investments: Luminor and Baltic Horizon. Luminor continued its rapid bond price increase, already yielding a four percent return from the June issue. However, Baltic Horizon initiated a partial redemption of its first bond. Furthermore, the company announced its intention to redeem nearly half of the bonds issued in May by the end of this year. This will result in additional yield for the fund in the form of an early redemption premium.

The best protection for investors is risk diversification
Andres Viisemann, Head of LHV Pension Funds

Stock markets have been trending downward since the end of July. In October, the S&P 500 index, which reflects movements in the stock prices of the 500 largest companies in the United States, lost 2.2% of its value, while the Stoxx 50 index, which measures the performance of the 50 largest companies in Europe, lost 2.6%. Emerging markets fell even more, with the Chinese stock market losing 4.3% of its value.

Did you know that the III pillar is a unique investment opportunity with a tax incentive supported by the state?

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