{"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":3915},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":90.13,"unit":"%"},{"name":"Money and deposits","value":9.87,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| German Government 1.5% 04/09/22 | 9.61% |\n| Luminor 0.792% 03/12/24 | 9.51% |\n| France Government 2.25% 25/10/22 | 7.76% |\n| Temasek 0.5% 01/03/22 | 6.09% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 5.61% |\n| Bank of America 04/05/23 | 4.43% |\n| BNP Paribas 2.875% 24/10/22 | 4.38% |\n| ALTUMG 1.3% 07/03/25 | 3.98% |\n| Bank Gospodarstwa Krajow 1.375% 01/06/25 | 3.66% |\n| Elering 0.875% 03/05/2023 | 3.56% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 9.51% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 5.61% |\n| Elering 0.875% 03/05/2023 | 3.56% |\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 30.11.2021) | 14,350,922.44 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 50 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,486%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.53%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2021_12.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2020.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"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":12,"content":"### December 2021: We subscribed to Citadele bonds\n\nRomet Enok, Fund Manager\n\nThe fund subscribed to bonds of the Latvian Citadele bank. Although the bonds involve a higher risk than bank deposits, they offer a fixed return of 5% per annum. The first right to redeem the bonds will come in five years. We have invested in Citadele’s similar bonds in the past and have seen the bank’s market position strengthen and profitability improve.\n\nOf the major markets, both government and corporate bond markets were negative in Europe in 2021. The future outlook is not much better, which is why we keep refraining from increasing our risks.\n"},{"year":2021,"month":11,"content":"### November 2021: We participated in the Citadele bond issue\n\nRomet Enok, Fund Manager\n\nWe subscribed for the bonds of the Latvian bank Citadele when the company raised 200 million euros from the markets. Citadele has the right to redeem the securities after four years, and the end date is five years. The annual interest payment is 1.625%, plus a small expected annual price increase. Although the bond is not exactly comparable to a deposit, its interest rate exceeds that of time deposits with a sufficient margin to make the instrument an attractive investment.\n\nLHV pension funds have been investors in Citadele’s previous bonds for about the past five years. During that time, the bank has improved both its market position in Latvia and its profitability.\n"},{"year":2021,"month":10,"content":"### October 2021: We increased our bond investments in Šiaulių bank\n\nRomet Enok, Fund Manager\n\nLithuania’s Šiaulių bank declared its quarterly results to the stock exchange, showing continued growth in credit, deposit, and profits. In September, in a rare move, the company arranged a public bond issue in which LHV pension funds also participated. Our funds had already invested in Šiaulių’s subordinated bonds, which the bank sold to LHV funds in a direct transaction.\n\nOctober was once again a weak month in European bond markets. Government bonds have suffered the most, with even average yields about 4% worse than at the beginning of the year. Long-term bonds have, of course, become cheaper. As we have stated in our monthly reports time and time again, we are currently altogether refraining from investing in long-term government bonds.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Central bank support may not last forever**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n","text":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n\nIt cannot be said that the new wave of the pandemic was the only fear: another important risk factor is the rise in consumer prices almost everywhere. Until recently, central bankers and economists have confirmed in unison that rising prices are only a temporary phenomenon caused by upset supply chains. But these should be fixed soon or optimised to fit the new circumstances.\n\n**Faster inflation > rising interest rates > higher taxes?**\n\nUsing complex economic models, researchers predict that price growth will slow down on its own, despite central banks continuing to buy bonds from the markets and real interest rates remaining 4% and more than 5% below zero in Europe and the US, respectively. On the other hand, all those who live real life and do real business feel the effects of the prices of almost all goods rising from month to month.\n\nWith the support of central banks’ monetary policy, stock and real estate prices have been recovering faster for a long time than their dividend or rental income would justify. Nevertheless, the rise in asset prices has been welcomed, as those who own some form of real estate or a small investment portfolio have felt richer as a result.\n\nEven though wages, which have stagnated for some time in the US and many parts of Europe, have started to rise faster, the prices of goods are rising even faster, and people’s purchasing power may even decline despite higher wages.\n\nWhile in March, the prices of goods and services in the US rose by 2.6% year on year, the inflation rate in November was 6.8% year on year. In the euro area, consumer prices rose by 4.9% in November, which is slower than in the US but more than two times higher than the target set by the European Central Bank.\n\nFor a long time, central bankers have been trying to drive inflation through low interest rates and buying bonds to help reduce and alleviate the debt burden that has grown fast over the past 30 years.\n\nThe cost of servicing loans was thus reduced. Still, those with collateral increased their debt burden, as the price of money was unprecedentedly low and additional loans helped leverage existing investments, the returns on which declined as prices rose. As mentioned, those who had property felt increasingly rich, even though they had unprecedented loans on their necks.\n\nSuppose reality forces central bankers and researchers to adjust their models and recognise inflation as not being temporary. In that case, there will be no other means to curb inflation than to stop buying bonds and start raising interest rates.\n\nIf investors are no longer willing to pay for government borrowing but start demanding interest rates that exceed inflation, rising interest costs may significantly increase budget deficits in many major economies. This, in turn, can lead to higher taxes.\n\n**We consider both inflation risk and the risk of rising interest rates**\n\nPerhaps I am being unfair when I accuse central bankers of stubbornly sticking to their models and ignoring reality. I, too, have been true to my views, the model of how I think the economy works, and how value is created.\n\nAs I have repeatedly emphasised, I value cash flow and profits highly. While a high debt burden can help leverage profits, I consider it a risk in the first place. I understand that, in theory, the interest rate can be any positive or negative figure. Still, I think it is dangerous to expect that interest rates will remain below inflation in the future. I suspect that central banks will ultimately have to choose whether to control inflation or interest rates.\n\nCentral banks are likely to delay raising interest rates as long as possible, as this could prove very difficult politically: higher lending rates would negatively impact the prices of almost all assets and hamper investments in development. At the same time, let’s not forget that achieving price stability is one of the main tasks of central banks, and in many countries, it’s their only task.\n\nTherefore, higher interest rates are quite certain to arrive; the only question is how long the difficult decision will be postponed. Delaying increases risks because if inflation expectations get out of control and start feeding inflation, interest rates will have to be raised even more in the future.\n\nHigher interest rates would have a devastating effect on the bond market. If interest rates were to rise by 2%, for example, the price of a ten-year ‘risk-free’ bond would fall by around 20%. Highly leveraged companies and projects would also be at risk.\n\nHigher interest rates would also adversely affect companies and projects whose income (and profits) come in the very long run. Much of the technology sector, which invests in growth and has postponed making a profit to the distant future, has low leverage levels but is still vulnerable to rising interest rates. In the second half of November, when stock markets began to decline, companies in the technology sector were among the biggest losers.\n\nThe LHV pension funds have prioritised maintaining the real value of assets, considering both the inflation risk and the risk of rising interest rates. Therefore, we avoid long-term bonds and hold short-term, low-risk bonds only for hedging and liquidity management purposes. We try to earn income from investments and projects whose cash flows are perceptible and which justify the price level of these assets.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":18.69,"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":6744},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":95.44,"unit":"%"},{"name":"Money and deposits","value":4.56,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 9.49% |\n| France Government 2.25% 25/10/22 | 8.82% |\n| German Government 1.5% 04/09/22 | 8.03% |\n| Temasek 0.5% 01/03/22 | 7.86% |\n| Latvenergo 1.9% 10/06/22 | 7.59% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 7.17% |\n| France Government 3% 25/04/22 | 6.75% |\n| German Government 2% 04/01/22 | 6.06% |\n| Romania 2.875% 28/10/24 | 4.72% |\n| ALTUMG 1.3% 07/03/25 | 4.18% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 9.49% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 7.17% |\n| Eesti Energia 2.384% 22/09/23 | 0.31% |\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 30.11.2021) | 33,691,550.54 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 120 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.62%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.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_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2021_12.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2020.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"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":12,"content":"### December 2021: We ended the year with three new investments\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nWe ended the year on a wave of new investments. First, we participated in a bond issue of Citadele bank. The bank will have the first right to redeem the bonds after five years, and the higher risk compared to a deposit is offset by a fixed annual interest rate of 5%.\n\nSecond, we signed an agreement with the real estate developer Liven to finance a housing development at 88 Kadaka tee, Tallinn. The collateral for the bonds is land. The money will be returned in 2026 at the latest, and the annual interest rate is 8%.\n\nIn addition, we added a new asset class to the fund by investing in Eften’s new real estate fund, which acquired the Danske Bank office building in Vilnius. The current rules allow Fund S to invest in real estate in addition to bonds, which is an attractive alternative given the situation in the large bond markets.\n\nIn Europe, both government and corporate bond markets were negative last year, and the outlook is modest. That is why we keep focusing on other opportunities.\n"},{"year":2021,"month":11,"content":"### November 2021: We participated in the Citadele bond issue \n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nWe subscribed for the bonds of the Latvian bank Citadele when the company raised 200 million euros from the markets. Citadele has the right to redeem the securities after four years, and the end date is five years. The annual interest payment is 1.625%, plus a small expected annual price increase. Although the bond is not exactly comparable to a deposit, its interest rate exceeds that of time deposits with a sufficient margin to make the instrument an attractive investment.\n\nLHV pension funds have been investors in Citadele’s previous bonds for about the past five years. During that time, the bank has improved both its market position in Latvia and its profitability.\n"},{"year":2021,"month":10,"content":"### October 2021: We increased our bond investments in Šiaulių bank\n\nRomet Enok, Fund Manager\n\nLithuania’s Šiaulių bank declared its quarterly results to the stock exchange, showing continued growth in credit, deposit, and profits. In September, in a rare move, the company arranged a public bond issue in which LHV pension funds also participated. Our funds had already invested in Šiaulių’s subordinated bonds, which the bank sold to LHV funds in a direct transaction.\n\nOctober was once again a weak month in European bond markets. Government bonds have suffered the most, with even average yields about 4% worse than at the beginning of the year. Long-term bonds have, of course, become cheaper. As we have stated in our monthly reports time and time again, we are currently altogether refraining from investing in long-term government bonds.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Central bank support may not last forever**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n","text":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n\nIt cannot be said that the new wave of the pandemic was the only fear: another important risk factor is the rise in consumer prices almost everywhere. Until recently, central bankers and economists have confirmed in unison that rising prices are only a temporary phenomenon caused by upset supply chains. But these should be fixed soon or optimised to fit the new circumstances.\n\n**Faster inflation > rising interest rates > higher taxes?**\n\nUsing complex economic models, researchers predict that price growth will slow down on its own, despite central banks continuing to buy bonds from the markets and real interest rates remaining 4% and more than 5% below zero in Europe and the US, respectively. On the other hand, all those who live real life and do real business feel the effects of the prices of almost all goods rising from month to month.\n\nWith the support of central banks’ monetary policy, stock and real estate prices have been recovering faster for a long time than their dividend or rental income would justify. Nevertheless, the rise in asset prices has been welcomed, as those who own some form of real estate or a small investment portfolio have felt richer as a result.\n\nEven though wages, which have stagnated for some time in the US and many parts of Europe, have started to rise faster, the prices of goods are rising even faster, and people’s purchasing power may even decline despite higher wages.\n\nWhile in March, the prices of goods and services in the US rose by 2.6% year on year, the inflation rate in November was 6.8% year on year. In the euro area, consumer prices rose by 4.9% in November, which is slower than in the US but more than two times higher than the target set by the European Central Bank.\n\nFor a long time, central bankers have been trying to drive inflation through low interest rates and buying bonds to help reduce and alleviate the debt burden that has grown fast over the past 30 years.\n\nThe cost of servicing loans was thus reduced. Still, those with collateral increased their debt burden, as the price of money was unprecedentedly low and additional loans helped leverage existing investments, the returns on which declined as prices rose. As mentioned, those who had property felt increasingly rich, even though they had unprecedented loans on their necks.\n\nSuppose reality forces central bankers and researchers to adjust their models and recognise inflation as not being temporary. In that case, there will be no other means to curb inflation than to stop buying bonds and start raising interest rates.\n\nIf investors are no longer willing to pay for government borrowing but start demanding interest rates that exceed inflation, rising interest costs may significantly increase budget deficits in many major economies. This, in turn, can lead to higher taxes.\n\n**We consider both inflation risk and the risk of rising interest rates**\n\nPerhaps I am being unfair when I accuse central bankers of stubbornly sticking to their models and ignoring reality. I, too, have been true to my views, the model of how I think the economy works, and how value is created.\n\nAs I have repeatedly emphasised, I value cash flow and profits highly. While a high debt burden can help leverage profits, I consider it a risk in the first place. I understand that, in theory, the interest rate can be any positive or negative figure. Still, I think it is dangerous to expect that interest rates will remain below inflation in the future. I suspect that central banks will ultimately have to choose whether to control inflation or interest rates.\n\nCentral banks are likely to delay raising interest rates as long as possible, as this could prove very difficult politically: higher lending rates would negatively impact the prices of almost all assets and hamper investments in development. At the same time, let’s not forget that achieving price stability is one of the main tasks of central banks, and in many countries, it’s their only task.\n\nTherefore, higher interest rates are quite certain to arrive; the only question is how long the difficult decision will be postponed. Delaying increases risks because if inflation expectations get out of control and start feeding inflation, interest rates will have to be raised even more in the future.\n\nHigher interest rates would have a devastating effect on the bond market. If interest rates were to rise by 2%, for example, the price of a ten-year ‘risk-free’ bond would fall by around 20%. Highly leveraged companies and projects would also be at risk.\n\nHigher interest rates would also adversely affect companies and projects whose income (and profits) come in the very long run. Much of the technology sector, which invests in growth and has postponed making a profit to the distant future, has low leverage levels but is still vulnerable to rising interest rates. In the second half of November, when stock markets began to decline, companies in the technology sector were among the biggest losers.\n\nThe LHV pension funds have prioritised maintaining the real value of assets, considering both the inflation risk and the risk of rising interest rates. Therefore, we avoid long-term bonds and hold short-term, low-risk bonds only for hedging and liquidity management purposes. We try to earn income from investments and projects whose cash flows are perceptible and which justify the price level of these assets.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":16.97,"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":10616},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":57.32,"unit":"%"},{"name":"Shares","value":9.8,"unit":"%"},{"name":"Equity funds","value":6.48,"unit":"%"},{"name":"Real Estate funds","value":15.69,"unit":"%"},{"name":"Private Equity funds","value":6.17,"unit":"%"},{"name":"Money and deposits","value":4.54,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 7.25% |\n| German Government 1.5% 04/09/22 | 6.15% |\n| EfTEN Kinnisvarafond | 4.27% |\n| Luminor 0.792% 03/12/24 | 4.11% |\n| ZKB Gold ETF | 3.99% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.58% |\n| France Government 3% 25/04/22 | 2.51% |\n| German Treasury Bill 23/02/2022 | 2.44% |\n| SG Capital Partners Fund 1 | 2.35% |\n| Eastnine 08/07/24 | 2.26% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.27% |\n| Luminor 0.792% 03/12/24 | 4.11% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.58% |\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 30.11.2021) | 106,953,367.48 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 400 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 0.86%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2021_12.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2020.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"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":12,"content":"### December 2021: We invested in Liven’s real estate development\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn December, world stock markets mostly rose. The MSCI World Index, the US S&P 500, the Japanese Nikkei Index and the European Euro Stoxx 50 rose 3.2%, 3.7%, 1.6% and 5.8% over the month in euros, respectively. The MSCI Emerging Markets Index performed relatively modestly, rising 0.9% in euros during the month. The Baltic markets also rose: the Tallinn, Riga and Vilnius stock markets rose 1.6%, 0.7% and 0.6%, respectively.\n\nThe local private equity firm BaltCap announced that its BaltCap Infrastructure Fund planned to invest 6 million euros in developing a private school in Vilnius. The four-storey building will also have a laboratory, a gym and a swimming pool, as well as football and basketball courts on the school grounds. Construction should be completed by the end of 2023. The BaltCap fund, which is dedicated to infrastructure investments, started investing in 2017 and currently has seven investments in its portfolio.\n\nIn the last month of the year, both Alexela and Citadele repaid their bonds to Fund M. Fund M earned 5.5% per annum on the former, plus an early redemption premium, and 6.25% per annum on the latter. Both companies developed strongly in the meantime and are moving towards banks and the public market, respectively, for raising money.\n\nAs a new investment, we subscribed to Liven bonds to finance a housing development project on Kadaka tee, Tallinn. The collateral for the bonds is land. According to the project’s progress, the money will be returned in 2026 at the latest, and the annual interest rate is 8%.\n\nIn our opinion, local projects continue to be clearly more attractive than the bond markets in Western Europe and the US. That’s why we focus on working with local companies.\n"},{"year":2021,"month":11,"content":"### November 2021: We made a new venture capital investment\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn November, world stock markets mostly declined. As the euro strengthened by a significant 1.9% against the US dollar, only a few stock exchanges showed a slight rise in euro terms. For example, the MSCI World Index and S&P 500, which tracks the US stock market, rose 0.6% and 1.2% in euros, respectively, during the month.\n\nMeasured in euros, the Japanese Nikkei index fell 0.9%, the European Euro Stoxx 50 index 4.3% and the MSCI Emerging Markets index 2.2%. The local stock exchanges varied during the month: while the Tallinn and Vilnius stock markets grew by 0.6% and 0.9%, respectively, the Riga stock market declined by 2.5%.\n\nWe added Karma Ventures II as a new fund to the pension fund’s risk and private equity investment portfolio. Karma is an Estonian venture capital company founded in 2014 by Margus Uudam, Kristjan Laanemaa and Tommi Markus Uhar. The fund’s strategy is to invest in high-tech start-ups in Europe, including the Baltics. Pension Fund M is also an investor in Karma’s first fund with a similar strategy, which started investing in 2016 and has now successfully sold several portfolio investments.\n"},{"year":2021,"month":10,"content":"### October 2021: We acquired Eckerö bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nOctober led to significant growth in most of the world’s stock markets. Measured in euros, the MSCI World index rose 5.8% during the month, the US index S&P 500 rose 7.2%, the European Stoxx 50 rose 5.1% and the MSCI Emerging Markets index rose 1.2%.\n\nThe odd one out was the Japanese Nikkei index, which decreased by 3.9% measured in euros, but we should keep in mind that it was one of the few winners in September. Local stock markets also grew in October, but at a somewhat more modest pace: the Tallinn stock exchange rose 1.4%, the Riga stock exchange rose 0.4% and the Vilnius stock exchange rose 2%.\n\nThe local private equity company BaltCap has announced that its BaltCap Infrastructure Fund is participating in a new large-scale investment to build an 85,000 square metre multifunctional sports complex in Vilnius. The project is being implemented in cooperation with the Lithuanian Ministry of Education, Science and Sport, and Vilnius City Council. This is the largest ever public-private partnership project in the Baltics.\n\nWe added the shipping company Eckerö to our investments in the bond portfolio. The company borrowed funds for five years, will pay 7% interest above Euribor and the bond is secured by the passenger ship Finlandia. This is the company’s first bond issue.\n\nIn general, European bond markets had a weak month once again, and the market has fallen by around 3% since the beginning of the year. Of course, long-term government bonds have become even cheaper, which is why we are still completely abstaining from this asset class. Instead, we will continue to work with Estonian and Baltic companies, bringing together non-public market instruments.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Central bank support may not last forever**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n","text":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n\nIt cannot be said that the new wave of the pandemic was the only fear: another important risk factor is the rise in consumer prices almost everywhere. Until recently, central bankers and economists have confirmed in unison that rising prices are only a temporary phenomenon caused by upset supply chains. But these should be fixed soon or optimised to fit the new circumstances.\n\n**Faster inflation > rising interest rates > higher taxes?**\n\nUsing complex economic models, researchers predict that price growth will slow down on its own, despite central banks continuing to buy bonds from the markets and real interest rates remaining 4% and more than 5% below zero in Europe and the US, respectively. On the other hand, all those who live real life and do real business feel the effects of the prices of almost all goods rising from month to month.\n\nWith the support of central banks’ monetary policy, stock and real estate prices have been recovering faster for a long time than their dividend or rental income would justify. Nevertheless, the rise in asset prices has been welcomed, as those who own some form of real estate or a small investment portfolio have felt richer as a result.\n\nEven though wages, which have stagnated for some time in the US and many parts of Europe, have started to rise faster, the prices of goods are rising even faster, and people’s purchasing power may even decline despite higher wages.\n\nWhile in March, the prices of goods and services in the US rose by 2.6% year on year, the inflation rate in November was 6.8% year on year. In the euro area, consumer prices rose by 4.9% in November, which is slower than in the US but more than two times higher than the target set by the European Central Bank.\n\nFor a long time, central bankers have been trying to drive inflation through low interest rates and buying bonds to help reduce and alleviate the debt burden that has grown fast over the past 30 years.\n\nThe cost of servicing loans was thus reduced. Still, those with collateral increased their debt burden, as the price of money was unprecedentedly low and additional loans helped leverage existing investments, the returns on which declined as prices rose. As mentioned, those who had property felt increasingly rich, even though they had unprecedented loans on their necks.\n\nSuppose reality forces central bankers and researchers to adjust their models and recognise inflation as not being temporary. In that case, there will be no other means to curb inflation than to stop buying bonds and start raising interest rates.\n\nIf investors are no longer willing to pay for government borrowing but start demanding interest rates that exceed inflation, rising interest costs may significantly increase budget deficits in many major economies. This, in turn, can lead to higher taxes.\n\n**We consider both inflation risk and the risk of rising interest rates**\n\nPerhaps I am being unfair when I accuse central bankers of stubbornly sticking to their models and ignoring reality. I, too, have been true to my views, the model of how I think the economy works, and how value is created.\n\nAs I have repeatedly emphasised, I value cash flow and profits highly. While a high debt burden can help leverage profits, I consider it a risk in the first place. I understand that, in theory, the interest rate can be any positive or negative figure. Still, I think it is dangerous to expect that interest rates will remain below inflation in the future. I suspect that central banks will ultimately have to choose whether to control inflation or interest rates.\n\nCentral banks are likely to delay raising interest rates as long as possible, as this could prove very difficult politically: higher lending rates would negatively impact the prices of almost all assets and hamper investments in development. At the same time, let’s not forget that achieving price stability is one of the main tasks of central banks, and in many countries, it’s their only task.\n\nTherefore, higher interest rates are quite certain to arrive; the only question is how long the difficult decision will be postponed. Delaying increases risks because if inflation expectations get out of control and start feeding inflation, interest rates will have to be raised even more in the future.\n\nHigher interest rates would have a devastating effect on the bond market. If interest rates were to rise by 2%, for example, the price of a ten-year ‘risk-free’ bond would fall by around 20%. Highly leveraged companies and projects would also be at risk.\n\nHigher interest rates would also adversely affect companies and projects whose income (and profits) come in the very long run. Much of the technology sector, which invests in growth and has postponed making a profit to the distant future, has low leverage levels but is still vulnerable to rising interest rates. In the second half of November, when stock markets began to decline, companies in the technology sector were among the biggest losers.\n\nThe LHV pension funds have prioritised maintaining the real value of assets, considering both the inflation risk and the risk of rising interest rates. Therefore, we avoid long-term bonds and hold short-term, low-risk bonds only for hedging and liquidity management purposes. We try to earn income from investments and projects whose cash flows are perceptible and which justify the price level of these assets.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":36.69,"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":91960},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":28.49,"unit":"%"},{"name":"Shares","value":19.4,"unit":"%"},{"name":"Equity funds","value":11.69,"unit":"%"},{"name":"Real Estate funds","value":16.25,"unit":"%"},{"name":"Private Equity funds","value":19.36,"unit":"%"},{"name":"Money and deposits","value":4.8,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.80% |\n| German Treasury Bill 23/02/2022 | 3.88% |\n| iShares Gold Producers UCITS ETF | 3.86% |\n| German Treasury Bill 15/12/2021 | 3.83% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.82% |\n| ZKB Gold ETF | 3.70% |\n| NOAL | 2.43% |\n| KJK Fund II Balkan Discovery A June 2014 | 2.17% |\n| East Capital Baltic Property Fund III | 2.13% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 1.95% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.80% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.82% |\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 30.11.2021) | 819,746,287.43 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 000 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.14%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_tingimused_26112020.pdf)\n- [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.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2021_12.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2020.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"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":12,"content":"### December 2021: We made the first international co-investment\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn December, world stock markets mostly rose. The MSCI World Index, the US S&P 500, the Japanese Nikkei Index and the European Euro Stoxx 50 rose 3.2%, 3.7%, 1.6% and 5.8% over the month in euros, respectively. The MSCI Emerging Markets Index performed relatively modestly, rising 0.9% in euros during the month. The Baltic markets also rose: the Tallinn, Riga and Vilnius stock markets rose 1.6%, 0.7% and 0.6%, respectively.\n\nIn December, all major equity positions continued to rise. The largest contributors were European energy and industrial sector equities, as well as precious metals equities, which returned to their beginning-of-year levels. During 2021, we held equity investments primarily in the commodity sector, bank shares and strong industrial companies in the Nordic countries, which performed strongly against a background of rapid economic growth and rising inflationary pressures. The only stocks that remained static were precious metals, for which there was no buying interest during the positive phase of the market cycle. Currently, our major individual stock positions are in commodity-related stocks, where we see the best investment opportunities against a background of uncomfortably strong inflationary pressures.\n\nFor the first time, we added an international co-investment to Fund L’s private equity investment portfolio in the form of UrgentMED. Founded in 2007, this chain of urgent care clinics operates primarily in Southern California, US. The company already has 35 clinics and a wide range of services: health checks and tests, more general medical examinations, and wound care procedures. The main advantages of UrgentMED are the speed and accessibility of services and a relatively favourable pricing policy. The leading investor in the co-investment is Quilvest Club Fund II, in which our pension fund L has invested since 2019. Quilvest Club Fund II is run by Quilvest, a private equity firm founded in France in 1888.\n\nIn the last month of the year, both Alexela and Citadele repaid their bonds to Fund L. The fund earned 5.5% per annum on the former, plus an early redemption premium, and 6.25% per annum on the latter. Both companies developed strongly in the meantime and are moving towards banks and the public market, respectively, for raising money.\n\nAs a new investment, we subscribed to Liven bonds to finance a housing development project on Kadaka tee, Tallinn. The collateral for the bonds is land. The money will be returned in 2026 at the latest, according to the project’s progress, and the annual interest rate is 8%. We also signed an agreement to finance Bigbank’s development plans in the form of bonds. The bonds, which meet the regulatory requirements for banks, bear an interest of 6.5% per annum, and Bigbank has the first opportunity to redeem its liabilities in five years.\n\nLocal projects continue to be clearly more attractive than the bond markets in Western Europe and the US. That’s why we focus on working with local companies.\n"},{"year":2021,"month":11,"content":"### November 2021: We made a new venture capital investment\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn November, world stock markets mostly declined. As the euro strengthened by a significant 1.9% against the US dollar, only a few stock exchanges showed a slight rise in euro terms. For example, the MSCI World Index and S&P 500, which tracks the US stock market, rose 0.6% and 1.2% in euros, respectively, during the month.\n\nMeasured in euros, the Japanese Nikkei index fell 0.9%, the European Euro Stoxx 50 index 4.3% and the MSCI Emerging Markets index 2.2%. The local stock exchanges varied during the month: while the Tallinn and Vilnius stock markets grew by 0.6% and 0.9%, respectively, the Riga stock market declined by 2.5%.\n\nNovember ended with a negative result for its individual positions in listed equities, mainly due to the companies’ stock prices in the energy and banking sectors. Equity positions related to precious metals were on the plus side, and in the middle of the month, we reduced the equity risk of the fund.\n\nAmong the sales transactions concluded during the month, significantly reducing our equity positions in Swedbank and Banco Santander had the largest effect. In an environment of faster inflation, our funds hold their main investments in the stock markets’ precious metals, energy and commodities sectors more broadly.\n\nWe added Karma Ventures II as a new fund to the pension fund’s risk and private equity investment portfolio. Karma is an Estonian venture capital company founded in 2014 by Margus Uudam, Kristjan Laanemaa and Tommi Markus Uhar. The fund’s strategy is to invest in high-tech start-ups in Europe, including the Baltics. Pension Fund L is also an investor in Karma’s first fund with a similar strategy, which started investing in 2016 and has now successfully sold several portfolio investments.\n"},{"year":2021,"month":10,"content":"### October 2021: Stock markets recovered from the September decline\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nOctober led to significant growth in most of the world’s stock markets. Measured in euros, the MSCI World index rose 5.8% during the month, the US index S&P 500 rose 7.2%, the European Stoxx 50 rose 5.1% and the MSCI Emerging Markets index rose 1.2%.\n\nThe odd one out was the Japanese Nikkei index, which decreased by 3.9% measured in euros, but we should keep in mind that it was one of the few winners in September. Local stock markets also grew in October, but at a somewhat more modest pace: the Tallinn stock exchange rose 1.4%, the Riga stock exchange rose 0.4% and the Vilnius stock exchange rose 2%.\n\nMost of the companies in the fund’s portfolio reported good quarterly results during the month, as recovery from the pandemic supported profits. Profits grew the most in the energy and materials sectors, which are currently one of the key positions in our funds. Nordic listed companies, which are more dependent on the economic cycle, are also doing well and reported record quarterly profits. Investments related to precious metals, supported by growing inflationary pressure on the global economy, also contributed to the increase in the fund unit’s price.\n\nAt the end of the month, Partners Group, one of the world’s largest private equity companies, announced that its managed fund Partners Group 2019 had acquired a stake in the Swiss watch manufacturer Breitling. The company was founded in 1884 and has become one of the world’s leading manufacturers of luxury Swiss watches. LHV Pension Fund L has been an investor in the Partners Group 2019 fund since 2019. By now, the private equity fund includes 17 investments. Partners Group was founded in Switzerland in 1996 and it manages assets totalling more than 103 billion euros.\n\nWe added the shipping company Eckerö to our investments in the bond portfolio. The company borrowed funds for five years, will pay 7% interest above Euribor and the bond is secured by the passenger ship Finlandia. This is the company’s first bond issue.\n\nIn general, European bond markets had a weak month once again, and the market has fallen by around 3% since the beginning of the year. Of course, long-term government bonds have become even cheaper, which is why we are still completely abstaining from this asset class. Instead, we will continue to work with Estonian and Baltic companies, bringing together non-public market instruments.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Central bank support may not last forever**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n","text":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n\nIt cannot be said that the new wave of the pandemic was the only fear: another important risk factor is the rise in consumer prices almost everywhere. Until recently, central bankers and economists have confirmed in unison that rising prices are only a temporary phenomenon caused by upset supply chains. But these should be fixed soon or optimised to fit the new circumstances.\n\n**Faster inflation > rising interest rates > higher taxes?**\n\nUsing complex economic models, researchers predict that price growth will slow down on its own, despite central banks continuing to buy bonds from the markets and real interest rates remaining 4% and more than 5% below zero in Europe and the US, respectively. On the other hand, all those who live real life and do real business feel the effects of the prices of almost all goods rising from month to month.\n\nWith the support of central banks’ monetary policy, stock and real estate prices have been recovering faster for a long time than their dividend or rental income would justify. Nevertheless, the rise in asset prices has been welcomed, as those who own some form of real estate or a small investment portfolio have felt richer as a result.\n\nEven though wages, which have stagnated for some time in the US and many parts of Europe, have started to rise faster, the prices of goods are rising even faster, and people’s purchasing power may even decline despite higher wages.\n\nWhile in March, the prices of goods and services in the US rose by 2.6% year on year, the inflation rate in November was 6.8% year on year. In the euro area, consumer prices rose by 4.9% in November, which is slower than in the US but more than two times higher than the target set by the European Central Bank.\n\nFor a long time, central bankers have been trying to drive inflation through low interest rates and buying bonds to help reduce and alleviate the debt burden that has grown fast over the past 30 years.\n\nThe cost of servicing loans was thus reduced. Still, those with collateral increased their debt burden, as the price of money was unprecedentedly low and additional loans helped leverage existing investments, the returns on which declined as prices rose. As mentioned, those who had property felt increasingly rich, even though they had unprecedented loans on their necks.\n\nSuppose reality forces central bankers and researchers to adjust their models and recognise inflation as not being temporary. In that case, there will be no other means to curb inflation than to stop buying bonds and start raising interest rates.\n\nIf investors are no longer willing to pay for government borrowing but start demanding interest rates that exceed inflation, rising interest costs may significantly increase budget deficits in many major economies. This, in turn, can lead to higher taxes.\n\n**We consider both inflation risk and the risk of rising interest rates**\n\nPerhaps I am being unfair when I accuse central bankers of stubbornly sticking to their models and ignoring reality. I, too, have been true to my views, the model of how I think the economy works, and how value is created.\n\nAs I have repeatedly emphasised, I value cash flow and profits highly. While a high debt burden can help leverage profits, I consider it a risk in the first place. I understand that, in theory, the interest rate can be any positive or negative figure. Still, I think it is dangerous to expect that interest rates will remain below inflation in the future. I suspect that central banks will ultimately have to choose whether to control inflation or interest rates.\n\nCentral banks are likely to delay raising interest rates as long as possible, as this could prove very difficult politically: higher lending rates would negatively impact the prices of almost all assets and hamper investments in development. At the same time, let’s not forget that achieving price stability is one of the main tasks of central banks, and in many countries, it’s their only task.\n\nTherefore, higher interest rates are quite certain to arrive; the only question is how long the difficult decision will be postponed. Delaying increases risks because if inflation expectations get out of control and start feeding inflation, interest rates will have to be raised even more in the future.\n\nHigher interest rates would have a devastating effect on the bond market. If interest rates were to rise by 2%, for example, the price of a ten-year ‘risk-free’ bond would fall by around 20%. Highly leveraged companies and projects would also be at risk.\n\nHigher interest rates would also adversely affect companies and projects whose income (and profits) come in the very long run. Much of the technology sector, which invests in growth and has postponed making a profit to the distant future, has low leverage levels but is still vulnerable to rising interest rates. In the second half of November, when stock markets began to decline, companies in the technology sector were among the biggest losers.\n\nThe LHV pension funds have prioritised maintaining the real value of assets, considering both the inflation risk and the risk of rising interest rates. Therefore, we avoid long-term bonds and hold short-term, low-risk bonds only for hedging and liquidity management purposes. We try to earn income from investments and projects whose cash flows are perceptible and which justify the price level of these assets.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":30.75,"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":36445},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":30.01,"unit":"%"},{"name":"Shares","value":25.02,"unit":"%"},{"name":"Equity funds","value":13.01,"unit":"%"},{"name":"Real Estate funds","value":13.32,"unit":"%"},{"name":"Private Equity funds","value":13.15,"unit":"%"},{"name":"Money and deposits","value":5.5,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| TRIGON - New Europe Fund D | 3.57% |\n| German Treasury Bill 18/05/2022 | 3.50% |\n| ZKB Gold ETF | 3.45% |\n| France Government 3% 25/04/22 | 3.35% |\n| iShares Gold Producers UCITS ETF | 3.24% |\n| German Treasury Bill 15/12/2021 | 3.20% |\n| EfTEN Kinnisvarafond | 3.16% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.63% |\n| East Capital Baltic Property Fund III | 2.31% |\n| Usaldusfond EfTEN Real Estate Fund 4 | 2.28% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.16% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.63% |\n| East Capital Baltic Property Fund III | 2.31% |\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 30.11.2021) | 206,566,844.59 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 530 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.13%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2021_12.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2020.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"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":12,"content":"### December 2021: Strong end of the year on stock markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn December, world stock markets mostly rose. The MSCI World Index, the US S&P 500, the Japanese Nikkei Index and the European Euro Stoxx 50 rose 3.2%, 3.7%, 1.6% and 5.8% over the month in euros, respectively. The MSCI Emerging Markets Index performed relatively modestly, rising 0.9% in euros during the month. The Baltic markets also rose: the Tallinn, Riga and Vilnius stock markets rose 1.6%, 0.7% and 0.6%, respectively.\n\nIn December, all major equity positions continued to rise. The largest contributors were European energy and industrial sector equities, as well as precious metals equities, which returned to their beginning-of-year levels. During 2021, we held equity investments primarily in the commodity sector, bank shares and strong industrial companies in the Nordic countries, which performed strongly against a background of rapid economic growth and rising inflationary pressures. The only stocks that remained static were precious metals, for which there was no buying interest during the positive phase of the market cycle. Currently, our major individual stock positions are in commodity-related stocks, where we see the best investment opportunities against a background of uncomfortably strong inflationary pressures.\n\nThe local private equity firm BaltCap announced that its BaltCap Infrastructure Fund planned to invest 6 million euros in developing a private school in Vilnius. The four-storey building will also have a laboratory, a gym and a swimming pool, as well as football and basketball courts on the school grounds. Construction should be completed by the end of 2023. The BaltCap fund, which is dedicated to infrastructure investments, started investing in 2017 and currently has seven investments in its portfolio.\n\nIn the last month of the year, both Alexela and Citadele repaid their bonds to Fund XL. The fund earned 5.5% per annum on the former, plus an early redemption premium, and 6.25% per annum on the latter. Both companies developed strongly in the meantime and are moving towards banks and the public market, respectively, for raising money.\n\nAs a new investment, we signed an agreement to finance Bigbank’s development plans in the form of bonds. The bonds, which meet the regulatory requirements for banks, bear an interest of 6.5% per annum, and Bigbank has the first opportunity to redeem its liabilities in five years.\n\nLocal projects continue to be clearly more attractive than the bond markets in Western Europe and the US. That’s why we focus on working with local companies.\n"},{"year":2021,"month":11,"content":"### November 2021: Investments in precious metals alleviated the decline in the banking and energy sectors\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn November, world stock markets mostly declined. As the euro strengthened by a significant 1.9% against the US dollar, only a few stock exchanges showed a slight rise in euro terms. For example, the MSCI World Index and S&P 500, which tracks the US stock market, rose 0.6% and 1.2% in euros, respectively, during the month.\n\nMeasured in euros, the Japanese Nikkei index fell 0.9%, the European Euro Stoxx 50 index 4.3% and the MSCI Emerging Markets index 2.2%. The local stock exchanges varied during the month: while the Tallinn and Vilnius stock markets grew by 0.6% and 0.9%, respectively, the Riga stock market declined by 2.5%.\n\nNovember ended with a negative result for its individual positions in listed equities, mainly due to the companies’ stock prices in the energy and banking sectors. Equity positions related to precious metals were on the plus side, and in the middle of the month, we reduced the equity risk of the fund.\n\nAmong the sales transactions concluded during the month, significantly reducing our equity positions in Swedbank and Banco Santander had the largest effect. In an environment of faster inflation, our funds hold their main investments in the stock markets’ precious metals, energy and commodities sectors more broadly.\n"},{"year":2021,"month":10,"content":"### October 2021: BaltCap Fund is participating in a large-scale investment\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nOctober led to significant growth in most of the world’s stock markets. Measured in euros, the MSCI World index rose 5.8% during the month, the US index S&P 500 rose 7.2%, the European Stoxx 50 rose 5.1% and the MSCI Emerging Markets index rose 1.2%.\n\nThe odd one out was the Japanese Nikkei index, which decreased by 3.9% measured in euros, but we should keep in mind that it was one of the few winners in September. Local stock markets also grew in October, but at a somewhat more modest pace: the Tallinn stock exchange rose 1.4%, the Riga stock exchange rose 0.4% and the Vilnius stock exchange rose 2%.\n\nMost of the companies in the fund’s portfolio reported good quarterly results during the month, as recovery from the pandemic supported profits. Profits grew the most in the energy and materials sectors, which are currently one of the key positions in our funds. Nordic listed companies, which are more dependent on the economic cycle, are also doing well and reported record quarterly profits. Investments related to precious metals, supported by growing inflationary pressure on the global economy, also contributed to the increase in the fund unit’s price.\n\nThe local private equity company BaltCap has announced that its BaltCap Infrastructure Fund is participating in a new large-scale investment to build an 85,000 square metre multifunctional sports complex in Vilnius. The project is being implemented in cooperation with the Lithuanian Ministry of Education, Science and Sport, and Vilnius City Council. This is the largest ever public-private partnership project in the Baltics.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Central bank support may not last forever**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n","text":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n\nIt cannot be said that the new wave of the pandemic was the only fear: another important risk factor is the rise in consumer prices almost everywhere. Until recently, central bankers and economists have confirmed in unison that rising prices are only a temporary phenomenon caused by upset supply chains. But these should be fixed soon or optimised to fit the new circumstances.\n\n**Faster inflation > rising interest rates > higher taxes?**\n\nUsing complex economic models, researchers predict that price growth will slow down on its own, despite central banks continuing to buy bonds from the markets and real interest rates remaining 4% and more than 5% below zero in Europe and the US, respectively. On the other hand, all those who live real life and do real business feel the effects of the prices of almost all goods rising from month to month.\n\nWith the support of central banks’ monetary policy, stock and real estate prices have been recovering faster for a long time than their dividend or rental income would justify. Nevertheless, the rise in asset prices has been welcomed, as those who own some form of real estate or a small investment portfolio have felt richer as a result.\n\nEven though wages, which have stagnated for some time in the US and many parts of Europe, have started to rise faster, the prices of goods are rising even faster, and people’s purchasing power may even decline despite higher wages.\n\nWhile in March, the prices of goods and services in the US rose by 2.6% year on year, the inflation rate in November was 6.8% year on year. In the euro area, consumer prices rose by 4.9% in November, which is slower than in the US but more than two times higher than the target set by the European Central Bank.\n\nFor a long time, central bankers have been trying to drive inflation through low interest rates and buying bonds to help reduce and alleviate the debt burden that has grown fast over the past 30 years.\n\nThe cost of servicing loans was thus reduced. Still, those with collateral increased their debt burden, as the price of money was unprecedentedly low and additional loans helped leverage existing investments, the returns on which declined as prices rose. As mentioned, those who had property felt increasingly rich, even though they had unprecedented loans on their necks.\n\nSuppose reality forces central bankers and researchers to adjust their models and recognise inflation as not being temporary. In that case, there will be no other means to curb inflation than to stop buying bonds and start raising interest rates.\n\nIf investors are no longer willing to pay for government borrowing but start demanding interest rates that exceed inflation, rising interest costs may significantly increase budget deficits in many major economies. This, in turn, can lead to higher taxes.\n\n**We consider both inflation risk and the risk of rising interest rates**\n\nPerhaps I am being unfair when I accuse central bankers of stubbornly sticking to their models and ignoring reality. I, too, have been true to my views, the model of how I think the economy works, and how value is created.\n\nAs I have repeatedly emphasised, I value cash flow and profits highly. While a high debt burden can help leverage profits, I consider it a risk in the first place. I understand that, in theory, the interest rate can be any positive or negative figure. Still, I think it is dangerous to expect that interest rates will remain below inflation in the future. I suspect that central banks will ultimately have to choose whether to control inflation or interest rates.\n\nCentral banks are likely to delay raising interest rates as long as possible, as this could prove very difficult politically: higher lending rates would negatively impact the prices of almost all assets and hamper investments in development. At the same time, let’s not forget that achieving price stability is one of the main tasks of central banks, and in many countries, it’s their only task.\n\nTherefore, higher interest rates are quite certain to arrive; the only question is how long the difficult decision will be postponed. Delaying increases risks because if inflation expectations get out of control and start feeding inflation, interest rates will have to be raised even more in the future.\n\nHigher interest rates would have a devastating effect on the bond market. If interest rates were to rise by 2%, for example, the price of a ten-year ‘risk-free’ bond would fall by around 20%. Highly leveraged companies and projects would also be at risk.\n\nHigher interest rates would also adversely affect companies and projects whose income (and profits) come in the very long run. Much of the technology sector, which invests in growth and has postponed making a profit to the distant future, has low leverage levels but is still vulnerable to rising interest rates. In the second half of November, when stock markets began to decline, companies in the technology sector were among the biggest losers.\n\nThe LHV pension funds have prioritised maintaining the real value of assets, considering both the inflation risk and the risk of rising interest rates. Therefore, we avoid long-term bonds and hold short-term, low-risk bonds only for hedging and liquidity management purposes. We try to earn income from investments and projects whose cash flows are perceptible and which justify the price level of these assets.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":25.81,"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\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":11414},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.3,"unit":"%"},{"name":"Money and deposits","value":0.7,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Lyxor Core MSCI World DR UCITS | 29.29% |\n| Amundi Prime Global UCITS ETF | 28.96% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 19.17% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 11.01% |\n| SPDR MSCI World UCITS ETF | 4.07% |\n| iShares MSCI Frontier and Select EM ETF | 3.87% |\n| HSBC MSCI Emerging Markets UCITS | 2.17% |\n| iShares MSCI EM UCITS ETF | 0.76% |\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 30.11.2021) | 54,507,364.71 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 300 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.2%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.39%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. 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_2021_02.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_2021_10.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID_2021_02.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_09_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2021_12.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2020.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_Pluss_aruanne_2018.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/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":2162},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":97.01,"unit":"%"},{"name":"Money and deposits","value":3.05,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - Global Government Bond Index | 24.58% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund | 24.28% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.17% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 23.98% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.41%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. 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":25725},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":92.11,"unit":"%"},{"name":"Bond funds","value":6.83,"unit":"%"},{"name":"Money and deposits","value":1.09,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| BlackRock ISF - Developed World Index | 28.42% |\n| BlackRock BGIF - World Equity Index | 28.16% |\n| BlackRock ISF - Developed World ex Tobacco | 24.67% |\n| BlackRock ISF - Emerging Markets Index | 10.86% |\n| BlackRock BGIF - Global Government Bond Index | 6.83% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.37%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. 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":78094},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":19.58,"unit":"%"},{"name":"Shares","value":4.03,"unit":"%"},{"name":"Equity funds","value":44.74,"unit":"%"},{"name":"Real Estate funds","value":7.9,"unit":"%"},{"name":"Private Equity funds","value":0.77,"unit":"%"},{"name":"Bond funds","value":22.15,"unit":"%"},{"name":"Money and deposits","value":0.84,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 9.74% |\n| SEB Fund 3 - SEB Global Exposure Fund | 9.56% |\n| SEB Global Exposure Fund | 9.34% |\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 6.89% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 5.28% |\n| Bundesrepublic Deutschland 0% 15.08.2031 | 4.70% |\n| Ishares III PLC - Ishares Msci World Small Cap UCITS ETF | 4.20% |\n| EfTEN Real Estate Fund IV | 3.87% |\n| Deutschland I/L Bond 0.5% 15.04.2030 | 3.78% |\n| J O Hambro Capital Management Umbrella Fund plc - Global Select Fund | 3.58% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.42% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.35% |\n| Luminor Bank FRN 03.12.2024 | 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:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.00%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 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":8.25,"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":5176},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":30.82,"unit":"%"},{"name":"Shares","value":3.64,"unit":"%"},{"name":"Equity funds","value":14.97,"unit":"%"},{"name":"Real Estate funds","value":8.82,"unit":"%"},{"name":"Private Equity funds","value":0.42,"unit":"%"},{"name":"Bond funds","value":40.3,"unit":"%"},{"name":"Money and deposits","value":1.02,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 8.78% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 8.59% |\n| Bundesrepublic Deutschland 0% 15.08.2031 | 8.36% |\n| SEB Fund 3 - SEB Global Exposure Fund | 5.03% |\n| PIMCO Global Investors Series plc - Global Investment Grade Credit Fund | 5.02% |\n| Deutschland I/L Bond 0.5% 15.04.2030 | 4.99% |\n| SEB Global Exposure Fund | 4.78% |\n| Robeco QI Global Dynamic Duration | 4.26% |\n| EfTEN Real Estate Fund IV | 4.06% |\n| Goldman Sachs Global Credit Portfolio (Hedged) | 3.57% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.50% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.61% |\n| Luminor Bank FRN 03.12.2024 | 0.90% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.99%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 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":7.84,"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":9977},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":32.45,"unit":"%"},{"name":"Equity funds","value":9.53,"unit":"%"},{"name":"Bond funds","value":54.64,"unit":"%"},{"name":"Money and deposits","value":3.39,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 24.17% |\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 23.85% |\n| iShares Core EUR Corp Bond UCITS ETF | 6.62% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.81% |\n| Deutschland I/L Bond 0.5% 15.04.2030 | 4.66% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 3.97% |\n| Deutschland I/L Bond 0.1% 15.04.2023 | 2.98% |\n| Amundi Prime Global UCITS ETF DR | 2.37% |\n| Augstsprieguma Tikls 0.5% 20.01.2027 | 2.28% |\n| Latvenergo 1.9% 10.06.2022 | 2.07% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Elering 0.875% 03.05.2023 | 2.03% |\n| Luminor Bank FRN 03.12.2024 | 0.98% |\n| Luminor Bank FRN 23.09.2026 | 0.67% |\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):** 0.50%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 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":4.51,"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":2139},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":2.57,"unit":"%"},{"name":"Equity funds","value":94.77,"unit":"%"},{"name":"Real Estate funds","value":0.27,"unit":"%"},{"name":"Money and deposits","value":2.4,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF DR | 27.11% |\n| Xtrackers MSCI World UCITS ETF | 14.96% |\n| HSBC MSCI Emerging Markets UCITS ETF | 7.25% |\n| iShares Core S&P 500 UCITS ETF | 7.23% |\n| iShares Core MSCI World UCITS ETF | 7.13% |\n| SEB Global Exposure Fund | 7.01% |\n| Ishares III PLC - Ishares Msci World Small Cap UCITS ETF | 4.54% |\n| UBS Lux Fund Solutions - MSCI Emerging Markets UCITS ETF | 4.00% |\n| J O Hambro Capital Management Umbrella Fund plc - Global Select Fund | 2.92% |\n| Lyxor Core STOXX Europe 600 DR ETF | 2.64% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Enefit Green AS | 1.29% |\n| Tallinna Sadam AS | 0.66% |\n| Hepsor AS | 0.33% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.99%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001699","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":2.28,"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":34244},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.5,"unit":"%"},{"name":"Money and deposits","value":0.53,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global Ucits ETF DR | 27.85% |\n| LYXOR Core MSCI World | 24.05% |\n| Access Global A | 17.91% |\n| SPDR MSCI World Ucits ETF | 14.93% |\n| HSBC MSCI World UCITS ETF | 14.76% |\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):** 0.33%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 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":106326},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":2.14,"unit":"%"},{"name":"Shares","value":53.32,"unit":"%"},{"name":"Equity funds","value":35.26,"unit":"%"},{"name":"Real Estate funds","value":5.73,"unit":"%"},{"name":"Private Equity funds","value":0.72,"unit":"%"},{"name":"Bond funds","value":1.28,"unit":"%"},{"name":"Money and deposits","value":1.59,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Access Europa A | 13.04% |\n| Access Edge Emerging Markets A | 7.34% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 5.61% |\n| Globalfond A | 3.75% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 3.22% |\n| Apple | 2.40% |\n| AMUNDI I.S-MSCI EME.E.L.-UCI.ETF DR USD | 2.30% |\n| Microsoft | 2.08% |\n| EfTEN Kinnisvarafond II AS | 1.43% |\n| Amundi Index Euro Corporate Sr | 1.28% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II AS | 1.43% |\n| East Capital Baltic Property Fund III | 1.04% |\n| LHV Group AS | 0.78% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.66%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 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":8.76,"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":127936},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":28.27,"unit":"%"},{"name":"Shares","value":33.35,"unit":"%"},{"name":"Equity funds","value":23.39,"unit":"%"},{"name":"Real Estate funds","value":8.3,"unit":"%"},{"name":"Private Equity funds","value":0.99,"unit":"%"},{"name":"Bond funds","value":4.46,"unit":"%"},{"name":"Money and deposits","value":1.24,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Access Europa A | 8.01% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 5.75% |\n| Access Edge Emerging Markets A | 4.54% |\n| Globalfond A | 3.28% |\n| Eften Kinnisvarafond II | 2.59% |\n| iShares JP Morgan ESG USD EM Bond UCITS ETF | 2.37% |\n| East Capital Baltic Property Fund III | 1.76% |\n| Apple | 1.49% |\n| iShares USD Corp Bond UCITS ETF | 1.41% |\n| Microsoft | 1.29% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 2.59% |\n| East Capital Baltic Property Fund III | 1.76% |\n| LHV Group VAR 250909 | 0.87% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.65%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 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":13.17,"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":34493},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":52.17,"unit":"%"},{"name":"Shares","value":18.26,"unit":"%"},{"name":"Equity funds","value":6.41,"unit":"%"},{"name":"Real Estate funds","value":11.75,"unit":"%"},{"name":"Private Equity funds","value":0.9,"unit":"%"},{"name":"Bond funds","value":9.54,"unit":"%"},{"name":"Money and deposits","value":1.01,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares JP Morgan ESG USD EM Bond UCITS ETF | 4.52% |\n| EfTEN Kinnisvarafond II AS | 4.01% |\n| Access Edge Emerging Markets A | 2.94% |\n| iShares USD Corp Bond UCITS ETF | 2.68% |\n| Corporate Bond Europe High Yield A | 2.34% |\n| East Capital Baltic Property III | 2.17% |\n| Hungary Government 0.500% 301118 | 1.76% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 1.67% |\n| Ignitis Grupe 2.000% 300521 | 1.66% |\n| Luminor Bank VAR 241203| 1.56% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.01% |\n| East Capital Baltic Property Fund III | 2.17% |\n| Luminor Bank VAR 241203 | 1.56% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.66%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 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":18.96,"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":8958},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":88.71,"unit":"%"},{"name":"Real Estate funds","value":9.64,"unit":"%"},{"name":"Money and deposits","value":1.68,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| East Capital Baltic Property Fund III | 7.57% |\n| Luminor Bank VAR 241203 | 4.64% |\n| Swedbank 0.200% 280112 | 2.91% |\n| Stellantis 4.500% 280707 | 2.82% |\n| Traton Finance Luxembourg 0.750% 290324 | 2.71% |\n| Volkswagen Financial Services 3.375% 280406 | 2.69% |\n| ING Groep VAR 310526 | 2.41% |\n| Logicor Financing 0.875% 310114 | 2.41% |\n| Altum 1.300% 250307 | 2.40% |\n| Signify 2.000% 240511 | 2.39% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 7.57% |\n| Luminor Bank VAR 241203 | 4.64% |\n| City of Tallinn Estonia FRN 271129 | 2.00% |\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 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":21.11,"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":34004},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":9.97,"unit":"%"},{"name":"Shares","value":4.38,"unit":"%"},{"name":"Equity funds","value":69.62,"unit":"%"},{"name":"Real Estate funds","value":5.31,"unit":"%"},{"name":"Private Equity funds","value":0.36,"unit":"%"},{"name":"Bond funds","value":7.92,"unit":"%"},{"name":"Money and deposits","value":2.44,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 13.53% |\n| SEB Fund 3 - SEB Global Exposure Fund | 11.97% |\n| SEB Global Exposure Fund | 11.37% |\n| Amundi Index MSCI World UCITS ETF DR | 7.40% |\n| Xtrackers MSCI World UCITS ETF | 5.41% |\n| J O Hambro Capital Management Umbrella Fund plc - Global Select Fund | 4.78% |\n| HSBC MSCI Emerging Markets UCITS ETF | 4.57% |\n| iShares III PLC - iShares MSCI World Small Cap UCITS ETF | 3.99% |\n| UBS Lux Fund Solutions - MSCI Emerging Markets UCITS ETF | 3.38% |\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 2.95% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.94% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.33% |\n| Enefit Green AS | 1.30% |\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*The ongoing charges figure is an estimate based on the current management fee and the 2020 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":7.67,"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":15986},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.93,"unit":"%"},{"name":"Money and deposits","value":0.07,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF DR | 27.91% |\n| iShares Core S&P 500 UCITS ETF | 23.28% |\n| Vanguard S&P 500 UCITS ETF | 20.02% |\n| HSBC MSCI Emerging Markets UCITS ETF | 11.36% |\n| Lyxor Core STOXX Europe 600 DR ETF | 10.14% |\n| Xtrackers Nikkei 225 UCITS ETF | 3.74% |\n| UBS Lux Fund Solutions - MSCI Canada UCITS ETF | 1.81% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 1.67% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.36%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. 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":4327},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":3.8,"unit":"%"},{"name":"Equity funds","value":5.3,"unit":"%"},{"name":"Bond funds","value":88.63,"unit":"%"},{"name":"Money and deposits","value":2.26,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Vanguard Euro Government Bond Index Fund | 17.25% |\n| Nordea 1 - US Corporate Bond Fund HBI | 14.94% |\n| Amundi Index Euro Agg Corporate SRI | 14.66% |\n| iShares Euro Investment Grade Corporate Bond | 13.13% |\n| Robeco Euro Credit Bond Fund | 9.00% |\n| iShares Euro Corporate Bond Interest Rate Hedged | 5.56% |\n| Nordea 2 - US Corporate Enhanced Bd Fd - HBI EUR | 5.09% |\n| iShares Core MSCI World UCITS ETF | 4.20% |\n| Xtrackers USD Corporate Bond UCITS ETF | 2.93% |\n| iShares Core Euro Government Bond UCITS ETF | 2.19% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Estonian Eurobond 0,125 10.06.2030 | 1.77% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.00%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":1.77,"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":2349},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.86,"unit":"%"},{"name":"Equity funds","value":24.74,"unit":"%"},{"name":"Real Estate funds","value":2.69,"unit":"%"},{"name":"Bond funds","value":67.98,"unit":"%"},{"name":"Money and deposits","value":2.72,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade Corporate Bond | 10.23% |\n| Amundi Index Euro Agg Corporate | 9.37% |\n| Neuberger Berman Emerging Market Debt - Hard | 8.18% |\n| Robeco Euro Credit Bond Fund | 7.58% |\n| Nordea 2 - Emerging Mkt Hard Ccy Bond Fd HBI-EUR | 7.16% |\n| Nordea 1 - European High Yield Bond Fund BI-EUR | 6.57% |\n| Nordea 1 - US Corporate Bond Fund HBI | 5.60% |\n| iShares S&P 500 UCITS ETF | 4.97% |\n| Vanguard Euro Government Bond Index Fund | 4.91% |\n| iShares Core MSCI World UCITS ETF | 4.69% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.69% |\n| Estonian Eurobond 0,125 10.06.2030 | 0.98% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.39%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098448","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":3.67,"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":11091},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":92.51,"unit":"%"},{"name":"Real Estate funds","value":2.45,"unit":"%"},{"name":"Bond funds","value":1.44,"unit":"%"},{"name":"Money and deposits","value":3.61,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares S&P 500 UCITS ETF | 19.49% |\n| iShares Core MSCI World UCITS ETF | 12.62% |\n| RBC Funds (Lux) – Global Equity | 9.50% |\n| iShares Core S&P 500 UCITS ETF | 7.16% |\n| Nordea 1 Emerging Stars Equity Fund | 6.22% |\n| Robeco Emerging Markets Equities Class I EUR | 6.02% |\n| Vanguard Global Stock Index Fund EUR | 5.96% |\n| Hermes Global Emerging Markets Fund | 5.75% |\n| Neuberger Berman Sustainable Global Equity Fund | 4.90% |\n| iShares STOXX Eur Small 200 UCITS | 4.59% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.30% |\n| EfTEN Kinnisvarafond AS | 0.15% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.45%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103503","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":2.45,"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":24031},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.12,"unit":"%"},{"name":"Equity funds","value":54.22,"unit":"%"},{"name":"Real Estate funds","value":5.16,"unit":"%"},{"name":"Bond funds","value":36.4,"unit":"%"},{"name":"Money and deposits","value":3.09,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 11.60% |\n| iShares S&P 500 UCITS ETF (Dist) | 10.07% |\n| Neuberger Berman Emerging Market Debt - Hard | 8.03% |\n| RBC Funds (Lux) – Global Equity Focus Fund | 4.98% |\n| Nordea 1 - Global Stars Equity Fund BI-EUR | 4.71% |\n| iShares Euro Investment Grade Corporate Bond | 4.26% |\n| Xtrackers USD Corporate Bond UCITS ETF | 4.17% |\n| Nordea 1 - European High Yield Bond Fund | 3.95% |\n| EFTEN Kinnisvarafond II AS | 3.81% |\n| Robeco Euro Credit Bond Fund | 3.78% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.81% |\n| EfTEN Kinnisvarafond AS | 1.35% |\n| Estonian Eurobond 0,125 10.06.2030 | 0.81% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.39%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098430","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":5.97,"fundManager":"Luminor"},"NIK100":{"heading":"Luminor Pensionifond Jätkusuutlik Tulevik, Indeks","id":"jatkusuutlik","code":"jatkusuutlik","dataMarker":"NIK100","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate possible short-term fluctuations in the value of the assets well in order to earn a potentially higher than average return in the long term.\n","strategy":"**Strategy**\n\nThe fund’s assets are invested in equity funds and other similar instruments. The equity risk is maintained at around 100% regardless of the situation on financial markets. The fund invests globally. The fund may invest in different industries and regions and assets denominated in different currencies.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":334},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.89,"unit":"%"},{"name":"Money and deposits","value":0.12,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI EM SRI UCITS ETF | 24.35% |\n| iShares MSCI World SRI UCITS ETF | 20.75% |\n| Amundi Index MSCI World SRI - UCITS ETF DR | 20.15% |\n| UBS (Lux) Fund Solutions - MSCI World Socially | 19.65% |\n| BNP Paribas Easy MSCI World SRI Sseries 5% | 14.99% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1,39%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001806","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor"},"SPT30":{"heading":"Luminor Intress Pluss Pensionifond","id":"intress-pluss","code":"lum_int","dataMarker":"SPT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is more than 3 years long,\n- you want to increase your pension assets, but do not want to take risks at the price of significant decrease in the value of collected assets.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,2%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109369, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.84%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":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 retirement age.\n","strategy":"**Strategy**\nThe fund makes significant investments in equity markets: to ensure maximum growth, the proportion of equity markets is kept close to 75% of the value of the fund’s assets. The proportion of equity markets may also be higher – up to 95% – or lower (in recent years close to 40%), if considered reasonable by the fund manager.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"date":"30.09.2020","capacity":"18,195,533.69 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":45.69,"unit":"%"},{"name":"Shares","value":19.81,"unit":"%"},{"name":"Equity funds","value":9.36,"unit":"%"},{"name":"Real Estate funds","value":15.61,"unit":"%"},{"name":"Private Equity funds","value":3,"unit":"%"},{"name":"Money and deposits","value":6.54,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021.\n\n| Biggest investments | |\n|---|---:|\n| France Government 3% 25/04/22 | 8.04% |\n| German Government 1.5% 04/09/22 | 7.45% |\n| France Government 2.25% 25/10/22 | 7.01% |\n| German Treasury Bill 15/12/2021 | 5.35% |\n| EfTEN Kinnisvarafond | 4.33% |\n| German Treasury Bill 23/02/2022 | 3.41% |\n| German Treasury Bill 18/05/2022 | 2.93% |\n| ZKB Gold ETF | 2.85% |\n| East Capital Baltic Property Fund III | 2.75% |\n| iShares Gold Producers UCITS ETF | 2.64% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.33% |\n| East Capital Baltic Property Fund III | 2.75% |\n| East Capital Baltic Property Fund II | 2.23% |\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 30.11.2021) | 20,565,440.95 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Rate of the depository’s charge:** 0.0528%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.40%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. 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_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Taiendav_kuuaruanne_2021_12.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_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"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":12,"content":"### December 2021: Strong end of the year on stock markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn December, world stock markets mostly rose. The MSCI World Index, the US S&P 500, the Japanese Nikkei Index and the European Euro Stoxx 50 rose 3.2%, 3.7%, 1.6% and 5.8% over the month in euros, respectively. The MSCI Emerging Markets Index performed relatively modestly, rising 0.9% in euros during the month. The Baltic markets also rose: the Tallinn, Riga and Vilnius stock markets rose 1.6%, 0.7% and 0.6%, respectively.\n\nIn December, all major equity positions continued to rise. The largest contributors were European energy and industrial sector equities, as well as precious metals equities, which returned to their beginning-of-year levels. During 2021, we held equity investments primarily in the commodity sector, bank shares and strong industrial companies in the Nordic countries, which performed strongly against a background of rapid economic growth and rising inflationary pressures. The only stocks that remained static were precious metals, for which there was no buying interest during the positive phase of the market cycle. Currently, our major individual stock positions are in commodity-related stocks, where we see the best investment opportunities against a background of uncomfortably strong inflationary pressures.\n"},{"year":2021,"month":11,"content":"### November 2021: Investments in precious metals alleviated the decline in the banking and energy sectors\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn November, world stock markets mostly declined. As the euro strengthened by a significant 1.9% against the US dollar, only a few stock exchanges showed a slight rise in euro terms. For example, the MSCI World Index and S&P 500, which tracks the US stock market, rose 0.6% and 1.2% in euros, respectively, during the month.\n\nMeasured in euros, the Japanese Nikkei index fell 0.9%, the European Euro Stoxx 50 index 4.3% and the MSCI Emerging Markets index 2.2%. The local stock exchanges varied during the month: while the Tallinn and Vilnius stock markets grew by 0.6% and 0.9%, respectively, the Riga stock market declined by 2.5%.\n\nNovember ended with a negative result for its individual positions in listed equities, mainly due to the companies’ stock prices in the energy and banking sectors. Equity positions related to precious metals were on the plus side, and in the middle of the month, we reduced the equity risk of the fund.\n\nAmong the sales transactions concluded during the month, significantly reducing our equity positions in Swedbank and Banco Santander had the largest effect. In an environment of faster inflation, our funds hold their main investments in the stock markets’ precious metals, energy and commodities sectors more broadly.\n"},{"year":2021,"month":10,"content":"### October 2021: Stock markets recovered from the September decline\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nOctober led to significant growth in most of the world’s stock markets. Measured in euros, the MSCI World index rose 5.8% during the month, the US index S&P 500 rose 7.2%, the European Stoxx 50 rose 5.1% and the MSCI Emerging Markets index rose 1.2%.\n\nThe odd one out was the Japanese Nikkei index, which decreased by 3.9% measured in euros, but we should keep in mind that it was one of the few winners in September. Local stock markets also grew in October, but at a somewhat more modest pace: the Tallinn stock exchange rose 1.4%, the Riga stock exchange rose 0.4% and the Vilnius stock exchange rose 2%.\n\nMost of the companies in the fund’s portfolio reported good quarterly results during the month, as recovery from the pandemic supported profits. Profits grew the most in the energy and materials sectors, which are currently one of the key positions in our funds. Nordic listed companies, which are more dependent on the economic cycle, are also doing well and reported record quarterly profits. Investments related to precious metals, supported by growing inflationary pressure on the global economy, also contributed to the increase in the fund unit’s price.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Central bank support may not last forever**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n","text":"November started in a cheerful mood in the stock markets, which helped reach a new record high in both the European and US stock markets in the middle of the month. In the last weeks of the month, the mood changed and the stock markets reversed, leaving the MSCI World Index for November at 0.6% in euros. One reason for this was the spread of a new coronavirus variant that could lead to renewed restrictions on economic activities, which had almost revived in the meantime.\n\nIt cannot be said that the new wave of the pandemic was the only fear: another important risk factor is the rise in consumer prices almost everywhere. Until recently, central bankers and economists have confirmed in unison that rising prices are only a temporary phenomenon caused by upset supply chains. But these should be fixed soon or optimised to fit the new circumstances.\n\n**Faster inflation > rising interest rates > higher taxes?**\n\nUsing complex economic models, researchers predict that price growth will slow down on its own, despite central banks continuing to buy bonds from the markets and real interest rates remaining 4% and more than 5% below zero in Europe and the US, respectively. On the other hand, all those who live real life and do real business feel the effects of the prices of almost all goods rising from month to month.\n\nWith the support of central banks’ monetary policy, stock and real estate prices have been recovering faster for a long time than their dividend or rental income would justify. Nevertheless, the rise in asset prices has been welcomed, as those who own some form of real estate or a small investment portfolio have felt richer as a result.\n\nEven though wages, which have stagnated for some time in the US and many parts of Europe, have started to rise faster, the prices of goods are rising even faster, and people’s purchasing power may even decline despite higher wages.\n\nWhile in March, the prices of goods and services in the US rose by 2.6% year on year, the inflation rate in November was 6.8% year on year. In the euro area, consumer prices rose by 4.9% in November, which is slower than in the US but more than two times higher than the target set by the European Central Bank.\n\nFor a long time, central bankers have been trying to drive inflation through low interest rates and buying bonds to help reduce and alleviate the debt burden that has grown fast over the past 30 years.\n\nThe cost of servicing loans was thus reduced. Still, those with collateral increased their debt burden, as the price of money was unprecedentedly low and additional loans helped leverage existing investments, the returns on which declined as prices rose. As mentioned, those who had property felt increasingly rich, even though they had unprecedented loans on their necks.\n\nSuppose reality forces central bankers and researchers to adjust their models and recognise inflation as not being temporary. In that case, there will be no other means to curb inflation than to stop buying bonds and start raising interest rates.\n\nIf investors are no longer willing to pay for government borrowing but start demanding interest rates that exceed inflation, rising interest costs may significantly increase budget deficits in many major economies. This, in turn, can lead to higher taxes.\n\n**We consider both inflation risk and the risk of rising interest rates**\n\nPerhaps I am being unfair when I accuse central bankers of stubbornly sticking to their models and ignoring reality. I, too, have been true to my views, the model of how I think the economy works, and how value is created.\n\nAs I have repeatedly emphasised, I value cash flow and profits highly. While a high debt burden can help leverage profits, I consider it a risk in the first place. I understand that, in theory, the interest rate can be any positive or negative figure. Still, I think it is dangerous to expect that interest rates will remain below inflation in the future. I suspect that central banks will ultimately have to choose whether to control inflation or interest rates.\n\nCentral banks are likely to delay raising interest rates as long as possible, as this could prove very difficult politically: higher lending rates would negatively impact the prices of almost all assets and hamper investments in development. At the same time, let’s not forget that achieving price stability is one of the main tasks of central banks, and in many countries, it’s their only task.\n\nTherefore, higher interest rates are quite certain to arrive; the only question is how long the difficult decision will be postponed. Delaying increases risks because if inflation expectations get out of control and start feeding inflation, interest rates will have to be raised even more in the future.\n\nHigher interest rates would have a devastating effect on the bond market. If interest rates were to rise by 2%, for example, the price of a ten-year ‘risk-free’ bond would fall by around 20%. Highly leveraged companies and projects would also be at risk.\n\nHigher interest rates would also adversely affect companies and projects whose income (and profits) come in the very long run. Much of the technology sector, which invests in growth and has postponed making a profit to the distant future, has low leverage levels but is still vulnerable to rising interest rates. In the second half of November, when stock markets began to decline, companies in the technology sector were among the biggest losers.\n\nThe LHV pension funds have prioritised maintaining the real value of assets, considering both the inflation risk and the risk of rising interest rates. Therefore, we avoid long-term bonds and hold short-term, low-risk bonds only for hedging and liquidity management purposes. We try to earn income from investments and projects whose cash flows are perceptible and which justify the price level of these assets.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Täiendav Pensionifond","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":16.64,"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**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.2%"},"fundInfo":{"date":"30.09.2020","capacity":"8,094,598.17 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.65,"unit":"%"},{"name":"Money and deposits","value":1.35,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 26.90% |\n| Lyxor Core MSCI World DR UCITS | 24.95% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 18.73% |\n| SPDR MSCI World UCITS ETF | 10.64% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 6.28% |\n| HSBC MSCI Emerging Markets UCITS | 5.49% |\n| iShares MSCI Frontier and Select EM ETF | 3.55% |\n| iShares MSCI EM UCITS ETF | 2.12% |\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 30.11.2021) | 19,560,761.48 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0528%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.2%\n\n**Ongoing charges (inc management fee):** 0.42%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused_2021_02.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_2021_02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID_2021_02.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2021_12.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2019.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"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/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**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109419","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET100":{"heading":"SEB Aktiivne Pensionifond","id":"aktiivne","code":"seb_akt","dataMarker":"SET100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nThe fund invests up to 100% of the assets in shares. Investing mainly in shares involves higher risks, resulting in big fluctuations in the value of the fund's assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"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**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600074076, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.78%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":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**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600008934, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.27%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Aktsiad 100 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"**Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,5%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600098422, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.5%\n\n**Ongoing charges (inc management fee):** 2.12%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"**Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,95%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600007530, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.95%\n\n**Ongoing charges (inc management fee):** 1.23%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"**Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,05%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071031, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.05%\n\n**Ongoing charges (inc management fee):** 1.31%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"**Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,15%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071049, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.15%\n\n**Ongoing charges (inc management fee):** 1.39%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109484,IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.40%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109484","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.3%"},"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**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001707, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.3%\n\n**Ongoing charges (inc management fee):** 0.36%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001707","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LRK100":{"heading":"LHV Pensionifond Roheline","id":"roheline","code":"roheline","dataMarker":"LRK100","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","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":11237},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":0.3,"unit":"%"},{"name":"Shares","value":40.93,"unit":"%"},{"name":"Equity funds","value":56.44,"unit":"%"},{"name":"Real Estate funds","value":1.19,"unit":"%"},{"name":"Money and deposits","value":1.13,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021\n\n| Biggest investments | |\n|---|---:|\n| Global X Lithium and Battery Tech | 9.81% |\n| Invesco Solar ETF | 8.84% |\n| Global X Copper Miners ETF | 6.13% |\n| iShares Global Clean Energy ET | 5.07% |\n| L and G Battery Value-Chain UCITS | 4.19% |\n| L and G Hydrogen Economy UCITS ETF | 4.12% |\n| Lucid Group | 4.06% |\n| iShares Inc iShares ESG Aware | 4.04% |\n| First Trust Global Wind Energy | 3.28% |\n| Aker Carbon Capture | 3.26% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.19% |\n| Hepsor | 1.02% |\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 30.11.2021) | 45,880,692.89 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 1,000,000.002 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.4067%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.01%\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_2021.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_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2021_12.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001723","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":2.21,"fundManager":"LHV"},"LRT100":{"heading":"LHV Pensionifond Roheline Pluss","id":"roheline-pluss","code":"rohelinepluss","dataMarker":"LRT100","securityId":189345,"suitability":"**Suitable if**\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,49%"},"fundInfo":{"date":"30.09.2020","capacity":"7,003,906.73 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":36.14,"unit":"%"},{"name":"Equity funds","value":57.36,"unit":"%"},{"name":"Real Estate funds","value":1.94,"unit":"%"},{"name":"Money and deposits","value":4.56,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.11.2021.\n\n| Biggest investments | |\n|---|---:|\n| Global X Lithium and Battery Tech | 9.24% |\n| Invesco Solar ETF | 8.54% |\n| iShares Global Clean Energy ET | 8.41% |\n| Global X Copper Miners ETF | 6.49% |\n| iShares Inc iShares ESG Aware | 4.94% |\n| Lucid Group | 4.21% |\n| L and G Battery Value-Chain UCITS | 3.61% |\n| Aker Carbon Capture | 2.97% |\n| Ignitis Grupe | 2.64% |\n| First Trust Global Wind Energy | 2.40% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.94% |\n| Hepsor | 0.94% |\n"}]},{"id":"info","title":"Information about the fund","active":true,"content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.11.2021) | 5,533,661.29 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 468 750 units |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0528%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n\n**Ongoing charges (inc management fee):** 1.03%\n\n*The ongoing charges have been estimated, based on the expected total of charges. The annual report of the fund provides details of the paid fees for each year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_prospekt_2021.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_kuuaruanne_2021_12.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Roheline Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001764","strategyType":null,"managementStyle":"Active","riskLevel":6,"countryShareEe":2.88,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV30":{"heading":"Swedbank Pensionifond V30 indeks (exit restricted)","id":"swedv30","code":"v30indeks","dataMarker":"SWV30","securityId":204900,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver with moderate risk tolerance,\n- your goal is asset stability and long-term growth (min. 5 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 30% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 30% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001749, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.40%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001749","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV60":{"heading":"Swedbank Pensionifond V60 indeks (exit restricted)","id":"swedv60","code":"v60indeks","dataMarker":"SWV60","securityId":204901,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance,\n- your goal is a higher growth of assets in the medium or long term (min. 7 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 60% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 60% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001731, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.40%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001731","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NIT100":{"heading":"Luminor Täiendav Pensionifond Jätkusuutlik Tulevik, Indeks","id":"jatkusuutlik-taiendav","code":"jatkusuutlik-taiendav","dataMarker":"NIT100","securityId":213281,"active":true,"suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate a short-term decrease in the value of assets well.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"0,25%","managementFee":"0,25%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001798, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0,25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0,25%\n\n**Ongoing charges (inc management fee):** 0,56%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001798","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWI100":{"heading":"Swedbank III Samba Pensionifond Indeks","id":"swi100","code":"SWI100","dataMarker":"SWI100","securityId":218897,"active":true,"suitability":"**Suitable if**\n- you want your pension money to follow the movement of global stock markets,\n- your goal is higher asset growth over a longer time horizon (at least 10 years),\n- you are ready that the value of your assets may fluctuate more.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.)\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001822, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001822","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":0,"transactionDaysForSell":1,"transactionDaysForExchange":3},"SWK100":{"heading":"Swedbank Pensionifond Indeks","id":"swk100","code":"SWK100","dataMarker":"SWK100","suitability":"**Suitable if**\n- your goal is higher growth of your pension money over a longer period (at least 10 years);\n- you want your pension money to follow global equity markets and you are prepared for bigger fluctuations in the value of your assets;\n- you want your pension money to be invested sustainably.\n","strategy":"**Strategy**\n\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.)\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":697},"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:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.33%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001814","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank"}}