{"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":4465},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":91.42,"unit":"%"},{"name":"Money and deposits","value":8.58,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 9.84% |\n| France Government 2.25% 25/10/22 | 7.48% |\n| German Government 1.5% 04/09/22 | 7.37% |\n| German Treasury Bill 25/08/2021 | 7.36% |\n| France Treasury Bill 25/08/2021 | 5.78% |\n| Temasek 0.5% 01/03/22 | 4.59% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.21% |\n| BNP Paribas 2.875% 24/10/22 | 3.40% |\n| Bank of America 04/05/23 | 3.35% |\n| ALTUMG 1.3% 07/03/25 | 2.99% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 9.84% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.121% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 2.95% |\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 31.07.2021) | 19,028,325.68 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 80 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,486%\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 August 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2021_08.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":8,"content":"### August 2021: Transpordi Varahaldus redeemed bonds\n\nRomet Enok, Fund Manager\n\nOne of the fund’s direct investments ended in August when Transpordi Varahaldus redeemed its bonds before maturity. We had signed bond agreements in the spring of 2017 to finance the company’s aircraft fleet. In the meantime, the investment paid interest at a rate of 2.85% per annum, which was a better than the European bond market average over the same period.\n\nBond markets in Europe remained mainly negative in August, losing about half a per cent in price. In the listed bonds portfolio, we keep the risks low both in terms of interest rates and by avoiding low-rated corporate bonds.\n"},{"year":2021,"month":7,"content":"### July 2021: Central banks will continue to support bond prices\n\nRomet Enok, Fund Manager\n\nInflation is currently a major issue in bond markets. On the one hand, analysts assume that the price increase is a temporary phenomenon after easing the pandemic-related restrictions. Still, on the other hand, “temporary” and “permanent” are categories that will only be confirmed afterwards.\n\nCentral banks have consistently remained on the side of a temporary phenomenon on this issue because, although inflation has accelerated, bond prices have also risen at the same time. In looking for the cause of such an anomaly, there is a consensus on central banks’ purchasing programs.\n\nWe did not add any new investments to the fund in July. Shorter-term German and French government bonds currently account for a much larger than usual share of the fund’s portfolio. We will finance the expected payments to those leaving the pension system at the beginning of September from their sale.\n"},{"year":2021,"month":6,"content":"### June 2021: We steered clear of a bond market decline\n\nRomet Enok, Fund Manager\n\nJune was moderately positive in European bond markets, with all major markets remaining on the positive side. However, the same cannot be said for the whole of the first half of the year. The economic recovery boosted interest in equities in the markets, which was understandably offset by a decline in the desire to buy low-risk bonds. In the lowest-risk securities, i.e. government bonds, the decline reached almost 3% in the first half of the year.\n\nWe have been refraining from adding bonds with higher price volatility to the fund for a long time, and therefore, the fund was not affected by the market decline in the first half of the year.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Half a century since the end of the gold standard**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n","text":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n\nAt the same time, the Japanese and Chinese stock markets fell moderately: The Nikkei index lost 4.2% of its value and the CSI300 index, which reflects Chinese stock markets, lost 6%. In emerging markets, losses were even bigger: The MSCI Emerging Market index fell by 7.1% in euros during the month. However, Estonian investors had reason to rejoice in July, as the value of companies on the Tallinn stock market rose by 7% during the month.\n\n**The era of unsecured money**\n\nFifty years ago, in August 1971, President Richard Nixon informed the world that the US dollar would no longer be pegged to gold. The era of the gold standard was over. Under the Bretton Woods agreement, many other countries pegged their currencies to the dollar, and the US Federal Reserve promised that dollars could be exchanged for gold at any time at a rate of $35 for an ounce of gold.\n\nThe current so-called unsecured monetary system is therefore only fifty years young and is not guaranteed by anything other than trust in the money-issuing government. The main reason why the US abandoned the gold standard half a century ago was that the US current account was strongly negative. Namely, the country imported significantly more goods and services than it exported, and the US liabilities to the rest of the world kept growing.\n\nSince the gold standard, the world has seen various currency crises. Foreign exchange markets closely monitored both government fiscal policy and central bank monetary policy to predict changes in inflation rates and interest rate movements.\n\nAbout ten years ago, however, investor attitudes to governments’ large budget deficits and their financing by central banks changed. In the past, it was feared this would lead to accelerating inflation and a fall in the exchange rate. Over the past ten years, on the other hand, markets have tended to favour government and central bank intervention, despite its long-term consequences.\n\nThe time horizon has become shorter for investors and society as a whole, and no one really ponders the fact that money-printing itself does not create value. The money borrowed must be productively invested so that it can be repaid with interest in the future. Record-low interest rates have another negative side effect, namely an increase in speculative and inefficient investments that do not create new value.\n\n**The declining utility of loan money**\n\n[Marginal utility](https://en.wikipedia.org/wiki/Marginal_utility) is one of the most important concepts in economics, and it also applies to lending. Each subsequent dollar or euro borrowed creates slightly less new value than the previous one.\n\nWhile government debt was already alarmingly high before the pandemic, fighting the virus and reviving the economy have brought on commitments at an unprecedented rate. The cheap price of money has motivated spending too lightly at times. Inflation results when a growing money supply chases a limited supply of goods or services. Over the past ten years, inflation has manifested itself primarily in the prices of various assets, as it was possible to ask for additional loans secured by assets. This year, however, we have also seen the growth of consumer goods prices accelerate faster than before.\n\nIn the USA, the consumer price index rose by 5.4% year-on-year in July, and in Estonia, the inflation rate reached 5% last month. Central bankers argue that the rapid rise in prices is temporary due to the low base a year ago and the impact of the coronavirus on global supply chains.\n\nLooking at long-term government bond yields (US and German ten-year bond yields are 1.3% and –0.5%, respectively), bond investors are not particularly worried about inflation either. Similarly, the decline in commodity prices in recent months points to a possible slowdown in inflation over the next 12 months.\n\nMore than an acceleration in inflation, I fear a possible erratic restructuring of a heavily indebted economy. In a situation where everyone owes everyone, the insolvency of a major corporation or even a government can cause a chain reaction. Moderate inflation would be welcome as long as it does not lead to higher interest rates.\n\n**We are getting ready to make payments**\n\nCentral bank money taps have been open wide for a very long time and interest rates are very low, meaning that all asset classes trade at very high price levels. In such an environment, it is worth preferring companies with good growth prospects or investments that have a somewhat limited loss risk in the case of a negative scenario.\n\nLHV pension funds made no major new investments in July. However, one of our largest bond investments ended when the new owners of Peetri Keskus decided to redeem their liabilities to pension funds that were assumed at the beginning of last year. The average interest return on the bonds was 7% per annum, plus an early redemption fee.\n\nGerman and French government bonds currently account for a much more significant than usual share in our fund portfolios. We will finance payments to those leaving the pension system at the beginning of September from the sale of these. After that, the distribution of assets in higher-risk funds will become closer to the goal we have been moving towards for a long time.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":19.69,"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":7891},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":94.45,"unit":"%"},{"name":"Money and deposits","value":5.55,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 9.52% |\n| German Treasury Bill 25/08/2021 | 9.03% |\n| German Government 1.5% 04/09/22 | 8.63% |\n| German Government 2.25% 04/09/21 | 6.56% |\n| Temasek 0.5% 01/03/22 | 6.29% |\n| Latvenergo 1.9% 10/06/22 | 6.08% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 5.71% |\n| France Government 3.25% 25/10/21 | 5.03% |\n| France Treasury Bill 25/08/2021 | 4.99% |\n| France Government 2.25% 25/10/22 | 4.34% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 9.52% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 5.71% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.21% |\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 31.07.2021) | 42,119,606.37 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 150 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\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 August 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2021_08.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":8,"content":"### August 2021: Transpordi Varahaldus redeemed bonds \n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nOne of the fund’s direct investments ended in August when Transpordi Varahaldus redeemed its bonds before maturity. We had signed bond agreements in the spring of 2017 to finance the company’s aircraft fleet. In the meantime, the investment paid interest at a rate of 2.85% per annum, which was a better than the European bond market average over the same period.\n\nBond markets in Europe remained mainly negative in August, losing about half a per cent in price. In the listed bonds portfolio, we keep the risks low both in terms of interest rates and by avoiding low-rated corporate bonds.\n"},{"year":2021,"month":7,"content":"### July 2021: Central banks will continue to support bond prices\n\nRomet Enok, Fund Manager\n\nInflation is currently a major issue in bond markets. On the one hand, analysts assume that the price increase is a temporary phenomenon after easing the pandemic-related restrictions. Still, on the other hand, “temporary” and “permanent” are categories that will only be confirmed afterwards.\n\nCentral banks have consistently remained on the side of a temporary phenomenon on this issue because, although inflation has accelerated, bond prices have also risen at the same time. In looking for the cause of such an anomaly, there is a consensus on central banks’ purchasing programs.\n\nWe did not add any new investments to the fund in July. Shorter-term German and French government bonds currently account for a much larger than usual share of the fund’s portfolio. We will finance the expected payments to those leaving the pension system at the beginning of September from their sale.\n"},{"year":2021,"month":6,"content":"### June 2021: We acquired Eastnine bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAs a major new investment, we acquired the bonds of Eastnine, a real estate company focused primarily on office buildings in Vilnius. The company issued bonds for the first time, the money was borrowed for three years, and investors are paid 5% interest per annum. Should interest rates in Europe rise so much that Euribor becomes positive again, this will be in addition to the 5% annual interest rate under the terms of the bond. The company is listed on the Stockholm stock exchange, and bonds are an important part of its financing plan.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Half a century since the end of the gold standard**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n","text":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n\nAt the same time, the Japanese and Chinese stock markets fell moderately: The Nikkei index lost 4.2% of its value and the CSI300 index, which reflects Chinese stock markets, lost 6%. In emerging markets, losses were even bigger: The MSCI Emerging Market index fell by 7.1% in euros during the month. However, Estonian investors had reason to rejoice in July, as the value of companies on the Tallinn stock market rose by 7% during the month.\n\n**The era of unsecured money**\n\nFifty years ago, in August 1971, President Richard Nixon informed the world that the US dollar would no longer be pegged to gold. The era of the gold standard was over. Under the Bretton Woods agreement, many other countries pegged their currencies to the dollar, and the US Federal Reserve promised that dollars could be exchanged for gold at any time at a rate of $35 for an ounce of gold.\n\nThe current so-called unsecured monetary system is therefore only fifty years young and is not guaranteed by anything other than trust in the money-issuing government. The main reason why the US abandoned the gold standard half a century ago was that the US current account was strongly negative. Namely, the country imported significantly more goods and services than it exported, and the US liabilities to the rest of the world kept growing.\n\nSince the gold standard, the world has seen various currency crises. Foreign exchange markets closely monitored both government fiscal policy and central bank monetary policy to predict changes in inflation rates and interest rate movements.\n\nAbout ten years ago, however, investor attitudes to governments’ large budget deficits and their financing by central banks changed. In the past, it was feared this would lead to accelerating inflation and a fall in the exchange rate. Over the past ten years, on the other hand, markets have tended to favour government and central bank intervention, despite its long-term consequences.\n\nThe time horizon has become shorter for investors and society as a whole, and no one really ponders the fact that money-printing itself does not create value. The money borrowed must be productively invested so that it can be repaid with interest in the future. Record-low interest rates have another negative side effect, namely an increase in speculative and inefficient investments that do not create new value.\n\n**The declining utility of loan money**\n\n[Marginal utility](https://en.wikipedia.org/wiki/Marginal_utility) is one of the most important concepts in economics, and it also applies to lending. Each subsequent dollar or euro borrowed creates slightly less new value than the previous one.\n\nWhile government debt was already alarmingly high before the pandemic, fighting the virus and reviving the economy have brought on commitments at an unprecedented rate. The cheap price of money has motivated spending too lightly at times. Inflation results when a growing money supply chases a limited supply of goods or services. Over the past ten years, inflation has manifested itself primarily in the prices of various assets, as it was possible to ask for additional loans secured by assets. This year, however, we have also seen the growth of consumer goods prices accelerate faster than before.\n\nIn the USA, the consumer price index rose by 5.4% year-on-year in July, and in Estonia, the inflation rate reached 5% last month. Central bankers argue that the rapid rise in prices is temporary due to the low base a year ago and the impact of the coronavirus on global supply chains.\n\nLooking at long-term government bond yields (US and German ten-year bond yields are 1.3% and –0.5%, respectively), bond investors are not particularly worried about inflation either. Similarly, the decline in commodity prices in recent months points to a possible slowdown in inflation over the next 12 months.\n\nMore than an acceleration in inflation, I fear a possible erratic restructuring of a heavily indebted economy. In a situation where everyone owes everyone, the insolvency of a major corporation or even a government can cause a chain reaction. Moderate inflation would be welcome as long as it does not lead to higher interest rates.\n\n**We are getting ready to make payments**\n\nCentral bank money taps have been open wide for a very long time and interest rates are very low, meaning that all asset classes trade at very high price levels. In such an environment, it is worth preferring companies with good growth prospects or investments that have a somewhat limited loss risk in the case of a negative scenario.\n\nLHV pension funds made no major new investments in July. However, one of our largest bond investments ended when the new owners of Peetri Keskus decided to redeem their liabilities to pension funds that were assumed at the beginning of last year. The average interest return on the bonds was 7% per annum, plus an early redemption fee.\n\nGerman and French government bonds currently account for a much more significant than usual share in our fund portfolios. We will finance payments to those leaving the pension system at the beginning of September from the sale of these. After that, the distribution of assets in higher-risk funds will become closer to the goal we have been moving towards for a long time.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":19.69,"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":13029},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":61,"unit":"%"},{"name":"Shares","value":14.03,"unit":"%"},{"name":"Equity funds","value":5.69,"unit":"%"},{"name":"Real Estate funds","value":12.48,"unit":"%"},{"name":"Private Equity funds","value":4.91,"unit":"%"},{"name":"Money and deposits","value":1.89,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| German Treasury Bill 25/08/2021 | 5.17% |\n| France Government 2.25% 25/10/22 | 4.80% |\n| German Government 1.5% 04/09/22 | 4.79% |\n| German Government 2.25% 04/09/21 | 4.47% |\n| France Treasury Bill 25/08/2021 | 3.58% |\n| EfTEN Kinnisvarafond | 3.49% |\n| ZKB Gold ETF | 3.31% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.01% |\n| Luminor 0.792% 03/12/24 | 2.44% |\n| France Government 3.25% 25/10/21 | 2.30% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.49% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3,02% |\n| Luminor 0.792% 03/12/24 | 2.44% |\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 31.07.2021) | 125,842,507.61 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 400 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\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 August 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2021_08.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":8,"content":"### August 2021: Production building acquired in Lasnamäe\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn August, world stock markets continued to rise. The MSCI World index rose 3% in euros, the S&P 500 index, which tracks the US stock market, rose 3.4% in euros, the Euro Stoxx 50 rose 2.6% and the Japanese Nikkei index rose 3.2% in euros.\n\nEmerging markets moved at a similar pace: The MSCI Emerging Markets Index showed a 2.9% increase in euros during the month. The local Baltic stock markets rose significantly in August, led by the Tallinn stock market with 12.9% growth. The Riga and Vilnius stock markets rose relatively equally by 4.1% and 4%, respectively.\n\nIn August, LHV pension funds acquired a production building in the Lasnamäe district in Tallinn to earn long-term rental income. The production building at 3/5 Taevakivi St. was built in several stages between 2006 and 2012 and has a leasable area of approximately 10,000 m2. The entire building is leased to Plastone OÜ, a company with a Nordic background, which produces plastic accessories for medical, electrical and electronics companies.\n\nIn addition to the production building in Lasnamäe, LHV pension funds own the Valge Maja office building in the centre of Tallinn, the Microsoft office building on the TalTech campus, three stock office-type commercial buildings in Jüri and 127 rental apartments called Lumi Kodud in the North Tallinn district. At the end of 2021, another 164 rental apartments will be completed for the pension funds on Mustamäe Road in Tallinn.\n\nIn August, a directly acquired stake in Bank North, which is starting operations in the United Kingdom, was added to the fund’s portfolio. The Bank will focus on lending to small- and medium-sized enterprises operating outside London. The founders have long-term banking experience, and the Bank’s investors include local entrepreneurs and companies.\n\nOne of our most significant investments ended in August when Transpordi Varahaldus redeemed its bonds before maturity. These offered the fund an attractive return compared to the bond markets. In the future, given the new legal requirements, we will focus on investments with higher expected returns.\n"},{"year":2021,"month":7,"content":"### July 2021: Peetri Keskus bonds were redeemed before maturity\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn July, the euro weakened against the US dollar by only 0.1%, and as a result, the performance of world stock markets was similar in euros and dollars. The MSCI World, the US S&P 500 and the European Euro Stoxx 50 index rose 1.8%, 2.2% and 0.7% over the month in euros, respectively.\n\nThe Japanese Nikkei index showed a very different result among developed markets, falling by 4.2% measured in euros in July. The MSCI Emerging Markets index also moved downward, depreciating by 7.1% in euros.\n\nHowever, the local Baltic stock markets grew in July, and Tallinn was the strongest performer with a 7% rise. This was followed by the Vilnius and Riga stock markets, rising by 4.4% and 1.4%, respectively.\n\nThe domestic private equity firm BaltCap announced that the BaltCap Infrastructure Fund, managed by them, will sell its stake in Energia Verde. This is a biomass-based power plant that mainly supplies the district heating system in Riga. The company is being acquired by Gren, a green energy company based in Northern Europe and held by the international private equity firm Partners Group. BaltCap Infrastructure Fund invested in the Energia Verde power plant in 2018. The fund focuses on infrastructure-related investments, mainly in the Baltics.\n\nIn July, one of our largest bond investments ended somewhat unexpectedly. At the beginning of last year, we entered into agreements to finance the newly built Peetri Keskus in Peetri Village near Tallinn with bonds. Although the period since then has been very difficult for the entire service sector due to coronavirus restrictions, Peetri Keskus proved its necessity and viability. The centre is now moving forward with new lenders and redeemed all its liabilities to the fund. The average interest return on several bonds related to the Peetri Keskus was 7% per annum, plus an early redemption fee.\n\nWe did not add any new investments to the fund in July. Shorter-term German and French government bonds currently account for a much larger than usual share of the fund’s portfolio. From their sale, we will finance the expected payments to those leaving the pension system at the beginning of September.\n"},{"year":2021,"month":6,"content":"### June 2021: The BaltCap fund sold its stake in a waste management company\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn June, world stock markets continued to rise in euros, supported to some extent by the 3.1% strengthening of the euro against the US dollar over the month. The MSCI World Index rose 4.6% in euros, and the US S&P 500 index rose 2.9%. The Nasdaq Composite index, which reflects the US technology sector, showed outstanding results, growing by 8.6% in euros.\n\nIn Europe, however, the Euro Stoxx 50 performed modestly, rising 0.7%. Japan’s Nikkei index rose 1.5% in euros, and the MSCI Emerging Markets index rose by 3.1%. Of the local Baltic stock markets, Tallinn and Riga remained on the rise, growing by 2.3% and 3.6%, respectively, in June. The Vilnius stock market showed a completely different result, falling by 1.5%.\n\nAt the end of June, the domestic private equity company BaltCap announced that their BaltCap Private Equity Fund II would sell its 75% stake in Eesti Keskkonnateenused AS. The buyer was MBA Investeeringud OÜ, owned by the management members and shareholders of Eesti Keskkonnateenused AS. Eesti Keskkonnateenused AS provides waste management services in Estonia, and the BaltCap fund made its investment in 2015. Within six years, the company has grown organically and through five acquisitions, resulting in a strong market position and a wide range of services.\n\nIn the bond portfolio, the month brought news about our two investments, Sunly and Ekspress Group. The latter plans to sell its printing business and focus on developing digital media. Sunly announced the raising of large amounts of money through the addition of new shareholders. The news from both companies is clearly positive for the bond investor and shows that the companies are developing in the right direction.\n\nAs a major new investment, we acquired the bonds of Eastnine, a real estate company focused primarily on office buildings in Vilnius. The company issued bonds for the first time, the money was borrowed for three years, and investors are paid 5% interest per annum. We see an opportunity for a further price rise of the bond, which could bring the desired minimum return of 6–7% to the fund.\n\nBond markets on European stock exchanges were in clear decline in the first half of the year, and we will continue to focus mainly on OTC opportunities.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Half a century since the end of the gold standard**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n","text":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n\nAt the same time, the Japanese and Chinese stock markets fell moderately: The Nikkei index lost 4.2% of its value and the CSI300 index, which reflects Chinese stock markets, lost 6%. In emerging markets, losses were even bigger: The MSCI Emerging Market index fell by 7.1% in euros during the month. However, Estonian investors had reason to rejoice in July, as the value of companies on the Tallinn stock market rose by 7% during the month.\n\n**The era of unsecured money**\n\nFifty years ago, in August 1971, President Richard Nixon informed the world that the US dollar would no longer be pegged to gold. The era of the gold standard was over. Under the Bretton Woods agreement, many other countries pegged their currencies to the dollar, and the US Federal Reserve promised that dollars could be exchanged for gold at any time at a rate of $35 for an ounce of gold.\n\nThe current so-called unsecured monetary system is therefore only fifty years young and is not guaranteed by anything other than trust in the money-issuing government. The main reason why the US abandoned the gold standard half a century ago was that the US current account was strongly negative. Namely, the country imported significantly more goods and services than it exported, and the US liabilities to the rest of the world kept growing.\n\nSince the gold standard, the world has seen various currency crises. Foreign exchange markets closely monitored both government fiscal policy and central bank monetary policy to predict changes in inflation rates and interest rate movements.\n\nAbout ten years ago, however, investor attitudes to governments’ large budget deficits and their financing by central banks changed. In the past, it was feared this would lead to accelerating inflation and a fall in the exchange rate. Over the past ten years, on the other hand, markets have tended to favour government and central bank intervention, despite its long-term consequences.\n\nThe time horizon has become shorter for investors and society as a whole, and no one really ponders the fact that money-printing itself does not create value. The money borrowed must be productively invested so that it can be repaid with interest in the future. Record-low interest rates have another negative side effect, namely an increase in speculative and inefficient investments that do not create new value.\n\n**The declining utility of loan money**\n\n[Marginal utility](https://en.wikipedia.org/wiki/Marginal_utility) is one of the most important concepts in economics, and it also applies to lending. Each subsequent dollar or euro borrowed creates slightly less new value than the previous one.\n\nWhile government debt was already alarmingly high before the pandemic, fighting the virus and reviving the economy have brought on commitments at an unprecedented rate. The cheap price of money has motivated spending too lightly at times. Inflation results when a growing money supply chases a limited supply of goods or services. Over the past ten years, inflation has manifested itself primarily in the prices of various assets, as it was possible to ask for additional loans secured by assets. This year, however, we have also seen the growth of consumer goods prices accelerate faster than before.\n\nIn the USA, the consumer price index rose by 5.4% year-on-year in July, and in Estonia, the inflation rate reached 5% last month. Central bankers argue that the rapid rise in prices is temporary due to the low base a year ago and the impact of the coronavirus on global supply chains.\n\nLooking at long-term government bond yields (US and German ten-year bond yields are 1.3% and –0.5%, respectively), bond investors are not particularly worried about inflation either. Similarly, the decline in commodity prices in recent months points to a possible slowdown in inflation over the next 12 months.\n\nMore than an acceleration in inflation, I fear a possible erratic restructuring of a heavily indebted economy. In a situation where everyone owes everyone, the insolvency of a major corporation or even a government can cause a chain reaction. Moderate inflation would be welcome as long as it does not lead to higher interest rates.\n\n**We are getting ready to make payments**\n\nCentral bank money taps have been open wide for a very long time and interest rates are very low, meaning that all asset classes trade at very high price levels. In such an environment, it is worth preferring companies with good growth prospects or investments that have a somewhat limited loss risk in the case of a negative scenario.\n\nLHV pension funds made no major new investments in July. However, one of our largest bond investments ended when the new owners of Peetri Keskus decided to redeem their liabilities to pension funds that were assumed at the beginning of last year. The average interest return on the bonds was 7% per annum, plus an early redemption fee.\n\nGerman and French government bonds currently account for a much more significant than usual share in our fund portfolios. We will finance payments to those leaving the pension system at the beginning of September from the sale of these. After that, the distribution of assets in higher-risk funds will become closer to the goal we have been moving towards for a long time.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":33.82,"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":97019},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":42.27,"unit":"%"},{"name":"Shares","value":20.54,"unit":"%"},{"name":"Equity funds","value":"10..08","unit":"%"},{"name":"Real Estate funds","value":11.74,"unit":"%"},{"name":"Private Equity funds","value":13.12,"unit":"%"},{"name":"Money and deposits","value":2.24,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| German Treasury Bill 25/08/2021 | 7.67% |\n| France Government 2.25% 25/10/22 | 6.17% |\n| German Government 2.25% 04/09/21 | 4.91% |\n| France Treasury Bill 25/08/2021 | 4.50% |\n| EfTEN Kinnisvarafond | 3.61% |\n| France Government 3.25% 25/10/21 | 3.14% |\n| iShares Gold Producers UCITS ETF | 3.11% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.97% |\n| ZKB Gold ETF | 2.82% |\n| KJK Fund II Sicav-SIF Balkan Discovery | 1.71% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.61% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.97% |\n| East Capital Baltic Property Fund III | 1.67% |\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 31.07.2021) | 1,049,925,370.14 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 000 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\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 August 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2021_08.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":8,"content":"### August 2021: Production building acquired in Lasnamäe\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn August, world stock markets continued to rise. The MSCI World index rose 3% in euros, the S&P 500 index, which tracks the US stock market, rose 3.4% in euros, the Euro Stoxx 50 rose 2.6% and the Japanese Nikkei index rose 3.2% in euros.\n\nEmerging markets moved at a similar pace: The MSCI Emerging Markets Index showed a 2.9% increase in euros during the month. The local Baltic stock markets rose significantly in August, led by the Tallinn stock market with 12.9% growth. The Riga and Vilnius stock markets rose relatively equally by 4.1% and 4%, respectively.\n\nIn August, LHV pension funds acquired a production building in the Lasnamäe district in Tallinn to earn long-term rental income. The production building at 3/5 Taevakivi St. was built in several stages between 2006 and 2012 and has a leasable area of approximately 10,000 m2. The entire building is leased to Plastone OÜ, a company with a Nordic background, which produces plastic accessories for medical, electrical and electronics companies.\n\nIn addition to the production building in Lasnamäe, LHV pension funds own the Valge Maja office building in the centre of Tallinn, the Microsoft office building on the TalTech campus, three stock office-type commercial buildings in Jüri and 127 rental apartments called Lumi Kodud in the North Tallinn district. At the end of 2021, another 164 rental apartments will be completed for the pension funds on Mustamäe Road in Tallinn.\n\nA new private equity investment, the Danish private equity fund Axcel VI, was added to the fund during the month. It is a Nordic-focused fund that invests primarily in medium-sized companies in the industrial, technology, healthcare and consumer goods sectors. Axcel was founded in 1994 and is known, for example, for the successful listing of the Danish jewellery manufacturer and retailer Pandora. Axcel VI is the company’s sixth fund. It started investing last year and currently has six investments in its portfolio.\n\nIn August, a directly acquired stake in Bank North, which is starting operations in the United Kingdom, was added to the fund’s portfolio. The Bank will focus on lending to small- and medium-sized enterprises operating outside London. The founders have long-term banking experience, and the Bank’s investors include local entrepreneurs and companies.\n\nOne of our most significant investments ended in August when Transpordi Varahaldus redeemed its bonds before maturity. These offered the fund an attractive return compared to the bond markets. In the future, given the new legal requirements, we will focus on investments with higher expected returns.\n"},{"year":2021,"month":7,"content":"### July 2021: The fund’s performance was supported by gold-related investments\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn July, the euro weakened against the US dollar by only 0.1%, and as a result, the performance of world stock markets was similar in euros and dollars. The MSCI World, the US S&P 500 and the European Euro Stoxx 50 index rose 1.8%, 2.2% and 0.7% over the month in euros, respectively.\n\nThe Japanese Nikkei index showed a very different result among developed markets, falling by 4.2% measured in euros in July. The MSCI Emerging Markets index also moved downward, depreciating by 7.1% in euros.\n\nHowever, the local Baltic stock markets grew in July, and Tallinn was the strongest performer with a 7% rise. This was followed by the Vilnius and Riga stock markets, rising by 4.4% and 1.4%, respectively.\n\nIn July, investments in the precious metals, financial and materials sectors brought the highest returns for the pension fund’s stock portfolio, while investments in the energy sector suffered the most.\n\nIn the precious metals sector, investments both in physical gold and gold mining companies gained value. In the materials sector, the forestry companies UPM-Kymmene and Stora Enso brought the highest returns.\n\nWe believe that precious metals and the commodities sector are segments that proactively offer good protection against declining investor purchasing power. The latter is due to accelerating inflation.\n\nThe domestic private equity firm BaltCap announced that the BaltCap Infrastructure Fund, managed by them, will sell its stake in Energia Verde. This is a biomass-based power plant that mainly supplies the district heating system in Riga. The company is being acquired by Gren, a green energy company based in Northern Europe and held by the international private equity firm Partners Group. BaltCap Infrastructure Fund invested in the Energia Verde power plant in 2018. The fund focuses on infrastructure-related investments, mainly in the Baltics.\n\nIn July, one of our largest bond investments ended somewhat unexpectedly. At the beginning of last year, we entered into agreements to finance the newly built Peetri Keskus in Peetri Village near Tallinn with bonds. Although the period since then has been very difficult for the entire service sector due to coronavirus restrictions, Peetri Keskus proved its necessity and viability. The centre is now moving forward with new lenders and redeemed all its liabilities to the fund. The average interest return on several bonds related to the Peetri Keskus was 7% per annum, plus an early redemption fee.\n\nWe did not add any new investments to the fund in July. Shorter-term German and French government bonds currently account for a much larger than usual share of the fund’s portfolio. From their sale, we will finance the expected payments to those leaving the pension system at the beginning of September.\n"},{"year":2021,"month":6,"content":"### June 2021: New investments in the energy sector\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn June, world stock markets continued to rise in euros, supported to some extent by the 3.1% strengthening of the euro against the US dollar over the month. The MSCI World Index rose 4.6% in euros, and the US S&P 500 index rose 2.9%. The Nasdaq Composite index, which reflects the US technology sector, showed outstanding results, growing by 8.6% in euros.\n\nIn Europe, however, the Euro Stoxx 50 performed modestly, rising 0.7%. Japan’s Nikkei index rose 1.5% in euros, and the MSCI Emerging Markets index rose by 3.1%. Of the local Baltic stock markets, Tallinn and Riga remained on the rise, growing by 2.3% and 3.6%, respectively, in June. The Vilnius stock market showed a completely different result, falling by 1.5%.\n\nIn June, the fund made several new investments in the energy sector. The more investments in fossil fuels are restricted due to tighter environmental regulations, and the more we move towards more expensive renewable energy alternatives, the more the energy prices will grow. In the long run, the growth of developing countries and the broader trend of electrification will increase the demand for energy products. To benefit from these trends, we acquired investments that are open to the rising prices for various energy products.\n\nAt the end of June, the domestic private equity company BaltCap announced that their BaltCap Private Equity Fund II would sell its 75% stake in Eesti Keskkonnateenused AS. The buyer was MBA Investeeringud OÜ, owned by the management members and shareholders of Eesti Keskkonnateenused AS. Eesti Keskkonnateenused AS provides waste management services in Estonia, and the BaltCap fund made its investment in 2015. Within six years, the company has grown organically and through five acquisitions, resulting in a strong market position and a wide range of services.\n\nIn the bond portfolio, the month brought news about our two investments, Sunly and Ekspress Group. The latter plans to sell its printing business and focus on developing digital media. Sunly announced the raising of large amounts of money through the addition of new shareholders. The news from both companies is clearly positive for the bond investor and shows that the companies are developing in the right direction.\n\nAs a new investment, we acquired the bonds of Eastnine, a real estate company focused primarily on office buildings in Vilnius. The company issued bonds for the first time, the money was borrowed for three years, and investors are paid 5% interest per annum. We see an opportunity for a further price rise of the bond, which could bring the desired minimum return of 6–7% to the fund.\n\nBond markets on European stock exchanges were in clear decline in the first half of the year, and we will continue to focus mainly on OTC opportunities.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Half a century since the end of the gold standard**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n","text":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n\nAt the same time, the Japanese and Chinese stock markets fell moderately: The Nikkei index lost 4.2% of its value and the CSI300 index, which reflects Chinese stock markets, lost 6%. In emerging markets, losses were even bigger: The MSCI Emerging Market index fell by 7.1% in euros during the month. However, Estonian investors had reason to rejoice in July, as the value of companies on the Tallinn stock market rose by 7% during the month.\n\n**The era of unsecured money**\n\nFifty years ago, in August 1971, President Richard Nixon informed the world that the US dollar would no longer be pegged to gold. The era of the gold standard was over. Under the Bretton Woods agreement, many other countries pegged their currencies to the dollar, and the US Federal Reserve promised that dollars could be exchanged for gold at any time at a rate of $35 for an ounce of gold.\n\nThe current so-called unsecured monetary system is therefore only fifty years young and is not guaranteed by anything other than trust in the money-issuing government. The main reason why the US abandoned the gold standard half a century ago was that the US current account was strongly negative. Namely, the country imported significantly more goods and services than it exported, and the US liabilities to the rest of the world kept growing.\n\nSince the gold standard, the world has seen various currency crises. Foreign exchange markets closely monitored both government fiscal policy and central bank monetary policy to predict changes in inflation rates and interest rate movements.\n\nAbout ten years ago, however, investor attitudes to governments’ large budget deficits and their financing by central banks changed. In the past, it was feared this would lead to accelerating inflation and a fall in the exchange rate. Over the past ten years, on the other hand, markets have tended to favour government and central bank intervention, despite its long-term consequences.\n\nThe time horizon has become shorter for investors and society as a whole, and no one really ponders the fact that money-printing itself does not create value. The money borrowed must be productively invested so that it can be repaid with interest in the future. Record-low interest rates have another negative side effect, namely an increase in speculative and inefficient investments that do not create new value.\n\n**The declining utility of loan money**\n\n[Marginal utility](https://en.wikipedia.org/wiki/Marginal_utility) is one of the most important concepts in economics, and it also applies to lending. Each subsequent dollar or euro borrowed creates slightly less new value than the previous one.\n\nWhile government debt was already alarmingly high before the pandemic, fighting the virus and reviving the economy have brought on commitments at an unprecedented rate. The cheap price of money has motivated spending too lightly at times. Inflation results when a growing money supply chases a limited supply of goods or services. Over the past ten years, inflation has manifested itself primarily in the prices of various assets, as it was possible to ask for additional loans secured by assets. This year, however, we have also seen the growth of consumer goods prices accelerate faster than before.\n\nIn the USA, the consumer price index rose by 5.4% year-on-year in July, and in Estonia, the inflation rate reached 5% last month. Central bankers argue that the rapid rise in prices is temporary due to the low base a year ago and the impact of the coronavirus on global supply chains.\n\nLooking at long-term government bond yields (US and German ten-year bond yields are 1.3% and –0.5%, respectively), bond investors are not particularly worried about inflation either. Similarly, the decline in commodity prices in recent months points to a possible slowdown in inflation over the next 12 months.\n\nMore than an acceleration in inflation, I fear a possible erratic restructuring of a heavily indebted economy. In a situation where everyone owes everyone, the insolvency of a major corporation or even a government can cause a chain reaction. Moderate inflation would be welcome as long as it does not lead to higher interest rates.\n\n**We are getting ready to make payments**\n\nCentral bank money taps have been open wide for a very long time and interest rates are very low, meaning that all asset classes trade at very high price levels. In such an environment, it is worth preferring companies with good growth prospects or investments that have a somewhat limited loss risk in the case of a negative scenario.\n\nLHV pension funds made no major new investments in July. However, one of our largest bond investments ended when the new owners of Peetri Keskus decided to redeem their liabilities to pension funds that were assumed at the beginning of last year. The average interest return on the bonds was 7% per annum, plus an early redemption fee.\n\nGerman and French government bonds currently account for a much more significant than usual share in our fund portfolios. We will finance payments to those leaving the pension system at the beginning of September from the sale of these. After that, the distribution of assets in higher-risk funds will become closer to the goal we have been moving towards for a long time.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":26.54,"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":38162},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":41.07,"unit":"%"},{"name":"Shares","value":25.79,"unit":"%"},{"name":"Equity funds","value":12.22,"unit":"%"},{"name":"Real Estate funds","value":9.29,"unit":"%"},{"name":"Private Equity funds","value":9.24,"unit":"%"},{"name":"Money and deposits","value":2.4,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| German Treasury Bill 25/08/2021 | 7.13% |\n| France Government 2.25% 25/10/22 | 6.38% |\n| German Government 2.25% 04/09/21 | 5.28% |\n| France Treasury Bill 25/08/2021 | 4.98% |\n| German Government 1.5% 04/09/22 | 4.05% |\n| France Government 3.25% 25/10/21 | 3.44% |\n| TRIGON - New Europe Fund D | 2.65% |\n| ZKB Gold ETF | 2.59% |\n| iShares Gold Producers UCITS ETF | 2.56% |\n| EfTEN Kinnisvarafond | 2.34% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 2.34% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.01% |\n| East Capital Baltic Property Fund III | 1.78% |\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 31.07.2021) | 269,353,189.28 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 530 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\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 August 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2021_08.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":8,"content":"### August 2021: We reduced equity risk\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn August, world stock markets continued to rise. The MSCI World index rose 3% in euros, the S&P 500 index, which tracks the US stock market, rose 3.4% in euros, the Euro Stoxx 50 rose 2.6% and the Japanese Nikkei index rose 3.2% in euros.\n\nEmerging markets moved at a similar pace: The MSCI Emerging Markets Index showed a 2.9% increase in euros during the month. The local Baltic stock markets rose significantly in August, led by the Tallinn stock market with 12.9% growth. The Riga and Vilnius stock markets rose relatively equally by 4.1% and 4%, respectively.\n\nAgainst the background of good financial results, equity positions in the fund continued to appreciate, while the decline in the share prices of gold mining companies had a negative impact. Among the most significant changes, we sold some of the individual equity positions to reduce the level of equity risk following the sharp rise after the coronavirus crisis. Among larger sales, we profited from shares in Siemens Healthineers, Metsä Board, Stora Enso, Getinge and Coor Service Management Holding. We also reduced our equity positions on the Baltic stock markets.\n\nIn August, LHV pension funds acquired a production building in the Lasnamäe district in Tallinn to earn long-term rental income. The production building at 3/5 Taevakivi St. was built in several stages between 2006 and 2012 and has a leasable area of approximately 10,000 m2. The entire building is leased to Plastone OÜ, a company with a Nordic background, which produces plastic accessories for medical, electrical and electronics companies.\n\nIn addition to the production building in Lasnamäe, LHV pension funds own the Valge Maja office building in the centre of Tallinn, the Microsoft office building on the TalTech campus, three stock office-type commercial buildings in Jüri and 127 rental apartments called Lumi Kodud in the North Tallinn district. At the end of 2021, another 164 rental apartments will be completed for the pension funds on Mustamäe Road in Tallinn.\n\nIn August, a directly acquired stake in Bank North, which is starting operations in the United Kingdom, was added to the fund’s portfolio. The Bank will focus on lending to small- and medium-sized enterprises operating outside London. The founders have long-term banking experience, and the Bank’s investors include local entrepreneurs and companies.\n\nOne of our most significant investments ended in August when Transpordi Varahaldus redeemed its bonds before maturity. These offered the fund an attractive return compared to the bond markets. In the future, given the new legal requirements, we will focus on investments with higher expected returns.\n"},{"year":2021,"month":7,"content":"### July 2021: The fund’s performance was supported by gold-related investments\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn July, the euro weakened against the US dollar by only 0.1%, and as a result, the performance of world stock markets was similar in euros and dollars. The MSCI World, the US S&P 500 and the European Euro Stoxx 50 index rose 1.8%, 2.2% and 0.7% over the month in euros, respectively.\n\nThe Japanese Nikkei index showed a very different result among developed markets, falling by 4.2% measured in euros in July. The MSCI Emerging Markets index also moved downward, depreciating by 7.1% in euros.\n\nHowever, the local Baltic stock markets grew in July, and Tallinn was the strongest performer with a 7% rise. This was followed by the Vilnius and Riga stock markets, rising by 4.4% and 1.4%, respectively.\n\nIn July, investments in the precious metals, financial and materials sectors brought the highest returns for the pension fund’s stock portfolio, while investments in the energy sector suffered the most.\n\nIn the precious metals sector, investments both in physical gold and gold mining companies gained value. In the materials sector, the forestry companies UPM-Kymmene and Stora Enso brought the highest returns.\n\nWe believe that precious metals and the commodities sector are segments that proactively offer good protection against declining investor purchasing power. The latter is due to accelerating inflation.\n\nThe domestic private equity firm BaltCap announced that the BaltCap Infrastructure Fund, managed by them, will sell its stake in Energia Verde. This is a biomass-based power plant that mainly supplies the district heating system in Riga. The company is being acquired by Gren, a green energy company based in Northern Europe and held by the international private equity firm Partners Group. BaltCap Infrastructure Fund invested in the Energia Verde power plant in 2018. The fund focuses on infrastructure-related investments, mainly in the Baltics.\n\nIn July, one of our largest bond investments ended somewhat unexpectedly. At the beginning of last year, we entered into agreements to finance the newly built Peetri Keskus in Peetri Village near Tallinn with bonds. Although the period since then has been very difficult for the entire service sector due to coronavirus restrictions, Peetri Keskus proved its necessity and viability. The centre is now moving forward with new lenders and redeemed all its liabilities to the fund. The average interest return on several bonds related to the Peetri Keskus was 7% per annum, plus an early redemption fee.\n\nWe did not add any new investments to the fund in July. Shorter-term German and French government bonds currently account for a much larger than usual share of the fund’s portfolio. From their sale, we will finance the expected payments to those leaving the pension system at the beginning of September.\n"},{"year":2021,"month":6,"content":"### June 2021: New investments in the energy sector\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn June, world stock markets continued to rise in euros, supported to some extent by the 3.1% strengthening of the euro against the US dollar over the month. The MSCI World Index rose 4.6% in euros, and the US S&P 500 index rose 2.9%. The Nasdaq Composite index, which reflects the US technology sector, showed outstanding results, growing by 8.6% in euros.\n\nIn Europe, however, the Euro Stoxx 50 performed modestly, rising 0.7%. Japan’s Nikkei index rose 1.5% in euros, and the MSCI Emerging Markets index rose by 3.1%. Of the local Baltic stock markets, Tallinn and Riga remained on the rise, growing by 2.3% and 3.6%, respectively, in June. The Vilnius stock market showed a completely different result, falling by 1.5%.\n\nIn June, the fund made several new investments in the energy sector. The more investments in fossil fuels are restricted due to tighter environmental regulations, and the more we move towards more expensive renewable energy alternatives, the more the energy prices will grow. In the long run, the growth of developing countries and the broader trend of electrification will increase the demand for energy products. To benefit from these trends, we acquired investments that are open to the rising prices for various energy products.\n\nIn the bond portfolio, the month brought news about our two investments, Sunly and Ekspress Group. The latter plans to sell its printing business and focus on developing digital media. Sunly announced the raising of large amounts of money through the addition of new shareholders. The news from both companies is clearly positive for the bond investor and shows that the companies are developing in the right direction.\n\nAs a new investment, we acquired the bonds of Eastnine, a real estate company focused primarily on office buildings in Vilnius. The company issued bonds for the first time, the money was borrowed for three years, and investors are paid 5% interest per annum. We see an opportunity for a further price rise of the bond, which could bring the desired minimum return of 6–7% to the fund.\n\nBond markets on European stock exchanges were in clear decline in the first half of the year, and we will continue to focus mainly on OTC opportunities.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Half a century since the end of the gold standard**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n","text":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n\nAt the same time, the Japanese and Chinese stock markets fell moderately: The Nikkei index lost 4.2% of its value and the CSI300 index, which reflects Chinese stock markets, lost 6%. In emerging markets, losses were even bigger: The MSCI Emerging Market index fell by 7.1% in euros during the month. However, Estonian investors had reason to rejoice in July, as the value of companies on the Tallinn stock market rose by 7% during the month.\n\n**The era of unsecured money**\n\nFifty years ago, in August 1971, President Richard Nixon informed the world that the US dollar would no longer be pegged to gold. The era of the gold standard was over. Under the Bretton Woods agreement, many other countries pegged their currencies to the dollar, and the US Federal Reserve promised that dollars could be exchanged for gold at any time at a rate of $35 for an ounce of gold.\n\nThe current so-called unsecured monetary system is therefore only fifty years young and is not guaranteed by anything other than trust in the money-issuing government. The main reason why the US abandoned the gold standard half a century ago was that the US current account was strongly negative. Namely, the country imported significantly more goods and services than it exported, and the US liabilities to the rest of the world kept growing.\n\nSince the gold standard, the world has seen various currency crises. Foreign exchange markets closely monitored both government fiscal policy and central bank monetary policy to predict changes in inflation rates and interest rate movements.\n\nAbout ten years ago, however, investor attitudes to governments’ large budget deficits and their financing by central banks changed. In the past, it was feared this would lead to accelerating inflation and a fall in the exchange rate. Over the past ten years, on the other hand, markets have tended to favour government and central bank intervention, despite its long-term consequences.\n\nThe time horizon has become shorter for investors and society as a whole, and no one really ponders the fact that money-printing itself does not create value. The money borrowed must be productively invested so that it can be repaid with interest in the future. Record-low interest rates have another negative side effect, namely an increase in speculative and inefficient investments that do not create new value.\n\n**The declining utility of loan money**\n\n[Marginal utility](https://en.wikipedia.org/wiki/Marginal_utility) is one of the most important concepts in economics, and it also applies to lending. Each subsequent dollar or euro borrowed creates slightly less new value than the previous one.\n\nWhile government debt was already alarmingly high before the pandemic, fighting the virus and reviving the economy have brought on commitments at an unprecedented rate. The cheap price of money has motivated spending too lightly at times. Inflation results when a growing money supply chases a limited supply of goods or services. Over the past ten years, inflation has manifested itself primarily in the prices of various assets, as it was possible to ask for additional loans secured by assets. This year, however, we have also seen the growth of consumer goods prices accelerate faster than before.\n\nIn the USA, the consumer price index rose by 5.4% year-on-year in July, and in Estonia, the inflation rate reached 5% last month. Central bankers argue that the rapid rise in prices is temporary due to the low base a year ago and the impact of the coronavirus on global supply chains.\n\nLooking at long-term government bond yields (US and German ten-year bond yields are 1.3% and –0.5%, respectively), bond investors are not particularly worried about inflation either. Similarly, the decline in commodity prices in recent months points to a possible slowdown in inflation over the next 12 months.\n\nMore than an acceleration in inflation, I fear a possible erratic restructuring of a heavily indebted economy. In a situation where everyone owes everyone, the insolvency of a major corporation or even a government can cause a chain reaction. Moderate inflation would be welcome as long as it does not lead to higher interest rates.\n\n**We are getting ready to make payments**\n\nCentral bank money taps have been open wide for a very long time and interest rates are very low, meaning that all asset classes trade at very high price levels. In such an environment, it is worth preferring companies with good growth prospects or investments that have a somewhat limited loss risk in the case of a negative scenario.\n\nLHV pension funds made no major new investments in July. However, one of our largest bond investments ended when the new owners of Peetri Keskus decided to redeem their liabilities to pension funds that were assumed at the beginning of last year. The average interest return on the bonds was 7% per annum, plus an early redemption fee.\n\nGerman and French government bonds currently account for a much more significant than usual share in our fund portfolios. We will finance payments to those leaving the pension system at the beginning of September from the sale of these. After that, the distribution of assets in higher-risk funds will become closer to the goal we have been moving towards for a long time.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":20.73,"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":8703},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.38,"unit":"%"},{"name":"Money and deposits","value":1.62,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 28.43% |\n| Lyxor Core MSCI World DR UCITS | 28.21% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 19.81% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 10.73% |\n| SPDR MSCI World UCITS ETF | 7.80% |\n| MSCI Frontier and Select EM ETF | 2.60% |\n| iShares MSCI EM UCITS ETF | 0.79% |\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 31.07.2021) | 53,111,019.60 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 200 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.2%\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_02.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 August 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2021_08.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":2283},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":97.72,"unit":"%"},{"name":"Money and deposits","value":2.32,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 25.15% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 24.91% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.71% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 22.96% |\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:** 0.31%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.43%\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":24642},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":87.86,"unit":"%"},{"name":"Bond funds","value":11.66,"unit":"%"},{"name":"Money and deposits","value":0.5,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - World Equity Index - X2 | 29.74% |\n| BlackRock ISF - Developed World Index | 29.74% |\n| BlackRock ISF - Developed World ex Tobacco | 18.50% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 11.66% |\n| BlackRock ISF - Emerging Markets Index | 9.88% |\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:** 0.31%\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"}]}],"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":82164},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":12.48,"unit":"%"},{"name":"Shares","value":2.61,"unit":"%"},{"name":"Equity funds","value":48.41,"unit":"%"},{"name":"Real Estate funds","value":4.62,"unit":"%"},{"name":"Private Equity funds","value":0.68,"unit":"%"},{"name":"Bond funds","value":28.96,"unit":"%"},{"name":"Money and deposits","value":2.24,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core S&P 500 UCITS ETF | 9.35% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 7.59% |\n| iShares Core MSCI World UCITS ETF | 7.35% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund IC | 6.55% |\n| SEB Sustainable Global Exposure Fund | 6.38% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 6.35% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 5.15% |\n| iShares III PLC - iShares MSCI World Small Cap UCITS ETF | 4.22% |\n| J O Hambro Capital Management Umbrella Fund plc-Global Select Fund | 3.30% |\n| Robeco QI Global Dynamic Duration | 2.88% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| LHV Group 1% 01.09.2022 | 2.19% |\n| Tallinna Sadam AS | 1.86% |\n| Birdeye Timber Fund 3 Usaldusfond | 0.94% |\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":8.1,"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":5982},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":19.4,"unit":"%"},{"name":"Shares","value":2.73,"unit":"%"},{"name":"Equity funds","value":23.74,"unit":"%"},{"name":"Real Estate funds","value":4.98,"unit":"%"},{"name":"Private Equity funds","value":0.37,"unit":"%"},{"name":"Bond funds","value":46.63,"unit":"%"},{"name":"Money and deposits","value":2.15,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 10.23% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 9.68% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 5.58% |\n| Robeco QI Global Dynamic Duration | 4.29% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.95% |\n| iShares Core MSCI World UCITS ETF | 3.87% |\n| Bundesrepublic Deutschland 0% 15.08.2030 | 3.50% |\n| Dutschland I/L Bond 0.5% 15.04.2030 | 3.47% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund IC | 3.32% |\n| SEB Sustainable Global Exposure Fund | 3.15% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| LHV Group 1% 01.09.2022 | 2.22% |\n| Tallinna Sadam AS | 1.86% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.08% |\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":7.45,"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":11624},"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":7.98,"unit":"%"},{"name":"Bond funds","value":57.28,"unit":"%"},{"name":"Money and deposits","value":2.3,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 17.59% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 17.48% |\n| UBS Fund Solutions SICAV- Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year | 7.44% |\n| Bundesrepublic Deutschland 2.25% 04.09.2021 | 6.45% |\n| iShares Euro Corporate Bond Large Cap UCITS ETF | 5.92% |\n| iShares Core EUR Corp Bond UCITS ETF | 5.85% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.71% |\n| Deutschland I/L Bond 0.5% 15.04.2030 | 4.47% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 3.92% |\n| iShares EUR Ultrashort Bond UCITS ETF | 3.01% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Elering 0.875% 03.05.2023 | 1.99% |\n| Luminor Bank FRN 03.12.2024 | 0.71% |\n| Baltic Horizon Fund 4.25% 08.05.2023 | 0.42% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.39%\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":3.47,"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":1713},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":1.09,"unit":"%"},{"name":"Equity funds","value":97.08,"unit":"%"},{"name":"Real Estate funds","value":0.32,"unit":"%"},{"name":"Money and deposits","value":1.5,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF DR | 27.61% |\n| Xtrackers MSCI World UCITS ETF | 15.24% |\n| HSBC MSCI Emerging Markets UCITS ETF | 8.02% |\n| SEB Sustainable Global Exposure Fund ¹ | 7.14% |\n| iShares Core S&P 500 UCITS ETF | 7.11% |\n| iShares Core MSCI World UCITS ETF | 6.80% |\n| Ishares III PLC - Ishares Msci World Small Cap UCITS ETF | 4.79% |\n| UBS ETF - MSCI Emerging Markets UCITS ETF | 4.42% |\n| Lyxor Core STOXX Europe 600 DR ETF | 2.85% |\n| J O Hambro Capital Management Umbrella Fund plc - Global Select Fund | 2.84% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 0.76% |\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":1.69,"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":28685},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.66,"unit":"%"},{"name":"Money and deposits","value":0.36,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global Ucits ETF DR | 27.28% |\n| LYXOR Core MSCI World | 22.56% |\n| Access Global | 18.23% |\n| SPDR MSCI World Ucits ETF | 15.85% |\n| HSBC MSCI World UCITS ETF | 15.74% |\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":106780},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.6,"unit":"%"},{"name":"Shares","value":45.26,"unit":"%"},{"name":"Equity funds","value":47.78,"unit":"%"},{"name":"Real Estate funds","value":3.67,"unit":"%"},{"name":"Private Equity funds","value":0.59,"unit":"%"},{"name":"Money and deposits","value":1.15,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Access Europa A | 15.68% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 10.60% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 7.47% |\n| Amundi ETF MSCI Europe UCITS | 6.13% |\n| Access Edge Emerging Markets A | 4.48% |\n| Globalfond A | 3.41% |\n| Apple | 1.78% |\n| Microsoft | 1.38% |\n| Eften Kinnisvarafond II aktsia | 1.02% |\n| Amazon.com | 0.86% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.02% |\n| East Capital Baltic Property III | 0.75% |\n| LHV Group 9.500% Perpetual | 0.57% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\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":5.94,"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":131210},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":27.89,"unit":"%"},{"name":"Shares","value":27.36,"unit":"%"},{"name":"Equity funds","value":29.24,"unit":"%"},{"name":"Real Estate funds","value":5.55,"unit":"%"},{"name":"Private Equity funds","value":0.78,"unit":"%"},{"name":"Bond funds","value":5.55,"unit":"%"},{"name":"Money and deposits","value":3.68,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi ETF MSCI Europe UCITS | 7.34% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 7.12% |\n| Access Europa A | 5.90% |\n| Access Edge Emerging Markets A | 3.36% |\n| iShares JP Morgan ESG USD EM Bond UCITS ETF | 3.06% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 2.72% |\n| Globalfond A | 2.66% |\n| Eften Kinnisvarafond II | 1.86% |\n| LHV Group 1.150% 300922 | 1.54% |\n| iShares USD Corp Bond UCITS ETF | 1.52% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 1.86% |\n| LHV Group 1.150% 300922 | 1.54% |\n| East Capital Baltic Property III | 1.28% |\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":10.5,"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":42300},"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":12.31,"unit":"%"},{"name":"Equity funds","value":11.91,"unit":"%"},{"name":"Real Estate funds","value":8.72,"unit":"%"},{"name":"Private Equity funds","value":0.78,"unit":"%"},{"name":"Bond funds","value":10.55,"unit":"%"},{"name":"Money and deposits","value":3.61,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Access Europa A | 5.75% |\n| iShares JP Morgan ESG USD EM Bond UCITS | 5.67% |\n| Luminor Bank 1.375% 221021 | 3.31% |\n| Eften Kinnisvarafond II aktsia | 3.16% |\n| iShares USD Corp Bond UCITS ETF | 2.97% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 2.73% |\n| Access Edge Emerging Markets A | 2.39% |\n| Maxima 3.250% 230913 | 2.26% |\n| Corporate Bond Europe High Yield A | 1.92% |\n| Hungary Government 0.500% 301118| 1.85% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank 1.375% 221021 | 3.31% |\n| Eften Kinnisvarafond II aktsia | 3.16% |\n| East Capital Baltic Property III | 1.73% |\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":18.73,"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":11369},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":88.02,"unit":"%"},{"name":"Real Estate funds","value":6.7,"unit":"%"},{"name":"Money and deposits","value":5.3,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| East Capital Baltic Property Fund III | 5.33% |\n| Luminor Bank VAR 241203 | 3.32% |\n| Swedbank 0.200% 280112 | 3.26% |\n| Banque Federative du Credit Mutuel 0.250% 280719 | 3.25% |\n| Infineon Technologies 1.125% 260624 | 2.07% |\n| Stellantis 4.500% 280707 | 2.06% |\n| Traton Finance Luxembourg 0.750% 290324 280406 | 2.02% |\n| Volkswagen Financial Services 3.375% 280406 | 1.98% |\n| KBC Group 0.125% 290114 | 1.95% |\n| Ferrovial Emisiones 1.382% 260514 | 1.92% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 5.33% |\n| Luminor Bank VAR 241203 | 3.32% |\n| Luminor Bank 1.375% 221021 | 1.67% |\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:** 0.29%\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":16.67,"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":34608},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":5.98,"unit":"%"},{"name":"Shares","value":2.11,"unit":"%"},{"name":"Equity funds","value":73.67,"unit":"%"},{"name":"Real Estate funds","value":3.13,"unit":"%"},{"name":"Private Equity funds","value":0.3,"unit":"%"},{"name":"Bond funds","value":12.49,"unit":"%"},{"name":"Money and deposits","value":2.31,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core S&P 500 UCITS ETF | 13.14% |\n| iShares Core MSCI World UCITS ETF | 9.63% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund IC | 7.99% |\n| SEB Sustainable Global Exposure Fund | 7.57% |\n| Amundi Index MSCI World UCITS ETF DR | 4.96% |\n| J O Hambro Capital Management Umbrella | 4.57% |\n| Xtrackers MSCI World UCITS ETF | 4.56% |\n| iShares III PLC - iShares MSCI World Small Cap UCITS ETF | 4.17% |\n| Amundi MSCI Emerging Markets ETF | 4.15% |\n| HSBC MSCI Emerging Markets UCITS ETF | 3.33% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.46% |\n| Birdeye Timber Fund 3 Usaldusfond | 0.90% |\n| Elering 0.875% 03.05.2023 | 0.24% |\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":3.75,"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":13302},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.17,"unit":"%"},{"name":"Money and deposits","value":0.83,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF DR | 29.23% |\n| iShares Core S&P 500 UCITS ETF | 20.24% |\n| Vanguard S&P 500 UCITS ETF | 19.45% |\n| HSBC MSCI Emerging Markets UCITS ETF | 11.64% |\n| Lyxor Core STOXX Europe 600 DR ETF | 11.08% |\n| Xtrackers Nikkei 225 UCITS ETF | 3.77% |\n| iShares Core MSCI Pacific ex-Japan UCITS | 1.93% |\n| UBS ETF-MSCI Canada UCITS ETF | 1.83% |\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:** 0.25%\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":4568},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":2.58,"unit":"%"},{"name":"Equity funds","value":5.4,"unit":"%"},{"name":"Bond funds","value":91.15,"unit":"%"},{"name":"Money and deposits","value":0.87,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Nordea 1 - US Corporate Bond Fund | 17.04% |\n| iShares Euro Investment Grade Corporate Bond Index Fund | 12.48% |\n| Nordea Corporate Bond I Growth | 12.17% |\n| Amundi Index Euro Agg Corporate | 10.25% |\n| Nordea Pro Euro Bond I Growth | 8.24% |\n| Vanguard Euro Government Bond Index Fund | 8.00% |\n| iShares Euro Corporate Bond Interest Rate Hedged | 6.23% |\n| Nordea 2 - US Corporate Enhanced Bd Fd | 4.82% |\n| iShares Core MSCI World UCITS ETF | 4.36% |\n| iShares Core Euro Government Bond UCITS ETF | 3.55% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Estonian Eurobond 0,125 10.06.2030 | 1.69% |\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":1.69,"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":2556},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.65,"unit":"%"},{"name":"Equity funds","value":28.87,"unit":"%"},{"name":"Real Estate funds","value":2.35,"unit":"%"},{"name":"Bond funds","value":64.32,"unit":"%"},{"name":"Money and deposits","value":3.2,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade Corporate Bond Index Fund | 9.35% |\n| Nordea 1 - European High Yield Bond Fund | 6.67% |\n| Nordea 2 - Emerging Mkt Hard Ccy Bond Fd | 6.65% |\n| Amundi Index Euro Agg Corporate | 6.51% |\n| Nordea 1 - US Corporate Bond Fund HBI | 6.50% |\n| Neuberger Berman Emerging Market Debt - Hard Currency Fund | 6.44% |\n| Nordea Corporate Bond I Growth | 4.80% |\n| Vanguard Euro Government Bond Index Fund | 4.45% |\n| Ishares Euro Corp BND LC Large Cap | 4.44% |\n| iShares Core MSCI World UCITS ETF | 4.43% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.35% |\n| Estonian Eurobond 0,125 10.06.2030 | 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:** 0.93%\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":3.25,"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":10158},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":95.65,"unit":"%"},{"name":"Real Estate funds","value":2.15,"unit":"%"},{"name":"Bond funds","value":1.3,"unit":"%"},{"name":"Money and deposits","value":0.9,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares S&P 500 ETF | 16.08% |\n| iShares Core MSCI World UCITS ETF | 10.69% |\n| Nordea 1 Emerging Stars Equity Fund | 9.94% |\n| RBC Funds - Global Equity Focus Fund | 8.00% |\n| SPDR MSCI World Small Cap UCITS ETF | 6.99% |\n| iShares Edge MSCI World Value ETF | 6.98% |\n| Xtrackers MSCI World Materials ETF | 6.26% |\n| Nordea 1 Emerging Stars Equity Fund | 6.02% |\n| Nordea 1 - North American Stars Equity BI-EUR | 5.86% |\n| Robeco Emerging Markets Equities Class I EUR | 5.46% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.02% |\n| EfTEN Kinnisvarafond AS | 0.13% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\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":2.15,"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":24906},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":0.88,"unit":"%"},{"name":"Equity funds","value":58.16,"unit":"%"},{"name":"Real Estate funds","value":3.91,"unit":"%"},{"name":"Bond funds","value":36.19,"unit":"%"},{"name":"Money and deposits","value":0.86,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 8.43% |\n| Nordea 1 - Global Stars Equity Fund | 7.56% |\n| iShares S&P 500 UCITS ETF | 7.13% |\n| SPDR MSCI World Small Cap UCITS ETF | 6.35% |\n| Neuberger Berman Emerging Market Debt - Hard Currency Fund | 6.15% |\n| Nordea Corporate Bond I Growth | 5.06% |\n| iShares Edge MSCI World Value ETF | 4.61% |\n| Nordea 1 - European High Yield Bond Fund | 4.01% |\n| Nordea 1 Emerging Stars Equity Fund | 3.68% |\n| Robeco Emerging Markets Equities Class I EUR | 3.62% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.88% |\n| EfTEN Kinnisvarafond AS | 1.01% |\n| Estonian Eurobond 0,125 10.06.2030 | 0.64% |\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":4.53,"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":223},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.54,"unit":"%"},{"name":"Money and deposits","value":1.46,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI EM SRI UCITS ETF | 23.28% |\n| UBS (Lux) Fund Solutions - MSCI World Socially Responsible UCITS ETF | 22.18% |\n| Amundi Index MSCI World SRI - UCITS ETF DR | 22.08% |\n| BNP Paribas Easy MSCI World SRI Sseries 5% Capped UCITS ETF | 16.09% |\n| iShares MSCI World SRI UCITS ETF | 14.90% |\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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Täiendav Pensionifond","id":"taiendav","code":"lhv_iii","dataMarker":"LHT75","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have medium risk tolerance,\n- you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money tax-effectively after reaching 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/eng/contact/contact","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":40.66,"unit":"%"},{"name":"Shares","value":26.87,"unit":"%"},{"name":"Equity funds","value":11.56,"unit":"%"},{"name":"Real Estate funds","value":14.8,"unit":"%"},{"name":"Private Equity funds","value":3.52,"unit":"%"},{"name":"Money and deposits","value":2.59,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021.\n\n| Biggest investments | |\n|---|--:|\n| German Government 1.5% 04/09/22 | 5.91% |\n| France Government 2.25% 25/10/22 | 5.47% |\n| German Treasury Bill 25/08/2021 | 5.44% |\n| France Treasury Bill 25/08/2021 | 4.45% |\n| EfTEN Kinnisvarafond | 4.24% |\n| France Government 3.25% 25/10/21 | 4.09% |\n| German Government 2.25% 04/09/21 | 3.04% |\n| ZKB Gold ETF | 2.83% |\n| East Capital Baltic Property Fund III | 2.82% |\n| iShares Gold Producers UCITS ETF | 2.77% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.24% |\n| East Capital Baltic Property Fund III | 2.82% |\n| East Capital Baltic Property Fund II | 2.20% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.07.2021) | 20,210,639.82 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Rate of the depository’s charge:** 0.0528%\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 August 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Taiendav_kuuaruanne_2021_08.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":8,"content":"### August 2021: We reduced equity risk\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn August, world stock markets continued to rise. The MSCI World index rose 3% in euros, the S&P 500 index, which tracks the US stock market, rose 3.4% in euros, the Euro Stoxx 50 rose 2.6% and the Japanese Nikkei index rose 3.2% in euros.\n\nEmerging markets moved at a similar pace: The MSCI Emerging Markets Index showed a 2.9% increase in euros during the month. The local Baltic stock markets rose significantly in August, led by the Tallinn stock market with 12.9% growth. The Riga and Vilnius stock markets rose relatively equally by 4.1% and 4%, respectively.\n\nAgainst the background of good financial results, equity positions in the fund continued to appreciate, while the decline in the share prices of gold mining companies had a negative impact. Among the most significant changes, we sold some of the individual equity positions to reduce the level of equity risk following the sharp rise after the coronavirus crisis. Among larger sales, we profited from shares in Siemens Healthineers, Metsä Board, Stora Enso, Getinge and Coor Service Management Holding. We also reduced our equity positions on the Baltic stock markets.\n"},{"year":2021,"month":7,"content":"### July 2021: The fund’s performance was supported by gold-related investments\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn July, the euro weakened against the US dollar by only 0.1%, and as a result, the performance of world stock markets was similar in euros and dollars. The MSCI World, the US S&P 500 and the European Euro Stoxx 50 index rose 1.8%, 2.2% and 0.7% over the month in euros, respectively.\n\nThe Japanese Nikkei index showed a very different result among developed markets, falling by 4.2% measured in euros in July. The MSCI Emerging Markets index also moved downward, depreciating by 7.1% in euros.\n\nHowever, the local Baltic stock markets grew in July, and Tallinn was the strongest performer with a 7% rise. This was followed by the Vilnius and Riga stock markets, rising by 4.4% and 1.4%, respectively.\n\nIn July, investments in the precious metals, financial and materials sectors brought the highest returns for the pension fund’s stock portfolio, while investments in the energy sector suffered the most.\n\nIn the precious metals sector, investments both in physical gold and gold mining companies gained value. In the materials sector, the forestry companies UPM-Kymmene and Stora Enso brought the highest returns.\n\nWe believe that precious metals and the commodities sector are segments that proactively offer good protection against declining investor purchasing power. The latter is due to accelerating inflation.\n"},{"year":2021,"month":6,"content":"### June 2021: The BaltCap fund sold its stake in a waste management company\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn June, world stock markets continued to rise in euros, supported to some extent by the 3.1% strengthening of the euro against the US dollar over the month. The MSCI World Index rose 4.6% in euros, and the US S&P 500 index rose 2.9%. The Nasdaq Composite index, which reflects the US technology sector, showed outstanding results, growing by 8.6% in euros.\n\nIn Europe, however, the Euro Stoxx 50 performed modestly, rising 0.7%. Japan’s Nikkei index rose 1.5% in euros, and the MSCI Emerging Markets index rose by 3.1%. Of the local Baltic stock markets, Tallinn and Riga remained on the rise, growing by 2.3% and 3.6%, respectively, in June. The Vilnius stock market showed a completely different result, falling by 1.5%.\n\nAt the end of June, the domestic private equity company BaltCap announced that their BaltCap Private Equity Fund II would sell its 75% stake in Eesti Keskkonnateenused AS. The buyer was MBA Investeeringud OÜ, owned by the management members and shareholders of Eesti Keskkonnateenused AS. Eesti Keskkonnateenused AS provides waste management services in Estonia, and the BaltCap fund made its investment in 2015. Within six years, the company has grown organically and through five acquisitions, resulting in a strong market position and a wide range of services.\n\nAs a new significant investment, we acquired the bonds of Eastnine, a real estate company focused primarily on office buildings in Vilnius. The company issued bonds for the first time, the money was borrowed for three years, and investors are paid 5% interest per annum. We see an opportunity for a further price rise of the bond, which could bring the desired minimum return of 6–7% to the fund.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Half a century since the end of the gold standard**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n","text":"Although the MSCI World index, which measures global stock markets, rose 1.8% in July, investor sentiment was not equally positive everywhere in the world. The S&P500 index, which tracks large US companies, rose 2.2% during the month, and the value of the Euro Stoxx 50 index, which reflects European stock markets, rose 0.7%.\n\nAt the same time, the Japanese and Chinese stock markets fell moderately: The Nikkei index lost 4.2% of its value and the CSI300 index, which reflects Chinese stock markets, lost 6%. In emerging markets, losses were even bigger: The MSCI Emerging Market index fell by 7.1% in euros during the month. However, Estonian investors had reason to rejoice in July, as the value of companies on the Tallinn stock market rose by 7% during the month.\n\n**The era of unsecured money**\n\nFifty years ago, in August 1971, President Richard Nixon informed the world that the US dollar would no longer be pegged to gold. The era of the gold standard was over. Under the Bretton Woods agreement, many other countries pegged their currencies to the dollar, and the US Federal Reserve promised that dollars could be exchanged for gold at any time at a rate of $35 for an ounce of gold.\n\nThe current so-called unsecured monetary system is therefore only fifty years young and is not guaranteed by anything other than trust in the money-issuing government. The main reason why the US abandoned the gold standard half a century ago was that the US current account was strongly negative. Namely, the country imported significantly more goods and services than it exported, and the US liabilities to the rest of the world kept growing.\n\nSince the gold standard, the world has seen various currency crises. Foreign exchange markets closely monitored both government fiscal policy and central bank monetary policy to predict changes in inflation rates and interest rate movements.\n\nAbout ten years ago, however, investor attitudes to governments’ large budget deficits and their financing by central banks changed. In the past, it was feared this would lead to accelerating inflation and a fall in the exchange rate. Over the past ten years, on the other hand, markets have tended to favour government and central bank intervention, despite its long-term consequences.\n\nThe time horizon has become shorter for investors and society as a whole, and no one really ponders the fact that money-printing itself does not create value. The money borrowed must be productively invested so that it can be repaid with interest in the future. Record-low interest rates have another negative side effect, namely an increase in speculative and inefficient investments that do not create new value.\n\n**The declining utility of loan money**\n\n[Marginal utility](https://en.wikipedia.org/wiki/Marginal_utility) is one of the most important concepts in economics, and it also applies to lending. Each subsequent dollar or euro borrowed creates slightly less new value than the previous one.\n\nWhile government debt was already alarmingly high before the pandemic, fighting the virus and reviving the economy have brought on commitments at an unprecedented rate. The cheap price of money has motivated spending too lightly at times. Inflation results when a growing money supply chases a limited supply of goods or services. Over the past ten years, inflation has manifested itself primarily in the prices of various assets, as it was possible to ask for additional loans secured by assets. This year, however, we have also seen the growth of consumer goods prices accelerate faster than before.\n\nIn the USA, the consumer price index rose by 5.4% year-on-year in July, and in Estonia, the inflation rate reached 5% last month. Central bankers argue that the rapid rise in prices is temporary due to the low base a year ago and the impact of the coronavirus on global supply chains.\n\nLooking at long-term government bond yields (US and German ten-year bond yields are 1.3% and –0.5%, respectively), bond investors are not particularly worried about inflation either. Similarly, the decline in commodity prices in recent months points to a possible slowdown in inflation over the next 12 months.\n\nMore than an acceleration in inflation, I fear a possible erratic restructuring of a heavily indebted economy. In a situation where everyone owes everyone, the insolvency of a major corporation or even a government can cause a chain reaction. Moderate inflation would be welcome as long as it does not lead to higher interest rates.\n\n**We are getting ready to make payments**\n\nCentral bank money taps have been open wide for a very long time and interest rates are very low, meaning that all asset classes trade at very high price levels. In such an environment, it is worth preferring companies with good growth prospects or investments that have a somewhat limited loss risk in the case of a negative scenario.\n\nLHV pension funds made no major new investments in July. However, one of our largest bond investments ended when the new owners of Peetri Keskus decided to redeem their liabilities to pension funds that were assumed at the beginning of last year. The average interest return on the bonds was 7% per annum, plus an early redemption fee.\n\nGerman and French government bonds currently account for a much more significant than usual share in our fund portfolios. We will finance payments to those leaving the pension system at the beginning of September from the sale of these. After that, the distribution of assets in higher-risk funds will become closer to the goal we have been moving towards for a long time.\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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":16.89,"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/eng/contact/contact","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":99.07,"unit":"%"},{"name":"Money and deposits","value":0.93,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|--:|\n| Amundi Prime Global UCITS ETF | 27.49% |\n| Lyxor Core MSCI World DR UCITS | 23.02% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 22.66% |\n| SPDR MSCI World UCITS ETF | 12.71% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 8.09% |\n| iShares MSCI EM UCITS ETF | 2.76% |\n| MSCI Frontier and Select EM ETF | 2.35% |\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 31.07.2021) | 15,285,144.48 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0528%\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 August 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2021_08.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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109419","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET100":{"heading":"SEB Aktiivne Pensionifond","id":"aktiivne","code":"seb_akt","dataMarker":"SET100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nThe fund invests up to 100% of the assets in shares. Investing mainly in shares involves higher risks, resulting in big fluctuations in the value of the fund's assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1.5%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET35":{"heading":"SEB Tasakaalukas Pensionifond","id":"tasakaalukas","code":"seb_tas","dataMarker":"SET35","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have at least 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nThe fund mainly invests in bonds and deposits, with up to 50% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Aktsiad 100 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"**Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"**Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,95%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"**Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,05%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"**Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,15%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109484","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.3%"},"fundInfo":{"company":{"title":"Tuleva Fondid AS","link":null},"depository":{"title":"AS Swedbank","url":"https://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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):** 0.43%\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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001707","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LRK100":{"heading":"LHV Pensionifond Roheline","id":"roheline","code":"roheline","dataMarker":"LRK100","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":8754},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":0.35,"unit":"%"},{"name":"Shares","value":37.68,"unit":"%"},{"name":"Equity funds","value":56.24,"unit":"%"},{"name":"Real Estate funds","value":1.37,"unit":"%"},{"name":"Money and deposits","value":4.36,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021\n\n| Biggest investments | |\n|---|---:|\n| Global X Lithium and Battery Tech | 10,23% |\n| Invesco Solar ETF | 7,65% |\n| iShares Global Clean Energy ET | 5,71% |\n| L and G Battery Value-Chain UCITS | 4,99% |\n| iShares Inc iShares ESG Aware | 4,95% |\n| Global X Copper Miners ETF | 4,44% |\n| First Trust Global Wind Energy | 4,05% |\n| iShares Electric Vehicles and Driving Technology U | 3,08% |\n| L and G Hydrogen Economy UCITS ETF | 2,77% |\n| UPM-Kymmene | 2,52% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1,37% |\n| Sunly Land 8% 17/11/2025 | 0.38% |\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 31.07.2021) | 37,654,720.70 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 781 250 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.4067%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 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 August 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2021_08.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":1.75,"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/eng/contact/contact","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":34.91,"unit":"%"},{"name":"Equity funds","value":57.44,"unit":"%"},{"name":"Real Estate funds","value":2.37,"unit":"%"},{"name":"Money and deposits","value":5.28,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2021.\n\n| Biggest investments | |\n|---|--:|\n| Global X Lithium and Battery Tech | 10.23% |\n| Invesco Solar ETF | 10.10% |\n| iShares Global Clean Energy ET | 10.05% |\n| iShares Inc iShares ESG Aware | 6.43% |\n| First Trust Global Wind Energy | 3.15% |\n| Yara International | 3.13% |\n| VanEck Vectors Sustainable World Equal Weight UCIT | 2.60% |\n| UBS ETF-MSCI World Socially Responsible | 2.44% |\n| Aker Carbon Capture | 2.41% |\n| Birdeye Timber Fund 3 | 2.37% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 2.37% |\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 31.07.2021) | 4,277,864.48 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 468 750 units |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0528%\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 August 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_kuuaruanne_2021_08.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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001764","strategyType":null,"managementStyle":"Active","riskLevel":6,"countryShareEe":2.37,"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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001749","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001731","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001798","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3}}