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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 31.05.2024

Biggest investments
Riigi Kinnisvara 1.61% 09/06/279.04%
ZKB Gold ETF6.24%
Luminor 7.75% 08/06/20276.08%
France Treasury Bill 30/10/20245.90%
German Treasury Bill 19/06/245.23%
ALTUMG 1.3% 07/03/254.92%
Glencore 1.25% 01/03/20333.80%
KBC Group NV 0.625% 07/12/20313.78%
German Treasury Bill 1% 15/08/20243.75%
Kojamo 0.875% 28/05/20293.61%

Biggest investments in Estonia

Biggest investments in Estonia
Riigi Kinnisvara 1.61% 09/06/279.04%
Luminor 7.75% 08/06/20276.08%
Coop Pank 5.0% 10/03/20323.15%

Asset Classes

The data is presented as at 31.05.2024.

Information about the fund

Information about the fund
Volume of the fund (as of 30.06.2024)26,870,830.32 €
Management companyLHV Varahaldus
Equity in the fund90,000 units
Rate of the depository’s charge0.0451% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 0,6120%

Success fee: no commission

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

Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.

June 2024: Gold drives strong performance

Kristo Oidermaa and Romet Enok, Fund Managers

The fund recently concluded another direct investment in Estonia as Pertoni Real Estate Development redeemed its bonds ahead of schedule. The project to develop approximately 70 apartments in Tallinn’s Kotzebue Park has advanced to a stage where further financing will be provided through a bank loan. This marked the end of an approximately two-year investment for the fund, yielding an annual return of 8.5% plus an early redemption payment.

On public markets, our strongest performer in June was again physical gold, one of our portfolio’s largest positions. Recent developments, particularly regarding French politics, created uncertainty, leading many to view gold as the lowest-risk asset class.

For the fund, the first half of the year concluded with solid returns overall, significantly driven by the rise in gold prices. Although bonds have generally offered excellent returns over the past 18 months, and attractive investment opportunities are becoming harder to find, we have one potential major new investment on the horizon.

May 2024: Security Markets are Sending Mixed Signals

Kristo Oidermaa and Romet Enok, Fund Manager

Interest rates continue to move in opposite directions in the euro area. While the 6-month Euribor and other very short-term interest rates are declining in line with the policy of the European Central Bank, long-term interest rates (for example, on ten-year government bonds) are, to some extent, rising.

Textbook wisdom says that this is how investors respond to the risk of the central bank becoming impatient and cutting interest rates too soon, which could cause both inflation and the Euribor to rise again in the future.

Even more striking than the current rise in government bond interest rates is the rise in corporate bond prices, which should happen when the economy is very strong. A strong economy, however, would require the central bank to raise interest rates rather than lower them. Conversely, when the economy is weak, the prices of corporate securities should fall.

In this confusing situation of conflicting signals and high price levels, it is rational not to take on any risk. This is why there were no changes to the composition of our portfolio last month and no significant news concerning it.

April 2024: We are growing our other asset classes in addition to bonds

Kristo Oidermaa and Romet Enok, Fund Manager

The fund made one new investment during the month, acquiring units of the real estate fund SG Capital. The investment company, operating in Riga and its surrounding area, already has a portfolio and a significant history.

The share of real estate and gold in fund S has reached nearly a tenth of the fund’s assets. If we find attractive opportunities, we will increase the share of other asset classes besides bonds.

Expectations soar as interest rates are cut
Andres Viisemann, Head of LHV Pension Funds

Both European and US stock markets saw solid gains in May, recouping losses from the previous month. The Euro Stoxx 50 index, which tracks Europe’s 50 largest companies, rose by 2.1% in May, while the S&P 500 index, which follows the value of the top 500 US companies, increased by 4.8%.

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

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