II pillar

LHV Pensionifond S
Active Management
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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The Fund's assets are mainly invested in bonds. The Fund's assets may be invested in sub-investment grade bonds. Up to 25% of the fund's assets may be invested in real estate, infrastructure, equity funds and convertible bonds. The Fund may also grant a loan. The long-term preferred asset class of the fund is listed debt instruments.

From beginning
Current year
Current month
The Fund's return is expressed as the net yield after deduction of all fees.

Biggest investments

The data is presented as at 30.09.2020

Biggest investments
Temasek 0.5% 01/03/225.02%
Latvenergo 1.9% 10/06/224.90%
Luminor 1.5% 18/10/214.82%
Riigi Kinnisvara 1.61% 09/06/274.56%
Transpordi Varahaldus 2.85% 18/04/253.94%
France Government 3.75% 25/04/213.74%
France Government 25/05/213.42%
German Government 2.25% 04/09/213.31%
Investor 4.5% 12/05/233.22%
Ignitis Grupe 2% 21/05/303.20%

Biggest investments in Estonia

Biggest investments in Estonia
Luminor 1.5% 18/10/214.82%
Riigi Kinnisvara 1.61% 09/06/274.56%
Transpordi Varahaldus 2.85% 18/04/253.94%

Asset Classes

The data is presented as at 30.09.2020.

Information about the fund

Information about the fund
Volume of the fund (as of 30.09.2020)52,831,677.62 €
Management companyAS LHV Varahaldus
Equity in the fund150 000 units
Rate of the depository’s charge0,0552% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 0.60%

Success fee: no commission

Ongoing charges (inc management fee): 0.69%

Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.

September 2020 – Companies take advantage of open cash taps

Kristo Oidermaa and Romet Enok, Fund Managers

Bond markets have set new records again, both in terms of how many securities have reached a level where further expected returns are negative, and in terms of how many companies are taking advantage of the situation and borrowing as much money as possible for the long term.

In the world’s most liquid bond market, the United States, the average interest rate that higher-risk companies have to pay when borrowing new money fell to 5.5% in September. While in April this indicator exceeded 7%, last December was the bottom of the cycle so far (5.2%).

As a result, June, August and September 2020 were the three most active new bond sales months ever. It is highly questionable whether the sales boom will generate profits for investors in the long run (or even bring back the money invested). We will continue to maintain a conservative line and will not add any new investments to the fund at this time.

August 2020 – Lithuanian energy company Ignitis plans IPO

Kristo Oidermaa and Romet Enok, Fund Managers

The Lithuanian state energy enterprise Ignitis has announced its intention to hold an IPO, the details of which are yet to be announced. The scale of the planned investments in the Lithuanian energy sector explains the company’s need for additional capital. The fund invested in Ignitis bonds in May, when the company raised money using international ten-year bonds. Although the coupon payment on the bonds is only 2% per annum, the fund has earned more than 6% return on the investment in a few months thanks to the price rise.

The dynamics of international bond markets had no clear direction in August. The highest-rated government bonds fell slightly, while lower-rated corporate bonds rose again in both Europe and the US.

July 2020 – We realised profit earned from Estonian government bonds

Kristo Oidermaa and Romet Enok, Fund Managers

Over the course of July we sold all of the Estonian government bonds that we had subscribed to during the issue that took place a month earlier. In little over a month, the sharp rise in bond prices increased the return earned by LHV funds by approximately 2%.

These government bonds will yield interest of around 0.125% per year for the next ten years. Consequently, the price increase meant that the bonds could already be sold now for the same amount of profit we would have earned by gathering interest for the next ten years.

In other words, on our sales level, the future return of these bonds would have been close to zero if we had kept the bond until the maturity date. In contrast, the investment of LHV pension funds made outside the public market in the bonds of Riigi Kinnisvara AS will yield an annual interest of 1.61%.

We wish to take even better advantage of such facts in the future: we will use direct investments to offer pension savers investments with greater return, which can only be accessed by funds.

Overall, the month was good for bond markets with the general rule being “the poorer the credit quality, the better the return”. Thus the profit earned by investors ranged from a little over 1% for eurozone government bonds to over 4% for the bonds of companies with a very low rating located across the ocean in the United States. The price movements continue to be based mainly on central banks’ support measures.

Calm before the storm
Andres Viisemann, Head of LHV Pension Funds

The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.