{"XSK00":{"heading":"LHV Pensionifond XS – The safest choice","id":"xs","code":"lhv_xs","dataMarker":"XSK00","suitability":"**Suitable if**\n- you have less than 3 years left until retirement,\n- you have low risk tolerance,\n- your aim is to preserve your savings and avoid losses.\n","strategy":"###### Strategy\n\nWe invest the money into the bonds of various governments and their affiliated organisations. They offer the greatest stability and the lowest risks. There is no stock market risk. The money accumulated for your pension remains stable.\n","productivity":{"beginning":"-85,41%","currentYear":"0,89%","currentMonth":"-0,01%"},"costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.585%"},"fundInfo":{"date":"31.07.2018","capacity":"20,415,919.94 €","pocket":"110 000 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/eng/contact/contact","fee":"0,06% (paid by LHV)"}},"accordion":[{"id":"documents-xs","title":"Documents and reports","text":"**Terms and Conditions**\n- [Terms and conditions from 2 January 2018](/assets/files/pension/LHV_Pensionifond_XS_tingimused_020118.pdf)\n\n**Prospectus**\n- [Prospectus from 19 March 2018](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n\n**Analyzes**\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID.pdf)\n\n**Reports**\n- [Investment report (31 July 2018)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2018_07.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_XS_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_pensionifond_XS_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_pensionifond_XS_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_pensionifond_XS_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_pensionifond_XS_aruanne_2013.pdf)\n"},{"title":"Where do we invest?","text":"We will allocate your money into international enterprises, the development of which we believe in. At the same time, it must be taken into consideration that the future of these enterprises depends on both their internal decisions as well as the changes in the global economy.\n\nThe data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|--:|\n| France 05/2027 | 6.03% |\n| Germany 09/2022 | 4.80% |\n| Czech Republic 05/2022 | 4.53% |\n| Temasek Financial 03/2022 | 4.31% |\n| Transpordi Varahaldus 04/2025 | 4.12% |\n| Riigi Kinnisvara 06/2027 | 3.92% |\n| Slovakia 11/2024 | 3.91% |\n| United States 08/2019 | 2.91% |\n| Amber Circle Funding 12/2022 | 2.67% |\n| Stedin Holding 10/2022 | 2.55% |\n\n| Current asset allocation | |\n|---|--:|\n| Money and deposits | 31.90% |\n| Government bonds | 30.93% |\n| Corporate bonds | 37.19% |\n\n| Regional distribution | |\n|---|--:|\n| Money and deposits | 31.90% |\n| The Baltic states | 25.83% |\n| Europe (excl. the Baltic states) | 26.16% |\n| Asia | 8.96% |\n| North America | 2.91% |\n| Other | 4.26% |\n"},{"title":"Fund’s fortunes","text":"**The fund is investing in local bonds in the maximum eligible quantity**\n\nRomet Enok, Fund Manager\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. We continue to invest in local bonds in the extent of the legally allowed limit (10% of assets) – in the papers of State Real Estate and Transpordi Varahaldus. This, and refraining from taking risks in the international market, allowed XS to be the conservative bond fund with the best rate of return, by offering a rate of return of +0.3%.\n"},{"id":"disbursements-xs","title":"Disbursements","text":"The type of disbursement depends on how much you have accumulated in the fund. The type of payments can be predicted with the concept of the national pension rate, the sum of which is established on the basis of an annually set index. Since April 2018 the sum is EUR 189.31.\n\n**How can the funds be withdrawn from the second pillar?**\n\n[See video](https://www.youtube.com/watch?v=n__hczIubHw&feature=youtu.be)\n\n**Pension agreement: when more than 50 times the national pension rate has been accumulated**\n\nThe main option of withdrawing the money accumulated in the 2nd pillar fund is to conclude a pension agreement. This means that upon retirement you conclude an agreement with a life insurance company, handing the funds accumulated in the pension fund over to the disposal of the company. In return, the insurance company will pay you a regular pension until the end of your life. This is important information, as insurance companies are making estimations about the duration of the pension age and calculate the sum of the disbursements made to you. If you live a healthy life and to an old age, the insurance company will make payments to you in a larger amount than the one accumulated in the fund. Otherwise, the insurance company keeps some of the money and uses it to make payments to clients who live to an older age.\n\n**Funded pension: when up to 50 times the national pension rate has been accumulated**\n\nWhen up to EUR 9465 has been accumulated in the pension account, the money can be used with periodical payments from the pension fund. For this, an application must be filled in at a bank office or the online bank. In your application, notify the bank of the desired period of the payments and the total duration of the pension payments. How short the period can be is determined by the Funded Pensions Act and depends on the age of the pensioner. Unlike an insurance company, which pays you a pension for the rest of your life, payments from the pension fund are only made as long as there is money on your account. On the other hand, all of the assets in the fund belong to the recipient of the pension, and when they pass away, they are transferred to their heirs.\n\n**In a lump sum: when up to 10 times the national pension rate has been accumulated**\n\nMoney can be withdrawn from the 2nd pension pillar in a lump sum, when less than EUR 1893 have been accumulated in the pension fund.\n\n**Bequeathing**\n\nThe assets of the pension fund can be bequeathed. Heirs are free to choose whether to withdraw the amount at once or to inherit fund shares. An income tax of 20% applies to the cash payments.\n\n**Taxes**\n\nAn income tax of 20% applies to the payments from the pension fund. The income tax calculation is based on the tax exemption to the monthly income of a pensioner, which in 2018 is EUR 500.\n"}]},"SK00":{"heading":"LHV Pensionifond S – A safe choice","id":"s","code":"lhv_s","dataMarker":"SK00","suitability":"**Suitable if**\n- you have less than 3 years left until retirement,\n- you have low risk tolerance,\n- your aim is the preservation and modest growth of your pension savings.\n","strategy":"###### Strategy\n\nWe invest your money into strong corporate bonds. They offer stability in the maintenance of your money and are not affected as much by the prevalent economic situation as corporate shares. There is no stock market risk. The growth of your pension savings is limited, but will be stable.\n","productivity":{"beginning":"87,30%","currentYear":"1,98%","currentMonth":"-0,08%"},"costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.684%"},"fundInfo":{"date":"31.07.2018","capacity":"60,932,437.99 €","pocket":"270 000 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/eng/contact/contact","fee":"0,06% (paid by LHV)"}},"accordion":[{"id":"documents-s","title":"Documents and reports","text":"**Terms and Conditions**\n- [Terms and conditions from 2 January 2018](/assets/files/pension/LHV_Pensionifond_S_tingimused_020118.pdf)\n\n**Prospectus**\n- [Prospectus from 19 March 2018](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n\n**Analyzes**\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID.pdf)\n\n**Reports**\n- [Investment report (31 July 2018)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2018_07.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_S_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_pensionifond_S_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_pensionifond_S_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_pensionifond_S_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_pensionifond_S_aruanne_2013.pdf)\n"},{"title":"Where do we invest?","text":"We will allocate your money into international enterprises, the development of which we believe in. At the same time, it must be taken into consideration that the future of these enterprises depends on both their internal decisions as well as the changes in the global economy.\n\nThe data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|--:|\n| France 10/2022 | 5.24% |\n| Temasek Financial 03/2022 | 4.38% |\n| Transpordi Varahaldus 04/2025 | 4.37% |\n| Latvenergo 06/2022 | 4.29% |\n| Riigi Kinnisvara 06/2027 | 3.94% |\n| Investor 05/2023 | 3.32% |\n| Total Capital Intl 03/2020 | 2.97% |\n| Romania 10/2024 | 2.74% |\n| Sanofi 09/2020 | 2.59% |\n| Amber Circle Funding 12/2022 | 2.58% |\n\n| Current asset allocation | |\n|---|--:|\n| Money and deposits | 16.04% |\n| Government bonds | 20.76% |\n| Corporate bonds | 63.20% |\n\n| Regional distribution | |\n|---|--:|\n| Money and deposits | 16.04% |\n| The Baltic states | 23.63% |\n| Europe (excl. the Baltic states) | 40.99% |\n| Asia | 7.43% |\n| North America | 6.80% |\n| Other | 5.11% |\n"},{"title":"Fund’s fortunes","text":"**The fund is refraining from the risk of international bonds**\n\nRomet Enok, Fund Manager\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. We continue to invest in local bonds in the extent of the legally allowed limit (10% of assets) – in the papers of State Real Estate and Transpordi Varahaldus. LHV S fund was, together with XS, two of the three conservative pension funds, which managed to make a profit in that environment in the first half-year.\n"},{"id":"disbursements-s","title":"Disbursements","text":"The type of disbursement depends on how much you have accumulated in the fund. The type of payments can be predicted with the concept of the national pension rate, the sum of which is established on the basis of an annually set index. Since April 2018 the sum is EUR 189.31.\n\n**How can the funds be withdrawn from the second pillar?**\n\n[See video](https://www.youtube.com/watch?v=n__hczIubHw&feature=youtu.be)\n\n**Pension agreement: when more than 50 times the national pension rate has been accumulated**\n\nThe main option of withdrawing the money accumulated in the 2nd pillar fund is to conclude a pension agreement. This means that upon retirement you conclude an agreement with a life insurance company, handing the funds accumulated in the pension fund over to the disposal of the company. In return, the insurance company will pay you a regular pension until the end of your life. This is important information, as insurance companies are making estimations about the duration of the pension age and calculate the sum of the disbursements made to you. If you live a healthy life and to an old age, the insurance company will make payments to you in a larger amount than the one accumulated in the fund. Otherwise, the insurance company keeps some of the money and uses it to make payments to clients who live to an older age.\n\n**Funded pension: when up to 50 times the national pension rate has been accumulated**\n\nWhen up to EUR 9465 has been accumulated in the pension account, the money can be used with periodical payments from the pension fund. For this, an application must be filled in at a bank office or the online bank. In your application, notify the bank of the desired period of the payments and the total duration of the pension payments. How short the period can be is determined by the Funded Pensions Act and depends on the age of the pensioner. Unlike an insurance company, which pays you a pension for the rest of your life, payments from the pension fund are only made as long as there is money on your account. On the other hand, all of the assets in the fund belong to the recipient of the pension, and when they pass away, they are transferred to their heirs.\n\n**In a lump sum: when up to 10 times the national pension rate has been accumulated**\n\nMoney can be withdrawn from the 2nd pension pillar in a lump sum, when less than EUR 1893 have been accumulated in the pension fund.\n\n**Bequeathing**\n\nThe assets of the pension fund can be bequeathed. Heirs are free to choose whether to withdraw the amount at once or to inherit fund shares. An income tax of 20% applies to the cash payments.\n\n**Taxes**\n\nAn income tax of 20% applies to the payments from the pension fund. The income tax calculation is based on the tax exemption to the monthly income of a pensioner, which in 2018 is EUR 500.\n"}]},"MK25":{"heading":"LHV Pensionifond M - A balanced choice","id":"m","code":"lhv_m","dataMarker":"MK25","suitability":"**Suitable if**\n- you have more than 3–10 years left until retirement age,\n- you have moderate risk tolerance\n- the aim is the long-term stable growth of your pension savings.\n","strategy":"###### Strategy\n\nWe allocate most of the funds into bonds, which offer stability when it comes to the preservation of your money. For added balance, we also invest into real estate and enterprises to allow for stable growth by your pension savings. Up to 25% of the fund’s assets will be allocated to shares, that is, holdings in companies will be acquired. We invest the rest into bonds and real estate.\n","productivity":{"beginning":"96,15%","currentYear":"3,63%","currentMonth":"0,03%"},"costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"1.008%"},"fundInfo":{"date":"31.07.2018","capacity":"108,021,146.68 €","pocket":"380 000 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/eng/contact/contact","fee":"0,06% (paid by LHV)"}},"accordion":[{"id":"documents-m","title":"Documents and reports","text":"**Terms and Conditions**\n- [Terms and conditions from 2 January 2018](/assets/files/pension/LHV_Pensionifond_M_tingimused_020118.pdf)\n\n**Prospectus**\n- [Prospectus from 19 March 2018](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n\n**Analyzes**\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID.pdf)\n\n**Reports**\n- [Investment report (31 July 2018)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2018_07.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_M_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_pensionifond_M_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_pensionifond_M_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_pensionifond_M_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_pensionifond_M_aruanne_2013.pdf)\n"},{"title":"Where do we invest?","text":"We will allocate your money into international enterprises, the development of which we believe in. At the same time, it must be taken into consideration that the future of these enterprises depends on both their internal decisions as well as the changes in the global economy.\n\nThe data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 4.14% |\n| Riigi Kinnisvara 06/2027 | 3.52% |\n| Transpordi Varahaldus 04/2025 | 3.15% |\n| Luminor Bank 12/2019 | 3.06% |\n| France 10/2022 | 3.04% |\n| Tartu Linnavalitsus 10/2032 | 2.57% |\n| Coop Pank 12/2027 | 2.14% |\n| Latvenergo 06/2022 | 2.10% |\n| Citadele banka 12/2026 | 2.04% |\n| auto24 04/2022 | 1.96% |\n\n| Current asset allocation | |\n|---|--:|\n| Money and deposits | 4.58% |\n| Government bonds | 11.92% |\n| Corporate bonds | 66.52% |\n| Real estate | 8.03% |\n| Shares | 8.90% |\n\n| Regional distribution | |\n|---|--:|\n| Money and deposits | 4.58% |\n| The Baltic states | 53.28% |\n| Europe (excl. the Baltic states) | 29.19% |\n| Asia | 2.61% |\n| North America | 9.38% |\n| Other | 0.91% |\n"},{"title":"Fund’s fortunes\n","text":"**The world's stock markets continue to direct us towards the local market**\n\nRomet Enok, Fund Manager\n\nThe world's stock markets showed a predominantly negative rate of return in June. This was largely caused by the fear of a trade war between the US and other countries. For example, the stock exchange index of Germany and France fell by 2.4 % and 1.4% respectively. The stock markets of Baltic countries did not follow the major decrease, and the stock exchange indexes of Riga and Vilnius showed a respective -0.1% and 0.2% rate of return. Instead, the Tallinn stock exchange rose by 2.3% due to the initial public offerings of the shares of Port of Tallinn. Port of Tallinn is the first company with the state's qualifying holding on the local stock exchange during the last 20 years, and the interest in the shares was strong. The offered shares were almost three times over-allotted and the investors included Estonian and foreign institutions as well as over 13,000 retail investors. The company sold shares at a price of 1.7 euros and by the end of the trading day, the price rose to 1.93 euros. LHV pension funds own 2.7% of the shares of Port of Tallinn.\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. As repeatedly mentioned here, LHV pension funds are looking for investments with the highest expected rate of return outside of international markets. The average interest of the local bond investments made by the M fund was 3.6% at the end of June, and if we leave the bond agreements concluded with Luminor and Siualiu banks aside, the average interest of the local bond portfolio was 4.25%.\n"},{"id":"disbursements-m","title":"Disbursements","text":"The type of disbursement depends on how much you have accumulated in the fund. The type of payments can be predicted with the concept of the national pension rate, the sum of which is established on the basis of an annually set index. Since April 2018 the sum is EUR 189.31.\n\n**How can the funds be withdrawn from the second pillar?**\n\n[See video](https://www.youtube.com/watch?v=n__hczIubHw&feature=youtu.be)\n\n**Pension agreement: when more than 50 times the national pension rate has been accumulated**\n\nThe main option of withdrawing the money accumulated in the 2nd pillar fund is to conclude a pension agreement. This means that upon retirement you conclude an agreement with a life insurance company, handing the funds accumulated in the pension fund over to the disposal of the company. In return, the insurance company will pay you a regular pension until the end of your life. This is important information, as insurance companies are making estimations about the duration of the pension age and calculate the sum of the disbursements made to you. If you live a healthy life and to an old age, the insurance company will make payments to you in a larger amount than the one accumulated in the fund. Otherwise, the insurance company keeps some of the money and uses it to make payments to clients who live to an older age.\n\n**Funded pension: when up to 50 times the national pension rate has been accumulated**\n\nWhen up to EUR 9465 has been accumulated in the pension account, the money can be used with periodical payments from the pension fund. For this, an application must be filled in at a bank office or the online bank. In your application, notify the bank of the desired period of the payments and the total duration of the pension payments. How short the period can be is determined by the Funded Pensions Act and depends on the age of the pensioner. Unlike an insurance company, which pays you a pension for the rest of your life, payments from the pension fund are only made as long as there is money on your account. On the other hand, all of the assets in the fund belong to the recipient of the pension, and when they pass away, they are transferred to their heirs.\n\n**In a lump sum: when up to 10 times the national pension rate has been accumulated**\n\nMoney can be withdrawn from the 2nd pension pillar in a lump sum, when less than EUR 1893 have been accumulated in the pension fund.\n\n**Bequeathing**\n\nThe assets of the pension fund can be bequeathed. Heirs are free to choose whether to withdraw the amount at once or to inherit fund shares. An income tax of 20% applies to the cash payments.\n\n**Taxes**\n\nAn income tax of 20% applies to the payments from the pension fund. The income tax calculation is based on the tax exemption to the monthly income of a pensioner, which in 2018 is EUR 500.\n"}]},"LK50":{"heading":"LHV Pensionifond L – LHV’s flagship","id":"l","code":"lhv_l","dataMarker":"LK50","active":true,"suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you have average risk tolerance\n- the aim is the long-term growth of your pension savings.\n","strategy":"###### Strategy\n\nWe invest in different areas, the development of which we believe in (e.g. real estate, forest, private equity, Baltic shares, international stock markets and bonds). We allocate up to 50% of the fund’s assets onto stock markets, obtaining holdings in companies. We invest the rest into bonds and real estate.\n","productivity":{"beginning":"85,41%","currentYear":"0,89%","currentMonth":"-0,01%"},"costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"1.260%"},"fundInfo":{"date":"31.07.2018","capacity":"796,216,028.31 €","pocket":"2 400 000 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/eng/contact/contact","fee":"0,06% (paid by LHV)"}},"accordion":[{"id":"documents-l","title":"Documents and reports","text":"**Terms and Conditions**\n- [Terms and conditions from 2 January 2018](/assets/files/pension/LHV_Pensionifond_L_tingimused_020118.pdf)\n\n**Prospectus**\n- [Prospectus from 19 March 2018](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n\n**Analyzes**\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID.pdf)\n\n**Reports**\n- [Investment report (31 July 2018)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2018_07.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_L_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_pensionifond_L_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_pensionifond_L_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_pensionifond_L_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_pensionifond_L_aruanne_2013.pdf)\n"},{"title":"Where do we invest?","text":"We will allocate your money into international enterprises, the development of which we believe in. At the same time, it must be taken into consideration that the future of these enterprises depends on both their internal decisions as well as the changes in the global economy.\n\nThe data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 4.85% |\n| Riigi Kinnisvara 06/2027 | 3.91% |\n| France 10/2022 | 3.27% |\n| Luminor Bank 12/2019 | 3.23% |\n| Latvia 01/2021 | 2.97% |\n| JP Morgan Chase 08/2021 | 2.27% |\n| Wells Fargo & Company 07/2021 | 2.23% |\n| Lithuania 01/2024 | 2.12% |\n| Siauliu Bankas 12/2020 | 2.02% |\n| East Capital Baltic Property Fund III | 1.76% |\n\n| Current asset allocation | |\n|---|--:|\n| Money and deposits | 3.87% |\n| Government bonds | 15.53% |\n| Corporate bonds | 50.15% |\n| Real estate | 10.06% |\n| Shares | 20.35% |\n\n| Regional distribution | |\n|---|--:|\n| Money and deposits | 3.87% |\n| The Baltic states | 52.61% |\n| Europe (excl. the Baltic states) | 28.63% |\n| Asia | 4.67% |\n| North America | 9.21% |\n| Other | 0.97% |\n"},{"title":"Fund’s fortunes","text":"**Tallinn stock exchange went against the downstream of global stock markets**\n\nKristo Oidermaa, Fund Manager\n\nThe world's stock markets showed predominantly negative rates of return in June. This was largely caused by the fear of a trade war between the US and other countries. For example, the stock exchanges of Germany and France fell by 2.4 % and 1.4% respectively. The Japanese stock exchange index also decreased by 1.4% in euros, and the Finnish stock exchange, which has sharply increased in the past couple of months, fell by 1.2%. The shares of Finnish forestry sector companies Stora Enso and Metsä Board, which had a great rate of return so far, fell more than 7% and 5% respectively. Tallinn stock exchange did not follow the decrease of global share markets and rose by 2.3% instead. This was largely due to the initial public offering of the shares of Port of Tallinn. Interest in share subscription was strong and the share price already rose by 13.5% to 1.93 euros on the first trading day. In addition to LHV pension funds, the investors included many local and foreign institutions and more than 13,000 retail investors. LHV pension funds own 2.7% of the shares of Port of Tallinn.\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. As repeatedly mentioned here, LHV pension funds are looking for investments with the highest expected rate of return outside of international markets. The average interest of the local bond investments made by the L fund was 3.0% at the end of June, and if we leave the bond agreements concluded with Luminor and Siualiu banks aside, the average interest of the local bond portfolio was 4.0%.\n"},{"id":"disbursements-l","title":"Disbursements","text":"The type of disbursement depends on how much you have accumulated in the fund. The type of payments can be predicted with the concept of the national pension rate, the sum of which is established on the basis of an annually set index. Since April 2018 the sum is EUR 189.31.\n\n**How can the funds be withdrawn from the second pillar?**\n\n[See video](https://www.youtube.com/watch?v=n__hczIubHw&feature=youtu.be)\n\n**Pension agreement: when more than 50 times the national pension rate has been accumulated**\n\nThe main option of withdrawing the money accumulated in the 2nd pillar fund is to conclude a pension agreement. This means that upon retirement you conclude an agreement with a life insurance company, handing the funds accumulated in the pension fund over to the disposal of the company. In return, the insurance company will pay you a regular pension until the end of your life. This is important information, as insurance companies are making estimations about the duration of the pension age and calculate the sum of the disbursements made to you. If you live a healthy life and to an old age, the insurance company will make payments to you in a larger amount than the one accumulated in the fund. Otherwise, the insurance company keeps some of the money and uses it to make payments to clients who live to an older age.\n\n**Funded pension: when up to 50 times the national pension rate has been accumulated**\n\nWhen up to EUR 9465 has been accumulated in the pension account, the money can be used with periodical payments from the pension fund. For this, an application must be filled in at a bank office or the online bank. In your application, notify the bank of the desired period of the payments and the total duration of the pension payments. How short the period can be is determined by the Funded Pensions Act and depends on the age of the pensioner. Unlike an insurance company, which pays you a pension for the rest of your life, payments from the pension fund are only made as long as there is money on your account. On the other hand, all of the assets in the fund belong to the recipient of the pension, and when they pass away, they are transferred to their heirs.\n\n**In a lump sum: when up to 10 times the national pension rate has been accumulated**\n\nMoney can be withdrawn from the 2nd pension pillar in a lump sum, when less than EUR 1893 have been accumulated in the pension fund.\n\n**Bequeathing**\n\nThe assets of the pension fund can be bequeathed. Heirs are free to choose whether to withdraw the amount at once or to inherit fund shares. An income tax of 20% applies to the cash payments.\n\n**Taxes**\n\nAn income tax of 20% applies to the payments from the pension fund. The income tax calculation is based on the tax exemption to the monthly income of a pensioner, which in 2018 is EUR 500.\n"}]},"XLK50":{"heading":"LHV Pensionifond XL - The boldest choice","id":"xl","code":"lhv_xl","dataMarker":"XLK50","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are prepared to take above-average risks,\n- your aim is the long-term growth of your pension savings.\n","strategy":"###### Strategy\n\nWe allocate up to 75% of the fund’s assets into shares, i.e. obtaining holdings in companies. We invest the rest into bonds and real estate. In 2012, we changed our investment strategy; until then, up to 50% was invested into shares.\n","productivity":{"beginning":"85,41%","currentYear":"0,89%","currentMonth":"-0,01%"},"costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"1.260%"},"fundInfo":{"date":"31.07.2018","capacity":"156,826,211.51 €","pocket":"500 000 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/eng/contact/contact","fee":"0,06% (paid by LHV)"}},"accordion":[{"id":"documents-xl","title":"Documents and reports","text":"**Terms and Conditions**\n- [Terms and conditions from 2 January 2018](/assets/files/pension/LHV_Pensionifond_XL_tingimused_020118.pdf)\n\n**Prospectus**\n- [Prospectus from 19 March 2018](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n\n**Analyzes**\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID.pdf)\n\n**Reports**\n- [Investment report (31 July 2018)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2018_07.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_XL_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_pensionifond_XL_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_pensionifond_XL_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_pensionifond_XL_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_pensionifond_XL_aruanne_2013.pdf)\n"},{"title":"Where do we invest?","text":"We will allocate your money into international enterprises, the development of which we believe in. At the same time, it must be taken into consideration that the future of these enterprises depends on both their internal decisions as well as the changes in the global economy.\n\nThe data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 4.09% |\n| Luminor Bank 12/2019 | 3.83% |\n| Riigi Kinnisvara 06/2027 | 3.38% |\n| East Capital Baltic Property Fund II | 2.61% |\n| East Capital Baltic Property Fund III | 2.46% |\n| WisdomTree Japan Hedged Equity Fund | 2.13% |\n| France 10/2022 | 2.13% |\n| iShares STOXX Europe 600 Health Care | 2.03% |\n| Amber Circle Funding 12/2022 | 1.95% |\n| JP Morgan Chase 08/2021 | 1.94% |\n\n| Current asset allocation | |\n|---|--:|\n| Money and deposits | 3.75% |\n| Government bonds | 6.71% |\n| Corporate bonds | 53.82% |\n| Real estate | 12.64% |\n| Shares | 23.03% |\n\n| Regional distribution | |\n|---|--:|\n| Money and deposits | 3.75% |\n| The Baltic states | 47.03% |\n| Europe (excl. the Baltic states) | 33.05% |\n| Asia | 5.64% |\n| North America | 8.95% |\n| Other | 1.53% |\n"},{"title":"Fund’s fortunes","text":"**The local venture capital funds in the fund's portfolio made its first investments**\n\nKristo Oidermaa, Fund Manager\n\nThe world's stock markets showed predominantly negative rates of return in June. This was largely caused by the fear of a trade war between the US and other countries. For example, the stock exchanges of Germany and France fell by 2.4 % and 1.4% respectively. The Japanese stock exchange index also decreased by 1.4% in euros, and the Finnish stock exchange, which has sharply increased in the past couple of months, fell by 1.2%. Many stock markets of South American and Asian countries also remained weak. The stock exchanges of Baltic countries did not follow the major decrease, and the stock exchange indexes of Riga and Vilnius showed a respective -0.1% and 0.2% rate of return. Instead, Tallinn stock exchange rose by 2.3% due to the initial public offerings of the shares of Port of Tallinn. The venture capital funds in the LHV pension fund portfolio also made their first investments. For example, the fund Superangel invested in the Estonian start-up Veriff which in June gathered 6.6 million euros of investors' money altogether. Veriff offers a simple and convenient customer identification service for companies in different fields.\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. As repeatedly mentioned here, LHV pension funds are looking for investments with the highest expected rate of return outside of international markets. The average interest of the local bond investments made by the XL fund was 3.0% at the end of June, and if we leave the bond agreements concluded with Luminor and Siualiu banks aside, the average interest of the local bond portfolio was 4.25%.\n"},{"id":"disbursements-xl","title":"Disbursements","text":"The type of disbursement depends on how much you have accumulated in the fund. The type of payments can be predicted with the concept of the national pension rate, the sum of which is established on the basis of an annually set index. Since April 2018 the sum is EUR 189.31.\n\n**How can the funds be withdrawn from the second pillar?**\n\n[See video](https://www.youtube.com/watch?v=n__hczIubHw&feature=youtu.be)\n\n**Pension agreement: when more than 50 times the national pension rate has been accumulated**\n\nThe main option of withdrawing the money accumulated in the 2nd pillar fund is to conclude a pension agreement. This means that upon retirement you conclude an agreement with a life insurance company, handing the funds accumulated in the pension fund over to the disposal of the company. In return, the insurance company will pay you a regular pension until the end of your life. This is important information, as insurance companies are making estimations about the duration of the pension age and calculate the sum of the disbursements made to you. If you live a healthy life and to an old age, the insurance company will make payments to you in a larger amount than the one accumulated in the fund. Otherwise, the insurance company keeps some of the money and uses it to make payments to clients who live to an older age.\n\n**Funded pension: when up to 50 times the national pension rate has been accumulated**\n\nWhen up to EUR 9465 has been accumulated in the pension account, the money can be used with periodical payments from the pension fund. For this, an application must be filled in at a bank office or the online bank. In your application, notify the bank of the desired period of the payments and the total duration of the pension payments. How short the period can be is determined by the Funded Pensions Act and depends on the age of the pensioner. Unlike an insurance company, which pays you a pension for the rest of your life, payments from the pension fund are only made as long as there is money on your account. On the other hand, all of the assets in the fund belong to the recipient of the pension, and when they pass away, they are transferred to their heirs.\n\n**In a lump sum: when up to 10 times the national pension rate has been accumulated**\n\nMoney can be withdrawn from the 2nd pension pillar in a lump sum, when less than EUR 1893 have been accumulated in the pension fund.\n\n**Bequeathing**\n\nThe assets of the pension fund can be bequeathed. Heirs are free to choose whether to withdraw the amount at once or to inherit fund shares. An income tax of 20% applies to the cash payments.\n\n**Taxes**\n\nAn income tax of 20% applies to the payments from the pension fund. The income tax calculation is based on the tax exemption to the monthly income of a pensioner, which in 2018 is EUR 500.\n"}]},"LIK75":{"heading":"LHV Pensionifond Indeks – Continuous investment","id":"indeks","code":"lhv_lik","dataMarker":"LIK75","suitability":"**Suitable if**\n- you want to invest on financial markets on a continuous basis,\n- wish to grow your pension pillar at the lowest possible costs,\n- have prior personal investment experience.\n","strategy":"###### Strategy\n\nWe invest broadly in equity and real estate funds. When investing, we prefer funds that are exchange traded (ETF), have a low cost rate, hold physical assets (not synthetic), are cost effective, liquid and follow the base index. Up to 75% of the fund’s assets have been invested in equity funds, the rest in real estate funds. We invest in equity funds both in developed, emerging as well as frontier markets, based on global GDP distribution. Whenever the proportion of money in the fund exceeds 2%, it is invested within five working days.\n","productivity":{"beginning":"85,41%","currentYear":"0,89%","currentMonth":"-0,01%"},"costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.39%"},"fundInfo":{"date":"31.07.2018","capacity":"10,691,561.31 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06% (paid by LHV)"}},"accordion":[{"id":"documents-index","title":"Documents and reports","text":"**Terms and Conditions**\n- [Terms and conditions from 02 January 2018](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused-2018-01-02.pdf)\n\n**Prospectus**\n- [Prospectus from 02 January 2018](/assets/files/pension/LHV_Pensionifond_Indeks_prospekt-2018-01-02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID.pdf)\n\n**Sample portfolios**\n- [Sample portfolio](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_09_2017.pdf)\n\n**Reports**\n- [Investment report (31 July 2018)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2018_07.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2017.pdf)\n"},{"title":"Where do we invest?","text":"We invest up to 75% of the fund’s assets in equity funds, the rest in real estate funds. We invest in equity funds both in developed, emerging as well as frontier markets, based on global GDP distribution. Whenever the proportion of money in the fund exceeds 2%, it is invested within five working days.\n\nThe data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|--:|\n| Amundi Index FTSE EPRA Nareit Global UCITS ETF | 14.73% |\n| iShares Core MSCI World UCITS | 13.47% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 11.54% |\n| iShares Global REIT ETF | 6.40% |\n| db x-trackers MSCI World Index UCITS ETF | 5.65% |\n| Vanguard Total World Stock ETF | 5.41% |\n| BNP Paribas Easy FTSE EPRA/NAREIT Eurozone Capped | 5.20% |\n| Vanguard FTSE All-World UCITS ETF | 5.17% |\n| db x-trackers MSCI USA Index UCITS ETF | 5.11% |\n| iShares Core MSCI Emerging Markets ETF | 4.96% |\n\n| Current asset allocation | |\n|---|--:|\n| Money and deposits | 0.82% |\n| Real estate | 26.91% |\n| Shares | 72.27% |\n\n| Regional distribution | |\n|---|--:|\n| Money and deposits | 0.82% |\n| Emerging Markets | 23.93% |\n| Frontier Markets | 2.61% |\n| Developed Markets | 72.64% |\n"},{"id":"disbursements-index","title":"Disbursements","text":"The type of disbursement depends on how much you have accumulated in the fund. The type of payments can be predicted with the concept of the national pension rate, the sum of which is established on the basis of an annually set index. Since April 2018 the sum is EUR 189.31.\n\n**How can the funds be withdrawn from the second pillar?**\n\n[See video](https://www.youtube.com/watch?v=n__hczIubHw&feature=youtu.be)\n\n**Pension agreement: when more than 50 times the national pension rate has been accumulated**\n\nThe main option of withdrawing the money accumulated in the 2nd pillar fund is to conclude a pension agreement. This means that upon retirement you conclude an agreement with a life insurance company, handing the funds accumulated in the pension fund over to the disposal of the company. In return, the insurance company will pay you a regular pension until the end of your life. This is important information, as insurance companies are making estimations about the duration of the pension age and calculate the sum of the disbursements made to you. If you live a healthy life and to an old age, the insurance company will make payments to you in a larger amount than the one accumulated in the fund. Otherwise, the insurance company keeps some of the money and uses it to make payments to clients who live to an older age.\n\n**Funded pension: when up to 50 times the national pension rate has been accumulated**\n\nWhen up to EUR 9465 has been accumulated in the pension account, the money can be used with periodical payments from the pension fund. For this, an application must be filled in at a bank office or the online bank. In your application, notify the bank of the desired period of the payments and the total duration of the pension payments. How short the period can be is determined by the Funded Pensions Act and depends on the age of the pensioner. Unlike an insurance company, which pays you a pension for the rest of your life, payments from the pension fund are only made as long as there is money on your account. On the other hand, all of the assets in the fund belong to the recipient of the pension, and when they pass away, they are transferred to their heirs.\n\n**In a lump sum: when up to 10 times the national pension rate has been accumulated**\n\nMoney can be withdrawn from the 2nd pension pillar in a lump sum, when less than EUR 1893 have been accumulated in the pension fund.\n\n**Bequeathing**\n\nThe assets of the pension fund can be bequeathed. Heirs are free to choose whether to withdraw the amount at once or to inherit fund shares. An income tax of 20% applies to the cash payments.\n\n**Taxes**\n\nAn income tax of 20% applies to the payments from the pension fund. The income tax calculation is based on the tax exemption to the monthly income of a pensioner, which in 2018 is EUR 500.\n"}]},"LEK75":{"heading":"LHV Pensionifond Eesti – maximum investment in Estonia","id":"eesti","code":"lek75","dataMarker":"LEK75","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you want to link your pension with the Estonian economy,\n- you also have investments in other regions.\n","strategy":"###### Strategy\n\nThe fund invests, subject to the availability of suitable investments, 100% in Estonia. Investments are made in shares, debts, real estate, and also in other funds. Since the number of securities traded on the Tallinn Stock Exchange is low, the fund invests extensively outside the exchange. Since the fund is linked to one region, it would not be wise to invest all your pension assets in this fund.\n","productivity":{"beginning":null,"currentYear":null,"currentMonth":null},"costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"1.26%"},"fundInfo":{"date":"31.07.2018","capacity":"1,877,326.44 €","pocket":"2 343 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06% (paid by LHV)"}},"accordion":[{"id":"documents-index","title":"Documents and reports","text":"**Terms and Conditions**\n- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_tingimused.pdf)\n\n**Prospectus**\n- [Prospectus from 19 March 2018](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n\n**Analyzes**\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_KIID.pdf)\n\n**Reports**\n- [Investment report (31 July 2018)](/assets/files/pension/LHV_pensionifond_Eesti_kuuaruanne_2018_07.pdf)\n"},{"title":"Where do we invest?","text":"The assets of LHV Pensionifond Eesti are invested mostly in Estonia – the country in whose development we have faith and whose potential we know the best. The results of the fund are directly dependent on the well-being of the Estonian economy and Estonian companies. Due to a scarcity of suitable investments, the share of each investment is relatively high.\n\nThe data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|--:|\n| Birdeye Timber Fund | 5.92% |\n| Eesti Energia 09/2023 | 5.77% |\n| EfTEN Kinnisvarafond II | 5.60% |\n| Baltic Horizon Fund 05/2023 | 5.42% |\n| Allianz Finance 12/2020 | 5.38% |\n| auto24 04/2022 | 5.38% |\n| Daimler Intl Finance 05/2022 | 5.31% |\n| Tallinna Kaubamaja | 4.37% |\n| Tallink Grupp | 4.01% |\n| BMW 09/2020 | 2.83% |\n\n| Current asset allocation | |\n|---|--:|\n| Money and deposits | 31.44% |\n| Corporate bonds | 35.43% |\n| Real estate | 13.66% |\n| Shares | 19.46% |\n\n| Regional distribution | |\n|---|--:|\n| Money and deposits | 31.44% |\n| The Baltic states | 49.69% |\n| Europe (excl. the Baltic states) | 18.86% |\n"},{"title":"Fund’s fortunes","text":"**The entrance of Port of Tallinn enlivened the local market**\n\nKristo Oidermaa, Romet Enok, Fund Managers\n\nThe new publicly traded company, Port of Tallinn, had its first trading day in June and is the first company with the state's qualifying holding at the Tallinn stock exchange in almost 20 years. The initial public offering of the shares was successful and interest in share purchase was strong. The offered shares were almost three times over-allotted and, in addition to LHV pension funds, the investors included many local and foreign institutions and more than 13,000 retail investors. The company sold shares at a price of 1.7 euros and by the end of the trading day, the price rose to 1.93 euros, which meant that the rate of return of the day was 13.5%. Largely thanks to the success of the shares of Port of Tallinn, the Tallinn stock exchange index also rose in June by 2.3%. LHV pension funds own 2.7% of the shares of Port of Tallinn.\n\nThere were no changes in the bond portfolio in June, the fund is currently still holding positions on the Baltic Horizon with interest of 4.5% and auto24 with interest of 12% in bonds. The bond market of European companies offered, as a comparison, -0.6% in the first half-year and the UK market a -3.3% rate of return. We see opportunities to supplement our bond portfolio with new investments during the second half-year.\n"}]},"LHVPENSION":{"heading":"LHV Täiendav Pensionifond","id":"taiendav","code":"lhv_iii","dataMarker":"LHVPENSION","securityId":88317,"active":true,"strategy":"###### Strategy\n\nThe fund makes significant investments in equity markets: to ensure maximum growth, the proportion of equity markets is kept close to 75% of the value of the fund’s assets. The proportion of equity markets may also be higher – up to 95% – or lower (in recent years close to 40%), if considered reasonable by the fund manager.\n","suitability":"\n- Medium risk level.\n- Suitable for pension savers aware of investment risks, who wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money after reaching the age of 55.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%."},"fundInfo":{"date":"31.07.2018","capacity":"14,989,212.65 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/eng/contact/contact","fee":"0,06%"}},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\n\n**Reference number**\nThe number of your securities account\n\n**Explanation**\n30101119828, EE3600010294, IK: Your ID Code\n\n**Amount**\nAmount invested in euros (minimum 6,39 euros).\n","accordion":[{"id":"documents-taiendav","title":"Documents and reports","text":"**Terms and Conditions**\n- [Terms and conditions from 13 June 2017](/assets/files/pension/LHV_taiendav_pensionifond_tingimused_2017-06-13.pdf)\n\n**Prospects**\n- [Prospectus from 6 August 2018](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_060818.pdf)\n- [Prospectus from 15 September 2017](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_150917.pdf)\n\n**Analyzes**\n- [Analysis of the amendments made to the terms and conditions (in Estonian)](/assets/files/pension/LHV_taiendava_pensionifondi_tingimuste_muutmise_moju_analyys.pdf)\n- [The merger of LHV Pensionifond Intress Pluss with LHV Täiendav Pensionifond (in Estonian)](/assets/files/pension/Osakuomanikele_antav_teave_LHV_taiendav_pensionifond.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_KIID.pdf)\n- [Comparison of Investment Policies (in Estonian)](/assets/files/pension/Investeerimispoliitikate_vordlus.pdf)\n\n**Reports**\n- [Report for the first half-year 2017 (LHV Pensionifond 100 Pluss)](/assets/files/pension/LHV_pensionifond_100_Pluss_I_poolaaasta_aruanne_2017.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2013.pdf)\n"},{"title":"Where do we invest?","text":"We will allocate your money into international enterprises, the development of which we believe in. At the same time, it must be taken into consideration that the future of these enterprises depends on both their internal decisions as well as the changes in the global economy.\n\nThe data is presented as at 31.07.2018.\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 5.82% |\n| East Capital Baltic Property Fund III | 3.04% |\n| East Capital Baltic Property Fund II | 2.70% |\n| Citadele banka 12/2026 | 2.63% |\n| iShares DAX EX | 2.58% |\n| PKO Bank Polski 01/2019 | 2.09% |\n| JP Morgan Chase 08/2021 | 2.06% |\n| Wells Fargo & Company 07/2021 | 2.03% |\n| Total Capital Intl 03/2020 | 2.01% |\n| SAP 03/2021 | 2.01% |\n\n| Current asset allocation | |\n|---|--:|\n| Money and deposits | 12.30% |\n| Government bonds | 8.07% |\n| Corporate bonds | 36.56% |\n| Real estate | 12.84% |\n| Shares | 30.23% |\n\n| Regional distribution | |\n|---|--:|\n| Money and deposits | 12.30% |\n| The Baltic states | 38.90% |\n| Europe (excl. the Baltic states) | 32.71% |\n| Asia | 4.29% |\n| North America | 10.45% |\n| Other | 1.35% |\n"},{"title":"Fund’s fortunes\n","text":"**Tallinn stock exchange went against the downstream of global stock markets**\n\nRomet Enok, Fund Manager\n\nThe world's stock markets showed predominantly negative rates of return in June. This was largely caused by the fear of a trade war between the US and other countries. For example, the stock exchanges of Germany and France fell by 2.4 % and 1.4% respectively. The Japanese stock exchange index also decreased by 1.4% in euros, and the Finnish stock exchange, which has sharply increased in the past couple of months, fell by 1.2%. The shares of Finnish forestry sector companies Stora Enso and Metsä Board, which had a great rate of return so far, fell more than 7% and 5% respectively. The stock markets of Baltic countries did not follow the major decrease, and the stock exchange indexes of Riga and Vilnius showed a respective -0.1% and 0.2% rate of return. Instead, the Tallinn stock exchange rose by 2.3% due to the public offering of the shares of Port of Tallinn. Interest in share subscription was strong and the share price already rose by 13.5% to 1.93 euros on the first trading day. LHV pension funds own 2.7% of the shares of Port of Tallinn.\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. As repeatedly mentioned here, LHV pension funds are looking for investments with the highest expected rate of return outside of international markets.\n"},{"id":"disbursements-taiendav","title":"Disbursements","text":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]},"LIT100":{"heading":"LHV Pensionifond Indeks Pluss","id":"indeks-pluss","code":"lhv_lit","dataMarker":"LIT100","securityId":147612,"strategy":"###### Strategy\n\nThe fund invests all of its assets in equity markets and the fund manager does not actively change the fund’s risk level. The fund’s assets are invested in index-following investment funds. The share of funds investing in equities is kept close to 100% of the fund’s volume. Whenever the share of money exceeds 2% of the fund’s volume, the free money is invested at least in the amount exceeding 2%, within five banking days.\n","suitability":"\n- High risk level.\n- Suitable for investors with a high risk tolerance, who are prepared to tolerate the risks arising from potentially significant fluctuations in equity markets. Investing in the fund assumes previous investment experience.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,39%."},"fundInfo":{"date":"31.07.2018","capacity":"1,996,527.86 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/eng/contact/contact","fee":"0,06%"}},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\n\n**Explanation**\n30101119828, EE3600109419, IK: Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"documents-indekspluss","title":"Documents and reports","text":"**Terms and Conditions**\n- [Terms and conditions from 13 September 2017](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused-2017-09-13.pdf)\n- [Analysis of the amendments made to the terms and conditions (in Estonian)](/assets/files/pension/Tingimuste_muutmise_moju_analyys_LHV_Pensionifond_Indeks_Pluss.pdf)\n\n**Prospects**\n- [Prospectus from 6 August 2018](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_060818.pdf)\n- [Prospectus from 15 September 2017](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_150917.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID.pdf)\n\n**Models**\n- [Sample portfolio](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2017.pdf)\n\n**Reports**\n- [Annual report for 2017](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2017.pdf)\n"},{"title":"Where do we invest?","text":"We invest the assets of the fund in index-following investment funds. We keep the share of funds investing in equities close to 100% of the fund’s volume. Whenever the share of money exceeds 2% of the fund’s volume, we invest the free money, at least in the amount exceeding 2%, within five banking days.\n\nNo particular indices are followed in investing the assets of the fund. Investments in investment funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n\nThe data is presented as at 31.07.2018.\n\n| Biggest investments | |\n|---|--:|\n| iShares Core MSCI World UCITS | 16.35% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 14.92% |\n| db x-trackers MSCI USA Index UCITS ETF | 9.34% |\n| Schwab International Equity ETF | 7.09% |\n| db x-trackers MSCI World Index UCITS ETF | 6.05% |\n| Vanguard Total World Stock ETF | 5.80% |\n| iShares Edge MSCI Min Vol Global ETF | 5.49% |\n| Vanguard FTSE Emerging Markets ETF | 5.06% |\n| iShares Core MSCI Emerging Markets ETF | 4.62% |\n| Vanguard FTSE All-World UCITS ETF | 4.06% |\n\n| Current asset allocation | |\n|---|--:|\n| Money and deposits | 0.76% |\n| Shares | 99.27% |\n\n| Regional distribution | |\n|---|--:|\n| Money and deposits | 0.76% |\n| Emerging Markets | 31.93% |\n| Frontier Markets | 3.55% |\n| Developed Markets | 63.79% |\n"},{"id":"disbursements-indekspluss","title":"Disbursements","text":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}}