LHV Pensionifond XS
Active Management • Conservative Strategy
10%
-10%
10%
10 year net yield
2
1
7
Risk level
14.17%
0%
100%
Invests into Estonia
3952
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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Strategy

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.

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

Biggest investments

The data is presented as at 31.08.2021

Biggest investments
German Government 1.5% 04/09/227.41%
Luminor 0.792% 03/12/247.22%
France Government 2.25% 25/10/226.03%
Temasek 0.5% 01/03/224.62%
Riigi Kinnisvara 1.61% 09/06/274.24%
BNP Paribas 2.875% 24/10/223.42%
Bank of America 04/05/233.37%
ALTUMG 1.3% 07/03/253.01%
Bank Gospodarstwa Krajow 1.375% 01/06/252.81%
JP Morgan 1.375% 16/09/212.77%

Biggest investments in Estonia

Biggest investments in Estonia
Luminor 0.792% 03/12/247.22%
Riigi Kinnisvara 1.61% 09/06/274.24%
Elering 0.875% 03/05/20232.71%

Asset Classes

The data is presented as at 31.08.2021.

Information about the fund

Information about the fund
Volume of the fund (as of 31.08.2021)18,905,409.60 €
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: 0,486%

Success fee: no commission

Ongoing charges (inc management fee): 0.53%

Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.

September 2021: We invested in Lithuanian bank bonds

Romet Enok, Fund Manager

In September, we subscribed for the bonds of the Lithuanian bank Šiaulių Bankas as a new investment. Although the bank’s loan portfolio is conservatively financed with local deposits, banking regulations also require issuing this type of bond. Šiaulių Bankas’ profitability is good, and its market share in Lithuania is growing. Bond investors’ certainty is supported by a unique situation in Europe, where the bank is directly supervised by the European Central Bank and, at the same time, largely owned by the European Bank for Reconstruction and Development (EBRD). Our pension funds already own subordinated bonds of Šiaulių Bankas, issued directly to LHV funds.

August 2021: Transpordi Varahaldus redeemed bonds

Romet Enok, Fund Manager

One of the fund’s direct investments ended in August when Transpordi Varahaldus redeemed its bonds before maturity. We had signed bond agreements in the spring of 2017 to finance the company’s aircraft fleet. In the meantime, the investment paid interest at a rate of 2.85% per annum, which was a better than the European bond market average over the same period.

Bond markets in Europe remained mainly negative in August, losing about half a per cent in price. In the listed bonds portfolio, we keep the risks low both in terms of interest rates and by avoiding low-rated corporate bonds.

July 2021: Central banks will continue to support bond prices

Romet Enok, Fund Manager

Inflation is currently a major issue in bond markets. On the one hand, analysts assume that the price increase is a temporary phenomenon after easing the pandemic-related restrictions. Still, on the other hand, “temporary” and “permanent” are categories that will only be confirmed afterwards.

Central banks have consistently remained on the side of a temporary phenomenon on this issue because, although inflation has accelerated, bond prices have also risen at the same time. In looking for the cause of such an anomaly, there is a consensus on central banks’ purchasing programs.

We did not add any new investments to the fund in July. Shorter-term German and French government bonds currently account for a much larger than usual share of the fund’s portfolio. We will finance the expected payments to those leaving the pension system at the beginning of September from their sale.

In an uncertain environment, it is wise to divide the stakes
Andres Viisemann, Head of LHV Pension Funds

August marked another successful month on the international stock markets. The MSCI World stock market index rose by about 3% during the month, measured in euros, and is 22% higher than at the beginning of the year. The Stoxx 50 index, which tracks large European companies, and the S&P 500, which tracks the largest US companies, rose 2.6% and 3.4% in euros in August and have returned 18.1% and 24.7% in the first eight months of the year, respectively.