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

Biggest investments

The data is presented as at 31.08.2020

Biggest investments
France Government 25/05/215.23%
German Government 1.5% 04/09/223.82%
Temasek 0.5% 01/03/223.50%
Czech Republic 3.875% 24/05/223.48%
Riigi Kinnisvara 1.61% 09/06/273.22%
Slovakia 3.375% 15/11/243.16%
Ignitis Grupe 2% 21/05/302.94%
Luminor 1.5% 18/10/212.81%
BNP Paribas 2.875% 24/10/222.65%
Transpordi Varahaldus 2.85% 18/04/252.63%

Biggest investments in Estonia

Biggest investments in Estonia
Riigi Kinnisvara 1.61% 09/06/273.22%
Luminor 1.5% 18/10/212.81%
Transpordi Varahaldus 2.85% 18/04/252.63%

Asset Classes

The data is presented as at 31.08.2020.

Information about the fund

Information about the fund
Volume of the fund (as of 31.08.2020)24,949,758.12 €
Management companyAS LHV Varahaldus
Equity in the fund80 000 units
Rate of the depository’s charge0,0564% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 0.504%

Success fee: no commission

Ongoing charges (inc management fee): 0.61%

Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.

August 2020 – Lithuanian energy company Ignitis plans IPO

Romet Enok, Fund Manager

The Lithuanian state energy enterprise Ignitis has announced its intention to hold an IPO, the details of which are yet to be announced. The scale of the planned investments in the Lithuanian energy sector explains the company’s need for additional capital. The fund invested in Ignitis bonds in May, when the company raised money using international ten-year bonds. Although the coupon payment on the bonds is only 2% per annum, the fund has earned more than 6% return on the investment in a few months thanks to the price rise.

The dynamics of international bond markets had no clear direction in August. The highest-rated government bonds fell slightly, while lower-rated corporate bonds rose again in both Europe and the US.

July 2020 – We realised profit earned from Estonian government bonds

Romet Enok, Fund Manager

Over the course of July we sold all of the Estonian government bonds that we had subscribed to during the issue that took place a month earlier. In little over a month, the sharp rise in bond prices increased the return earned by LHV funds by approximately 2%.

These government bonds will yield interest of around 0.125% per year for the next ten years. Consequently, the price increase meant that the bonds could already be sold now for the same amount of profit we would have earned by gathering interest for the next ten years.

In other words, on our sales level, the future return of these bonds would have been close to zero if we had kept the bond until the maturity date. In contrast, the investment of LHV pension funds made outside the public market in the bonds of Riigi Kinnisvara AS will yield an annual interest of 1.61%.

We wish to take even better advantage of such facts in the future: we will use direct investments to offer pension savers investments with greater return, which can only be accessed by funds.

Overall, the month was good for bond markets with the general rule being “the poorer the credit quality, the better the return”. Thus the profit earned by investors ranged from a little over 1% for eurozone government bonds to over 4% for the bonds of companies with a very low rating located across the ocean in the United States. The price movements continue to be based mainly on central banks’ support measures.

June 2020 – We purchased bonds issued by the Republic of Estonia

Romet Enok, Fund Manager

We made a big new investment in the fund by subscribing to bonds issued by the Republic of Estonia when the state borrowed 1.5 billion euros for 10 years in the form of securities. Estonia’s debt burden continues to be much smaller compared with other countries, thanks to which the bond’s credit rating is very high.

However, compared with countries who have decades-long active relationships with investors, Estonia has to offer a little more attractive conditions to investors in order to raise money, as it is essentially a newcomer on the bond market. The security is also the perfect match for our current market expectations, in relation to which we are maintaining a low risk level.

Bond markets continued to rebound in June, but overall a large proportion of market segments remained in the red in the first half of the year. A clear exception in both the euro area and the United States is government bonds: an increase in their prices has always been a sign of problems for most companies. Unfortunately, this signal is currently incomplete: whilst government bonds are very popular, corporate securities are not showing a great decrease.

The price of gold rises as confidence tumbles
Andres Viisemann, Head of LHV Pension Funds

This year has been full of surprises and major changes in our daily lives and in the financial world, which should reflect the economic side of real life. Even in their wildest dreams, school children could not have imagined at the beginning of the year that almost all the schools in the world would be closed for months.