{"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**\nWe invest the money into the bonds of various governments and their affiliated organisations. They offer the greatest stability and the lowest risks. There is no stock market risk. The money accumulated for your pension remains stable.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":4560},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":73.32,"unit":"%"},{"name":"Money and deposits","value":26.68,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| France Government 1% 25/05/27 | 5.57% |\n| German Government 1.5% 04/09/22 | 4.77% |\n| Czech Republic 3.875% 24/05/22 | 4.57% |\n| Temasek 0.5% 01/03/22 | 4.35% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.18% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.97% |\n| Slovakia 3.375% 15/11/24 | 3.94% |\n| USA TREASURY BILL 1.625% 31/08/19 | 2.97% |\n| Amber Circle 3.25% 04/12/22 | 2.74% |\n| STEDIN 0 10/24/22 | 2.57% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.18% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.97% |\n| Elering 0.875% 03/05/20230 | 2.51% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2018) | 20,214,332.19 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 110 000 units |\n| Rate of the depository’s charge | 0,06% (paid by LHV) |\n| Depository | AS SEB Pank |\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:** 0.585%\n"}]},{"id":"documents","title":"Documents (in Estonian)","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018](/assets/files/pension/LHV_Pensionifond_XS_tingimused_020118.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018](/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 (30 September 2018)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2018_09.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_XS_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_pensionifond_XS_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_pensionifond_XS_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_pensionifond_XS_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_pensionifond_XS_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2018,"month":8,"content":"### 2018 August - Another solid result among conservative funds\n\nRomet Enok, Fund Manager\n\nIn the markets for European government bonds, the dynamics in August were very similar to the whole of 2018 - most major markets remained close to or above zero, while Italy's rate of return was clearly negative at around -3%. Italy did not affect the investments in the Fund and the rate of return was 0.2%. In addition, the Fund has been in a positive situation from the start of the year, unlike almost all major segments of the bond market. When prices rose, we reduced the Fund's positions in French long-term bonds. Namely, the final deadline of the incentives of the European Central Bank is approaching fast. Italy's problems have once again increased demand and, with that, pushed up prices of the highest-rated eurozone bonds. However, looking ahead, their expected rate of return is still very low from the current level.\n"},{"year":2018,"month":7,"content":"### 2018 July - Fund continues to provide a good result, with conservatism being behind the success\n\nRomet Enok, Fund Manager\n\nThe month of July saw European bond markets move in the opposite direction to the rest of this year – the prices of corporate bonds rose slightly, while the markets of larger governments fell. Measured from the beginning of the year the situation is the opposite; corporate bonds have offered a negative rate of return at -0.4% while those of governments have offered a positive rate of return at +0.2%. Among the larger markets the movement of government bonds in July had nearly the same result, although the reason for this was different – in the case of Germany, interest rates rose slightly once again based on the expectation of a better economic outlook, while prices in Italy were lowered by investors’ worries about political topics.\n\nThe focusing of the fund on opportunities that are located outside of the Euro Zone’s large governments has provided a better result, with Transpordi Varahaldus showing a growth in profit in July in light of the continued growth in the number of air travellers. Among new investments to the fund we added the bonds of Lithuanian Energy, which raised new capital from the market. The term for the bonds is 10 years and the interest is 1.875%.\n"},{"year":2018,"month":6,"content":"### 2018 June - The fund is investing in local bonds in the maximum eligible quantity\n\nRomet Enok, Fund Manager\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. We continue to invest in local bonds in the extent of the legally allowed limit (10% of assets) – in the papers of State Real Estate and Transpordi Varahaldus. This, and refraining from taking risks in the international market, allowed XS to be the conservative bond fund with the best rate of return, by offering a rate of return of +0.3%.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Bond markets are waiting for change**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms\n","text":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms.\n\nOtherwise, the European bond markets that have been stagnating for years were slightly affected by risk in connection with the price movement of Italian government bonds. The rate of return of Italy’s ten-year government bonds rose to 3.2% by the end of August. The last time the rate of return of Italian government 10-year bonds exceeded 3% was in May 2014.\n\nThe bond purchase programme launched by the European Central Bank in the spring of 2015 should finish by the end of this year. After that it will be clear at what level the interest rates of various European government bonds will stabilise. I suspect that greater movements are still ahead, and not only in the price of Italian bonds. If the bond purchase programme turns out to also be successful in the longer run and a stable 2% increase in the cost of living is achieved, it would be very unlikely that the rate of return of Eurozone bonds with the lowest risk would remain below 2%.\n\nAt the end of August, the rate of return of German government ten-year bonds was 0.4%. Interest rates are essentially the cost of money. When the price of money changes, the prices of assets measured in a given currency also change. For securities markets, the monetary policy of central banks since the 2008 financial crisis has been like a tide that has lifted all ships. The price of almost all assets has increased. However, almost all signs now indicate that this tide will reverse soon, and it will be seen which companies and projects can benefit from it and which ones are washed ashore.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":12.9,"fundManager":"LHV"},"LSK00":{"heading":"LHV Pensionifond S","id":"s","code":"s","dataMarker":"SK00","suitability":"**Suitable if**\n- you have less than 3 years left until retirement,\n- you have low risk tolerance,\n- your aim is the preservation and modest growth of your pension savings.\n","strategy":"**Strategy**\nWe invest your money into strong corporate bonds. They offer stability in the maintenance of your money and are not affected as much by the prevalent economic situation as corporate shares. There is no stock market risk. The growth of your pension savings is limited, but will be stable.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":10786},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":87.02,"unit":"%"},{"name":"Money and deposits","value":12.98,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.53% |\n| Temasek 0.5% 01/03/22 | 4.52% |\n| Latvenergo 1.9% 10/06/22 | 4.44% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.08% |\n| Investor 4.5% 12/05/23 | 3.42% |\n| TOTAL 03/19/20 | 3.06% |\n| Romania 2.875% 28/10/24 | 2.84% |\n| France Government 2.25% 25/10/22 | 2.82% |\n| Amber Circle 3.25% 04/12/22 | 2.71% |\n| Sabic Capital 2.75% 20/11/20 | 2.64% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.53% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.08% |\n| Eesti Energia 2.384% 22/09/23 | 0.18% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2018) | 59,039,622.44 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 270 000 units |\n| Rate of the depository’s charge | 0,06% (paid by LHV) |\n| Depository | AS SEB Pank |\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:** 0.684%\n"}]},{"id":"documents","title":"Documents (in Estonian)","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018](/assets/files/pension/LHV_Pensionifond_S_tingimused_020118.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2018)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2018_09.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_S_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_pensionifond_S_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_pensionifond_S_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_pensionifond_S_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_pensionifond_S_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2018,"month":8,"content":"### 2018 August - Another solid result among conservative funds\n\nRomet Enok, Fund Manager\n\nAs in the whole of the current year, the result in August in European bond market segments was at best a small plus. Overall, the picture was shadowed again by Italy, where the decline was as high as 3%. In addition, the emerging market bond market performed notably weaker, losing slightly more than one percent in the month. Both are clearly in a negative situation from the beginning of the year (–6% and –4%, respectively). The investments of Pension Fund S are not affected by these markets and thus the result was a small profit.\n\nLast month, we lowered the French bond position in the portfolio, as prices of bonds with very high credit ratings skyrocketed because of growing fears in markets. The rise in prices will reduce their expected rate of return from an already low level, which is why we see better alternatives elsewhere.\n"},{"year":2018,"month":7,"content":"### 2018 July - The fund is searching for investment opportunities outside of European bond markets\n\nRomet Enok, Fund Manager\n\nThe month of July saw European bond markets move in the opposite direction to the rest of this year – the prices of corporate bonds rose slightly, while the markets of larger governments fell. Measured from the beginning of the year the situation is the opposite; corporate bonds have offered a negative rate of return at -0.4% while government bonds have offered +0.2%. Among the larger markets the movement of government bonds in July had nearly the same result, although the reason for this was different – in the case of Germany, interest rates rose slightly once again based on the expectation of a better economic outlook, while prices in Italy fell due to investors’ worries about political topics.\n\nThe focusing of the fund on opportunities located outside of the Euro Zone’s large governments has yielded a better result, with Transpordi Varahaldus, among others, showing a growth in profit in July in light of the continued growth in the number of air travellers. Among new investments to the fund we added the bonds of Lithuanian Energy, which raised new capital from the market. The maturity date for the bonds is 10 years and the interest is 1.875%.\n"},{"year":2018,"month":6,"content":"### 2018 June - The fund is refraining from the risk of international bonds\n\nRomet Enok, Fund Manager\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. We continue to invest in local bonds in the extent of the legally allowed limit (10% of assets) – in the papers of State Real Estate and Transpordi Varahaldus. LHV S fund was, together with XS, two of the three conservative pension funds, which managed to make a profit in that environment in the first half-year.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Bond markets are waiting for change**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms\n","text":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms.\n\nOtherwise, the European bond markets that have been stagnating for years were slightly affected by risk in connection with the price movement of Italian government bonds. The rate of return of Italy’s ten-year government bonds rose to 3.2% by the end of August. The last time the rate of return of Italian government 10-year bonds exceeded 3% was in May 2014.\n\nThe bond purchase programme launched by the European Central Bank in the spring of 2015 should finish by the end of this year. After that it will be clear at what level the interest rates of various European government bonds will stabilise. I suspect that greater movements are still ahead, and not only in the price of Italian bonds. If the bond purchase programme turns out to also be successful in the longer run and a stable 2% increase in the cost of living is achieved, it would be very unlikely that the rate of return of Eurozone bonds with the lowest risk would remain below 2%.\n\nAt the end of August, the rate of return of German government ten-year bonds was 0.4%. Interest rates are essentially the cost of money. When the price of money changes, the prices of assets measured in a given currency also change. For securities markets, the monetary policy of central banks since the 2008 financial crisis has been like a tide that has lifted all ships. The price of almost all assets has increased. However, almost all signs now indicate that this tide will reverse soon, and it will be seen which companies and projects can benefit from it and which ones are washed ashore.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019824","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":8.79,"fundManager":"LHV"},"LMK25":{"heading":"LHV Pensionifond M","id":"m","code":"m","dataMarker":"MK25","suitability":"**Suitable if**\n- you have more than 3–10 years left until retirement age,\n- you have moderate risk tolerance,\n- your aim is the long-term stable growth of your pension savings.\n","strategy":"**Strategy**\nWe allocate most of the funds into bonds, which offer stability when it comes to the preservation of your money. For added balance, we also invest into real estate and enterprises to allow for stable growth by your pension savings. Up to 25% of the fund’s assets will be allocated to shares, that is, holdings in companies will be acquired. We invest the rest into bonds and real estate.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":13381},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":81.54,"unit":"%"},{"name":"Shares","value":4.68,"unit":"%"},{"name":"Equity funds","value":1.4,"unit":"%"},{"name":"Real Estate funds","value":7.16,"unit":"%"},{"name":"Private Equity funds","value":3.28,"unit":"%"},{"name":"Money and deposits","value":1.94,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.04% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.38% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.03%|\n| Luminor 20/12/19 | 2.93% |\n| France Government 2.25% 25/10/22 | 2.90% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.80% |\n| Tartu linn 25/10/32 | 2.46% |\n| Coop Pank 6.75% 04/12/2027 | 2.07% |\n| Latvenergo 1.9% 10/06/22 | 2.02% |\n| Citadele banka 6.25% 06/12/2026 | 1.97% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.04% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.38% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.03% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2018) | 112 819 770,23 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 380 000 units |\n| Rate of the depository’s charge | 0,06% (paid by LHV) |\n| Depository | AS SEB Pank |\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:** 1.008%\n"}]},{"id":"documents","title":"Documents (in Estonian)","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018](/assets/files/pension/LHV_Pensionifond_M_tingimused_020118.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2018)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2018_09.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_M_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_pensionifond_M_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_pensionifond_M_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_pensionifond_M_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_pensionifond_M_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2018,"month":8,"content":"### 2018 August - In spite of markets moving in different directions the Fund performed well\n\nRomet Enok, Fund Manager\n\nIn August, global stock markets moved in different directions: whereas the US and Japanese stock exchanges had a good monthly rate of return, stock markets in Europe and most emerging countries fell. In Europe, the decline was led by political and economic problems in Italy and Spain, whose stock markets were down by –8.8% and –4.8% respectively. This time, the overall decline also affected the Baltic stock markets. The lowest rate of return was posted by the Riga Stock Exchange (–4.7%), while the Tallinn Stock Exchange and the Vilnius Stock Exchange fell by 2.8% and 2.4% respectively.\n\nLithuanian tour operator Novaturas, part of the investment portfolio of Pension Fund M, once again announced strong quarterly results. In the second quarter of this year, the company's revenues grew by almost 40% compared to the same period in 2017. A total of 97,000 customers were served during the quarter and the most popular destination was Turkey.\n\nAt the end of the month, Baltic Horizon, a real estate fund operating in all Baltic countries, listed its spring bond issue on the Tallinn Stock Exchange. We have been very active in negotiating the terms and conditions of the bond, and LHV pension funds now own slightly more than half of the bonds issued. The annual coupon of the instrument is 4.25% and the issue of 30 million euros will be repaid in one part after five years. The Fund’s best-known investments in Estonia are in the district of the former Post Office building and the Coca-Cola Plaza in Tallinn.\n\nIn the international bond markets, August was another month of near-zero results, with Italian government bonds and emerging markets performing negatively. We are actively working with local issuers and we also hope to receive new investments in the bond portfolio - especially from Estonia.\n"},{"year":2018,"month":7,"content":"### 2018 July - Global securities markets moved in a positive direction in July\n\nRomet Enok, Fund Manager\n\nAfter several anxious months, July turned out to be a predominantly positive month for global stock markets. The stock exchanges of the United States, Japan and the majority of European countries showed good results. For example, the German stock exchange index rose in July by 3.6% and the Finnish stock exchange showed a somewhat more restrained rate of return of 1%. The rate of return of pension fund M was affected negatively in July by Finnish forestry shares, which had experienced a very strong increase since the start of this year. Investor expectations regarding the forestry sector as such were already too high, and both Stora Enso as well as the Metsä Board’s quarterly results fell below their expectations. Company shares fell during the month by 8.4% and 6.7%, respectively. On the other hand, the rise in the shares of Finnish company Neste and Nokian Renkaat, by 7.7% and 11.1%, respectively, had a positive effect on the pension fund’s rate of return.\n\nInherent to the improved risk appetite the shares of lower rated corporate bonds rose along with stock markets, while government bonds fell at the same time. Measured from the start of the year, the situation is the opposite – the only market segment in positive territory is government bonds. Although even in their case, the win was modest, as expected. We are continuing to focus on alternatives in place of the Euro Zone’s large markets, where Transpordi Varahaldus, among already performed investments, showed growth in profit based on the increase in the number of air travellers, and we acquired Lithuanian Energy 10 year bonds, which had raised new capital from the market, at an interest rate of 1.875%.\n"},{"year":2018,"month":6,"content":"### 2018 June - The world's stock markets continue to direct us towards the local market\n\nRomet Enok, Fund Manager\n\nThe world's stock markets showed a predominantly negative rate of return in June. This was largely caused by the fear of a trade war between the US and other countries. For example, the stock exchange index of Germany and France fell by 2.4 % and 1.4% respectively. The stock markets of Baltic countries did not follow the major decrease, and the stock exchange indexes of Riga and Vilnius showed a respective -0.1% and 0.2% rate of return. Instead, the Tallinn stock exchange rose by 2.3% due to the initial public offerings of the shares of Port of Tallinn. Port of Tallinn is the first company with the state's qualifying holding on the local stock exchange during the last 20 years, and the interest in the shares was strong. The offered shares were almost three times over-allotted and the investors included Estonian and foreign institutions as well as over 13,000 retail investors. The company sold shares at a price of 1.7 euros and by the end of the trading day, the price rose to 1.93 euros. LHV pension funds own 2.7% of the shares of Port of Tallinn.\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. As repeatedly mentioned here, LHV pension funds are looking for investments with the highest expected rate of return outside of international markets. The average interest of the local bond investments made by the M fund was 3.6% at the end of June, and if we leave the bond agreements concluded with Luminor and Siualiu banks aside, the average interest of the local bond portfolio was 4.25%.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Bond markets are waiting for change**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms\n","text":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms.\n\nOtherwise, the European bond markets that have been stagnating for years were slightly affected by risk in connection with the price movement of Italian government bonds. The rate of return of Italy’s ten-year government bonds rose to 3.2% by the end of August. The last time the rate of return of Italian government 10-year bonds exceeded 3% was in May 2014.\n\nThe bond purchase programme launched by the European Central Bank in the spring of 2015 should finish by the end of this year. After that it will be clear at what level the interest rates of various European government bonds will stabilise. I suspect that greater movements are still ahead, and not only in the price of Italian bonds. If the bond purchase programme turns out to also be successful in the longer run and a stable 2% increase in the cost of living is achieved, it would be very unlikely that the rate of return of Eurozone bonds with the lowest risk would remain below 2%.\n\nAt the end of August, the rate of return of German government ten-year bonds was 0.4%. Interest rates are essentially the cost of money. When the price of money changes, the prices of assets measured in a given currency also change. For securities markets, the monetary policy of central banks since the 2008 financial crisis has been like a tide that has lifted all ships. The price of almost all assets has increased. However, almost all signs now indicate that this tide will reverse soon, and it will be seen which companies and projects can benefit from it and which ones are washed ashore.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019774","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":34.36,"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**\nWe invest in different areas, the development of which we believe in (e.g. real estate, forest, private equity, Baltic shares, international stock markets and bonds). We allocate up to 50% of the fund’s assets onto stock markets, obtaining holdings in companies. We invest the rest into bonds and real estate.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":105894},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":67.35,"unit":"%"},{"name":"Shares","value":10.57,"unit":"%"},{"name":"Equity funds","value":5.2,"unit":"%"},{"name":"Real Estate funds","value":8.66,"unit":"%"},{"name":"Private Equity funds","value":6.07,"unit":"%"},{"name":"Money and deposits","value":2.15,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.88% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.88% |\n| France Government 2.25% 25/10/22 | 3.22% |\n| Luminor 20/12/19 | 3.20% |\n| Latvia 2.625% 21/01/21 | 2.93% |\n| JP Morgan Chase 2.295% 15/08/21 | 2.26% |\n| Wells Fargo 2.1% 26/07/21 | 2.24% |\n| Lithuania 3.375% 22/01/24 | 2.10% |\n| Siauliu Bankas 21/12/20 | 2.00% |\n| East Capital Baltic Property Fund III | 1.74% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.88% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.88% |\n| Luminor 20/12/19 | 3.20% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2018) | 805,317,890.22 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 400 000 units |\n| Rate of the depository’s charge | 0,06% (paid by LHV) |\n| Depository | AS SEB Pank |\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:** 1.26%\n"}]},{"id":"documents","title":"Documents (in Estonian)","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018](/assets/files/pension/LHV_Pensionifond_L_tingimused_020118.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2018)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2018_09.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_L_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_pensionifond_L_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_pensionifond_L_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_pensionifond_L_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_pensionifond_L_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2018,"month":8,"content":"### 2018 August - Stock markets moved in different directions\n\nKristo Oidermaa, Fund Manager\n\nIn August, global stock markets moved in different directions: while the rate of return on US and Japanese stock exchanges was good, most stock markets in Europe and emerging countries fell. In Europe, the decline was led by political and economic problems in Italy and Spain, whose stock markets were down by –8.8% and –4.8% respectively. This time, the overall decline also affected the Baltic stock markets. The lowest rate of return was posted by the Riga Stock Exchange (–4.7%), while the Tallinn Stock Exchange and the Vilnius Stock Exchange fell by 2.8% and 2.4% respectively.\n\nIn August, the results of the second quarter of the year were published by Port of Tallinn in the fund portfolio. The company increased revenues by 3.4% compared to the same period in 2017. Growth was supported by the segment of passenger and cargo ports as well as passenger ferries. Port of Tallinn also paid out a majority of the state's authorised 105 million euro dividend. This resulted in a revenue tax expense of 26.3 million euros, leaving the company losing 14 million € in the second quarter.\n\nAt the end of the month, Baltic Horizon, a real estate fund operating in all Baltic countries, listed its spring bond issue on the Tallinn Stock Exchange. We have been very active in negotiating the terms and conditions of the bond, and LHV pension funds now own slightly more than half of the bonds issued. The annual coupon of the instrument is 4.25% and the issue of 30 million € will be repaid in one part after five years. The Fund’s best-known investments in Estonia are in the district of the former Post Office building and the Coca-Cola Plaza in Tallinn.\n\nIn the international bond markets, August was another month of near-zero results, with Italian government bonds and emerging markets performing negatively. We are actively working with local issuers and still expect to receive new investments in the bond portfolio, especially from Estonia.\n"},{"year":2018,"month":7,"content":"### 2018 July - Global securities markets moved in a positive direction in July\n\nKristo Oidermaa, Fund Manager\n\nAfter several anxious months, July turned out to be a predominantly positive month for global stock markets. The stock exchanges of the United States, Japan and the majority of European countries showed good results. For example, the German stock exchange index rose in July by 3.6% and the Finnish stock exchange showed a somewhat more restrained rate of return of 1%. The only stock exchange in the Baltic Republics to record a positive return in July was the Vilnius exchange, which rose by 1%. The Tallinn Stock Exchange fell by 0.2% and the Riga stock market index by 2.9%. In July, two of the rental apartment buildings in the L portfolio, located in the Manufaktuuri Quarter of Northern-Tallinn, were completed, and a party was held in celebration. The buildings with 127 apartments will be completed by the end of the year, and the first residents will be able to move in as soon as the spring of 2019.\n\nInherent to the improved risk appetite the shares of lower rated corporate bonds rose along with stock markets, while government bonds fell at the same time. Measured from the start of the year, the situation is the opposite – the only market segment in positive territory is government bonds. Although even in their case, the win was modest, as expected. We are continuing to focus on alternatives in place of the Euro Zone’s large markets, where Transpordi Varahaldus, among already performed investments, showed growth in profit based on the increase in the number of air travellers, and we acquired Lithuanian Energy 10 year bonds, which had raised new capital from the market, at an interest rate of 1.875%.\n"},{"year":2018,"month":6,"content":"### 2018 June - Tallinn stock exchange went against the downstream of global stock markets\n\nKristo Oidermaa, Fund Manager\n\nThe world's stock markets showed predominantly negative rates of return in June. This was largely caused by the fear of a trade war between the US and other countries. For example, the stock exchanges of Germany and France fell by 2.4 % and 1.4% respectively. The Japanese stock exchange index also decreased by 1.4% in euros, and the Finnish stock exchange, which has sharply increased in the past couple of months, fell by 1.2%. The shares of Finnish forestry sector companies Stora Enso and Metsä Board, which had a great rate of return so far, fell more than 7% and 5% respectively. Tallinn stock exchange did not follow the decrease of global share markets and rose by 2.3% instead. This was largely due to the initial public offering of the shares of Port of Tallinn. Interest in share subscription was strong and the share price already rose by 13.5% to 1.93 euros on the first trading day. In addition to LHV pension funds, the investors included many local and foreign institutions and more than 13,000 retail investors. LHV pension funds own 2.7% of the shares of Port of Tallinn.\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. As repeatedly mentioned here, LHV pension funds are looking for investments with the highest expected rate of return outside of international markets. The average interest of the local bond investments made by the L fund was 3.0% at the end of June, and if we leave the bond agreements concluded with Luminor and Siualiu banks aside, the average interest of the local bond portfolio was 4.0%.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Bond markets are waiting for change**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms\n","text":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms.\n\nOtherwise, the European bond markets that have been stagnating for years were slightly affected by risk in connection with the price movement of Italian government bonds. The rate of return of Italy’s ten-year government bonds rose to 3.2% by the end of August. The last time the rate of return of Italian government 10-year bonds exceeded 3% was in May 2014.\n\nThe bond purchase programme launched by the European Central Bank in the spring of 2015 should finish by the end of this year. After that it will be clear at what level the interest rates of various European government bonds will stabilise. I suspect that greater movements are still ahead, and not only in the price of Italian bonds. If the bond purchase programme turns out to also be successful in the longer run and a stable 2% increase in the cost of living is achieved, it would be very unlikely that the rate of return of Eurozone bonds with the lowest risk would remain below 2%.\n\nAt the end of August, the rate of return of German government ten-year bonds was 0.4%. Interest rates are essentially the cost of money. When the price of money changes, the prices of assets measured in a given currency also change. For securities markets, the monetary policy of central banks since the 2008 financial crisis has been like a tide that has lifted all ships. The price of almost all assets has increased. However, almost all signs now indicate that this tide will reverse soon, and it will be seen which companies and projects can benefit from it and which ones are washed ashore.\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019832","strategyType":"Progressive","managementStyle":"Active","riskLevel":3,"countryShareEe":31.47,"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**\nWe allocate up to 75% of the fund’s assets into shares, i.e. obtaining holdings in companies. We invest the rest into bonds and real estate. In 2012, we changed our investment strategy; until then, up to 50% was invested into shares.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":34989},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":63.71,"unit":"%"},{"name":"Shares","value":11.97,"unit":"%"},{"name":"Equity funds","value":5.52,"unit":"%"},{"name":"Real Estate funds","value":10.19,"unit":"%"},{"name":"Private Equity funds","value":7.08,"unit":"%"},{"name":"Money and deposits","value":1.53,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.98% |\n| Luminor 20/12/19 | 3.67% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.25% |\n| France Government 2.25% 25/10/22 | 2.96% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.52% |\n| East Capital Baltic Property Fund II | 2.49% |\n| East Capital Baltic Property Fund III | 2.36% |\n| WisdomTree Japan Hedged Equity Fund | 2.16% |\n| iShares STOXX Europe 600 Health Care | 1.93% |\n| Amber Circle 3.25% 04/12/22 | 1.89% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.98% |\n| Luminor 20/12/19 | 3.67% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.25% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2018) | 163,943,279.97 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 500 000 units |\n| Rate of the depository’s charge | 0,06% (paid by LHV) |\n| Depository | AS SEB Pank |\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:** 1.26%\n"}]},{"id":"documents","title":"Documents (in Estonian)","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018](/assets/files/pension/LHV_Pensionifond_XL_tingimused_020118.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018](/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 (30 September 2018)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2018_09.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_XL_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_pensionifond_XL_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_pensionifond_XL_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_pensionifond_XL_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_pensionifond_XL_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2018,"month":8,"content":"### 2018 August - Stock markets moved in different directions\n\nKristo Oidermaa, Fund Manager\n\nIn August, global stock markets moved in different directions: while the rate of return on US and Japanese stock exchanges was good, most stock markets in Europe and emerging countries fell. Among the developing countries, there were still weak Latin American countries, China and Turkey. In Europe, the decline was led by political and economic problems in Italy and Spain, whose stock markets were down by –8.8% and –4.8% respectively. This time, the overall decline also affected the Baltic stock markets. The lowest rate of return was posted by the Riga Stock Exchange (–4.7%), while the Tallinn Stock Exchange and the Vilnius Stock Exchange fell by 2.8% and 2.4% respectively.\n\nAt the same time, the Finnish stock exchange index posted another pleasant surprise, increasing by 2.1%. At the end of August, a takeover offer was made for Technopolis, a Finnish real estate company in the portfolio of the Pension Fund XL. The bid price of 4.65 € per share corresponds to the net asset value of the company and is almost 14% higher than the pre-offer stock price.\n\nAt the end of the month, Baltic Horizon, a real estate fund operating in all Baltic countries, listed its spring bond issue on the Tallinn Stock Exchange. We have been very active in negotiating the terms and conditions of the bond, and LHV pension funds now own slightly more than half of the bonds issued. The annual coupon of the instrument is 4.25% and the issue of 30 million euros will be repaid in one part after five years. The Fund’s best-known investments in Estonia are in the district of the former Post Office building and the Coca-Cola Plaza in Tallinn.\n\nIn the international bond markets, August was another month of near-zero results, with Italian government bonds and emerging markets performing negatively. We are actively working with local issuers and still expect to receive new investments in the bond portfolio, especially from Estonia.\n"},{"year":2018,"month":7,"content":"### 2018 July - Global securities markets moved in a positive direction in July\n\nKristo Oidermaa, Fund Manager\n\nAfter several anxious months, July turned out to be a predominantly positive month for global stock markets. The stock exchanges of the United States, Japan and the majority of European countries showed good results. For example, the German stock exchange index rose in July by 3.6% and the Finnish stock exchange showed a somewhat more restrained rate of return of 1%. The rate of return for pension fund XL was supported by the shares of Swiss pharmaceutical manufacturer Roche, with the share price rising by 12.3% during the month. Company revenue grew by 7% in Q2 2018, in comparison with the same period of the previous year, and net profit increased by 35%. The company also raised expectations in terms of the expected growth in this year’s income and profit. German car maker Daimler also showed a good rate of return in July, with shares rising by 4.8% over the month. The lowering of tensions between Europe and the United States regarding trade tariffs, which could have exhibited a significant impact on Europe’s automotive industry, had a positive impact on the share price.\n\nInherent to the improved risk appetite the shares of lower rated corporate bonds rose along with stock markets, while government bonds fell at the same time. Measured from the start of the year, the situation is the opposite – the only market segment in positive territory is government bonds. Although even in their case, the win was modest, as expected. In place of the large markets of the Euro Zone, we are continuing to concentrate on alternatives, having acquired Lithuanian Energy 10 year bonds in July, which had raised new capital from the market, at an interest rate of 1.875%.\n"},{"year":2018,"month":6,"content":"### 2018 June - The local venture capital funds in the fund's portfolio made its first investments\n\nKristo Oidermaa, Fund Manager\n\nThe world's stock markets showed predominantly negative rates of return in June. This was largely caused by the fear of a trade war between the US and other countries. For example, the stock exchanges of Germany and France fell by 2.4 % and 1.4% respectively. The Japanese stock exchange index also decreased by 1.4% in euros, and the Finnish stock exchange, which has sharply increased in the past couple of months, fell by 1.2%. Many stock markets of South American and Asian countries also remained weak. The stock exchanges of Baltic countries did not follow the major decrease, and the stock exchange indexes of Riga and Vilnius showed a respective -0.1% and 0.2% rate of return. Instead, Tallinn stock exchange rose by 2.3% due to the initial public offerings of the shares of Port of Tallinn. The venture capital funds in the LHV pension fund portfolio also made their first investments. For example, the fund Superangel invested in the Estonian start-up Veriff which in June gathered 6.6 million euros of investors' money altogether. Veriff offers a simple and convenient customer identification service for companies in different fields.\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. As repeatedly mentioned here, LHV pension funds are looking for investments with the highest expected rate of return outside of international markets. The average interest of the local bond investments made by the XL fund was 3.0% at the end of June, and if we leave the bond agreements concluded with Luminor and Siualiu banks aside, the average interest of the local bond portfolio was 4.25%.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Bond markets are waiting for change**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms\n","text":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms.\n\nOtherwise, the European bond markets that have been stagnating for years were slightly affected by risk in connection with the price movement of Italian government bonds. The rate of return of Italy’s ten-year government bonds rose to 3.2% by the end of August. The last time the rate of return of Italian government 10-year bonds exceeded 3% was in May 2014.\n\nThe bond purchase programme launched by the European Central Bank in the spring of 2015 should finish by the end of this year. After that it will be clear at what level the interest rates of various European government bonds will stabilise. I suspect that greater movements are still ahead, and not only in the price of Italian bonds. If the bond purchase programme turns out to also be successful in the longer run and a stable 2% increase in the cost of living is achieved, it would be very unlikely that the rate of return of Eurozone bonds with the lowest risk would remain below 2%.\n\nAt the end of August, the rate of return of German government ten-year bonds was 0.4%. Interest rates are essentially the cost of money. When the price of money changes, the prices of assets measured in a given currency also change. For securities markets, the monetary policy of central banks since the 2008 financial crisis has been like a tide that has lifted all ships. The price of almost all assets has increased. However, almost all signs now indicate that this tide will reverse soon, and it will be seen which companies and projects can benefit from it and which ones are washed ashore.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600019766","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":30.9,"fundManager":"LHV"},"LIK75":{"heading":"LHV Pensionifond Indeks","id":"indeks","code":"lik","dataMarker":"LIK75","suitability":"**Suitable if**\n- you want to invest on 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**\nWe invest broadly in equity and real estate funds. When investing, we prefer funds that are exchange traded (ETF), have a low cost rate, hold physical assets (not synthetic), are cost effective, liquid and follow the base index. Up to 75% of the fund’s assets have been invested in equity funds, the rest in real estate funds. We invest in equity funds both in developed, emerging as well as frontier markets, based on global GDP distribution. Whenever the proportion of money in the fund exceeds 2%, it is invested within five working days.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":1189},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":72.96,"unit":"%"},{"name":"Real Estate funds","value":25.94,"unit":"%"},{"name":"Money and deposits","value":1.1,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| Lyxor Core MSCI World DR UCITS | 29.13% |\n| Amundi Index FTSE EPRA Nareit Global UCITS ETF | 25.94% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 21.41% |\n| iShares Core MSCI World UCITS | 12.97% |\n| db x-trackers MSCI World Index UCITS ETF | 5.18% |\n| Vanguard FTSE Emerging Markets UCITS ETF | 2.22% |\n| iShares MSCI Frontier 100 ETF | 2.05% |\n"},{"title":"Fund doesn´t make any investments in Estonia","type":"markdown","column":"left","content":""}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2018) | 11,962,537.47 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 468 750 units |\n| Rate of the depository’s charge | 0,06% (paid by LHV) |\n| Depository | AS SEB Pank |\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"}]},{"id":"documents","title":"Documents (in Estonian)","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 02 January 2018](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused-2018-01-02.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 02 January 2018](/assets/files/pension/LHV_Pensionifond_Indeks_prospekt-2018-01-02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_09_2017.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2018)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2018_09.pdf)\n- [Annual report for 2017](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2017.pdf)\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109401","strategyType":"Aggressive","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**\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":1329},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":95.17,"unit":"%"},{"name":"Money and deposits","value":4.87,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2018\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.18% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 23.69% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 23.66% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 23.64% |\n"},{"title":"Fund doesn´t make any investments in Estonia","type":"markdown","column":"left","content":""}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"}]}],"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**\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":5864},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":73.45,"unit":"%"},{"name":"Bond funds","value":25.46,"unit":"%"},{"name":"Money and deposits","value":1.12,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2018\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - World Equity Index - X2 | 28.57% |\n| BlackRock ISF - Developed World Index | 28.35% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 25.46% |\n| BlackRock ISF - Developed World ex Tobacco | 8.40% |\n| BlackRock ISF - Emerging Markets Index | 8.13% |\n"},{"title":"Fund doesn´t make any investments in Estonia","type":"markdown","column":"left","content":""}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109435","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":4,"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**\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":95683},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":43.15,"unit":"%"},{"name":"Shares","value":34.91,"unit":"%"},{"name":"Equity funds","value":9.38,"unit":"%"},{"name":"Real Estate funds","value":0.22,"unit":"%"},{"name":"Private Equity funds","value":1.64,"unit":"%"},{"name":"Bond funds","value":9.22,"unit":"%"},{"name":"Money and deposits","value":1.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublic Deutschland 3% 04.07.2020 | 9.32% |\n| France Government 0% 25.02.2020 | 3.70% |\n| Amundi Index Solutions - Amundi MSCI Emerging Markets ETF | 3,31% |\n| Pimco Global High Yield Bond Fund | 2.65% |\n| Tallinna Sadam AS | 2.40% |\n| SEB Eastern Europe ex Russia Fund | 2.07% |\n| iShares Core S&P 500 UCITS ETF USD Acc | 2.07% |\n| SEB Sustainable High Yield Fund | 1.91% |\n| Raiffeisen -Osteuropa-Rent Fund | 1.63% |\n| T Rowe Price Funds SICAV - Asian ex-Japan Equity Fund | 1.37% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.40% |\n| Elering 0.875% 03.05.2023 | 1.02% |\n| BaltCap Private Equity Fund II L.P | 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:** 1.12%\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019725","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":4.59,"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**\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":6092},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":28.5,"unit":"%"},{"name":"Shares","value":2.38,"unit":"%"},{"name":"Equity funds","value":20.18,"unit":"%"},{"name":"Real Estate funds","value":0.1,"unit":"%"},{"name":"Private Equity funds","value":0.66,"unit":"%"},{"name":"Bond funds","value":44.11,"unit":"%"},{"name":"Money and deposits","value":4.08,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 9.52% |\n| iShares Core MSCI World UCITS ETF | 6.75% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 5.83% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 5.28% |\n| Robeco Ql Global Dynamic Duration | 4.67% |\n| SEB Sustainable High Yield Fund | 4.64% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.86% |\n| France Government 0% 25.02.2020 | 3.55% |\n| SEB Ethical Global Index Fund | 3.52% |\n| SEB Fund 4 Short Bond Fund Euro | 3.51% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.38% |\n| Elering 0.875% 03.05.2023 | 1.03% |\n| BaltCap Private Equity Fund II L.P | 0.66% |\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:** 0.84%\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098612","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":4.06,"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**\nFund mainly invests in bonds and deposits. 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":12226},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":53.01,"unit":"%"},{"name":"Bond funds","value":45.73,"unit":"%"},{"name":"Money and deposits","value":1.26,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 13.12% |\n| Bundesrepublic Deutschland 3.5% 04.07.2019 | 9.84% |\n| iShares Core EUR Corp Bond UCITS ETF EUR (Dist) | 8.64% |\n| UBS ETF-Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF | 8.62% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 8.17% |\n| iShares EUR Corporate Bond Large Cap UCITS ETF | 8.12% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.80% |\n| Lithuanian Government Bond 0.7% 27.05.2020 | 3.70% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 2.95% |\n| Republic of Lithuania 7.375% 11.02.2020 | 2.94% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Elering 0.875% 03.05.2023 | 0.65% |\n| Eesti Energia 4.25% 02.10.2018 | 0.26% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.49%\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":0.91,"fundManager":"SEB"},"SWK99":{"heading":"Swedbank Pensionifond K90-99","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**\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.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":4202},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":72.44,"unit":"%"},{"name":"Bond funds","value":25.69,"unit":"%"},{"name":"Money and deposits","value":2.7,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| SPDR Barclays Euro Aggregate Bond UCITS ETF | 25.69% |\n| LYXOR Core MSCI World | 24.04% |\n| HSBC MSCI World UCITS ETF | 21.74% |\n| Amundi Index MSCI World UCITS ETF | 20.88% |\n| Access Global | 5.78% |\n"},{"title":"Fund doesn´t make any investments in Estonia","type":"markdown","column":"left","content":""}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.49%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109393","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank Pensionifond K4","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**\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":102820},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":35.25,"unit":"%"},{"name":"Shares","value":36.33,"unit":"%"},{"name":"Equity funds","value":23.59,"unit":"%"},{"name":"Real Estate funds","value":3.77,"unit":"%"},{"name":"Private Equity funds","value":0.65,"unit":"%"},{"name":"Money and deposits","value":1.42,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| France 1.000% 181125 | 7.81% |\n| Swedbank Robur Acc Asien | 7.46% |\n| Lyxor ETF MSCI AC Asia Ex-Jap | 4.88% |\n| France 1.000% 190525 | 3.49% |\n| Spain 4.6% EUR Due 30.07.2019 | 3.07% |\n| Amundi ETF MSCI Europe UCITS | 2.86% |\n| Amundi ETF MSCI EM LAT AM UCIT | 2.85% |\n| Republic of Austria 0.250% 191018 | 2.60% |\n| Italy Government 4.5000% 190301 | 1.97% |\n| Lyxor ETF Eastern Europe | 1.80% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.78% |\n| East Capital Baltic Property III | 1.10% |\n| Alexela Tanklad 5.5% 02.03.28 | 0.79% |\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:** 0.85%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103248","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":7.98,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank Pensionifond K3","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- your age 45-54 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**\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":143914},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":50.65,"unit":"%"},{"name":"Shares","value":26.8,"unit":"%"},{"name":"Equity funds","value":14.21,"unit":"%"},{"name":"Real Estate funds","value":4.64,"unit":"%"},{"name":"Private Equity funds","value":1.22,"unit":"%"},{"name":"Bond funds","value":2.44,"unit":"%"},{"name":"Money and deposits","value":0.9,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| France 1.000% 190525 | 8.35% |\n| Swedbank Robur Acc Asien | 5.08% |\n| Spain 4.6% EUR Due 30.07.2019 | 3.35% |\n| Austria RAGB 0.250% 18.10.2019 | 3.28% |\n| Amundi 12 M-I | 2.44% |\n| Eften Kinnisvarafond II aktsia | 2.28% |\n| Lithuania EUR 0.60% 30.03.2019 | 2.16% |\n| Italy Government 4.5000% 190301 | 2.10% |\n| Amundi ETF MSCI Europe UCITS | 2.00% |\n| Luminor 0.330% 20.12.2019 EUR | 1.91% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 2.28% |\n| Luminor 0.330% 20.12.2019 EUR | 1.91% |\n| East Capital Baltic Property III | 1.32% |\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:** 0.85%\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019758","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":10.18,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank Pensionifond K2","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- you are 55-62 years old,\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**\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":45890},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":72.13,"unit":"%"},{"name":"Shares","value":0.33,"unit":"%"},{"name":"Equity funds","value":18.52,"unit":"%"},{"name":"Real Estate funds","value":5.64,"unit":"%"},{"name":"Private Equity funds","value":1.98,"unit":"%"},{"name":"Bond funds","value":1.68,"unit":"%"},{"name":"Money and deposits","value":0.86,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| Amundi ETF MSCI Europe UCITS | 6.44% |\n| Spain 4.6% EUR Due 30.07.2019 | 5.92% |\n| Austria RAGB 0.250% 18.10.2019 | 5.71% |\n| France 1.000% 190525 | 5.15% |\n| Italy Government 4.5000% 190301 | 4.16% |\n| Lithuania EUR 0.60% 30.03.2019 | 3.51% |\n| S&P 500 SPDR | 3.48% |\n| Vanguard S&P 500 ETF USA | 3.35% |\n| Eften Kinnisvarafond II aktsia | 3.04% |\n| Luminor 0.330% 20.12.2019 EUR | 2.82% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 3.04% |\n| Luminor 0.330% 20.12.2019 EUR | 2.82% |\n| East Capital Baltic Property III | 1.41% |\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:** 0.80%\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019741","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":13.54,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond K1","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- you are aged 63 or older,\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**\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":10609},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":54.63,"unit":"%"},{"name":"Bond funds","value":43.88,"unit":"%"},{"name":"Money and deposits","value":1.68,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| Amundi 6 M-I | 8.52% |\n| iShares Core Euro Corporate Bond ETF | 8.52% |\n| Allianz Euro Oblig Court Trm | 8.39% |\n| iShares Euro Corp Bond Int Hedged UCITS ETF | 7.24% |\n| Amundi Float Rate USD Corp ETF | 5.67% |\n| iShares Euro Ultrashort Bond Fund | 5.54% |\n| France 3.5000% 260425 | 5.53% |\n| Tallinn FRN EUR 29.11.2027 | 2.08% |\n| Rabobank EUR 4.125% 12.01.2021 | 2.06% |\n| France 8.5000% 191025 | 1.80% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinn FRN EUR 29.11.2027 | 2.08% |\n| Elering 0.875% 230503 | 0.22% |\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"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":2.3,"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**\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":28510},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":9.61,"unit":"%"},{"name":"Shares","value":2.18,"unit":"%"},{"name":"Equity funds","value":69.63,"unit":"%"},{"name":"Private Equity funds","value":0.56,"unit":"%"},{"name":"Bond funds","value":15.05,"unit":"%"},{"name":"Money and deposits","value":2.95,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 21.32% |\n| Amundi Index MSCI World UCITS ETF DR | 7.05% |\n| SEB Ethical Global Index Fund C |6.90% |\n| Xtrackers MSCI World UCITS ETF | 6.47% |\n| iShares Core S&P 500 UCITS ETF USD Acc | 5.53% |\n| iShares STOXX Europe 600 UCITS ETF (DE) | 4.28% |\n| Amundi Index Solutions - Amundi MSCI Emerging Markets ETF | 4.17% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 3.86% |\n| SEB Global Chance / Risk Fund | 3.49% |\n| Xtrackers Nikkei 225 UCITS ETF | 2.51% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.18% |\n| BaltCap Private Equity Fund II L.P | 0.56% |\n| Elering 0.875% 03.05.2023 | 0.48% |\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:** 1.260%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103297","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":3.41,"fundManager":"SEB"},"LEK75":{"heading":"LHV Pensionifond Eesti","id":"eesti","code":"eesti","dataMarker":"LEK75","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you want to link your pension with the Estonian economy,\n- you also have investments in other regions.\n","strategy":"**Strategy**\nThe fund invests, subject to the availability of suitable investments, 100% in Estonia. Investments are made in shares, debts, real estate, and also in other funds. Since the number of securities traded on the Tallinn Stock Exchange is low, the fund invests extensively outside the exchange. Since the fund is linked to one region, it would not be wise to invest all your pension assets in this fund.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":92},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":33.33,"unit":"%"},{"name":"Shares","value":22.89,"unit":"%"},{"name":"Real Estate funds","value":11.4,"unit":"%"},{"name":"Private Equity funds","value":0.05,"unit":"%"},{"name":"Money and deposits","value":32.33,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| Birdeye Timber Fund | 5.59% |\n| EfTEN Kinnisvarafond II | 5.42% |\n| Eesti Energia 2.384% 22/09/23 | 5.32% |\n| Autolist 12% 03/04/22 | 5.18% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 5.09% |\n| Allianz 07/12/20 | 5.08% |\n| Daimler Intl Finance 0 11/05/2022 | 5.01% |\n| Tallinna Kaubamaja | 4.53% |\n| Tallink Grupp | 4.51% |\n| Merko Ehitus | 3.19% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund | 5.59% |\n| EfTEN Kinnisvarafond II | 5.42% |\n| Eesti Energia 2.384% 22/09/23 | 5.32% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2018) | 1,988,858.50 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 343 750 units |\n| Rate of the depository’s charge | 0,06% (paid by LHV) |\n| Depository | AS SEB Pank |\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:** 1.26%\n"}]},{"id":"documents","title":"Documents (in Estonian)","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2018)](/assets/files/pension/LHV_pensionifond_Eesti_kuuaruanne_2018_09.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2018,"month":8,"content":"### 2018 August - Tallinn Stock Exchange affected by fluctuations of markets in August\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAugust turned out to be a month of negative rate of return for most European stock markets. This time the general decline also affected the Tallinn Stock Exchange, which fell 2.8% in a month. Of shares in the Estonian portfolio of the pension fund, the biggest decline was posted by shares of Silvano and Arco Vara whose rate of return was –8.4% and –7.1%, respectively. The decline in the share price of Tallinna Kaubamaja (–0.2%) and Tallink (–1.4%) that have the largest equity positions in the pension fund was more modest.\n\nThe only positive rate of return was posted by Port of Tallinn (0.9%). The company announced strong results in the second quarter and paid out most of the 105 million euro dividend promised to the state. Since the IPO held in June, the share price has increased by 17.6%.\n\nAt the end of the month, Baltic Horizon, a real estate fund operating in all Baltic countries, listed its spring bond issue on the Tallinn Stock Exchange. We have been very active in negotiating the terms and conditions of the bond, and LHV pension funds now own slightly more than half of the bonds issued. The annual coupon of the instrument is 4.25% and the issue of EUR 30 million will be repaid in one part after five years. The Fund’s best-known investments in Estonia are in the district of the former Post Office building and the Coca-Cola Plaza in Tallinn.\n\nWe are actively working with local issuers and hope to receive new investments in the bond portfolio soon.\n"},{"year":2018,"month":7,"content":"### 2018 July - Companies in the portfolio reported positive news\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJuly was a calm month for the Tallinn Stock Exchange, with the exchange index exhibiting a -0.2% rate of return. Among the companies in the portfolio of the Estonia pension fund, Harju Elekter reported Q2 2018 results. In comparison with the previous year, the company’s revenue rose during the same period by nearly 35%, mainly due to the increase in orders and takeover transactions in Finland and Sweden. The company’s profit fell by 1.5% over the year. In July, the Silvano Fashion Group paid investors dividends of 20 cents per share, which makes the dividend yield a respectable 7% at the current market price. The newest publicly traded company, Tallinna Sadam, announced that over the summer period it was able to lease the icebreaker Botnica, which has stood idle for several summers. The icebreaker was rented this summer and for the summers of 2019-2022 by a Canadian iron ore mining company.\n"},{"year":2018,"month":6,"content":"### 2018 June - The entrance of Port of Tallinn enlivened the local market\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe new publicly traded company, Port of Tallinn, had its first trading day in June and is the first company with the state's qualifying holding at the Tallinn stock exchange in almost 20 years. The initial public offering of the shares was successful and interest in share purchase was strong. The offered shares were almost three times over-allotted and, in addition to LHV pension funds, the investors included many local and foreign institutions and more than 13,000 retail investors. The company sold shares at a price of 1.7 euros and by the end of the trading day, the price rose to 1.93 euros, which meant that the rate of return of the day was 13.5%. Largely thanks to the success of the shares of Port of Tallinn, the Tallinn stock exchange index also rose in June by 2.3%. LHV pension funds own 2.7% of the shares of Port of Tallinn.\n\nThere were no changes in the bond portfolio in June, the fund is currently still holding positions on the Baltic Horizon with interest of 4.5% and auto24 with interest of 12% in bonds. The bond market of European companies offered, as a comparison, -0.6% in the first half-year and the UK market a -3.3% rate of return. We see opportunities to supplement our bond portfolio with new investments during the second half-year.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Bond markets are waiting for change**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms\n","text":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms.\n\nOtherwise, the European bond markets that have been stagnating for years were slightly affected by risk in connection with the price movement of Italian government bonds. The rate of return of Italy’s ten-year government bonds rose to 3.2% by the end of August. The last time the rate of return of Italian government 10-year bonds exceeded 3% was in May 2014.\n\nThe bond purchase programme launched by the European Central Bank in the spring of 2015 should finish by the end of this year. After that it will be clear at what level the interest rates of various European government bonds will stabilise. I suspect that greater movements are still ahead, and not only in the price of Italian bonds. If the bond purchase programme turns out to also be successful in the longer run and a stable 2% increase in the cost of living is achieved, it would be very unlikely that the rate of return of Eurozone bonds with the lowest risk would remain below 2%.\n\nAt the end of August, the rate of return of German government ten-year bonds was 0.4%. Interest rates are essentially the cost of money. When the price of money changes, the prices of assets measured in a given currency also change. For securities markets, the monetary policy of central banks since the 2008 financial crisis has been like a tide that has lifted all ships. The price of almost all assets has increased. However, almost all signs now indicate that this tide will reverse soon, and it will be seen which companies and projects can benefit from it and which ones are washed ashore.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109476","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":49.28,"fundManager":"LHV"},"SIK75":{"heading":"SEB Energiline Pensionifond Indeks","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**\nFund invests up to 75% of its assets in equities, with the remainder allocated to fixed income, by implementing a passive investment strategy and mirroring securities markets. Investing mainly in equities involves higher risks, resulting in bigger fluctuations in the value of the fund’s assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":542},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":72.32,"unit":"%"},{"name":"Bond funds","value":26.34,"unit":"%"},{"name":"Money and deposits","value":1.34,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| SPDR Barclays Euro Aggregate Bond UCITS ETF | 17.76% |\n| Lyxor Core STOXX Europe 600 DE ETF | 16.33% |\n| iShares Core S&P 500 UCITS ETF USD Acc | 11.52% |\n| Xtrackers MSCI USA UCITS ETF | 10.24% |\n| SOURCE S&P 500 UCITS ETF | 9.48% |\n| Amundi Index Solutions - Amundi MSCI Emerging Markets ETF | 6.32% |\n| Xtrackers Nikkei 225 UCITS ETF | 5.85% |\n| Vanguard S&P 500 UCITS ETF | 5.06% |\n| iShares EUR Aggregate Bond UCITS ETF EUR Dist | 4.31% |\n| iShares Core EUR Govt Bond UCITS ETF EUR Dist | 3.58% |\n"},{"title":"Fund doesn´t make any investments in Estonia","type":"markdown","column":"left","content":""}]},{"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"}]}],"strategyKey":"agressiivne","isin":"EE3600109427","strategyType":"Aggressive","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**\nPension fund C only invests in blue bonds, deposits and other similar instruments. This is a way of avoiding greater short-term fluctuations. 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":4204},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":8.16,"unit":"%"},{"name":"Bond funds","value":89.31,"unit":"%"},{"name":"Money and deposits","value":2.53,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| SPDR Barclays Euro Corporate Bond UCITS ETF | 9.75% |\n| Nordea Corporate Bond I Growth | 9.73% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 9.51% |\n| iShares Core Euro Corporate Bond UCITS ETF | 9.28% |\n| iShares EU Corporate Bond ex-Financials UCITS ETF | 9.05% |\n| Nordea Euro Medium Term Bond Growth | 8.29% |\n| iShares Core Euro Government Bond UCITS ETF | 8.17% |\n| Nordea Moderate Yield B Growth | 8.00% |\n| Nordea Pro Euro Bond I Growth | 6.91% |\n| Nordea Euro Bond I Growth | 5.93% |\n"},{"title":"Fund doesn´t make any investments in Estonia","type":"markdown","column":"left","content":""}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.7%\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":0,"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**\nInvests a maximum of 25% 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":2444},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":19.61,"unit":"%"},{"name":"Real Estate funds","value":5.21,"unit":"%"},{"name":"Bond funds","value":72.15,"unit":"%"},{"name":"Money and deposits","value":3.02,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| Nordea Corporate Bond I Growth | 8,39% |\n| iShares Core Euro Corporate Bond UCITS | 8,31% |\n| iShares Euro Corporate Bond Large Cap UCITS ETF | 8,11% |\n| Nordea Euro Bond I Growth | 7,69% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 6,95% |\n| iShares Core Euro Government Bond UCITS ETF | 6,03% |\n| iShares Barclays Euro Corporate Bond ex-Financial | 5,23% |\n| EfTEN Kinnisvarafond II AS | 5,21% |\n| Nordea Emerging Market Bond Fund Growth | 4,71% |\n| Nordea Moderate Yield B Growth | 4,29% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 5,21% |\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:** 1.29%\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098448","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":5.05,"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**\nInvests a maximum of 75% 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":5756},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":68.55,"unit":"%"},{"name":"Real Estate funds","value":4.53,"unit":"%"},{"name":"Bond funds","value":22,"unit":"%"},{"name":"Money and deposits","value":4.92,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 7.93% |\n| Nordea World Fund Growth | 7.38% |\n| iShares Core Euro Corporate Bond UCITS ETF | 6.90% |\n| Financial Select Sector SPDR | 6.17% |\n| Nordea Global Enhanced Fund Growth | 5.89% |\n| Technology SPDR | 5.85% |\n| Nordea 1 Global Stable Equity Fund | 5.10% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 4.54% |\n| Nordea 1 Global Small Cap Fund | 4.49% |\n| Nordea Japan Fund Growth | 4.46% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.24% |\n| EfTEN Kinnisvarafond AS | 0.29% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.46%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103503","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":4.63,"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**\nInvests a maximum of 50% 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":28141},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":43.12,"unit":"%"},{"name":"Real Estate funds","value":4.95,"unit":"%"},{"name":"Bond funds","value":47.46,"unit":"%"},{"name":"Money and deposits","value":4.28,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|---:|\n| Nordea Corporate Bond I Growth | 7.91% |\n| iShares Core MSCI World UCITS ETF | 7.44% |\n| iShares Core Euro Corporate Bond UCITS | 6.83% |\n| iShares Core Euro Government Bond UCITS ETF | 6.53% |\n| Nordea Pro Euro Bond I Growth | 5.29% |\n| iShares Euro Corporate Bond Large Cap UCITS ETF | 5.19% |\n| Nordea World Fund Growth | 5.08% |\n| iShares MSCI North America UCITS ETF | 4.13% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 4.04% |\n| S&P Depository Receipts Trust | 3.92% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.58% |\n| EfTEN Kinnisvarafond AS | 1.36% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.38%\n"}]}],"strategyKey":"progressiivne","isin":"EE3600098430","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":4.86,"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 their pension assets, but do not want to take risks at the price of significant decrease in the value of collected assets.\n","strategy":"## **Strategy**\nIntress Pluss invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"1%","exitFee":"1%","managementFee":"1,2%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,2%\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 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"},"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 after reaching the age of 55.\n","strategy":"## **Strategy**\nThe fund makes significant investments in equity markets: to ensure maximum growth, the proportion of equity markets is kept close to 75% of the value of the fund’s assets. The proportion of equity markets may also be higher – up to 95% – or lower (in recent years close to 40%), if considered reasonable by the fund manager.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,39%"},"fundInfo":{"date":"30.09.2018","capacity":"14,858,686.15 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\n\n**Explanation**\n30101119828, EE3600010294, IK: Your ID Code\n\n**Amount**\nAmount invested in euros (minimum 6,39 euros).\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":47.66,"unit":"%"},{"name":"Shares","value":15.67,"unit":"%"},{"name":"Equity funds","value":10.72,"unit":"%"},{"name":"Real Estate funds","value":12.74,"unit":"%"},{"name":"Private Equity funds","value":4.04,"unit":"%"},{"name":"Bond funds","value":0.14,"unit":"%"},{"name":"Money and deposits","value":9.04,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018.\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 5.98% |\n| East Capital Baltic Property Fund III | 3.07% |\n| East Capital Baltic Property Fund II | 2.72% |\n| Citadele banka 6.25% 06/12/2026 | 2.68% |\n| iShares DAX EX | 2.49% |\n| PKO Bank 2.324% 23/01/19 | 2,.1% |\n| JP Morgan Chase 2.295% 15/08/21 | 2.10% |\n| Wells Fargo 2.1% 26/07/21 | 2.08% |\n| SAP 13/03/21 | 2.03% |\n| TOTAL 03/19/20 | 2.03% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 5.98% |\n| East Capital Baltic Property Fund III | 3.07% |\n| East Capital Baltic Property Fund II | 2.72% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Management fee:** 1%\n"}]},{"id":"documents","title":"Documents and reports","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 13 June 2017](/assets/files/pension/LHV_taiendav_pensionifond_tingimused_2017-06-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus from 6 August 2018](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_060818.pdf)\n- [Prospectus from 15 September 2017](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_150917.pdf)\n"},{"title":"Analyzes","type":"markdown","column":"left","content":"- [Analysis of the amendments made to the terms and conditions (in Estonian)](/assets/files/pension/LHV_taiendava_pensionifondi_tingimuste_muutmise_moju_analyys.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Annual report for 2017](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2017.pdf)\n- [Annual report for 2016](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2016.pdf)\n- [Annual report for 2015](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2015.pdf)\n- [Annual report for 2014](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2014.pdf)\n- [Annual report for 2013](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2018,"month":8,"content":"### 2018 August - Stock markets moved in different directions\n\nRomet Enok, Fund Manager\n\nIn August, global stock markets moved in different directions: while the rate of return on US and Japanese stock exchanges was good, most stock markets in Europe and emerging countries fell. In Europe, the decline was led by political and economic problems in Italy and Spain, whose stock markets were down by –8.8% and –4.8% respectively. This time, the overall decline also affected the Baltic stock markets. The lowest rate of return was posted by the Riga Stock Exchange (–4.7%), while the Tallinn Stock Exchange and the Vilnius Stock Exchange fell by 2.8% and 2.4% respectively.\n\nDuring the month, the quarterly results revealed two recent equity investments of the Supplementary Pension Fund. Lithuanian tour operator Novaturas increased revenues by 40% and served nearly 97,000 customers during the quarter. However, the company's profitability decreased and the stock price fell by 8.4% during the month. Port of Tallinn saw its revenues grow by 3.4% and paid out the majority of the 105 million euro dividend to the state. In August the share price exceeded the 2 euro limit and has therefore risen 17.6% since listing on the stock exchange.\n\nAt the end of the month, Baltic Horizon, a real estate fund operating in all Baltic countries, listed its spring bond issue on the Tallinn Stock Exchange. We have been very active in negotiating the terms and conditions of the bond, and LHV pension funds now own slightly more than half of the bonds issued. The annual coupon of the instrument is 4.25% and the issue of 30 million euros will be repaid in one part after five years. The Fund’s best-known investments in Estonia are in the district of the former Post Office building and the Coca-Cola Plaza in Tallinn.\n\nIn the international bond markets, August was another month of near-zero results, with Italian government bonds and emerging markets performing negatively.\n"},{"year":2018,"month":7,"content":"### 2018 July - Global securities markets moved in a positive direction in July\n\nRomet Enok, Fund Manager\n\nAfter several anxious months, July turned out to be a predominantly positive month for global stock markets. The stock exchanges of the United States, Japan and the majority of European countries showed good results. For example, the German stock exchange index rose in July by 3.6% and the Finnish stock exchange showed a somewhat more restrained rate of return of 1%. The only stock exchange in the Baltic Republics to record a positive return in July was the Vilnius exchange, which rose by 1%. The Tallinn Stock Exchange fell by 0.2% and the Riga stock market index by 2.9%. Investments in Swiss pharmaceutical manufacturer Roche and German car maker Daimler had a positive effect on the rate of return for the pension fund, rising over the month by 12.3% and 4.8%, respectively. Finnish forestry companies Stora Enso and Metsä Board had a negative effect, with their shares falling on the Helsinki Stock Exchange by 8.4% and 6.7%, respectively. On the other hand, investments in Finnish companies Neste and Nokian Renkaat provided the pension fund with a rate of return of 7.7% and 11.1%, respectively.\n\nInherent to the improved risk appetite the shares of lower rated corporate bonds rose along with stock markets, while government bonds fell at the same time. Measured from the start of the year, the situation is the opposite – the only market segment in positive territory is government bonds. Although even in their case, the win was modest, as expected. In place of the large markets of the Euro Zone we are continuing to focus on alternatives, having acquired Lithuanian Energy 10 year bonds in July, which had raised capital from the market, at an interest rate of 1.875%.\n"},{"year":2018,"month":6,"content":"### 2018 June - Tallinn stock exchange went against the downstream of global stock markets\n\nRomet Enok, Fund Manager\n\nThe world's stock markets showed predominantly negative rates of return in June. This was largely caused by the fear of a trade war between the US and other countries. For example, the stock exchanges of Germany and France fell by 2.4 % and 1.4% respectively. The Japanese stock exchange index also decreased by 1.4% in euros, and the Finnish stock exchange, which has sharply increased in the past couple of months, fell by 1.2%. The shares of Finnish forestry sector companies Stora Enso and Metsä Board, which had a great rate of return so far, fell more than 7% and 5% respectively. The stock markets of Baltic countries did not follow the major decrease, and the stock exchange indexes of Riga and Vilnius showed a respective -0.1% and 0.2% rate of return. Instead, the Tallinn stock exchange rose by 2.3% due to the public offering of the shares of Port of Tallinn. Interest in share subscription was strong and the share price already rose by 13.5% to 1.93 euros on the first trading day. LHV pension funds own 2.7% of the shares of Port of Tallinn.\n\nBond markets were calmer and more positive in June than during the stormy spring; even though the prices of corporate bonds were slightly on the negative side, the market as a whole even managed to show some growth. However, as a consequence of the half-year, European bonds are showing an extremely poor result – government bonds +0.6%; corporate bonds -0.6% and the companies with the lowest rating -1.4%. The numbers of another major bond market, the US, are the following: -1.1%; -3.3% and +0.2%. As repeatedly mentioned here, LHV pension funds are looking for investments with the highest expected rate of return outside of international markets.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Bond markets are waiting for change**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms\n","text":"August was a fairly nerve-racking month on the securities markets. European corporate shares lost 2.3% of their value. The stock prices of Estonian equities declined by 2.8%. While most of the world's stock markets remained negative, the technology sector helped the US stock market to reach a small plus in euro terms.\n\nOtherwise, the European bond markets that have been stagnating for years were slightly affected by risk in connection with the price movement of Italian government bonds. The rate of return of Italy’s ten-year government bonds rose to 3.2% by the end of August. The last time the rate of return of Italian government 10-year bonds exceeded 3% was in May 2014.\n\nThe bond purchase programme launched by the European Central Bank in the spring of 2015 should finish by the end of this year. After that it will be clear at what level the interest rates of various European government bonds will stabilise. I suspect that greater movements are still ahead, and not only in the price of Italian bonds. If the bond purchase programme turns out to also be successful in the longer run and a stable 2% increase in the cost of living is achieved, it would be very unlikely that the rate of return of Eurozone bonds with the lowest risk would remain below 2%.\n\nAt the end of August, the rate of return of German government ten-year bonds was 0.4%. Interest rates are essentially the cost of money. When the price of money changes, the prices of assets measured in a given currency also change. For securities markets, the monetary policy of central banks since the 2008 financial crisis has been like a tide that has lifted all ships. The price of almost all assets has increased. However, almost all signs now indicate that this tide will reverse soon, and it will be seen which companies and projects can benefit from it and which ones are washed ashore.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Täiendav Pensionifond","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\nEE961700017004379157 - Luminor Bank AS\nEE943300332174610007 - Danske Bank A/S Eesti filiaal\n\n**Explanation**\n30101119828, EE3600010294, IK: Your ID Code\n\n**Amount**\nAmount invested in euros (minimum 6,39 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 account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":22.51,"fundManager":"LHV"},"LIT100":{"heading":"LHV Pensionifond Indeks Pluss","id":"indeks-pluss","code":"lhv_lit","dataMarker":"LIT100","securityId":147612,"suitability":"**Suitable if**\n- you have high risk tolerance,\n- you are prepared to tolerate the risks arising from potentially significant fluctuations in equity markets,\n- you have previous investment experience.\n","strategy":"## **Strategy**\nThe fund invests all of its assets in equity markets and the fund manager does not actively change the fund’s risk level. The fund’s assets are invested in index-following investment funds. The share of funds investing in equities is kept close to 100% of the fund’s volume. Whenever the share of money exceeds 2% of the fund’s volume, the free money is invested at least in the amount exceeding 2%, within five banking days.\n\nNo particular indices are followed in investing the assets of the fund. Investments in investment funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,39%"},"fundInfo":{"date":"30.09.2018","capacity":"1,814,509.63 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\n\n**Explanation**\n30101119828, EE3600109419, IK: Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99,"unit":"%"},{"name":"Money and deposits","value":1,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2018\n\n| Biggest investments | |\n|---|--:|\n| Lyxor Core MSCI World DR UCITS | 29.33% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 28.92% |\n| iShares Core MSCI World UCITS | 27.69% |\n| db x-trackers MSCI World Index UCITS ETF | 6.83% |\n| Vanguard FTSE Emerging Markets UCITS ETF | 3.46% |\n| iShares MSCI Frontier 100 ETF | 2.78% |\n"},{"title":"Fund doesn´t make any investments in Estonia","type":"markdown","column":"left","content":""}]},{"id":"expenses","title":"Expenses","content":[{"title":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.39%\n"}]},{"id":"documents","title":"Documents and reports","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 13 September 2017](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused-2017-09-13.pdf)\n- [Analysis of the amendments made to the terms and conditions (in Estonian)](/assets/files/pension/Tingimuste_muutmise_moju_analyys_LHV_Pensionifond_Indeks_Pluss.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus from 6 August 2018](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_060818.pdf)\n- [Prospectus from 15 September 2017](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_150917.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2017.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Annual report for 2017](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2017.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\nEE961700017004379157 - Luminor Bank AS\nEE943300332174610007 - Danske Bank A/S Eesti filiaal\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 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"},"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 Active Pension 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":"1%","exitFee":"1%","managementFee":"1,5%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,5%\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 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"},"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 SEB Balanced Pension 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":"1%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n\n**Management fee:** 1%\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 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":3,"countryShareEe":32.12534,"fundManager":"SEB"},"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**\nAktsiad 100 may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"1%","exitFee":"1%","managementFee":"1,5%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,5%\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 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"},"SWT30":{"heading":"Swedbank Pensionifond V1","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":"1,2%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,2%\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 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"},"SWT60":{"heading":"Swedbank Pensionifond V2","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a relatively high risk tolerance and 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":"1,3%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,3%\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 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"},"SWT100":{"heading":"Swedbank Pensionifond V3","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":"1,4%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE943300332174610007 - *Danske Bank A/S Eesti filiaal*\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,4%\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 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"}}