{"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":68.12,"unit":"%"},{"name":"Money and deposits","value":31.88,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| France 05/2027 | 6.03% |\n| Germany 09/2022 | 4.80% |\n| Czech Republic 05/2022 | 4.53% |\n| Temasek Financial 03/2022 | 4.31% |\n| Transpordi Varahaldus 04/2025 | 4.12% |\n| Riigi Kinnisvara 06/2027 | 3.92% |\n| Slovakia 11/2024 | 3.91% |\n| United States 08/2019 | 2.91% |\n| Amber Circle Funding 12/2022 | 2.67% |\n| Stedin Holding 10/2022 | 2.55% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.12% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.92% |\n| Eesti Energia 4.5% 18/11/20 | 2.21% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.07.2018) | 20,415,919.94 € |\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"},{"title":"Analysis","type":"markdown","column":"left","content":"- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 July 2018)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2018_07.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":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"},{"year":2018,"month":5,"content":"### 2018 May - Another solid result among conservative funds\n\nRomet Enok, Fund Manager\n\nThe European bond market experienced a strong setback in May, where the elections in Italy, the third strongest economy of the euro zone, resulted in a government coalition that was clearly startling to investors. Consequently the Italian bonds, having displayed good returns since the beginning of the year, driving the European bonds as a whole towards the positive, took a downturn in price that was sometimes faster than during the last crisis in the euro zone. Due to the high price level, LHV’s pension funds have avoided making any investments there. Instead, the fund earnt from the positions held in US dollars, as the dollar took a sharp price increase against the euro. Given all of this, the value of the fund’s assets increased by almost half a percent in a month during this difficult period, meaning that XS has displayed very good results among conservative funds since the beginning of the year.\n"},{"year":2018,"month":4,"content":"### 2018 April - Appreciation of the dollar and investments outside Europe boosted the fund’s performance\n\nRomet Enok, Fund Manager\n\nMost major European government bond markets provided a negative yield of roughly 0.5% in April. We continue to avoid investments in long-term bonds in the euro zone since the outlooks for the yield are not too good. Appreciation of the dollar and investments outside the German/French/Italian/Spanish markets gave the fund a +0.1% yield last month. Encouraging signs from the Central Bank imply that interest rates may be increased in less than a year. It would mean higher interest on investments; however, in view of the current price level, it would likely cause a depreciation of long-term bonds. Given that the market has had so little experience with major negative price developments, there is a considerable risk of over-reaction and we are prepared for this.\n"},{"year":2018,"month":3,"content":"### 2018 March - Local direct investments in the fund portfolio are at the maximum\n\nRomet Enok, Fund Manager\n\nWe continue to keep local unlisted bonds in the portfolio as much as the current regulation allows, i.e. around 10% of the size of the fund's assets. As instead of short-term negative yields, we have additionally placed 25% of the Fund's assets in fixed-term deposits (with an interest rate of 0.15% to 0.75%), these investments, Riigi Kinnisvara (State Real Estate) and Transpordi Varahaldus (Transport Asset Management), account for around 13% of the fund's bond portfolio. The average interest rate on these two corporate bonds belonging to the state is 2.2%. In European government bond markets, Italian government bonds with a maturity date of more than ten years must be acquired in order to achieve similar returns under the current circumstances. We consider the outlook for government bond markets to be continuously weak, and although in the short term markets can provide good returns, such as in March when the market improved by 1.6%, long-term prospects are however weak in our opinion.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**July turned out to be a positive month for the securities markets**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n","text":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n\nAs at the end of July, the economy of the United States had grown for 109 consecutive months. This is the second longest period of unbroken economic growth in the history of the United States. The longest growth phase lasted for a period of 119 months, from April 1991 to February 2001. What stands out in the analysis of US stock markets is that the majority of the rise for those years has been in the technology sector, while at the same time the share prices of the remaining companies have not risen significantly. Even though the US economy has enjoyed a longer period of growth, wages of Americans have grown much slower than the economy and therefore the share of company profit among the national gross domestic product has risen. Prices for real estate have also risen thanks to low interest rates, which has made it even more complicated for young people and those with low incomes to acquire a home. The economic inequality in society has grown, and the blame has started to fall on globalisation, regardless of the fact that international trade has helped promote economic growth and kept the price level for consumer goods low. Recently, a change could be seen in the attitude towards the technology sector and it is likely that this sector, which has historically seen little regulation, will begin to be regulated like all other sectors of the economy.\n\nPresident Trump, who has been excellent at sensing the mood of the masses, has begun threatening the largest trading partners of the United States with high tariffs. Even though the United States has the world’s most powerful economy and is the largest market for many countries, it is not possible for it to unilaterally dictate its own terms and conditions to others. Stress in international trade has grown and this may begin to slow the investment decisions of companies.\n\nEven if economic cycles have become ever longer, they have not disappeared. A rise is followed by a fall and the fall by a rise. Modern economic theory has encouraged central banks to control economic cycles through the use of interest rates and the money supply. Even though the long-term interference of central bankers may also have negative consequences. The interest rate is the price of money, and the regulation of the price of money affects all other prices. How much regulation and control the economy requires is a question of one’s world view. I suspect that the economy could be allowed to find its own balance through competition. And just about the only thing that should be regulated is the preservation of competition, since development arises from competition.\n\nEven so, the long-term growth of the economy depends on mankind’s ingenuity and people’s cooperation with each other, not on new taxes or the changing of interest rates.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":10.26,"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":83.96,"unit":"%"},{"name":"Money and deposits","value":16.04,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| France 10/2022 | 5.24% |\n| Temasek Financial 03/2022 | 4.38% |\n| Transpordi Varahaldus 04/2025 | 4.37% |\n| Latvenergo 06/2022 | 4.29% |\n| Riigi Kinnisvara 06/2027 | 3.94% |\n| Investor 05/2023 | 3.32% |\n| Total Capital Intl 03/2020 | 2.97% |\n| Romania 10/2024 | 2.74% |\n| Sanofi 09/2020 | 2.59% |\n| Amber Circle Funding 12/2022 | 2.58% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.37% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.94% |\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 31.07.2018) | 60 932 437,99 € |\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"},{"title":"Analysis","type":"markdown","column":"left","content":"- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.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 (31 July 2018)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2018_07.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":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"},{"year":2018,"month":5,"content":"### 2018 May - Increase in the price of the dollar against the euro had a positive impact on the fund’s outcome\n\nRomet Enok, Fund Manager\n\nThe European bond market experienced a strong setback in May, where the elections in Italy, the third strongest economy of the euro zone, resulted in a government coalition that was clearly startling to investors. Consequently the Italian bonds, having displayed good returns since the beginning of the year, driving the European bonds as a whole towards the positive, took a downturn in price that was sometimes faster than during the last crisis in the euro zone. Due to the high price level, LHV’s pension funds have avoided making any investments there. Instead, the fund earnt from the positions held in US dollars, as the dollar took a sharp price increase against the euro. Given the above, in May the fund displayed great returns in the field of bonds, only being surpassed among conservative funds by LHV’s other conservative fund.\n"},{"year":2018,"month":4,"content":"### 2018 April - Appreciation of the dollar against the euro had a positive influence on the performance of the fund\n\nRomet Enok, Fund Manager\n\nThe corporate bond market of Europe finished April slightly on the plus side; however, the decrease since the beginning of the year amounts to 0.3%. Nevertheless, the fund emerged with a small positive yield, mostly driven by the appreciation of the dollar against the euro. Since the beginning of the year, the cost of money has gone up to some degree for European corporations but the level at the start of the year was clearly the lowest in the past five years.\n\nThus, the bond markets continue to be inducive to borrowing and the volumes of new transaction remain high. The main factor driving the price activity is also mainly related to the European Central Bank’s expected interest modification, with bolder voices from the headquarters suggesting that it will occur next summer.\n"},{"year":2018,"month":3,"content":"### 2018 March - Local direct investments in the fund portfolio are at the maximum\n\nRomet Enok, Fund Manager\n\nWe continue to keep local unlisted bonds in the portfolio as much as the current regulation allows, i.e. around 10% of the size of the fund's assets. As instead of short-term negative yields, we have additionally placed 10% of the Fund's assets in fixed-term deposits (with the interest rate of 0.15% to 0.75%), these investments, Riigi Kinnisvara (State Real Estate) and Transpordi Varahaldus (Transport Asset Management) account for an even bigger part of the fund's bond portfolio. The average interest rate on these two corporate bonds belonging to the state is 2.2%. In European government bond markets, Italian government bonds with a maturity date of more than ten years must be acquired in order to achieve similar returns under the current circumstances. We consider the outlook for government bond markets to be continuously weak, and although in the short term markets can provide good returns, such as in March when the market improved by 1.6%, long-term prospects are however weak in our opinion. As an example of this, the result of the European companies’ bond market remained at -0.1% in March and at -0.4% in the first quarter.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**July turned out to be a positive month for the securities markets**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n","text":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n\nAs at the end of July, the economy of the United States had grown for 109 consecutive months. This is the second longest period of unbroken economic growth in the history of the United States. The longest growth phase lasted for a period of 119 months, from April 1991 to February 2001. What stands out in the analysis of US stock markets is that the majority of the rise for those years has been in the technology sector, while at the same time the share prices of the remaining companies have not risen significantly. Even though the US economy has enjoyed a longer period of growth, wages of Americans have grown much slower than the economy and therefore the share of company profit among the national gross domestic product has risen. Prices for real estate have also risen thanks to low interest rates, which has made it even more complicated for young people and those with low incomes to acquire a home. The economic inequality in society has grown, and the blame has started to fall on globalisation, regardless of the fact that international trade has helped promote economic growth and kept the price level for consumer goods low. Recently, a change could be seen in the attitude towards the technology sector and it is likely that this sector, which has historically seen little regulation, will begin to be regulated like all other sectors of the economy.\n\nPresident Trump, who has been excellent at sensing the mood of the masses, has begun threatening the largest trading partners of the United States with high tariffs. Even though the United States has the world’s most powerful economy and is the largest market for many countries, it is not possible for it to unilaterally dictate its own terms and conditions to others. Stress in international trade has grown and this may begin to slow the investment decisions of companies.\n\nEven if economic cycles have become ever longer, they have not disappeared. A rise is followed by a fall and the fall by a rise. Modern economic theory has encouraged central banks to control economic cycles through the use of interest rates and the money supply. Even though the long-term interference of central bankers may also have negative consequences. The interest rate is the price of money, and the regulation of the price of money affects all other prices. How much regulation and control the economy requires is a question of one’s world view. I suspect that the economy could be allowed to find its own balance through competition. And just about the only thing that should be regulated is the preservation of competition, since development arises from competition.\n\nEven so, the long-term growth of the economy depends on mankind’s ingenuity and people’s cooperation with each other, not on new taxes or the changing of interest rates.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019824","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":8.49,"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":78.48,"unit":"%"},{"name":"Shares","value":4.86,"unit":"%"},{"name":"Equity funds","value":1.48,"unit":"%"},{"name":"Real Estate funds","value":7.4,"unit":"%"},{"name":"Private Equity funds","value":3.18,"unit":"%"},{"name":"Money and deposits","value":4.59,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.14% |\n| Riigi Kinnisvara 06/2027 | 3.52% |\n| Transpordi Varahaldus 04/2025 | 3.15% |\n| Luminor Bank 12/2019 | 3.06% |\n| France 10/2022 | 3.04% |\n| Tartu Linnavalitsus 10/2032 | 2.57% |\n| Coop Pank 12/2027 | 2.14% |\n| Latvenergo 06/2022 | 2.10% |\n| Citadele banka 12/2026 | 2.04% |\n| auto24 04/2022 | 1.96% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.14% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.52% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.15% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.07.2018) | 108,021,146.68 € |\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"},{"title":"Analysis","type":"markdown","column":"left","content":"- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.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 (31 July 2018)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2018_07.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":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"},{"year":2018,"month":5,"content":"### 2018 May - Global stock markets took different directions in May\n\nRomet Enok, Fund Manager\n\nIn May, the global stock markets took different directions. While the US stock markets displayed a positive rate of return during the month, the stock markets of several European countries and developing countries were in decline. The Helsinki stock market index however continued its upward trend, increasing by 1.1% in May. In the Baltic states, the Riga stock market, which increased by 1.8%, was the strongest. The Vilnius stock market had a rate of return of 0.9%, but the Tallinn stock market declined by 1.6%. Several Baltic public companies reported their results for Q1 in May, which showed great variations between the outcomes of companies. For example, the sales of the Lithuanian clothing retailer Apranga decreased by 5% when compared to Q1 last year, and the company’s profitability was also significantly lower. However, the lingerie manufacturer Silvano Fashion Group managed to increase their sales revenue by 11% during the year, with a whole 27% on the Russian market. The company’s margins and profitability also improved. Due to the weak results, the share of Apranga declined by 8.6% during the month, but Silvano’s share increased by 2.2%.\n\nMay was a very complicated month on the bond markets, as the new Italian government resulted in a steep decline in the country’s bonds which, in its lowest points, reached more than 8% when compared to the beginning of the month. Mainly due to the high prices, we have avoided government bonds of the euro zone in our funds, focusing on the floating-interest bonds of highly rated companies or local bonds. Due to this, the fund does not have any positions in the bonds of Italian issuers. Instead, we purchased the floating-interest bonds of the world’s biggest insurance groups Berkshire Hathaway and Allianz and the French real estate enterprise Gecina. Also, a transaction was finalised where the Baltic Horizon Fund, a real estate fund listed on the Tallinn stock market, issued five-year bonds with an interest rate of 4.25%. As the troubles with the Italian government bonds did not have an impact on the European corporate bond market where the fund has invested more, and the exchange rate for the dollar against the euro increased steeply, the bond portfolio made a positive contribution to the fund’s returns during a very hard month for the market.\n"},{"year":2018,"month":4,"content":"### 2018 April - April was a good month for equity markets but rather poor for European bond markets\n\nRomet Enok, Fund Manager\n\nAfter several months of unrest, April was predominantly a month of positive yields for global equity markets. For instance, the Japanese stock exchange index, measured in the local currency, increased by 4.7% and the German stock market index – by 4.3%. As for Baltic equity markets, the only one to demonstrate a positive yield in April was the Vilnius stock exchange with a 0.3% increase. The stock exchange indices of Tallinn and Riga dropped by 1.3% and 0.7%, respectively. The Lithuanian Apranga, one of the leading clothes retailers in the Baltics, reported weaker than usual results of the first quarter. The sales revenue decreased by 1.5% yoy, and increased costs meant that Apranga cumulated a loss in the first quarter. Their share declined by 2.3% over the month. However, Tallinna Kaubamaja’s quarterly results were as expected and its shareholders enjoyed record-high dividends.\n\nIn April, we added a large local bond investment to the portfolio when the real estate fund Baltic Horizon, listed on the Tallinn stock exchange, raised funds by issuing bonds for investment and bank loan refinancing purposes. Funds were raised for five terms and repayment shall be in bulk upon maturity. The bonds are not connected with or secured by any specific buildings owned by the fund and the loan will be paid out of the rent generated from all their properties. Such flexibility means that the company can pay higher interest compared to bank loans, i.e., 4.25% a year in this case. We also participated in the international bond issue of Elering: the company raised funds for five years at an interest rate of 0.875%. Elering obviously belongs to that segment of the market which benefits from the continued extremely low interest rate policy of the European Central Bank. We can foresee that discontinuance of this policy involves great risks and as we bought these bonds, we also sold long-term Lithuanian government bonds so that the fund’s exposure to interest risks did not change. April was rather poor on the European bond markets: corporate bonds remained barely above zero and government bonds depreciated by 0.4%. The market as a whole has clearly offered lower yields than our portfolio comprised of local issuers.\n"},{"year":2018,"month":3,"content":"### 2018 March - The Fund is not yet buying from global stock markets, local investments are in good swing\n\nRomet Enok, Fund Manager\n\nIn March, the stock markets were continuously volatile and global stock indices dropped by around 2-4% in a month. Although the amount of shares in LHV pension funds remains low, the overall decline also affected the return on funds in March. We have also used this year's declines for individual purchases in stock markets, but the extent of short-term corrections has not, in our opinion, been sufficient to significantly increase the amount of shares.\n\nAt the Tallinn Stock Exchange, the biggest issue in March was the takeover bid for Olympic Entertainment Group shares. The purchase price of Odyssey Europe was almost the same as the market price of the shares in recent months, and the bid did not include a traditional bonus that is generally offered to shareholders in such cases for tempting them to sell the shares. The Olympic share represents 0.10% of the M pension fund's assets, and we will make a decision on accepting a possible purchase bid if the respective prospectus has been published and it has become clear how the other major institutional shareholders will behave.\n\nOne year after the acquisition of Auto24 bonds, we have created a portfolio of Baltic bonds where LHV funds are the only or largest investor, accounting for 34.5% of the total bond portfolio of the fund.\n\nThe weighted interest income of this portfolio was 0.85% in the first quarter. At the same time, the European bond markets remained at -0.4% for corporate bonds and at -0.5% for companies with a lower rating. The corporate and government bond market totalled 0.7% thanks to increased fears over the global economic outlook and the extremely strong result of Italian government bonds in recent weeks. Similarly to the quarter as a whole, the market for companies remained at a slight minus in March, and the government bond market was even able to offer a return of 1.6%. In our portfolio, we completed the issuance of Alexela bonds in March, where the fund subscribed 10-year bonds with an annual interest rate of 5.5%. The results of companies receiving a corporate investment from the fund over the last year have been supported by a continuously strong economic environment, in which banks' credit losses remain low. The examples of this include banks belonging in the portfolio of the fund: Luminor, Siauliu, Citadele, Coop and BIG banks. The financial situation of companies is getting stronger - Riigi Kinnisvara and Transpordi Varahaldus, and tax revenue is growing - Tartu City. The results of Auto24 meet the planned target, or even exceed it, on the basis of the purchase by the local owners. We continue to work with local businesses to grow the portfolio of investments here.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**July turned out to be a positive month for the securities markets**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n","text":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n\nAs at the end of July, the economy of the United States had grown for 109 consecutive months. This is the second longest period of unbroken economic growth in the history of the United States. The longest growth phase lasted for a period of 119 months, from April 1991 to February 2001. What stands out in the analysis of US stock markets is that the majority of the rise for those years has been in the technology sector, while at the same time the share prices of the remaining companies have not risen significantly. Even though the US economy has enjoyed a longer period of growth, wages of Americans have grown much slower than the economy and therefore the share of company profit among the national gross domestic product has risen. Prices for real estate have also risen thanks to low interest rates, which has made it even more complicated for young people and those with low incomes to acquire a home. The economic inequality in society has grown, and the blame has started to fall on globalisation, regardless of the fact that international trade has helped promote economic growth and kept the price level for consumer goods low. Recently, a change could be seen in the attitude towards the technology sector and it is likely that this sector, which has historically seen little regulation, will begin to be regulated like all other sectors of the economy.\n\nPresident Trump, who has been excellent at sensing the mood of the masses, has begun threatening the largest trading partners of the United States with high tariffs. Even though the United States has the world’s most powerful economy and is the largest market for many countries, it is not possible for it to unilaterally dictate its own terms and conditions to others. Stress in international trade has grown and this may begin to slow the investment decisions of companies.\n\nEven if economic cycles have become ever longer, they have not disappeared. A rise is followed by a fall and the fall by a rise. Modern economic theory has encouraged central banks to control economic cycles through the use of interest rates and the money supply. Even though the long-term interference of central bankers may also have negative consequences. The interest rate is the price of money, and the regulation of the price of money affects all other prices. How much regulation and control the economy requires is a question of one’s world view. I suspect that the economy could be allowed to find its own balance through competition. And just about the only thing that should be regulated is the preservation of competition, since development arises from competition.\n\nEven so, the long-term growth of the economy depends on mankind’s ingenuity and people’s cooperation with each other, not on new taxes or the changing of interest rates.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019774","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":35.64,"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":65.72,"unit":"%"},{"name":"Shares","value":10.81,"unit":"%"},{"name":"Equity funds","value":5.3,"unit":"%"},{"name":"Real Estate funds","value":8.67,"unit":"%"},{"name":"Private Equity funds","value":5.62,"unit":"%"},{"name":"Money and deposits","value":3.88,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.85% |\n| Riigi Kinnisvara 06/2027 | 3.91% |\n| France 10/2022 | 3.27% |\n| Luminor Bank 12/2019 | 3.23% |\n| Latvia 01/2021 | 2.97% |\n| JP Morgan Chase 08/2021 | 2.27% |\n| Wells Fargo & Company 07/2021 | 2.23% |\n| Lithuania 01/2024 | 2.12% |\n| Siauliu Bankas 12/2020 | 2.02% |\n| East Capital Baltic Property Fund III | 1.76% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.85% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.91% |\n| Luminor 20/12/19 | 3.23% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.07.2018) | 796,216,028.31 € |\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"},{"title":"Analysis","type":"markdown","column":"left","content":"- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.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 (31 July 2018)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2018_07.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":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"},{"year":2018,"month":5,"content":"### 2018 May - The Riga stock market was the strongest in the Baltic states in May\n\nKristo Oidermaa, Fund Manager\n\nIn May, the global stock markets took different directions. While the US stock markets displayed a positive rate of return during the month, the stock markets of several European countries and developing countries were in decline. The Helsinki stock market index however continued its upward trend, increasing by 1.1% in May. Measured in the local currency, the Japanese stock market declined by 1.2%, but owing to the changes in the exchange rate, in euros the rate of return was established at +2.9%. In the Baltic states, the Riga stock market, which increased by 1.8%, was the strongest. The Vilnius stock market had a rate of return of 0.9%, but the Tallinn stock market declined by 1.6%. Several Baltic publicly traded companies reported their results for Q1 in May, among them the Lithuanian travel agent Novaturas, one of the pension fund’s latest stock market investments. Corporate profits grew 49% year-on-year and services were provided to a record number of travellers. Regardless of the one-off expenses related to the IPO the company also managed to raise their profitability. The share of Novaturas also reacted positively to the outcome and grew 5.7% in the month.\n\nMay was a very complicated month on the bond markets, as the new Italian government resulted in a steep decline in the country’s bonds which, in its lowest points, reached more than 8% when compared to the beginning of the month. Mainly due to the high prices, we have avoided government bonds of the euro zone in our funds, focusing on the floating-interest bonds of highly rated companies or local bonds. Due to this, the fund does not have any positions in the bonds of Italian issuers. Instead, we purchased the floating-interest bonds of the world’s biggest insurance groups Berkshire Hathaway and Allianz and the French real estate enterprise Gecina. Also, a transaction was finalised where the Baltic Horizon Fund, a real estate fund listed on the Tallinn stock market, issued five-year bonds with an interest rate of 4.25%. As the troubles with the Italian government bonds did not have an impact on the European corporate bond market where the fund has invested more, and the exchange rate for the dollar against the euro increased steeply, the bond portfolio made a positive contribution to the fund’s returns during a very hard month for the market.\n"},{"year":2018,"month":4,"content":"### 2018 April - The performance of the fund was driven by Finnish equities and the portfolio of local corporate bonds\n\nKristo Oidermaa, Fund Manager\n\nAfter several months of unrest, April was predominantly a month of positive yields for global equity markets. For instance, the Japanese stock exchange index, measured in the local currency, increased by 4.7% and the German stock market index – by 4.3%. However, Turkish and Russian equity markets ended with a negative yield, both down by 9.3% and 7.4%, respectively. As for Baltic equity markets, the only one to demonstrate a positive yield in April was the Vilnius stock exchange with a 0.3% increase. The stock exchange indices of Tallinn and Riga dropped by 1.3% and 0.7%, respectively. The performance of pension fund L was driven in April by Finnish equities, which experienced an upsurge thanks to the improving business environment and good quarterly results. The best yield was demonstrated by the share of the oil refining company Neste, which appreciated by 23.8% over the month. Neste increased their first-quarter sales revenue by 18% and the operating profits were up by as much as 55% compared to the previous year. Other good performers were the shares of the cellulose and paper making corporation Stora Enso (12% increase) and the largest Finnish trading sector company Kesko (5.2% increase).\n\nIn April, we added a large local bond investment to the portfolio when the real estate fund Baltic Horizon, listed on the Tallinn stock exchange, raised funds by issuing bonds for investment and bank loan refinancing purposes. Funds were raised for five terms and repayment shall be in bulk upon maturity. The bonds are not connected with or secured by any specific buildings owned by the fund and the loan will be paid out of the rent generated from all their properties. Such flexibility means that the company can pay higher interests compared to bank loans, i.e., 4.25% a year in this case. We also participated in the international bond issue of Elering: the company raised funds for five years at an interest rate of 0.875%. Elering obviously belongs to that segment of the market which benefits from the continued extremely low interest rate policy of the European Central Bank. We can foresee that discontinuance of this policy involves great risks and as we bought these bonds, we also sold long-term Lithuanian government bonds so that the fund’s exposure to interest risks did not change. April was rather poor on the European bond markets: corporate bonds remained barely above zero and government bonds depreciated by 0.4%. The market as a whole has clearly offered lower yields than the interests earnt in the same time frame by our portfolio comprised of local issuers.\n"},{"year":2018,"month":3,"content":"### 2018 March - The Fund is not yet buying from global stock markets, local investments are in good swing\n\nKristo Oidermaa, Fund Manager\n\nIn March, the stock markets were continuously volatile and global stock indices dropped by around 2-4% in a month. Although the amount of shares in LHV pension funds remains low, the overall decline also affected the return on funds in March. We have also used this year's declines for individual purchases in stock markets, but the extent of short-term corrections has not, in our opinion, been sufficient to significantly increase the amount of shares.\n\nThe activity can also be seen on the Baltic stock markets, and in March, a number of corporate events can be shown in particular. The Vilnius Stock Exchange hosted the Novaturas IPO and the Estonian government approved the listing of the Port of Tallinn in the Stock Exchange Market. At the same time, however, Olympic, whose takeover bid was made, is still planning its withdrawal. In March, the fund’s portfolio was most affected by Tallink, which announced a change in management and the completion of the strategic decisions process. Due to the latest piece of information, the shares fell by more than 10% as the market had been expecting Tallink to look for a new purchaser and therefore, there were hopes of a purchase offer with a good price.\n\nOne year after the acquisition of Auto24 bonds, we have created a portfolio of Baltic bonds where LHV funds are the only or largest investor, accounting for 24.4% of the total bond portfolio of the fund.\n\nThe weighted interest income of this portfolio was 0.65% in the first quarter. At the same time, the European bond markets remained at -0.4% for corporate bonds and at -0.5% for companies with a lower rating. The corporate and government bond market totalled 0.7% thanks to increased fears over the global economic outlook and the extremely strong result of Italian government bonds in recent weeks. Similarly to the quarter as a whole, the market for companies remained at a slight minus in March, and the government bond market was even able to offer a return of 1.6%. In our portfolio, we completed the issuance of Alexela bonds in March, where the fund subscribed 10-year bonds with an annual interest rate of 5.5%. The results of companies receiving a corporate investment from the fund over the last year have been supported by a continuously strong economic environment, in which banks' credit losses remain low (in our portfolio: Luminor, Siauliu, Citadele, Coop and BIG banks), the financial situation of companies is getting stronger (Riigi Kinnisvara and Transpordi Varahaldus), and tax revenue is growing (Tartu City). The results of Auto24 meet the planned target, or even exceed it, on the basis of the purchase by the local owners. We continue to work with local businesses to grow the portfolio of investments here.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**July turned out to be a positive month for the securities markets**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n","text":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n\nAs at the end of July, the economy of the United States had grown for 109 consecutive months. This is the second longest period of unbroken economic growth in the history of the United States. The longest growth phase lasted for a period of 119 months, from April 1991 to February 2001. What stands out in the analysis of US stock markets is that the majority of the rise for those years has been in the technology sector, while at the same time the share prices of the remaining companies have not risen significantly. Even though the US economy has enjoyed a longer period of growth, wages of Americans have grown much slower than the economy and therefore the share of company profit among the national gross domestic product has risen. Prices for real estate have also risen thanks to low interest rates, which has made it even more complicated for young people and those with low incomes to acquire a home. The economic inequality in society has grown, and the blame has started to fall on globalisation, regardless of the fact that international trade has helped promote economic growth and kept the price level for consumer goods low. Recently, a change could be seen in the attitude towards the technology sector and it is likely that this sector, which has historically seen little regulation, will begin to be regulated like all other sectors of the economy.\n\nPresident Trump, who has been excellent at sensing the mood of the masses, has begun threatening the largest trading partners of the United States with high tariffs. Even though the United States has the world’s most powerful economy and is the largest market for many countries, it is not possible for it to unilaterally dictate its own terms and conditions to others. Stress in international trade has grown and this may begin to slow the investment decisions of companies.\n\nEven if economic cycles have become ever longer, they have not disappeared. A rise is followed by a fall and the fall by a rise. Modern economic theory has encouraged central banks to control economic cycles through the use of interest rates and the money supply. Even though the long-term interference of central bankers may also have negative consequences. The interest rate is the price of money, and the regulation of the price of money affects all other prices. How much regulation and control the economy requires is a question of one’s world view. I suspect that the economy could be allowed to find its own balance through competition. And just about the only thing that should be regulated is the preservation of competition, since development arises from competition.\n\nEven so, the long-term growth of the economy depends on mankind’s ingenuity and people’s cooperation with each other, not on new taxes or the changing of interest rates.\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019832","strategyType":"Progressive","managementStyle":"Active","riskLevel":3,"countryShareEe":31.61,"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":60.56,"unit":"%"},{"name":"Shares","value":12.68,"unit":"%"},{"name":"Equity funds","value":5.74,"unit":"%"},{"name":"Real Estate funds","value":10.57,"unit":"%"},{"name":"Private Equity funds","value":6.69,"unit":"%"},{"name":"Money and deposits","value":3.76,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.18\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.09% |\n| Luminor Bank 12/2019 | 3.83% |\n| Riigi Kinnisvara 06/2027 | 3.38% |\n| East Capital Baltic Property Fund II | 2.61% |\n| East Capital Baltic Property Fund III | 2.46% |\n| WisdomTree Japan Hedged Equity Fund | 2.13% |\n| France 10/2022 | 2.13% |\n| iShares STOXX Europe 600 Health Care | 2.03% |\n| Amber Circle Funding 12/2022 | 1.95% |\n| JP Morgan Chase 08/2021 | 1.94% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.09% |\n| Luminor 20/12/19 | 3.83% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.38% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.07.2018) | 156,826,211.51 € |\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"},{"title":"Analysis","type":"markdown","column":"left","content":"- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 July 2018)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2018_07.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":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"},{"year":2018,"month":5,"content":"### 2018 May - Dollar gaining strength against the euro and investments into the German Siemens have a positive impact\n\nKristo Oidermaa, Fund Manager\n\nIn May, the global stock markets took different directions. While the US stock markets displayed a positive rate of return during the month, the stock markets of several European countries and developing countries were in decline. Against the background of political troubles, the Italian and Spanish stock market indices showed a weak result, declining by 9.2% and 5.2%, respectively. The Helsinki stock market index however continued its upward trend, increasing by 1.1% in May. Measured in the local currency, the Japanese stock market declined by 1.2%, but owing to the changes in the exchange rate, when measured in euros the rate of return was established at +2.9%. In the Baltic states, the Riga stock market which increased by 1.8% was the strongest. The Vilnius stock market had a rate of return of 0.9%, but the Tallinn stock market declined by 1.6%. The pension fund’s rate of return benefited from the investment to the German industrial enterprise Siemens, which reported strong quarterly results and increased the profit expectations. The company’s share increased by almost 7% during the month. However, the German car manufacturer Daimler brought along a negative result, with its share declining by 4.9% due to the fear of the US establishing customs tariffs.\n\nMay was a very complicated month on the bond markets, as the new Italian government resulted in a steep decline in the country’s bonds which, in its lowest points, reached more than 8% when compared to the beginning of the month. Mainly due to the high prices, we have avoided government bonds of the euro zone in our funds, focusing on the floating-interest bonds of highly rated companies or local bonds. Due to this, the fund does not have any positions in the bonds of Italian issuers. Instead, we purchased the floating-interest bonds of the world’s biggest insurance groups Berkshire Hathaway and Allianz and the French real estate enterprise Gecina and the German real estate enterprise Vonovia. Also, a transaction was finalised where the Baltic Horizon Fund, a real estate fund listed on the Tallinn stock market, issued five-year bonds with an interest rate of 4.25%. As the troubles with the Italian government bonds did not have an impact on the European corporate bond market where the fund has invested more, and the exchange rate for the dollar against the euro increased steeply, the bond portfolio made a positive contribution to the fund’s returns during a very hard month for the market.\n"},{"year":2018,"month":4,"content":"### 2018 April - The performance of the fund was driven by Finnish equities and the portfolio of local corporate bonds\n\nKristo Oidermaa, Fund Manager\n\nAfter several months of unrest, April was predominantly a month of positive yields for global equity markets. For instance, the Japanese stock exchange index, measured in the local currency, increased by 4.7% and the German stock market index – by 4.3%. However, Turkish and Russian equity markets ended with a negative yield, both down by 9.3% and 7.4%, respectively. As for Baltic equity markets, the only one to demonstrate a positive yield in April was the Vilnius stock exchange with a 0.3% increase. The stock exchange indices of Tallinn and Riga dropped by 1.3% and 0.7%, respectively. The yield of pension fund XL was positively influenced by Finnish investments with the shares of Metsä Board performing the best (12.8% increase). In March, Olympic Entertainment Group, listed on the Tallinn stock exchange, received a takeover offer from Odyssey Europe. The share price offered to shareholders was similar to the then stock exchange price. After long deliberations, we decided to accept the offer and in April we sold all the shares of Olympic owned by the pension fund.\n\nIn April, we added a large local bond investment to the portfolio when the real estate fund Baltic Horizon, listed on the Tallinn stock exchange, raised funds by issuing bonds for investment and bank loan refinancing purposes. Funds were raised for five terms and repayment shall be in bulk upon maturity. The bonds are not connected with or secured by any specific buildings owned by the fund and the loan will be paid out of the rent generated from all their properties. Such flexibility means that the company can pay higher interests compared to bank loans, i.e., 4.25% a year in this case. We also participated in the international bond issue of Elering: the company raised funds for five years at an interest rate of 0.875%. Elering obviously belongs to the segment of the market which benefits from the continued extremely low interest rate policy of the European Central Bank. We can foresee that discontinuance of this policy involves great risks and as we bought these bonds, we also sold long-term Lithuanian government bonds so that the fund’s exposure to interest risks did not change. April was rather poor on the European bond markets: corporate bonds remained barely above zero and government bonds depreciated by 0.4%. The market as a whole has clearly offered lower yields than the interest earnt in the same time frame by our portfolio comprised of local issuers.\n"},{"year":2018,"month":3,"content":"### 2018 March - Positive excitement in the Baltic markets brought new purchases into the fund portfolio\n\nKristo Oidermaa, Fund Manager\n\nIn March, the stock markets were continuously volatile and global stock indices dropped by around 2-4% in a month. Although the amount of shares in LHV pension funds remains low, the overall decline also affected the return on funds in March. We have also used this year's declines for individual purchases in stock markets, but the extent of short-term corrections has not, in our opinion, been sufficient to significantly increase the amount of shares.\nAfter a long time, an IPO of considerable size was organised for the Baltic Stock Exchange, when a Polish private equity fund listed the shares of Novaturas, a provider of package trips, on the Vilnius Stock Exchange. The XL Pension Fund participated in the subscription as other LHV pension funds with an equity-risk. In the case of Novaturas, we liked the very strong cash flow from the core business, which is almost fully paid out to shareholders, and, in addition, the financial results of the company depend entirely on the increase in the purchasing power of the Baltic consumer.\n\nTaking into account the wage growth of around 5% across the region, the company's financial performance is expected to be good in the near future.\n\nOne year after the acquisition of Auto24 bonds, we have created a portfolio of Baltic bonds where LHV funds are the only or largest investor, accounting for 23.4% of the total bond portfolio of the fund. The weighted interest income of this portfolio was 0.65% in the first quarter. At the same time, the European bond markets remained at -0.4% for corporate bonds and at -0.5% for companies with a lower rating. The corporate and government bond market totalled 0.7% thanks to increased fears over the global economic outlook and the extremely strong result of Italian government bonds in recent weeks. Similarly to the quarter as a whole, the market for companies remained at a slight minus in March, and the government bond market was even able to offer a return of 1.6%. In our portfolio, we completed the issuance of Alexela bonds in March, where the fund subscribed 10-year bonds with an annual interest rate of 5.5%.\n\nThe results of companies receiving a corporate investment from the fund over the last year have been supported by a continuously strong economic environment, in which banks' credit losses remain low (in our portfolio: Luminor, Siauliu, Citadele, Coop and BIG banks), the financial situation of companies is getting stronger (Riigi Kinnisvara and Transpordi Varahaldus), and tax revenue is growing (Tartu City). The results of Auto24 meet the planned target, or even exceed it, on the basis of the purchase by the local owners. We continue to work with local businesses to grow the portfolio of investments here.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**July turned out to be a positive month for the securities markets**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n","text":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n\nAs at the end of July, the economy of the United States had grown for 109 consecutive months. This is the second longest period of unbroken economic growth in the history of the United States. The longest growth phase lasted for a period of 119 months, from April 1991 to February 2001. What stands out in the analysis of US stock markets is that the majority of the rise for those years has been in the technology sector, while at the same time the share prices of the remaining companies have not risen significantly. Even though the US economy has enjoyed a longer period of growth, wages of Americans have grown much slower than the economy and therefore the share of company profit among the national gross domestic product has risen. Prices for real estate have also risen thanks to low interest rates, which has made it even more complicated for young people and those with low incomes to acquire a home. The economic inequality in society has grown, and the blame has started to fall on globalisation, regardless of the fact that international trade has helped promote economic growth and kept the price level for consumer goods low. Recently, a change could be seen in the attitude towards the technology sector and it is likely that this sector, which has historically seen little regulation, will begin to be regulated like all other sectors of the economy.\n\nPresident Trump, who has been excellent at sensing the mood of the masses, has begun threatening the largest trading partners of the United States with high tariffs. Even though the United States has the world’s most powerful economy and is the largest market for many countries, it is not possible for it to unilaterally dictate its own terms and conditions to others. Stress in international trade has grown and this may begin to slow the investment decisions of companies.\n\nEven if economic cycles have become ever longer, they have not disappeared. A rise is followed by a fall and the fall by a rise. Modern economic theory has encouraged central banks to control economic cycles through the use of interest rates and the money supply. Even though the long-term interference of central bankers may also have negative consequences. The interest rate is the price of money, and the regulation of the price of money affects all other prices. How much regulation and control the economy requires is a question of one’s world view. I suspect that the economy could be allowed to find its own balance through competition. And just about the only thing that should be regulated is the preservation of competition, since development arises from competition.\n\nEven so, the long-term growth of the economy depends on mankind’s ingenuity and people’s cooperation with each other, not on new taxes or the changing of interest rates.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600019766","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":32.01,"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":72.27,"unit":"%"},{"name":"Real Estate funds","value":26.91,"unit":"%"},{"name":"Money and deposits","value":0.81,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index FTSE EPRA Nareit Global UCITS ETF | 14.73% |\n| iShares Core MSCI World UCITS | 13.47% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 11.54% |\n| iShares Global REIT ETF | 6.40% |\n| db x-trackers MSCI World Index UCITS ETF | 5.65% |\n| Vanguard Total World Stock ETF | 5.41% |\n| BNP Paribas Easy FTSE EPRA/NAREIT Eurozone Capped | 5.20% |\n| Vanguard FTSE All-World UCITS ETF | 5.17% |\n| db x-trackers MSCI USA Index UCITS ETF | 5.11% |\n| iShares Core MSCI Emerging Markets ETF | 4.96% |\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 31.07.2018) | 10,691,561.31 € |\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 (31 July 2018)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2018_07.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":95.07,"unit":"%"},{"name":"Money and deposits","value":5,"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 | 24.31% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 23.60% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 23.60% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 23.55% |\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":71.88,"unit":"%"},{"name":"Bond funds","value":26.18,"unit":"%"},{"name":"Money and deposits","value":1.98,"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 | 27.84% |\n| BlackRock ISF - Developed World Index | 27.66% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 26.18% |\n| BlackRock ISF - Developed World ex Tobacco | 8.23% |\n| BlackRock ISF - Emerging Markets Index | 8.15% |\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":42.94,"unit":"%"},{"name":"Shares","value":34.44,"unit":"%"},{"name":"Equity funds","value":10.12,"unit":"%"},{"name":"Real Estate funds","value":0.23,"unit":"%"},{"name":"Private Equity funds","value":1.65,"unit":"%"},{"name":"Bond funds","value":9.4,"unit":"%"},{"name":"Money and deposits","value":1.2,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublic Deutschland 3% 04.07.2020 | 9.44% |\n| France Government 0% 25.02.2020 | 3.75% |\n| Amundi Index Solutions - Amundi MSCI Emerging Markets ETF | 3.45% |\n| Pimco Global High Yield Bond Fund | 2.66% |\n| Tallinna Sadam AS | 2.30% |\n| SEB Eastern Europe ex Russia Fund | 2.12% |\n| iShares Core S&P 500 UCITS ETF USD Acc | 2.01% |\n| SEB Sustainable High Yield Fund | 1.94% |\n| Raiffeisen -Osteuropa-Rent Fund | 1.69% |\n| T Rowe Price Funds SICAV - Asian ex-Japan Equity Fund | 1.44% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.30% |\n| Elering 0.875% 03.05.2023 | 1.04% |\n| BaltCap Private Equity Fund II L.P | 0.93% |\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":27.93,"unit":"%"},{"name":"Shares","value":2.3,"unit":"%"},{"name":"Equity funds","value":20.33,"unit":"%"},{"name":"Real Estate funds","value":0.12,"unit":"%"},{"name":"Private Equity funds","value":0.7,"unit":"%"},{"name":"Bond funds","value":45.36,"unit":"%"},{"name":"Money and deposits","value":3.34,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 9.75% |\n| iShares Core MSCI World UCITS ETF | 6.73% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 5.99% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 5.40% |\n| Robeco Ql Global Dynamic Duration | 4.80% |\n| SEB Sustainable High Yield Fund | 4.75% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.95% |\n| France Government 0% 25.02.2020 | 3.63% |\n| SEB Fund 4 Short Bond Fund Euro | 3.60% |\n| SEB Ethical Global Index Fund | 3.49% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.30% |\n| Elering 0.875% 03.05.2023 | 1.06% |\n| BaltCap Private Equity Fund II L.P | 0.70% |\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":51.81,"unit":"%"},{"name":"Bond funds","value":45.8,"unit":"%"},{"name":"Money and deposits","value":2.39,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 13.11% |\n| Bundesrepublic Deutschland 3.5% 04.07.2019 | 9.84% |\n| UBS ETF-Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF | 8.65% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 8.17% |\n| iShares EUR Corporate Bond Large Cap UCITS ETF | 8.15% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.80% |\n| iShares Core EUR Corp Bond UCITS ETF EUR (Dist) | 4.43% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 4.22% |\n| Lithuanian Government Bond 0.7% 27.05.2020 | 3.69% |\n| Republic of Lithuania 7.375% 11.02.2020 | 2.99% |\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":73.36,"unit":"%"},{"name":"Bond funds","value":25.88,"unit":"%"},{"name":"Money and deposits","value":2.49,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index MSCI World UCITS ETF | 24.99% |\n| iShares Core MSCI World UCITS ETF | 19.34% |\n| SPDR Barclays Euro Aggregate Bond UCITS ETF | 17.63% |\n| Access Global | 5.29% |\n| UBS ETF MSCI World UCITS ETF | 4.36% |\n| Vanguard FTSE Developed World UCITS ETF | 4.35% |\n| LYX ETF MSCI World UCITS | 4.35% |\n| ComStage ETF MSCI World TRN UCITS | 4.27% |\n| HSBC MSCI World UCITS ETF | 4.13% |\n| iShares Euro Aggregate Bond UCITS ETF | 4.10% |\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":35.81,"unit":"%"},{"name":"Shares","value":37.09,"unit":"%"},{"name":"Equity funds","value":21.83,"unit":"%"},{"name":"Real Estate funds","value":3.89,"unit":"%"},{"name":"Private Equity funds","value":0.68,"unit":"%"},{"name":"Money and deposits","value":0.77,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| France 1.000% 181125 | 9.78% |\n| Swedbank Robur Acc Asien | 5.66% |\n| Lyxor ETF MSCI AC Asia Ex-Jap | 3.94 |\n| S&P 500 SPDR | 3.32% |\n| Spain 4.6% EUR Due 30.07.2019 | 3.19% |\n| Amundi ETF MSCI EM LAT AM UCIT | 2.76% |\n| France 1.000% 190525 | 2.60% |\n| Amundi ETF MSCI Europe UCITS | 2.21% |\n| Italy Government 4.5000% 190301 | 2.09% |\n| Republic of Austria 0.250% 191018 | 2.02% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.80% |\n| East Capital Baltic Property III | 1.14% |\n| Alexela Tanklad 5.5% 02.03.28 | 0.85% |\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":50.21,"unit":"%"},{"name":"Shares","value":26.8,"unit":"%"},{"name":"Equity funds","value":9.63,"unit":"%"},{"name":"Real Estate funds","value":4.67,"unit":"%"},{"name":"Private Equity funds","value":1.25,"unit":"%"},{"name":"Bond funds","value":7.03,"unit":"%"},{"name":"Money and deposits","value":0.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| France 1.000% 190525 | 8.69% |\n| Allianz Euro Oblig Court TRM | 4.56% |\n| Spain 4.6% EUR Due 30.07.2019 | 3.40% |\n| Austria RAGB 0.250% 18.10.2019 | 3.33% |\n| Amundi 12 M-I | 2.47% |\n| Swedbank Robur Acc Asien | 2.37% |\n| Eften Kinnisvarafond II aktsia | 2.25% |\n| S&P 500 SPDR | 2.22% |\n| Lithuania EUR 0.60% 30.03.2019 | 2.19% |\n| Italy Government 4.5000% 190301 | 2.18% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 2.25% |\n| Luminor 0.330% 20.12.2019 EUR | 1.93% |\n| East Capital Baltic Property III | 1.34% |\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":76.84,"unit":"%"},{"name":"Shares","value":0.35,"unit":"%"},{"name":"Equity funds","value":13.16,"unit":"%"},{"name":"Real Estate funds","value":5.64,"unit":"%"},{"name":"Private Equity funds","value":2.03,"unit":"%"},{"name":"Bond funds","value":1.7,"unit":"%"},{"name":"Money and deposits","value":0.35,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| France 1.000% 190525 | 11.14% |\n| Spain 4.6% EUR Due 30.07.2019 | 5.89% |\n| Austria RAGB 0.250% 18.10.2019 | 5.76% |\n| Amundi ETF MSCI Europe UCITS | 4.90% |\n| Italy Government 4.5000% 190301 | 4.29% |\n| Lithuania EUR 0.60% 30.03.2019 | 3.54% |\n| S&P 500 SPDR | 3.38% |\n| Vanguard S&P 500 ETF USA | 3.25% |\n| Eften Kinnisvarafond II aktsia | 3.00% |\n| Erste Abwicklungsanstalt 0,0% 210225 | 2.85% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 3.00% |\n| Luminor 0.330% 20.12.2019 EUR | 2.85% |\n| East Capital Baltic Property III | 1.42% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.80%\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":54.39,"unit":"%"},{"name":"Bond funds","value":44.06,"unit":"%"},{"name":"Money and deposits","value":1.58,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| iShares Core Euro Corporate Bond ETF | 8.56% |\n| Amundi 6 M-I | 8.55% |\n| Allianz Euro Oblig Court Trm | 8.42% |\n| iShares Euro Corp Bond Int Hedged UCITS ETF | 7.28% |\n| Amundi Float Rate USD Corp ETF | 5.69% |\n| France 3.5000% 260425 | 5.58% |\n| iShares Euro Ultrashort Bond Fund | 5.56% |\n| Tallinn FRN EUR 29.11.2027 | 2.08% |\n| Rabobank EUR 4.125% 12.01.2021 | 2.07% |\n| France 8.5000% 191025 | 1.81% |\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":8.24,"unit":"%"},{"name":"Shares","value":2.26,"unit":"%"},{"name":"Equity funds","value":70.49,"unit":"%"},{"name":"Private Equity funds","value":0.62,"unit":"%"},{"name":"Bond funds","value":16.57,"unit":"%"},{"name":"Money and deposits","value":1.83,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 19.00% |\n| Amundi Index MSCI World UCITS ETF DR | 7.52% |\n| SEB Ethical Global Index Fund C |7.31% |\n| Xtrackers MSCI World UCITS ETF | 6.89% |\n| iShares STOXX Europe 600 UCITS ETF (DE) | 4.82% |\n| iShares Core S&P 500 UCITS ETF USD Acc | 4.74% |\n| Amundi Index Solutions - Amundi MSCI Emerging Markets ETF | 4.68% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 4.23% |\n| SEB Global Chance / Risk Fund | 3.79% |\n| Xtrackers Nikkei 225 UCITS ETF | 2.58% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.26% |\n| Elering 0.875% 03.05.2023 | 0.53% |\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":35.43,"unit":"%"},{"name":"Shares","value":21.19,"unit":"%"},{"name":"Real Estate funds","value":11.94,"unit":"%"},{"name":"Money and deposits","value":31.44,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| Birdeye Timber Fund | 5.92% |\n| Eesti Energia 09/2023 | 5.77% |\n| EfTEN Kinnisvarafond II | 5.60% |\n| Baltic Horizon Fund 05/2023 | 5.42% |\n| Allianz Finance 12/2020 | 5.38% |\n| auto24 04/2022 | 5.38% |\n| Daimler Intl Finance 05/2022 | 5.31% |\n| Tallinna Kaubamaja | 4.37% |\n| Tallink Grupp | 4.01% |\n| BMW 09/2020 | 2.83% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund | 5.92% |\n| Eesti Energia 2.384% 22/09/23 | 5.77% |\n| EfTEN Kinnisvarafond II | 5.60% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.07.2018) | 1,877,326.44 € |\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"},{"title":"Analysis","type":"markdown","column":"left","content":"- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 July 2018)](/assets/files/pension/LHV_pensionifond_Eesti_kuuaruanne_2018_07.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"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"},{"year":2018,"month":5,"content":"### 2018 May - The fund bought the bonds of the Baltic Horizon Fund and prepared for the IPO of Tallinna Sadam\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, the official announcement was made that a minority holding in Tallinna Sadam, until then an entirely state-owned enterprise, would be publicly listed. The company issued more than 75 million new shares and the state sold more than 11 million shares to the investor, as a result of which new investors own 33% of Tallinna Sadam and the state’s holding decreased to 67%. The main selling points to the investors are stable and substantial dividend payments and moderate expectations for the growth of revenues and profits. In the years 2019–2020 Tallinna Sadam has promised to pay at least 30 million euros to shareholders as dividends which, at the given share price, means that the dividend yield is 6–8%.\n\nIn the bond portfolio, a transaction was finalised where the Baltic Horizon Fund, a real estate fund listed on the Tallinn stock market, issued five-year bonds with an interest rate of 4.25%. The company has the right to redeem the bonds prematurely by paying a premium to the investors.\n"},{"year":2018,"month":4,"content":"### 2018 April - Two new investments added to the fund\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, we made the first property investment in the new fund besides some earlier equity investments. Eften Kinnisvarafond II was founded in 2015 and invests in cash flow generating properties in all three Baltic states. Today, the portfolio of the fund is comprised of six properties, among which the best known is undoubtedly Radisson Blu hotel in central Tallinn. Rental income is being earnt for investors by two shopping centres – Magistral in Tallinn and one of the largest supermarkets in Riga, Domina. The fund also owns the Marienthal centre in Tallinn and an office building in Riga with office premises rented to several internationally renowned companies. In Lithuania, the real estate fund owns a large logistics centre near Kaunas. The real estate fund Eften II also pays annual dividends to their investors.\n\nWe added a large local bond investment to the portfolio when the real estate fund Baltic Horizon, listed on the Tallinn stock exchange, raised funds by issuing bonds for investment and bank loan refinancing purposes. Funds were raised for five terms and repayment shall be in bulk upon maturity. The bonds are not connected with or secured by any specific buildings owned by the fund and the loan will be paid out of the rent generated from all their properties. Such flexibility means that the company can pay higher interest compared to bank loans, i.e., 4.25% a year in this case.\n"},{"year":2018,"month":3,"content":"### 2018 March - In March, the acquisitions were mostly made from the Tallinn Stock Exchange\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn the last week of March, the Fund received all of the licences, and we could start with our investment activities.\n\nIn a few days we traded mainly on the Tallinn Stock Exchange and acquired shares of Tallinna Kaubamaja, Tallink, Silvano, Harju Elekter, Ekspress Grupp and Nordecon in our portfolio. At the moment, active work is ongoing on OTC investments and funds, as the acquisition of non-listed assets always takes time.\n\nHopefully, by the end of April, the first real estate funds will already be in the portfolio, which will invest assets in Estonia.\n\nDuring the first two working weeks of the Fund, we also started with direct investments - the Fund acquired the bonds of the Auto24 advertising portal. The company, upon being under the control of local owners again last spring, paid the last part of the agreed purchase price. To pay this, one shareholder of the company BaltCap and LHV Pension Fund Estonia issued bonds with a maturity of three years and a yearly interest rate of 12%. After the purchase, the results of Auto24 meet the planned target, or even exceed it.\n\nFrom the public exchange market, we also acquired Eesti Energia's five-year bonds in the fund's bond portfolio.\n\nWe continue to work with local businesses to grow the portfolio of OTC bonds, as we see them as the best investment opportunity at the moment.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**July turned out to be a positive month for the securities markets**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n","text":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n\nAs at the end of July, the economy of the United States had grown for 109 consecutive months. This is the second longest period of unbroken economic growth in the history of the United States. The longest growth phase lasted for a period of 119 months, from April 1991 to February 2001. What stands out in the analysis of US stock markets is that the majority of the rise for those years has been in the technology sector, while at the same time the share prices of the remaining companies have not risen significantly. Even though the US economy has enjoyed a longer period of growth, wages of Americans have grown much slower than the economy and therefore the share of company profit among the national gross domestic product has risen. Prices for real estate have also risen thanks to low interest rates, which has made it even more complicated for young people and those with low incomes to acquire a home. The economic inequality in society has grown, and the blame has started to fall on globalisation, regardless of the fact that international trade has helped promote economic growth and kept the price level for consumer goods low. Recently, a change could be seen in the attitude towards the technology sector and it is likely that this sector, which has historically seen little regulation, will begin to be regulated like all other sectors of the economy.\n\nPresident Trump, who has been excellent at sensing the mood of the masses, has begun threatening the largest trading partners of the United States with high tariffs. Even though the United States has the world’s most powerful economy and is the largest market for many countries, it is not possible for it to unilaterally dictate its own terms and conditions to others. Stress in international trade has grown and this may begin to slow the investment decisions of companies.\n\nEven if economic cycles have become ever longer, they have not disappeared. A rise is followed by a fall and the fall by a rise. Modern economic theory has encouraged central banks to control economic cycles through the use of interest rates and the money supply. Even though the long-term interference of central bankers may also have negative consequences. The interest rate is the price of money, and the regulation of the price of money affects all other prices. How much regulation and control the economy requires is a question of one’s world view. I suspect that the economy could be allowed to find its own balance through competition. And just about the only thing that should be regulated is the preservation of competition, since development arises from competition.\n\nEven so, the long-term growth of the economy depends on mankind’s ingenuity and people’s cooperation with each other, not on new taxes or the changing of interest rates.\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":72.33,"unit":"%"},{"name":"Bond funds","value":26.8,"unit":"%"},{"name":"Money and deposits","value":0.86,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|---:|\n| Lyxor Core STOXX Europe 600 DE ETF | 16.35% |\n| SPDR Barclays Euro Aggregate Bond UCITS ETF | 15.34% |\n| iShares Core S&P 500 UCITS ETF USD Acc | 11.23% |\n| Xtrackers MSCI USA UCITS ETF | 9.58% |\n| SOURCE S&P 500 UCITS ETF | 9.37% |\n| Vanguard S&P 500 UCITS ETF | 6.44% |\n| Amundi Index Solutions - Amundi MSCI Emerging Markets ETF | 6.24% |\n| Xtrackers Nikkei 225 UCITS ETF | 5.24% |\n| iShares Core EUR Govt Bond UCITS ETF EUR Dist | 4.78% |\n| iShares EUR Aggregate Bond UCITS ETF EUR Dist | 4.48% |\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"},"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":"31.07.2018","capacity":"14,989,212.65 €","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 asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":44.54,"unit":"%"},{"name":"Shares","value":16.01,"unit":"%"},{"name":"Equity funds","value":10.64,"unit":"%"},{"name":"Real Estate funds","value":12.53,"unit":"%"},{"name":"Private Equity funds","value":3.85,"unit":"%"},{"name":"Bond funds","value":0.14,"unit":"%"},{"name":"Money and deposits","value":12.29,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018.\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 5.82% |\n| East Capital Baltic Property Fund III | 3.04% |\n| East Capital Baltic Property Fund II | 2.70% |\n| Citadele banka 12/2026 | 2.63% |\n| iShares DAX EX | 2.58% |\n| PKO Bank Polski 01/2019 | 2.09% |\n| JP Morgan Chase 08/2021 | 2.06% |\n| Wells Fargo & Company 07/2021 | 2.03% |\n| Total Capital Intl 03/2020 | 2.01% |\n| SAP 03/2021 | 2.01% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 5.82% |\n| East Capital Baltic Property Fund III | 3.04% |\n| East Capital Baltic Property Fund II | 2.70% |\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":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"},{"year":2018,"month":5,"content":"### 2018 May - Dollar gaining strength against the euro and investments into the German Siemens have a positive impact\n\nRomet Enok, Fund Manager\n\nIn May, the global stock markets took different directions. While the US stock markets displayed a positive rate of return during the month, the stock markets of several European countries and developing countries were in decline. Against the background of political troubles, the Italian and Spanish stock market indices showed a weak result, declining by 9.2% and 5.2%, respectively. The Helsinki stock market index however continued its upward trend, increasing by 1.1% in May. Measured in the local currency, the Japanese stock market declined by 1.2%, but owing to the changes in the exchange rate, when measured in euros the rate of return was established at +2.9%. The pension fund’s rate of return benefited from the investment to the German industrial enterprise Siemens, which reported strong quarterly results and increased the profit expectations. The company’s share increased by almost 7% during the month. However, the German car manufacturer Daimler brought along a negative result, with its share declining by 4.9% due to the fear of the US establishing customs tariffs.\n\nMay was a very complicated month on the bond markets, as the new Italian government resulted in a steep decline in the country’s bonds which, in its lowest points, reached more than 8% when compared to the beginning of the month. Mainly due to the high prices, we have avoided government bonds of the euro zone in our funds, focusing on the floating-interest bonds of highly rated companies or local bonds. Due to this, the fund does not have any positions in the bonds of Italian issuers. Instead, we purchased the floating-interest bonds of the world’s biggest insurance groups Berkshire Hathaway and Allianz and the French real estate enterprise Gecina. Also, a transaction was finalised where the Baltic Horizon Fund, a real estate fund listed on the Tallinn stock market, issued five-year bonds with an interest rate of 4.25%. As the troubles with the Italian government bonds did not have an impact on the European corporate bond market where the fund has invested more, and the exchange rate for the dollar against the euro increased steeply, the bond portfolio made a positive contribution to the fund’s returns during a very hard month for the market.\n"},{"year":2018,"month":4,"content":"### 2018 April - The performance of the fund was driven by Finnish equities and the portfolio of local corporate bonds\n\nRomet Enok, Fund Manager\n\nAfter several months of unrest, April was predominantly a month of positive yields for global equity markets. For instance, the Japanese stock exchange index, measured in the local currency, increased by 4.7% and the German stock market index – by 4.3%. However, Turkish and Russian equity markets ended with a negative yield, both down by 9.3% and 7.4%, respectively. As for Baltic equity markets, the only one to demonstrate a positive yield in April was the Vilnius stock exchange with a 0.3% increase. The stock exchange indices of Tallinn and Riga dropped by 1.3% and 0.7%, respectively. In March, Olympic Entertainment Group, listed on the Tallinn stock exchange, received a takeover offer from Odyssey Europe. The share price offered to shareholders was similar to the then stock exchange price. After long deliberations, we decided to accept the offer and in April we sold all the shares of Olympic owned by the pension fund.\n\nIn April, we added a large local bond investment to the portfolio when the real estate fund Baltic Horizon, listed on the Tallinn stock exchange, raised funds by issuing bonds for investment and bank loan refinancing purposes. Funds were raised for five terms and repayment shall be in bulk upon maturity. The bonds are not connected with or secured by any specific buildings owned by the fund and the loan will be paid out of the rent generated from all their properties. Such flexibility means that the company can pay higher interests compared to bank loans, i.e., 4.25% a year in this case. April was rather poor on the European bond markets: corporate bonds remained barely above zero and government bonds depreciated by 0.4%.\n"},{"year":2018,"month":3,"content":"### 2018 March - A weak month in global stock markets also affected the outcome of the fund\n\nRomet Enok, Fund Manager\n\nMarch was a weak month for global stock markets and stock market shocks were also reflected in the monthly yields of pension funds. Even the Baltic stock markets, which were continuously having a positive outcome from the beginning of the year, experienced a slight decline in March. The biggest drivers of the decline in the Baltic market were the Tallink shares, which announced the completion of the strategic decision process. After the receipt of the disappointing news for investors, Tallink's share fell by more than 10%. The second large event was the takeover bid made by Odyssey Europe to Olympic Entertainment Group. LHV pension funds are small shareholders in Olympic and we will make a decision on the sale as of the beginning of May when it is clear how other significant investors behave.\n\nBy the end of the first quarter of the year, the European bond markets remained at -0.4% for corporate bonds and at -0.5% for companies with a lower rating. The corporate and government bond market totalled 0.7% thanks to increased fears over the global economic outlook and the extremely strong result of Italian government bonds in recent weeks. Similarly to the quarter as a whole, the market for companies remained at a slight minus in March, and the government bond market was only able to offer a return of 1.6% thanks to the already mentioned exceptionally strong result of the Italian market.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**July turned out to be a positive month for the securities markets**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n","text":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n\nAs at the end of July, the economy of the United States had grown for 109 consecutive months. This is the second longest period of unbroken economic growth in the history of the United States. The longest growth phase lasted for a period of 119 months, from April 1991 to February 2001. What stands out in the analysis of US stock markets is that the majority of the rise for those years has been in the technology sector, while at the same time the share prices of the remaining companies have not risen significantly. Even though the US economy has enjoyed a longer period of growth, wages of Americans have grown much slower than the economy and therefore the share of company profit among the national gross domestic product has risen. Prices for real estate have also risen thanks to low interest rates, which has made it even more complicated for young people and those with low incomes to acquire a home. The economic inequality in society has grown, and the blame has started to fall on globalisation, regardless of the fact that international trade has helped promote economic growth and kept the price level for consumer goods low. Recently, a change could be seen in the attitude towards the technology sector and it is likely that this sector, which has historically seen little regulation, will begin to be regulated like all other sectors of the economy.\n\nPresident Trump, who has been excellent at sensing the mood of the masses, has begun threatening the largest trading partners of the United States with high tariffs. Even though the United States has the world’s most powerful economy and is the largest market for many countries, it is not possible for it to unilaterally dictate its own terms and conditions to others. Stress in international trade has grown and this may begin to slow the investment decisions of companies.\n\nEven if economic cycles have become ever longer, they have not disappeared. A rise is followed by a fall and the fall by a rise. Modern economic theory has encouraged central banks to control economic cycles through the use of interest rates and the money supply. Even though the long-term interference of central bankers may also have negative consequences. The interest rate is the price of money, and the regulation of the price of money affects all other prices. How much regulation and control the economy requires is a question of one’s world view. I suspect that the economy could be allowed to find its own balance through competition. And just about the only thing that should be regulated is the preservation of competition, since development arises from competition.\n\nEven so, the long-term growth of the economy depends on mankind’s ingenuity and people’s cooperation with each other, not on new taxes or the changing of interest rates.\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":22.35,"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":"31.07.2018","capacity":"1,996,527.86 €","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":99.24,"unit":"%"},{"name":"Money and deposits","value":0.76,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.07.2018\n\n| Biggest investments | |\n|---|--:|\n| iShares Core MSCI World UCITS | 16.35% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 14.92% |\n| db x-trackers MSCI USA Index UCITS ETF | 9.34% |\n| Schwab International Equity ETF | 7.09% |\n| db x-trackers MSCI World Index UCITS ETF | 6.05% |\n| Vanguard Total World Stock ETF | 5.80% |\n| iShares Edge MSCI Min Vol Global ETF | 5.49% |\n| Vanguard FTSE Emerging Markets ETF | 5.06% |\n| iShares Core MSCI Emerging Markets ETF | 4.62% |\n| Vanguard FTSE All-World UCITS ETF | 4.06% |\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":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**July turned out to be a positive month for the securities markets**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n","text":"July was a positive month on the securities markets. European stock markets rose by 3.1% and the price of North American shares increased by 3.3% measured in euros. The stock markets of developing countries lagged behind the markets of richer countries, but still rose by 2%. In comparison with the beginning of the year shares of North American companies have increased by 8.7%, while at the same time the stock markets of developing countries have lost 2.1% of their value. Companies from many developing countries have taken dollar loans and now, when US interest rates have risen, and the dollar rate has risen, the debt load of those companies has become harder to bear.\n\nAs at the end of July, the economy of the United States had grown for 109 consecutive months. This is the second longest period of unbroken economic growth in the history of the United States. The longest growth phase lasted for a period of 119 months, from April 1991 to February 2001. What stands out in the analysis of US stock markets is that the majority of the rise for those years has been in the technology sector, while at the same time the share prices of the remaining companies have not risen significantly. Even though the US economy has enjoyed a longer period of growth, wages of Americans have grown much slower than the economy and therefore the share of company profit among the national gross domestic product has risen. Prices for real estate have also risen thanks to low interest rates, which has made it even more complicated for young people and those with low incomes to acquire a home. The economic inequality in society has grown, and the blame has started to fall on globalisation, regardless of the fact that international trade has helped promote economic growth and kept the price level for consumer goods low. Recently, a change could be seen in the attitude towards the technology sector and it is likely that this sector, which has historically seen little regulation, will begin to be regulated like all other sectors of the economy.\n\nPresident Trump, who has been excellent at sensing the mood of the masses, has begun threatening the largest trading partners of the United States with high tariffs. Even though the United States has the world’s most powerful economy and is the largest market for many countries, it is not possible for it to unilaterally dictate its own terms and conditions to others. Stress in international trade has grown and this may begin to slow the investment decisions of companies.\n\nEven if economic cycles have become ever longer, they have not disappeared. A rise is followed by a fall and the fall by a rise. Modern economic theory has encouraged central banks to control economic cycles through the use of interest rates and the money supply. Even though the long-term interference of central bankers may also have negative consequences. The interest rate is the price of money, and the regulation of the price of money affects all other prices. How much regulation and control the economy requires is a question of one’s world view. I suspect that the economy could be allowed to find its own balance through competition. And just about the only thing that should be regulated is the preservation of competition, since development arises from competition.\n\nEven so, the long-term growth of the economy depends on mankind’s ingenuity and people’s cooperation with each other, not on new taxes or the changing of interest rates.\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"}}