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 28.02.2023

Biggest investments
German Treasury Bill 22/03/2310.42%
Riigi Kinnisvara 1.61% 09/06/278.10%
Luminor 0.792% 03/12/245.07%
Romania 2.875% 28/10/244.96%
Estonia 4.0% 12/10/20324.81%
ZKB Gold ETF4.53%
ALTUMG 1.3% 07/03/254.43%
KBC Group NV 0.625% 07/12/20313.14%
Glencore 1.25% 01/03/20333.12%
BNP Paribas 2.5% 31/03/20323.07%

Biggest investments in Estonia

Biggest investments in Estonia
Riigi Kinnisvara 1.61% 09/06/278.10%
Luminor 0.792% 03/12/245.07%
Estonia 4.0% 12/10/20324.81%

Asset Classes

The data is presented as at 28.02.2023.

Information about the fund

Information about the fund
Volume of the fund (as of 28.02.2023)29,703,404.19 €
Management companyLHV Varahaldus
Equity in the fund120 000 units
Rate of the depository’s charge0.0456% (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.

February 2023: We invested in Latvenergo bonds

Kristo Oidermaa and Romet Enok, Fund Manager

As a new investment, we added the recently issued bond by Latvenergo, one of Latvia’s largest companies, to the fund. The annual interest rate for the six-year bond is 4.95%. Just a year ago, Latvenergo offered an annual interest rate of 2.4%. Interest rates continue to rise worldwide, and so does the interest earned on investments made by the funds.

For years, the European Central Bank’s actions kept interest rates at a level where the largest companies in the Baltics were able to raise money at an annual interest rate of below 1%. As Latvenergo shows, however, annual returns of nearly 5% are now the new normal.

January 2023: We added Luminor bonds to our portfolio

Kristo Oidermaa and Romet Enok, Fund Manager

January brought an increase in the prices of securities on the international bond markets, and companies began to borrow exceptionally actively. With the outlook still very mixed, it is understandable that they reacted so quickly to the positive environment.

We added new Luminor Bank bonds to our portfolio. Eastern European companies continued to offer investors higher interest rates due to the uncertainty associated with the Russian-Ukrainian war, the interest rate was 7.25%.

The fund’s high performance in January was mainly due to bonds with longer maturities, including the large purchases made in the autumn of last year.

December 2022: The most difficult year in the bond market in recent decades

Kristo Oidermaa and Romet Enok, Fund Managers

European bond markets were again in the red in December. The entirety of 2022 was one of the most difficult years in recent decades. The sudden raising of interest rates by central banks caught most market participants by surprise, and the fluctuations were sharp at times.

The more investors sought risk and held longer-dated bonds, the more they lost. In the end, the market average result for the year was –17% in Europe, and the Estonian government bond offered a return of –21%.

The LHV S pension fund ended the year with a result of –2.2%. It ranked fourth among the 26 second-pillar funds of the Estonian pension system.

The price drop in the market offered us many opportunities during the year to acquire new positions for the fund at an attractive interest rate. Nevertheless, the fund still has a considerable amount of liquidity because the impact of the economic recession has not yet reached companies, and this is where the next place to buy may be.

Recession: a likely cost of lower inflation
Andres Viisemann, Head of LHV Pension Funds

The year started powerfully on the securities markets: the MSCI World index rose by 5.2% measured in euros in January. The S&P 500 index, which tracks the shares of 500 large US companies, added 4.7% to its value, and the Nasdaq index, which reflects the US technology sector, rose as much as 9.1% after last year’s big decline. The Japanese Nikkei index and the Euro Stoxx 50 index also increased by 3.9% and 9.9%, respectively.