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LHV Pensionifond XL

10 year net yield
Risk level
Invests into Estonia
Fund investors

Suitable if

  • you are prepared to take above-average risks,
  • your aim is the long-term growth of your pension savings
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XL with its higher proportion of equity

  • XL is LHV’s most quick-tempered actively managed pension fund. This means that XL invests more in equity markets than any other active LHV fund.
  • While XL is allowed to allocate all of its assets to equity markets, we prefer to diversify the fund’s investments across a number of asset classes – real estate, private equity funds, and OTC bonds.
  • XL is actively managed, which is why the risks are managed and the pension saver’s money is kept safe. Our investment team makes decisions based on thorough analysis and the economic situation.

Kristo Oidermaa

Fund Manager at LHV

„We have taken a thematic approach to the composition of the XL Fund equity portfolio and have selected sectors that have always offered a good rate of return in times of high inflation.“

Market overview

Biggest investments

The data is presented as at 30.04.2024

Biggest investments
German Treasury Bill 1% 15/08/20245.55%
ZKB Gold ETF4.04%
France Government 2.25% 25/05/20243.91%
France Treasury Bill 30/10/20243.83%
iShares Gold Producers UCITS ETF3.32%
Axcel VI3.20%
East Capital Baltic Property Fund III2.04%
Investindustrial VII L.P.1.97%
German Treasury Bill 19/06/241.91%

Biggest investments in Estonia

Biggest investments in Estonia
East Capital Baltic Property Fund III2.04%
Luminor 7.75% 08/06/20271.58%
Baltic Horizon Fund 08/05/281.26%

Asset Classes

The data is presented as at 30.04.2024.

Information about the fund

Information about the fund
Volume of the fund (as of 30.04.2024)261,108,840.50 €
Management companyLHV Varahaldus
Equity in the fund530 000 units
Rate of the depository’s charge0.0415% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 0,6120%

Success fee: Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,28%.

Ongoing charges (inc management fee): 1.22%

The ongoing charges figure is an estimate based on the current management fee and the 2023 level of all other recognized costs. Ongoing charges may vary from year to year.

April 2024: Baltic Horizon Fund continued to redeem bonds

Kristo Oidermaa and Romet Enok, Fund Managers

April was a negative month for developed markets. The US S&P 500 index fell by 4.2% in dollars and the European Euro Stoxx 50 fell by 2.4% in euros. One of the few developed economies to remain in the positive was the UK, growing by 2.4% in British pounds.

Overall, emerging markets remained flat, with the MSCI EM index up 0.3% in dollars during the month. Latin American stock markets were on a downturn, while China, where a very negative mood has prevailed for almost a year, rose by 6.5% in dollars over the month. The OMX Baltic Benchmark index gained approximately 1.4% in euros during the month.

During the month, we sold our positions in the Finnish forestry company UPM-Kymmene in all portfolios. Among the equity positions, the best performers in April were precious and energy metals, which gained between 5% and 8%, as well as European banks, which gained around 3.7%. The fund’s energy positions fell the most during the month, falling by 6% to 11%. We see good future opportunities in the commodity sector, where there is still structural undersupply.

In April, Piletilevi Group announced that it would buy majority stakes in two Polish ticket sale companies. This makes the company the second-largest market participant in Poland and the largest player in Central Europe. This is Piletilevi Group’s largest investment so far, after recently expanding operations to Romania and the Czech Republic. Piletilevi Group also operates in the Baltics, brokering around 320 million euros worth of tickets per year.

Baltic Horizon Fund redeemed another portion of its bonds as planned. The company has already redeemed almost a third of the 42 million euros worth of securities issued last May. The next and currently last early redemption payment is scheduled for July at the latest. After that, the original bond issue of 42 million euros will decrease to 22 million euros. The interest on the bond is Euribor + 8% plus early redemption fees.

March 2024: Gold and energy metals made strong contributions

Kristo Oidermaa and Romet Enok, Fund Managers

Markets continued to rise in March, albeit at a slower pace than in previous months. The US S&P 500 index increased by 3.1% in dollars, and the European Euro Stoxx 50 rose by 4.3% in euros. Emerging markets gained 2.2% in dollars over the month, with China, the largest player on the market, slowing to 0.9% from the previous month. In contrast, the OMX Baltic Benchmark index fell by 2.5% in euros during the month.

In March, we increased our positions in the energy sector, where we see good opportunities due to underinvestment. During the month, gold and energy metal positions made the most significant contribution to the fund’s performance among equity positions, having increased between 6% and 24%.

Looking ahead, we still see good potential in our mineral investments, supported by structural undersupply in the sector.

For private equity and venture capital transactions, March was a calmer month but not a holiday for market makers. BotGuard, a cybersecurity startup in the venture capital fund Tera Fund II portfolio, raised 12 million euros in a Series A round led by MMC Ventures. Earlier investors such as Tera and Expeditions Fund, as well as angel investors, participated in the round. The investment gives impetus to further developing BotGuard technology and allows for the recruitment of new talent and entry into global markets. BotGuard has developed a cloud-based solution that helps website owners fight against malicious software bots while protecting the infrastructure and reducing their management costs.

February 2024: Stock markets continue their strong rise

Kristo Oidermaa and Romet Enok, Fund Managers

In February, stock markets remained on the upswing. The US S&P 500 index increased by 5.2% in dollars, and the European Euro Stoxx 50 rose by 5% in euros. The same trend was observed in emerging markets: the MSCI EM index rose by 4.6% in dollars during the month. The growth was driven predominately by China, which rose 8.4% in dollar terms during the month after prolonged declines. The OMX Baltic Benchmark index ended February with a small decline of –1.3%.

No major transactions were made in the stock portfolios during the month. The most significant contributors to the return in our portfolios were the European banks index, which rose by approximately 3%, and the Swedish company Lifco, which gained approximately 8% in value. The return was driven down by investments in precious metals, which decreased in the range of 4% to 12%. We continue to see good potential in the portfolio’s mineral positions, supported by structural undersupply in the sector.

In February, the East Capital Real Estate fund announced that it was acquiring a logistics park in Tänassilma, near Tallinn, with approximately 40,000 square meters of leasable area. The value of the transaction is 42 million euros, making it the largest transaction ever on the Estonian logistics buildings market. The complex has ten tenants, including DSV Estonia AS and Humana Sorteerimiskeskus OÜ. The logistics park is the fund’s tenth and latest asset.

Baltic Horizon Fund announced a large long-term loan agreement in Lithuania. The transaction means that the company has secured a large portion of the funds to repay the obligation assumed by the bonds issued in May 2023. The company already paid back the first tranche of bonds last year, and the money raised now brings the company considerably closer to paying back the next tranche. The fund has earned an interest of Euribor +8% on the bonds, plus premium payments for earlier redemptions.

In a complex environment, it pays to spread risks
Andres Viisemann, Head of LHV Pension Funds

Stock prices continued to rise in March. The S&P 500 index, which tracks the value of large US companies, rose 3.1%, and its European equivalent, the Stoxx50 index, rose 4.3%. Markets expect both the US and European central banks to cut interest rates this year – the only question is when and by how much.

Did you know that LHV’s III pillar fund Aktiivne III invests in a similar way?

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