{"LXK00":{"heading":"LHV Pensionifond XS","id":"xs","code":"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","isLhvFund":true,"strategy":"**Strategy**\n\nAt 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.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":2862},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":87.94,"unit":"%"},{"name":"Equity funds","value":4.72,"unit":"%"},{"name":"Money and deposits","value":7.34,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 6.65% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 6.32% |\n| Estonia 4.0% 12/10/2032 | 5.42% |\n| ZKB Gold ETF | 4.72% |\n| ALTUMG 1.3% 07/03/25 | 4.09% |\n| Elering 0.875% 03/05/2023 | 3.99% |\n| France Government 1.75% 25/05/2023 | 3.99% |\n| German Treasury Bill 23/08/23 | 3.89% |\n| German Treasury Bill 18/10/23 | 3.87% |\n| Bank Gospodarstwa Krajow 1.375% 01/06/25 | 3.75% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 6.65% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 6.32% |\n| Estonia 4.0% 12/10/2032 | 5.42% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2023) | 12,728,218.94 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 50,000 units |\n| Rate of the depository’s charge | 0.0444% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,5130%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,55%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID_022023.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 April 2023) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2023_04.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2023,"month":4,"content":"### April 2023: Bond markets are calming down\n\nRomet Enok, Fund Manager\n\nBond price movements in Europe are calming down with the expectation that the risk of inflation is under the control of the European Central Bank. In such an environment, bonds once again offer returns. Interests on bank deposits have also gone up, but bonds have outperformed deposits so far this year. The major purchases made by the fund last autumn have proven profitable. We plan to make the next investment for our portfolios in OTC securities.\n"},{"year":2023,"month":3,"content":"### March 2023: We bought Volkswagen bonds\n\nRomet Enok, Fund Manager\n\nBond markets were clearly in positive territory in March. While new bond issuance in Europe was halted after Silicon Valley Bank collapsed in mid-March, the first quarter of the year, as a whole, was a highly active period for money lending. This was mainly due to uncertainty in future outlook, which made companies seek to strengthen their position by taking loans at an earlier point.\n\nWe took advantage of the momentary confusion in the markets to acquire longer-term Volkswagen bonds in our bond portfolios. These bonds offer an expected annual yield of just over 7%. The prices on the market at large continue to be unappealing, but we are ready to respond quickly, should opportunities arise.\n"},{"year":2023,"month":2,"content":"### February 2023: We invested in Latvenergo bonds\n\nRomet Enok, Fund Manager\n\nAs a new investment, we added the recently issued bond by Latvenergo, one of Latvia’s largest companies, to the fund. The annual interest rate for the six-year bond is 4.95%. Just a year ago, Latvenergo offered an annual interest rate of 2.4%. Interest rates continue to rise worldwide, and so does the interest earned on investments made by the funds.\n\nFor years, the European Central Bank’s actions kept interest rates at a level where the largest companies in the Baltics were able to raise money at an annual interest rate of below 1%. As Latvenergo shows, however, annual returns of nearly 5% are now the new normal.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Innovation drives life forward**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n","text":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n\nDespite the rising interest rates, companies have managed to withstand the environment surprisingly well, with their turnovers and profits even experiencing nominal growth. Larger companies, leveraging their market power, have successfully increased the prices of their products and services, effectively transferring the impact of rising input costs and labour expenses to consumers. However, the situation is more complicated for small companies.\n\nI am somewhat surprised that several central bankers (Christine Lagarde among others) have accused entrepreneurs of greed, instead of admitting their own past mistakes. Central bankers need to acknowledge that the prolonged policy of ultra-low interest rates was a regrettable mistake, with consequences that are just beginning to surface, including mounting debt burdens, rapid price inflation, and an ensuing unstable economic environment.\n\n**Many politicians still refuse to admit the problem**\n\nWhile some central banks have started to curb the inflationary pressures resulting from their previous monetary policies (with the Bank of Japan being one of the few exceptions), a significant number of politicians remain oblivious to the gravity of the problems at hand.\n\nIn the autumn of 2022, the international spotlight fell on the previous British government’s populist experiment of overlooking the mounting deficit in the national budget. Fortunately, this experiment remained purely theoretical as, following the British government’s proposal to reduce taxes and resort to borrowing to compensate for diminished budget revenues, government borrowing rates soared to such an extent that Liz Truss’s government deemed it wiser to step down after just 44 days in power. Politicians solely engrossed in domestic political manoeuvres and those who lack an inclination for economic policy likely remained oblivious to this failed attempt.\n\nThe mounting problems with public finances are not just a problem for Britain. In the event that Democrats and Republicans in the US Congress fail to reach a consensus on the budget for the upcoming fiscal year, there is a possibility that the nation with the world’s largest and most significant economy could find itself indebted to its creditors.\n\nI have a suspicion that inflation will persist until politicians successfully achieve a balance in national budgets. This is not an easy or quick goal to achieve. Over the past decade, as interest rates remained low and even negative, politicians undertook new borrowing obligations on behalf of their constituents. Now, these loans must be serviced with increasingly higher interest rates. In addition, the increasingly tense geopolitical environment requires higher national defence spending.\n\n**Tax increases are becoming inevitable**\n\nDespite potential reductions in government spending, taxes are likely to rise globally. Broadly speaking, the options are either to swiftly increase taxes now to achieve budgetary balance or to allow the debt to accumulate and face the prospect of significantly higher taxes later on, potentially leading to a deep recession.\n\nGetting a state’s finances back on the path of long-term sustainability should take priority over a single annual budget. In mid-April, the French government passed a law that raised the retirement age from 62 to 64. It was a difficult and unpopular decision, sparking protest that continues to this day. And yet, considering the long-term perspective, it was unavoidable.\n\nWhile cuts and tax hikes are never easy or popular, the unsustainable accumulation of the debt burden on future generations cannot continue indefinitely. It is likely wiser to accept the bitter pill now rather than letting problems pile up until creditors compel you to take a triple or quadruple dose in the future.\n\nFortunately, the budgetary challenges of the Estonian state are much smaller than those of many other countries. But this also poses a danger: by implementing minor tax increases and making some changes, we may inadvertently overlook long-term trends and delay the necessary discussions that society needs to have.\n\nI trust that the need for a long-term budget balance is evident. But why not explore diverse ideas on how fiscal policy could encourage innovation, enhance societal productivity, and optimise the use of existing resources?\n\nTo minimise risks, it could be agreed before the discussion that, regardless of the suggested changes, the government’s share in the redistribution of the gross domestic product should not increase. Why not explore the possibility of introducing property taxation as a means to potentially lower income tax?\n\nFurthermore, it would be intriguing to witness a debate on how much a corporate income tax could potentially lower the social tax. What impact would it have on the business environment, and would it foster innovation?\n\nWhile these are not rhetorical questions, I do not have the answers. No question or idea should be dismissed as foolish. If these inquiries stem from a genuine desire to enhance the efficiency of the organisation of the state and drive societal progress, they deserve at least some deliberation. However, I believe that the slogan “No playing with taxes,” which has been effective for 30 years, has become outdated and is now impeding the progress of the Estonian state. This slogan effectively shielded us from the risk that the state would cover arbitrary expenses with money taken from politically convenient sources. However, over time, the Estonian economy has experienced significant growth and undergone structural changes. The world around us has also changed.\n\n**AI as a possible springboard for the economy**\n\nMachine learning and artificial intelligence have been topics of discussion for decades, but the launch of ChatGPT for free public testing on 30 November last year has garnered tremendous attention. In just the first week, the programme attracted over a million users.\n\nBy now, artificial intelligence has become a compelling investment topic. The sector is expected to experience an average annual growth of about 40% in the coming years, with the global AI market anticipated to reach approximately 1.6 trillion dollars by 2030.\n\nThe growth of artificial intelligence has made a significant impact on the US stock markets this year, with the S&P 500 index experiencing a 9% increase since the start of the year. The main driver behind this is an increase in the value of Microsoft, Alphabet, Nvidia, Apple and Meta. If we combine this with the rise in value of approximately 20 smaller companies focused on artificial intelligence, it can be argued that, were it not for the AI boom, the S&P 500 would be in negative territory compared to the beginning of this year.\n\nIn my previous monthly newsletters, I have repeatedly expressed my belief that the world economy is unlikely to overcome the continuously escalating debt burden without a significant shock. A favourable scenario could involve a substantial technological upheaval, similar to the industrial revolution of the 18th century, which resulted in an unparalleled boost in labour productivity but also led to extensive and challenging transformations in the social fabric.\n\nArtificial intelligence possesses immense potential to become a transformative technology that will greatly accelerate economic progress and aid in resolving the critical challenges confronting humanity. Most likely, it is merely a matter of time before this emerging technology will reach a level of sophistication capable of accomplishing that.\n\nI am an optimist in the long term and believe in human ingenuity. Nevertheless, I am forced to admit that despite the accumulation of challenges over the past decade, asset prices have continued to rise. In the upcoming years, I believe the emphasis should primarily be on safeguarding capital, while keeping in mind that innovation is what drives life forward.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":30.27,"fundManager":"LHV"},"LSK00":{"heading":"LHV Pensionifond S","id":"s","code":"s","dataMarker":"SK00","suitability":"**Suitable if**\n- you have 2–5 years left until retirement age,\n- you have low risk tolerance,\n- your aim is the preservation and modest growth of your pension savings.\n","isLhvFund":true,"strategy":"**Strategy**\n\nThe Fund's assets are mainly invested in bonds. The Fund's assets may be invested in sub-investment grade bonds. Up to 25% of the fund's assets may be invested in real estate, infrastructure, equity funds and convertible bonds. The Fund may also grant a loan. The long-term preferred asset class of the fund is listed debt instruments.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":4832},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":86.03,"unit":"%"},{"name":"Equity funds","value":4.7,"unit":"%"},{"name":"Real Estate funds","value":1.45,"unit":"%"},{"name":"Money and deposits","value":7.81,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 8.01% |\n| German Treasury Bill 18/10/23 | 5.89% |\n| Luminor 0.792% 03/12/24 | 5.02% |\n| Romania 2.875% 28/10/24 | 4.93% |\n| Estonia 4.0% 12/10/2032 | 4.86% |\n| ZKB Gold ETF | 4.70% |\n| ALTUMG 1.3% 07/03/25 | 4.26% |\n| KBC Group NV 0.625% 07/12/2031 | 3.14% |\n| Glencore 1.25% 01/03/2033 | 3.13% |\n| BNP Paribas 2.5% 31/03/2032 | 2.97% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 8.01% |\n| Luminor 0.792% 03/12/24 | 5.02% |\n| Estonia 4.0% 12/10/2032 | 4.86% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2023) | 30,128,604.23 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 120 000 units |\n| Rate of the depository’s charge | 0.0444% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,68%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID_022023.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 April 2023) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2023_04.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2023,"month":4,"content":"### April 2023: We increased our position in Volkswagen bonds\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nAs with the stock markets, bond prices also stabilised in April. The month ended slightly on the positive side and, in addition, the volume of new loans taken by companies recovered.\n\nWe increased Volkswagen’s position in the bond portfolio at a price that is expected to offer an annual yield slightly higher than 7%. We plan to make the next investment for our portfolios as a direct investment outside the stock market.\n"},{"year":2023,"month":3,"content":"### March 2023: We bought Volkswagen bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nBond markets were clearly in positive territory in March. While new bond issuance in Europe was halted after Silicon Valley Bank collapsed in mid-March, the first quarter of the year, as a whole, was a highly active period for money lending. This was mainly due to uncertainty in future outlook, which made companies seek to strengthen their position by taking loans at an earlier point.\n\nWe took advantage of the momentary confusion in the markets to acquire longer-term Volkswagen bonds in our bond portfolios. These bonds offer an expected annual yield of just over 7%. The prices on the market at large continue to be unappealing, but we are ready to respond quickly, should opportunities arise.\n"},{"year":2023,"month":2,"content":"### February 2023: We invested in Latvenergo bonds\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nAs a new investment, we added the recently issued bond by Latvenergo, one of Latvia’s largest companies, to the fund. The annual interest rate for the six-year bond is 4.95%. Just a year ago, Latvenergo offered an annual interest rate of 2.4%. Interest rates continue to rise worldwide, and so does the interest earned on investments made by the funds.\n\nFor years, the European Central Bank’s actions kept interest rates at a level where the largest companies in the Baltics were able to raise money at an annual interest rate of below 1%. As Latvenergo shows, however, annual returns of nearly 5% are now the new normal.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Innovation drives life forward**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n","text":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n\nDespite the rising interest rates, companies have managed to withstand the environment surprisingly well, with their turnovers and profits even experiencing nominal growth. Larger companies, leveraging their market power, have successfully increased the prices of their products and services, effectively transferring the impact of rising input costs and labour expenses to consumers. However, the situation is more complicated for small companies.\n\nI am somewhat surprised that several central bankers (Christine Lagarde among others) have accused entrepreneurs of greed, instead of admitting their own past mistakes. Central bankers need to acknowledge that the prolonged policy of ultra-low interest rates was a regrettable mistake, with consequences that are just beginning to surface, including mounting debt burdens, rapid price inflation, and an ensuing unstable economic environment.\n\n**Many politicians still refuse to admit the problem**\n\nWhile some central banks have started to curb the inflationary pressures resulting from their previous monetary policies (with the Bank of Japan being one of the few exceptions), a significant number of politicians remain oblivious to the gravity of the problems at hand.\n\nIn the autumn of 2022, the international spotlight fell on the previous British government’s populist experiment of overlooking the mounting deficit in the national budget. Fortunately, this experiment remained purely theoretical as, following the British government’s proposal to reduce taxes and resort to borrowing to compensate for diminished budget revenues, government borrowing rates soared to such an extent that Liz Truss’s government deemed it wiser to step down after just 44 days in power. Politicians solely engrossed in domestic political manoeuvres and those who lack an inclination for economic policy likely remained oblivious to this failed attempt.\n\nThe mounting problems with public finances are not just a problem for Britain. In the event that Democrats and Republicans in the US Congress fail to reach a consensus on the budget for the upcoming fiscal year, there is a possibility that the nation with the world’s largest and most significant economy could find itself indebted to its creditors.\n\nI have a suspicion that inflation will persist until politicians successfully achieve a balance in national budgets. This is not an easy or quick goal to achieve. Over the past decade, as interest rates remained low and even negative, politicians undertook new borrowing obligations on behalf of their constituents. Now, these loans must be serviced with increasingly higher interest rates. In addition, the increasingly tense geopolitical environment requires higher national defence spending.\n\n**Tax increases are becoming inevitable**\n\nDespite potential reductions in government spending, taxes are likely to rise globally. Broadly speaking, the options are either to swiftly increase taxes now to achieve budgetary balance or to allow the debt to accumulate and face the prospect of significantly higher taxes later on, potentially leading to a deep recession.\n\nGetting a state’s finances back on the path of long-term sustainability should take priority over a single annual budget. In mid-April, the French government passed a law that raised the retirement age from 62 to 64. It was a difficult and unpopular decision, sparking protest that continues to this day. And yet, considering the long-term perspective, it was unavoidable.\n\nWhile cuts and tax hikes are never easy or popular, the unsustainable accumulation of the debt burden on future generations cannot continue indefinitely. It is likely wiser to accept the bitter pill now rather than letting problems pile up until creditors compel you to take a triple or quadruple dose in the future.\n\nFortunately, the budgetary challenges of the Estonian state are much smaller than those of many other countries. But this also poses a danger: by implementing minor tax increases and making some changes, we may inadvertently overlook long-term trends and delay the necessary discussions that society needs to have.\n\nI trust that the need for a long-term budget balance is evident. But why not explore diverse ideas on how fiscal policy could encourage innovation, enhance societal productivity, and optimise the use of existing resources?\n\nTo minimise risks, it could be agreed before the discussion that, regardless of the suggested changes, the government’s share in the redistribution of the gross domestic product should not increase. Why not explore the possibility of introducing property taxation as a means to potentially lower income tax?\n\nFurthermore, it would be intriguing to witness a debate on how much a corporate income tax could potentially lower the social tax. What impact would it have on the business environment, and would it foster innovation?\n\nWhile these are not rhetorical questions, I do not have the answers. No question or idea should be dismissed as foolish. If these inquiries stem from a genuine desire to enhance the efficiency of the organisation of the state and drive societal progress, they deserve at least some deliberation. However, I believe that the slogan “No playing with taxes,” which has been effective for 30 years, has become outdated and is now impeding the progress of the Estonian state. This slogan effectively shielded us from the risk that the state would cover arbitrary expenses with money taken from politically convenient sources. However, over time, the Estonian economy has experienced significant growth and undergone structural changes. The world around us has also changed.\n\n**AI as a possible springboard for the economy**\n\nMachine learning and artificial intelligence have been topics of discussion for decades, but the launch of ChatGPT for free public testing on 30 November last year has garnered tremendous attention. In just the first week, the programme attracted over a million users.\n\nBy now, artificial intelligence has become a compelling investment topic. The sector is expected to experience an average annual growth of about 40% in the coming years, with the global AI market anticipated to reach approximately 1.6 trillion dollars by 2030.\n\nThe growth of artificial intelligence has made a significant impact on the US stock markets this year, with the S&P 500 index experiencing a 9% increase since the start of the year. The main driver behind this is an increase in the value of Microsoft, Alphabet, Nvidia, Apple and Meta. If we combine this with the rise in value of approximately 20 smaller companies focused on artificial intelligence, it can be argued that, were it not for the AI boom, the S&P 500 would be in negative territory compared to the beginning of this year.\n\nIn my previous monthly newsletters, I have repeatedly expressed my belief that the world economy is unlikely to overcome the continuously escalating debt burden without a significant shock. A favourable scenario could involve a substantial technological upheaval, similar to the industrial revolution of the 18th century, which resulted in an unparalleled boost in labour productivity but also led to extensive and challenging transformations in the social fabric.\n\nArtificial intelligence possesses immense potential to become a transformative technology that will greatly accelerate economic progress and aid in resolving the critical challenges confronting humanity. Most likely, it is merely a matter of time before this emerging technology will reach a level of sophistication capable of accomplishing that.\n\nI am an optimist in the long term and believe in human ingenuity. Nevertheless, I am forced to admit that despite the accumulation of challenges over the past decade, asset prices have continued to rise. In the upcoming years, I believe the emphasis should primarily be on safeguarding capital, while keeping in mind that innovation is what drives life forward.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":29.86,"fundManager":"LHV"},"LMK25":{"heading":"LHV Pensionifond M","id":"m","code":"m","dataMarker":"MK25","suitability":"**Suitable if**\n- you have 3–10 years left until retirement age,\n- you have moderate risk tolerance,\n- your aim is the long-term stable growth of your pension savings.\n","isLhvFund":true,"strategy":"**Strategy**\n\nWhen investing in assets, the fund prefers cash-flow assets and, where possible, the local market, including less liquid private equity and real estate investments. The investments are predominantly in local currency and up to 75% of the fund's assets can be invested directly in equities. The fund's long-term preferred asset class is real estate investments.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":7502},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":57.22,"unit":"%"},{"name":"Shares","value":8.38,"unit":"%"},{"name":"Equity funds","value":6.22,"unit":"%"},{"name":"Real Estate funds","value":15.94,"unit":"%"},{"name":"Private Equity funds","value":7.81,"unit":"%"},{"name":"Money and deposits","value":4.43,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 4.77% |\n| France Treasury Bill 28/06/2023 | 4.70% |\n| German Treasury Bill 23/08/23 | 4.39% |\n| German Treasury Bill 18/10/23 | 4.37% |\n| ZKB Gold ETF | 3.94% |\n| EfTEN Real Estate Fund | 3.80% |\n| France Government 1.75% 25/05/2023 | 3.74% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.60% |\n| SG Capital Partners Fund 1 | 2.62% |\n| iShares Gold Producers UCITS ETF | 2.28% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 4.77% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.60% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 1.97% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2023) | 105,996,288.77 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 400,000 units |\n| Rate of the depository’s charge | 0.0432% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,00%.\n\n**Ongoing charges (inc management fee):** 1,25%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID_022023.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 April 2023) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2023_04.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2023,"month":4,"content":"### April 2023: Stock markets stabilised\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, global stock markets showed signs of calming down, and the major market indices ended the month on the positive side. The MSCI World index, measured in euros, went up 0.1% during the month. In US markets, the S&P 500 index, measured in dollars, increased by 1.5% during the month, while the Nasdaq index remained at its end-of-March level.\n\nEuropean markets continued the rise that began earlier this year, and the Euro Stoxx 50 was up 1.6% by the end of the month. Emerging markets were the only ones that fell noticeably: the MSCI Emerging Markets index, measured in dollars, fell by 1.3%. This was caused by weakness in both Asian and Latin American stock markets.\n\nLHV pension funds have invested in a private equity fund managed by BaltCap, which concluded several major transactions in April. The BaltCap fund acquired 93.1% of the shares in the electronics company HansaMatrix on the Riga stock exchange and plans to delist it in the near future. In addition, Baltcap announced plans to acquire a stake in the logistics company Xpediator, which is listed on the London AIM exchange. As the third transaction, the BaltCap fund bought the e-book platform Eesti Digiraamatute Keskus, which is a suitable addition to the previously acquired Lithuanian publisher Alma Littera Group and the Estonian bookstore business Rahva Raamat.\n\nAs with the stock markets, bond prices also stabilised in April. The month ended slightly on the positive side and, in addition, the volume of new loans taken by companies recovered.\n\nWe increased Volkswagen’s position in the bond portfolio at a price that is expected to offer an annual yield slightly higher than 7%. We plan to make the next investment for our portfolios as a direct investment outside the stock market.\n"},{"year":2023,"month":3,"content":"### March 2023: Problems in the financial sector did not spoil the mood in the stock markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nMarch was once again a strong month for the stock markets. The global index MSCI World gained 0.6% in value measured in euros, and US stock indices also finished the month in the positive. The S&P 500 index rose by 3.5% in dollar terms, and the Nasdaq went up by as much as 6.7%.\n\nDue to the situation in the banking sector, the European markets moved in different directions but, by the end of the month, the Euro Stoxx general index 50 grew by 2%. The MSCI Emerging Markets index rose by 2.7% in March. Baltic shares moved in the opposite direction, with the index OMX Baltic Benchmark closing the month at -1.5%.\n\nThe beginning of the year has been an active time for venture capital funds in the pension fund portfolio. Several of them have already made follow-on investments in startups in their portfolios, or added new investments. For example, the Trind Ventures Fund II invested in Saclab, an online marketplace for luxury goods, and Webel, an online marketplace for home services.\n\nBond markets were clearly in positive territory in March. While new bond issuance in Europe was halted after Silicon Valley Bank collapsed in mid-March, the first quarter of the year, as a whole, was a highly active period for money lending. This was mainly due to uncertainty in future outlook, which made companies seek to strengthen their position by taking loans at an earlier point.\n\nWe took advantage of the momentary confusion in the markets to acquire longer-term Volkswagen bonds in our bond portfolios. These bonds offer an expected annual yield of just over 7%. The prices on the market at large continue to be unappealing, but we are ready to respond quickly, should opportunities arise.\n"},{"year":2023,"month":2,"content":"### February 2023: Merger of EfTEN Capital real estate funds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn February, stock markets moved in different directions. The MSCI World Index lost 0.1% of its value in euros, while the leading US stock indices were mostly on the minus side: the S&P 500 index fell 2.6% and Nasdaq fell 1.1% in dollars.\n\nEuropean markets, however, continued the rise that started in January, with the Euro Stoxx 50 index ending the month with an increase of 1.9%. The performance of emerging markets, however, was weaker. The MSCI Emerging Markets Index fell 6.5% over the month, driven by the markets in China and Brazil. The Baltic stock markets ended February in positive territory.\n\nIn February, the merger of two real estate funds managed by EfTEN Capital was given final approval by investors and EfTEN Kinnisvarafond merged with the publicly traded EfTEN Real Estate Fund III. LHV pension funds have invested in EfTEN Kinnisvarafond since March 2011 and it has been one of the largest investments in our portfolio for many years. Since its inception in 2008, EfTEN Kinnisvarafond has offered investors an average annual return of 14.4%. Although we have sold about a third of our positions over the past year, we continue to be the largest investor in the merged fund, also after being listed on the Tallinn stock exchange.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Innovation drives life forward**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n","text":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n\nDespite the rising interest rates, companies have managed to withstand the environment surprisingly well, with their turnovers and profits even experiencing nominal growth. Larger companies, leveraging their market power, have successfully increased the prices of their products and services, effectively transferring the impact of rising input costs and labour expenses to consumers. However, the situation is more complicated for small companies.\n\nI am somewhat surprised that several central bankers (Christine Lagarde among others) have accused entrepreneurs of greed, instead of admitting their own past mistakes. Central bankers need to acknowledge that the prolonged policy of ultra-low interest rates was a regrettable mistake, with consequences that are just beginning to surface, including mounting debt burdens, rapid price inflation, and an ensuing unstable economic environment.\n\n**Many politicians still refuse to admit the problem**\n\nWhile some central banks have started to curb the inflationary pressures resulting from their previous monetary policies (with the Bank of Japan being one of the few exceptions), a significant number of politicians remain oblivious to the gravity of the problems at hand.\n\nIn the autumn of 2022, the international spotlight fell on the previous British government’s populist experiment of overlooking the mounting deficit in the national budget. Fortunately, this experiment remained purely theoretical as, following the British government’s proposal to reduce taxes and resort to borrowing to compensate for diminished budget revenues, government borrowing rates soared to such an extent that Liz Truss’s government deemed it wiser to step down after just 44 days in power. Politicians solely engrossed in domestic political manoeuvres and those who lack an inclination for economic policy likely remained oblivious to this failed attempt.\n\nThe mounting problems with public finances are not just a problem for Britain. In the event that Democrats and Republicans in the US Congress fail to reach a consensus on the budget for the upcoming fiscal year, there is a possibility that the nation with the world’s largest and most significant economy could find itself indebted to its creditors.\n\nI have a suspicion that inflation will persist until politicians successfully achieve a balance in national budgets. This is not an easy or quick goal to achieve. Over the past decade, as interest rates remained low and even negative, politicians undertook new borrowing obligations on behalf of their constituents. Now, these loans must be serviced with increasingly higher interest rates. In addition, the increasingly tense geopolitical environment requires higher national defence spending.\n\n**Tax increases are becoming inevitable**\n\nDespite potential reductions in government spending, taxes are likely to rise globally. Broadly speaking, the options are either to swiftly increase taxes now to achieve budgetary balance or to allow the debt to accumulate and face the prospect of significantly higher taxes later on, potentially leading to a deep recession.\n\nGetting a state’s finances back on the path of long-term sustainability should take priority over a single annual budget. In mid-April, the French government passed a law that raised the retirement age from 62 to 64. It was a difficult and unpopular decision, sparking protest that continues to this day. And yet, considering the long-term perspective, it was unavoidable.\n\nWhile cuts and tax hikes are never easy or popular, the unsustainable accumulation of the debt burden on future generations cannot continue indefinitely. It is likely wiser to accept the bitter pill now rather than letting problems pile up until creditors compel you to take a triple or quadruple dose in the future.\n\nFortunately, the budgetary challenges of the Estonian state are much smaller than those of many other countries. But this also poses a danger: by implementing minor tax increases and making some changes, we may inadvertently overlook long-term trends and delay the necessary discussions that society needs to have.\n\nI trust that the need for a long-term budget balance is evident. But why not explore diverse ideas on how fiscal policy could encourage innovation, enhance societal productivity, and optimise the use of existing resources?\n\nTo minimise risks, it could be agreed before the discussion that, regardless of the suggested changes, the government’s share in the redistribution of the gross domestic product should not increase. Why not explore the possibility of introducing property taxation as a means to potentially lower income tax?\n\nFurthermore, it would be intriguing to witness a debate on how much a corporate income tax could potentially lower the social tax. What impact would it have on the business environment, and would it foster innovation?\n\nWhile these are not rhetorical questions, I do not have the answers. No question or idea should be dismissed as foolish. If these inquiries stem from a genuine desire to enhance the efficiency of the organisation of the state and drive societal progress, they deserve at least some deliberation. However, I believe that the slogan “No playing with taxes,” which has been effective for 30 years, has become outdated and is now impeding the progress of the Estonian state. This slogan effectively shielded us from the risk that the state would cover arbitrary expenses with money taken from politically convenient sources. However, over time, the Estonian economy has experienced significant growth and undergone structural changes. The world around us has also changed.\n\n**AI as a possible springboard for the economy**\n\nMachine learning and artificial intelligence have been topics of discussion for decades, but the launch of ChatGPT for free public testing on 30 November last year has garnered tremendous attention. In just the first week, the programme attracted over a million users.\n\nBy now, artificial intelligence has become a compelling investment topic. The sector is expected to experience an average annual growth of about 40% in the coming years, with the global AI market anticipated to reach approximately 1.6 trillion dollars by 2030.\n\nThe growth of artificial intelligence has made a significant impact on the US stock markets this year, with the S&P 500 index experiencing a 9% increase since the start of the year. The main driver behind this is an increase in the value of Microsoft, Alphabet, Nvidia, Apple and Meta. If we combine this with the rise in value of approximately 20 smaller companies focused on artificial intelligence, it can be argued that, were it not for the AI boom, the S&P 500 would be in negative territory compared to the beginning of this year.\n\nIn my previous monthly newsletters, I have repeatedly expressed my belief that the world economy is unlikely to overcome the continuously escalating debt burden without a significant shock. A favourable scenario could involve a substantial technological upheaval, similar to the industrial revolution of the 18th century, which resulted in an unparalleled boost in labour productivity but also led to extensive and challenging transformations in the social fabric.\n\nArtificial intelligence possesses immense potential to become a transformative technology that will greatly accelerate economic progress and aid in resolving the critical challenges confronting humanity. Most likely, it is merely a matter of time before this emerging technology will reach a level of sophistication capable of accomplishing that.\n\nI am an optimist in the long term and believe in human ingenuity. Nevertheless, I am forced to admit that despite the accumulation of challenges over the past decade, asset prices have continued to rise. In the upcoming years, I believe the emphasis should primarily be on safeguarding capital, while keeping in mind that innovation is what drives life forward.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":37.86,"fundManager":"LHV"},"LLK50":{"heading":"LHV Pensionifond L","id":"l","code":"l","dataMarker":"LK50","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you have average risk tolerance,\n- your aim is the long-term growth of your pension savings.\n","isLhvFund":true,"strategy":"**Strategy**\n\nThe assets of the Fund are invested in various asset classes in both local and foreign markets. The Fund's assets may be invested extensively in unquoted instruments, which are primarily used for investing in securities issued by companies domiciled in the home market. The long-term preferred asset class of the fund is private equity investments.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":60553},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":26.64,"unit":"%"},{"name":"Shares","value":17.04,"unit":"%"},{"name":"Equity funds","value":10.99,"unit":"%"},{"name":"Real Estate funds","value":13.99,"unit":"%"},{"name":"Private Equity funds","value":25.85,"unit":"%"},{"name":"Money and deposits","value":5.49,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| ZKB Gold ETF | 3.92% |\n| iShares Gold Producers UCITS ETF | 3.90% |\n| France Treasury Bill 28/06/2023 | 3.39% |\n| EfTEN Real Estate Fund | 2.99% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.98% |\n| German Treasury Bill 18/10/23 | 2.48% |\n| German Treasury Bill 23/08/23 | 2.47% |\n| Investindustrial VII L.P. | 2.23% |\n| East Capital Baltic Property Fund III | 2.21% |\n| SG Capital Partners Fund 1 | 2.01% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.98% |\n| East Capital Baltic Property Fund III | 2.21% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 1.82% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2023) | 867,145,687.28 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 2 000 000 units |\n| Rate of the depository’s charge | 0.0420% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,24%.\n\n**Ongoing charges (inc management fee):** 1,95%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID_022023.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 April 2023) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2023_04.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2023,"month":4,"content":"### April 2023: BaltCap private equity fund made several transactions\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, global stock markets showed signs of calming down, and the major market indices ended the month on the positive side. The MSCI World index, measured in euros, went up 0.1% during the month. In US markets, the S&P 500 index, measured in dollars, increased by 1.5% during the month, while the Nasdaq index remained at its end-of-March level.\n\nEuropean markets continued the rise that began earlier this year, and the Euro Stoxx 50 was up 1.6% by the end of the month. Emerging markets were the only ones that fell noticeably: the MSCI Emerging Markets index, measured in dollars, fell by 1.3%. This was caused by weakness in both Asian and Latin American stock markets.\n\nLHV pension funds have invested in a private equity fund managed by BaltCap, which concluded several major transactions in April. The BaltCap fund acquired 93.1% of the shares in the electronics company HansaMatrix on the Riga stock exchange and plans to delist it in the near future. In addition, Baltcap announced plans to acquire a stake in the logistics company Xpediator, which is listed on the London AIM exchange. As the third transaction, the BaltCap fund bought the e-book platform Eesti Digiraamatute Keskus, which is a suitable addition to the previously acquired Lithuanian publisher Alma Littera Group and the Estonian bookstore business Rahva Raamat.\n\nIn April, the price of gold in dollars rose nearly to its highest point in recent years, which is why shares in gold mining companies made the greatest contribution to the appreciation of the fund unit. At the beginning of the month, we increased the position of physical gold in the fund, as it offers short-term protection against larger stock market fluctuations.\n\nIn the long term, the price of gold rises if investors are unable to earn returns that exceed inflation through deposits or more conservative investing. Gold-related investments are the largest part of the fund’s investments in listed stocks.\n\nAs with the stock markets, bond prices also stabilised in April. The month ended slightly on the positive side and, in addition, the volume of new loans taken by companies recovered.\n\nWe increased Volkswagen’s position in the bond portfolio at a price that is expected to offer an annual yield slightly higher than 7%. We plan to make the next investment for our portfolios as a direct investment outside the stock market.\n"},{"year":2023,"month":3,"content":"### March 2023: Problems in the financial sector did not spoil the mood in the stock markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nMarch was once again a strong month for the stock markets. The global index MSCI World gained 0.6% in value measured in euros, and US stock indices also finished the month in the positive. The S&P 500 index rose by 3.5% in dollar terms, and the Nasdaq went up by as much as 6.7%.\n\nDue to the situation in the banking sector, the European markets moved in different directions but, by the end of the month, the Euro Stoxx general index 50 grew by 2%. The MSCI Emerging Markets index rose by 2.7% in March. Baltic shares moved in the opposite direction, with the index OMX Baltic Benchmark closing the month at -1.5%.\n\nThe beginning of the year has been an active time for venture capital funds in the pension fund portfolio. Several of them have already made follow-on investments in startups in their portfolios, or added new investments. For example, the Trind Ventures Fund II invested in Saclab, an online marketplace for luxury goods, and Webel, an online marketplace for home services. The Specialist VC Fund II made an investment in VOOL, a company producing chargers for electric cars.\n\nThe fund’s stock investments held their value well against the banking crisis that emerged in the United States and continued to grow in the second half of March. The increase was driven by investments related to precious metals, where most of our stock investments are currently directed. The ZKB Gold fund, backed by physical gold, rose 5.2%, and shares of gold and silver mining companies gained between 8.1% and 20.2% measured in euros. For other mineral-related stocks, we took advantage of recent price weakness and bought Glencore shares in the fund.\n\nBond markets were clearly in positive territory in March. While new bond issuance in Europe was halted after Silicon Valley Bank collapsed in mid-March, the first quarter of the year, as a whole, was a highly active period for money lending. This was mainly due to uncertainty in future outlook, which made companies seek to strengthen their position by taking loans at an earlier point.\n\nWe took advantage of the momentary confusion in the markets to acquire longer-term Volkswagen bonds in our bond portfolios. These bonds offer an expected annual yield of just over 7%. The prices on the market at large continue to be unappealing, but we are ready to respond quickly, should opportunities arise.\n"},{"year":2023,"month":2,"content":"### February 2023: We do not take high risks in stock markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn February, stock markets moved in different directions. The MSCI World Index lost 0.1% of its value in euros, while the leading US stock indices were mostly on the minus side: the S&P 500 index fell 2.6% and Nasdaq fell 1.1% in dollars.\n\nEuropean markets, however, continued the rise that started in January, with the Euro Stoxx 50 index ending the month with an increase of 1.9%. The performance of emerging markets, however, was weaker. The MSCI Emerging Markets Index fell 6.5% over the month, driven by the markets in China and Brazil. The Baltic stock markets ended February in positive territory.\n\nIn February, the merger of two real estate funds managed by EfTEN Capital was given final approval by investors and EfTEN Kinnisvarafond merged with the publicly traded EfTEN Real Estate Fund III. LHV pension funds have invested in EfTEN Kinnisvarafond since March 2011 and it has been one of the largest investments in our portfolio for many years. Since its inception in 2008, EfTEN Kinnisvarafond has offered investors an average annual return of 14.4%. Although we have sold about a third of our positions over the past year, we continue to be the largest investor in the merged fund, also after being listed on the Tallinn stock exchange.\n\nIn February, the fund’s equity investments were most affected by a 10% fall in equity positions in precious metals. Equity positions in the energy sector moved in different directions and did not have a major impact on returns. Shares of European banks benefiting from interest rate hikes yielded positive results.\n\nWe continue to keep the fund’s equity exposure at low levels to avoid potential losses in an environment of rising interest rates and a downturn on the stock market. The fund’s current equity investments focus primarily on sectors related to mineral resources, where we expect long-term undersupply.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Innovation drives life forward**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n","text":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n\nDespite the rising interest rates, companies have managed to withstand the environment surprisingly well, with their turnovers and profits even experiencing nominal growth. Larger companies, leveraging their market power, have successfully increased the prices of their products and services, effectively transferring the impact of rising input costs and labour expenses to consumers. However, the situation is more complicated for small companies.\n\nI am somewhat surprised that several central bankers (Christine Lagarde among others) have accused entrepreneurs of greed, instead of admitting their own past mistakes. Central bankers need to acknowledge that the prolonged policy of ultra-low interest rates was a regrettable mistake, with consequences that are just beginning to surface, including mounting debt burdens, rapid price inflation, and an ensuing unstable economic environment.\n\n**Many politicians still refuse to admit the problem**\n\nWhile some central banks have started to curb the inflationary pressures resulting from their previous monetary policies (with the Bank of Japan being one of the few exceptions), a significant number of politicians remain oblivious to the gravity of the problems at hand.\n\nIn the autumn of 2022, the international spotlight fell on the previous British government’s populist experiment of overlooking the mounting deficit in the national budget. Fortunately, this experiment remained purely theoretical as, following the British government’s proposal to reduce taxes and resort to borrowing to compensate for diminished budget revenues, government borrowing rates soared to such an extent that Liz Truss’s government deemed it wiser to step down after just 44 days in power. Politicians solely engrossed in domestic political manoeuvres and those who lack an inclination for economic policy likely remained oblivious to this failed attempt.\n\nThe mounting problems with public finances are not just a problem for Britain. In the event that Democrats and Republicans in the US Congress fail to reach a consensus on the budget for the upcoming fiscal year, there is a possibility that the nation with the world’s largest and most significant economy could find itself indebted to its creditors.\n\nI have a suspicion that inflation will persist until politicians successfully achieve a balance in national budgets. This is not an easy or quick goal to achieve. Over the past decade, as interest rates remained low and even negative, politicians undertook new borrowing obligations on behalf of their constituents. Now, these loans must be serviced with increasingly higher interest rates. In addition, the increasingly tense geopolitical environment requires higher national defence spending.\n\n**Tax increases are becoming inevitable**\n\nDespite potential reductions in government spending, taxes are likely to rise globally. Broadly speaking, the options are either to swiftly increase taxes now to achieve budgetary balance or to allow the debt to accumulate and face the prospect of significantly higher taxes later on, potentially leading to a deep recession.\n\nGetting a state’s finances back on the path of long-term sustainability should take priority over a single annual budget. In mid-April, the French government passed a law that raised the retirement age from 62 to 64. It was a difficult and unpopular decision, sparking protest that continues to this day. And yet, considering the long-term perspective, it was unavoidable.\n\nWhile cuts and tax hikes are never easy or popular, the unsustainable accumulation of the debt burden on future generations cannot continue indefinitely. It is likely wiser to accept the bitter pill now rather than letting problems pile up until creditors compel you to take a triple or quadruple dose in the future.\n\nFortunately, the budgetary challenges of the Estonian state are much smaller than those of many other countries. But this also poses a danger: by implementing minor tax increases and making some changes, we may inadvertently overlook long-term trends and delay the necessary discussions that society needs to have.\n\nI trust that the need for a long-term budget balance is evident. But why not explore diverse ideas on how fiscal policy could encourage innovation, enhance societal productivity, and optimise the use of existing resources?\n\nTo minimise risks, it could be agreed before the discussion that, regardless of the suggested changes, the government’s share in the redistribution of the gross domestic product should not increase. Why not explore the possibility of introducing property taxation as a means to potentially lower income tax?\n\nFurthermore, it would be intriguing to witness a debate on how much a corporate income tax could potentially lower the social tax. What impact would it have on the business environment, and would it foster innovation?\n\nWhile these are not rhetorical questions, I do not have the answers. No question or idea should be dismissed as foolish. If these inquiries stem from a genuine desire to enhance the efficiency of the organisation of the state and drive societal progress, they deserve at least some deliberation. However, I believe that the slogan “No playing with taxes,” which has been effective for 30 years, has become outdated and is now impeding the progress of the Estonian state. This slogan effectively shielded us from the risk that the state would cover arbitrary expenses with money taken from politically convenient sources. However, over time, the Estonian economy has experienced significant growth and undergone structural changes. The world around us has also changed.\n\n**AI as a possible springboard for the economy**\n\nMachine learning and artificial intelligence have been topics of discussion for decades, but the launch of ChatGPT for free public testing on 30 November last year has garnered tremendous attention. In just the first week, the programme attracted over a million users.\n\nBy now, artificial intelligence has become a compelling investment topic. The sector is expected to experience an average annual growth of about 40% in the coming years, with the global AI market anticipated to reach approximately 1.6 trillion dollars by 2030.\n\nThe growth of artificial intelligence has made a significant impact on the US stock markets this year, with the S&P 500 index experiencing a 9% increase since the start of the year. The main driver behind this is an increase in the value of Microsoft, Alphabet, Nvidia, Apple and Meta. If we combine this with the rise in value of approximately 20 smaller companies focused on artificial intelligence, it can be argued that, were it not for the AI boom, the S&P 500 would be in negative territory compared to the beginning of this year.\n\nIn my previous monthly newsletters, I have repeatedly expressed my belief that the world economy is unlikely to overcome the continuously escalating debt burden without a significant shock. A favourable scenario could involve a substantial technological upheaval, similar to the industrial revolution of the 18th century, which resulted in an unparalleled boost in labour productivity but also led to extensive and challenging transformations in the social fabric.\n\nArtificial intelligence possesses immense potential to become a transformative technology that will greatly accelerate economic progress and aid in resolving the critical challenges confronting humanity. Most likely, it is merely a matter of time before this emerging technology will reach a level of sophistication capable of accomplishing that.\n\nI am an optimist in the long term and believe in human ingenuity. Nevertheless, I am forced to admit that despite the accumulation of challenges over the past decade, asset prices have continued to rise. In the upcoming years, I believe the emphasis should primarily be on safeguarding capital, while keeping in mind that innovation is what drives life forward.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":27.48,"fundManager":"LHV"},"LXK75":{"heading":"LHV Pensionifond XL","id":"xl","code":"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","isLhvFund":true,"strategy":"**Strategy**\n\nThe Fund prefers foreign markets, more liquid and traded instruments on regulated markets when investing assets. The assets of the Fund may be invested in their entirety in equities, equity funds and other equity-like instruments. The Fund is allowed to borrow up to 10% of the Fund's assets value. The long-term preferred asset class of the fund is public equity investments.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":25301},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":34.06,"unit":"%"},{"name":"Shares","value":20.01,"unit":"%"},{"name":"Equity funds","value":12.24,"unit":"%"},{"name":"Real Estate funds","value":10.25,"unit":"%"},{"name":"Private Equity funds","value":17.49,"unit":"%"},{"name":"Money and deposits","value":5.95,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| France Treasury Bill 28/06/2023 | 7.47% |\n| German Treasury Bill 23/08/23 | 6.06% |\n| German Treasury Bill 18/10/23 | 6.03% |\n| ZKB Gold ETF | 3.89% |\n| France Government 1.75% 25/05/2023 | 3.77% |\n| iShares Gold Producers UCITS ETF | 3.65% |\n| Axcel VI | 3.05% |\n| Lyxor EURO STOXX Banks DR UCITS | 2.57% |\n| East Capital Baltic Property Fund III | 2.30% |\n| Usaldusfond EfTEN Real Estate Fund 4 | 2.23% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 2.30% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 1.32% |\n| Livonia Partners Fund I | 1.29% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2023) | 229,038,375.97 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 530 000 units |\n| Rate of the depository’s charge | 0.0420% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,28%.\n\n**Ongoing charges (inc management fee):** 1,73%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID_022023.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 April 2023) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2023_04.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2023,"month":4,"content":"### April 2023: BaltCap private equity fund made several transactions\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, global stock markets showed signs of calming down, and the major market indices ended the month on the positive side. The MSCI World index, measured in euros, went up 0.1% during the month. In US markets, the S&P 500 index, measured in dollars, increased by 1.5% during the month, while the Nasdaq index remained at its end-of-March level.\n\nEuropean markets continued the rise that began earlier this year, and the Euro Stoxx 50 was up 1.6% by the end of the month. Emerging markets were the only ones that fell noticeably: the MSCI Emerging Markets index, measured in dollars, fell by 1.3%. This was caused by weakness in both Asian and Latin American stock markets.\n\nLHV pension funds have invested in a private equity fund managed by BaltCap, which concluded several major transactions in April. The BaltCap fund acquired 93.1% of the shares in the electronics company HansaMatrix on the Riga stock exchange and plans to delist it in the near future. In addition, Baltcap announced plans to acquire a stake in the logistics company Xpediator, which is listed on the London AIM exchange. As the third transaction, the BaltCap fund bought the e-book platform Eesti Digiraamatute Keskus, which is a suitable addition to the previously acquired Lithuanian publisher Alma Littera Group and the Estonian bookstore business Rahva Raamat.\n\nIn April, the price of gold in dollars rose nearly to its highest point in recent years, which is why shares in gold mining companies made the greatest contribution to the appreciation of the fund unit. At the beginning of the month, we increased the position of physical gold in the fund, as it offers short-term protection against larger stock market fluctuations.\n\nIn the long term, the price of gold rises if investors are unable to earn returns that exceed inflation through deposits or more conservative investing. Gold-related investments are the largest part of the fund’s investments in listed stocks.\n\nAs with the stock markets, bond prices also stabilised in April. The month ended slightly on the positive side and, in addition, the volume of new loans taken by companies recovered.\n\nWe increased Volkswagen’s position in the bond portfolio at a price that is expected to offer an annual yield slightly higher than 7%. We plan to make the next investment for our portfolios as a direct investment outside the stock market.\n"},{"year":2023,"month":3,"content":"### March 2023: Problems in the financial sector did not spoil the mood in the stock markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nMarch was once again a strong month for the stock markets. The global index MSCI World gained 0.6% in value measured in euros, and US stock indices also finished the month in the positive. The S&P 500 index rose by 3.5% in dollar terms, and the Nasdaq went up by as much as 6.7%.\n\nDue to the situation in the banking sector, the European markets moved in different directions but, by the end of the month, the Euro Stoxx general index 50 grew by 2%. The MSCI Emerging Markets index rose by 2.7% in March. Baltic shares moved in the opposite direction, with the index OMX Baltic Benchmark closing the month at -1.5%.\n\nThe beginning of the year has been an active time for venture capital funds in the pension fund portfolio. Several of them have already made follow-on investments in startups in their portfolios, or added new investments. For example, the Trind Ventures Fund II invested in Saclab, an online marketplace for luxury goods, and Webel, an online marketplace for home services. The Specialist VC Fund II made an investment in VOOL, a company producing chargers for electric cars.\n\nThe fund’s stock investments held their value well against the banking crisis that emerged in the United States and continued to grow in the second half of March. The increase was driven by investments related to precious metals, where most of our stock investments are currently directed. The ZKB Gold fund, backed by physical gold, rose 5.2%, and shares of gold and silver mining companies gained between 8.1% and 20.2% measured in euros. For other mineral-related stocks, we took advantage of recent price weakness and bought Glencore shares in the fund.\n\nBond markets were clearly in positive territory in March. While new bond issuance in Europe was halted after Silicon Valley Bank collapsed in mid-March, the first quarter of the year, as a whole, was a highly active period for money lending. This was mainly due to uncertainty in future outlook, which made companies seek to strengthen their position by taking loans at an earlier point.\n\nWe took advantage of the momentary confusion in the markets to acquire longer-term Volkswagen bonds in our bond portfolios. These bonds offer an expected annual yield of just over 7%. The prices on the market at large continue to be unappealing, but we are ready to respond quickly, should opportunities arise.\n"},{"year":2023,"month":2,"content":"### February 2023: We do not take high risks in stock markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn February, stock markets moved in different directions. The MSCI World Index lost 0.1% of its value in euros, while the leading US stock indices were mostly on the minus side: the S&P 500 index fell 2.6% and Nasdaq fell 1.1% in dollars.\n\nEuropean markets, however, continued the rise that started in January, with the Euro Stoxx 50 index ending the month with an increase of 1.9%. The performance of emerging markets, however, was weaker. The MSCI Emerging Markets Index fell 6.5% over the month, driven by the markets in China and Brazil. The Baltic stock markets ended February in positive territory.\n\nIn February, the merger of two real estate funds managed by EfTEN Capital was given final approval by investors and EfTEN Kinnisvarafond merged with the publicly traded EfTEN Real Estate Fund III. LHV pension funds have invested in EfTEN Kinnisvarafond since March 2011 and it has been one of the largest investments in our portfolio for many years. Since its inception in 2008, EfTEN Kinnisvarafond has offered investors an average annual return of 14.4%. Although we have sold about a third of our positions over the past year, we continue to be the largest investor in the merged fund, also after being listed on the Tallinn stock exchange.\n\nIn February, the fund’s equity investments were most affected by a 10% fall in equity positions in precious metals. Equity positions in the energy sector moved in different directions and did not have a major impact on returns. Shares of European banks benefiting from interest rate hikes yielded positive results.\n\nWe continue to keep the fund’s equity exposure at low levels to avoid potential losses in an environment of rising interest rates and a downturn on the stock market. The fund’s current equity investments focus primarily on sectors related to mineral resources, where we expect long-term undersupply.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Innovation drives life forward**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n","text":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n\nDespite the rising interest rates, companies have managed to withstand the environment surprisingly well, with their turnovers and profits even experiencing nominal growth. Larger companies, leveraging their market power, have successfully increased the prices of their products and services, effectively transferring the impact of rising input costs and labour expenses to consumers. However, the situation is more complicated for small companies.\n\nI am somewhat surprised that several central bankers (Christine Lagarde among others) have accused entrepreneurs of greed, instead of admitting their own past mistakes. Central bankers need to acknowledge that the prolonged policy of ultra-low interest rates was a regrettable mistake, with consequences that are just beginning to surface, including mounting debt burdens, rapid price inflation, and an ensuing unstable economic environment.\n\n**Many politicians still refuse to admit the problem**\n\nWhile some central banks have started to curb the inflationary pressures resulting from their previous monetary policies (with the Bank of Japan being one of the few exceptions), a significant number of politicians remain oblivious to the gravity of the problems at hand.\n\nIn the autumn of 2022, the international spotlight fell on the previous British government’s populist experiment of overlooking the mounting deficit in the national budget. Fortunately, this experiment remained purely theoretical as, following the British government’s proposal to reduce taxes and resort to borrowing to compensate for diminished budget revenues, government borrowing rates soared to such an extent that Liz Truss’s government deemed it wiser to step down after just 44 days in power. Politicians solely engrossed in domestic political manoeuvres and those who lack an inclination for economic policy likely remained oblivious to this failed attempt.\n\nThe mounting problems with public finances are not just a problem for Britain. In the event that Democrats and Republicans in the US Congress fail to reach a consensus on the budget for the upcoming fiscal year, there is a possibility that the nation with the world’s largest and most significant economy could find itself indebted to its creditors.\n\nI have a suspicion that inflation will persist until politicians successfully achieve a balance in national budgets. This is not an easy or quick goal to achieve. Over the past decade, as interest rates remained low and even negative, politicians undertook new borrowing obligations on behalf of their constituents. Now, these loans must be serviced with increasingly higher interest rates. In addition, the increasingly tense geopolitical environment requires higher national defence spending.\n\n**Tax increases are becoming inevitable**\n\nDespite potential reductions in government spending, taxes are likely to rise globally. Broadly speaking, the options are either to swiftly increase taxes now to achieve budgetary balance or to allow the debt to accumulate and face the prospect of significantly higher taxes later on, potentially leading to a deep recession.\n\nGetting a state’s finances back on the path of long-term sustainability should take priority over a single annual budget. In mid-April, the French government passed a law that raised the retirement age from 62 to 64. It was a difficult and unpopular decision, sparking protest that continues to this day. And yet, considering the long-term perspective, it was unavoidable.\n\nWhile cuts and tax hikes are never easy or popular, the unsustainable accumulation of the debt burden on future generations cannot continue indefinitely. It is likely wiser to accept the bitter pill now rather than letting problems pile up until creditors compel you to take a triple or quadruple dose in the future.\n\nFortunately, the budgetary challenges of the Estonian state are much smaller than those of many other countries. But this also poses a danger: by implementing minor tax increases and making some changes, we may inadvertently overlook long-term trends and delay the necessary discussions that society needs to have.\n\nI trust that the need for a long-term budget balance is evident. But why not explore diverse ideas on how fiscal policy could encourage innovation, enhance societal productivity, and optimise the use of existing resources?\n\nTo minimise risks, it could be agreed before the discussion that, regardless of the suggested changes, the government’s share in the redistribution of the gross domestic product should not increase. Why not explore the possibility of introducing property taxation as a means to potentially lower income tax?\n\nFurthermore, it would be intriguing to witness a debate on how much a corporate income tax could potentially lower the social tax. What impact would it have on the business environment, and would it foster innovation?\n\nWhile these are not rhetorical questions, I do not have the answers. No question or idea should be dismissed as foolish. If these inquiries stem from a genuine desire to enhance the efficiency of the organisation of the state and drive societal progress, they deserve at least some deliberation. However, I believe that the slogan “No playing with taxes,” which has been effective for 30 years, has become outdated and is now impeding the progress of the Estonian state. This slogan effectively shielded us from the risk that the state would cover arbitrary expenses with money taken from politically convenient sources. However, over time, the Estonian economy has experienced significant growth and undergone structural changes. The world around us has also changed.\n\n**AI as a possible springboard for the economy**\n\nMachine learning and artificial intelligence have been topics of discussion for decades, but the launch of ChatGPT for free public testing on 30 November last year has garnered tremendous attention. In just the first week, the programme attracted over a million users.\n\nBy now, artificial intelligence has become a compelling investment topic. The sector is expected to experience an average annual growth of about 40% in the coming years, with the global AI market anticipated to reach approximately 1.6 trillion dollars by 2030.\n\nThe growth of artificial intelligence has made a significant impact on the US stock markets this year, with the S&P 500 index experiencing a 9% increase since the start of the year. The main driver behind this is an increase in the value of Microsoft, Alphabet, Nvidia, Apple and Meta. If we combine this with the rise in value of approximately 20 smaller companies focused on artificial intelligence, it can be argued that, were it not for the AI boom, the S&P 500 would be in negative territory compared to the beginning of this year.\n\nIn my previous monthly newsletters, I have repeatedly expressed my belief that the world economy is unlikely to overcome the continuously escalating debt burden without a significant shock. A favourable scenario could involve a substantial technological upheaval, similar to the industrial revolution of the 18th century, which resulted in an unparalleled boost in labour productivity but also led to extensive and challenging transformations in the social fabric.\n\nArtificial intelligence possesses immense potential to become a transformative technology that will greatly accelerate economic progress and aid in resolving the critical challenges confronting humanity. Most likely, it is merely a matter of time before this emerging technology will reach a level of sophistication capable of accomplishing that.\n\nI am an optimist in the long term and believe in human ingenuity. Nevertheless, I am forced to admit that despite the accumulation of challenges over the past decade, asset prices have continued to rise. In the upcoming years, I believe the emphasis should primarily be on safeguarding capital, while keeping in mind that innovation is what drives life forward.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":19.32,"fundManager":"LHV"},"LIK75":{"heading":"LHV Pensionifond Indeks","id":"indeks","code":"lik","dataMarker":"LIK75","suitability":"**Suitable if**\n- you want to invest in financial markets on a continuous basis,\n- you wish to grow your pension pillar at the lowest possible costs,\n- you have prior personal investment experience.\n","isLhvFund":true,"strategy":"**Strategy**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in funds investing in equities are distributed between two types of markets – developed markets and emerging markets – based on their approximate share in global gross domestic product (GDP).\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":19926},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.19,"unit":"%"},{"name":"Money and deposits","value":1.81,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 29.17% |\n| Lyxor Core MSCI World DR UCITS | 27.61% |\n| HSBC MSCI Emerging Markets UCITS | 20.18% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 10.42% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 6.05% |\n| SPDR MSCI World UCITS ETF | 4.75% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2023) | 86,280,569.99 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 450,000 units |\n| Rate of the depository’s charge | 0.0456% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.2000%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,32%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused_2023.pdf)\n- [Analysis of the amendment of funds' terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_Indeks.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_prospekt_2023.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID_022023.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_01_2023.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 April 2023) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2023_04.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109401","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV"},"TUK00":{"heading":"Tuleva Maailma Võlakirjade Pensionifond","id":"tv","code":"tv","dataMarker":"TUK00","suitability":"**Suitable if**\n- you have less than 10 years till retirement,\n- you are willing to forgo higher returns in order to avoid losses.\n","strategy":"**Strategy**\n\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":1737},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":94.21,"unit":"%"},{"name":"Money and deposits","value":5.85,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 23.67% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 23.55% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 23.50% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 23.49% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.41%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600109443","strategyType":"Conservative","managementStyle":"Passive","riskLevel":4,"countryShareEe":0,"fundManager":"Tuleva"},"TUK75":{"heading":"Tuleva Maailma Aktsiate Pensionifond","id":"ta","code":"ta","dataMarker":"TUK75","suitability":"**Suitable if**\n- you are younger than 55 years,\n- you would like to earn best expected return over long term and you are not disturbed by short-term fluctuations of the market.\n","strategy":"**Strategy**\n\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":26819},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.77,"unit":"%"},{"name":"Money and deposits","value":1.38,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| BlackRock ISF - Developed World ESG Screened Index | 28.82% |\n| iShares MSCI USA ESG Screened UCITS ETF | 28.70% |\n| iShares MSCI World ESG Screened UCITS ETF | 19.66% |\n| iShares Emerging Market Screened Equity Index Fund | 11.63% |\n| iShares MSCI Europe ESG Screened UCITS ETF | 7.72% |\n| iShares MSCI Japan ESG Screened UCITS ETF | 2.25% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.37%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109435","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva"},"SEK50":{"heading":"SEB Progressiivne Pensionifond","id":"progressiivne","code":"progressiivne","dataMarker":"SEK50","suitability":"**Suitable if**\n- you have more than 3 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nFund invests up to 50% of its assets in shares, with the remainder allocated to bonds and deposits. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":44912},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":24.26,"unit":"%"},{"name":"Shares","value":4.22,"unit":"%"},{"name":"Equity funds","value":45.82,"unit":"%"},{"name":"Real Estate funds","value":9.62,"unit":"%"},{"name":"Private Equity funds","value":0.97,"unit":"%"},{"name":"Bond funds","value":11.8,"unit":"%"},{"name":"Money and deposits","value":3.3,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 13.20% |\n| iShares MSCI World ESG Screened UCITS ETF | 10.12% |\n| SEB Global Exposure Fund | 8.14% |\n| Republic of Estonia 4% 12.10.2032 | 5.07% |\n| EfTEN Real Estate Fund IV | 4.90% |\n| Bundesrepublik Deutschland 0% 15.08.2031 | 3.65% |\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 3.08% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 3.04% |\n| iShares Core S&P 500 UCITS ETF | 2.31% |\n| Tallinna Sadam AS | 2.21% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Republic of Estonia 4% 12.10.2032 | 5.07% |\n| Tallinna Sadam AS | 2.21% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 1.97% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.99%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019725","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":18.58,"fundManager":"SEB"},"SEK25":{"heading":"SEB Optimaalne Pensionifond","id":"optimaalne","code":"optimaalne","dataMarker":"SEK25","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\n\nFund mainly invests in bonds and deposits, with up to 25% invested in shares. As the fund largely invests in bonds and deposits, there may be moderate fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":2999},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":37.8,"unit":"%"},{"name":"Shares","value":3.79,"unit":"%"},{"name":"Equity funds","value":16.55,"unit":"%"},{"name":"Real Estate funds","value":11.43,"unit":"%"},{"name":"Private Equity funds","value":0.53,"unit":"%"},{"name":"Bond funds","value":24.84,"unit":"%"},{"name":"Money and deposits","value":5.06,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI World ESG Screened UCITS ETF | 9.49% |\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 8.92% |\n| Republic of Estonia 4% 12.10.2032 | 6.67% |\n| Bundesrepub. Deutschland 1.5% 15.05.2024 | 5.44% |\n| EfTEN Real Estate Fund IV | 5.40% |\n| Bundesrepublik Deutschland 0% 15.08.2031 | 5.16% |\n| SEB Global Exposure Fund | 4.50% |\n| PIMCO GIS Euro Credit Fund | 3.63% |\n| Bundesrepublic Deutschland 0.5% 15.08.2027 | 3.24% |\n| Schroder ISF EURO Corporate Bond | 3.00% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Republic of Estonia 4% 12.10.2032 | 6.67% |\n| Tallinna Sadam AS | 2.40% |\n| Birdeye Timber Fund 3 Usaldusfond | 2.36% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.01%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098612","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":20.11,"fundManager":"SEB"},"SEK00":{"heading":"SEB Konservatiivne Pensionifond","id":"konservatiivne","code":"konservatiivne","dataMarker":"SEK00","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\n\nInvests at least 90% of its assets in investment grade bonds, money market instruments and deposits. Up to 10% is allowed to invest into other assets, including equities. Investment in these asset classes involves lower risks, meaning that there is little fluctuation in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":6515},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":44.13,"unit":"%"},{"name":"Equity funds","value":6.34,"unit":"%"},{"name":"Bond funds","value":44.61,"unit":"%"},{"name":"Money and deposits","value":4.92,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 13.70% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR | 11.79% |\n| Bundesrepublik Deutschland 0% 15.08.2031 | 7.10% |\n| PIMCO GIS Euro Credit Fund | 6.58% |\n| Bundesrepub. Deutschland 1.5% 15.05.2024 | 5.97% |\n| Morgan Stanley Sustainable Euro Corporate Bond Fund | 5.83% |\n| Bundesrepublic Deutschland 0.5% 15.08.2027 | 4.63% |\n| Schroder ISF EURO Corporate Bond | 4.02% |\n| iShares MSCI World ESG Screened UCITS ETF | 3.92% |\n| Republic of Estonia 4% 12.10.2032 | 3.56% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Republic of Estonia 4% 12.10.2032 | 3.56% |\n| LHV GROUP FRN 09.09.2025 TAP | 1.85% |\n| Luminor Bank FRN 03.12.2024 | 1.13% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.39%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.53%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":10.53,"fundManager":"SEB"},"SEK100":{"heading":"SEB Pensionifond 100","id":"sek100","code":"sek100","dataMarker":"SEK100","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a high risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nInvests up to 100% of its assets in shares. This involves high risks, resulting in big fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":2816},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":1.92,"unit":"%"},{"name":"Equity funds","value":92.66,"unit":"%"},{"name":"Real Estate funds","value":0.08,"unit":"%"},{"name":"Money and deposits","value":5.34,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI World ESG Screened UCITS ETF | 28.66% |\n| iShares MSCI World ESG Enhanced UCITS ETF | 9.88% |\n| iShares Core MSCI World UCITS ETF | 9.74% |\n| SEB Global Exposure Fund | 8.97% |\n| iShares MSCI USA ESG Screened UCITS ETF | 4.54% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 4.41% |\n| Amundi MSCI Emerging Markets UCITS ETF | 3.86% |\n| iShares MSCI World Value Factor ESG UCITS ETF | 3.67% |\n| Invesco Markets PLC - Invesco S&P 500 ESG UCITS ETF | 3.48% |\n| iShares Edge MSCI World Minimum Volatility ESG UCITS ETF | 3.03% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Enefit Green AS | 1.16% |\n| Tallinna Sadam AS | 0.32% |\n| Hepsor AS | 0.26% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.91%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001699","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":6,"countryShareEe":1.74,"fundManager":"SEB"},"SWK99":{"heading":"Swedbank pensionifond indeks 1990–99 sündinutele","id":"k9099","code":"k99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born in the 90s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n\nThe Fund is established as a lifecycle fund with so called passive investment strategy, meaning that the assets of the Fund are invested into financial instruments that track global indices and the Management Company reduces the ratio of instruments carrying equity risk in the Fund´s assets over time pursuant to the conditions and prospectus of the Fund.\nThe proportion of investments with equity risk will only ever vary from the indicated level by max. 2%. The remainder is invested in bonds, other debt instruments, deposits and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":51152},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":97.61,"unit":"%"},{"name":"Equity funds","value":1.9,"unit":"%"},{"name":"Money and deposits","value":0.51,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Apple | 4.93% |\n| Microsoft | 4.04% |\n| Access Global A | 1.90% |\n| Amazon.com | 1.83% |\n| Nvidia | 1.33% |\n| Alphabet C | 1.17% |\n| Alphabet A | 1.07% |\n| Meta Platforms | 1.05% |\n| Berkshire Hathaway B | 0.97% |\n| Johnson & Johnson | 0.83% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.31%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109393","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank pensionifond 1980–89 sündinutele","id":"k4","code":"k4","dataMarker":"SWK75","suitability":"**Suitable if**\n- you were born in the 80s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level changes over time. When you are younger, you can take more risks and invest in equities. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably. \n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":62260},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":8.32,"unit":"%"},{"name":"Shares","value":51.53,"unit":"%"},{"name":"Equity funds","value":26.97,"unit":"%"},{"name":"Real Estate funds","value":6.96,"unit":"%"},{"name":"Private Equity funds","value":1.51,"unit":"%"},{"name":"Bond funds","value":0.55,"unit":"%"},{"name":"Money and deposits","value":4.23,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Access Europa A | 8.12% |\n| Access Edge Emerging Markets A | 7.88% |\n| Globalfond A | 3.47% |\n| AMUNDI I.S-MSCI EME.E.L.-UCI.ETF DR USD | 2.94% |\n| Apple | 2.24% |\n| Microsoft | 1.87% |\n| iShares Global Clean Energy UCITS ETF | 1.58% |\n| EfTEN Kinnisvarafond II AS | 1.49% |\n| East Capital Baltic Property Fund III | 1.11% |\n| Usaldusfond EfTEN Real Estate Fund 4 | 1.11% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II AS | 1.49% |\n| East Capital Baltic Property Fund III | 1.11% |\n| LHV Group 9.500% Perpetual | 0.72% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.76%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103248","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":9.83,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank pensionifond 1970–79 sündinutele","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- you were born in the 70s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level of equities changes over time. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":73833},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":12.77,"unit":"%"},{"name":"Shares","value":44.42,"unit":"%"},{"name":"Equity funds","value":25.48,"unit":"%"},{"name":"Real Estate funds","value":10.46,"unit":"%"},{"name":"Private Equity funds","value":1.54,"unit":"%"},{"name":"Bond funds","value":1.15,"unit":"%"},{"name":"Money and deposits","value":4.25,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Access Europa A | 7.71% |\n| Access Edge Emerging Markets A | 6.42% |\n| Globalfond A | 3.47% |\n| EfTEN Kinnisvarafond II AS | 3.08% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 2.54% |\n| East Capital Baltic Property Fund III | 2.17% |\n| Apple | 1.98% |\n| Microsoft | 1.65% |\n| Amundi Index MSCI World SRI UC | 1.43% |\n| Usaldusfond EfTEN Real Estate Fund 4 | 1.41% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 3.08% |\n| East Capital Baltic Property Fund III | 2.17% |\n| Lumi Retal Property Fund | 1.09% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.77%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019758","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":14.69,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank pensionifond 1960–69 sündinutele","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- you were born in the 60s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level changes automatically over time. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":24999},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":48.56,"unit":"%"},{"name":"Shares","value":17.8,"unit":"%"},{"name":"Equity funds","value":8.46,"unit":"%"},{"name":"Real Estate funds","value":13.16,"unit":"%"},{"name":"Private Equity funds","value":0.61,"unit":"%"},{"name":"Bond funds","value":10.46,"unit":"%"},{"name":"Money and deposits","value":1.19,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Corporate Bond Europe High Yield A | 5.95% |\n| iShares EUR High Yield Corp Bond ESG UCITS ETF | 4.51% |\n| EfTEN Kinnisvarafond II AS | 4.25% |\n| Access Europa A | 3.12% |\n| Access Edge Emerging Markets A | 3.02% |\n| East Capital Baltic Property Fund III | 2.38% |\n| Spain Government 1.600% 250430 | 2.13% |\n| Birdeye Capital Timber Fund 2 | 1.75% |\n| Spain Government 6.000% 290131 | 1.74% |\n| Spain Government 5.750% 320730 | 1.60% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.25% |\n| East Capital Baltic Property Fund III | 2.38% |\n| Birdeye Capital Timber Fund 2 | 1.75% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.78%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019741","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":20.37,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond Konservatiivne","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your retirement age is close;\n- you want to maintain the money you have already collected;\n- you are looking for a low-risk fund.\n","strategy":"**Strategy**\n\nAt least 80% of the fund’s assets are invested in bonds, money market instruments, and deposits. The rest is invested in equities, real estate, and other authorised assets. The fund unit price does not fluctuate significantly over a shorter period. It is not a life-cycle fund. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":6220},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":85.64,"unit":"%"},{"name":"Real Estate funds","value":11.48,"unit":"%"},{"name":"Money and deposits","value":3.15,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| East Capital Baltic Property Fund III | 8.88% |\n| Luminor Bank VAR 241203 | 4.74% |\n| Altum 1.300% 250307 | 2.38% |\n| Nykredit Realkredit 0.250% 260113 | 2.02% |\n| BNP Paribas VAR 310110 | 2.00% |\n| City of Tallinn Estonia FRN 271129 | 1.84% |\n| Danske Bank VAR 310110 | 1.76% |\n| Ignitis 2.000% 300521 | 1.72% |\n| Spain Government 1.600% 250430 | 1.72% |\n| Volkswagen Financial Services 3.375% 280406 | 1.69% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 8.88% |\n| Luminor Bank VAR 241203 | 4.74% |\n| City of Tallinn Estonia FRN 271129 | 1.84% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.48%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":23.35,"fundManager":"Swedbank"},"SEK75":{"heading":"SEB Energiline Pensionifond","id":"energiline","code":"energiline","dataMarker":"SEK75","suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nFund up to 75% of its assets in shares, with the remainder allocated to bonds and deposits. Investing mainly in shares involves higher risks, resulting in bigger fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":20854},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":14.69,"unit":"%"},{"name":"Shares","value":4.45,"unit":"%"},{"name":"Equity funds","value":65.59,"unit":"%"},{"name":"Real Estate funds","value":5.82,"unit":"%"},{"name":"Private Equity funds","value":0.55,"unit":"%"},{"name":"Bond funds","value":6.08,"unit":"%"},{"name":"Money and deposits","value":2.82,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI World ESG Screened UCITS ETF | 12.03% |\n| SEB Global Exposure Fund | 9.07% |\n| iShares Core MSCI World UCITS ETF | 8.74% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 4.26% |\n| Amundi MSCI Emerging Markets UCITS ETF | 4.08% |\n| iShares MSCI World Value Factor ESG UCITS ETF | 3.95% |\n| iShares MSCI USA ESG Enhanced UCITS ETF | 3.50% |\n| Republic of Estonia 4% 12.10.2032 | 3.06% |\n| iShares Edge MSCI World Minimum Volatility ESG UCITS ETF | 3.03% |\n| EfTEN Real Estate Fund IV | 2.78% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Republic of Estonia 4% 12.10.2032 | 3.06% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.67% |\n| Enefit Green AS | 1.61% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.95%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103297","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":13.6,"fundManager":"SEB"},"SIK75":{"heading":"SEB Pensionifond Indeks 100","id":"eindeks","code":"sik","dataMarker":"SIK75","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a medium risk fund,\n- your goal is to mirror securities markets.\n","strategy":"**Strategy**\n\nInvests up to 100% of its assets in equities, by implementing a passive investment strategy and mirroring securities markets. Investing in equities involves high risks, resulting in big fluctuations in the value of the fund’s assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":25550},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.75,"unit":"%"},{"name":"Money and deposits","value":0.25,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF DR | 29.01% |\n| L&G US Equity UCITS ETF | 24.69% |\n| Invesco S&P 500 UCITS ETF | 20.06% |\n| HSBC MSCI Emerging Markets UCITS ETF | 11.35% |\n| Lyxor Core STOXX Europe 600 DR ETF | 11.17% |\n| Xtrackers Nikkei 225 UCITS ETF | 3.47% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.32%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109427","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"SEB"},"NPK00":{"heading":"Luminor C Pensionifond","id":"c","code":"c","dataMarker":"NPK00","suitability":"**Suitable if**\n- your saving period is less than 3 years,\n- you would rather protect your pension assets instead of focusing on the growth.\n","strategy":"**Strategy**\n\nInvests a maximum of 10% of the fund's assets in shares and similar risk-bearing assets. At times of high interest rates, the fund may invest most of its assets in deposits to avoid setbacks on the bond markets.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":3401},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":26.32,"unit":"%"},{"name":"Equity funds","value":4.93,"unit":"%"},{"name":"Bond funds","value":65.89,"unit":"%"},{"name":"Money and deposits","value":2.86,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade | 14.62% |\n| Robeco Euro Credit Bond Fund | 14.47% |\n| Amundi Index Euro Agg Corporate | 12.52% |\n| iShares EUR Corporate Bond ESG | 11.26% |\n| iShares eb.rexx Government | 7.44% |\n| ESTONIA Treasury Bill 0 | 5.65% |\n| OBL 0% 10/09/26 | 5.08% |\n| iShares Euro Corporate Bond Interest | 4.35% |\n| Latvia 3.875 25/03/2027 | 4.29% |\n| EPSO-G 3.117% | 2.64% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| ESTONIA Treasury Bill 0 | 5.65% |\n| Estonian Eurobond 0,125 | 1.57% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.95%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":7.22,"fundManager":"Luminor"},"NPK25":{"heading":"Luminor B Pensionifond","id":"b","code":"b","dataMarker":"NPK25","suitability":"**Suitable if**\n- your saving period is more than 3 years,\n- you want to grow your pension assets, but do not want to take the risk of significant decreases in the price of the accumulated assets.\n","strategy":"**Strategy**\n\nInvests a maximum of 30% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":1444},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":14.34,"unit":"%"},{"name":"Equity funds","value":23.26,"unit":"%"},{"name":"Real Estate funds","value":3.38,"unit":"%"},{"name":"Private Equity funds","value":0.19,"unit":"%"},{"name":"Bond funds","value":40.98,"unit":"%"},{"name":"Money and deposits","value":17.85,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade | 13.71% |\n| Robeco Euro Credit Bond Fund | 8.06% |\n| SPDR Bloomberg Barclays Euro High | 6.51% |\n| Vanguard Euro Government Bond | 6.51% |\n| iShares North America Index Fund | 4.55% |\n| Screened Index Fund (IE) Inst Acc | 4.53% |\n| iShares Developed World Index Fund | 4.51% |\n| Debt - Hard Currency Fund EUR I3 | 3.51% |\n| iShares Core MSCI World UCITS | 3.45% |\n| EFTEN Kinnisvarafond II AS | 3.38% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.38% |\n| Estonian Eurobond 0,125 | 0.96% |\n| ESTONIA 4 12/10/2032 | 0.74% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.27%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098448","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":5.27,"fundManager":"Luminor"},"NPK75":{"heading":"Luminor A Pluss Pensionifond","id":"apluss","code":"A pluss","dataMarker":"NPK75","suitability":"**Suitable if**\n- your saving period is more than 20 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve potentially high return on assets in the longer run despite short-term fluctuations in prices.\n","strategy":"**Strategy**\n\nInvests a maximum of 100% of fund assets in equity and assets with similar risk. The rest is invested in bonds, deposits or similar instruments. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":8214},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":93.41,"unit":"%"},{"name":"Real Estate funds","value":2.46,"unit":"%"},{"name":"Private Equity funds","value":0.52,"unit":"%"},{"name":"Bond funds","value":1.14,"unit":"%"},{"name":"Money and deposits","value":2.47,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| iShares Developed World ESG | 19.36% |\n| iShares Developed World Index Fund | 17.66% |\n| iShares Core MSCI World UCITS ETF | 16.84% |\n| iShares North America Index Fund | 16.52% |\n| iShares Core MSCI EM IMI UCITS ETF | 9.08% |\n| iShares Emerging Markets Index Fund | 8.29% |\n| iShares Europe Equity Index Fund | 4.46% |\n| EFTEN Kinnisvarafond II AS | 2.31% |\n| iShares Japan Index Fund | 1.20% |\n| Neuberger Berman Emerging Market | 0.65% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.31% |\n| KS Livonia Partners Fund II AIF | 0.52% |\n| EfTEN Kinnisvarafond AS | 0.15% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.30%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103503","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":2.98,"fundManager":"Luminor"},"NPK50":{"heading":"Luminor A Pensionifond","id":"A","code":"A","dataMarker":"NPK50","suitability":"**Suitable if**\n- your saving period is more than 10 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve a somewhat higher return on assets regardless of short-term price fluctuations.\n","strategy":"**Strategy**\n\nInvests a maximum of 60% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":13051},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":7.67,"unit":"%"},{"name":"Equity funds","value":52.2,"unit":"%"},{"name":"Real Estate funds","value":6.85,"unit":"%"},{"name":"Private Equity funds","value":0.36,"unit":"%"},{"name":"Bond funds","value":23.43,"unit":"%"},{"name":"Money and deposits","value":9.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| iShares Developed World Index | 10.69% |\n| Screened Index Fund (IE) Inst Acc | 10.54% |\n| iShares North America Index Fund | 9.67% |\n| iShares Core MSCI World UCITS | 7.98% |\n| iShares Euro Investment Grade | 5.85% |\n| Robeco Euro Credit Bond Fund | 5.27% |\n| iShares Core MSCI EM IMI UCITS | 5.16% |\n| EFTEN Kinnisvarafond II AS | 5.02% |\n| iShares Emerging Markets Index | 4.78% |\n| iShares Core Euro Corporate Bond | 3.15% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EFTEN Kinnisvarafond II AS | 5.02% |\n| EfTEN Real Estate Fund | 1.83% |\n| Estonian Eurobond | 0.82% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.33%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098430","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":8.31,"fundManager":"Luminor"},"NIK100":{"heading":"Luminor Pensionifond Jätkusuutlik Tulevik, Indeks","id":"jatkusuutlik","code":"jatkusuutlik","dataMarker":"NIK100","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate possible short-term fluctuations in the value of the assets well in order to earn a potentially higher than average return in the long term.\n","strategy":"**Strategy**\n\nThe fund’s assets are invested in equity funds and other similar instruments. The equity risk is maintained at around 100% regardless of the situation on financial markets. The fund invests globally. The fund may invest in different industries and regions and assets denominated in different currencies.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":237},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":95.96,"unit":"%"},{"name":"Money and deposits","value":4.03,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index MSCI World SRI - UCITS | 21.20% |\n| iShares MSCI World SRI UCITS ETF | 20.73% |\n| UBS (Lux) Fund Solutions - MSCI | 20.34% |\n| BNP Paribas Easy MSCI World SRI | 19.33% |\n| iShares MSCI EM SRI UCITS ETF | 14.37% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.52%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001806","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor"},"SPT30":{"heading":"Luminor Intress Pluss Pensionifond","id":"intress-pluss","code":"lum_int","dataMarker":"SPT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is more than 3 years long,\n- you want to increase your pension assets, but do not want to take risks at the price of significant decrease in the value of collected assets.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,2%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109369, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.76%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Täiendav Pensionifond","id":"taiendav","code":"lhv_iii","dataMarker":"LHT75","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have medium risk tolerance,\n- you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money tax-effectively after reaching retirement age.\n","strategy":"**Strategy**\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","isLhvFund":true,"costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"date":"30.09.2020","capacity":"18,195,533.69 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":45,"unit":"%"},{"name":"Shares","value":18.56,"unit":"%"},{"name":"Equity funds","value":13.77,"unit":"%"},{"name":"Real Estate funds","value":11.97,"unit":"%"},{"name":"Private Equity funds","value":2.7,"unit":"%"},{"name":"Money and deposits","value":7.99,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| German Treasury Bill 18/10/23 | 9.40% |\n| German Treasury Bill 23/08/23 | 6.42% |\n| France Government 1.75% 25/05/2023 | 6.19% |\n| France Treasury Bill 28/06/2023 | 4.55% |\n| ZKB Gold ETF | 3.92% |\n| EfTEN Real Estate Fund | 3.81% |\n| iShares Gold Producers UCITS ETF | 3.58% |\n| Luminor 7.25% 16/01/2026 | 2.92% |\n| BNP Paribas 2.5% 31/03/2032 | 2.73% |\n| Lyxor EURO STOXX Banks DR UCITS | 2.64% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 7.25% 16/01/2026 | 2.92% |\n| East Capital Baltic Property Fund III | 2.38% |\n| BIGBANK 7.5% 16/05/2032 | 2.37% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2023) | 26,229,116.26 € |\n| Management company | LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Rate of the depository’s charge:** 0.0444%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.44%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_tingimused_2017-06-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Taiendav_Pensionifond_KIID_022023.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 April 2023) (in Estonian)](/assets/files/pension/LHV_pensionifond_Taiendav_kuuaruanne_2023_04.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2023,"month":4,"content":"### April 2023: Stock markets stabilised\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, global stock markets showed signs of calming down, and the major market indices ended the month on the positive side. The MSCI World index, measured in euros, went up 0.1% during the month. In US markets, the S&P 500 index, measured in dollars, increased by 1.5% during the month, while the Nasdaq index remained at its end-of-March level.\n\nEuropean markets continued the rise that began earlier this year, and the Euro Stoxx 50 was up 1.6% by the end of the month. Emerging markets were the only ones that fell noticeably: the MSCI Emerging Markets index, measured in dollars, fell by 1.3%. This was caused by weakness in both Asian and Latin American stock markets.\n\nIn April, the price of gold in dollars rose nearly to its highest point in recent years, which is why shares in gold mining companies made the greatest contribution to the appreciation of the fund unit. At the beginning of the month, we increased the position of physical gold in the fund, as it offers short-term protection against larger stock market fluctuations.\n\nIn the long term, the price of gold rises if investors are unable to earn returns that exceed inflation through deposits or more conservative investing. Gold-related investments are the largest part of the fund’s investments in listed stocks.\n"},{"year":2023,"month":3,"content":"### March 2023: Problems in the financial sector did not spoil the mood in the stock markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nMarch was once again a strong month for the stock markets. The global index MSCI World gained 0.6% in value measured in euros, and US stock indices also finished the month in the positive. The S&P 500 index rose by 3.5% in dollar terms, and the Nasdaq went up by as much as 6.7%.\n\nDue to the situation in the banking sector, the European markets moved in different directions but, by the end of the month, the Euro Stoxx general index 50 grew by 2%. The MSCI Emerging Markets index rose by 2.7% in March. Baltic shares moved in the opposite direction, with the index OMX Baltic Benchmark closing the month at -1.5%.\n\nThis month, the merged EfTEN Real Estate Fund started trading on the stock exchange. As the largest real estate position in the fund, it makes up 3.8% of the Supplementary Pension Fund’s assets. EfTEN Fund’s portfolio includes 35 commercial buildings across the Baltics, most notably Hotel Palace in Tallinn, Mustika shopping centre in Tallinn, K-Rauta DIY store on Tammsaare tee in Tallinn, and Selver and DSV logistics centre in Laagri, Tallinn, and the UKU shopping centre in Viljandi.\n\nThe fund’s stock investments held their value well against the banking crisis that emerged in the United States and continued to grow in the second half of March. The increase was driven by investments related to precious metals, where most of our stock investments are currently directed. The ZKB Gold fund, backed by physical gold, rose 5.2%, and shares of gold and silver mining companies gained between 8.1% and 20.2% measured in euros. For other mineral-related stocks, we took advantage of recent price weakness and bought Glencore shares in the fund.\n\nBond markets were clearly in positive territory in March. While new bond issuance in Europe was halted after Silicon Valley Bank collapsed in mid-March, the first quarter of the year, as a whole, was a highly active period for money lending. This was mainly due to uncertainty in future outlook, which made companies seek to strengthen their position by taking loans at an earlier point.\n\nWe took advantage of the momentary confusion in the markets to acquire longer-term Volkswagen bonds in our bond portfolios. These bonds offer an expected annual yield of just over 7%. The prices on the market at large continue to be unappealing, but we are ready to respond quickly, should opportunities arise.\n"},{"year":2023,"month":2,"content":"### February 2023: We do not take high risks in stock markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn February, stock markets moved in different directions. The MSCI World Index lost 0.1% of its value in euros, while the leading US stock indices were mostly on the minus side: the S&P 500 index fell 2.6% and Nasdaq fell 1.1% in dollars.\n\nEuropean markets, however, continued the rise that started in January, with the Euro Stoxx 50 index ending the month with an increase of 1.9%. The performance of emerging markets, however, was weaker. The MSCI Emerging Markets Index fell 6.5% over the month, driven by the markets in China and Brazil. The Baltic stock markets ended February in positive territory.\n\nIn February, the merger of two real estate funds managed by EfTEN Capital was given final approval by investors and EfTEN Kinnisvarafond merged with the publicly traded EfTEN Real Estate Fund III. LHV pension funds have invested in EfTEN Kinnisvarafond since March 2011 and it has been one of the largest investments in our portfolio for many years. Since its inception in 2008, EfTEN Kinnisvarafond has offered investors an average annual return of 14.4%. Although we have sold about a third of our positions over the past year, we continue to be the largest investor in the merged fund, also after being listed on the Tallinn stock exchange.\n\nIn February, the fund’s equity investments were most affected by a 10% fall in equity positions in precious metals. Equity positions in the energy sector moved in different directions and did not have a major impact on returns. Shares of European banks benefiting from interest rate hikes yielded positive results.\n\nWe continue to keep the fund’s equity exposure at low levels to avoid potential losses in an environment of rising interest rates and a downturn on the stock market. The fund’s current equity investments focus primarily on sectors related to mineral resources, where we expect long-term undersupply.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Innovation drives life forward**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n","text":"In April, both the stock and bond markets remained calm and stable at the index level. The MSCI World index, measured in euros, went up 0.1% during the month. While the stock markets of Europe and North America experienced marginal gains, the stock markets of developing countries recorded negative performance.\n\nDespite the rising interest rates, companies have managed to withstand the environment surprisingly well, with their turnovers and profits even experiencing nominal growth. Larger companies, leveraging their market power, have successfully increased the prices of their products and services, effectively transferring the impact of rising input costs and labour expenses to consumers. However, the situation is more complicated for small companies.\n\nI am somewhat surprised that several central bankers (Christine Lagarde among others) have accused entrepreneurs of greed, instead of admitting their own past mistakes. Central bankers need to acknowledge that the prolonged policy of ultra-low interest rates was a regrettable mistake, with consequences that are just beginning to surface, including mounting debt burdens, rapid price inflation, and an ensuing unstable economic environment.\n\n**Many politicians still refuse to admit the problem**\n\nWhile some central banks have started to curb the inflationary pressures resulting from their previous monetary policies (with the Bank of Japan being one of the few exceptions), a significant number of politicians remain oblivious to the gravity of the problems at hand.\n\nIn the autumn of 2022, the international spotlight fell on the previous British government’s populist experiment of overlooking the mounting deficit in the national budget. Fortunately, this experiment remained purely theoretical as, following the British government’s proposal to reduce taxes and resort to borrowing to compensate for diminished budget revenues, government borrowing rates soared to such an extent that Liz Truss’s government deemed it wiser to step down after just 44 days in power. Politicians solely engrossed in domestic political manoeuvres and those who lack an inclination for economic policy likely remained oblivious to this failed attempt.\n\nThe mounting problems with public finances are not just a problem for Britain. In the event that Democrats and Republicans in the US Congress fail to reach a consensus on the budget for the upcoming fiscal year, there is a possibility that the nation with the world’s largest and most significant economy could find itself indebted to its creditors.\n\nI have a suspicion that inflation will persist until politicians successfully achieve a balance in national budgets. This is not an easy or quick goal to achieve. Over the past decade, as interest rates remained low and even negative, politicians undertook new borrowing obligations on behalf of their constituents. Now, these loans must be serviced with increasingly higher interest rates. In addition, the increasingly tense geopolitical environment requires higher national defence spending.\n\n**Tax increases are becoming inevitable**\n\nDespite potential reductions in government spending, taxes are likely to rise globally. Broadly speaking, the options are either to swiftly increase taxes now to achieve budgetary balance or to allow the debt to accumulate and face the prospect of significantly higher taxes later on, potentially leading to a deep recession.\n\nGetting a state’s finances back on the path of long-term sustainability should take priority over a single annual budget. In mid-April, the French government passed a law that raised the retirement age from 62 to 64. It was a difficult and unpopular decision, sparking protest that continues to this day. And yet, considering the long-term perspective, it was unavoidable.\n\nWhile cuts and tax hikes are never easy or popular, the unsustainable accumulation of the debt burden on future generations cannot continue indefinitely. It is likely wiser to accept the bitter pill now rather than letting problems pile up until creditors compel you to take a triple or quadruple dose in the future.\n\nFortunately, the budgetary challenges of the Estonian state are much smaller than those of many other countries. But this also poses a danger: by implementing minor tax increases and making some changes, we may inadvertently overlook long-term trends and delay the necessary discussions that society needs to have.\n\nI trust that the need for a long-term budget balance is evident. But why not explore diverse ideas on how fiscal policy could encourage innovation, enhance societal productivity, and optimise the use of existing resources?\n\nTo minimise risks, it could be agreed before the discussion that, regardless of the suggested changes, the government’s share in the redistribution of the gross domestic product should not increase. Why not explore the possibility of introducing property taxation as a means to potentially lower income tax?\n\nFurthermore, it would be intriguing to witness a debate on how much a corporate income tax could potentially lower the social tax. What impact would it have on the business environment, and would it foster innovation?\n\nWhile these are not rhetorical questions, I do not have the answers. No question or idea should be dismissed as foolish. If these inquiries stem from a genuine desire to enhance the efficiency of the organisation of the state and drive societal progress, they deserve at least some deliberation. However, I believe that the slogan “No playing with taxes,” which has been effective for 30 years, has become outdated and is now impeding the progress of the Estonian state. This slogan effectively shielded us from the risk that the state would cover arbitrary expenses with money taken from politically convenient sources. However, over time, the Estonian economy has experienced significant growth and undergone structural changes. The world around us has also changed.\n\n**AI as a possible springboard for the economy**\n\nMachine learning and artificial intelligence have been topics of discussion for decades, but the launch of ChatGPT for free public testing on 30 November last year has garnered tremendous attention. In just the first week, the programme attracted over a million users.\n\nBy now, artificial intelligence has become a compelling investment topic. The sector is expected to experience an average annual growth of about 40% in the coming years, with the global AI market anticipated to reach approximately 1.6 trillion dollars by 2030.\n\nThe growth of artificial intelligence has made a significant impact on the US stock markets this year, with the S&P 500 index experiencing a 9% increase since the start of the year. The main driver behind this is an increase in the value of Microsoft, Alphabet, Nvidia, Apple and Meta. If we combine this with the rise in value of approximately 20 smaller companies focused on artificial intelligence, it can be argued that, were it not for the AI boom, the S&P 500 would be in negative territory compared to the beginning of this year.\n\nIn my previous monthly newsletters, I have repeatedly expressed my belief that the world economy is unlikely to overcome the continuously escalating debt burden without a significant shock. A favourable scenario could involve a substantial technological upheaval, similar to the industrial revolution of the 18th century, which resulted in an unparalleled boost in labour productivity but also led to extensive and challenging transformations in the social fabric.\n\nArtificial intelligence possesses immense potential to become a transformative technology that will greatly accelerate economic progress and aid in resolving the critical challenges confronting humanity. Most likely, it is merely a matter of time before this emerging technology will reach a level of sophistication capable of accomplishing that.\n\nI am an optimist in the long term and believe in human ingenuity. Nevertheless, I am forced to admit that despite the accumulation of challenges over the past decade, asset prices have continued to rise. In the upcoming years, I believe the emphasis should primarily be on safeguarding capital, while keeping in mind that innovation is what drives life forward.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Täiendav Pensionifond","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":13.91,"fundManager":"LHV","minSumInEurWhenBuying":6.39,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LIT100":{"heading":"LHV Pensionifond Indeks Pluss","id":"indeks-pluss","code":"lhv_lit","dataMarker":"LIT100","securityId":147612,"suitability":"**Suitable if**\n- you are prepared to tolerate the risks arising from potentially significant fluctuations in equity markets,\n- you have previous investment experience.\n","isLhvFund":true,"strategy":"**Strategy**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in 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","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.2%"},"fundInfo":{"date":"30.09.2020","capacity":"8,094,598.17 €","pocket":"468,750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.05,"unit":"%"},{"name":"Money and deposits","value":1.95,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 28.11% |\n| Lyxor Core MSCI World DR UCITS | 25.79% |\n| HSBC MSCI Emerging Markets UCITS | 21.75% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 9.13% |\n| SPDR MSCI World UCITS ETF | 7.58% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 3.03% |\n| iShares MSCI Frontier and Select EM ETF | 2.65% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2023) | 34,892,685.56 € |\n| Management company | LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0456%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.2%\n\n**Ongoing charges (inc management fee):** 0.40%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused_2021_02.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_2021_02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID_022023.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 April 2023) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2023_04.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109419","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET100":{"heading":"SEB Aktiivne Pensionifond","id":"aktiivne","code":"seb_akt","dataMarker":"SET100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nThe fund invests up to 100% of the assets in shares. Investing mainly in shares involves higher risks, resulting in big fluctuations in the value of the fund's assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0.95%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600074076, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.95%\n\n**Ongoing charges (inc management fee):** 1.19%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":6,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET35":{"heading":"SEB Tasakaalukas Pensionifond","id":"tasakaalukas","code":"seb_tas","dataMarker":"SET35","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have at least 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nThe fund mainly invests in bonds and deposits, with up to 25% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0.85%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600008934, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.85%\n\n**Ongoing charges (inc management fee):** 1.10%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Aktsiad 100 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"**Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,5%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600098422, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.5%\n\n**Ongoing charges (inc management fee):** 1.93%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"**Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0.95%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600007530, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.95%\n\n**Ongoing charges (inc management fee):** 0.95%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"**Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1.05%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071031, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.05%\n\n**Ongoing charges (inc management fee):** 1.05%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"**Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,15%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071049, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.15%\n\n**Ongoing charges (inc management fee):** 1.15%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109484,IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109484","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.23%"},"fundInfo":{"company":{"title":"Tuleva Fondid AS","link":null},"depository":{"title":"AS Swedbank","url":"https://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001707, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.23%\n\n**Ongoing charges (inc management fee):** 0.35%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001707","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LRK100":{"heading":"LHV Pensionifond Roheline","id":"roheline","code":"roheline","dataMarker":"LRK100","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","isLhvFund":true,"strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":8270},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":0.79,"unit":"%"},{"name":"Shares","value":30.38,"unit":"%"},{"name":"Equity funds","value":60.12,"unit":"%"},{"name":"Real Estate funds","value":1.21,"unit":"%"},{"name":"Money and deposits","value":7.51,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Global X Copper Miners ETF | 11.36% |\n| KraneShares Global Carbon Strategy ETF | 8.75% |\n| L and G Battery Value-Chain UCITS | 7.23% |\n| Global X Lithium and Battery Tech | 7.04% |\n| iShares Global Clean Energy ET | 6.73% |\n| Invesco Solar ETF | 6.67% |\n| WisdomTree Battery Solutions UCITS | 4.40% |\n| Ignitis Grupe | 2.56% |\n| L and G Hydrogen Economy UCITS ETF | 2.36% |\n| UPM-Kymmene | 2.14% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.21% |\n| Hepsor | 0.53% |\n| Sopruse157 omanikulaen | 0.32% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2023) | 50,646,386.97 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 1,000,000.002 units |\n| Rate of the depository’s charge | 0.0444% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.4067%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,82%\n\n*The ongoing charges figure is an estimate based on the current management fee and estimated total fees. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_prospekt_2023.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_23052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_KIID_022023.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 April 2023) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2023_04.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001723","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":2.27,"fundManager":"LHV"},"LRT100":{"heading":"LHV Pensionifond Roheline Pluss","id":"roheline-pluss","code":"rohelinepluss","dataMarker":"LRT100","securityId":189345,"suitability":"**Suitable if**\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","isLhvFund":true,"strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,49%"},"fundInfo":{"date":"30.09.2020","capacity":"7,003,906.73 €","pocket":"468,750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":29.41,"unit":"%"},{"name":"Equity funds","value":61.52,"unit":"%"},{"name":"Real Estate funds","value":1.63,"unit":"%"},{"name":"Money and deposits","value":7.44,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Global X Copper Miners ETF | 11.21% |\n| KraneShares Global Carbon Strategy ETF | 8.65% |\n| L and G Battery Value-Chain UCITS | 7.99% |\n| iShares Global Clean Energy ET | 7.50% |\n| Global X Lithium and Battery Tech | 7.43% |\n| Invesco Solar ETF | 7.33% |\n| WisdomTree Battery Solutions UCITS | 3.71% |\n| Rockwool | 2.52% |\n| L and G Hydrogen Economy UCITS ETF | 2.45% |\n| Renewi | 2.31% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.63% |\n| Hepsor | 0.40% |\n"}]},{"id":"info","title":"Information about the fund","active":true,"content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2023) | 7,379,921.06 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 468,750 units |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0444%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n\n**Ongoing charges (inc management fee):** 0,99%\n\n*The ongoing charges have been estimated, based on the expected total of charges. The annual report of the fund provides details of the paid fees for each year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_prospekt_2023.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_KIID_022023.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 April 2023) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_kuuaruanne_2023_04.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Roheline Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001764","strategyType":null,"managementStyle":"Active","riskLevel":6,"countryShareEe":2.03,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV30":{"heading":"Swedbank Pensionifond V30 indeks (exit restricted)","id":"swedv30","code":"v30indeks","dataMarker":"SWV30","securityId":204900,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver with moderate risk tolerance,\n- your goal is asset stability and long-term growth (min. 5 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 30% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 30% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001749, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001749","strategyType":null,"managementStyle":"Passive","riskLevel":4,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV60":{"heading":"Swedbank Pensionifond V60 indeks (exit restricted)","id":"swedv60","code":"v60indeks","dataMarker":"SWV60","securityId":204901,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance,\n- your goal is a higher growth of assets in the medium or long term (min. 7 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 60% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 60% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001731, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001731","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NIT100":{"heading":"Luminor Täiendav Pensionifond Jätkusuutlik Tulevik, Indeks","id":"jatkusuutlik-taiendav","code":"jatkusuutlik-taiendav","dataMarker":"NIT100","securityId":213281,"active":true,"suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate a short-term decrease in the value of assets well.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"0,25%","managementFee":"0,25%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001798, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0,25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0,25%\n\n**Ongoing charges (inc management fee):** 0,58%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001798","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWI100":{"heading":"Swedbank III Samba Pensionifond Indeks","id":"swi100","code":"SWI100","dataMarker":"SWI100","securityId":218897,"active":true,"suitability":"**Suitable if**\n- you want your pension money to follow the movement of global stock markets,\n- your goal is higher asset growth over a longer time horizon (at least 10 years),\n- you are ready that the value of your assets may fluctuate more.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.)\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001822, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001822","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":0,"transactionDaysForSell":1,"transactionDaysForExchange":3},"SWK100":{"heading":"Swedbank Pensionifond Indeks","id":"swk100","code":"SWK100","dataMarker":"SWK100","suitability":"**Suitable if**\n- you have at least 10 more years of pension saving ahead of you;\n- you have a relatively high risk tolerance;\n- you want to accumulate in an index fund.\n","strategy":"**Strategy**\n\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.)\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":9187},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.79,"unit":"%"},{"name":"Money and deposits","value":0.68,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index MSCI World SRI UC | 25.73% |\n| Lyxor MSCI World ESG Leaders Extra (DR) UCITS ETF | 19.24% |\n| Access Global A | 18.66% |\n| UBS Lux Fund Solutions - MSCI | 18.54% |\n| Access Edge Global A | 17.63% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.31%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001814","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank"},"swk09":{"heading":"Swedbank pensionifond 2000-09 sündinutele","id":"swk09","code":"swk09","dataMarker":"swk09","suitability":"**Suitable if**\n- you were born in the 00s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":782},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":3.87,"unit":"%"},{"name":"Equity funds","value":91.69,"unit":"%"},{"name":"Money and deposits","value":4.51,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index MSCI World SRI UC | 18.66% |\n| Access Edge Global A | 16.87% |\n| Amundi MSCI World ESG Leaders Select UCITS ETF DR | 14.48% |\n| Globalfond A | 11.34% |\n| Access Europa A | 10.81% |\n| AMUNDI I.S-MSCI EME.E.L.-UCI.ETF DR USD | 9.25% |\n| Access Edge Emerging Markets A | 5.61% |\n| Transition Energy A | 3.25% |\n| iShares Global Clean Energy UCITS ETF | 1.42% |\n| LHV Group AS | 1.12% |\n"},{"title":null,"type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| LHV Group AS | 1.12% |\n| Enefit Green | 0.92% |\n| Tallinna Kaubamaja Grupp | 0.70% |\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.66%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001848","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":6,"countryShareEe":3.14,"fundManager":"Swedbank"}}<meta name="robots" content="noindex">