{"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":5100},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":72.2,"unit":"%"},{"name":"Money and deposits","value":27.8,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| France Government 1% 25/05/27 | 5.64% |\n| German Government 1.5% 04/09/22 | 4.75% |\n| Czech Republic 3.875% 24/05/22 | 4.54% |\n| Temasek 0.5% 01/03/22 | 4.33% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.94% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.91% |\n| Slovakia 3.375% 15/11/24 | 3.86% |\n| USA TREASURY BILL 1.625% 3108/19 | 2.99% |\n| Bank Gospodarstwa Krajow 1.375% 01/06/25 | 2.55% |\n| STEDIN 0 10/24/22 | 2.54% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.94% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.91% |\n| Elering 0.875% 03/05/20230 | 2.52% |\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 28.02.2019) | 20,383,858.34 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 110 000 units |\n| Rate of the depository’s charge | 0,0588% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.576%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused_020118.pdf)\n- [Terms and conditions from 2 May 2019 (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused_020519.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus from 22 January 2019](/assets/files/pension/LHV_pensionifondide_prospekt_220119.pdf)\n- [Analysis of the amendments made to the prospectus 22 January 2019 (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_jaanuar.pdf)\n- [Prospectus from 2 May 2019](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2019_02.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":2,"content":"### 2019 February - Investment into a Finnish energy giant was added to the fund portfolio\n\nRomet Enok, Fund Manager\n\nGovernment bonds remained slightly on the minus side in Europe in February, but compared to the beginning of the year, the market is still on the plus side by more than half a per cent. The prices of German government bonds have increased again and the expected rate of return has reached the lowest level since 2016. Although the ten year bond has not yet regained its negative expected rate of return, it was not too far away in February. The forecasts on both economic growth and price increases have been reduced and the hope of a continuing growth rate of Europe’s economy is gone. As a measure to support the economy, the European Central Bank once again announced some loan programmes for the banks of the currency union at the beginning of March. In such a situation, the fund provided a small positive rate of return in February and also in comparison with the beginning of the year. Among new investments, the portfolio received an addition in the form of securities of the Finnish national energy group Fortum.\n"},{"year":2019,"month":1,"content":"### 2019 January - Long-term bonds continued their price rally in January\n\nRomet Enok, Fund Manager\n\nDespite the already elevated price levels, the government bond prices also continued to rise in January. While for most of the other asset classes, last year was rather poor, the government bonds managed to demonstrate a strong result even then. Movement in the opposite direction of share prices is historically characteristic to government bonds. In January, however, both the stock markets as well as government bonds showed strong growth. Altogether, the government bond market earnt a rate of return in Europe slightly exceeding 1% over six months, and all bigger countries of the European Union clearly remained on the positive side. The fast upsurge in prices means that the market is returning to its peak and, for example, the expected rate of return of the German ten-year bond is yet again approaching zero. Given this situation, we will continue avoiding the acquisition of long-term bonds.\n"},{"year":2018,"month":12,"content":"### 2018 December - Long-term bonds and Estonian state enterprises contributed to the fund’s performance the most\n\nRomet Enok, Fund Manager\n\nGovernment bonds was the strongest asset class of financial markets in December as well as throughout the year. While the year 2018 will go down in the history of the financial markets as one of the worst, considering that a large majority of asset classes clearly remained in the red, then government bonds were nearly the only exception here. XS, as a fund that primarily focuses on public sector issuers, demonstrated naturally a better result in such year than the vast majority of others, and managed to show a positive aggregated result for the year. In the environment of dropping interests, bonds with a longer term and bigger price movements understandably contributed more to the fund’s result. A significant contribution came from the bonds of the Estonian state enterprises – Riigi Kinnisvara ja Transpordi Varahaldus.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Attention regarding private capital investments**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n","text":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n\nAlthough the change in the course of monetary policy was mostly due to a weakening of the business environment in the US and the rest of the world, securities markets disregarded the economy’s negative trends and welcomed the possibly more favourable monetary policy.\n\nFor several years LHV’s pension funds have viewed listed shares and risk-free bonds with suspicion, since their prices depend more on the press releases of the central banks than the economic results of businesses. Since the transactions performed on private equity markets reflect the results of businesses more accurately, and are often priced lower, we have focused greater attention on these markets over the past year. It is also one area where we are able to offer something to our clients that they are unable to access on their own.\n\nWhen Olympic was delisted from the Tallinn Stock Exchange last year, we, as a shareholder, did not consider it very forward-thinking to fight it. Instead, we invested in the private equity fund that acquired Olympic and delisted it from the stock exchange. I believe that Olympic was and is a great business, and that the new owner will further promote the growth of the business.\n\nThere are not many investors, apart from the pension funds in Estonia, who have access to such investments. Only a few years ago LHV’s pension funds were also too small for the bigger international private equity funds to even agree to communicate with us. However, private equity markets are an area where growth outpaces that of stock exchanges.\n\nThe analysis published by the renowned international consultancy firm McKinsey shows that since the year 2000 private equity market volume has increased by a factor of 7.5. Compared to public markets they continue to remain quite small; however, since the beginning of this century, the volume of their assets has increased at a rate that is double that of the volume of public markets.\n\nI recently read that Sweden’s national pension fund, AP7, is considering whether to begin investing in private equity markets. By the way, AP7’s rate of return in 2018 was -2.8% in Swedish krona. Considering that the krona lost 4.29% of its value against euro last year, then in euros the rate of return is even more negative and therefore all Estonian pension funds beat the results of our role model Swedish national pension funds.\n\nIf Helir-Valdor Seeder should prove unsuccessful in his attempts to quickly destroy Estonia’s pension system, then Estonian pension funds will likely rank much higher in terms of their rate of return in the 2018 review by the Organisation for Economic Cooperation and Development (OECD) than they have in the previous ten years. The negative influence of 2008 will fade away.\n\nThe investment opportunities and strategies of Estonian pension funds have changed significantly since the 2002 pension reform, along with an increase in the volumes of the funds. The amount of the service fees has also been reduced significantly. The management fee for LHV’s biggest pension fund, L, was 2% at the time of the creation of the fund; however, in September of this year, when the law passed at the end of last year enters into force, it will be reduced by more than two times in comparison with the currently valid rate.\n\nAt the same time, the legislative amendment allows for investments to be made in a larger volume in private equity types of investments, for example businesses, real estate and the forest. Also, for the first time, the new law established a clear goal in terms of the rate of return for pension funds: if the rate of return exceeds Estonian wage growth, the fund manager will be entitled to a success fee. Over the past ten years wages have increased by an average of about 5% per year. Charlie Munger, business partner of Warren Buffet, once said that by if someone were to describe to him how an entrepreneur is motivated, he could quite easily forecast what the results would be.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":12.48,"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":10649},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":91.08,"unit":"%"},{"name":"Money and deposits","value":8.92,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| Temasek 0.5% 01/03/22 | 4.62% |\n| Latvenergo 1.9% 10/06/22 | 4.53% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.35% |\n| Luminor 1.5% 18/10/21 | 4.15% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.15% |\n| Investor 4.5% 12/05/23 | 3.52% |\n| TOTAL 03/19/20 | 3.12% |\n| Romania 2.875% 28/10/24 | 2.83% |\n| France Government 2.25% 25/10/22 | 2.83% |\n| SANOFI 1.875% 04/09/20 | 2.68% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.35% |\n| Luminor 1.5% 18/10/21 | 4.33% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.15% |\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 28.02.2019) | 57,930,401.80 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 270 000 units |\n| Rate of the depository’s charge | 0,0588% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.672%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_tingimused_020118.pdf)\n- [Terms and conditions from 2 May 2019 (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused_020519.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Tingimuste_ja_prospekti_muutmise_moju_analyys.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus from 22 January 2019](/assets/files/pension/LHV_pensionifondide_prospekt_220119.pdf)\n- [Analysis of the amendments made to the prospectus 22 January 2019 (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_jaanuar.pdf)\n- [Prospectus from 2 May 2019](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2019_02.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":2,"content":"### 2019 February - The fund continues with positive results\n\nRomet Enok, Fund Manager\n\nUnlike government bonds, corporate securities continued to achieve a strong result in Europe in February as well. A clear tendency could be observed - the lower the credit quality, the faster the price increase. The trend we could see at the beginning of the year, having new public bond issues in big volumes, also continued. All of this took place in a situation in which the European Central Bank decided to inform the market of imminent new loan programmes to eurozone banks in the light of the lowered growth forecasts. In this situation, pension fund S has shown a small positive result both in January and in February. We currently assess the credit market outlook as being on the weak side, and thus we are not acquiring new investments in significant volume. For liquidity management, we purchased securities of the Finnish national energy group Fortum last month.\n"},{"year":2019,"month":1,"content":"### 2019 January - Long-term bonds continued their price rally in January\n\nRomet Enok, Fund Manager\n\nInterest rates in Europe declined further in January. While last year we could justify the price increase of government bonds with growing fears on stock markets, in January, both were moving robustly on the positive side. Strong price movement of government bonds in turn also dragged along corporate bonds and by the end of the month, both markets demonstrated exactly the same rate of return - close to 1%. Considering the already elevated price level of bonds, this is an unexpectedly good result. Given such high price levels, we avoid the creation of new positions with high price risk.\n"},{"year":2018,"month":12,"content":"### 2018 December - The fund managed to avoid losses in difficult December\n\nRomet Enok, Fund Manager\n\nEuropean corporate bond market ended the year without bigger movements. Accordingly, the month was clearly different from November, when both bigger as well as smaller companies strongly remained in the red. Especially due to the price drop in fall, the bonds of companies with high as well as low ratings in Europe and the United States remained negative for the year as a whole. The bond markets of developing countries had already declined in the first half of the year and there was no major improvement as the year progressed. The year was really exceptional specifically due to the broad-based nature of the decline. Given this environment, the S fund managed to demonstrate slight profit for the year as a whole thanks to avoiding big losses – as we have explained in these comments already for a couple of years now, we avoided adding new long-term bonds with lower rating into the fund. Positive contribution to the result came from government bonds, where the year was notably better. Also from interest income on the bonds of Estonian state enterprises – Riigi Kinnisvara ja Transpordi Varahaldus.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Attention regarding private capital investments**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n","text":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n\nAlthough the change in the course of monetary policy was mostly due to a weakening of the business environment in the US and the rest of the world, securities markets disregarded the economy’s negative trends and welcomed the possibly more favourable monetary policy.\n\nFor several years LHV’s pension funds have viewed listed shares and risk-free bonds with suspicion, since their prices depend more on the press releases of the central banks than the economic results of businesses. Since the transactions performed on private equity markets reflect the results of businesses more accurately, and are often priced lower, we have focused greater attention on these markets over the past year. It is also one area where we are able to offer something to our clients that they are unable to access on their own.\n\nWhen Olympic was delisted from the Tallinn Stock Exchange last year, we, as a shareholder, did not consider it very forward-thinking to fight it. Instead, we invested in the private equity fund that acquired Olympic and delisted it from the stock exchange. I believe that Olympic was and is a great business, and that the new owner will further promote the growth of the business.\n\nThere are not many investors, apart from the pension funds in Estonia, who have access to such investments. Only a few years ago LHV’s pension funds were also too small for the bigger international private equity funds to even agree to communicate with us. However, private equity markets are an area where growth outpaces that of stock exchanges.\n\nThe analysis published by the renowned international consultancy firm McKinsey shows that since the year 2000 private equity market volume has increased by a factor of 7.5. Compared to public markets they continue to remain quite small; however, since the beginning of this century, the volume of their assets has increased at a rate that is double that of the volume of public markets.\n\nI recently read that Sweden’s national pension fund, AP7, is considering whether to begin investing in private equity markets. By the way, AP7’s rate of return in 2018 was -2.8% in Swedish krona. Considering that the krona lost 4.29% of its value against euro last year, then in euros the rate of return is even more negative and therefore all Estonian pension funds beat the results of our role model Swedish national pension funds.\n\nIf Helir-Valdor Seeder should prove unsuccessful in his attempts to quickly destroy Estonia’s pension system, then Estonian pension funds will likely rank much higher in terms of their rate of return in the 2018 review by the Organisation for Economic Cooperation and Development (OECD) than they have in the previous ten years. The negative influence of 2008 will fade away.\n\nThe investment opportunities and strategies of Estonian pension funds have changed significantly since the 2002 pension reform, along with an increase in the volumes of the funds. The amount of the service fees has also been reduced significantly. The management fee for LHV’s biggest pension fund, L, was 2% at the time of the creation of the fund; however, in September of this year, when the law passed at the end of last year enters into force, it will be reduced by more than two times in comparison with the currently valid rate.\n\nAt the same time, the legislative amendment allows for investments to be made in a larger volume in private equity types of investments, for example businesses, real estate and the forest. Also, for the first time, the new law established a clear goal in terms of the rate of return for pension funds: if the rate of return exceeds Estonian wage growth, the fund manager will be entitled to a success fee. Over the past ten years wages have increased by an average of about 5% per year. Charlie Munger, business partner of Warren Buffet, once said that by if someone were to describe to him how an entrepreneur is motivated, he could quite easily forecast what the results would be.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019824","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":13.01,"fundManager":"LHV"},"LMK25":{"heading":"LHV Pensionifond M","id":"m","code":"m","dataMarker":"MK25","suitability":"**Suitable if**\n- you have 3–10 years left until retirement age,\n- you have moderate risk tolerance,\n- your aim is the long-term stable growth of your pension savings.\n","strategy":"**Strategy**\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":13367},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":81.13,"unit":"%"},{"name":"Shares","value":4.5,"unit":"%"},{"name":"Equity funds","value":1.26,"unit":"%"},{"name":"Real Estate funds","value":7.1,"unit":"%"},{"name":"Private Equity funds","value":3.21,"unit":"%"},{"name":"Money and deposits","value":2.79,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.89% |\n| EfTEN Kinnisvarafond | 3.71% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.22% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 2.73%|\n| France Government 2.25% 25/10/22 | 2.73% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.67% |\n| Tartu linn 25/10/32 | 2.18% |\n| JP Morgan Chase And Co 27/01/20 | 2.11% |\n| Coop Pank 6.75% 04/12/2027 | 1.97% |\n| Latvenergo 1.9% 10/06/22 | 1.93% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.89% |\n| EfTEN Kinnisvarafond | 3.71% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.22% |\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 28.02.2019) | 118,250,455.53 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 380 000 units |\n| Rate of the depository’s charge | 0,0588% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.96%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_tingimused_020118.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus from 22 January 2019](/assets/files/pension/LHV_pensionifondide_prospekt_220119.pdf)\n- [Analysis of the amendments made to the prospectus 22 January 2019 (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_jaanuar.pdf)\n- [Prospectus from 2 May 2019](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2019_02.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":2,"content":"### 2019 February - Calm month on stock and bond markets\n\nRomet Enok, Fund Manager\n\nFebruary was relatively relaxed on the world’s stock markets. The stock market indexes of developed countries were mainly on the rise, e.g. the index containing Europe’s 50 largest publicly traded companies increased by 4.4% in the month. In February, the Japanese stock market index increased by 2.9% measured in local currency and by 1.2% measured in euros. The stock market indexes of Riga and Vilnius remained at the level of the last month, rising by 0.3% and 0.6% respectively. Tallinn stock exchange, however, dropped by 1.7% in February, largely due to the weak results of Q4 by the shipping company Tallink, leading to a 5.1% drop in its shares. The company’s income decreased by 2.7% compared to Q4 of 2017 and suffered a 1.1 million euro loss. The number of passengers decreased by 3.3% in Q4 but remained the same overall in 2018. On the other hand, Tallink plans to pay out dividends of 5 cents per share and reduce the share capital by 7 cents per share, making the rate of return of the disbursements more than 11%.\n\nAt the beginning of March, the European Central Bank decided to inform the market of imminent new loan programmes to banks of the euro zone. The growth estimates of the European economy have already been lowered in February and the longer term government bonds of Germany were not far from the price level in which the future expected rate of return would be on the negative side again. As a counterbalance, the prices of corporate bonds increased both on the markets of the stronger and especially the weaker issuers. Companies also loaned out record volumes of new money by issuing new bonds. The bond portfolios of our funds are mostly based on external instruments of the financial market and this is also the direction that we hope to use for future additions. The outlooks of the international credit market are on the weaker side according to our assessments.\n"},{"year":2019,"month":1,"content":"### 2019 January - January was a positive month for both stock and bond markets\n\nRomet Enok, Fund Manager\n\nAfter the turbulent end of 2018, the beginning of the new year was positive for global stock markets and the majority of the developed as well as developing markets underwent a strong increase. The Japanese stock exchange index rose by 5.2%, measured in euros. The top risers in Europe were, for example, Finland with 8.2% and Sweden and Germany with 6.5% and 5.8% rates of return, respectively. Also, the Baltic stock exchanges went along with the overall rise with the Tallinn stock exchange, being the strongest with a 6.8% rate of return. The Riga and Vilnius stock exchanges grew by 6.5% and 5.0%, respectively, during the month. In January, several Baltic real estate funds, investing in the office buildings, commercial and logistics areas, and included in the portfolio of pension fund M, published their 2018 results. All funds generated good results for their investors last year with rates of return ranging from 11% to 16%.\n\nA strong result was also demonstrated by bond markets, where both the government as well as corporate securities remained positive. The result is even more surprising given the clear upward trend of stock prices. For this reason, the price level of bond markets in Europe is currently very high and we in the fund take the price rise of public bonds as a pleasant addition – the main rate of return still comes from OTC securities. We will work in this direction to increase the portfolios while abstaining from making new investments on public bond markets.\n"},{"year":2018,"month":12,"content":"### 2018 December - The fund’s result was affected by several profitable bond redemptions\n\nRomet Enok, Fund Manager\n\nFrom bond portfolio investments, the Portuguese Energy announced its offer to redeem its bonds, which we accepted to. The investment made more than seven years ago during the euro crisis generated nearly 5.8% of annual interest income, in addition to which the price of bonds increased during this period slightly more than 49%; that is, the investment nearly doubled. Additionally, a transaction was completed, where Nelja Energia, acquired by Eesti Energia, prepaid its bonds to the fund. The securities issued in 2015 yielded at an annual interest income of 6.5%, to which a 4% premium was added for early redemption. The European bond funds stabilised in December after a quite abrupt fall in November. Still, the situation is completely different from that seen in the last years, and the unwinding of the monetary stimulus of the European Central Bank is clearly revealing itself already in a higher price for corporate loans. We have avoided the acquisition of long-term bonds from the markets over the couple last years, which protected us this year from the price depreciation, and which together with the abovementioned early redemption of bonds provides the fund with significant resources for making investments, should favourable opportunities open up this year. We will also continue analysing local projects to find investment opportunities in Estonia.\n\nDecember once again experienced turbulence on global stock markets, and the stock exchanges of the developed as well as developing markets mainly declined. The rates of return of global stock markets remained largely in the red throughout 2018 as well. In December, the Japanese stock market index dropped by 10.5%, measured in local currency and by 8.8% measured in euros. This time, the overall decline also affected the Baltic stock markets. The rate of return was -5.2% for Tallinn Stock Exchange, -4.1% for Vilnius Stock Exchange and -2.8% for Riga Stock Exchange. The private equity fund Livonia Partners, included in the portfolio of Pension Fund M, made another investment in December and acquired a 60% holding in an Estonian window manufacturer AS Fenestra. The company manufactures, sells and installs wood-aluminium windows and balcony doors. The products are sold mainly in Estonia, Finland and Sweden.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Attention regarding private capital investments**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n","text":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n\nAlthough the change in the course of monetary policy was mostly due to a weakening of the business environment in the US and the rest of the world, securities markets disregarded the economy’s negative trends and welcomed the possibly more favourable monetary policy.\n\nFor several years LHV’s pension funds have viewed listed shares and risk-free bonds with suspicion, since their prices depend more on the press releases of the central banks than the economic results of businesses. Since the transactions performed on private equity markets reflect the results of businesses more accurately, and are often priced lower, we have focused greater attention on these markets over the past year. It is also one area where we are able to offer something to our clients that they are unable to access on their own.\n\nWhen Olympic was delisted from the Tallinn Stock Exchange last year, we, as a shareholder, did not consider it very forward-thinking to fight it. Instead, we invested in the private equity fund that acquired Olympic and delisted it from the stock exchange. I believe that Olympic was and is a great business, and that the new owner will further promote the growth of the business.\n\nThere are not many investors, apart from the pension funds in Estonia, who have access to such investments. Only a few years ago LHV’s pension funds were also too small for the bigger international private equity funds to even agree to communicate with us. However, private equity markets are an area where growth outpaces that of stock exchanges.\n\nThe analysis published by the renowned international consultancy firm McKinsey shows that since the year 2000 private equity market volume has increased by a factor of 7.5. Compared to public markets they continue to remain quite small; however, since the beginning of this century, the volume of their assets has increased at a rate that is double that of the volume of public markets.\n\nI recently read that Sweden’s national pension fund, AP7, is considering whether to begin investing in private equity markets. By the way, AP7’s rate of return in 2018 was -2.8% in Swedish krona. Considering that the krona lost 4.29% of its value against euro last year, then in euros the rate of return is even more negative and therefore all Estonian pension funds beat the results of our role model Swedish national pension funds.\n\nIf Helir-Valdor Seeder should prove unsuccessful in his attempts to quickly destroy Estonia’s pension system, then Estonian pension funds will likely rank much higher in terms of their rate of return in the 2018 review by the Organisation for Economic Cooperation and Development (OECD) than they have in the previous ten years. The negative influence of 2008 will fade away.\n\nThe investment opportunities and strategies of Estonian pension funds have changed significantly since the 2002 pension reform, along with an increase in the volumes of the funds. The amount of the service fees has also been reduced significantly. The management fee for LHV’s biggest pension fund, L, was 2% at the time of the creation of the fund; however, in September of this year, when the law passed at the end of last year enters into force, it will be reduced by more than two times in comparison with the currently valid rate.\n\nAt the same time, the legislative amendment allows for investments to be made in a larger volume in private equity types of investments, for example businesses, real estate and the forest. Also, for the first time, the new law established a clear goal in terms of the rate of return for pension funds: if the rate of return exceeds Estonian wage growth, the fund manager will be entitled to a success fee. Over the past ten years wages have increased by an average of about 5% per year. Charlie Munger, business partner of Warren Buffet, once said that by if someone were to describe to him how an entrepreneur is motivated, he could quite easily forecast what the results would be.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019774","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":32.89,"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":103060},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":66.11,"unit":"%"},{"name":"Shares","value":10.58,"unit":"%"},{"name":"Equity funds","value":5.67,"unit":"%"},{"name":"Real Estate funds","value":8.99,"unit":"%"},{"name":"Private Equity funds","value":6.41,"unit":"%"},{"name":"Money and deposits","value":2.24,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.54% |\n| Luminor 1.5% 18/10/21 | 3.94% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.75% |\n| France Government 2.25% 25/10/22 | 3.07% |\n| Latvia 2.625% 21/01/21 | 2.51% |\n| JP Morgan Chase And Co 27/01/20 | 2.09% |\n| Siauliu Bankas 21/12/20 | 1.92% |\n| East Capital Baltic Property Fund III | 1.81% |\n| China Development Bank 0.375% 16/11/21 | 1.77% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 1.73% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.54% |\n| Luminor 1.5% 18/10/21 | 3.94% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.75% |\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 28.02.2019) | 832,649,025.01 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 400 000 units |\n| Rate of the depository’s charge | 0,0588% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.20%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_tingimused_020118.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus from 22 January 2019](/assets/files/pension/LHV_pensionifondide_prospekt_220119.pdf)\n- [Analysis of the amendments made to the prospectus 22 January 2019 (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_jaanuar.pdf)\n- [Prospectus from 2 May 2019](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2019_02.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":2,"content":"### 2019 February - The fund invested in the largest private equity fund in the Baltics\n\nKristo Oidermaa, Fund Manager\n\nFebruary was relatively relaxed on the world’s stock markets. The stock market indexes of developed countries were mainly on the rise, e.g. the index containing Europe’s 50 largest publicly traded companies increased by 4.4% in the month. In February, the Japanese stock market index increased by 2.9% measured in local currency and by 1.2% measured in euros. The stock market indexes of Riga and Vilnius remained at the level of the last month, rising by 0.3% and 0.6% respectively. However, the Tallinn stock exchange dropped by 1.7% in February. Pension fund L made a new investment in the Lithuanian private equity fund INVL Baltic Sea Growth Fund, which invests in medium-sized Baltic companies with good growth potential. This is currently the largest private equity fund in the Baltics, gathering more than 100 million euros from its investors. By now, the fund has also made its first investment, which is the InMedica medical institution chain in Lithuania. The company operates a total of 18 clinics that provide, for instance, services of family doctors, specialised doctors and dentists.\n\nAt the beginning of March, the European Central Bank decided to inform the market of imminent new loan programmes to banks of the euro zone. The growth estimates of the European economy have already been lowered in February and the longer term government bonds of Germany were not far from the price level in which the future expected rate of return would be on the negative side again. As a counterbalance, the prices of corporate bonds increased both on the markets of the stronger and especially of the weaker issuers. Companies also loaned out record volumes of new money by issuing new bonds. The bond portfolios of our funds are mostly based on external instruments of the financial market and this is also the direction that we hope to use for future additions. The outlooks of the international credit market are on the weaker side according to our assessments.\n"},{"year":2019,"month":1,"content":"### 2019 January - January was a positive month for both stock and bond markets\n\nKristo Oidermaa, Fund Manager\n\nAfter the turbulent end of 2018, the beginning of the new year was positive for global stock markets and the majority of the developed as well as developing markets underwent a strong increase. The Japanese stock exchange index rose by 5.2%, measured in euros. The top risers in Europe were, for example, Finland with 8.2% and Sweden and Germany with 6.5% and 5.8% rates of return, respectively. Also, the Baltic stock exchanges went along with the overall rise with the Tallinn stock exchange, being the strongest with a 6.8% rate of return. The Riga and Vilnius stock exchanges grew by 6.5% and 5.0%, respectively, during the month. The private equity fund KJK Fund III, included in pension fund L, acquired a 50% holding in the Estonian company Tahe Outdoors, manufacturing watersports equipment. The production of the company includes kite surfing equipment as well as canoes, kayaks and various paddling gears. Tahe used the raised capital for purchasing the sports equipment department of a French listed company, BIC, after which the turnover of Tahe will nearly double. Previously, also BPM Mezzanine, included in the pension fund, has invested in Tahe Outdoors.\n\nA strong result was also demonstrated by bond markets, where both the government as well as corporate securities remained positive. The result is even more surprising given the clear upward trend of stock prices. For this reason, the price level of bond markets in Europe is currently very high and we in the fund take the price rise of public bonds as a pleasant addition – the main rate of return still comes from OTC securities. We will work in this direction to increase the portfolios while abstaining from making new investments on public bond markets.\n"},{"year":2018,"month":12,"content":"### 2018 December - New investments were added to the fund’s portfolio\n\nKristo Oidermaa, Fund Manager\n\nDecember once again experienced turbulence on global stock markets, and the stock exchanges of the developed as well as developing markets mainly declined. The rates of return of global stock markets remained largely in the red throughout 2018 as well. In December, the Japanese stock market index dropped by 10.5%, measured in local currency and by 8.8% measured in euros. In Europe, the biggest losers included Sweden and Germany, where the stock market indices dropped by 6.6% and 6.2% respectively during the month. This time, the overall decline also affected the Baltic stock markets. The rate of return was -5.2% for Tallinn Stock Exchange, -4.1% for Vilnius Stock Exchange and -2.8% for Riga Stock Exchange. In December, the Pension Fund L made a new investment in the private equity fund Equity United I, managed by partners with long-term experience in the field from the Estonian consultation company United Partners, and Lithuanian law office Triniti. The fund’s strategy involves acquisition of minority holdings in small and medium-sized companies of all Baltic countries.\n\nFrom bond portfolio investments, the Portuguese Energy announced its offer to redeem its bonds, which we accepted to. The investment made more than seven years ago during the euro crisis generated nearly 5.8% of annual interest income, in addition to which the price of bonds increased during this period slightly more than 49%; that is, the investment nearly doubled. Additionally, a transaction was completed, where Nelja Energia, acquired by Eesti Energia, prepaid its bonds to the fund. The securities issued in 2015 yielded at an annual interest income of 6.5%, to which a 4% premium was added for early redemption. The European bond funds stabilised in December after a quite abrupt fall in November. Still, the situation is completely different from that seen in the last years, and the unwinding of the monetary stimulus of the European Central Bank is clearly revealing itself already in a higher price for corporate loans. We have avoided the acquisition of longer bonds from the markets over the couple last years, which protected us this year from the price depreciation, and which together with the abovementioned early redemption of bonds provides the fund with significant resources for making investments, should new opportunities open up this year. We will also continue analysing local projects to find investment opportunities in Estonia - at the end of December, we signed a contract with Transpordi Varahaldus for financing the increase of their fleet with bonds.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Attention regarding private capital investments**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n","text":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n\nAlthough the change in the course of monetary policy was mostly due to a weakening of the business environment in the US and the rest of the world, securities markets disregarded the economy’s negative trends and welcomed the possibly more favourable monetary policy.\n\nFor several years LHV’s pension funds have viewed listed shares and risk-free bonds with suspicion, since their prices depend more on the press releases of the central banks than the economic results of businesses. Since the transactions performed on private equity markets reflect the results of businesses more accurately, and are often priced lower, we have focused greater attention on these markets over the past year. It is also one area where we are able to offer something to our clients that they are unable to access on their own.\n\nWhen Olympic was delisted from the Tallinn Stock Exchange last year, we, as a shareholder, did not consider it very forward-thinking to fight it. Instead, we invested in the private equity fund that acquired Olympic and delisted it from the stock exchange. I believe that Olympic was and is a great business, and that the new owner will further promote the growth of the business.\n\nThere are not many investors, apart from the pension funds in Estonia, who have access to such investments. Only a few years ago LHV’s pension funds were also too small for the bigger international private equity funds to even agree to communicate with us. However, private equity markets are an area where growth outpaces that of stock exchanges.\n\nThe analysis published by the renowned international consultancy firm McKinsey shows that since the year 2000 private equity market volume has increased by a factor of 7.5. Compared to public markets they continue to remain quite small; however, since the beginning of this century, the volume of their assets has increased at a rate that is double that of the volume of public markets.\n\nI recently read that Sweden’s national pension fund, AP7, is considering whether to begin investing in private equity markets. By the way, AP7’s rate of return in 2018 was -2.8% in Swedish krona. Considering that the krona lost 4.29% of its value against euro last year, then in euros the rate of return is even more negative and therefore all Estonian pension funds beat the results of our role model Swedish national pension funds.\n\nIf Helir-Valdor Seeder should prove unsuccessful in his attempts to quickly destroy Estonia’s pension system, then Estonian pension funds will likely rank much higher in terms of their rate of return in the 2018 review by the Organisation for Economic Cooperation and Development (OECD) than they have in the previous ten years. The negative influence of 2008 will fade away.\n\nThe investment opportunities and strategies of Estonian pension funds have changed significantly since the 2002 pension reform, along with an increase in the volumes of the funds. The amount of the service fees has also been reduced significantly. The management fee for LHV’s biggest pension fund, L, was 2% at the time of the creation of the fund; however, in September of this year, when the law passed at the end of last year enters into force, it will be reduced by more than two times in comparison with the currently valid rate.\n\nAt the same time, the legislative amendment allows for investments to be made in a larger volume in private equity types of investments, for example businesses, real estate and the forest. Also, for the first time, the new law established a clear goal in terms of the rate of return for pension funds: if the rate of return exceeds Estonian wage growth, the fund manager will be entitled to a success fee. Over the past ten years wages have increased by an average of about 5% per year. Charlie Munger, business partner of Warren Buffet, once said that by if someone were to describe to him how an entrepreneur is motivated, he could quite easily forecast what the results would be.\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019832","strategyType":"Progressive","managementStyle":"Active","riskLevel":3,"countryShareEe":32.26,"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":35093},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":61.19,"unit":"%"},{"name":"Shares","value":12.12,"unit":"%"},{"name":"Equity funds","value":6.87,"unit":"%"},{"name":"Real Estate funds","value":10.49,"unit":"%"},{"name":"Private Equity funds","value":7.18,"unit":"%"},{"name":"Money and deposits","value":2.15,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.81% |\n| EfTEN Kinnisvarafond | 3.58% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.09% |\n| France Government 2.25% 25/10/22 | 2.73% |\n| East Capital Baltic Property Fund II | 2.42% |\n| East Capital Baltic Property Fund III | 2.37% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.36% |\n| Allianz 07/12/20 | 2.19% |\n| JP Morgan Chase And Co 27/01/20 | 2.08% |\n| iShares DAX EX | 1.98% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.81% |\n| EfTEN Kinnisvarafond | 3.58 % |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.09% |\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 28.02.2019) | 175,154,598.05 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 500 000 units |\n| Rate of the depository’s charge | 0,0588% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.20%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_tingimused_020118.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus from 22 January 2019](/assets/files/pension/LHV_pensionifondide_prospekt_220119.pdf)\n- [Analysis of the amendments made to the prospectus 22 January 2019 (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_jaanuar.pdf)\n- [Prospectus from 2 May 2019](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2019_02.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":2,"content":"### 2019 February - Calm month on stock markets\n\nKristo Oidermaa, Fund Manager\n\nFebruary was relatively relaxed on the world’s stock markets. The stock market indexes of developed countries were mainly on the rise, e.g. the index containing Europe’s 50 largest publicly traded companies increased by 4.4% in the month. In February, the Japanese stock market index increased by 2.9% measured in local currency and by 1.2% measured in euros. From the stock markets of developing countries, Asian countries, led by China, showed strong results, but the Latin-American stock market indexes were mainly decreasing. The stock market indexes of Riga and Vilnius remained at the level of the last month, rising by 0.3% and 0.6% respectively. However, the Tallinn stock exchange dropped by 1.7% in February. Pension fund XL has invested in four Estonian risk capital funds that all made new investments in 2018. For instance, Karma Ventures invested in the start-up company MeetFrank established by Estonians, bringing together employers and anonymous job seekers. Superangel One fund made a total of 8 new investments, including in an already known Estonian start-up company Veriff that provides customer identification services. Trind Ventures made 6 investments, two of which, Speakly and Tandem, offer various ways of learning languages.\n\nAt the beginning of March, the European Central Bank decided to inform the market of imminent new loan programmes to banks of the euro zone. The growth estimates of the European economy have already been lowered in February and the longer term government bonds of Germany were not far from the price level in which the future expected rate of return would be on the negative side again. As a counterbalance, the prices of corporate bonds increased both on the markets of the stronger and especially of weaker issuers. Companies also loaned out record volumes of new money by issuing new bonds. The bond portfolios of our funds are mostly based on external instruments of the financial market and this is also the direction that we hope to use for future additions. The outlooks of the international credit market are on the weaker side according to our assessments.\n"},{"year":2019,"month":1,"content":"### 2019 January - Finnish companies in the fund portfolio demonstrated a good result\n\nKristo Oidermaa, Fund Manager\n\nAfter the turbulent end of 2018, the beginning of the new year was positive for global stock markets and the majority of the developed as well as developing markets underwent a strong increase. The Japanese stock exchange index rose by 5.2%, measured in euros. The top risers in Europe were, for example, Finland with 8.2% and Sweden and Germany with 6.5% and 5.8% rates of return, respectively. On the developing markets, a strong rate of return was demonstrated by Latin-American countries as well as Russia and Turkey. Also, the Baltic stock exchanges went along with the overall rise with the Tallinn stock exchange, being the strongest with a 6.8% rate of return. The Riga and Vilnius stock exchanges grew by 6.5% and 5.0%, respectively, during the month. Out of the shares belonging to pension fund XL portfolio, a very good result was demonstrated by Finnish forest companies that were hit really hard last year. For example, the share of Metsä Board rose by a remarkable 21.4% and that of Stora Enso by 12.7%. In January, several Baltic real estate funds, investing in the office buildings, commercial and logistics areas of the region, published their 2018 results. All funds generated good results for their investors last year with rates of return ranging from 11% to 16%.\n\nA strong result was also demonstrated by bond markets, where both the government as well as corporate securities remained positive. The result is even more surprising given the clear upward trend of stock prices. For this reason, the price level of bond markets in Europe is currently very high and we in the fund take the price rise of public bonds as a pleasant addition – the main rate of return still comes from OTC securities. We will work in this direction to increase the portfolios while abstaining from making new investments on public bond markets.\n"},{"year":2018,"month":12,"content":"### 2018 December - December was a turbulent month on stock markets\n\nKristo Oidermaa, Fund Manager\n\nDecember once again experienced turbulence on global stock markets, and the stock exchanges of the developed as well as developing markets mainly declined. The rates of return of global stock markets remained largely in the red throughout 2018 as well. In December, the Japanese stock market index dropped by 10.5%, measured in local currency and by 8.8% measured in euros. In Europe, the biggest losers included Sweden and Germany, where the stock market indices dropped by 6.6% and 6.2% respectively during the month. The rate of return of Helsinki Stock Exchange remained at -3.4% and the decline was largely caused by Finnish forest companies. The share prices of Metsä Board and Stora Enso, belonging to the Pension Fund XL, dropped by 18.9% and 12.6%, respectively. This time, the overall decline also affected the Baltic stock markets. The rate of return was -5.2% for Tallinn Stock Exchange, -4.1% for Vilnius Stock Exchange and -2.8% for Riga Stock Exchange.\n\nFrom bond portfolio investments, the Portuguese Energy announced its offer to redeem its bonds, which we accepted to. The investment made more than seven years ago during the euro crisis generated nearly 5.8% of annual interest income, in addition to which the price of bonds increased during this period slightly more than 49%; that is, the investment nearly doubled. Additionally, a transaction was completed, where Nelja Energia, acquired by Eesti Energia, prepaid its bonds to the fund. The securities issued in 2015 yielded at an annual interest income of 6.5%, to which a 4% premium was added for early redemption. The European bond funds stabilised in December after a quite abrupt fall in November. Still, the situation is completely different from that seen in the last years, and the unwinding of the monetary stimulus of the European Central Bank is clearly revealing itself already in a higher price for corporate loans. We have avoided the acquisition of long-term bonds from the markets over the couple last years, which protected us this year from the price depreciation, and which together with the abovementioned early redemption of bonds provides the fund with significant resources for making investments, should favourable opportunities open up this year. We will also continue analysing local projects to find investment opportunities in Estonia.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Attention regarding private capital investments**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n","text":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n\nAlthough the change in the course of monetary policy was mostly due to a weakening of the business environment in the US and the rest of the world, securities markets disregarded the economy’s negative trends and welcomed the possibly more favourable monetary policy.\n\nFor several years LHV’s pension funds have viewed listed shares and risk-free bonds with suspicion, since their prices depend more on the press releases of the central banks than the economic results of businesses. Since the transactions performed on private equity markets reflect the results of businesses more accurately, and are often priced lower, we have focused greater attention on these markets over the past year. It is also one area where we are able to offer something to our clients that they are unable to access on their own.\n\nWhen Olympic was delisted from the Tallinn Stock Exchange last year, we, as a shareholder, did not consider it very forward-thinking to fight it. Instead, we invested in the private equity fund that acquired Olympic and delisted it from the stock exchange. I believe that Olympic was and is a great business, and that the new owner will further promote the growth of the business.\n\nThere are not many investors, apart from the pension funds in Estonia, who have access to such investments. Only a few years ago LHV’s pension funds were also too small for the bigger international private equity funds to even agree to communicate with us. However, private equity markets are an area where growth outpaces that of stock exchanges.\n\nThe analysis published by the renowned international consultancy firm McKinsey shows that since the year 2000 private equity market volume has increased by a factor of 7.5. Compared to public markets they continue to remain quite small; however, since the beginning of this century, the volume of their assets has increased at a rate that is double that of the volume of public markets.\n\nI recently read that Sweden’s national pension fund, AP7, is considering whether to begin investing in private equity markets. By the way, AP7’s rate of return in 2018 was -2.8% in Swedish krona. Considering that the krona lost 4.29% of its value against euro last year, then in euros the rate of return is even more negative and therefore all Estonian pension funds beat the results of our role model Swedish national pension funds.\n\nIf Helir-Valdor Seeder should prove unsuccessful in his attempts to quickly destroy Estonia’s pension system, then Estonian pension funds will likely rank much higher in terms of their rate of return in the 2018 review by the Organisation for Economic Cooperation and Development (OECD) than they have in the previous ten years. The negative influence of 2008 will fade away.\n\nThe investment opportunities and strategies of Estonian pension funds have changed significantly since the 2002 pension reform, along with an increase in the volumes of the funds. The amount of the service fees has also been reduced significantly. The management fee for LHV’s biggest pension fund, L, was 2% at the time of the creation of the fund; however, in September of this year, when the law passed at the end of last year enters into force, it will be reduced by more than two times in comparison with the currently valid rate.\n\nAt the same time, the legislative amendment allows for investments to be made in a larger volume in private equity types of investments, for example businesses, real estate and the forest. Also, for the first time, the new law established a clear goal in terms of the rate of return for pension funds: if the rate of return exceeds Estonian wage growth, the fund manager will be entitled to a success fee. Over the past ten years wages have increased by an average of about 5% per year. Charlie Munger, business partner of Warren Buffet, once said that by if someone were to describe to him how an entrepreneur is motivated, he could quite easily forecast what the results would be.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600019766","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":30.38,"fundManager":"LHV"},"LIK75":{"heading":"LHV Pensionifond Indeks","id":"indeks","code":"lik","dataMarker":"LIK75","suitability":"**Suitable if**\n- you want to invest in financial markets on a continuous basis,\n- you wish to grow your pension pillar at the lowest possible costs,\n- you have prior personal investment experience.\n","strategy":"**Strategy**\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":1331},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":71.77,"unit":"%"},{"name":"Real Estate funds","value":26.8,"unit":"%"},{"name":"Money and deposits","value":1.43,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| Lyxor Core MSCI World DR UCITS | 28.67% |\n| Amundi Index FTSE EPRA Nareit Global UCITS ETF | 26.80% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 20.76% |\n| iShares Core MSCI World UCITS | 13.83% |\n| db x-trackers MSCI World Index UCITS ETF | 4.58% |\n| Vanguard FTSE Emerging Markets UCITS ETF | 2.07% |\n| iShares MSCI Frontier 100 ETF | 1.88% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 28.02.2019) | 13,286,793.74 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 468 750 units |\n| Rate of the depository’s charge | 0,0588% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.39%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 02 January 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused-2018-01-02.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 02 January 2018 (in Estonian)](/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 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_09_2018.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2019_02.pdf)\n- [Annual report for 2017 (in Estonian)](/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":2200},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":95.58,"unit":"%"},{"name":"Money and deposits","value":4.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.62% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 23.73% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 23.64% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 23.59% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"}]}],"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":7389},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":72.62,"unit":"%"},{"name":"Bond funds","value":26.28,"unit":"%"},{"name":"Money and deposits","value":1.14,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - World Equity Index - X2 | 27.95% |\n| BlackRock ISF - Developed World Index | 27.91% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 26.28% |\n| BlackRock ISF - Emerging Markets Index | 8.54% |\n| BlackRock ISF - Developed World ex Tobacco | 8.22% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"}]}],"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":94748},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":39.47,"unit":"%"},{"name":"Shares","value":32.9,"unit":"%"},{"name":"Equity funds","value":11.42,"unit":"%"},{"name":"Real Estate funds","value":2.07,"unit":"%"},{"name":"Private Equity funds","value":1.62,"unit":"%"},{"name":"Bond funds","value":9.22,"unit":"%"},{"name":"Money and deposits","value":3.29,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublic Deutschland 3% 04.07.2020 | 10.28% |\n| France Government 0% 25.02.2020 | 3.57% |\n| Amundi Index Solutions - Amundi MSCI Emerging Markets ETF | 3.29% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 2.57% |\n| Tallinna Sadam AS | 2.34% |\n| SEB Eastern Europe ex Russia Fund | 2.22% |\n| Xtrackers MSCI World Energy UCITS ETF | 2.14% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 2.09% |\n| iShares Core S&P 500 UCITS ETF USD Acc | 1.97% |\n| Raiffeisen -Osteuropa-Rent Fund | 1.66% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.34% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 2.09% |\n| Elering 0.875% 03.05.2023 | 1.00% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.09%\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019725","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":8.17,"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":6088},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":27.49,"unit":"%"},{"name":"Shares","value":2.28,"unit":"%"},{"name":"Equity funds","value":23.55,"unit":"%"},{"name":"Real Estate funds","value":1.98,"unit":"%"},{"name":"Private Equity funds","value":0.73,"unit":"%"},{"name":"Bond funds","value":40.62,"unit":"%"},{"name":"Money and deposits","value":3.36,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 9.06% |\n| iShares Core MSCI World UCITS ETF | 9.04% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 7.56% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 5.64% |\n| Robeco Ql Global Dynamic Duration | 4.61% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.72% |\n| iShares Core S&P500 UCITS ETF | 3.59% |\n| France Government 0% 25.02.2020 | 3.36% |\n| SEB Fund 4 Short Bond Fund Euro | 3.33% |\n| SEB Ethical Global Index Fund | 3.27% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.28% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 2.05% |\n| Elering 0.875% 03.05.2023 | 0.99% |\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:** 0.82%\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098612","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":7.49,"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":12493},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":52.53,"unit":"%"},{"name":"Bond funds","value":45.49,"unit":"%"},{"name":"Money and deposits","value":1.98,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 13.01% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 9.98% |\n| Bundesrepublic Deutschland 3.5% 04.07.2019 | 9.72% |\n| iShares Core EUR Corp Bond UCITS ETF EUR (Dist) | 8.61% |\n| UBS ETF-Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF | 8.58% |\n| iShares EUR Corporate Bond Large Cap UCITS ETF | 8.13% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.72% |\n| Lithuanian Government Bond 0.7% 27.05.2020 | 3.67% |\n| iShares Euro Ultrashort Bond UCITS ETF | 2.91% |\n| SEB Fund 4 Short Bond Fund Euro | 2.91% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank Estonia 1,5% 18.10.2021 | 2.14% |\n| Elering 0.875% 03.05.2023 | 0.66% |\n| Nortal AS 5% 24.05.2022 | 0.51% |\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":3.31,"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.\nThe proportion of investments with equity risk will only ever vary from the indicated level by max. 2%. The remainder is invested in bonds, other debt instruments, deposits and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":5971},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":72.36,"unit":"%"},{"name":"Bond funds","value":25.69,"unit":"%"},{"name":"Money and deposits","value":1.99,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| SPDR Barclays Euro Aggregate Bond UCITS ETF | 25.69% |\n| Amundi Index MSCI World UCITS ETF | 23.21% |\n| HSBC MSCI World UCITS ETF | 22.03% |\n| LYXOR Core MSCI World | 20.08% |\n| Access Global | 7.05% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.49%\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":106774},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":40.06,"unit":"%"},{"name":"Shares","value":34.14,"unit":"%"},{"name":"Equity funds","value":20.42,"unit":"%"},{"name":"Real Estate funds","value":4.59,"unit":"%"},{"name":"Private Equity funds","value":0.74,"unit":"%"},{"name":"Money and deposits","value":2.59,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 17.23% |\n| Republic of Austria 0.250% 191018 | 7.56% |\n| Spain Government 0.050% 210131 | 3.83% |\n| Spain Government 4.600% 190730 | 2.84% |\n| France 1.000% 190525 | 2.77% |\n| Amundi ETF MSCI Europe UCITS | 2.31% |\n| Italy Government 4.5000% 190301 | 1.83% |\n| Eften Kinnisvarafond II aktsia | 1.77% |\n| Luminor Bank 1,500% 211018 | 1.20% |\n| East Capital Baltic Property III | 1.09% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.77% |\n| Luminor Bank 1,500% 211018 | 1.20% |\n| East Capital Baltic Property III | 1.09% |\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:** 0.83%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103248","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":8.5,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank Pensionifond K3","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with higher than average risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\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":142837},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":54.55,"unit":"%"},{"name":"Shares","value":25.04,"unit":"%"},{"name":"Equity funds","value":12.24,"unit":"%"},{"name":"Real Estate funds","value":5.65,"unit":"%"},{"name":"Private Equity funds","value":1.04,"unit":"%"},{"name":"Bond funds","value":2.36,"unit":"%"},{"name":"Money and deposits","value":1,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 8.38% |\n| Austria RAGB 0.250% 18.10.2019 | 4.73% |\n| Spain Government 0.050% 210131 | 4.07% |\n| Spain Government 4.600% 190730 | 3.25% |\n| France 1.000% 190525 | 3.04% |\n| Eften Kinnisvarafond II aktsia | 2.38% |\n| Amundi 12 M-I | 2.36% |\n| Lithuania EUR 0.60% 30.03.2019 | 2.09% |\n| Italy Government 4.5000% 190301 | 2.05% |\n| S&P 500 SPDR | 1.79% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 2.38% |\n| Luminor Bank 1,500% 211018 | 1.61% |\n| East Capital Baltic Property III | 1.38% |\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:** 0.83%\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019758","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":11.23,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank Pensionifond K2","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with moderate risk tolerance,\n- your objective is to achieve stable growth in your pension assets over a medium savings period (at least seven years).\n","strategy":"**Strategy**\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":45384},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":78.04,"unit":"%"},{"name":"Shares","value":0.32,"unit":"%"},{"name":"Equity funds","value":14.56,"unit":"%"},{"name":"Real Estate funds","value":6.74,"unit":"%"},{"name":"Private Equity funds","value":1.65,"unit":"%"},{"name":"Bond funds","value":1.64,"unit":"%"},{"name":"Money and deposits","value":0.66,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| Spain 0.05% 210131 | 6.31% |\n| Austria RAGB 0.250% 18.10.2019 | 5.79% |\n| Spain 4.6% EUR Due 30.07.2019 | 5.77% |\n| Amundi ETF MSCI Europe UCITS | 5.00% |\n| Italy Government 4.5000% 190301 | 4.07% |\n| Lithuania EUR 0.60% 30.03.2019 | 3.42% |\n| Vanguard S&P 500 ETF USA | 3.21% |\n| Eften Kinnisvarafond II aktsia | 3.19% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 3.17% |\n| Luminor Bank 1,500% 211018 | 2.77% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 3.19% |\n| Luminor Bank 1,500% 211018 | 2.77% |\n| East Capital Baltic Property III | 1.48% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.79%\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019741","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":14.76,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond K1","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your age is 63 years or above,\n- you are a pension saver with low risk tolerance,\n- your objective is to grow your pension assets in the short term (less than three years).\n","strategy":"**Strategy**\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":10883},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":60.2,"unit":"%"},{"name":"Bond funds","value":24.61,"unit":"%"},{"name":"Money and deposits","value":16.01,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core Euro Corporate Bond ETF | 8.59% |\n| iShares Euro Corp Bond Int Hedged UCITS ETF | 7.20% |\n| Lithuania EUR 0.30% 210504 | 3.87% |\n| Spain 0.05% 210131 | 3.86% |\n| Amundi Float Rate USD Corp ETF | 3.77% |\n| Amundi 6 M-I | 3.57% |\n| Luminor Bank 1,500% 211018 | 2.78% |\n| Rabobank EUR 4.125% 12.01.2021 | 2.00% |\n| Tallinn FRN EUR 29.11.2027 | 1.98% |\n| ING Bank FRN 211126 | 1.85% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank 1,500% 211018 | 2.78% |\n| Tallinn FRN EUR 29.11.2027 | 1.98% |\n| Eesti Energia 2.384% 230922 | 1.59% |\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":6.57,"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":32112},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":14.3,"unit":"%"},{"name":"Shares","value":2.19,"unit":"%"},{"name":"Equity funds","value":65.95,"unit":"%"},{"name":"Real Estate funds","value":2.02,"unit":"%"},{"name":"Private Equity funds","value":0.6,"unit":"%"},{"name":"Bond funds","value":12.69,"unit":"%"},{"name":"Money and deposits","value":2.26,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 19.83% |\n| iShares Core S&P 500 UCITS ETF USD Acc | 11.19% |\n| Amundi Index MSCI World UCITS ETF DR | 6.05% |\n| SEB Ethical Global Index Fund C | 5.91% |\n| Xtrackers MSCI World UCITS ETF | 5.55% |\n| Bundesrepublic Deutschland 3% 04.04.2020 | 4.19% |\n| Amundi Index Solutions - Amundi MSCI Emerging Markets ETF | 3.75% |\n| iShares STOXX Europe 600 UCITS ETF (DE) | 3.65% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 3.43% |\n| SEB Global Chance / Risk Fund | 2.89% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.93% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 1.89% |\n| EfTEN Real Estate Fund IV | 0.89% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.06%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103297","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":6.18,"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, up to 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":100},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":47.79,"unit":"%"},{"name":"Shares","value":27.62,"unit":"%"},{"name":"Real Estate funds","value":16.08,"unit":"%"},{"name":"Private Equity funds","value":0.15,"unit":"%"},{"name":"Money and deposits","value":8.36,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| Birdeye Timber Fund | 5.09% |\n| EfTEN Kinnisvarafond II | 4.97% |\n| Tallinna Kaubamaja | 4.63% |\n| Eesti Energia 2.384% 22/09/23 | 4.46% |\n| Autolist 12% 03/04/22 | 4.38% |\n| Allianz 07/12/20 | 4.34% |\n| Berkshire Hathaway 0.25% 17/01/21 | 4.33% |\n| Transpordi Varahaldus 2.85% 18/12/26 | 4.33% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 4.33% |\n| Luminor 1.5% 18/10/21 | 4.32% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund | 5.09% |\n| EfTEN Kinnisvarafond II | 4.97% |\n| Tallinna Kaubamaja | 4.63% |\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 28.02.2019) | 2,323,286.97 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2,690,184.87 units |\n| Rate of the depository’s charge | 0,0588% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.20%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 19 March 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 19 March 2018 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus from 22 January 2019](/assets/files/pension/LHV_pensionifondide_prospekt_220119.pdf)\n- [Analysis of the amendments made to the prospectus 22 January 2019 (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_jaanuar.pdf)\n- [Prospectus from 2 May 2019](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_Eesti_kuuaruanne_2019_02.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":2,"content":"### 2019 February - Fund influenced by the drop on the Tallinn stock exchange\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nTallinn stock exchange fell by 1.7% in February, largely due to the shipping company Tallink’s weak results in Q4 that led to a 5.1% drop in its shares. The company’s income decreased by 2.7% compared to Q4 of 2017 and suffered a 1.1 million euro loss. The number of passengers decreased by 3.3% in Q4 but remained the same overall in 2018. On the other hand, Tallink plans to pay out dividends of 5 cents per share and reduce the share capital by 7 cents per share, making the rate of return of the disbursements more than 11%. However, Tallinna Sadam reported strong results, increasing its income by 9.2% in Q4 and by 7.7% in 2018. The company’s operating profit margin also improved. Tallinna Sadam plans to pay out at least 30 million euros in dividends to shareholders for 2018, making the expected dividend yield at least 5.3%.\n"},{"year":2019,"month":1,"content":"### 2019 January - In January, the Baltic stock exchanges demonstrated a good result\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAfter the turbulent end of 2018, the beginning of the new year was positive for Baltic stock exchanges and a good rate of return was demonstrated by stock indices of all three countries. The strongest was the Tallinn stock exchange with a 6.8% rate of return and Riga and Vilnius stock exchanges rose by 6.5% and 5.0%, respectively, over the month. The biggest riser of the Tallinn Stock Exchange was Harju Elekter with a 23.8% rate of return. A solid result in the pension fund Eesti also came from Nordecon and Silvano Fashion Group with the respective 10.7% and 9.1% rates of return. In January, Tallinna Kaubamaja Grupp announced their results for 2018 – the company’s revenues increased by 4.6% and profit by 2% over the year. Car sales business was extremely strong with revenues increasing by 15.3% and the supermarket segment (Selver) also did well, increasing its revenues by 3.9%. The share price of Kaubamaja rose by 7.1% in January.\n"},{"year":2018,"month":12,"content":"### 2018 December - The fund’s portfolio of rental houses increased\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nLikewise to the global developed and developing markets, the Tallinn Stock Exchange index declined as well. The month ended with a result of -5.2% and the index value declined by 6.4% over the year. Out of the companies belonging to the Pension Fund Eesti, the shipping company Tallink experienced the biggest decrease, with the share price dropping by 10.6% during the month. The decline was partly caused by the normalisation after the shares of Tallink were listed on the Helsinki Stock Exchange in November, when the share price increased 17%. A noteworthy event in OTC investments was the expansion of the rental house portfolio of pension funds. An agreement was signed for the purchase of 168 new apartments in the property development in the Mustamäe district of Tallinn, which increases LHV’s portfolio of rental apartments to nearly 300. The construction of the buildings will start in 2019 and will most likely be completed at the beginning of 2021. Altogether, 750 new apartments will be built in 5-7 years within the Uus-Mustamäe development project.\n\nWe added the securities of the state enterprise Transpordi Varahaldus to the investments of bond portfolio. The term of the bonds is 8 years with an annual interest rate of 2.85%, and the investment is secured with the airplanes currently owned by the company.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Attention regarding private capital investments**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n","text":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n\nAlthough the change in the course of monetary policy was mostly due to a weakening of the business environment in the US and the rest of the world, securities markets disregarded the economy’s negative trends and welcomed the possibly more favourable monetary policy.\n\nFor several years LHV’s pension funds have viewed listed shares and risk-free bonds with suspicion, since their prices depend more on the press releases of the central banks than the economic results of businesses. Since the transactions performed on private equity markets reflect the results of businesses more accurately, and are often priced lower, we have focused greater attention on these markets over the past year. It is also one area where we are able to offer something to our clients that they are unable to access on their own.\n\nWhen Olympic was delisted from the Tallinn Stock Exchange last year, we, as a shareholder, did not consider it very forward-thinking to fight it. Instead, we invested in the private equity fund that acquired Olympic and delisted it from the stock exchange. I believe that Olympic was and is a great business, and that the new owner will further promote the growth of the business.\n\nThere are not many investors, apart from the pension funds in Estonia, who have access to such investments. Only a few years ago LHV’s pension funds were also too small for the bigger international private equity funds to even agree to communicate with us. However, private equity markets are an area where growth outpaces that of stock exchanges.\n\nThe analysis published by the renowned international consultancy firm McKinsey shows that since the year 2000 private equity market volume has increased by a factor of 7.5. Compared to public markets they continue to remain quite small; however, since the beginning of this century, the volume of their assets has increased at a rate that is double that of the volume of public markets.\n\nI recently read that Sweden’s national pension fund, AP7, is considering whether to begin investing in private equity markets. By the way, AP7’s rate of return in 2018 was -2.8% in Swedish krona. Considering that the krona lost 4.29% of its value against euro last year, then in euros the rate of return is even more negative and therefore all Estonian pension funds beat the results of our role model Swedish national pension funds.\n\nIf Helir-Valdor Seeder should prove unsuccessful in his attempts to quickly destroy Estonia’s pension system, then Estonian pension funds will likely rank much higher in terms of their rate of return in the 2018 review by the Organisation for Economic Cooperation and Development (OECD) than they have in the previous ten years. The negative influence of 2008 will fade away.\n\nThe investment opportunities and strategies of Estonian pension funds have changed significantly since the 2002 pension reform, along with an increase in the volumes of the funds. The amount of the service fees has also been reduced significantly. The management fee for LHV’s biggest pension fund, L, was 2% at the time of the creation of the fund; however, in September of this year, when the law passed at the end of last year enters into force, it will be reduced by more than two times in comparison with the currently valid rate.\n\nAt the same time, the legislative amendment allows for investments to be made in a larger volume in private equity types of investments, for example businesses, real estate and the forest. Also, for the first time, the new law established a clear goal in terms of the rate of return for pension funds: if the rate of return exceeds Estonian wage growth, the fund manager will be entitled to a success fee. Over the past ten years wages have increased by an average of about 5% per year. Charlie Munger, business partner of Warren Buffet, once said that by if someone were to describe to him how an entrepreneur is motivated, he could quite easily forecast what the results would be.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109476","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":67.49,"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":957},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":73.09,"unit":"%"},{"name":"Bond funds","value":26.57,"unit":"%"},{"name":"Money and deposits","value":0.34,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core S&P 500 UCITS ETF USD Acc | 21.86% |\n| SPDR Barclays Euro Aggregate Bond UCITS ETF | 20.10% |\n| Lyxor Core STOXX Europe 600 DE ETF | 13.94% |\n| Amundi Index Solutions - Amundi MSCI Emerging Markets ETF | 8.12% |\n| Xtrackers MSCI USA UCITS ETF | 7.50% |\n| SOURCE S&P 500 UCITS ETF | 6.93% |\n| Xtrackers Nikkei 225 UCITS ETF | 5.32% |\n| Vanguard S&P 500 UCITS ETF | 3.68% |\n| iShares EUR Aggregate Bond UCITS ETF EUR Dist | 3.24% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 2.81% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109427","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"SEB"},"NPK00":{"heading":"Luminor C Pensionifond","id":"c","code":"c","dataMarker":"NPK00","suitability":"**Suitable if**\n- your saving period is less than 3 years,\n- you would rather protect your pension assets instead of focusing on the growth.\n","strategy":"**Strategy**\nPension fund C only invests in blue bonds, deposits and other similar instruments. This is a way of avoiding greater short-term fluctuations. At times of high interest rates, the fund may invest most of its assets in deposits to avoid setbacks on the bond markets.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":4730},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":6.34,"unit":"%"},{"name":"Bond funds","value":89.27,"unit":"%"},{"name":"Money and deposits","value":4.39,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| Nordea 1 - US Corporate Bond Fund | 9.52% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 9.51% |\n| Xtrackers USD Corporate Bond UCITS ETF | 9.45% |\n| Nordea 2 - US Corporate Enhanced Bd Fd | 8.94% |\n| iShares Core Euro Government Bond UCITS ETF | 8.16% |\n| Nordea Euro Medium Term Bond Growth | 8.15% |\n| Nordea Pro Euro Bond I Growth | 7.33% |\n| iShares Core Euro Corporate Bond UCITS ETF | 5.65% |\n| SPDR Barclays Euro Corporate Bond UCITS ETF | 4.69% |\n| Nordea Corporate Bond I Growth | 4.69% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.7%\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":0,"fundManager":"Luminor"},"NPK25":{"heading":"Luminor B Pensionifond","id":"b","code":"b","dataMarker":"NPK25","suitability":"**Suitable if**\n- your saving period is more than 3 years,\n- you want to grow your pension assets, but do not want to take the risk of significant decreases in the price of the accumulated assets.\n","strategy":"**Strategy**\nInvests a maximum of 25% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":2358},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":20.81,"unit":"%"},{"name":"Real Estate funds","value":5.46,"unit":"%"},{"name":"Bond funds","value":70.03,"unit":"%"},{"name":"Money and deposits","value":3.71,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| Nordea Emerging Market Bond Fund Growth | 8.02% |\n| Nordea Euro Bond I Growth | 7.70% |\n| Xtrackers USD Corporate Bond UCITS ETFF | 6.99% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 6.93% |\n| iShares Core Euro Government Bond UCITS ETF | 6.01% |\n| EfTEN Kinnisvarafond II AS | 5.46% |\n| iShares Core MSCI Emerging Markets | 4.98% |\n| iShares Euro Corporate Bond Large Cap UCITS ETF | 4.79% |\n| Nordea 1 - Emerging Mkt Hard Ccy Bond Fd | 4.68% |\n| iShares Core Euro Corporate Bond UCITS | 4.20 |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 5.46% |\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:** 1.19%\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098448","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":5.46,"fundManager":"Luminor"},"NPK75":{"heading":"Luminor A Pluss Pensionifond","id":"apluss","code":"A pluss","dataMarker":"NPK75","suitability":"**Suitable if**\n- your saving period is more than 20 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve potentially high return on assets in the longer run despite short-term fluctuations in prices.\n","strategy":"**Strategy**\nInvests a maximum of 75% of fund assets in equity and assets with similar risk. The rest is invested in bonds, deposits or similar instruments. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":6865},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":66.39,"unit":"%"},{"name":"Real Estate funds","value":4.49,"unit":"%"},{"name":"Bond funds","value":27.59,"unit":"%"},{"name":"Money and deposits","value":1.53,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI Emerging Markets | 9.51% |\n| Nordea 1 Global Stable Equity Fund | 7.31% |\n| Financial Select Sector SPDR | 5.15% |\n| Nordea 1 - Emerging Mkt Hard Ccy Bond Fd | 5.12% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 4.43% |\n| S&P Depository Receipts Trust | 4.38% |\n| EfTEN Kinnisvarafond II AS | 4.22% |\n| Nordea 1 - US Corporate Bond Fund | 4.04% |\n| Nordea 1 - Stable Emerging Markets Equity | 3.83% |\n| Nordea Japan Fund Growth | 3.75% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.22% |\n| EfTEN Kinnisvarafond AS | 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:** 1.19%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103503","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":4.48,"fundManager":"Luminor"},"NPK50":{"heading":"Luminor A Pensionifond","id":"A","code":"A","dataMarker":"NPK50","suitability":"**Suitable if**\n- your saving period is more than 10 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve a somewhat higher return on assets regardless of short-term price fluctuations.\n","strategy":"**Strategy**\nInvests a maximum of 50% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":27651},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":41.47,"unit":"%"},{"name":"Real Estate funds","value":5.01,"unit":"%"},{"name":"Bond funds","value":52.24,"unit":"%"},{"name":"Money and deposits","value":1.28,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 7.43% |\n| iShares Core Euro Government Bond UCITS ETF | 6.47% |\n| Nordea Emerging Market Bond Fund Growth | 5.43% |\n| Nordea 1 - US Corporate Bond Fund | 4.41% |\n| Nordea 1 - Emerging Mkt Hard Ccy Bond Fd | 4.24% |\n| Nordea 1 Global Stable Equity Fund | 4.19% |\n| iShares Core MSCI Emerging Markets | 4.05% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 4.00% |\n| iShares MSCI North America UCITS ETF | 3.93% |\n| S&P Depository Receipts Trust | 3.73% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.74% |\n| EfTEN Kinnisvarafond AS | 1.27% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.19%\n"}]}],"strategyKey":"progressiivne","isin":"EE3600098430","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":5.01,"fundManager":"Luminor"},"SPT30":{"heading":"Luminor Intress Pluss Pensionifond","id":"intress-pluss","code":"lum_int","dataMarker":"SPT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is more than 3 years long,\n- you want to increase your pension assets, but do not want to take risks at the price of significant decrease in the value of collected assets.\n","strategy":"## **Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"1%","exitFee":"1%","managementFee":"1,2%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600109369, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":"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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Täiendav Pensionifond","id":"taiendav","code":"lhv_iii","dataMarker":"LHT75","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have medium risk tolerance,\n- you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money 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":"31.12.2018","capacity":"14,891,758.47 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600010294, IK: Your ID Code\n\n**Amount**\nAmount invested in euros (minimum 6,39 euros).\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":53.24,"unit":"%"},{"name":"Shares","value":15.37,"unit":"%"},{"name":"Equity funds","value":11.83,"unit":"%"},{"name":"Real Estate funds","value":13.02,"unit":"%"},{"name":"Private Equity funds","value":4.05,"unit":"%"},{"name":"Bond funds","value":0.13,"unit":"%"},{"name":"Money and deposits","value":2.35,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019.\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 5.54% |\n| Luminor 1.5% 18/10/21 | 3.92% |\n| iShares DAX EX | 3.21% |\n| East Capital Baltic Property Fund III | 3.18% |\n| East Capital Baltic Property Fund II | 2.72% |\n| Citadele banka 6.25% 06/12/2026 | 2.56% |\n| JP Morgan Chase 2.295% 15/08/21 | 2.10% |\n| China Development Bank 0.375% 16/11/21 | 2.06% |\n| TOTAL 03/19/20 | 1.95% |\n| SAP 13/03/21 | 1.95% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 5.54% |\n| Luminor 1.5% 18/10/21 | 3.92% |\n| East Capital Baltic Property Fund III | 3.18% |\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 28.02.2019) | 15,423,810.14 € |\n| Management company | AS LHV Varahaldus |\n| Rate of the depository’s charge | 0,0588% |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\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","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 13 June 2017 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_tingimused_2017-06-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus from 6 August 2018 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":2,"content":"### 2019 February - Supplementary fund invested in the largest private equity fund in the Baltics\n\nRomet Enok, Fund Manager\n\nFebruary was relatively relaxed on the world’s stock markets. The stock market indexes of developed countries were mainly on the rise, e.g. the index containing Europe’s 50 largest publicly traded companies increased by 4.4% in the month. In February, the Japanese stock market index increased by 2.9% measured in local currency and by 1.2% measured in euros. From the stock markets of developing countries, Asian countries, led by China, showed strong results, but the Latin-American stock market indexes were mainly decreasing. The stock market indexes of Riga and Vilnius remained at the level of the last month, rising by 0.3% and 0.6% respectively. However, the Tallinn stock exchange dropped by 1.7% in February. Supplementary pension fund made a new investment in the Lithuanian private equity fund INVL Baltic Sea Growth Fund, which invests in medium-sized Baltic companies with good growth potential. This is currently the largest private equity fund in the Baltics, gathering more than 100 million euros from its investors. In February, the rate of return of the pension fund was also impacted by the movements of shares on the Tallinn stock exchange. One of the companies having a positive outcome was Tallinna Kaubamaja, which raised its share by 3.6% on the promise of high dividends. Tallink’s share, on the other hand, dropped by 5.1% due to weak quarterly results.\n\nAt the beginning of March, the European Central Bank decided to inform the market of imminent new loan programmes to banks of the euro zone. The growth estimates of the European economy have already been lowered in February and the longer term government bonds of Germany were not far from the price level in which the future expected rate of return would be on the negative side again. As a counterbalance, the prices of corporate bonds increased both on the markets of the stronger and especially of weaker issuers. Companies also loaned out record volumes of new money by issuing new bonds. The current outlooks of the international credit market are on the weaker side according to our assessments.\n"},{"year":2019,"month":1,"content":"### 2019 January - Finnish companies in the fund portfolio demonstrated a good result\n\nRomet Enok, Fund Manager\n\nAfter the turbulent end of 2018, the beginning of the new year was positive for global stock markets and the majority of the developed as well as developing markets underwent a strong increase. The Japanese stock exchange index rose by 5.2%, measured in euros. The top risers in Europe were, for example, Finland with 8.2% and Sweden and Germany with 6.5% and 5.8% rates of return, respectively. On the developing markets, a strong rate of return was demonstrated by Latin-American countries as well as Russia and Turkey. Also, the Baltic stock exchanges went along with the overall rise with the Tallinn stock exchange, being the strongest with a 6.8% rate of return. The Riga and Vilnius stock exchanges grew by 6.5% and 5.0%, respectively, during the month. Out of the shares belonging to the portfolio of supplementary pension fund, a very good result was demonstrated by Finnish forest companies that were hit really hard last year. For example, the share of Metsä Board rose by a remarkable 21.4% and that of Stora Enso by 12.7%. Also, several Baltic listed companies underwent strong growth. For example, the shares of the Latvian pharmaceutical company Grindeks rose by 20% in a month and the share price of the Lithuanian bank, Šiauliu Bankas, went up by 8.5%.\n"},{"year":2018,"month":12,"content":"### 2018 December - December was a turbulent month on stock markets\n\nRomet Enok, Fund Manager\n\nDecember once again experienced turbulence on global stock markets, and the stock exchanges of the developed as well as developing markets mainly declined. The rates of return of global stock markets remained largely in the red throughout 2018 as well. In December, the Japanese stock market index dropped by 10.5%, measured in local currency and by 8.8% measured in euros. In Europe, the biggest losers included Sweden and Germany, where the stock market indices dropped by 6.6% and 6.2% respectively during the month. The rate of return of Helsinki Stock Exchange remained at -3.4% and the decline was largely caused by Finnish forest companies. The share prices of Metsä Board and Stora Enso, belonging to the supplementary pension fund, dropped by 18.9% and 12.6%, respectively. This time, the overall decline also affected the Baltic stock markets. The rate of return was -5.2% for Tallinn Stock Exchange, -4.1% for Vilnius Stock Exchange and -2.8% for Riga Stock Exchange.\n\nNelja Energia, acquired by Eesti Energia, prepaid its bonds to the fund. The securities issued in 2015 yielded at an annual interest income of 6.5%, to which a 4% premium was added for early redemption. The European bond funds stabilised in December after a quite abrupt fall in November. Still, the situation is completely different from that seen in the last years, and the unwinding of the monetary stimulus of the European Central Bank is clearly revealing itself already in a higher price for corporate loans. We have avoided the acquisition of long-term bonds from the markets over the couple last years, which protected us this year from the price depreciation, and which together with the abovementioned early redemption of bonds provides the fund with significant resources for making investments, should favourable opportunities open up this year.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","title":"**Attention regarding private capital investments**\n*Andres Viisemann, Head of LHV Pension Funds*\n","picture":"/pension/viisemann-turuylevaade.png","preview":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n","text":"In February, securities market continued their recovery from the drop that took place at the end of last year. This was in great part due to the change in monetary policy by the US Federal Reserve. While at the beginning of December of last year the Federal Reserve promised to continue with the tightening of monetary policy, then around Christmastime an about-face took place, and the promise was made to be more careful about raising interest rates as well as scaling back the Federal Reserve’s bond portfolio.\n\nAlthough the change in the course of monetary policy was mostly due to a weakening of the business environment in the US and the rest of the world, securities markets disregarded the economy’s negative trends and welcomed the possibly more favourable monetary policy.\n\nFor several years LHV’s pension funds have viewed listed shares and risk-free bonds with suspicion, since their prices depend more on the press releases of the central banks than the economic results of businesses. Since the transactions performed on private equity markets reflect the results of businesses more accurately, and are often priced lower, we have focused greater attention on these markets over the past year. It is also one area where we are able to offer something to our clients that they are unable to access on their own.\n\nWhen Olympic was delisted from the Tallinn Stock Exchange last year, we, as a shareholder, did not consider it very forward-thinking to fight it. Instead, we invested in the private equity fund that acquired Olympic and delisted it from the stock exchange. I believe that Olympic was and is a great business, and that the new owner will further promote the growth of the business.\n\nThere are not many investors, apart from the pension funds in Estonia, who have access to such investments. Only a few years ago LHV’s pension funds were also too small for the bigger international private equity funds to even agree to communicate with us. However, private equity markets are an area where growth outpaces that of stock exchanges.\n\nThe analysis published by the renowned international consultancy firm McKinsey shows that since the year 2000 private equity market volume has increased by a factor of 7.5. Compared to public markets they continue to remain quite small; however, since the beginning of this century, the volume of their assets has increased at a rate that is double that of the volume of public markets.\n\nI recently read that Sweden’s national pension fund, AP7, is considering whether to begin investing in private equity markets. By the way, AP7’s rate of return in 2018 was -2.8% in Swedish krona. Considering that the krona lost 4.29% of its value against euro last year, then in euros the rate of return is even more negative and therefore all Estonian pension funds beat the results of our role model Swedish national pension funds.\n\nIf Helir-Valdor Seeder should prove unsuccessful in his attempts to quickly destroy Estonia’s pension system, then Estonian pension funds will likely rank much higher in terms of their rate of return in the 2018 review by the Organisation for Economic Cooperation and Development (OECD) than they have in the previous ten years. The negative influence of 2008 will fade away.\n\nThe investment opportunities and strategies of Estonian pension funds have changed significantly since the 2002 pension reform, along with an increase in the volumes of the funds. The amount of the service fees has also been reduced significantly. The management fee for LHV’s biggest pension fund, L, was 2% at the time of the creation of the fund; however, in September of this year, when the law passed at the end of last year enters into force, it will be reduced by more than two times in comparison with the currently valid rate.\n\nAt the same time, the legislative amendment allows for investments to be made in a larger volume in private equity types of investments, for example businesses, real estate and the forest. Also, for the first time, the new law established a clear goal in terms of the rate of return for pension funds: if the rate of return exceeds Estonian wage growth, the fund manager will be entitled to a success fee. Over the past ten years wages have increased by an average of about 5% per year. Charlie Munger, business partner of Warren Buffet, once said that by if someone were to describe to him how an entrepreneur is motivated, he could quite easily forecast what the results would be.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Täiendav Pensionifond","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\nEE961700017004379157 - Luminor Bank AS\n\n**Explanation**\n30101119828, EE3600010294, IK: Your ID Code\n\n**Amount**\nAmount invested in euros (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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":25.14,"fundManager":"LHV","minSumInEurWhenBuying":6.39,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LIT100":{"heading":"LHV Pensionifond Indeks Pluss","id":"indeks-pluss","code":"lhv_lit","dataMarker":"LIT100","securityId":147612,"suitability":"**Suitable if**\n- you are prepared to tolerate the risks arising from potentially significant fluctuations in equity markets,\n- you have previous investment experience.\n","strategy":"## **Strategy**\nThe fund invests all of its assets in equity markets and the fund manager does not actively change the fund’s risk level. The fund’s assets are invested in index-following investment funds. The share of assets invested in equities is kept close to 100% of the fund’s volume. Whenever the proportion of money in the fund exceeds 2%, it is invested within five working days.\n\nNo particular indices are followed in investing the assets of the fund. Investments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,39%"},"fundInfo":{"date":"31.12.2018","capacity":"2,082,178.76 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600109419, IK: Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.16,"unit":"%"},{"name":"Money and deposits","value":1.84,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 28.02.2019\n\n| Biggest investments | |\n|---|--:|\n| Lyxor Core MSCI World DR UCITS | 28.73 |\n| db x-trackers MSCI Emerging Markets Index UCITS | 28.54% |\n| iShares Core MSCI World UCITS | 28.30% |\n| db x-trackers MSCI World Index UCITS ETF | 6.27% |\n| Vanguard FTSE Emerging Markets UCITS ETF | 3.75% |\n| iShares MSCI Frontier 100 ETF | 2.57% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 28.02.2019) | 2,528,080.34 € |\n| Management company | AS LHV Varahaldus |\n| Rate of the depository’s charge | 0,0588% |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"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","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 13 September 2017 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused-2017-09-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus from 6 August 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2018.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2017.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\nEE961700017004379157 - Luminor Bank AS\n\n**Explanation**\n30101119828, EE3600109419, IK: Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109419","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET100":{"heading":"SEB Aktiivne Pensionifond","id":"aktiivne","code":"seb_akt","dataMarker":"SET100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"## **Strategy**\nThe fund invests up to 100% of the assets in shares. Investing mainly in shares involves higher risks, resulting in big fluctuations in the value of the fund's assets.\n","costs":{"entraceFee":"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*\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET35":{"heading":"SEB Tasakaalukas Pensionifond","id":"tasakaalukas","code":"seb_tas","dataMarker":"SET35","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have at least 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"## **Strategy**\nThe fund mainly invests in bonds and deposits, with up to 50% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"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*\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Aktsiad 100 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"## **Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"1%","exitFee":"1%","managementFee":"1,5%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600098422, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":"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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond 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*\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V2","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"## **Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,3%"},"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*\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond 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*\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 pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank V100 Index Pension Fund (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"## **Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,49%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600109484, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,49%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109484","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3}}