LHV Pensionifond S
Active Management
10%
-10%
10%
10 year net yield
2
1
7
Risk level
13.59%
0%
100%
Invests into Estonia
6673
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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Strategy

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.

Performance
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The Fund's return is expressed as the net yield after deduction of all fees.

Biggest investments

The data is presented as at 31.08.2021

Biggest investments
Luminor 0.792% 03/12/247.61%
German Government 2.25% 04/09/216.57%
Temasek 0.5% 01/03/226.30%
Latvenergo 1.9% 10/06/226.08%
Riigi Kinnisvara 1.61% 09/06/275.73%
France Government 3.25% 25/10/215.04%
German Government 1.5% 04/09/224.94%
France Government 2.25% 25/10/224.35%
Romania 2.875% 28/10/243.95%
ALTUMG 1.3% 07/03/253.34%

Biggest investments in Estonia

Biggest investments in Estonia
Luminor 0.792% 03/12/247.61%
Riigi Kinnisvara 1.61% 09/06/275.73%
Eesti Energia 2.384% 22/09/230.25%

Asset Classes

The data is presented as at 31.08.2021.

Information about the fund

Information about the fund
Volume of the fund (as of 31.08.2021)42,017,816.13 €
Management companyAS LHV Varahaldus
Equity in the fund120 000 units
Rate of the depository’s charge0,0576% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 0,576%

Success fee: no commission

Ongoing charges (inc management fee): 0.62%

Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.

September 2021: We invested in Lithuanian bank bonds

Kristo Oidermaa and Romet Enok, Fund Managers

In September, we subscribed for the bonds of the Lithuanian bank Šiaulių Bankas as a new investment. Although the bank’s loan portfolio is conservatively financed with local deposits, banking regulations also require issuing this type of bond. Šiaulių Bankas’ profitability is good, and its market share in Lithuania is growing. Bond investors’ certainty is supported by a unique situation in Europe, where the bank is directly supervised by the European Central Bank and, at the same time, largely owned by the European Bank for Reconstruction and Development (EBRD). Our pension funds already own subordinated bonds of Šiaulių Bankas, issued directly to LHV funds.

August 2021: Transpordi Varahaldus redeemed bonds

Kristo Oidermaa and Romet Enok, Fund Managers

One of the fund’s direct investments ended in August when Transpordi Varahaldus redeemed its bonds before maturity. We had signed bond agreements in the spring of 2017 to finance the company’s aircraft fleet. In the meantime, the investment paid interest at a rate of 2.85% per annum, which was a better than the European bond market average over the same period.

Bond markets in Europe remained mainly negative in August, losing about half a per cent in price. In the listed bonds portfolio, we keep the risks low both in terms of interest rates and by avoiding low-rated corporate bonds.

July 2021: Central banks will continue to support bond prices

Romet Enok, Fund Manager

Inflation is currently a major issue in bond markets. On the one hand, analysts assume that the price increase is a temporary phenomenon after easing the pandemic-related restrictions. Still, on the other hand, “temporary” and “permanent” are categories that will only be confirmed afterwards.

Central banks have consistently remained on the side of a temporary phenomenon on this issue because, although inflation has accelerated, bond prices have also risen at the same time. In looking for the cause of such an anomaly, there is a consensus on central banks’ purchasing programs.

We did not add any new investments to the fund in July. Shorter-term German and French government bonds currently account for a much larger than usual share of the fund’s portfolio. We will finance the expected payments to those leaving the pension system at the beginning of September from their sale.

In an uncertain environment, it is wise to divide the stakes
Andres Viisemann, Head of LHV Pension Funds

August marked another successful month on the international stock markets. The MSCI World stock market index rose by about 3% during the month, measured in euros, and is 22% higher than at the beginning of the year. The Stoxx 50 index, which tracks large European companies, and the S&P 500, which tracks the largest US companies, rose 2.6% and 3.4% in euros in August and have returned 18.1% and 24.7% in the first eight months of the year, respectively.