{"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**\nAt least 90% of the Fund's assets are invested in investment grade bonds, money market instruments traded on a regulated market, deposits, shares or other assets of other investment funds investing mainly in the above assets and other assets. The money raised for retirement remains stable. The assets of the Fund are invested in compliance with the rating restrictions imposed on the conservative pension fund by law. The long-term preferred asset class of the fund is low-risk debt instruments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":4969},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":76.55,"unit":"%"},{"name":"Money and deposits","value":23.45,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| France Government 1% 25/05/27 | 5.27% |\n| German Government 1.5% 04/09/22 | 4.26% |\n| Czech Republic 3.875% 24/05/22 | 4.01% |\n| Temasek 0.5% 01/03/22 | 3.94% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.57% |\n| Slovakia 3.375% 15/11/24 | 3.46% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.12% |\n| DT 03/04/20 | 2.97% |\n| BNP Paribas 2.875% 24/10/22 | 2.95% |\n| Bank of America 04/05/23 | 2.85% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.57% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.12% |\n| Elering 0.875% 03/05/2023 | 2.29% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2019) | 22,415,406.19 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 110 000 units |\n| Rate of the depository’s charge | 0,0564% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.6%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2019_12.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2018.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":12,"content":"### December 2019 – We invested in the bonds of Šiaulių Bankas\n\nRomet Enok, Fund Manager\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n"},{"year":2019,"month":11,"content":"### November 2019 – Decline on European bond markets continued for the third month in a row\n\nRomet Enok, Fund Manager\n\nThe main bond markets of Europe were again in decline in November. Following the peaks achieved in August, the downturn has been consistent and broad-based. Nevertheless, most of the bonds are still trading at an extremely unattractive price.\n\nThe sales volumes of new bonds are constantly breaking new records and more money is involved for an increasingly longer period, at times also for relatively weak projects. So it is that Greece, the primary troublemaker from a few years ago, is being granted a five-year loan with an annual interest rate of slightly more than half a percentage point.\n\nRepayable investments are directed by the fund to relatively short-term bonds with high rating. The fund’s rate of return year-to-date is 1.3%.\n"},{"year":2019,"month":10,"content":"### October 2019 – Common sense must be maintained on the bond market\n\nRomet Enok, Fund Manager\n\nThe United States Federal Reserve again lowered the interest rate at the end of the month, designating 1.5–1.75% as the new range. Any further steps are hard to decipher both on this and the other side of the Atlantic, since a new President of the European Central Bank took office in November. The prices of German long-term bonds have already been continuously falling since the end of the summer, raising the expected rate of return on the 10-year bond, for example, from –0.7% to –0.25%.\n\nHowever, bonds are still expensive, and opinions that the whole negative interest policy will one day be declared an unsuccessful experiment, are increasingly being heard. Even if this will not be the case, and the economy should recover, a decrease in price would still lie ahead for bonds, which means that it is not rational to buy them in larger quantities right now. We currently only invest money from repaid bonds into shorter-term bonds with a high credit quality.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Building a more diversified investment portfolio**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n","text":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n\nAt the same time, growth in corporate profits has slowed down world-wide or even declined. This means that the abatement of the trade war and recovery of the economy – something that is not at all certain, considering the previous political trends – have been factored into the prices.\n\n**The cycle has reached its late phase**\n\nThe growth phase of the current economic cycle has lasted for more than ten years, owing to which corporate profits have increased sharply. In particular this concerns earnings per share, the growth of which has been supported by buy-back programmes worth trillions of dollars. It is difficult to believe in continued rapid growth if unemployment in the US has dropped below 4%. In theory, we should have seen salary growth and the resulting acceleration of the inflation rate a long time ago.\n\nDespite the predominant monetary policy, consumer price index growth still remains below the 2% target set by central banks in several parts of the world. This is really one of the reasons why the central banks have once again turned on the money taps. In November, the European Central Bank began to release fresh money into circulation, buying bonds worth a total of EUR 20 billion in a single month, and will continue to do so as long as this is needed. Also, the balance sheet of the Federal Reserve has increased by several hundred billion dollars after a decline lasting for nearly five years.\n\nThe condition of the global economy is not as good as international stock markets are indicating. President Donal Trump’s trade war has created a great deal of confusion everywhere and forced a downward adjustment to the world’s economic growth forecasts. Weaker than expected economic growth has, in turn, given the central banks a reason to intervene more actively in money markets. On the other hand, there are suspicions that monetary policy could also be used as a key in the hidden and quiet currency war, to create further stimulus for their country or an economic region through competitive advantage.\n\nWe have reached a period of time when, following even the slightest setback in the economy, the focus is immediately shifted towards central banks. Perhaps it will be possible to sustain the growth cycle for some time; however, the central bankers themselves have stated that the efficiency of monetary policy is decreasing, and in order to have an effect the governments grappling with already high loan burdens must increase their expenditures.\n\n**More personal connection with investments**\n\nLHV’s pension funds have, for an extended period of time, focused more on protecting assets, as I have considered the price level of large international stock and bond markets to be too high. As I expected a fast downward correction from the financial markets, we have made notable changes to LHV’s investment strategy over the last couple of years.\n\nWe are increasingly looking for alternative investment opportunities to public stock exchanges. It is more complicated to build a private equity and real estate portfolio than to invest in liquid shares and bonds; yet, the long-term rate of return may be better – in particular, if we weigh the return against the risk.\n\nWhile infrastructure exists for stock indices and investment funds, which makes them easily accessible to retail investors, and small amounts can also be invested simply and quite efficiently, then systematic investing in private equity, venture capital and even the real estate sector presumes a rather large and very long-term investment portfolio. The volume of single investments in it reaches into the millions of euros, and the time-horizon is generally more than five years. Even for Estonian pension funds this world was almost unreachable just a few years ago due to our small volume.\n\nThis year, LHV pension funds have invested in the private equity funds of Novalpina, Blackstone, Investindustrial and Quilvest. The first two have a certain connection with Estonia: Novalpina bought and delisted Olympic, and Blackstone has invested in Luminor.\n\nWhen buying shares from a stock exchange, a couple of clicks is all that is necessary, with the shares appearing in your account. Investing in a private equity fund, however, is like participating in a planned large-scale project: the parties get to know each other and consider how well long-term cooperation might go.\n\nWhile an investment fund (be it active or passive) still takes a passive interest in a company, then a private equity fund invests in a company only if it can gain control over it and implement changes within. When buying shares from a stock exchange, the capital is not directed into the company, but instead to the investor that sells the shares – I, however, am interested primarily in investments where capital can be used to support growth.\n\nPension funds play an important role on the capital markets of developed countries and in the wider economy. Besides hands and brains, economic growth also requires capital. Capital, in essence, means savings, which in turn means that society spends less than it earns and puts the extra capital to work productively – investing in tools. Banks do offer loans, but not capital. Capital is your own equity that has to be paid into the new project before the bank is ready to grant a loan. Accordingly, capital is born only when someone spends less than it earns.\n\nThe more you save, the more capital you have. The more capital there is, the bigger the projects you can undertake and the higher the income you may earn. The more you earn, the more you can save, and so on. Wealth is created only thanks to saving and not consuming.\n\nRich countries have large, internationally operating companies and big capital markets. We still have to fight for our place on international markets and create and grow our companies. For this, we need capital, and that means local savings. If we invest in our own companies, it will be that much easier to also involve international capital.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":10.85,"fundManager":"LHV"},"LSK00":{"heading":"LHV Pensionifond S","id":"s","code":"s","dataMarker":"SK00","suitability":"**Suitable if**\n- you have 2–5 years left until retirement age,\n- you have low risk tolerance,\n- your aim is the preservation and modest growth of your pension savings.\n","strategy":"**Strategy**\nThe Fund's assets are mainly invested in bonds. The Fund's assets may be invested in sub-investment grade bonds. Up to 25% of the fund's assets may be invested in real estate, infrastructure, equity funds and convertible bonds. The Fund may also grant a loan. The long-term preferred asset class of the fund is listed debt instruments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":9349},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":86.78,"unit":"%"},{"name":"Money and deposits","value":13.22,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Temasek 0.5% 01/03/22 | 4.75% |\n| Latvenergo 1.9% 10/06/22 | 4.66% |\n| Luminor 1.5% 18/10/21 | 4.50% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.25% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.92% |\n| TOTAL 03/19/20 | 3.19% |\n| Investor 4.5% 12/05/23 | 3.12% |\n| Romania 2.875% 28/10/24 | 2.97% |\n| SANOFI 1.875% 04/09/20 | 2.69% |\n| Allianz 07/12/20 | 2.67% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 4.50% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.25% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.92% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2019) | 56,452,772.13 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 270 000 units |\n| Rate of the depository’s charge | 0,0564% (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"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.7%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.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_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2019_12.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2018.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":12,"content":"### December 2019 – We invested in the bonds of Šiaulių Bankas\n\nRomet Enok, Fund Manager\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n"},{"year":2019,"month":11,"content":"### November 2019 – Decline on European bond markets continued for the third month in a row\n\nRomet Enok, Fund Manager\n\nThe main bond markets of Europe were again in decline in November. Following the peaks achieved in August, the downturn has been consistent and broad-based. Nevertheless, most of the bonds are still trading at an extremely unattractive price.\n\nThe sales volumes of new bonds are constantly breaking new records and more money is involved for an increasingly longer period, at times also for relatively weak projects. So it is that Greece, the primary troublemaker from a few years ago, is being granted a five-year loan with an annual interest rate of slightly more than half a percentage point.\n\nRepayable investments are directed by the fund to relatively short-term bonds with high rating. The fund’s rate of return year-to-date is 1.3%.\n"},{"year":2019,"month":10,"content":"### October 2019 – Common sense must be maintained on the bond market\n\nRomet Enok, Fund Manager\n\nThe United States Federal Reserve again lowered the interest rate at the end of the month, designating 1.5–1.75% as the new range. Any further steps are hard to decipher both on this and the other side of the Atlantic, since a new President of the European Central Bank took office in November. The prices of German long-term bonds have already been continuously falling since the end of the summer, raising the expected rate of return on the 10-year bond, for example, from –0.7% to –0.25%.\n\nHowever, bonds are still expensive, and opinions that the whole negative interest policy will one day be declared an unsuccessful experiment, are increasingly being heard. Even if this will not be the case, and the economy should recover, a decrease in price would still lie ahead for bonds, which means that it is not rational to buy them in larger quantities right now. We currently only invest money from repaid bonds into shorter-term bonds with high credit quality.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Building a more diversified investment portfolio**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n","text":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n\nAt the same time, growth in corporate profits has slowed down world-wide or even declined. This means that the abatement of the trade war and recovery of the economy – something that is not at all certain, considering the previous political trends – have been factored into the prices.\n\n**The cycle has reached its late phase**\n\nThe growth phase of the current economic cycle has lasted for more than ten years, owing to which corporate profits have increased sharply. In particular this concerns earnings per share, the growth of which has been supported by buy-back programmes worth trillions of dollars. It is difficult to believe in continued rapid growth if unemployment in the US has dropped below 4%. In theory, we should have seen salary growth and the resulting acceleration of the inflation rate a long time ago.\n\nDespite the predominant monetary policy, consumer price index growth still remains below the 2% target set by central banks in several parts of the world. This is really one of the reasons why the central banks have once again turned on the money taps. In November, the European Central Bank began to release fresh money into circulation, buying bonds worth a total of EUR 20 billion in a single month, and will continue to do so as long as this is needed. Also, the balance sheet of the Federal Reserve has increased by several hundred billion dollars after a decline lasting for nearly five years.\n\nThe condition of the global economy is not as good as international stock markets are indicating. President Donal Trump’s trade war has created a great deal of confusion everywhere and forced a downward adjustment to the world’s economic growth forecasts. Weaker than expected economic growth has, in turn, given the central banks a reason to intervene more actively in money markets. On the other hand, there are suspicions that monetary policy could also be used as a key in the hidden and quiet currency war, to create further stimulus for their country or an economic region through competitive advantage.\n\nWe have reached a period of time when, following even the slightest setback in the economy, the focus is immediately shifted towards central banks. Perhaps it will be possible to sustain the growth cycle for some time; however, the central bankers themselves have stated that the efficiency of monetary policy is decreasing, and in order to have an effect the governments grappling with already high loan burdens must increase their expenditures.\n\n**More personal connection with investments**\n\nLHV’s pension funds have, for an extended period of time, focused more on protecting assets, as I have considered the price level of large international stock and bond markets to be too high. As I expected a fast downward correction from the financial markets, we have made notable changes to LHV’s investment strategy over the last couple of years.\n\nWe are increasingly looking for alternative investment opportunities to public stock exchanges. It is more complicated to build a private equity and real estate portfolio than to invest in liquid shares and bonds; yet, the long-term rate of return may be better – in particular, if we weigh the return against the risk.\n\nWhile infrastructure exists for stock indices and investment funds, which makes them easily accessible to retail investors, and small amounts can also be invested simply and quite efficiently, then systematic investing in private equity, venture capital and even the real estate sector presumes a rather large and very long-term investment portfolio. The volume of single investments in it reaches into the millions of euros, and the time-horizon is generally more than five years. Even for Estonian pension funds this world was almost unreachable just a few years ago due to our small volume.\n\nThis year, LHV pension funds have invested in the private equity funds of Novalpina, Blackstone, Investindustrial and Quilvest. The first two have a certain connection with Estonia: Novalpina bought and delisted Olympic, and Blackstone has invested in Luminor.\n\nWhen buying shares from a stock exchange, a couple of clicks is all that is necessary, with the shares appearing in your account. Investing in a private equity fund, however, is like participating in a planned large-scale project: the parties get to know each other and consider how well long-term cooperation might go.\n\nWhile an investment fund (be it active or passive) still takes a passive interest in a company, then a private equity fund invests in a company only if it can gain control over it and implement changes within. When buying shares from a stock exchange, the capital is not directed into the company, but instead to the investor that sells the shares – I, however, am interested primarily in investments where capital can be used to support growth.\n\nPension funds play an important role on the capital markets of developed countries and in the wider economy. Besides hands and brains, economic growth also requires capital. Capital, in essence, means savings, which in turn means that society spends less than it earns and puts the extra capital to work productively – investing in tools. Banks do offer loans, but not capital. Capital is your own equity that has to be paid into the new project before the bank is ready to grant a loan. Accordingly, capital is born only when someone spends less than it earns.\n\nThe more you save, the more capital you have. The more capital there is, the bigger the projects you can undertake and the higher the income you may earn. The more you earn, the more you can save, and so on. Wealth is created only thanks to saving and not consuming.\n\nRich countries have large, internationally operating companies and big capital markets. We still have to fight for our place on international markets and create and grow our companies. For this, we need capital, and that means local savings. If we invest in our own companies, it will be that much easier to also involve international capital.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019824","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":12.85,"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**\nWhen investing in assets, the fund prefers cash-flow assets and, where possible, the local market, including less liquid private equity and real estate investments. The investments are predominantly in local currency and up to 75% of the fund's assets can be invested directly in equities. The fund's long-term preferred asset class is real estate investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":13745},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":76.98,"unit":"%"},{"name":"Shares","value":4.96,"unit":"%"},{"name":"Equity funds","value":0.79,"unit":"%"},{"name":"Real Estate funds","value":7.59,"unit":"%"},{"name":"Private Equity funds","value":3.54,"unit":"%"},{"name":"Money and deposits","value":6.13,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.48% |\n| EfTEN Kinnisvarafond | 3.29% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.84% |\n| France Government 2.25% 25/10/22 | 2.38% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.36% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 2.12% |\n| JP Morgan Chase And Co 27/01/20 | 1.86% |\n| BNP Paribas 0.75% 11/11/22 | 1.84% |\n| DT 03/04/20 | 1.82% |\n| Tartu linn 25/10/32 | 1.78% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.48% |\n| EfTEN Kinnisvarafond | 3.29% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.84% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2019) | 133,740,777.05 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 380 000 units |\n| Rate of the depository’s charge | 0,0564% (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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.2%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2019_12.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2018.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":12,"content":"### December 2019 – BaltiCap Fund planning on purchasing a Lithuanian meat processing company\n\nRomet Enok, Fund Manager\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n\nOver the past few years we have made similar investments in the bonds of Coop Pank and Citadele Banka. By doing so we have created a new asset class in the funds; one that generates over 6% in interest annually.\n\nA familiar trend continued on the global stock markets in December, which mainly left the stock markets of developed as well as developing countries in positive territory. The Euro Stoxx 50 stock index, which represents the 50 largest listed companies in the Eurozone, rose by 1.2% in December, with the best performance coming from the Helsinki Stock Exchange, which rose by 4.1%. The Japanese stock index rose during the month by 1.6% when measured in the local currency, but only by 0.3% when measured in euros.\n\nDecember turned out to be an especially strong month for the stock markets of developing countries, with the MSCI Emerging Markets index rising by 7.2%. In comparison, the results for Baltic stock exchanges were more reserved: The Tallinn and Vilnius stock exchange indexes rose by 1.2% and 0.4%, respectively, while the Riga stock exchange fell by 0.8%.\n\nThe private capital fund BaltCap Private Equity Fund III, which is a part of the Pension Fund M portfolio, made its first investment in December. An agreement was concluded to purchase the Lithuanian meat processing company Krekenavos Agrofirma, which will be finalised after approval by the Competition Authority. The company is a market leader in Lithuania and also actively exports to foreign markets. BaltCap sees opportunities to support the growth and future development of the company, and by doing so increase the value of the company.\n"},{"year":2019,"month":11,"content":"### November 2019 – BaltCap fund invests in energy efficiency of buildings\n\nRomet Enok, Fund Manager\n\nSimilar to October, November proved to be quite peaceful on global stock markets, with stock indices of countries showing predominantly a positive rate of return.\n\nThe global stock index MSCI World rose by 4% during the month, with the rise being led, for the most part, by the United States. The Japanese stock market index earned a more modest result, rising by 1.6% in local currency and 1.5% measured in euros.\n\nThe Euro Stoxx 50 index, including the 50 largest public companies of the Eurozone, showed a 2.8% rate of return in November and the best result came from the stock markets in France and Germany, with the respective rates of return being 3.1% and 2.9%. In November, the Baltic stock markets showed a positive rate of return, with the Riga stock index showing the best result (1.9% rise). The rate of return of the Vilnius Stock Exchange was 1.1%, with the Tallinn Stock Exchange rising by 0.9%.\n\nThe private equity fund BaltCap Infrastructure Fund, included in the portfolio of pension fund M, announced another investment at the end of the month. In cooperation with Poland, the energy efficiency of four buildings, including two schools, will be increased in the city of Mielno. The duration of the project is eight years, and altogether more than EUR 4 million will be invested.\n\nCoop Pank raised more than EUR 31 million by selling new shares on the Tallinn Stock Exchange. The money that was raised will enable the bank to implement its business plan and also to increase the value of investments made by LHV funds into Coop’s subordinated bonds.\n\nSiauliu bankas announced pre-term redemption of the bonds issued in 2017 to LHV funds.\n\nIn Europe, the main bond markets remained in the red for the third consecutive month. We shall continue working with the goal to place money into local projects instead of large markets with a low return.\n"},{"year":2019,"month":10,"content":"### October 2019 – Danske’s bonds have offered a good rate of return\n\nRomet Enok, Fund Manager\n\nOctober went by relatively calmly on the world’s stock markets, and exchange indexes showed predominantly positive rates of return. The rate of return of Euro Stoxx 50, an index that is made up of 50 of the largest listed companies in the euro area, was +1.1% in October; good results were also shown by the German stock exchange with an increase of 3.5%, and the Swedish stock exchange with a rate of return of 5.2%. At that, the British stock market index fell 2.2% due to Brexit-related tensions. The result of the Japanese stock exchange was a strong 5.4% in local currency; however, the rate of return remained at 3.2% in euros. In the Baltics, the Vilnius stock exchange showed the best rate of return with an increase of 1.6%; the Tallinn stock exchange also rose by 1.5% in October. The Riga stock exchange had to accept a 0.3% decline.\n\nSuperangel, a venture capital fund that belongs to the Pension Fund M portfolio, made another big investment in October, being the lead investor in the round of raising money for start-up company Eziil Productions Intelligence. Eziil Productions develops software for manufacturing companies for digitalising processes, and investments were raised in the amount of EUR 300,000 in total. The company intends to use the money for product development, expansion, and involving external knowledge.\n\nIn the bond portfolio, we finalised the purchase of securities from the issue of Ekspress Grupp that was mentioned in the previous monthly review. All bonds were issued to LHV funds; their annual interest rate is 6%; they will be redeemed after eight years, and have been issued supplementary security by the company’s chief shareholder. The company will use the funds raised with the issue for expansion.\n\nAmong foreign investments, the price increase of Danske’s subordinated long-term bonds is once again worth mentioning in October. Even though the fines and punishments to be imposed on the Danish bank are far from clear, investor confidence is recovering – the two Danske bonds that are in our portfolio have offered a 24%–25% rate of return this year. At the same time, all main European bond markets were on the negative side, falling slightly less than one per cent, on average. We work with local issuers and continue to see investment opportunities here.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Building a more diversified investment portfolio**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n","text":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n\nAt the same time, growth in corporate profits has slowed down world-wide or even declined. This means that the abatement of the trade war and recovery of the economy – something that is not at all certain, considering the previous political trends – have been factored into the prices.\n\n**The cycle has reached its late phase**\n\nThe growth phase of the current economic cycle has lasted for more than ten years, owing to which corporate profits have increased sharply. In particular this concerns earnings per share, the growth of which has been supported by buy-back programmes worth trillions of dollars. It is difficult to believe in continued rapid growth if unemployment in the US has dropped below 4%. In theory, we should have seen salary growth and the resulting acceleration of the inflation rate a long time ago.\n\nDespite the predominant monetary policy, consumer price index growth still remains below the 2% target set by central banks in several parts of the world. This is really one of the reasons why the central banks have once again turned on the money taps. In November, the European Central Bank began to release fresh money into circulation, buying bonds worth a total of EUR 20 billion in a single month, and will continue to do so as long as this is needed. Also, the balance sheet of the Federal Reserve has increased by several hundred billion dollars after a decline lasting for nearly five years.\n\nThe condition of the global economy is not as good as international stock markets are indicating. President Donal Trump’s trade war has created a great deal of confusion everywhere and forced a downward adjustment to the world’s economic growth forecasts. Weaker than expected economic growth has, in turn, given the central banks a reason to intervene more actively in money markets. On the other hand, there are suspicions that monetary policy could also be used as a key in the hidden and quiet currency war, to create further stimulus for their country or an economic region through competitive advantage.\n\nWe have reached a period of time when, following even the slightest setback in the economy, the focus is immediately shifted towards central banks. Perhaps it will be possible to sustain the growth cycle for some time; however, the central bankers themselves have stated that the efficiency of monetary policy is decreasing, and in order to have an effect the governments grappling with already high loan burdens must increase their expenditures.\n\n**More personal connection with investments**\n\nLHV’s pension funds have, for an extended period of time, focused more on protecting assets, as I have considered the price level of large international stock and bond markets to be too high. As I expected a fast downward correction from the financial markets, we have made notable changes to LHV’s investment strategy over the last couple of years.\n\nWe are increasingly looking for alternative investment opportunities to public stock exchanges. It is more complicated to build a private equity and real estate portfolio than to invest in liquid shares and bonds; yet, the long-term rate of return may be better – in particular, if we weigh the return against the risk.\n\nWhile infrastructure exists for stock indices and investment funds, which makes them easily accessible to retail investors, and small amounts can also be invested simply and quite efficiently, then systematic investing in private equity, venture capital and even the real estate sector presumes a rather large and very long-term investment portfolio. The volume of single investments in it reaches into the millions of euros, and the time-horizon is generally more than five years. Even for Estonian pension funds this world was almost unreachable just a few years ago due to our small volume.\n\nThis year, LHV pension funds have invested in the private equity funds of Novalpina, Blackstone, Investindustrial and Quilvest. The first two have a certain connection with Estonia: Novalpina bought and delisted Olympic, and Blackstone has invested in Luminor.\n\nWhen buying shares from a stock exchange, a couple of clicks is all that is necessary, with the shares appearing in your account. Investing in a private equity fund, however, is like participating in a planned large-scale project: the parties get to know each other and consider how well long-term cooperation might go.\n\nWhile an investment fund (be it active or passive) still takes a passive interest in a company, then a private equity fund invests in a company only if it can gain control over it and implement changes within. When buying shares from a stock exchange, the capital is not directed into the company, but instead to the investor that sells the shares – I, however, am interested primarily in investments where capital can be used to support growth.\n\nPension funds play an important role on the capital markets of developed countries and in the wider economy. Besides hands and brains, economic growth also requires capital. Capital, in essence, means savings, which in turn means that society spends less than it earns and puts the extra capital to work productively – investing in tools. Banks do offer loans, but not capital. Capital is your own equity that has to be paid into the new project before the bank is ready to grant a loan. Accordingly, capital is born only when someone spends less than it earns.\n\nThe more you save, the more capital you have. The more capital there is, the bigger the projects you can undertake and the higher the income you may earn. The more you earn, the more you can save, and so on. Wealth is created only thanks to saving and not consuming.\n\nRich countries have large, internationally operating companies and big capital markets. We still have to fight for our place on international markets and create and grow our companies. For this, we need capital, and that means local savings. If we invest in our own companies, it will be that much easier to also involve international capital.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019774","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":30.91,"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**\nThe assets of the Fund are invested in various asset classes in both local and foreign markets. The Fund's assets may be invested extensively in unquoted instruments, which are primarily used for investing in securities issued by companies domiciled in the home market. The long-term preferred asset class of the fund is private equity investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":100519},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":61.41,"unit":"%"},{"name":"Shares","value":10.75,"unit":"%"},{"name":"Equity funds","value":4.54,"unit":"%"},{"name":"Real Estate funds","value":9.8,"unit":"%"},{"name":"Private Equity funds","value":8.28,"unit":"%"},{"name":"Money and deposits","value":5.22,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.16% |\n| Luminor 1.5% 18/10/21 | 3.63% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.41% |\n| France Government 2.25% 25/10/22 | 2.76% |\n| Latvia 2.625% 21/01/21 | 2.29% |\n| JP Morgan Chase And Co 27/01/20 | 1.90% |\n| East Capital Baltic Property Fund III | 1.78% |\n| HSBC Holdings Plc 04/12/21 | 1.77% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 1.76% |\n| China Development Bank 0.375% 16/11/21 | 1.62% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.16% |\n| Luminor 1.5% 18/10/21 | 3.63% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.41% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2019) | 913,402,020.38 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 400 000 units |\n| Rate of the depository’s charge | 0,0564% (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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.58%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2019_12.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2018.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":12,"content":"### December 2019 – The stock markets of developing countries capped off a successful year\n\nKristo Oidermaa, Fund Manager\n\nA familiar trend continued on the global stock markets in December, which mainly left the stock markets of developed as well as developing countries in positive territory. The Euro Stoxx 50 stock index, which represents the 50 largest listed companies in the Eurozone, rose by 1.2% in December, with the best performance coming from the Helsinki Stock Exchange, which rose by 4.1%. The Japanese stock index rose during the month by 1.6% when measured in the local currency, but only by 0.3% when measured in euros.\n\nDecember turned out to be an especially strong month for the stock markets of developing countries, with the MSCI Emerging Markets index rising by 7.2%. In comparison, the results for Baltic stock exchanges were more reserved: The Tallinn and Vilnius stock exchange indexes rose by 1.2% and 0.4%, respectively, while the Riga stock exchange fell by 0.8%.\n\nPartners Group, a private capital fund with a global reach, which is a part of Pension Fund L, made a new investment in December, acquiring a majority holding in the US company EyeCare Partners. The company was established in 2015 and is now one of the largest optometry companies in the United States, employing over 5000 people. EyeCare Partners has grown quickly and will continue to focus on offering the best possible service to patients, expanding its network of clinics, and performing takeover transactions.\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n\nOver the past few years we have made similar investments in the bonds of Coop Pank and Citadele Banka. By doing so we have created a new asset class in the funds; one that generates over 6% in interest annually.\n"},{"year":2019,"month":11,"content":"### November 2019 – We made a new private equity investment\n\nKristo Oidermaa, Fund Manager\n\nSimilar to October, November proved to be quite peaceful on global stock markets, with stock indices of countries showing predominantly a positive rate of return.\n\nThe global stock index MSCI World rose by 4% during the month, with the rise being led, for the most part, by the United States. The Japanese stock market index earned a more modest result, rising by 1.6% in local currency and 1.5% measured in euros.\n\nThe Euro Stoxx 50 index, including the 50 largest public companies of the Eurozone, showed a 2.8% rate of return in November and the best result came from the stock markets in France and Germany, with the respective rates of return being 3.1% and 2.9%. In November, the Baltic stock markets showed a positive rate of return, with the Riga stock index showing the best result (1.9% rise). The rate of return of the Vilnius Stock Exchange was 1.1%, with the Tallinn Stock Exchange rising by 0.9%.\n\nIn November, the private equity fund Partners Group was added to Pension Fund L as a new investment, which invests mainly in the largest companies of Europe and North America. Partners Group was founded in Switzerland, in 1996, and today the company has more than EUR 80 billion in investor assets under management. This makes Partners Group one of the world’s largest private equity companies, and we believe that this is a high-quality supplementary investment to the earlier private equity investments of the pension funds.\n\nCoop Pank raised more than EUR 31 million by selling new shares on the Tallinn Stock Exchange. The money that was raised will enable the bank to implement its business plan and also to increase the value of investments made by LHV funds into Coop’s subordinated bonds.\n\nSiauliu bankas announced pre-term redemption of the bonds issued in 2017 to LHV funds.\n\nIn Europe, the main bond markets remained in the red for the third consecutive month. We shall continue working with the goal to place money into local projects instead of large markets with a low return.\n"},{"year":2019,"month":10,"content":"### October 2019 – The Fund’s first direct investment in real estate\n\nKristo Oidermaa, Fund Manager\n\nOctober went by relatively calmly on the world’s stock markets, and exchange indexes showed predominantly positive rates of return. The rate of return of Euro Stoxx 50, an index that is made up of 50 of the largest listed companies in the euro area, was +1.1% in October; good results were also shown by the German stock exchange with an increase of 3.5%, and the Swedish stock exchange with a rate of return of 5.2%. At that, the British stock market index fell 2.2% due to Brexit-related tensions. The result of the Japanese stock exchange was a strong 5.4% in local currency; however, the rate of return remained at 3.2% in euros. In the Baltics, the Vilnius stock exchange showed the best rate of return with an increase of 1.6%; the Tallinn stock exchange also rose by 1.5% in October. The Riga stock exchange had to accept a 0.3% decline.\n\nIn October, LHV Pension Funds made their first direct investment in real estate: in cooperation with Lumi Capital, they purchased the office building known as the Skype Building, located at the TalTech scientific campus in Tallinn. The building includes 6,850 square metres of rentable office space, and the largest tenant is the Microsoft Estonia Development Centre. This building is in excellent condition, and with a strong tenant, it will ensure a stable cash flow for the pension funds, and offer an attractive rate of return.\n\nIn the bond portfolio, we finalised the purchase of securities from the issue of Ekspress Grupp that was mentioned in the previous monthly review. All bonds were issued to LHV funds; their annual interest rate is 6%; they will be redeemed after eight years, and have been issued supplementary security by the company’s chief shareholder. The company will use the funds raised with the issue for expansion.\n\nAmong foreign investments, the price increase of Danske’s subordinated long-term bonds is once again worth mentioning in October. Even though the fines and punishments to be imposed on the Danish bank are far from clear, investor confidence is recovering – the two Danske bonds that are in our portfolio have offered a 24%–25% rate of return this year. At the same time, all main European bond markets were on the negative side, falling slightly less than one per cent, on average. We work with local issuers and continue to see investment opportunities here.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Building a more diversified investment portfolio**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n","text":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n\nAt the same time, growth in corporate profits has slowed down world-wide or even declined. This means that the abatement of the trade war and recovery of the economy – something that is not at all certain, considering the previous political trends – have been factored into the prices.\n\n**The cycle has reached its late phase**\n\nThe growth phase of the current economic cycle has lasted for more than ten years, owing to which corporate profits have increased sharply. In particular this concerns earnings per share, the growth of which has been supported by buy-back programmes worth trillions of dollars. It is difficult to believe in continued rapid growth if unemployment in the US has dropped below 4%. In theory, we should have seen salary growth and the resulting acceleration of the inflation rate a long time ago.\n\nDespite the predominant monetary policy, consumer price index growth still remains below the 2% target set by central banks in several parts of the world. This is really one of the reasons why the central banks have once again turned on the money taps. In November, the European Central Bank began to release fresh money into circulation, buying bonds worth a total of EUR 20 billion in a single month, and will continue to do so as long as this is needed. Also, the balance sheet of the Federal Reserve has increased by several hundred billion dollars after a decline lasting for nearly five years.\n\nThe condition of the global economy is not as good as international stock markets are indicating. President Donal Trump’s trade war has created a great deal of confusion everywhere and forced a downward adjustment to the world’s economic growth forecasts. Weaker than expected economic growth has, in turn, given the central banks a reason to intervene more actively in money markets. On the other hand, there are suspicions that monetary policy could also be used as a key in the hidden and quiet currency war, to create further stimulus for their country or an economic region through competitive advantage.\n\nWe have reached a period of time when, following even the slightest setback in the economy, the focus is immediately shifted towards central banks. Perhaps it will be possible to sustain the growth cycle for some time; however, the central bankers themselves have stated that the efficiency of monetary policy is decreasing, and in order to have an effect the governments grappling with already high loan burdens must increase their expenditures.\n\n**More personal connection with investments**\n\nLHV’s pension funds have, for an extended period of time, focused more on protecting assets, as I have considered the price level of large international stock and bond markets to be too high. As I expected a fast downward correction from the financial markets, we have made notable changes to LHV’s investment strategy over the last couple of years.\n\nWe are increasingly looking for alternative investment opportunities to public stock exchanges. It is more complicated to build a private equity and real estate portfolio than to invest in liquid shares and bonds; yet, the long-term rate of return may be better – in particular, if we weigh the return against the risk.\n\nWhile infrastructure exists for stock indices and investment funds, which makes them easily accessible to retail investors, and small amounts can also be invested simply and quite efficiently, then systematic investing in private equity, venture capital and even the real estate sector presumes a rather large and very long-term investment portfolio. The volume of single investments in it reaches into the millions of euros, and the time-horizon is generally more than five years. Even for Estonian pension funds this world was almost unreachable just a few years ago due to our small volume.\n\nThis year, LHV pension funds have invested in the private equity funds of Novalpina, Blackstone, Investindustrial and Quilvest. The first two have a certain connection with Estonia: Novalpina bought and delisted Olympic, and Blackstone has invested in Luminor.\n\nWhen buying shares from a stock exchange, a couple of clicks is all that is necessary, with the shares appearing in your account. Investing in a private equity fund, however, is like participating in a planned large-scale project: the parties get to know each other and consider how well long-term cooperation might go.\n\nWhile an investment fund (be it active or passive) still takes a passive interest in a company, then a private equity fund invests in a company only if it can gain control over it and implement changes within. When buying shares from a stock exchange, the capital is not directed into the company, but instead to the investor that sells the shares – I, however, am interested primarily in investments where capital can be used to support growth.\n\nPension funds play an important role on the capital markets of developed countries and in the wider economy. Besides hands and brains, economic growth also requires capital. Capital, in essence, means savings, which in turn means that society spends less than it earns and puts the extra capital to work productively – investing in tools. Banks do offer loans, but not capital. Capital is your own equity that has to be paid into the new project before the bank is ready to grant a loan. Accordingly, capital is born only when someone spends less than it earns.\n\nThe more you save, the more capital you have. The more capital there is, the bigger the projects you can undertake and the higher the income you may earn. The more you earn, the more you can save, and so on. Wealth is created only thanks to saving and not consuming.\n\nRich countries have large, internationally operating companies and big capital markets. We still have to fight for our place on international markets and create and grow our companies. For this, we need capital, and that means local savings. If we invest in our own companies, it will be that much easier to also involve international capital.\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019832","strategyType":"Progressive","managementStyle":"Active","riskLevel":3,"countryShareEe":32.19,"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**\nThe Fund prefers foreign markets, more liquid and traded instruments on regulated markets when investing assets. The assets of the Fund may be invested in their entirety in equities, equity funds and other equity-like instruments. The Fund is allowed to borrow up to 10% of the Fund's assets value. The long-term preferred asset class of the fund is public equity investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":34687},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":56.79,"unit":"%"},{"name":"Shares","value":13.63,"unit":"%"},{"name":"Equity funds","value":6.34,"unit":"%"},{"name":"Real Estate funds","value":10.21,"unit":"%"},{"name":"Private Equity funds","value":8.69,"unit":"%"},{"name":"Money and deposits","value":4.34,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.42% |\n| EfTEN Kinnisvarafond | 3.19% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.73% |\n| France Government 2.25% 25/10/22 | 2.38% |\n| East Capital Baltic Property Fund III | 2.27% |\n| East Capital Baltic Property Fund II | 2.16% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.09% |\n| BNP Paribas 0.75% 11/11/22 | 1.96% |\n| Allianz 07/12/20 | 1.93% |\n| iShares STOXX Europe 600 Health Care | 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 | 3.42% |\n| EfTEN Kinnisvarafond | 3.19% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.73% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2019) | 197,745,768.39 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 500 000 units |\n| Rate of the depository’s charge | 0,0564% (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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.62%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2019_12.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2018.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":12,"content":"### December 2019 – We made a new investment in the Trigon share fund\n\nKristo Oidermaa, Fund Manager\n\nA familiar trend continued on the global stock markets in December, which mainly left the stock markets of developed as well as developing countries in positive territory. The Euro Stoxx 50 stock index, which represents the 50 largest listed companies in the Eurozone, rose by 1.2% in December, with the best performance coming from the Helsinki Stock Exchange, which rose by 4.1%. The Japanese stock index rose during the month by 1.6% when measured in the local currency, but only by 0.3% when measured in euros.\n\nDecember turned out to be an especially strong month for the stock markets of developing countries, with the MSCI Emerging Markets index rising by 7.2%. In comparison, the results for Baltic stock exchanges were more reserved: The Tallinn and Vilnius stock exchange indexes rose by 1.2% and 0.4%, respectively, while the Riga stock exchange fell by 0.8%.\n\nIn December, Pension Fund XL made a new investment in the Trigon New Europe Fund. The Fund invests in shares listed on the stock exchanges of new European Union Member States and candidate countries. The Fund’s portfolio consists of an average of 30-40 shares with an emphasis on the stock exchanges of Poland, the Czech Republic, Hungary, Romania and Slovenia. In terms of sectors, the largest investments are made in the shares of companies operating in the banking, consumer goods and energy sectors.\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n\nOver the past few years we have made similar investments in the bonds of Coop Pank and Citadele Banka. By doing so we have created a new asset class in the funds; one that generates over 6% in interest annually.\n"},{"year":2019,"month":11,"content":"### November 2019 – Coop Pank raised capital from investors\n\nKristo Oidermaa, Fund Manager\n\nSimilar to October, November proved to be quite peaceful on global stock markets, with stock indices of countries showing predominantly a positive rate of return.\n\nThe global stock index MSCI World rose by 4% during the month, with the rise being led, for the most part, by the United States. The Japanese stock market index earned a more modest result, rising by 1.6% in local currency and 1.5% measured in euros.\n\nThe Euro Stoxx 50 index, including the 50 largest public companies of the Eurozone, showed a 2.8% rate of return in November and the best result came from the stock markets in France and Germany, with the respective rates of return being 3.1% and 2.9%. In November, the Baltic stock markets showed a positive rate of return, with the Riga stock index showing the best result (1.9% rise). The rate of return of the Vilnius Stock Exchange was 1.1%, with the Tallinn Stock Exchange rising by 0.9%.\n\nThe global emerging markets index, however, dropped 0.2% measured in local currency, with Latin American countries being the weakest.\n\nIn November, an initial public offering of Coop Pank shares was organised on the Tallinn Stock Exchange, in which LHV pension funds also participated. The share price was EUR 1.15 and the bank raised a total of EUR 31.3 million from new investors, falling slightly below the target of EUR 37 million.\n\nNevertheless, the number of holders of Coop shares grew by more than 10,000 private investors, and the first day of trading for the shares on the Tallinn Stock Exchange was December 10.\n\nSiauliu bankas announced pre-term redemption of the bonds issued in 2017 to LHV funds.\n\nIn Europe, the main bond markets remained in the red for the third consecutive month. We shall continue working with the goal to place money into local projects instead of large markets with a low return.\n"},{"year":2019,"month":10,"content":"### October 2019 – Livonia Partners purchased a glass manufacturer\n\nKristo Oidermaa, Fund Manager\n\nOctober went by relatively calmly on the world’s stock markets, and exchange indexes showed predominantly positive rates of return. The rate of return of Euro Stoxx 50, an index that is made up of 50 of the largest listed companies in the euro area, was +1.1% in October; good results were also shown by the German stock exchange with an increase of 3.5%, and the Swedish stock exchange with a rate of return of 5.2%. At that, the British stock market index fell 2.2% due to Brexit-related tensions.\n\nThe result of the Japanese stock exchange was a strong 5.4% in local currency; however, the rate of return remained at 3.2% in euros. The global emerging markets index rose by 4.1% within the month, driven by the great results in several Asian and Latin American countries. In the Baltics, the Vilnius stock exchange showed the best rate of return with an increase of 1.6%; the Tallinn stock exchange also rose by 1.5% in October. The Riga stock exchange had to accept a 0.3% decline.\n\nThe private capital fund Livonia Partners, which belongs to the Pension Fund XL portfolio, made another new investment, purchasing Klaasimeister AS, an Estonian company engaged in glass manufacturing and processing. The company’s customers include installers of glass façades and manufacturers of dividing walls and barriers in Scandinavia and the Baltics. This is Livonia’s second takeover this year – at the beginning of the year, they also purchased Fenestra, a window manufacturer.\n\nIn the bond portfolio, we finalised the purchase of securities from the issue of Ekspress Grupp that was mentioned in the previous monthly review. All bonds were issued to LHV funds; their annual interest rate is 6%; they will be redeemed after eight years, and have been issued supplementary security by the company’s chief shareholder. The company will use the funds raised with the issue for expansion.\n\nAmong foreign investments, the price increase of Danske’s subordinated long-term bonds is once again worth mentioning in October. Even though the fines and punishments to be imposed on the Danish bank are far from clear, investor confidence is recovering – the two Danske bonds that are in our portfolio have offered a 24%–25% rate of return this year. At the same time, all main European bond markets were on the negative side, falling slightly less than one per cent, on average. We work with local issuers and continue to see investment opportunities here.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Building a more diversified investment portfolio**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n","text":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n\nAt the same time, growth in corporate profits has slowed down world-wide or even declined. This means that the abatement of the trade war and recovery of the economy – something that is not at all certain, considering the previous political trends – have been factored into the prices.\n\n**The cycle has reached its late phase**\n\nThe growth phase of the current economic cycle has lasted for more than ten years, owing to which corporate profits have increased sharply. In particular this concerns earnings per share, the growth of which has been supported by buy-back programmes worth trillions of dollars. It is difficult to believe in continued rapid growth if unemployment in the US has dropped below 4%. In theory, we should have seen salary growth and the resulting acceleration of the inflation rate a long time ago.\n\nDespite the predominant monetary policy, consumer price index growth still remains below the 2% target set by central banks in several parts of the world. This is really one of the reasons why the central banks have once again turned on the money taps. In November, the European Central Bank began to release fresh money into circulation, buying bonds worth a total of EUR 20 billion in a single month, and will continue to do so as long as this is needed. Also, the balance sheet of the Federal Reserve has increased by several hundred billion dollars after a decline lasting for nearly five years.\n\nThe condition of the global economy is not as good as international stock markets are indicating. President Donal Trump’s trade war has created a great deal of confusion everywhere and forced a downward adjustment to the world’s economic growth forecasts. Weaker than expected economic growth has, in turn, given the central banks a reason to intervene more actively in money markets. On the other hand, there are suspicions that monetary policy could also be used as a key in the hidden and quiet currency war, to create further stimulus for their country or an economic region through competitive advantage.\n\nWe have reached a period of time when, following even the slightest setback in the economy, the focus is immediately shifted towards central banks. Perhaps it will be possible to sustain the growth cycle for some time; however, the central bankers themselves have stated that the efficiency of monetary policy is decreasing, and in order to have an effect the governments grappling with already high loan burdens must increase their expenditures.\n\n**More personal connection with investments**\n\nLHV’s pension funds have, for an extended period of time, focused more on protecting assets, as I have considered the price level of large international stock and bond markets to be too high. As I expected a fast downward correction from the financial markets, we have made notable changes to LHV’s investment strategy over the last couple of years.\n\nWe are increasingly looking for alternative investment opportunities to public stock exchanges. It is more complicated to build a private equity and real estate portfolio than to invest in liquid shares and bonds; yet, the long-term rate of return may be better – in particular, if we weigh the return against the risk.\n\nWhile infrastructure exists for stock indices and investment funds, which makes them easily accessible to retail investors, and small amounts can also be invested simply and quite efficiently, then systematic investing in private equity, venture capital and even the real estate sector presumes a rather large and very long-term investment portfolio. The volume of single investments in it reaches into the millions of euros, and the time-horizon is generally more than five years. Even for Estonian pension funds this world was almost unreachable just a few years ago due to our small volume.\n\nThis year, LHV pension funds have invested in the private equity funds of Novalpina, Blackstone, Investindustrial and Quilvest. The first two have a certain connection with Estonia: Novalpina bought and delisted Olympic, and Blackstone has invested in Luminor.\n\nWhen buying shares from a stock exchange, a couple of clicks is all that is necessary, with the shares appearing in your account. Investing in a private equity fund, however, is like participating in a planned large-scale project: the parties get to know each other and consider how well long-term cooperation might go.\n\nWhile an investment fund (be it active or passive) still takes a passive interest in a company, then a private equity fund invests in a company only if it can gain control over it and implement changes within. When buying shares from a stock exchange, the capital is not directed into the company, but instead to the investor that sells the shares – I, however, am interested primarily in investments where capital can be used to support growth.\n\nPension funds play an important role on the capital markets of developed countries and in the wider economy. Besides hands and brains, economic growth also requires capital. Capital, in essence, means savings, which in turn means that society spends less than it earns and puts the extra capital to work productively – investing in tools. Banks do offer loans, but not capital. Capital is your own equity that has to be paid into the new project before the bank is ready to grant a loan. Accordingly, capital is born only when someone spends less than it earns.\n\nThe more you save, the more capital you have. The more capital there is, the bigger the projects you can undertake and the higher the income you may earn. The more you earn, the more you can save, and so on. Wealth is created only thanks to saving and not consuming.\n\nRich countries have large, internationally operating companies and big capital markets. We still have to fight for our place on international markets and create and grow our companies. For this, we need capital, and that means local savings. If we invest in our own companies, it will be that much easier to also involve international capital.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600019766","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":29.44,"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":4729},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":71.17,"unit":"%"},{"name":"Real Estate funds","value":26.98,"unit":"%"},{"name":"Money and deposits","value":1.85,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Lyxor Core MSCI World DR UCITS | 27.94% |\n| Amundi Index FTSE EPRA Nareit Global UCITS ETF | 26.98% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 17.12% |\n| iShares Core MSCI World UCITS | 10.26% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 5.94% |\n| HSBC MSCI WORLD UCITS ETF | 3.24% |\n| db x-trackers MSCI World Index UCITS ETFF | 3.15% |\n| iShares MSCI Frontier 100 ETF | 2.21% |\n| Vanguard FTSE Emerging Markets UCITS ETF | 1.32% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2019) | 22,626,062.26 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 550 000 units |\n| Rate of the depository’s charge | 0,0564% (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"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.69%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused-2018-01-02.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (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_2019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2019_12.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2018.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":2425},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":96.42,"unit":"%"},{"name":"Money and deposits","value":3.64,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.75% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.09% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 23.90% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 23.67% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.5%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600109443","strategyType":"Conservative","managementStyle":"Passive","riskLevel":3,"countryShareEe":0,"fundManager":"Tuleva"},"TUK75":{"heading":"Tuleva Maailma Aktsiate Pensionifond","id":"ta","code":"ta","dataMarker":"TUK75","suitability":"**Suitable if**\n- you are younger than 55 years,\n- you would like to earn best expected return over long term and you are not disturbed by short-term fluctuations of the market.\n","strategy":"**Strategy**\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":13567},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":73.98,"unit":"%"},{"name":"Bond funds","value":24.87,"unit":"%"},{"name":"Money and deposits","value":1.17,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - World Equity Index - X2 | 28.59% |\n| BlackRock ISF - Developed World Index | 28.54% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.87% |\n| BlackRock ISF - Emerging Markets Index | 8.52% |\n| BlackRock ISF - Developed World ex Tobacco | 8.35% |\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"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.47%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109435","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva"},"SEK50":{"heading":"SEB Progressiivne Pensionifond","id":"progressiivne","code":"progressiivne","dataMarker":"SEK50","suitability":"**Suitable if**\n- you have more than 3 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\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":91030},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":22.59,"unit":"%"},{"name":"Shares","value":2.89,"unit":"%"},{"name":"Equity funds","value":42.21,"unit":"%"},{"name":"Real Estate funds","value":2.84,"unit":"%"},{"name":"Private Equity funds","value":1.26,"unit":"%"},{"name":"Bond funds","value":25.23,"unit":"%"},{"name":"Money and deposits","value":2.98,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 13.62% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 12.05% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 8.81% |\n| iShares Core S&P 500 UCITS ETF | 7.77% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 5.66% |\n| SEB Sustainability Global Index Fund | 5.33% |\n| SEB Ethical Global Index Fund | 5.31% |\n| France Government 0% 25.02.2020 | 3.22% |\n| Amundi MSCI Emerging Markets UCITS ETF | 2.76% |\n| Lyxor Core STOXX Europe 600 DE ETF | 2.59% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.99% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 1.91% |\n| EfTEN Real Estate Fund IV | 1.19% |\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:** 0.87%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.27%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019725","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":8.81,"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":6047},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":29.58,"unit":"%"},{"name":"Shares","value":2.76,"unit":"%"},{"name":"Equity funds","value":19.04,"unit":"%"},{"name":"Real Estate funds","value":2.81,"unit":"%"},{"name":"Private Equity funds","value":0.65,"unit":"%"},{"name":"Bond funds","value":44.01,"unit":"%"},{"name":"Money and deposits","value":1.16,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 13.28% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 7.53% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 7.47% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 5.30% |\n| iShares Core MSCI World UCITS ETF | 4.87% |\n| Robeco Ql Global Dynamic Duration | 4.21% |\n| iShares Core S&P 500 UCITS ETF | 3.79% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.56% |\n| France Government 0% 25.02.2020 | 2.95% |\n| SEB Fund 4 Short Bond Fund Euro | 2.93% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.88% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 1.83% |\n| EfTEN Real Estate Fund IV | 1.14% |\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:** 0.75%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.07%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098612","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":8.29,"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**\nInvests at least 90% of its assets in investment grade bonds, money market instruments and deposits. Up to 10% is allowed to invest into other assets, including equities. Investment in these asset classes involves lower risks, meaning that there is little fluctuation in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":11926},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":43.43,"unit":"%"},{"name":"Equity funds","value":6.69,"unit":"%"},{"name":"Bond funds","value":47.72,"unit":"%"},{"name":"Money and deposits","value":2.16,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublic Deutschland 3% 04.07.2020 | 17.79% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 16.14% |\n| iShares Core EUR Corp Bond UCITS ETF EUR (Dist) | 8.49% |\n| UBS ETF-Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF | 8.31% |\n| iShares EUR Corporate Bond Large Cap UCITS ETF | 7.96% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.49% |\n| Lithuanian Government Bond 0.7% 27.05.2020 | 3.46% |\n| Republic of Lithuania 7.375% 11.02.2020 | 2.77% |\n| iShares Euro Ultrashort Bond UCITS ETF | 2.77% |\n| SEB Fund 4 Short Bond Fund Euro | 2.76% |\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 | 2.06% |\n| Elering 0.875% 03.05.2023 | 1.05% |\n| Baltic Horizon Fund 4.25% 08.05.2023 | 0.39% |\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"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.57%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":3.83,"fundManager":"SEB"},"SEK100":{"heading":"SEB Pensionifond 100","id":"sek100","code":"sek100","dataMarker":"SEK100","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a high risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nInvests up to 100% of its assets in shares. This involves high risks, resulting in big fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":198},"accordion":[{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.2%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n"}]}],"strategyKey":"agressiivne","isin":"EE3600001699","strategyType":"Aggressive","managementStyle":"Active","riskLevel":5,"countryShareEe":"-","fundManager":"SEB"},"SWK99":{"heading":"Swedbank Pensionifond K1990-1999 indeks","id":"k9099","code":"k99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born between 1990 and 1999,\n- you don’t want to change funds yourself during the savings period (although you can still do so if you need to),\n- you prefer the risk profile of the fund to change automatically.\n","strategy":"**Strategy**\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":10253},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":97.71,"unit":"%"},{"name":"Money and deposits","value":2.34,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global Ucits ETF DR | 27.12% |\n| LYXOR Core MSCI World | 26.44% |\n| SPDR MSCI World Ucits ETF | 26.27% |\n| Access Global | 17.88% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.49%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.72%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109393","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank Pensionifond K100","id":"k4","code":"k4","dataMarker":"SWK75","suitability":"**Suitable if**\n- your age is up to 44 years,\n- you are a pension saver with relatively high risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\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":109539},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":24.35,"unit":"%"},{"name":"Shares","value":49.3,"unit":"%"},{"name":"Equity funds","value":19.44,"unit":"%"},{"name":"Real Estate funds","value":4.1,"unit":"%"},{"name":"Private Equity funds","value":0.75,"unit":"%"},{"name":"Money and deposits","value":2.12,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 18.15% |\n| Spain Government 5.400% 230131 | 3.35% |\n| Spain Government 0.750% 210730 | 1.97% |\n| Spain Government 0.050% 210131 | 1.60% |\n| Eften Kinnisvarafond II aktsia | 1.46% |\n| Apple | 1.34% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 1.00% |\n| Lithuania 0.000% 210131 | 0.99% |\n| Luminor Bank 1.500% 211018 | 0.97% |\n| East Capital Baltic Property III | 0.94% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.46% |\n| Luminor Bank 1.500% 211018 | 0.97% |\n| East Capital Baltic Property III | 0.94% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.67%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.99%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103248","strategyType":"Aggressive","managementStyle":"Active","riskLevel":5,"countryShareEe":7.78,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank Pensionifond K60","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with higher than average risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\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":138947},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":47.14,"unit":"%"},{"name":"Shares","value":30.15,"unit":"%"},{"name":"Equity funds","value":12.04,"unit":"%"},{"name":"Real Estate funds","value":5.4,"unit":"%"},{"name":"Private Equity funds","value":0.88,"unit":"%"},{"name":"Bond funds","value":1.94,"unit":"%"},{"name":"Money and deposits","value":2.52,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 9.26% |\n| Spain Government 0.050% 210131 | 4.95% |\n| Spain Government 5.400% 230131 | 3.08% |\n| Spain Government 0.750% 210730 | 2.62% |\n| Eften Kinnisvarafond II aktsia | 2.21% |\n| Amundi 12 M | 1.94% |\n| Lithuania 2.100% 210828 | 1.65% |\n| S&P 500 SPDR | 1.48% |\n| Lithuania 3.400% 201003 | 1.46% |\n| Luminor Bank 1.500% 211018 | 1.46% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 2.21% |\n| Luminor Bank 1.500% 211018 | 1.46% |\n| East Capital Baltic Property III | 1.34% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.67%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.97%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019758","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":11.52,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank Pensionifond K30","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with moderate risk tolerance,\n- your objective is to achieve stable growth in your pension assets over a medium savings period (at least seven years).\n","strategy":"**Strategy**\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":44127},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":72.49,"unit":"%"},{"name":"Shares","value":0.5,"unit":"%"},{"name":"Equity funds","value":15.4,"unit":"%"},{"name":"Real Estate funds","value":6.6,"unit":"%"},{"name":"Private Equity funds","value":1.21,"unit":"%"},{"name":"Money and deposits","value":3.88,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Spain Government 0.050% 210131 | 6.68% |\n| Spain Government 0.750% 210730 | 4.08% |\n| Amundi ETF MSCI Europe UCITS | 3.98% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 3.86% |\n| Vanguard S&P 500 ETF | 3.49% |\n| S&P 500 SPDR | 3.07% |\n| Eften Kinnisvarafond II aktsia | 3.07% |\n| Luminor Bank 1.375% 221021 | 3.01% |\n| Luminor Bank 1.500% 211018 | 2.61% |\n| Lithuania 2.100% 210828 | 2.52% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 3.07% |\n| Luminor Bank 1.375% 221021 | 3.01% |\n| Luminor Bank 1.500% 211018 | 2.61% |\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:** 0.67%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.92%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019741","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":19.12,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond K10","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your age is 63 years or above,\n- you are a pension saver with low risk tolerance,\n- your objective is to grow your pension assets in the short term (less than three years).\n","strategy":"**Strategy**\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":10551},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":79.32,"unit":"%"},{"name":"Real Estate funds","value":5.37,"unit":"%"},{"name":"Bond funds","value":3.99,"unit":"%"},{"name":"Money and deposits","value":11.36,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Luminor Bank 1.500% 211018 | 5.19% |\n| East Capital Baltic Property Fund III | 4.61% |\n| Luminor Bank 1.375% 221021 | 3.85% |\n| Lithuania Government 0.300% 210504 | 3.80% |\n| Eesti Energia 2.384% 230922 | 2.42% |\n| Lithuania Government 0.400% 230816 | 2.61% |\n| Amundi 6 M | 2.53% |\n| Poland Government International 0.500% 211220 | 1.84% |\n| Lithuania 2.100% 210828 | 1.82% |\n| Latvenergo 1.900% 220610 | 1.76% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank 1.500% 211018 | 5.19% |\n| East Capital Baltic Property Fund III | 4.61% |\n| Luminor Bank 1.375% 221021 | 3.85% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.35%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":22.25,"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":35753},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":15.57,"unit":"%"},{"name":"Shares","value":2.07,"unit":"%"},{"name":"Equity funds","value":67.36,"unit":"%"},{"name":"Real Estate funds","value":2.17,"unit":"%"},{"name":"Private Equity funds","value":0.42,"unit":"%"},{"name":"Bond funds","value":11.38,"unit":"%"},{"name":"Money and deposits","value":1.03,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core S&P 500 UCITS ETF | 13.24% |\n| iShares Core MSCI World UCITS ETF | 12.23% |\n| SEB Sustainability Global Index Fund | 8.23% |\n| SEB Ethical Global Index Fund C | 7.98% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 5.87% |\n| Amundi Index MSCI World UCITS ETF DR | 5.15% |\n| Amundi MSCI Emerging Markets ETF | 5.00% |\n| Xtrackers MSCI World UCITS ETF | 4.78% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 3.26% |\n| iShares STOXX Europe 600 UCITS ETF (DE) | 2.85% |\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 | 1.40% |\n| Tallinna Sadam AS | 1.33% |\n| EfTEN Real Estate Fund IV | 0.92% |\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:** 0.75%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.3%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103297","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":6.09,"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 assets of the Fund shall be invested up to 100% in Estonia and in instruments related to Estonia, if possible and upon finding suitable instruments. At the same time, the proportion of Estonian-related instruments in the Fund is at least 50% of the value of the Fund’s assets. The assets of the Fund may be fully invested in the equity markets. In addition, the Fund is authorized to borrow up to 10%. The Fund’s long-term preferred asset class is investments related to Estonia.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":132},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":44.98,"unit":"%"},{"name":"Shares","value":28.73,"unit":"%"},{"name":"Real Estate funds","value":18.63,"unit":"%"},{"name":"Private Equity funds","value":0.33,"unit":"%"},{"name":"Money and deposits","value":7.34,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Tallinna Kaubamaja | 4.42% |\n| EfTEN Kinnisvarafond II | 4.38% |\n| Tallink Grupp | 4.36% |\n| Birdeye Timber Fund | 4.26% |\n| Tallinna Sadam | 4.11% |\n| Birdeye Timber Fund 2 | 3.92% |\n| Eesti Energia 2.384% 22/09/23 | 3.91% |\n| Autolist 12% 03/04/22 | 3.77% |\n| Luminor 1.5% 18/10/21 | 3.73% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 3.72% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Kaubamaja | 4.42% |\n| EfTEN Kinnisvarafond II | 4.38% |\n| Tallink Grupp | 4.36% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2019) | 2,728,089.48 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2,690,184.87 units |\n| Rate of the depository’s charge | 0,0564% (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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.61%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_Eesti_kuuaruanne_2019_12.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_Eesti_aruanne_2018.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":12,"content":"### December 2019 – Poor start for Coop Pank shares\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn December, the stock markets of the Baltic Republics were left behind when it came to the global stock market rally, with their returns being somewhat more modest. The Tallinn and Vilnius stock exchange indexes rose during the month by 1.2% and 0.4%, respectively, while the Riga stock exchange fell by 0.8%.\n\nDuring the month, the shares of Coop Pank began trading on the Tallinn Stock Exchange, being offered to investors at the price of EUR 1.15. The bank raised EUR 31.3 million from new investors, which is slightly less than the EUR 37 million it was seeking. Demand was also lower than expected on the stock exchange: the stock closed its first trading day with a share price of EUR 1.095. Since then, Coop Pank's share price has fallen even further, settling at a price of EUR 1.07 on the last trading day of 2019, representing a loss of 7% for investors who took part in the initial public offering. In comparison: Shares of the Port of Tallinn, which were listed on the Tallinn Stock Exchange in the summer of 2018, rose by 14.7% on the first day of trading.\n"},{"year":2019,"month":11,"content":"### November 2019 – Strong results from Tallink and Nordecon\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nSimilar to October, all three Baltic stock markets also showed a positive rate of return in November. The best result was shown by the Riga Stock Exchange index, with a 1.9% increase, while the rates of return on the Vilnius and Tallinn stock exchanges were 1.1% and 0.9%, respectively.\n\nPublication of the Q3 results for the companies listed on the Tallinn Stock Exchange continued during the month. The Tallink Group’s record profit of nearly EUR 55 million in Q3 received a great deal of attention. In comparison with the previous year the company’s turnover increased by 1.5% during the quarter, although the increase in profit proved to be 18.5%. The positive results were supported by the high volume of passengers during the summer months, strong onboard and onshore sales.\n\nIn comparison with the previous year Nordecon also reported strong quarterly results, having increased its sales revenue by 15.9%, to EUR 71.8 million. The net profit of the company grew even 28.8%, to nearly EUR 3.5 million. At the same time, Nordecon significantly increased its share of profits earned abroad, with demand proving to be especially strong on the Finnish market.\n\nCoop Pank raised more than EUR 31 million by selling new shares on the Tallinn Stock Exchange. The money that was raised will enable the bank to implement its business plan and also to increase the value of investments made by LHV funds into Coop’s subordinated bonds.\n"},{"year":2019,"month":10,"content":"### October 2019 – Harju Elekter’s shares drove up Fund value\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe rate of return of the Tallinn stock exchange came to be 1.5% in October, and a fairly similar result was attained by the Vilnius stock exchange. On the other hand, the Riga stock exchange index declined by 0.3% within the month.\n\nHarju Elekter’s shares, which rose a whole 17.6% in the month, strongly contributed to Pensionifond Eesti’s rate of return. The company reported strong results in the third quarter: turnover increased by 44% compared to the same period of the previous year, and the profit earned increased from EUR 18,000 in 2018 to EUR 1.3 million. The majority of Harju Elekter’s sales revenue increase originated from the electrical equipment business, and its Lithuanian subsidiary played a major role in the increase of sales volumes, at that.\n\nThe share of Tallinna Kaubamaja Grupp rose by 8.4% in October, also due to strong third quarter results. The company’s earned sales revenue increased 8.3% year-on-year, and the increase was driven by the car trade business, with its revenues increasing by a whole 23.8%.\n\nThe supermarket segment (Selver) also produced a great result, increasing sales revenue by 5.5%. Tallinna Kaubamaja improved profitability in all business segments, and the earned net profit increased by 10.4% in a year.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Building a more diversified investment portfolio**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n","text":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n\nAt the same time, growth in corporate profits has slowed down world-wide or even declined. This means that the abatement of the trade war and recovery of the economy – something that is not at all certain, considering the previous political trends – have been factored into the prices.\n\n**The cycle has reached its late phase**\n\nThe growth phase of the current economic cycle has lasted for more than ten years, owing to which corporate profits have increased sharply. In particular this concerns earnings per share, the growth of which has been supported by buy-back programmes worth trillions of dollars. It is difficult to believe in continued rapid growth if unemployment in the US has dropped below 4%. In theory, we should have seen salary growth and the resulting acceleration of the inflation rate a long time ago.\n\nDespite the predominant monetary policy, consumer price index growth still remains below the 2% target set by central banks in several parts of the world. This is really one of the reasons why the central banks have once again turned on the money taps. In November, the European Central Bank began to release fresh money into circulation, buying bonds worth a total of EUR 20 billion in a single month, and will continue to do so as long as this is needed. Also, the balance sheet of the Federal Reserve has increased by several hundred billion dollars after a decline lasting for nearly five years.\n\nThe condition of the global economy is not as good as international stock markets are indicating. President Donal Trump’s trade war has created a great deal of confusion everywhere and forced a downward adjustment to the world’s economic growth forecasts. Weaker than expected economic growth has, in turn, given the central banks a reason to intervene more actively in money markets. On the other hand, there are suspicions that monetary policy could also be used as a key in the hidden and quiet currency war, to create further stimulus for their country or an economic region through competitive advantage.\n\nWe have reached a period of time when, following even the slightest setback in the economy, the focus is immediately shifted towards central banks. Perhaps it will be possible to sustain the growth cycle for some time; however, the central bankers themselves have stated that the efficiency of monetary policy is decreasing, and in order to have an effect the governments grappling with already high loan burdens must increase their expenditures.\n\n**More personal connection with investments**\n\nLHV’s pension funds have, for an extended period of time, focused more on protecting assets, as I have considered the price level of large international stock and bond markets to be too high. As I expected a fast downward correction from the financial markets, we have made notable changes to LHV’s investment strategy over the last couple of years.\n\nWe are increasingly looking for alternative investment opportunities to public stock exchanges. It is more complicated to build a private equity and real estate portfolio than to invest in liquid shares and bonds; yet, the long-term rate of return may be better – in particular, if we weigh the return against the risk.\n\nWhile infrastructure exists for stock indices and investment funds, which makes them easily accessible to retail investors, and small amounts can also be invested simply and quite efficiently, then systematic investing in private equity, venture capital and even the real estate sector presumes a rather large and very long-term investment portfolio. The volume of single investments in it reaches into the millions of euros, and the time-horizon is generally more than five years. Even for Estonian pension funds this world was almost unreachable just a few years ago due to our small volume.\n\nThis year, LHV pension funds have invested in the private equity funds of Novalpina, Blackstone, Investindustrial and Quilvest. The first two have a certain connection with Estonia: Novalpina bought and delisted Olympic, and Blackstone has invested in Luminor.\n\nWhen buying shares from a stock exchange, a couple of clicks is all that is necessary, with the shares appearing in your account. Investing in a private equity fund, however, is like participating in a planned large-scale project: the parties get to know each other and consider how well long-term cooperation might go.\n\nWhile an investment fund (be it active or passive) still takes a passive interest in a company, then a private equity fund invests in a company only if it can gain control over it and implement changes within. When buying shares from a stock exchange, the capital is not directed into the company, but instead to the investor that sells the shares – I, however, am interested primarily in investments where capital can be used to support growth.\n\nPension funds play an important role on the capital markets of developed countries and in the wider economy. Besides hands and brains, economic growth also requires capital. Capital, in essence, means savings, which in turn means that society spends less than it earns and puts the extra capital to work productively – investing in tools. Banks do offer loans, but not capital. Capital is your own equity that has to be paid into the new project before the bank is ready to grant a loan. Accordingly, capital is born only when someone spends less than it earns.\n\nThe more you save, the more capital you have. The more capital there is, the bigger the projects you can undertake and the higher the income you may earn. The more you earn, the more you can save, and so on. Wealth is created only thanks to saving and not consuming.\n\nRich countries have large, internationally operating companies and big capital markets. We still have to fight for our place on international markets and create and grow our companies. For this, we need capital, and that means local savings. If we invest in our own companies, it will be that much easier to also involve international capital.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109476","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":69.5,"fundManager":"LHV"},"SIK75":{"heading":"SEB Pensionifond Indeks 100","id":"eindeks","code":"sik","dataMarker":"SIK75","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a medium risk fund,\n- your goal is to mirror securities markets.\n","strategy":"**Strategy**\nInvests up to 100% of its assets in equities, by implementing a passive investment strategy and mirroring securities markets. Investing in equities involves high risks, resulting in big fluctuations in the value of the fund’s assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":4911},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.52,"unit":"%"},{"name":"Money and deposits","value":1.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core S&P 500 UCITS ETF | 25.77% |\n| Vanguard S&P 500 UCITS ETF | 22.61% |\n| Lyxor Core STOXX Europe 600 DE ETF | 18.36% |\n| Xtrackers Nikkei 225 UCITS ETF | 6.67% |\n| Amundi MSCI Emerging Markets UCITS ETF | 5.74% |\n| UBS UBS ETF - MSCI Emerging Markets UCITS ETF | 5.39% |\n| Xtrackers MSCI USA UCITS ETF | 3.68% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 3.59% |\n| SOURCE S&P 500 UCITS ETF | 3.40% |\n| UBS ETF-MSCI Canada UCITS ETF | 3.00% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.43%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\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**\nInvests a maximum of 10% of the fund's assets in shares and similar risk-bearing assets. At times of high interest rates, the fund may invest most of its assets in deposits to avoid setbacks on the bond markets.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":4781},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":4.55,"unit":"%"},{"name":"Bond funds","value":91.97,"unit":"%"},{"name":"Money and deposits","value":3.49,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Nordea 2 - US Corporate Enhanced Bd Fd | 9.24% |\n| Nordea 1 - US Corporate Bond Fund | 9.11% |\n| Xtrackers USD Corporate Bond UCITS ETF | 8.85% |\n| iShares Core Euro Government Bond UCITS ETF | 8.15% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 7.99% |\n| Nordea Pro Euro Bond I Growth | 7.66% |\n| iShares Euro Corporate Bond Interest Rate Hedged | 6.88% |\n| Nordea Euro Medium Term Bond Growth | 6.48% |\n| iShares Core Euro Corporate Bond UCITS ETF | 4.66% |\n| Nordea Corporate Bond I Growth | 4.54% |\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"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.75%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\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 30% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":2491},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":25.34,"unit":"%"},{"name":"Real Estate funds","value":4.79,"unit":"%"},{"name":"Bond funds","value":67.7,"unit":"%"},{"name":"Money and deposits","value":2.17,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 8.97% |\n| Nordea 1 - US Corporate Bond Fund | 7.90% |\n| Nordea Emerging Market Bond Fund Growth | 7.20% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 6.21% |\n| iShares Core Euro Government Bond UCITS ETF | 5.39% |\n| Nordea 2 - Emerging Mkt Hard Ccy Bond Fd | 5.15% |\n| EfTEN Kinnisvarafond II AS | 4.79% |\n| iShares Core MSCI Emerging Markets | 4.65% |\n| iShares Euro Corporate Bond Large Cap UCITS ETF | 4.19% |\n| Nordea Euro Bond I Growth | 4.01% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.79% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.03%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.33%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098448","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":4.79,"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 100% of fund assets in equity and assets with similar risk. The rest is invested in bonds, deposits or similar instruments. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":8995},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":89.4,"unit":"%"},{"name":"Real Estate funds","value":2.91,"unit":"%"},{"name":"Bond funds","value":5.43,"unit":"%"},{"name":"Money and deposits","value":2.26,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI North America UCITS ETF | 8.68% |\n| iShares Core MSCI World UCITS ETF | 8.64% |\n| iShares Core MSCI Emerging Markets | 8.12% |\n| iShares MSCI Europe UCITS ETF DIST | 6.43% |\n| Nordea 1 - Global Small Cap Fund | 5.99% |\n| Robeco Emerging Markets Equities Class I EUR | 5.86% |\n| iShares S&P 500 ETF | 5.54% |\n| Financial Select Sector SPDR | 4.58% |\n| Nordea 1 European Value Fund | 4.48% |\n| Nordea Japan Fund Growth | 4.09% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.74% |\n| EfTEN Kinnisvarafond AS | 0.17% |\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:** 1.03%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.5%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103503","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":2.91,"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 60% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":27563},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":50.15,"unit":"%"},{"name":"Real Estate funds","value":4.29,"unit":"%"},{"name":"Bond funds","value":43.12,"unit":"%"},{"name":"Money and deposits","value":2.43,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 6.66% |\n| iShares Core Euro Government Bond UCITS ETF | 5.70% |\n| Nordea 1 - Emerging Stars Equity Fund | 5.49% |\n| iShares MSCI Europe UCITS ETF | 5.19% |\n| iShares Core MSCI World UCITS ETF | 5.17% |\n| Nordea 1 . Global Small Cap Fund | 4.97% |\n| Nordea 1 - US Corporate Bond Fund | 4.90% |\n| Nordea 1 - Emerging Mkt Hard Ccy Bond Fd | 4.30% |\n| iShares MSCI North America UCITS ETF | 3.85% |\n| iShares Core MSCI Emerging Markets | 3.69% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.22% |\n| EfTEN Kinnisvarafond AS | 1.07% |\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:** 1.03%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.4%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"progressiivne","isin":"EE3600098430","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":4.29,"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":null,"type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.53%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Täiendav Pensionifond","id":"taiendav","code":"lhv_iii","dataMarker":"LHT75","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have medium risk tolerance,\n- you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money tax-effectively after reaching 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":"1%","managementFee":"1%"},"fundInfo":{"date":"31.12.2019","capacity":"15,711,341.46 €","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.\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":52.8,"unit":"%"},{"name":"Shares","value":15.42,"unit":"%"},{"name":"Equity funds","value":7.83,"unit":"%"},{"name":"Real Estate funds","value":14.02,"unit":"%"},{"name":"Private Equity funds","value":4.53,"unit":"%"},{"name":"Bond funds","value":0.13,"unit":"%"},{"name":"Money and deposits","value":5.26,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019.\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 5.25% |\n| Luminor 1.5% 18/10/21 | 3.74% |\n| East Capital Baltic Property Fund III | 3.25% |\n| East Capital Baltic Property Fund II | 2.59% |\n| Citadele banka 6.25% 06/12/2026 | 2.39% |\n| JP Morgan Chase And Co 27/01/20 | 1.98% |\n| China Development Bank 0.375% 16/11/21 | 1.96% |\n| HSBC Holdings Plc 04/12/21 | 1.89% |\n| GECINA 30/06/22 | 1.84% |\n| SAP 13/03/21 | 1.84% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 5.25% |\n| Luminor 1.5% 18/10/21 | 3.74% |\n| East Capital Baltic Property Fund III | 3.25% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2019) | 16,352,403.88 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Rate of the depository’s charge:** 0,0564%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.08%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_tingimused_2017-06-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_taiendav_kuuaruanne_2019_12.pdf)\n- [Interim report for the first half-year of 2019 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_I_poolaasta_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2018.pdf)\n- [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":12,"content":"### December 2019 – The Fund’s rate of return was supported by financial and gold industry companies\n\nRomet Enok, Fund Manager\n\nA familiar trend continued on the global stock markets in December, which mainly left the stock markets of developed as well as developing countries in positive territory. The Euro Stoxx 50 stock index, which represents the 50 largest listed companies in the Eurozone, rose by 1.2% in December, with the best performance coming from the Helsinki Stock Exchange, which rose by 4.1%. The Japanese stock index rose during the month by 1.6% when measured in the local currency, but only by 0.3% when measured in euros.\n\nDecember turned out to be an especially strong month for the stock markets of developing countries, with the MSCI Emerging Markets index rising by 7.2%. In comparison, the results for Baltic stock exchanges were more reserved: The Tallinn and Vilnius stock exchange indexes rose by 1.2% and 0.4%, respectively, while the Riga stock exchange fell by 0.8%.\n\nIn December, the performance of the Pension Fund Täiendav was supported by investments made in the European banking sector in October, which began to yield good results. Regardless of the money laundering accusations limiting the company, Swedbank had a return of 12.4% on shares during the month. The share price of Banco Santander, which operates in Spain and Latin America, rose by 5.6% in December. The large US gold and copper mining company Barrick Gold Corp also demonstrated good performance, rising by 8.2%.\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n\nOver the past few years we have made similar investments in the bonds of Coop Pank and Citadele Banka. By doing so we have created a new asset class in the funds; one that generates over 6% in interest annually.\n"},{"year":2019,"month":11,"content":"### November 2019 – The major shareholder of Novaturas sold shares\n\nRomet Enok, Fund Manager\n\nSimilar to October, November proved to be quite peaceful on global stock markets, with stock indices of countries showing predominantly a positive rate of return.\n\nThe global stock index MSCI World rose by 4% during the month, with the rise being led, for the most part, by the United States. The Japanese stock market index earned a more modest result, rising by 1.6% in local currency and 1.5% measured in euros.\n\nThe Euro Stoxx 50 index, including the 50 largest public companies of the Eurozone, showed a 2.8% rate of return in November and the best result came from the stock markets in France and Germany, with the respective rates of return being 3.1% and 2.9%. In November, the Baltic stock markets showed a positive rate of return, with the Riga stock index showing the best result (1.9% rise). The rate of return of the Vilnius Stock Exchange was 1.1%, with the Tallinn Stock Exchange rising by 0.9%.\n\nThe global emerging markets index, however, dropped 0.2% measured in local currency, with Latin American countries being the weakest.\n\nIn November, the private equity fund, which is the major shareholder of Lithuanian tour operator Novaturas and which belongs to the portfolio of pension fund Täiendav, sold a significant volume of its previous holding to several other large investors. The offer price of EUR 4 was much lower compared to the trading date immediately preceding it and altogether the holding of the private equity fund in Novaturas declined by 13%, to 34.4%. The company also announced that, starting in 2020, Novaturas will be taking over the operations of the tour operator Aurinko in Estonia.\n"},{"year":2019,"month":10,"content":"### October 2019 – We purchased companies in the banking sector and in the gold industry\n\nRomet Enok, Fund Manager\n\nOctober went by relatively calmly on the world’s stock markets, and exchange indexes showed predominantly positive rates of return. The rate of return of Euro Stoxx 50, an index that is made up of 50 of the largest listed companies in the euro area, was +1.1% in October; good results were also shown by the German stock exchange with an increase of 3.5%, and the Swedish stock exchange with a rate of return of 5.2%. At that, the British stock market index fell 2.2% due to Brexit-related tensions.\n\nThe result of the Japanese stock exchange was a strong 5.4% in local currency; however, the rate of return remained at 3.2% in euros. The global emerging markets index rose by 4.1% within the month, driven by the great results in several Asian and Latin American countries. In the Baltics, the Vilnius stock exchange showed the best rate of return with an increase of 1.6%; the Tallinn stock exchange also rose by 1.5% in October. The Riga stock exchange had to accept a 0.3% decline.\n\nIn October, the Pension Fund Täiendav made several new investments on both the European and US stock exchanges. In the banking sector, the Fund purchased shares of European major banks Swedbank and Santander; the latter also actively operates in Latin America. New positions added also included European defence industry leader Thales, and Barrick Gold Corporation, a major US company engaged in gold and copper mining.\n\nAmong foreign investments, the price increase of Danske’s subordinated long-term bonds is once again worth mentioning in October. Even though the fines and punishments to be imposed on the Danish bank are far from clear, investor confidence is recovering – the two Danske bonds that are in our portfolio have offered a 24%–25% rate of return this year. At the same time, all main European bond markets were on the negative side, falling slightly less than one per cent, on average.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Building a more diversified investment portfolio**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n","text":"The performance of stock markets this year has exceeded expectations and the S&P 500 Index, which tracks the biggest US companies, reached another record level in November. The index is up 25% year to date, thereby supporting the rise of the global stock market by nearly 22%, following the correction in the fourth quarter of last year.\n\nAt the same time, growth in corporate profits has slowed down world-wide or even declined. This means that the abatement of the trade war and recovery of the economy – something that is not at all certain, considering the previous political trends – have been factored into the prices.\n\n**The cycle has reached its late phase**\n\nThe growth phase of the current economic cycle has lasted for more than ten years, owing to which corporate profits have increased sharply. In particular this concerns earnings per share, the growth of which has been supported by buy-back programmes worth trillions of dollars. It is difficult to believe in continued rapid growth if unemployment in the US has dropped below 4%. In theory, we should have seen salary growth and the resulting acceleration of the inflation rate a long time ago.\n\nDespite the predominant monetary policy, consumer price index growth still remains below the 2% target set by central banks in several parts of the world. This is really one of the reasons why the central banks have once again turned on the money taps. In November, the European Central Bank began to release fresh money into circulation, buying bonds worth a total of EUR 20 billion in a single month, and will continue to do so as long as this is needed. Also, the balance sheet of the Federal Reserve has increased by several hundred billion dollars after a decline lasting for nearly five years.\n\nThe condition of the global economy is not as good as international stock markets are indicating. President Donal Trump’s trade war has created a great deal of confusion everywhere and forced a downward adjustment to the world’s economic growth forecasts. Weaker than expected economic growth has, in turn, given the central banks a reason to intervene more actively in money markets. On the other hand, there are suspicions that monetary policy could also be used as a key in the hidden and quiet currency war, to create further stimulus for their country or an economic region through competitive advantage.\n\nWe have reached a period of time when, following even the slightest setback in the economy, the focus is immediately shifted towards central banks. Perhaps it will be possible to sustain the growth cycle for some time; however, the central bankers themselves have stated that the efficiency of monetary policy is decreasing, and in order to have an effect the governments grappling with already high loan burdens must increase their expenditures.\n\n**More personal connection with investments**\n\nLHV’s pension funds have, for an extended period of time, focused more on protecting assets, as I have considered the price level of large international stock and bond markets to be too high. As I expected a fast downward correction from the financial markets, we have made notable changes to LHV’s investment strategy over the last couple of years.\n\nWe are increasingly looking for alternative investment opportunities to public stock exchanges. It is more complicated to build a private equity and real estate portfolio than to invest in liquid shares and bonds; yet, the long-term rate of return may be better – in particular, if we weigh the return against the risk.\n\nWhile infrastructure exists for stock indices and investment funds, which makes them easily accessible to retail investors, and small amounts can also be invested simply and quite efficiently, then systematic investing in private equity, venture capital and even the real estate sector presumes a rather large and very long-term investment portfolio. The volume of single investments in it reaches into the millions of euros, and the time-horizon is generally more than five years. Even for Estonian pension funds this world was almost unreachable just a few years ago due to our small volume.\n\nThis year, LHV pension funds have invested in the private equity funds of Novalpina, Blackstone, Investindustrial and Quilvest. The first two have a certain connection with Estonia: Novalpina bought and delisted Olympic, and Blackstone has invested in Luminor.\n\nWhen buying shares from a stock exchange, a couple of clicks is all that is necessary, with the shares appearing in your account. Investing in a private equity fund, however, is like participating in a planned large-scale project: the parties get to know each other and consider how well long-term cooperation might go.\n\nWhile an investment fund (be it active or passive) still takes a passive interest in a company, then a private equity fund invests in a company only if it can gain control over it and implement changes within. When buying shares from a stock exchange, the capital is not directed into the company, but instead to the investor that sells the shares – I, however, am interested primarily in investments where capital can be used to support growth.\n\nPension funds play an important role on the capital markets of developed countries and in the wider economy. Besides hands and brains, economic growth also requires capital. Capital, in essence, means savings, which in turn means that society spends less than it earns and puts the extra capital to work productively – investing in tools. Banks do offer loans, but not capital. Capital is your own equity that has to be paid into the new project before the bank is ready to grant a loan. Accordingly, capital is born only when someone spends less than it earns.\n\nThe more you save, the more capital you have. The more capital there is, the bigger the projects you can undertake and the higher the income you may earn. The more you earn, the more you can save, and so on. Wealth is created only thanks to saving and not consuming.\n\nRich countries have large, internationally operating companies and big capital markets. We still have to fight for our place on international markets and create and grow our companies. For this, we need capital, and that means local savings. If we invest in our own companies, it will be that much easier to also involve international capital.\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.\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":24.25,"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":"31.12.2019","capacity":"2,979,140.43 €","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":95.44,"unit":"%"},{"name":"Money and deposits","value":4.56,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2019\n\n| Biggest investments | |\n|---|--:|\n| Lyxor Core MSCI World DR UCITS | 26.61% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 22.39% |\n| iShares Core MSCI World UCITS | 17.89% |\n| HSBC MSCI WORLD UCITS ETF | 10.74% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 8.76% |\n| db x-trackers MSCI World Index UCITS ETF | 6.12% |\n| iShares MSCI Frontier 100 ETF | 2.93% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2019) | 5,063,396.68 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0,0564%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.39%\n\n**Ongoing charges (inc management fee):** 0.85%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused-2017-09-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (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_2019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2019_12.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2018.pdf)\n- [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":"0%","exitFee":"1%","managementFee":"1.5%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.83%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET35":{"heading":"SEB Tasakaalukas Pensionifond","id":"tasakaalukas","code":"seb_tas","dataMarker":"SET35","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have at least 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nThe fund mainly invests in bonds and deposits, with up to 50% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.31%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Aktsiad 100 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"**Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"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":null,"type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.5%\n\n**Ongoing charges (inc management fee):** 1.66%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"**Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"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":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.48%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"**Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,3%"},"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":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.3%\n\n**Ongoing charges (inc management fee):** 1.60%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"**Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,4%"},"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":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.4%\n\n**Ongoing charges (inc management fee):** 1.75%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,49%"},"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":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\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},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.3%"},"fundInfo":{"company":{"title":"Tuleva Fondid AS","link":null},"depository":{"title":"AS Swedbank","url":"https://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001707, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.3%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001707","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3}}