{"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","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":"AS LHV Varahaldus"},"investors":4756},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":76.58,"unit":"%"},{"name":"Money and deposits","value":23.42,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| France Government 25/05/21 | 5.33% |\n| German Government 1.5% 04/09/22 | 3.84% |\n| Temasek 0.5% 01/03/22 | 3.59% |\n| Czech Republic 3.875% 24/05/22 | 3.56% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.29% |\n| Slovakia 3.375% 15/11/24 | 3.23% |\n| Ignitis Grupe 2% 21/05/30 | 3.10% |\n| Luminor 1.5% 18/10/21 | 2.85% |\n| BNP Paribas 2.875% 24/10/22 | 2.64% |\n| Bank of America 04/05/23 | 2.61% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.29% |\n| Luminor 1.5% 18/10/21 | 2.85% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 2.46% |\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 30.10.2020) | 24,482,622.86 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 80 000 units |\n| Rate of the depository’s charge | 0,0552% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\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:** 0.504%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.61%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. 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_02092019.pdf)\n- [Terms and conditions (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_Pensionifond_XS_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Prospectus (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_pensionifondide_prospekt_26112020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID.pdf)\n- [Key Investor Information (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_Pensionifond_XS_KIID_26112020.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 October 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2020_10.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy (Valid as of 01.12.2020)](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":10,"content":"### October 2020 – There are only a few attractive investment opportunities on the market\n\nRomet Enok, Fund Manager\n\nBond markets around the world did not show a clear trend or result in October: The outcome in Europe was rather on the positive side, but negative in the USA and the world as a whole. The non-existent risk premium; that is, low interest rates for companies, is an even higher risk than the low government interest rates.\n\nIn such a situation, there are still very few attractive investment opportunities that would promise a price increase at an acceptable level of risk. However, there are some such bonds: during the month, one of our largest investments, the long-term bond for the Lithuanian energy company Ignitis, offered a yield of more than 2.5%. After going public, the company has a larger capital base and investor circle, as well as better future prospects. On this wave, the bonds purchased in May have yielded over 10% for the fund.\n\nAt the same time, the broader performance of public bond markets since the beginning of the year is still poor as is the future outlook.\n"},{"year":2020,"month":9,"content":"### September 2020 – Companies take advantage of open cash taps\n\nRomet Enok, Fund Manager\n\nBond markets have set new records again, both in terms of how many securities have reached a level where further expected returns are negative, and in terms of how many companies are taking advantage of the situation and borrowing as much money as possible for the long term.\n\nIn the world’s most liquid bond market, the United States, the average interest rate that higher-risk companies have to pay when borrowing new money fell to 5.5% in September. While in April this indicator exceeded 7%, last December was the bottom of the cycle so far (5.2%).\n\nAs a result, June, August and September 2020 were the three most active new bond sales months ever. It is highly questionable whether the sales boom will generate profits for investors in the long run (or even bring back the money invested). We will continue to maintain a conservative line and will not add any new investments to the fund at this time.\n"},{"year":2020,"month":8,"content":"### August 2020 – Lithuanian energy company Ignitis plans IPO\n\nRomet Enok, Fund Manager\n\nThe Lithuanian state energy enterprise Ignitis has announced its intention to hold an IPO, the details of which are yet to be announced. The scale of the planned investments in the Lithuanian energy sector explains the company’s need for additional capital. The fund invested in Ignitis bonds in May, when the company raised money using international ten-year bonds. Although the coupon payment on the bonds is only 2% per annum, the fund has earned more than 6% return on the investment in a few months thanks to the price rise.\n\nThe dynamics of international bond markets had no clear direction in August. The highest-rated government bonds fell slightly, while lower-rated corporate bonds rose again in both Europe and the US.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Calm before the storm**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n","text":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n\nAfter a major shock in the first half of the year, the markets have generally behaved as if nothing had happened: stock markets have stabilised at a slightly lower level and the feared wave of insolvency is still not evident almost anywhere in the world. However, no one seems to doubt that the pandemic that erupted at the beginning of the year will have serious and long-term economic consequences in the future.\n\nAs with any major change, there are winners and losers in the economic crisis caused by the COVID-19 virus. One thing is clear: the world’s economic pie will be smaller in the coming years than it would have been without the health crisis, and the recipe for how this pie is baked is likely to change over time.\n\nGovernments have spent much more than their declining tax revenues would have allowed. In addition, central banks that have defended conservative fiscal policies in the past (at least in words) have changed their minds and are encouraging governments to spend more vigorously by opening their vaults and offering them money-printing machines. An extraordinary situation requires extraordinary measures.\n\nIt is dangerous to lose sight of the lighthouse after a storm and drift close to the reefs in the confusion. When a company loses a market or a person loses a job, it is a big shock to them. When lost income is replaced with a loan, problems can be ignored for some time, but it is more sensible to consider all possible future scenarios and prepare for change, rather than burn out the existing but declining capital. Strength – capital – should be kept in case the storm lasts longer than initially thought.\n\n**Each coin has two sides**\n\nIt is no surprise to readers of the monthly LHV pension newsletter that the main risk factor in my economic model is the debt level. By taking on debt in a stable economic environment, it is possible to accelerate economic development, just as it is possible to move faster at sea by using a larger sail with a calm wind. On the other hand, manoeuvring is easier with a smaller sail.\n\nHowever, if you overestimate your abilities (whether as a seafarer or a businessman) and choose a sail size or debt burden that doesn’t match your skills, an unexpected or larger change in the external environment can have tragic consequences. The rule of thumb is that if the wind speed increases, it is worth reducing the surface of the sail – in a stormy sea, a smaller sail can move even faster. Similarly, in the case of inflated debt, investments need to be made even more wisely than usual, taking care that they do not become an additional burden in the future.\n\nDebt has risen almost everywhere in the world in an era of slow economic growth and low interest rates ([graph](https://medium.com/technicity/global-debt-to-gdp-ratio-hits-a-record-high-of-331-in-q1-2020-25994339b72)). By the end of the first quarter of this year, the total debt in the world economy had reached 220 trillion euros, which is 330% of the world’s gross domestic product.\n\nThose who don’t think about tomorrow believe that interest rates will not rise any time soon (or perhaps ever), or else a large part of the economy would become insolvent. However, those who doubt the success of redistribution and planned economy, and instead believe in the logic of the market, know that greater risks should come with greater returns (and not the other way around). The trend in recent years has been that interest expenses decrease as the debt burden increases, but it is dangerous to extrapolate this trend to the future.\n\nAt a time when the clouds over the global economy are darkening, we have managed the LHV pension fund portfolios, first, by choosing investments in which we have more control over risk (debt) management, and second, by choosing investments that are highly liquid.\n\nIn recent months, we have gradually reduced our equity position, which increased during the sharp decline in the stock market in the spring. For example, in September, we sold our positions in the e-commerce companies MercadoLibre and Alibaba after their powerful rise.\n\nAt the same time, we have increased investments in gold miners precisely because, in an unstable economic environment, gold is regaining its position in investors’ portfolios, offering protection against the consequences of unconventional fiscal and monetary policies.\n\nJust as the medical effects of COVID-19 are more severe among overweight people, the countries, businesses and people that use credit thoughtlessly are at risk in every economic crisis. There are now even more risks in the financial markets than before the coronavirus crisis, but our task remains the same: to choose the right tactics and find the way to the best possible return without major shocks.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":12.42,"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","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":"AS LHV Varahaldus"},"investors":8627},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":86.38,"unit":"%"},{"name":"Money and deposits","value":13.62,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| Temasek 0.5% 01/03/22 | 5.02% |\n| Latvenergo 1.9% 10/06/22 | 4.89% |\n| Luminor 1.5% 18/10/21 | 4.76% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.55% |\n| German Government 3.25% 04/07/21 | 4.50% |\n| France Government 3.75% 25/04/21 | 3.73% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.60% |\n| France Government 25/05/21 | 3.41% |\n| German Government 2.25% 04/09/21 | 3.30% |\n| Ignitis Grupe 2% 21/05/30 | 3.27% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 4.76% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.55% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.60% |\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 30.10.2020) | 53,044,668.28 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 150 000 units |\n| Rate of the depository’s charge | 0,0552% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\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:** 0.60%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.69%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. 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_02092019.pdf)\n- [Terms and conditions (in Estonian) (Valid as of 26.11.2020)](/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_02092019.pdf)\n- [Prospectus (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_pensionifondide_prospekt_26112020.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID.pdf)\n- [Key Investor Information (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_Pensionifond_S_KIID_26112020.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 October 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2020_10.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy (Valid as of 01.12.2020)](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":10,"content":"### October 2020 – There are only a few attractive investment opportunities on the market\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nBond markets around the world did not show a clear trend or result in October: The outcome in Europe was rather on the positive side, but negative in the USA and the world as a whole. The non-existent risk premium; that is, low interest rates for companies, is an even higher risk than the low government interest rates.\n\nIn such a situation, there are still very few attractive investment opportunities that would promise a price increase at an acceptable level of risk. However, there are some such bonds: during the month, one of our largest investments, the long-term bond for the Lithuanian energy company Ignitis, offered a yield of more than 2.5%. After going public, the company has a larger capital base and investor circle, as well as better future prospects. On this wave, the bonds purchased in May have yielded over 10% for the fund.\n\nAt the same time, the broader performance of public bond markets since the beginning of the year is still poor as is the future outlook.\n"},{"year":2020,"month":9,"content":"### September 2020 – Companies take advantage of open cash taps\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nBond markets have set new records again, both in terms of how many securities have reached a level where further expected returns are negative, and in terms of how many companies are taking advantage of the situation and borrowing as much money as possible for the long term.\n\nIn the world’s most liquid bond market, the United States, the average interest rate that higher-risk companies have to pay when borrowing new money fell to 5.5% in September. While in April this indicator exceeded 7%, last December was the bottom of the cycle so far (5.2%).\n\nAs a result, June, August and September 2020 were the three most active new bond sales months ever. It is highly questionable whether the sales boom will generate profits for investors in the long run (or even bring back the money invested). We will continue to maintain a conservative line and will not add any new investments to the fund at this time.\n"},{"year":2020,"month":8,"content":"### August 2020 – Lithuanian energy company Ignitis plans IPO\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe Lithuanian state energy enterprise Ignitis has announced its intention to hold an IPO, the details of which are yet to be announced. The scale of the planned investments in the Lithuanian energy sector explains the company’s need for additional capital. The fund invested in Ignitis bonds in May, when the company raised money using international ten-year bonds. Although the coupon payment on the bonds is only 2% per annum, the fund has earned more than 6% return on the investment in a few months thanks to the price rise.\n\nThe dynamics of international bond markets had no clear direction in August. The highest-rated government bonds fell slightly, while lower-rated corporate bonds rose again in both Europe and the US.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Calm before the storm**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n","text":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n\nAfter a major shock in the first half of the year, the markets have generally behaved as if nothing had happened: stock markets have stabilised at a slightly lower level and the feared wave of insolvency is still not evident almost anywhere in the world. However, no one seems to doubt that the pandemic that erupted at the beginning of the year will have serious and long-term economic consequences in the future.\n\nAs with any major change, there are winners and losers in the economic crisis caused by the COVID-19 virus. One thing is clear: the world’s economic pie will be smaller in the coming years than it would have been without the health crisis, and the recipe for how this pie is baked is likely to change over time.\n\nGovernments have spent much more than their declining tax revenues would have allowed. In addition, central banks that have defended conservative fiscal policies in the past (at least in words) have changed their minds and are encouraging governments to spend more vigorously by opening their vaults and offering them money-printing machines. An extraordinary situation requires extraordinary measures.\n\nIt is dangerous to lose sight of the lighthouse after a storm and drift close to the reefs in the confusion. When a company loses a market or a person loses a job, it is a big shock to them. When lost income is replaced with a loan, problems can be ignored for some time, but it is more sensible to consider all possible future scenarios and prepare for change, rather than burn out the existing but declining capital. Strength – capital – should be kept in case the storm lasts longer than initially thought.\n\n**Each coin has two sides**\n\nIt is no surprise to readers of the monthly LHV pension newsletter that the main risk factor in my economic model is the debt level. By taking on debt in a stable economic environment, it is possible to accelerate economic development, just as it is possible to move faster at sea by using a larger sail with a calm wind. On the other hand, manoeuvring is easier with a smaller sail.\n\nHowever, if you overestimate your abilities (whether as a seafarer or a businessman) and choose a sail size or debt burden that doesn’t match your skills, an unexpected or larger change in the external environment can have tragic consequences. The rule of thumb is that if the wind speed increases, it is worth reducing the surface of the sail – in a stormy sea, a smaller sail can move even faster. Similarly, in the case of inflated debt, investments need to be made even more wisely than usual, taking care that they do not become an additional burden in the future.\n\nDebt has risen almost everywhere in the world in an era of slow economic growth and low interest rates ([graph](https://medium.com/technicity/global-debt-to-gdp-ratio-hits-a-record-high-of-331-in-q1-2020-25994339b72)). By the end of the first quarter of this year, the total debt in the world economy had reached 220 trillion euros, which is 330% of the world’s gross domestic product.\n\nThose who don’t think about tomorrow believe that interest rates will not rise any time soon (or perhaps ever), or else a large part of the economy would become insolvent. However, those who doubt the success of redistribution and planned economy, and instead believe in the logic of the market, know that greater risks should come with greater returns (and not the other way around). The trend in recent years has been that interest expenses decrease as the debt burden increases, but it is dangerous to extrapolate this trend to the future.\n\nAt a time when the clouds over the global economy are darkening, we have managed the LHV pension fund portfolios, first, by choosing investments in which we have more control over risk (debt) management, and second, by choosing investments that are highly liquid.\n\nIn recent months, we have gradually reduced our equity position, which increased during the sharp decline in the stock market in the spring. For example, in September, we sold our positions in the e-commerce companies MercadoLibre and Alibaba after their powerful rise.\n\nAt the same time, we have increased investments in gold miners precisely because, in an unstable economic environment, gold is regaining its position in investors’ portfolios, offering protection against the consequences of unconventional fiscal and monetary policies.\n\nJust as the medical effects of COVID-19 are more severe among overweight people, the countries, businesses and people that use credit thoughtlessly are at risk in every economic crisis. There are now even more risks in the financial markets than before the coronavirus crisis, but our task remains the same: to choose the right tactics and find the way to the best possible return without major shocks.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":13.1,"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","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":"AS LHV Varahaldus"},"investors":13847},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":71.83,"unit":"%"},{"name":"Shares","value":10.43,"unit":"%"},{"name":"Equity funds","value":3.2,"unit":"%"},{"name":"Real Estate funds","value":9.15,"unit":"%"},{"name":"Private Equity funds","value":3.47,"unit":"%"},{"name":"Money and deposits","value":1.92,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 4.45% |\n| German Government 2.25% 04/09/21 | 3.58% |\n| EfTEN Kinnisvarafond | 3.01% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.66% |\n| France Government 3.75% 25/04/21 | 2.46% |\n| France Government 25/05/21 | 2.38% |\n| German Treasury Bill 14/04/2021 | 2.23% |\n| France Government 2.25% 25/10/22 | 2.16% |\n| JP Morgan 1.375% 16/09/21 | 1.98% |\n| iShares Gold Producers UCITS ETF | 1.73% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 4.45% |\n| EfTEN Kinnisvarafond | 3.01% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.66% |\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 30.10.2020) | 143,654,239.08 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 400 000 units |\n| Rate of the depository’s charge | 0,0552% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\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:** 0.60%\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 cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 0.84%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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_02092019.pdf)\n- [Terms and conditions (in Estonian) (Valid as of 26.11.2020)](/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_02092019.pdf)\n- [Prospectus (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_pensionifondide_prospekt_26112020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID.pdf)\n- [Key Investor Information (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_Pensionifond_M_KIID_26112020.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 October 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2020_10.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy (Valid as of 01.12.2020)](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":10,"content":"### October 2020 – Stock markets in general declined\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAs in September, the performance of the world stock markets was mainly negative in October. Largely due to the escalation of the second wave of the COVID-19 pandemic, the Euro Stoxx 50 index, which tracks large European companies, was hit hard, falling by as much as 7.3% over the month. The largest falls were the German and Swedish stock indexes with –9.4% and –6.1%, respectively. Japan’s Nikkei index dropped by 0.9% in local currency, but with an increase of 0.6% remained positive in euros. In the Baltics, the most pronounced change occurred on the Vilnius stock market, whose index fell by 4.3%. The Tallinn stock market rose 0.7% during the month and the value of the Riga market index remained almost unchanged.\n\nLords Baltic Green Fund V, a Lithuanian real estate fund included in the Pension Fund M portfolio, made its second investment and acquired an office building in Riga. The building has more than 17,000 square metres of rental space and the largest tenant is the Latvian Citadele Bank. It is a top-quality class A office building located in Riga Old Town on the banks of the Daugava River and has won a prestigious architecture award.\n\nAlthough the IPO of the Lithuanian energy company Ignitis did not please investors, LHV’s pension fund clients managed to earn a positive return: the company’s long-term bonds acquired by the funds rose by about 2.5% during the month. Ignitis is now a publicly listed company that has strengthened its capital position and future prospects. As a result, Ignitis bonds have yielded a little over 10% for our pension funds in less than six months.\n\nHowever, the outlook for public bond markets in general is still poor and LHV funds are therefore focusing on local investments. We expect to add new investments from this area to our portfolio soon.\n"},{"year":2020,"month":9,"content":"### September 2020 – Finnish investments rose powerfully in September\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAfter several consecutive months with an upward trend, global stock markets halted in September and most market indices fell. The US technology sector index Nasdaq Composite, which had been performing very well, was hit hard and fell 5.2% in dollars over the month. The MSCI World global stock index fell 1.5% in September and the Euro Stoxx 50 index, which covers Europe’s 50 largest listed companies, fell 2.3%.\n\nAmong the biggest losers were the Mediterranean countries, while the Stockholm stock market, for example, went up 3.6% in local currency. The Japanese Nikkei stock index rose 0.2% in yen and 2.4% in euros. In the Baltic countries, only the Riga stock market index yielded a positive result, rising by 0.5%. The Vilnius and Tallinn stock markets, on the other hand, fell by 0.9% and 1.4%, respectively, in September.\n\nAlthough the Helsinki stock market index fell by 0.6% during the month, most Finnish companies in the Pension Fund M portfolio offered strong returns. For example, the share of Kesko, Finland’s largest grocery chain, rose by almost 20% as the company announced better-than-expected sales and revised its 2020 profit forecast upward. The outlook for the global pulp and packaging market also improved, with Stora Enso’s share rising by more than 8%.\n\nLike stock markets, lower-rated bond segments were also on the weak side last month. While the yield on government bonds remained positive in September, the smaller corporate bond market showed a loss of around 1%. Similarly, compared to the beginning of the year, the yield on the European lower-rated corporate bond market was negative by more than 3% by the end of September.\n\nIt is unlikely that the negative yield will remain an exception, as many parts of the bond market are extremely highly priced. A much more promising strategy, on the other hand, is to invest in companies whose securities are not traded on a stock exchange. In September, we again sold international bonds, the prices of which have reached such a high level after a long rise that any expected future yield is non-existent or negative. That is why we moved forward by putting together a number of over-the-counter investments.\n"},{"year":2020,"month":8,"content":"### August 2020 – Global stock market surge driven by the US\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAugust was mostly positive for the world’s stock markets, and the stock market indices of almost all developed countries ended on the positive side.\n\nThe leader was again the US stock market, whose S&P 500 index rose by 7% in local currency during the month. The Japanese stock exchange, whose index rose by 6.6% in local currency, was a close second. However, due to the strengthening of the euro, the returns from both these stock markets remained lower when measured in euros (5.6% and 5.2%, respectively).\n\nAmong European countries, Finland and Germany gained the most with returns of 6.3% and 5.1%, respectively. In the Baltics, the Riga stock market index outperformed the others with a 5% rise. The Vilnius stock market index went up by 1%, while the Tallinn stock market was negative by -3.6%.\n\nIn August, second quarter financial results came in from several companies on the Tallinn stock exchange, the shares of which are part of the Pension Fund M portfolio. Tallink Grupp reported poor results as expected: the company’s turnover decreased by 75% compared to the same period last year and the net loss was 27.4 million euros. Passengers were transported almost exclusively on the Estonian–Finnish route, but 77% less than a year ago. The part of Tallink’s fleet that remained operable carried mainly goods during the quarter.\n\nThe Lithuanian state energy enterprise Ignitis has announced its intention to hold an IPO, the details of which are yet to be announced. The scale of the planned investments in the Lithuanian energy sector explains the company’s need for additional capital. The fund invested in Ignitis bonds in May, when the company raised money using international ten-year bonds. Although the coupon payment on the bonds is only 2% per annum, the fund has earned more than 6% return on the investment in a few months thanks to the price rise.\n\nAmong our local investments, Coop Pank announced having received a relatively high Baa2 rating from Moody’s. An international rating helps banks to attract certain deposits as well as offer guarantee products. We invested in Coop Pank’s ten-year subordinated bonds about three years ago, quite at the beginning of the bank’s new business. During this period, the fund has earned a cumulative interest return of approximately 20% on the investment.\n\nThe dynamics of international bond markets had no clear direction in August. The highest-rated government bonds fell slightly, while lower-rated corporate bonds rose again in both Europe and the US.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Calm before the storm**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n","text":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n\nAfter a major shock in the first half of the year, the markets have generally behaved as if nothing had happened: stock markets have stabilised at a slightly lower level and the feared wave of insolvency is still not evident almost anywhere in the world. However, no one seems to doubt that the pandemic that erupted at the beginning of the year will have serious and long-term economic consequences in the future.\n\nAs with any major change, there are winners and losers in the economic crisis caused by the COVID-19 virus. One thing is clear: the world’s economic pie will be smaller in the coming years than it would have been without the health crisis, and the recipe for how this pie is baked is likely to change over time.\n\nGovernments have spent much more than their declining tax revenues would have allowed. In addition, central banks that have defended conservative fiscal policies in the past (at least in words) have changed their minds and are encouraging governments to spend more vigorously by opening their vaults and offering them money-printing machines. An extraordinary situation requires extraordinary measures.\n\nIt is dangerous to lose sight of the lighthouse after a storm and drift close to the reefs in the confusion. When a company loses a market or a person loses a job, it is a big shock to them. When lost income is replaced with a loan, problems can be ignored for some time, but it is more sensible to consider all possible future scenarios and prepare for change, rather than burn out the existing but declining capital. Strength – capital – should be kept in case the storm lasts longer than initially thought.\n\n**Each coin has two sides**\n\nIt is no surprise to readers of the monthly LHV pension newsletter that the main risk factor in my economic model is the debt level. By taking on debt in a stable economic environment, it is possible to accelerate economic development, just as it is possible to move faster at sea by using a larger sail with a calm wind. On the other hand, manoeuvring is easier with a smaller sail.\n\nHowever, if you overestimate your abilities (whether as a seafarer or a businessman) and choose a sail size or debt burden that doesn’t match your skills, an unexpected or larger change in the external environment can have tragic consequences. The rule of thumb is that if the wind speed increases, it is worth reducing the surface of the sail – in a stormy sea, a smaller sail can move even faster. Similarly, in the case of inflated debt, investments need to be made even more wisely than usual, taking care that they do not become an additional burden in the future.\n\nDebt has risen almost everywhere in the world in an era of slow economic growth and low interest rates ([graph](https://medium.com/technicity/global-debt-to-gdp-ratio-hits-a-record-high-of-331-in-q1-2020-25994339b72)). By the end of the first quarter of this year, the total debt in the world economy had reached 220 trillion euros, which is 330% of the world’s gross domestic product.\n\nThose who don’t think about tomorrow believe that interest rates will not rise any time soon (or perhaps ever), or else a large part of the economy would become insolvent. However, those who doubt the success of redistribution and planned economy, and instead believe in the logic of the market, know that greater risks should come with greater returns (and not the other way around). The trend in recent years has been that interest expenses decrease as the debt burden increases, but it is dangerous to extrapolate this trend to the future.\n\nAt a time when the clouds over the global economy are darkening, we have managed the LHV pension fund portfolios, first, by choosing investments in which we have more control over risk (debt) management, and second, by choosing investments that are highly liquid.\n\nIn recent months, we have gradually reduced our equity position, which increased during the sharp decline in the stock market in the spring. For example, in September, we sold our positions in the e-commerce companies MercadoLibre and Alibaba after their powerful rise.\n\nAt the same time, we have increased investments in gold miners precisely because, in an unstable economic environment, gold is regaining its position in investors’ portfolios, offering protection against the consequences of unconventional fiscal and monetary policies.\n\nJust as the medical effects of COVID-19 are more severe among overweight people, the countries, businesses and people that use credit thoughtlessly are at risk in every economic crisis. There are now even more risks in the financial markets than before the coronavirus crisis, but our task remains the same: to choose the right tactics and find the way to the best possible return without major shocks.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":32.33,"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","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":"AS LHV Varahaldus"},"investors":101911},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":50.33,"unit":"%"},{"name":"Shares","value":17.94,"unit":"%"},{"name":"Equity funds","value":8.56,"unit":"%"},{"name":"Real Estate funds","value":10.83,"unit":"%"},{"name":"Private Equity funds","value":9.31,"unit":"%"},{"name":"Money and deposits","value":3.03,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| German Government 3.25% 04/07/21 | 4.33% |\n| German Government 2.25% 04/09/21 | 4.02% |\n| EfTEN Kinnisvarafond | 3.79% |\n| German Treasury Bill 14/04/2021 | 3.53% |\n| iShares Gold Producers UCITS ETF | 3.52% |\n| France Government 3.75% 25/04/21 | 3.49% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.17% |\n| France Government 3.25% 25/10/21 | 3.01% |\n| France Government 25/05/21 | 2.71% |\n| France Government 2.25% 25/10/22 | 2.50% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.79% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.17% |\n| Luminor 1.5% 18/10/21 | 2.20% |\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 30.10.2020) | 985,028,072.82 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 000 000 units |\n| Rate of the depository’s charge | 0,0552% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\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:** 0.60%\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 cumulative increase of Estonian social security pension contribution as of 31.08.2019.\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 2019 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_02092019.pdf)\n- [Terms and conditions (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_Pensionifond_L_tingimused_26112020.pdf)\n- [Information to unit-holders (in Estonian)](/assets/files/pension/Osakuomanikele_antav_teave_LHV_Pensionifond_L.pdf)\n- [Comparison of investment policies (in Estonian)](/assets/files/pension/investeerimispoliitikate_vordlus_Eesti_L.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Prospectus (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_pensionifondide_prospekt_26112020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID.pdf)\n- [Key Investor Information (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_Pensionifond_L_KIID_26112020.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 October 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2020_10.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy (Valid as of 01.12.2020)](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":10,"content":"### October 2020 – Ignitis bonds outperformed equities\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAs in September, the performance of the world stock markets was mainly negative in October. Largely due to the escalation of the second wave of the COVID-19 pandemic, the Euro Stoxx 50 index, which tracks large European companies, was hit hard, falling by as much as 7.3% over the month. The largest falls were the German and Swedish stock indexes with –9.4% and –6.1%, respectively. Japan’s Nikkei index dropped by 0.9% in local currency, but with an increase of 0.6% remained positive in euros.\n\nAmong emerging markets, predominantly Asian countries, led by China, were able to deliver positive yields, while Eastern Europe was in decline. At the same time, the Warsaw stock market index fell by as much as 14.1%. In the Baltics, the most pronounced change occurred on the Vilnius stock market, whose index fell by 4.3%. The Tallinn stock market rose 0.7% during the month and the value of the Riga market index remained almost unchanged.\n\nPartners Group, a private equity firm in the portfolio of Pension Fund L, announced a new investment in October – a holding in Telepass, an electronic customs services company. Founded in Italy, Telepass provides services to more than 7 million customers in 14 European countries. Partners Group’s private equity fund started investing in 2019 and Telepass is the fund’s fifth transaction.\n\nAlthough the IPO of the Lithuanian energy company Ignitis did not please investors, LHV’s pension fund clients managed to earn a positive return: the company’s long-term bonds acquired by the funds rose by about 2.5% during the month. Ignitis is now a publicly listed company that has strengthened its capital position and future prospects. As a result, Ignitis bonds have yielded a little over 10% for our pension funds in less than six months.\n\nHowever, the outlook for public bond markets in general is still poor and LHV funds are therefore focusing on local investments. We expect to add new investments from this area to our portfolio soon.\n"},{"year":2020,"month":9,"content":"### September 2020 – We increased the position of gold miners\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAfter several consecutive months with an upward trend, global stock markets halted in September and most of the market indices fell. The US technology sector index Nasdaq Composite, which had been performing very well, was hit hard and fell 5.2% in dollars over the month. The MSCI World global stock index fell 1.5% in September and the Euro Stoxx 50 index, which covers Europe’s 50 largest listed companies, fell 2.3%.\n\nAmong the biggest losers were the Mediterranean countries, while the Stockholm stock market, for example, went up 3.6% in local currency. The Japanese Nikkei stock index rose 0.2% in yen and 2.4% in euros. In the Baltic countries, only the Riga stock market index yielded a positive result, rising by 0.5%. The Vilnius and Tallinn stock markets, on the other hand, fell by 0.9% and 1.4%, respectively, in September.\n\nWhile the performance of Pension Fund L has so far been strongly supported by companies engaged in the extraction of gold and other mineral resources, inflation expectations eased in September and the shares of gold miners also came under pressure. For example, the value of one of the largest equity investments in the pension fund, Barrick Gold, decreased by 3.3% during the month. However, we believe that long-term negative real interest rates have come to stay, and that is why we have increased the position of the sector.\n\nLike stock markets, lower-rated bond segments were also on the weak side last month. While the yield on government bonds remained positive in September, the smaller corporate bond market showed a loss of around 1%. Similarly, compared with the beginning of the year, the yield on the European lower-rated corporate bond market was negative by more than 3% by the end of September.\n\nIt is unlikely that the negative yield will remain an exception, as many parts of the bond market are extremely highly priced. A much more promising strategy, on the other hand, is to invest in companies whose securities are not traded on a stock exchange. In September, we again sold international bonds, the prices of which have reached such a high level after a long rise that any expected future yield is non-existent or negative. That is why we moved forward by putting together a number of over-the-counter investments.\n"},{"year":2020,"month":8,"content":"### August 2020 – The private equity fund successfully sold its Baltic investment\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAugust was mostly positive for the world’s stock markets, and the stock market indices of almost all developed countries ended on the positive side.\n\nThe leader was again the US stock market, whose S&P 500 index rose by 7% in local currency during the month. The Japanese stock exchange, whose index rose by 6.6% in local currency, was a close second. However, due to the strengthening of the euro, the returns from both these stock markets remained lower when measured in euros (5.6% and 5.2%, respectively).\n\nAmong European countries, Finland and Germany gained the most with returns of 6.3% and 5.1%, respectively. In the Baltics, the Riga stock market index outperformed the others with a 5% rise. The Vilnius stock market index went up by 1%, while the Tallinn stock market was negative by -3.6%.\n\nBPM Mezzanine Fund, a private equity fund in the Pension Fund L portfolio, sold its investment in DEAC, the leading data centre operator in the Baltics. The investment was made in 2016 to provide the company with capital to improve its technological infrastructure and partly to refinance its existing debt burden. The fund’s investors earned a decent return in almost four years.\n\nThe Lithuanian state energy enterprise Ignitis has announced its intention to hold an IPO, the details of which are yet to be announced. The scale of the planned investments in the Lithuanian energy sector explains the company’s need for additional capital. The fund invested in Ignitis bonds in May, when the company raised money using international ten-year bonds. Although the coupon payment on the bonds is only 2% per annum, the fund has earned more than 6% return on the investment in a few months thanks to the price rise.\n\nAmong our local investments, Coop Pank announced having received a relatively high Baa2 rating from Moody’s. An international rating helps banks to attract certain deposits as well as offer guarantee products. We invested in Coop Pank’s ten-year subordinated bonds about three years ago, quite at the beginning of the bank’s new business. During this period, the fund has earned a cumulative interest return of approximately 20% on the investment.\n\nThe dynamics of international bond markets had no clear direction in August. The highest-rated government bonds fell slightly, while lower-rated corporate bonds rose again in both Europe and the US.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Calm before the storm**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n","text":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n\nAfter a major shock in the first half of the year, the markets have generally behaved as if nothing had happened: stock markets have stabilised at a slightly lower level and the feared wave of insolvency is still not evident almost anywhere in the world. However, no one seems to doubt that the pandemic that erupted at the beginning of the year will have serious and long-term economic consequences in the future.\n\nAs with any major change, there are winners and losers in the economic crisis caused by the COVID-19 virus. One thing is clear: the world’s economic pie will be smaller in the coming years than it would have been without the health crisis, and the recipe for how this pie is baked is likely to change over time.\n\nGovernments have spent much more than their declining tax revenues would have allowed. In addition, central banks that have defended conservative fiscal policies in the past (at least in words) have changed their minds and are encouraging governments to spend more vigorously by opening their vaults and offering them money-printing machines. An extraordinary situation requires extraordinary measures.\n\nIt is dangerous to lose sight of the lighthouse after a storm and drift close to the reefs in the confusion. When a company loses a market or a person loses a job, it is a big shock to them. When lost income is replaced with a loan, problems can be ignored for some time, but it is more sensible to consider all possible future scenarios and prepare for change, rather than burn out the existing but declining capital. Strength – capital – should be kept in case the storm lasts longer than initially thought.\n\n**Each coin has two sides**\n\nIt is no surprise to readers of the monthly LHV pension newsletter that the main risk factor in my economic model is the debt level. By taking on debt in a stable economic environment, it is possible to accelerate economic development, just as it is possible to move faster at sea by using a larger sail with a calm wind. On the other hand, manoeuvring is easier with a smaller sail.\n\nHowever, if you overestimate your abilities (whether as a seafarer or a businessman) and choose a sail size or debt burden that doesn’t match your skills, an unexpected or larger change in the external environment can have tragic consequences. The rule of thumb is that if the wind speed increases, it is worth reducing the surface of the sail – in a stormy sea, a smaller sail can move even faster. Similarly, in the case of inflated debt, investments need to be made even more wisely than usual, taking care that they do not become an additional burden in the future.\n\nDebt has risen almost everywhere in the world in an era of slow economic growth and low interest rates ([graph](https://medium.com/technicity/global-debt-to-gdp-ratio-hits-a-record-high-of-331-in-q1-2020-25994339b72)). By the end of the first quarter of this year, the total debt in the world economy had reached 220 trillion euros, which is 330% of the world’s gross domestic product.\n\nThose who don’t think about tomorrow believe that interest rates will not rise any time soon (or perhaps ever), or else a large part of the economy would become insolvent. However, those who doubt the success of redistribution and planned economy, and instead believe in the logic of the market, know that greater risks should come with greater returns (and not the other way around). The trend in recent years has been that interest expenses decrease as the debt burden increases, but it is dangerous to extrapolate this trend to the future.\n\nAt a time when the clouds over the global economy are darkening, we have managed the LHV pension fund portfolios, first, by choosing investments in which we have more control over risk (debt) management, and second, by choosing investments that are highly liquid.\n\nIn recent months, we have gradually reduced our equity position, which increased during the sharp decline in the stock market in the spring. For example, in September, we sold our positions in the e-commerce companies MercadoLibre and Alibaba after their powerful rise.\n\nAt the same time, we have increased investments in gold miners precisely because, in an unstable economic environment, gold is regaining its position in investors’ portfolios, offering protection against the consequences of unconventional fiscal and monetary policies.\n\nJust as the medical effects of COVID-19 are more severe among overweight people, the countries, businesses and people that use credit thoughtlessly are at risk in every economic crisis. There are now even more risks in the financial markets than before the coronavirus crisis, but our task remains the same: to choose the right tactics and find the way to the best possible return without major shocks.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":29.82,"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","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":"AS LHV Varahaldus"},"investors":38486},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":41.02,"unit":"%"},{"name":"Shares","value":23.58,"unit":"%"},{"name":"Equity funds","value":13.46,"unit":"%"},{"name":"Real Estate funds","value":9.89,"unit":"%"},{"name":"Private Equity funds","value":8.24,"unit":"%"},{"name":"Money and deposits","value":3.83,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| France Government 3.75% 25/04/21 | 5.48% |\n| France Government 3.25% 25/10/21 | 4.96% |\n| German Government 3.25% 04/07/21 | 4.77% |\n| German Government 2.25% 04/09/21 | 4.64% |\n| France Government 25/05/21 | 3.76% |\n| German Treasury Bill 14/04/2021 | 3.63% |\n| iShares Gold Producers UCITS ETF | 3.27% |\n| EfTEN Kinnisvarafond | 2.77% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.42% |\n| Xtrackers DAX UCITS ETF | 2.18% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 2.77% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.42% |\n| East Capital Baltic Property Fund III | 2.13% |\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 30.10.2020) | 223,948,423.86 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 530 000 units |\n| Rate of the depository’s charge | 0,0552% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\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:** 0.60%\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 cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 0.98%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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_02092019.pdf)\n- [Terms and conditions (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_Pensionifond_XL_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Prospectus (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_pensionifondide_prospekt_26112020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID.pdf)\n- [Key Investor Information (in Estonian) (Valid as of 26.11.2020)](/assets/files/pension/LHV_Pensionifond_XL_KIID_26112020.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 October 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2020_10.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy (Valid as of 01.12.2020)](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":10,"content":"### October 2020 – New investment in a Swedish medical technology company\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAs in September, the performance of the world stock markets was mainly negative in October. Largely due to the escalation of the second wave of the COVID-19 pandemic, the Euro Stoxx 50 index, which tracks large European companies, was hit hard, falling by as much as 7.3% over the month. The largest falls were the German and Swedish stock indexes with –9.4% and –6.1%, respectively. Japan’s Nikkei index dropped by 0.9% in local currency, but with an increase of 0.6% remained positive in euros.\n\nAmong emerging markets, predominantly Asian countries, led by China, were able to deliver positive yields, while Eastern Europe was in decline. At the same time, the Warsaw stock market index fell by as much as 14.1%. In the Baltics, the most pronounced change occurred on the Vilnius stock market, whose index fell by 4.3%. The Tallinn stock market rose 0.7% during the month and the value of the Riga market index remained almost unchanged.\n\nIn October, Pension Fund XL made a new investment on the Stockholm stock market, acquiring shares in the Swedish medical technology company Getinge. The company manufactures and sells state-of-the-art equipment used by hospitals in operating rooms and intensive care units, such as operating tables, monitoring equipment and breathing apparatus. The sale of the latter has greatly boosted the company’s revenues during the COVID-19 pandemic, and Getinge has made large investments in development.\n\nAlthough the IPO of the Lithuanian energy company Ignitis did not please investors, LHV’s pension fund clients managed to earn a positive return: the company’s long-term bonds acquired by the funds rose by about 2.5% during the month. Ignitis is now a publicly listed company that has strengthened its capital position and future prospects. As a result, Ignitis bonds have yielded a little over 10% for our pension funds in less than six months.\n\nHowever, the outlook for public bond markets in general is still poor and LHV funds are therefore focusing on local investments. We expect to add new investments from this area to our portfolio soon.\n"},{"year":2020,"month":9,"content":"### September 2020 – INVL’s private equity fund acquired a Lithuanian health care company\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAfter several consecutive months with an upward trend, global stock markets halted in September and most of the market indices fell. The US technology sector index Nasdaq Composite, which had been performing very well, was hit hard and fell 5.2% in dollars over the month. The MSCI World global stock index fell 1.5% in September and the Euro Stoxx 50 index, which covers Europe’s 50 largest listed companies, fell 2.3%.\n\nAmong the biggest losers were the Mediterranean countries, while the Stockholm stock market, for example, went up 3.6% in local currency. The Japanese Nikkei stock index rose 0.2% in yen and 2.4% in euros. In the Baltic countries, only the Riga stock market index yielded a positive result, rising by 0.5%. The Vilnius and Tallinn stock markets, on the other hand, fell by 0.9% and 1.4%, respectively, in September.\n\nThe private equity fund INVL Baltic Sea Growth Fund, which is part of the Pension Fund XL portfolio, has already made its fourth investment and acquired the Lithuanian health care company Reneso, which mainly provides dental prostheses and related services. In the course of the transaction, Reneso also invested in the Danish company MBL Group, whose main business is the production of medical mobility equipment. This is the INVL Fund’s first investment outside the Baltic states.\n\nLike stock markets, lower-rated bond segments were also on the weak side last month. While the yield on government bonds remained positive in September, the smaller corporate bond market showed a loss of around 1%. Similarly, compared to the beginning of the year, the yield on the European lower-rated corporate bond market was negative by more than 3% by the end of September.\n\nIt is unlikely that the negative yield will remain an exception, as many parts of the bond market are extremely highly priced. A much more promising strategy, on the other hand, is to invest in companies whose securities are not traded on a stock exchange. In September, we again sold international bonds, the prices of which have reached such a high level after a long rise that any expected future yield is non-existent or negative. That is why we moved forward by putting together a number of over-the-counter investments.\n"},{"year":2020,"month":8,"content":"### August 2020 – Stock markets continued to rise led by the US\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAugust was mostly positive for the world’s stock markets, and the stock market indices of almost all developed countries ended on the positive side.\n\nThe leader was again the US stock market, whose S&P 500 index rose by 7% in local currency during the month. The Japanese stock exchange, whose index rose by 6.6% in local currency, was a close second. However, due to the strengthening of the euro, the returns from both these stock markets remained lower when measured in euros (5.6% and 5.2%, respectively). Among European countries, Finland and Germany gained the most with returns of 6.3% and 5.1%, respectively.\n\nHowever, emerging markets moved in different directions: while Asian countries, led by China, achieved largely positive returns, Latin American stock markets mostly fell. In the Baltics, the Riga stock market index outperformed the others with a 5% rise. The Vilnius stock market index went up by 1%, while the Tallinn stock market was negative by -3.6%.\n\nIn August, Siemens Healthineers, which is included in the Pension Fund XL portfolio, announced that it would take over Varian Medical Systems, a cancer treatment company listed on the New York Stock Exchange. The agreed price was 177.5 dollars per share, which is nearly 25% higher than the trading price prior to disclosure. The total transaction is 16.4 billion dollars. The transaction is still pending approval by Varian’s shareholders and the supervisory body. The merged entity will have a very strong market position in the production of medical devices, in particular in the field of cancer treatment.\n\nThe Lithuanian state energy enterprise Ignitis has announced its intention to hold an IPO, the details of which are yet to be announced. The scale of the planned investments in the Lithuanian energy sector explains the company’s need for additional capital. The fund invested in Ignitis bonds in May, when the company raised money using international ten-year bonds. Although the coupon payment on the bonds is only 2% per annum, the fund has earned more than 6% return on the investment in a few months thanks to the price rise.\n\nThe dynamics of international bond markets had no clear direction in August. The highest-rated government bonds fell slightly, while lower-rated corporate bonds rose again in both Europe and the US.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Calm before the storm**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n","text":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n\nAfter a major shock in the first half of the year, the markets have generally behaved as if nothing had happened: stock markets have stabilised at a slightly lower level and the feared wave of insolvency is still not evident almost anywhere in the world. However, no one seems to doubt that the pandemic that erupted at the beginning of the year will have serious and long-term economic consequences in the future.\n\nAs with any major change, there are winners and losers in the economic crisis caused by the COVID-19 virus. One thing is clear: the world’s economic pie will be smaller in the coming years than it would have been without the health crisis, and the recipe for how this pie is baked is likely to change over time.\n\nGovernments have spent much more than their declining tax revenues would have allowed. In addition, central banks that have defended conservative fiscal policies in the past (at least in words) have changed their minds and are encouraging governments to spend more vigorously by opening their vaults and offering them money-printing machines. An extraordinary situation requires extraordinary measures.\n\nIt is dangerous to lose sight of the lighthouse after a storm and drift close to the reefs in the confusion. When a company loses a market or a person loses a job, it is a big shock to them. When lost income is replaced with a loan, problems can be ignored for some time, but it is more sensible to consider all possible future scenarios and prepare for change, rather than burn out the existing but declining capital. Strength – capital – should be kept in case the storm lasts longer than initially thought.\n\n**Each coin has two sides**\n\nIt is no surprise to readers of the monthly LHV pension newsletter that the main risk factor in my economic model is the debt level. By taking on debt in a stable economic environment, it is possible to accelerate economic development, just as it is possible to move faster at sea by using a larger sail with a calm wind. On the other hand, manoeuvring is easier with a smaller sail.\n\nHowever, if you overestimate your abilities (whether as a seafarer or a businessman) and choose a sail size or debt burden that doesn’t match your skills, an unexpected or larger change in the external environment can have tragic consequences. The rule of thumb is that if the wind speed increases, it is worth reducing the surface of the sail – in a stormy sea, a smaller sail can move even faster. Similarly, in the case of inflated debt, investments need to be made even more wisely than usual, taking care that they do not become an additional burden in the future.\n\nDebt has risen almost everywhere in the world in an era of slow economic growth and low interest rates ([graph](https://medium.com/technicity/global-debt-to-gdp-ratio-hits-a-record-high-of-331-in-q1-2020-25994339b72)). By the end of the first quarter of this year, the total debt in the world economy had reached 220 trillion euros, which is 330% of the world’s gross domestic product.\n\nThose who don’t think about tomorrow believe that interest rates will not rise any time soon (or perhaps ever), or else a large part of the economy would become insolvent. However, those who doubt the success of redistribution and planned economy, and instead believe in the logic of the market, know that greater risks should come with greater returns (and not the other way around). The trend in recent years has been that interest expenses decrease as the debt burden increases, but it is dangerous to extrapolate this trend to the future.\n\nAt a time when the clouds over the global economy are darkening, we have managed the LHV pension fund portfolios, first, by choosing investments in which we have more control over risk (debt) management, and second, by choosing investments that are highly liquid.\n\nIn recent months, we have gradually reduced our equity position, which increased during the sharp decline in the stock market in the spring. For example, in September, we sold our positions in the e-commerce companies MercadoLibre and Alibaba after their powerful rise.\n\nAt the same time, we have increased investments in gold miners precisely because, in an unstable economic environment, gold is regaining its position in investors’ portfolios, offering protection against the consequences of unconventional fiscal and monetary policies.\n\nJust as the medical effects of COVID-19 are more severe among overweight people, the countries, businesses and people that use credit thoughtlessly are at risk in every economic crisis. There are now even more risks in the financial markets than before the coronavirus crisis, but our task remains the same: to choose the right tactics and find the way to the best possible return without major shocks.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":25.44,"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","strategy":"**Strategy**\n\nWe invest broadly in equity and real estate funds. When investing, we prefer funds that are exchange traded (ETF), have a low cost rate, hold physical assets (not synthetic), are cost effective, liquid and follow the base index. Up to 75% of the fund’s assets have been invested in equity funds, the rest in real estate funds. We invest in equity funds both in developed, emerging as well as frontier markets, based on global GDP distribution. Whenever the proportion of money in the fund exceeds 2%, it is invested within five working days.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":6040},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":72.7,"unit":"%"},{"name":"Real Estate funds","value":26.52,"unit":"%"},{"name":"Money and deposits","value":0.77,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| Lyxor Core MSCI World DR UCITS | 27.35% |\n| Amundi Index FTSE EPRA Nareit Global UCITS ETF | 26.52% |\n| Amundi Prime Global UCITS ETF | 17.40% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 13.94% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 10.78% |\n| iShares MSCI Frontier 100 ETF | 2.16% |\n| iShares MSCI EM UCITS ETF USD | 1.07% |\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 30.10.2020) | 34,381,437.32 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 200 000 units |\n| Rate of the depository’s charge | 0,0552% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\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):** 0.63%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. 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-2018-01-02.pdf)\n- [Terms and conditions (Valid as of 04.01.2021)(in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused-2021-01-04.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-2018-01-02.pdf)\n- [Prospectus (Valid as of 04.01.2021) (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_prospekt-2021-01-04.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID.pdf)\n- [Key Investor Information (Valid as of 04.01.2021) (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID-2021-01-04.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_09_2020.pdf)\n- [Sample portfolio (Valid as of 04.01.2021) (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_01_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 October 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2020_10.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy (Valid as of 01.12.2020)](/assets/files/pension/Responsible_Investment_Policy.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":2398},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":97.76,"unit":"%"},{"name":"Money and deposits","value":2.3,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 24.89% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 24.84% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.82% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 23.20% |\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:** 0.34%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.49%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600109443","strategyType":"Conservative","managementStyle":"Passive","riskLevel":3,"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":18862},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":80.52,"unit":"%"},{"name":"Bond funds","value":18.99,"unit":"%"},{"name":"Money and deposits","value":0.52,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| BlackRock ISF - Developed World Index | 28.15% |\n| BlackRock BGIF - World Equity Index - X2 | 27.94% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 18.99% |\n| BlackRock ISF - Developed World ex Tobacco | 14.39% |\n| BlackRock ISF - Emerging Markets Index | 10.04% |\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:** 0.34%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.46%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. 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":86745},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":15.22,"unit":"%"},{"name":"Shares","value":2.41,"unit":"%"},{"name":"Equity funds","value":44.66,"unit":"%"},{"name":"Real Estate funds","value":3.12,"unit":"%"},{"name":"Private Equity funds","value":1.15,"unit":"%"},{"name":"Bond funds","value":32.27,"unit":"%"},{"name":"Money and deposits","value":1.19,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 15.16% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 12.23% |\n| iShares Core S&P 500 UCITS ETF | 7.75% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 6.66% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund IC | 5.45% |\n| SEB Sustainable Global Exposure Fund | 5.27% |\n| Robeco QI Global Dynamic Duration | 3.08% |\n| Deutschland I/L Bond 0.5% 15.04.2030 | 2.72% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 2.69% |\n| J O Hambro Capital Management Umbrella Fund plc-Global Select Fund | 2.68% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank Estonia 1.5% 18.10.2021 | 1.94% |\n| Tallinna Sadam AS | 1.70% |\n| EfTEN Real Estate Fund IV | 1.27% |\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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.94%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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":8.82,"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":6062},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":23.06,"unit":"%"},{"name":"Shares","value":2.17,"unit":"%"},{"name":"Equity funds","value":21.53,"unit":"%"},{"name":"Real Estate funds","value":2.86,"unit":"%"},{"name":"Private Equity funds","value":0.5,"unit":"%"},{"name":"Bond funds","value":48.1,"unit":"%"},{"name":"Money and deposits","value":1.79,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 12.26% |\n| iShares Core MSCI World UCITS ETF | 8.70% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 5.78% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 4.96% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 4.65% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 4.36% |\n| Robeco QI Global Dynamic Duration | 3.94% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.52% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 3.49% |\n| iShares Core S&P 500 UCITS ETF | 3.44% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank Estonia 1.5% 18.10.2021 | 1.69% |\n| Tallinna Sadam AS | 1.47% |\n| EfTEN Real Estate Fund IV | 1.11% |\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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.94%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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":7.63,"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":11564},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":38.6,"unit":"%"},{"name":"Equity funds","value":6.27,"unit":"%"},{"name":"Bond funds","value":52.8,"unit":"%"},{"name":"Money and deposits","value":2.33,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 15.30% |\n| iShares Core EUR Corp Bond UCITS ETF EUR (Dist) | 11.61% |\n| Bundesrepublic Deutschland 2.25% 04.09.2021 | 8.25% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 8.05% |\n| UBS ETF-Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF | 7.81% |\n| iShares EUR Corporate Bond Large Cap UCITS ETF | 7.63% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 6.59% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.21% |\n| Deutschland I/L Bond 0.5% 15.04.2030 | 2.98% |\n| iShares Euro Ultrashort Bond UCITS ETF | 2.64% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank Estonia 1,5% 18.10.2021 | 1.95% |\n| Elering 0.875% 03.05.2023 | 1.76% |\n| Baltic Horizon Fund 4.25% 08.05.2023 | 0.37% |\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):** 0.49%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":4.39,"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":779},"accordion":[{"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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.96%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001699","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":"-","fundManager":"SEB"},"SWK99":{"heading":"Swedbank Pensionifond K1990-1999 indeks","id":"k9099","code":"k99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born between 1990 and 1999,\n- you don’t want to change funds yourself during the savings period (although you can still do so if you need to),\n- you prefer the risk profile of the fund to change automatically.\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":18514},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.24,"unit":"%"},{"name":"Money and deposits","value":0.79,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global Ucits ETF DR | 26.85% |\n| LYXOR Core MSCI World | 23.88% |\n| SPDR MSCI World Ucits ETF | 21.40% |\n| Access Global | 17.73% |\n| HSBC MSCI World UCITS ETF | 9.38% |\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:** 0.41%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.47%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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":5,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank Pensionifond K100","id":"k4","code":"k4","dataMarker":"SWK75","suitability":"**Suitable if**\n- your age is up to 44 years,\n- you are a pension saver with relatively high risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\n\nUp to 75% of the fund’s assets are invested in equity-risk instruments, with up to 50% permitted to be invested directly in equities. The rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":107867},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":2.27,"unit":"%"},{"name":"Shares","value":42.15,"unit":"%"},{"name":"Equity funds","value":44.14,"unit":"%"},{"name":"Real Estate funds","value":4.07,"unit":"%"},{"name":"Private Equity funds","value":0.72,"unit":"%"},{"name":"Bond funds","value":2.34,"unit":"%"},{"name":"Money and deposits","value":4.35,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 13.82% |\n| Access Europa A | 11.77% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 7.69% |\n| Access Edge Emerging Markets A | 4.08% |\n| Access USA A | 3.03% |\n| Vanguard Long-Term Treasury ETF | 2.34% |\n| Apple | 1.91% |\n| iShares Gold Producers UCITS ETF | 1.55% |\n| Amundi ETF MSCI Europe UCITS | 1.37% |\n| Eften Kinnisvarafond II aktsia | 1.35% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.35% |\n| East Capital Baltic Property III | 0.97% |\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:** 0.54%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.70%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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":7.4,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank Pensionifond K60","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with higher than average risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\n\nUp to 50% 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","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":134995},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":36.19,"unit":"%"},{"name":"Shares","value":26.12,"unit":"%"},{"name":"Equity funds","value":21.09,"unit":"%"},{"name":"Real Estate funds","value":5.63,"unit":"%"},{"name":"Private Equity funds","value":0.7,"unit":"%"},{"name":"Bond funds","value":5.53,"unit":"%"},{"name":"Money and deposits","value":5.06,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 6.99% |\n| Access Europa A | 4.80% |\n| iShares USD Corporate Bond UCITS | 3.01% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 2.90% |\n| Vanguard Long-Term Treasury ETF | 2.53% |\n| Access Edge Emerging Markets A | 2.42% |\n| Eften Kinnisvarafond II | 2.09% |\n| iShares Gold Producers UCITS ETF | 1.57% |\n| Luminor Bank 1.500% 211018 | 1.45% |\n| East Capital Baltic Property III | 1.42% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 2.09% |\n| Luminor Bank 1.500% 211018 | 1.45% |\n| East Capital Baltic Property III | 1.42% |\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:** 0.54%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.67%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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":4,"countryShareEe":12.45,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank Pensionifond K30","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with moderate risk tolerance,\n- your objective is to achieve stable growth in your pension assets over a medium savings period (at least seven years).\n","strategy":"**Strategy**\n\nUp to 25% 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","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":43002},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":58.58,"unit":"%"},{"name":"Shares","value":0.6,"unit":"%"},{"name":"Equity funds","value":18.49,"unit":"%"},{"name":"Real Estate funds","value":6.96,"unit":"%"},{"name":"Private Equity funds","value":0.69,"unit":"%"},{"name":"Bond funds","value":6.93,"unit":"%"},{"name":"Money and deposits","value":8.16,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| iShares USD Corporate Bond UCITS | 5.39% |\n| Access Europa A | 3.88% |\n| Luminor Bank 1.500% 211018 | 3.61% |\n| Vanguard S&P 500 ETF | 3.26% |\n| Luminor Bank 1.375% 221021 | 2.87% |\n| Eften Kinnisvarafond II aktsia | 2.80% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 2.30% |\n| Amundi ETF MSCI Europe UCITS | 2.13% |\n| Maxima 3.250% 230913 | 1.94% |\n| Access Edge Emerging Markets A | 1.85% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank 1.500% 211018 | 3.61% |\n| Luminor Bank 1.375% 221021 | 2.87% |\n| Eften Kinnisvarafond II aktsia | 2.80% |\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:** 0.54%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.65%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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":3,"countryShareEe":19.77,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond K10","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your age is 63 years or above,\n- you are a pension saver with low risk tolerance,\n- your objective is to grow your pension assets in the short term (less than three years).\n","strategy":"**Strategy**\n\n100% of the fund’s assets are invested in bonds, money market instruments, deposits, real estate and other assets without equity risk.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":10754},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":81.87,"unit":"%"},{"name":"Real Estate funds","value":4.88,"unit":"%"},{"name":"Money and deposits","value":14.05,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| Luminor Bank 1.500% 211018 | 4.45% |\n| East Capital Baltic Property Fund III | 4.23% |\n| Luminor Bank 1.375% 221021 | 3.29% |\n| Eesti Energia 2.384% 230922 | 2.06% |\n| Landesbank Hessen-Thueringen Giroze 0.375% 250512 | 2.00% |\n| EssilorLuxottica 0.375% 260105 | 2.00% |\n| Hungary Government 1.250% 251022 | 1.92% |\n| Bulgaria 1.875% 230321 | 1.52% |\n| Latvenergo 1.900% 220610 | 1.49% |\n| Cooperative Rabobank 1.375% 260203 | 1.47% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank 1.500% 211018 | 4.45% |\n| East Capital Baltic Property Fund III | 4.23% |\n| Luminor Bank 1.375% 221021 | 3.29% |\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 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":19.01,"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":35463},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":8,"unit":"%"},{"name":"Shares","value":2.23,"unit":"%"},{"name":"Equity funds","value":70.62,"unit":"%"},{"name":"Real Estate funds","value":2.24,"unit":"%"},{"name":"Private Equity funds","value":0.38,"unit":"%"},{"name":"Bond funds","value":15.07,"unit":"%"},{"name":"Money and deposits","value":1.47,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 17.72% |\n| iShares Core S&P 500 UCITS ETF | 11.97% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund IC | 7.62% |\n| SEB Sustainable Global Exposure Fund | 7.16% |\n| Amundi Index MSCI World UCITS ETF DR | 4.54% |\n| J O Hambro Capital Management Umbrella Fund plc-Global Select Fund | 4.24% |\n| Xtrackers MSCI World UCITS ETF | 4.16% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 4.01% |\n| Amundi MSCI Emerging Markets ETF | 3.62% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 2.93% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.53% |\n| Luminor Bank Estonia 1.5% 18.10.2021 | 1.29% |\n| EfTEN Real Estate Fund IV | 0.89% |\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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.92%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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":4,"countryShareEe":6.23,"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":9014},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.33,"unit":"%"},{"name":"Money and deposits","value":0.67,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| iShares Core S&P 500 UCITS ETF | 26.37% |\n| Vanguard S&P 500 UCITS ETF | 21.52% |\n| Lyxor Core STOXX Europe 600 DE ETF | 15.93% |\n| UBS ETF - MSCI Emerging Markets UCITS ETF | 10.35% |\n| Xtrackers Nikkei 225 UCITS ETF | 7.05% |\n| Vanguard S&P 500 UCITS ETF | 5.58% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 2.99% |\n| UBS ETF-MSCI Canada UCITS ETF | 2.62% |\n| Xtrackers MSCI USA UCITS ETF | 2.59% |\n| Amundi MSCI Emerging Markets UCITS ETF | 2.43% |\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):** 0.4%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109427","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"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":4648},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.37,"unit":"%"},{"name":"Equity funds","value":4.36,"unit":"%"},{"name":"Bond funds","value":89.12,"unit":"%"},{"name":"Money and deposits","value":5.15,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| Nordea 1 - US Corporate Bond Fund | 13.24% |\n| Nordea 2 - US Corporate Enhanced Bd Fd | 10.81% |\n| Nordea Corporate Bond I Growth | 9.55% |\n| Xtrackers USD Corporate Bond UCITS ETF | 7.80% |\n| Vanguard Euro Government Bond Index Fund | 7.01% |\n| Nordea Pro Euro Bond I Growth | 6.66% |\n| iShares Core Euro Government Bond UCITS ETF | 6.13% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 6.03% |\n| iShares Euro Corporate Bond Interest Rate Hedged | 4.93% |\n| iShares Core MSCI World UCITS ETF | 3.43% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Estonian Eurobond 0,125 10.06.2030 | 1.37% |\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):** 0.97%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":1.37,"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":2412},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":0.82,"unit":"%"},{"name":"Equity funds","value":22.83,"unit":"%"},{"name":"Real Estate funds","value":4.25,"unit":"%"},{"name":"Bond funds","value":67.4,"unit":"%"},{"name":"Money and deposits","value":4.69,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 8.41% |\n| Nordea 1 - US Corporate Bond Fund | 7.64% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 6.05% |\n| Vanguard Euro Government Bond Index Fund | 6.01% |\n| Nordea 2 - Emerging Mkt Hard Ccy Bond Fd | 5.73% |\n| iShares Core Euro Government Bond UCITS ETF | 5.23% |\n| Nordea Emerging Market Bond Growth | 5.09% |\n| EfTEN Kinnisvarafond II AS | 4.25% |\n| Nordea Global High Yield Growth | 4.02% |\n| iShares Euro Corporate Bond Large Cap UCITS ETF | 3.95% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.25% |\n| Estonian Eurobond 0,125 10.06.2030 | 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:** 0.94%\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 cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.55%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098448","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":5.07,"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":8956},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":85.05,"unit":"%"},{"name":"Real Estate funds","value":2.42,"unit":"%"},{"name":"Bond funds","value":9.84,"unit":"%"},{"name":"Money and deposits","value":2.69,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| Nordea 1 - Global Stars Equity Fund | 10.38% |\n| iShares Core MSCI World UCITS ETF | 8.96% |\n| iShares MSCI North America UCITS ETF | 7.42% |\n| RBC Funds - Global Equity Focus Fund | 6.83% |\n| iShares S&P 500 Health Care Sector UCITS ETF USD A | 6.08% |\n| iShares S&P 500 ETF | 5.97% |\n| Nordea 1 - Emerging Stars Equity Fund | 4.91% |\n| Robeco Emerging Markets Equities Class I EUR | 4.82% |\n| Hermes Global Emerging Markets Fund | 4.76% |\n| UBS ETF (IE) Factor MSCI USA Quality UCITS ETF | 4.30% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.27% |\n| EfTEN Kinnisvarafond AS | 0.14% |\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:** 0.94%\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 cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.62%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103503","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":2.41,"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":26111},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":0.68,"unit":"%"},{"name":"Equity funds","value":46.85,"unit":"%"},{"name":"Real Estate funds","value":4.06,"unit":"%"},{"name":"Bond funds","value":44.76,"unit":"%"},{"name":"Money and deposits","value":3.65,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 6.60% |\n| iShares Core MSCI World UCITS ETF | 6.60% |\n| iShares Core Euro Government Bond UCITS ETF | 5.84% |\n| iShares MSCI North America UCITS ETF | 5.66% |\n| Nordea 2 - Emerging Mkt Hard Ccy Bond Fd | 5.69% |\n| Nordea 1 - Global Stars Equity Fund | 4.96% |\n| Nordea 1 - US Corporate Bond Fund | 4.41% |\n| Norde Corporate Bond I Growth | 4.16% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 3.63% |\n| Nordea 1 - Emerging Stars Equity Fund | 3.26% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.02% |\n| EfTEN Kinnisvarafond AS | 1.04% |\n| Estonian Eurobond 0,125 10.06.2030 | 0.68% |\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:** 0.94%\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 cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.58%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098430","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":4.74,"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":"1%","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**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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:** 1%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.84%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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":3,"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 the age of 55.\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","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"date":"30.09.2020","capacity":"17,479,399.26 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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":35.68,"unit":"%"},{"name":"Shares","value":24.63,"unit":"%"},{"name":"Equity funds","value":12.36,"unit":"%"},{"name":"Real Estate funds","value":14.81,"unit":"%"},{"name":"Private Equity funds","value":4.27,"unit":"%"},{"name":"Bond funds","value":0.14,"unit":"%"},{"name":"Money and deposits","value":8.11,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020.\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 4.82% |\n| France Government 3.75% 25/04/21 | 3.57% |\n| Luminor 1.5% 18/10/21 | 3.48% |\n| German Treasury Bill 14/04/2021 | 3.44% |\n| iShares Gold Producers UCITS ETF | 3.41% |\n| East Capital Baltic Property Fund III | 3.24% |\n| East Capital Baltic Property Fund II | 2.47% |\n| German Government 3.25% 04/07/21 | 2.37% |\n| France Government 25/05/21 | 2.30% |\n| Citadele banka 6.25% 06/12/2026 | 2.29% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4,82% |\n| Luminor 1.5% 18/10/21 | 3,48% |\n| East Capital Baltic Property Fund III | 3,24% |\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 30.10.2020) | 17,479,399.26 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\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:** 0,0552%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.36%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. 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.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 October 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_taiendav_kuuaruanne_2020_10.pdf)\n- [Interim report for the first half-year of 2020 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_I_poolaasta_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy (Valid as of 01.12.2020)](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":10,"content":"### October 2020 – Good results from several medical sector companies\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAs in September, the performance of the world stock markets was mainly negative in October. Largely due to the escalation of the second wave of the COVID-19 pandemic, the Euro Stoxx 50 index, which tracks large European companies, was hit hard, falling by as much as 7.3% over the month. The largest falls were the German and Swedish stock indexes with –9.4% and –6.1%, respectively. Japan’s Nikkei index dropped by 0.9% in local currency, but with an increase of 0.6% remained positive in euros.\n\nAmong emerging markets, predominantly Asian countries, led by China, were able to deliver positive yields, while Eastern Europe was in decline. At the same time, the Warsaw stock market index fell by as much as 14.1%. In the Baltics, the most pronounced change occurred on the Vilnius stock market, whose index fell by 4.3%. The Tallinn stock market rose 0.7% during the month and the value of the Riga market index remained almost unchanged.\n\nAlign Technology, which is part of the Täiendav pension fund portfolio, announced record quarterly results in October, after which the shares of this US company rose by almost 35%. Align Technologies designs, manufactures and sells invisible braces and provides related services.\n\nAgainst the background of the general weakness of the stock markets, another company in the US medical sector, IDEXX Laboratories, was also successful, with a share return of more than 8% during the month. The company mainly produces equipment and machinery for veterinary analyses.\n\nAlthough the IPO of the Lithuanian energy company Ignitis did not please investors, LHV’s pension fund clients managed to earn a positive return: the company’s long-term bonds acquired by the funds rose by about 2.5% during the month. Ignitis is now a publicly listed company that has strengthened its capital position and future prospects. As a result, Ignitis bonds have yielded a little over 10% for our pension funds in less than six months.\n\nHowever, the outlook for public bond markets in general is still poor and LHV funds are therefore focusing on local investments. We expect to add new investments from this area to our portfolio soon.\n"},{"year":2020,"month":9,"content":"### September 2020 – We took profits on e-commerce investments\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAfter several consecutive months with an upward trend, global stock markets halted in September and most of the market indices fell. The US technology sector index Nasdaq Composite, which had been performing very well, was hit hard and fell 5.2% in dollars over the month. The MSCI World global stock index fell 1.5% in September and the Euro Stoxx 50 index, which covers Europe’s 50 largest listed companies, fell 2.3%.\n\nAmong the biggest losers were the Mediterranean countries, while the Stockholm stock market, for example, went up 3.6% in local currency. The Japanese Nikkei stock index rose 0.2% in yen and 2.4% in euros. In the Baltic countries, only the Riga stock market index yielded a positive result, rising by 0.5%. The Vilnius and Tallinn stock markets, on the other hand, fell by 0.9% and 1.4%, respectively, in September.\n\nIn September, we sold share positions in both the Latin American e-commerce company Mercado Libre and Alibaba in China. The return on Mercado Libre’s investment was just over 100% for the pension fund’s clients, and Alibaba returned almost 40%. However, the Täiendav pension fund’s portfolio still includes shares of Rakuten, one of Japan’s largest e-commerce companies, which rose 24% in September. Rakuten started providing mobile network services in Japan this year and announced that it would offer its customers the cheapest package in the country with unlimited internet capacity.\n"},{"year":2020,"month":8,"content":"### August 2020 – The automotive industry begins to recover from the corona crisis\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAugust was mostly positive for the world’s stock markets, and the stock market indices of almost all developed countries ended on the positive side.\n\nThe leader was again the US stock market, whose S&P 500 index rose by 7% in local currency during the month. The Japanese stock exchange, whose index rose by 6.6% in local currency, was a close second. However, due to the strengthening of the euro, the returns from both these stock markets remained lower when measured in euros (5.6% and 5.2%, respectively). Among European countries, Finland and Germany gained the most with returns of 6.3% and 5.1%, respectively.\n\nHowever, emerging markets moved in different directions: while Asian countries, led by China, achieved largely positive returns, Latin American stock markets mostly fell. In the Baltics, the Riga stock market index outperformed the others with a 5% rise. The Vilnius stock market index went up by 1%, while the Tallinn stock market was negative by -3.6%.\n\nIn August, the Pension Fund Täiendav gained considerably from the major German automotive corporations Daimler and Volkswagen, whose shares rose by 14% and 11.5%, respectively, during the month. Summer car sales exceeded expectations, especially in China, where sales went up by 16.4% in July. Against this background, the share of Hella, a manufacturer of electronic components for the automotive industry, rose by almost 11% in August.\n\nThe Lithuanian state energy enterprise Ignitis has announced its intention to hold an IPO, the details of which are yet to be announced. The scale of the planned investments in the Lithuanian energy sector explains the company’s need for additional capital. The fund invested in Ignitis bonds in May, when the company raised money using international ten-year bonds. Although the coupon payment on the bonds is only 2% per annum, the fund has earned more than 6% return on the investment in a few months thanks to the price rise.\n\nThe dynamics of international bond markets had no clear direction in August. The highest-rated government bonds fell slightly, while lower-rated corporate bonds rose again in both Europe and the US.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Calm before the storm**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n","text":"The largest international securities markets were relatively calm in September. The North American and Western European stock markets lost a small part of their summer gains during the month, while the value of Japanese listed companies even rose slightly.\n\nAfter a major shock in the first half of the year, the markets have generally behaved as if nothing had happened: stock markets have stabilised at a slightly lower level and the feared wave of insolvency is still not evident almost anywhere in the world. However, no one seems to doubt that the pandemic that erupted at the beginning of the year will have serious and long-term economic consequences in the future.\n\nAs with any major change, there are winners and losers in the economic crisis caused by the COVID-19 virus. One thing is clear: the world’s economic pie will be smaller in the coming years than it would have been without the health crisis, and the recipe for how this pie is baked is likely to change over time.\n\nGovernments have spent much more than their declining tax revenues would have allowed. In addition, central banks that have defended conservative fiscal policies in the past (at least in words) have changed their minds and are encouraging governments to spend more vigorously by opening their vaults and offering them money-printing machines. An extraordinary situation requires extraordinary measures.\n\nIt is dangerous to lose sight of the lighthouse after a storm and drift close to the reefs in the confusion. When a company loses a market or a person loses a job, it is a big shock to them. When lost income is replaced with a loan, problems can be ignored for some time, but it is more sensible to consider all possible future scenarios and prepare for change, rather than burn out the existing but declining capital. Strength – capital – should be kept in case the storm lasts longer than initially thought.\n\n**Each coin has two sides**\n\nIt is no surprise to readers of the monthly LHV pension newsletter that the main risk factor in my economic model is the debt level. By taking on debt in a stable economic environment, it is possible to accelerate economic development, just as it is possible to move faster at sea by using a larger sail with a calm wind. On the other hand, manoeuvring is easier with a smaller sail.\n\nHowever, if you overestimate your abilities (whether as a seafarer or a businessman) and choose a sail size or debt burden that doesn’t match your skills, an unexpected or larger change in the external environment can have tragic consequences. The rule of thumb is that if the wind speed increases, it is worth reducing the surface of the sail – in a stormy sea, a smaller sail can move even faster. Similarly, in the case of inflated debt, investments need to be made even more wisely than usual, taking care that they do not become an additional burden in the future.\n\nDebt has risen almost everywhere in the world in an era of slow economic growth and low interest rates ([graph](https://medium.com/technicity/global-debt-to-gdp-ratio-hits-a-record-high-of-331-in-q1-2020-25994339b72)). By the end of the first quarter of this year, the total debt in the world economy had reached 220 trillion euros, which is 330% of the world’s gross domestic product.\n\nThose who don’t think about tomorrow believe that interest rates will not rise any time soon (or perhaps ever), or else a large part of the economy would become insolvent. However, those who doubt the success of redistribution and planned economy, and instead believe in the logic of the market, know that greater risks should come with greater returns (and not the other way around). The trend in recent years has been that interest expenses decrease as the debt burden increases, but it is dangerous to extrapolate this trend to the future.\n\nAt a time when the clouds over the global economy are darkening, we have managed the LHV pension fund portfolios, first, by choosing investments in which we have more control over risk (debt) management, and second, by choosing investments that are highly liquid.\n\nIn recent months, we have gradually reduced our equity position, which increased during the sharp decline in the stock market in the spring. For example, in September, we sold our positions in the e-commerce companies MercadoLibre and Alibaba after their powerful rise.\n\nAt the same time, we have increased investments in gold miners precisely because, in an unstable economic environment, gold is regaining its position in investors’ portfolios, offering protection against the consequences of unconventional fiscal and monetary policies.\n\nJust as the medical effects of COVID-19 are more severe among overweight people, the countries, businesses and people that use credit thoughtlessly are at risk in every economic crisis. There are now even more risks in the financial markets than before the coronavirus crisis, but our task remains the same: to choose the right tactics and find the way to the best possible return without major shocks.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Täiendav Pensionifond","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\nEE961700017004379157 - Luminor Bank 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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":3,"countryShareEe":22.18,"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","strategy":"**Strategy**\nThe fund invests all of its assets in equity markets and the fund manager does not actively change the fund’s risk level. The fund’s assets are invested in index-following investment funds. The share of assets invested in equities is kept close to 100% of the fund’s volume. Whenever the proportion of money in the fund exceeds 2%, it is invested within five working days.\n\nNo particular indices are followed in investing the assets of the fund. Investments 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":"0.39%"},"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/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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":99.1,"unit":"%"},{"name":"Money and deposits","value":0.9,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.10.2020\n\n| Biggest investments | |\n|---|--:|\n| Amundi Prime Global UCITS ETF | 26.33% |\n| Lyxor Core MSCI World DR UCITS | 26.23% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 16.65% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 15.17% |\n| SPDR MSCI World UCITS ETF | 10.00% |\n| iShares MSCI Frontier 100 ETF | 2.89% |\n| iShares MSCI EM UCITS ETF USD | 1.84% |\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 30.10.2020) | 7,003,906.73 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\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:** 0,0552%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.39%\n\n**Ongoing charges (inc management fee):** 0.75%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. 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-2017-09-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2020.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 October 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2020_10.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy (Valid as of 01.12.2020)](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\nEE961700017004379157 - Luminor Bank 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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":"1.5%"},"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**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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:** 1%\n\n**Ongoing charges (inc management fee):** 1.78%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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":5,"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 50% 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":"1%"},"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**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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:** 1%\n\n**Ongoing charges (inc management fee):** 1.27%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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":"1%","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**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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:** 1%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.5%\n\n**Ongoing charges (inc management fee):** 2.12%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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):** 1.21%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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":30,"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**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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):** 1.31%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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":30,"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**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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):** 1.43%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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":30,"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**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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):** 0.90%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"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":"0.3%"},"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**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank 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:** 0.3%\n\n**Ongoing charges (inc management fee):** 0.49%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their 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","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":"AS LHV Varahaldus"},"investors":1784},"accordion":[{"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 30.10.2020) | 3,541,253.09 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 781 250 units |\n| Rate of the depository’s charge | 0,0552% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\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):** 0.85%\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.pdf)\n- [Analysis of the amendments made to the prospectus 14 May 2020 (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_14052020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 October 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2020_10.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy (Valid as of 01.12.2020)](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001723","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":0,"fundManager":"LHV"}}