II pillar

LHV Pensionifond XS
Active Management • Conservative Strategy
10 year net yield
Risk level
Invests into Estonia
Fund investors

Suitable if

  • you have less than 3 years left until retirement,
  • you have low risk tolerance,
  • your aim is to preserve your savings and avoid losses.
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At least 90% of the Fund's assets are invested in investment grade bonds, money market instruments traded on a regulated market, deposits, shares or other assets of other investment funds investing mainly in the above assets and other assets. The money raised for retirement remains stable. The assets of the Fund are invested in compliance with the rating restrictions imposed on the conservative pension fund by law. The long-term preferred asset class of the fund is low-risk debt instruments.

From beginning
Current year
Current month

Biggest investments

The data is presented as at 30.09.2019

Biggest investments
France Government 1% 25/05/275.46%
German Government 1.5% 04/09/224.34%
Czech Republic 3.875% 24/05/224.06%
Temasek 0.5% 01/03/224.00%
Slovakia 3.375% 15/11/243.65%
Riigi Kinnisvara 1.61% 09/06/273.62%
Transpordi Varahaldus 2.85% 18/04/253.39%
ALTUMG 1.3% 07/03/252.56%
Bank Gospodarstwa Krajow 1.375% 01/06/252.44%
STEDIN 0 10/24/222.35%

Biggest investments in Estonia

Biggest investments in Estonia
Riigi Kinnisvara 1.61% 09/06/273.62%
Transpordi Varahaldus 2.85% 18/04/253.39%
Elering 0.875% 03/05/20232.33%

Asset Classes

The data is presented as at 30.09.2019.

Information about the fund

Information about the fund
Volume of the fund (as of 30.09.2019)22,181,503.43 €
Management companyAS LHV Varahaldus
Equity in the fund110 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%

Ongoing charges (inc management fee): 0.6%

Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.

October 2019 – Common sense must be maintained on the bond market

Romet Enok, Fund Manager

The United States Federal Reserve again lowered the interest rate at the end of the month, designating 1.5–1.75% as the new range. Any further steps are hard to decipher both on this and the other side of the Atlantic, since a new President of the European Central Bank took office in November. The prices of German long-term bonds have already been continuously falling since the end of the summer, raising the expected rate of return on the 10-year bond, for example, from –0.7% to –0.25%.

However, bonds are still expensive, and opinions that the whole negative interest policy will one day be declared an unsuccessful experiment, are increasingly being heard. Even if this will not be the case, and the economy should recover, a decrease in price would still lie ahead for bonds, which means that it is not rational to buy them in larger quantities right now. We currently only invest money from repaid bonds into shorter-term bonds with a high credit quality.

September 2019 – A further increase in bonds seems unlikely

Romet Enok, Fund Manager

In September, risk-free government bonds were in decline both on this and the other side of the Atlantic. In itself, uncertainty is on a continuous rise in the economy - the expected departure of the United Kingdom from the European Union is rapidly getting closer and the macro-statistics clearly indicate that large economies are cooling down. As the bond prices are on such a high level, it is unfounded to expect that the bond market acts according to its usual logic, in which case bad news would increase the prices.

In an environment where a major part of the Eurozone government bond market is expected to have a negative rate of return, the investors do not dare hope for a further increase. In such a situation, we shall abstain from locking money into long-term bonds which means that the ratio of free money in the fund increases slowly as the current investments reach their repayments.

August 2019 – New economic stimulus is expected from the European Central Bank

Romet Enok, Fund Manager

The European bond market is looking forward to the meeting of the central bank taking place in the middle of September. Due to the economic slowdown, the investors wish to once again see purchases in the bond market supported by the central bank. In the light of this, interest rates have become so low that banks with a very high rating are able to borrow money for ten years with negative interest. Government bonds reached this point earlier – in the case of Germany, the interest rates remain on a negative level, even when issuing a loan for 30 years. Of course, we are not acquiring new investments in these conditions and we expect to have better places of purchase in the future.

The euro of today must also serve the needs of tomorrow
Andres Viisemann, Head of LHV Pension Funds

All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.