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 31.03.2022

Biggest investments
Luminor 0.792% 03/12/249.16%
German Government 1.5% 04/09/228.79%
France Government 2.25% 25/10/226.80%
Riigi Kinnisvara 1.61% 09/06/276.04%
Bank of America 04/05/234.77%
BNP Paribas 2.875% 24/10/224.71%
ZKB Gold ETF4.37%
ALTUMG 1.3% 07/03/254.18%
Elering 0.875% 03/05/20233.83%
Bank Gospodarstwa Krajow 1.375% 01/06/253.82%

Biggest investments in Estonia

Biggest investments in Estonia
Luminor 0.792% 03/12/249.16%
Riigi Kinnisvara 1.61% 09/06/276.04%
Elering 0.875% 03/05/20233.83%

Asset Classes

The data is presented as at 31.03.2022.

Information about the fund

Information about the fund
Volume of the fund (as of 31.03.2022)13,304,299.50 €
Management companyAS LHV Varahaldus
Equity in the fund50 000 units
Rate of the depository’s charge0,0576% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 0,5130%

Success fee: no commission

Ongoing charges (inc management fee): 0,53%

Ongoing charges are based on expenses for the last calendar year, ie 2021. Ongoing charges may vary from year to year.

March 2022: We acquired Coop Pank bonds

Romet Enok, Fund Manager

We participated in a bond issue, with which the Estonian Coop Pank once again raised capital to grow its loan portfolio. The interest rate on the bonds is 5% per annum, and Coop Pank will have the right to repay the securities in five years for the first time. These instruments are heavily regulated by law but still carry a higher risk than deposits. The fund has previously made similar investments in the securities of the Latvian bank Citadele and the Lithuanian bank Šiaulių, which also had an annual interest rate of 5–6%.

As another event worth noting, we sold some gold because its rapid price rise led the gold position in the fund to the allowed limit.

In European markets, on the other hand, bond prices continue to fall. As we have completely avoided buying long-term bonds from Europe, the current fall in prices means that the outlook for our fund is improving significantly. In other words, the fall in bond prices in Europe will lead to higher interest rates for the buyer.

February 2022: Investment in gold offered protection

Romet Enok, Fund Manager

February was a very strong month for the gold position we acquired earlier this year. In times of uncertainty, the demand for gold is higher than usual. In addition, inflation remains a problem in the world’s leading economies and is showing signs of accelerating. Inflation was also the reason for the poor outcomes in the main bond markets.

As we have said many times before, we completely refrain from investing in long-term bonds. At the same time, we are ready to seize the opportunities that may arise in turbulent times.

January 2022: We invested in a new asset class

Romet Enok, Fund Manager

Bond markets are moving as expected: persistent strong inflationary pressures in the euro area and the US are giving market participants increasing confidence that central banks need to raise interest rates faster than previously thought. For bond markets, however, this means falling prices.

In January, prices fell more than 1% in all major segments of the euro area bond market and more than 3% in some segments in the US. The pattern continued into early February.

We have protected the fund’s assets by making local bond investments, but above all by ensuring that the fund does not have any long-term fixed-rate bonds on the international market, neither from euro nor dollar issuers.

About half of the fund’s assets were in very short-term investments at the end of January. These are hardly affected by the aforementioned price movements and can be sold quickly when attractive opportunities arise.

We also introduced a new asset class to the fund in January by investing approximately 5% of the assets in gold.

Several long-term trends are reversing
Andres Viisemann, Head of LHV Pension Funds

Although Russia’s bloody aggression in Ukraine has lasted for more than a month and a speedy peace agreement is unlikely, international securities markets have remained surprisingly peaceful. The Euro Stoxx 50 index, which tracks the share prices of Europe’s largest companies, fell by only 0.6% in March. The global stock index MSCI World rose 3.7% last month, and the S & P500 index, which reflects the value of the largest listed companies in the US, rose as much as 4.7%.