{"LXK00":{"heading":"LHV Pensionifond XS","id":"xs","code":"xs","dataMarker":"XSK00","suitability":"**Suitable if**\n- you have less than 3 years left until retirement,\n- you have low risk tolerance,\n- your aim is to preserve your savings and avoid losses.\n","strategy":"**Strategy**\n\nAt least 90% of the Fund's assets are invested in investment grade bonds, money market instruments traded on a regulated market, deposits, shares or other assets of other investment funds investing mainly in the above assets and other assets. The money raised for retirement remains stable. The assets of the Fund are invested in compliance with the rating restrictions imposed on the conservative pension fund by law. The long-term preferred asset class of the fund is low-risk debt instruments.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":3137},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":88.57,"unit":"%"},{"name":"Equity funds","value":4.53,"unit":"%"},{"name":"Money and deposits","value":6.9,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 9.44% |\n| German Government 1.5% 04/09/22 | 8.48% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 6.39% |\n| German Treasury Bill 21/09/2022 | 5.97% |\n| BNP Paribas 2.875% 24/10/22 | 4.97% |\n| ZKB Gold ETF | 4.53% |\n| ALTUMG 1.3% 07/03/25 | 4.23% |\n| Elering 0.875% 03/05/2023 | 4.00% |\n| Bank Gospodarstwa Krajow 1.375% 01/06/25 | 3.80% |\n| Banco Santander 1.375% 14/12/22 | 3.22% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 9.44% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 6.39% |\n| Elering 0.875% 03/05/2023 | 4.00% |\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 31.08.2022) | 12,557,876.59 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 50 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\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:** 0,5130%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,53%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2021. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 August 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2022_08.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":8,"content":"### August 2022: We brought Latvenergo’s depreciated bond back into to the fund\n\nRomet Enok, Fund Manager\n\nWe acquired bonds from the Latvian state energy company Latvenergo to reintroduce to the fund. For many years the company had been one of the biggest investments in our portfolio (until we repaid the bond at the beginning of June). Since the price of the company’s other publicly traded bond had been falling significantly, we used the money from the repayment to bring Latvenergo back into our portfolio. With continued uncertainty in the financial markets, there is great value in being able to take advantage of opportunities as they present themselves.\n"},{"year":2022,"month":7,"content":"### July 2022: We acquired bonds from the real estate company Kojamo\n\nRomet Enok, Fund Manager\n\nWe acquired and added bonds from the large Finnish real estate company, Kojamo, to the fund’s portfolio from the international stock market. Kojamo has a long standing history in the Finnish housing market, and develops and owns apartments in Helsinki and elsewhere in the country. Kojamo’s largest shareholders are Finnish pension funds and trade unions, Kojamo shares are traded on the Helsinki stock exchange.\n\nWe work actively to analyse local projects and find opportunities in international bond markets. Focusing on both the local and international markets and comparing them, gives us an advantage over those who only engage in one of the two.\n"},{"year":2022,"month":6,"content":"### June 2022: The government bond market is showing signs of stabilisation\n\nRomet Enok, Fund Manager\n\nIn June, a considerable number of our bond investments reached maturity. We haven’t made many long-term investments in the past few years, and in the current environment of rising interest rates, this means an opportunity to invest at a new and higher level of interest.\n\nGovernment bond markets are already showing signs of stabilisation after half a year of decline. The next strategic question revolves around what will happen to corporate solvency when economic growth clearly halts or even reverses. This may mean a further decline in the prices of corporate bonds, and we manage the fund’s investments with this risk in mind.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Investing in an inflationary environment**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n","text":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n\nAfter rising 7.4% in July, the Stoxx 50 index, which represents some of the largest companies in Europe, lost 5.1% of its value in August. The performance of Baltic stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.\n\nThe European economy is in an extremely challenging situation, with the war in Ukraine contributing to extensive increases in energy expenditure. This is a huge blow, as Europe can only cover just over 40% of the energy it consumes, while the rest has to be imported.\n\nChart: Total energy imports and oil price in the Eurozone\n![Pilt](/assets/images/pension/Andrese_joonis_08.png){.pension-img}\n\nIn the past, the majority of the energy imports to Europe came from Russia, but after Russia began to wage war in Ukraine, Europe must look for alternatives to the energy bought from the aggressor state. Rising energy costs directly impact the prices of all goods and services that are produced using this energy. The rule of thumb is that if the price of natural gas rises by 100 euros per MWh, the rate of inflation will accelerate by 2%.\n\nHowever, rising inflation cannot be attributed solely to the increase in energy prices. For too long, monetary policies throughout the developed world were extremely loose, with central banks keeping interest rates too low and pumping out more and more liquidity. The deposit interest rate of the European Central Bank has been 0% since 2012 and has even turned negative in recent years.\n\nWhen the signs of inflation first emerged in spring 2021, central bank models predicted this would be temporary. After delaying for too long, they only responded to the inflation this spring. The European Central Bank continued to buy up bonds and pump money into the system, even until as late as the end of June 2022. Only when inflation in the Eurozone accelerated to 8.6% in July did the European Central Bank finally discard the policy of negative interest rates.\n\nAid packages introduced by governments during the COVID crisis were another factor contributing to the rapid growth of inflation. Although these kept the economy more or less going during difficult times, they were simply too universal in hindsight. Everyone was offered support, regardless of whether they actually needed it. When COVID restrictions were slowly lifted in the second half of 2021, the economies of developed countries began to overheat.\n\n**Seizing good opportunities**\n\nA high rate of inflation complicates the process of making investment decisions for companies, as it becomes difficult to estimate the behaviour of input prices, i.e. the price of labour and raw materials. In addition, a higher inflation rate also means rising interest rates and a higher cost of capital. With the future uncertain, companies are cautious in launching new projects and hiring employees.\n\nIn an inflationary environment, investors use higher risk premiums when evaluating companies, and they discount cash flows from future periods to their present value at higher interest rates. Rapid price growth may bring better turnover and profits for the company in the future, but if the present value of these cash flows is determined at a higher discount rate, the company’s value may still drop. The same logic applies to salaries: even if salaries increase by 10%, with 20% inflation, real salaries actually fall by 10%.\n\nBecause the real economy is harmed, few assets can hold real value during high inflation. Asset prices may rise in nominal terms, but adjusting these to the high inflation rate may still reveal that the real value of the assets has dropped. The companies that succeed in an inflationary environment are those with a unique, strong market position and the ability to price their products and services as the environment changes.\n\nInflation feeds risk into the investment environment, which is reflected in a greater fluctuation in securities prices. However, the biggest risk is that people give up on investing in the future. Both as businesses and as individuals. Keeping money in a bank account is not the wisest choice in an inflationary environment, where rising prices diminish the purchasing power of money with each passing day. The only thing worse than that, and a sure way of having empty pockets, is to spend money mindlessly.\n\nI believe that, in the longer term, Estonia’s nominal economic growth will be around 5 or 6%. Projects with moderate risk that offer a higher return than this would therefore make a worthwhile investment today. Of course, higher-risk projects should include an additional risk premium, because not every investment may go as expected.\n\nIn the management of pension funds, we at LHV have always made our first goal to protect clients’ assets, even in difficult circumstances, then to overcome the rate of inflation in the long term, and finally, to offer a better return than our competitors.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":25.07,"fundManager":"LHV"},"LSK00":{"heading":"LHV Pensionifond S","id":"s","code":"s","dataMarker":"SK00","suitability":"**Suitable if**\n- you have 2–5 years left until retirement age,\n- you have low risk tolerance,\n- your aim is the preservation and modest growth of your pension savings.\n","strategy":"**Strategy**\n\nThe Fund's assets are mainly invested in bonds. The Fund's assets may be invested in sub-investment grade bonds. Up to 25% of the fund's assets may be invested in real estate, infrastructure, equity funds and convertible bonds. The Fund may also grant a loan. The long-term preferred asset class of the fund is listed debt instruments.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":5297},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":87.3,"unit":"%"},{"name":"Equity funds","value":4.54,"unit":"%"},{"name":"Real Estate funds","value":1.47,"unit":"%"},{"name":"Money and deposits","value":6.68,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| German Treasury Bill 14/12/2022 | 9.80% |\n| German Treasury Bill 21/09/2022 | 8.79% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 8.14% |\n| Luminor 0.792% 03/12/24 | 7.24% |\n| Romania 2.875% 28/10/24 | 5.13% |\n| ZKB Gold ETF | 4.54% |\n| German Government 1.5% 04/09/22 | 4.49% |\n| ALTUMG 1.3% 07/03/25 | 4.44% |\n| France Government 2.25% 25/10/22 | 3.75% |\n| KBC Group NV 0.625% 07/12/2031 | 3.13% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 8.14% |\n| Luminor 0.792% 03/12/24 | 7.24% |\n| Coop Pank 5.0% 10/03/2032 | 3.09% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.08.2022) | 29,574,880.30 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 120 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\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:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,64%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2021. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_S_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 August 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2022_08.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":8,"content":"### August 2022: We brought Latvenergo’s depreciated bond back into to the fund\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nWe acquired bonds from the Latvian state energy company Latvenergo to reintroduce to the fund. For many years the company had been one of the biggest investments in our portfolio (until we repaid the bond at the beginning of June). Since the price of the company’s other publicly traded bond had been falling significantly, we used the money from the repayment to bring Latvenergo back into our portfolio. With continued uncertainty in the financial markets, there is great value in being able to take advantage of opportunities as they present themselves.\n"},{"year":2022,"month":7,"content":"### July 2022: Two new bond investments\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nIn July, we made a new investment in a local company and one in international markets.\n\nAs regards financing the projects of Estonian companies, we finalised a deal with Perton Ehitus to finance a development project of apartment buildings. Perton Ehitus sold bonds to LHV pension funds for the development of Kotzebue Park in the Kalamaja district in Tallinn for three years. The interest rate is 8.5% per annum and the bond is secured by a mortgage.\n\nWe acquired and added bonds from the large Finnish real estate company, Kojamo, to the fund’s portfolio from the international stock market. Kojamo has a long standing history in the Finnish housing market, and develops and owns apartments in Helsinki and elsewhere in the country. Kojamo’s largest shareholders are Finnish pension funds and trade unions, Kojamo shares are traded on the Helsinki stock exchange.\n\nWe work actively to analyse local projects and find opportunities in international bond markets. Focusing on both the local and international markets and comparing them, gives us an advantage over those who only engage in one of the two.\n"},{"year":2022,"month":6,"content":"### June 2022: We subscribed to Coop Pank bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn June, one of the fund’s largest investments reached maturity when the Latvian state energy company Latvenergo redeemed its bonds.\n\nWe are focused on shorter-term bonds. First, these have protected the fund’s long-term bonds from the recent price drop, and second, this strategy now allows the money to be invested in new projects at a higher interest rate.\n\nWe therefore subscribed to the subordinated bonds of Coop Pank last month. The interest on the instruments is 10% per annum and the bank will have the first redemption right after five years. These are securities that in terms of complexity are closer to bank equity than deposits. LHV pension funds were the largest investor in the private placement.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Investing in an inflationary environment**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n","text":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n\nAfter rising 7.4% in July, the Stoxx 50 index, which represents some of the largest companies in Europe, lost 5.1% of its value in August. The performance of Baltic stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.\n\nThe European economy is in an extremely challenging situation, with the war in Ukraine contributing to extensive increases in energy expenditure. This is a huge blow, as Europe can only cover just over 40% of the energy it consumes, while the rest has to be imported.\n\nChart: Total energy imports and oil price in the Eurozone\n![Pilt](/assets/images/pension/Andrese_joonis_08.png){.pension-img}\n\nIn the past, the majority of the energy imports to Europe came from Russia, but after Russia began to wage war in Ukraine, Europe must look for alternatives to the energy bought from the aggressor state. Rising energy costs directly impact the prices of all goods and services that are produced using this energy. The rule of thumb is that if the price of natural gas rises by 100 euros per MWh, the rate of inflation will accelerate by 2%.\n\nHowever, rising inflation cannot be attributed solely to the increase in energy prices. For too long, monetary policies throughout the developed world were extremely loose, with central banks keeping interest rates too low and pumping out more and more liquidity. The deposit interest rate of the European Central Bank has been 0% since 2012 and has even turned negative in recent years.\n\nWhen the signs of inflation first emerged in spring 2021, central bank models predicted this would be temporary. After delaying for too long, they only responded to the inflation this spring. The European Central Bank continued to buy up bonds and pump money into the system, even until as late as the end of June 2022. Only when inflation in the Eurozone accelerated to 8.6% in July did the European Central Bank finally discard the policy of negative interest rates.\n\nAid packages introduced by governments during the COVID crisis were another factor contributing to the rapid growth of inflation. Although these kept the economy more or less going during difficult times, they were simply too universal in hindsight. Everyone was offered support, regardless of whether they actually needed it. When COVID restrictions were slowly lifted in the second half of 2021, the economies of developed countries began to overheat.\n\n**Seizing good opportunities**\n\nA high rate of inflation complicates the process of making investment decisions for companies, as it becomes difficult to estimate the behaviour of input prices, i.e. the price of labour and raw materials. In addition, a higher inflation rate also means rising interest rates and a higher cost of capital. With the future uncertain, companies are cautious in launching new projects and hiring employees.\n\nIn an inflationary environment, investors use higher risk premiums when evaluating companies, and they discount cash flows from future periods to their present value at higher interest rates. Rapid price growth may bring better turnover and profits for the company in the future, but if the present value of these cash flows is determined at a higher discount rate, the company’s value may still drop. The same logic applies to salaries: even if salaries increase by 10%, with 20% inflation, real salaries actually fall by 10%.\n\nBecause the real economy is harmed, few assets can hold real value during high inflation. Asset prices may rise in nominal terms, but adjusting these to the high inflation rate may still reveal that the real value of the assets has dropped. The companies that succeed in an inflationary environment are those with a unique, strong market position and the ability to price their products and services as the environment changes.\n\nInflation feeds risk into the investment environment, which is reflected in a greater fluctuation in securities prices. However, the biggest risk is that people give up on investing in the future. Both as businesses and as individuals. Keeping money in a bank account is not the wisest choice in an inflationary environment, where rising prices diminish the purchasing power of money with each passing day. The only thing worse than that, and a sure way of having empty pockets, is to spend money mindlessly.\n\nI believe that, in the longer term, Estonia’s nominal economic growth will be around 5 or 6%. Projects with moderate risk that offer a higher return than this would therefore make a worthwhile investment today. Of course, higher-risk projects should include an additional risk premium, because not every investment may go as expected.\n\nIn the management of pension funds, we at LHV have always made our first goal to protect clients’ assets, even in difficult circumstances, then to overcome the rate of inflation in the long term, and finally, to offer a better return than our competitors.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":25.44,"fundManager":"LHV"},"LMK25":{"heading":"LHV Pensionifond M","id":"m","code":"m","dataMarker":"MK25","suitability":"**Suitable if**\n- you have 3–10 years left until retirement age,\n- you have moderate risk tolerance,\n- your aim is the long-term stable growth of your pension savings.\n","strategy":"**Strategy**\n\nWhen investing in assets, the fund prefers cash-flow assets and, where possible, the local market, including less liquid private equity and real estate investments. The investments are predominantly in local currency and up to 75% of the fund's assets can be invested directly in equities. The fund's long-term preferred asset class is real estate investments.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":8024},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":54.95,"unit":"%"},{"name":"Shares","value":9.48,"unit":"%"},{"name":"Equity funds","value":6.39,"unit":"%"},{"name":"Real Estate funds","value":16.66,"unit":"%"},{"name":"Private Equity funds","value":7.48,"unit":"%"},{"name":"Money and deposits","value":5.04,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 9.20% |\n| Luminor 0.792% 03/12/24 | 5.15% |\n| ZKB Gold ETF | 4.51% |\n| EfTEN Kinnisvarafond | 3.99% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.86% |\n| SG Capital Partners Fund 1 | 2.76% |\n| German Government 1.5% 04/09/22 | 2.71% |\n| Coop Pank 6.75% 04/12/2027 | 2.36% |\n| Eastnine 08/07/24 | 2.34% |\n| Siauliu Bankas 6.15% 23/12/29 | 2.11% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 5.15% |\n| EfTEN Kinnisvarafond | 3.99% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.86% |\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 31.08.2022) | 98,694,642.82 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 400 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\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:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,00%.\n\n**Ongoing charges (inc management fee):** 1,17%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2021 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_M_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 August 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2022_08.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":8,"content":"### August 2022: In a falling stock market, the energy sector proved strong\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn August, world markets were predominantly pessimistic. The MSCI World Index, the US S&P 500, and the Japanese Nikkei Index fell 2.8%, 2.9% and 1.5% over the month in euros, respectively. The European stock exchanges went through a steeper decline last month, with the Euro Stoxx 50 index falling by 5.1%. Emerging markets were a contrast to this, as the MSCI Emerging Markets index rose by 1.5% in euros over the last month. The performance of local stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.\n\nDomestic venture capital fund Superangel sold its first investment. Nordigen, an open banking company founded in Latvia, was sold to GoCardless, a company established in the United Kingdom. The Superangel fund invested in Nordigen in early 2020, and the fund’s portfolio still includes more than 40 companies.\n\nIn equity positions, precious metals investments showed signs of weakness. Investments were strong, however, in the energy sector, which forms the second cornerstone of our equity investments.\n\nThe fund’s listed stock investments remain in the commodity sector, with a focus on precious metals, energy, energy metals, renewable materials (wood) and various links in the related value chains. We believe that in an environment of rapid inflation, equity investments in the commodity sector will help us maintain and increase the purchasing power of our capital.\n"},{"year":2022,"month":7,"content":"### July 2022: Stock markets continue a strong recovery\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nStock markets mostly recovered in July. Measured in euros, the MSCI World index, the US stock market index, the S&P 500, and the Nasdaq Composite index, which tracks the technology sector, rose 10.7%, 12.2%, and 15.5%, respectively. Measured in euros, the Japanese Nikkei index fell 10.2%, while the European Euro Stoxx 50 index and the MSCI Emerging Markets index rose 7.4% and 2.1%, respectively. The local Baltic markets fluctuated: while the Riga and Vilnius stock markets rose by 0.6% and 1.1% respectively during the month, the Tallinn stock market fell by 1.2%.\n\nIn July, the local private equity company BaltCap announced that the BaltCap Latvia Venture Capital Fund, which they manage, had sold Vendon. Vendon, a company founded in Riga in 2011, has a primary business focus of the management of vending machines and the processing of related payments. Vendon’s core markets are European countries, where they handle more than 45,000 vending machines. The fund managed, by BaltCap, invested in Vendon in 2011 and Vendon was sold to the Spanish technology company Azkoyen.\n\nIn July, we made a new investment in a local company and one in international markets.\n\nAs regards financing the projects of Estonian companies, we finalised a deal with Perton Ehitus to finance a development project of apartment buildings. Perton Ehitus sold three year bonds to LHV pension funds for the development of Kotzebue Park in the Kalamaja district in Tallinn. The interest rate is 8.5% per annum and the bond is secured by a mortgage.\n\nWe acquired and added bonds from the large Finnish real estate company, Kojamo, to the fund’s portfolio from the international stock market. Kojamo has a long standing history in the Finnish housing market, and develops and owns apartments in Helsinki and elsewhere in the country. Kojamo’s largest shareholders are Finnish pension funds and trade unions, Kojamo shares are traded on the Helsinki stock exchange.\n\nWe work actively to analyse local projects and find opportunities in international bond markets. Focusing on both the local and international markets and comparing them, gives us an advantage over those who only engage in one of the two.\n"},{"year":2022,"month":6,"content":"### June 2022: Fall in stock markets deepens\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn June, we saw a larger decline in stock markets. The MSCI World Index, the US S&P 500, the Japanese Nikkei Index and the European Euro Stoxx 50 fell 6.4%, 6.2%, 6.2% and 8.8% over the month in euros, respectively. The situation was no different in emerging markets, and the MSCI Emerging Markets index fell by 4.9% in June, measured in euros.\n\nThe Baltic markets were more modest. The Tallinn and Vilnius stock markets fell by 3.2% and 3.4%, respectively. The Riga stock market was an exception, growing by 7.2%.\n\nIn June, local private equity firm BaltCap announced that their managed BaltCap Private Equity Fund II was selling the pump and pumping system rental company Uprent. It was acquired by Renta Group, a construction machinery and accessories rental company established in Finland. The BaltCap fund invested in Uprent in 2016. During the investment period, the company’s product range was successfully expanded, as were its operations in both the Baltic and Polish markets.\n\nBond markets offer one of the best expected return prospects in an environment of rising interest rates. We therefore subscribed to the subordinated bonds of Coop Pank last month. The interest on the instruments is 10% per annum and the bank will have the first redemption right after five years. These are securities that in terms of complexity are closer to bank equity than deposits. LHV pension funds were the largest investor in the private placement.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Investing in an inflationary environment**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n","text":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n\nAfter rising 7.4% in July, the Stoxx 50 index, which represents some of the largest companies in Europe, lost 5.1% of its value in August. The performance of Baltic stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.\n\nThe European economy is in an extremely challenging situation, with the war in Ukraine contributing to extensive increases in energy expenditure. This is a huge blow, as Europe can only cover just over 40% of the energy it consumes, while the rest has to be imported.\n\nChart: Total energy imports and oil price in the Eurozone\n![Pilt](/assets/images/pension/Andrese_joonis_08.png){.pension-img}\n\nIn the past, the majority of the energy imports to Europe came from Russia, but after Russia began to wage war in Ukraine, Europe must look for alternatives to the energy bought from the aggressor state. Rising energy costs directly impact the prices of all goods and services that are produced using this energy. The rule of thumb is that if the price of natural gas rises by 100 euros per MWh, the rate of inflation will accelerate by 2%.\n\nHowever, rising inflation cannot be attributed solely to the increase in energy prices. For too long, monetary policies throughout the developed world were extremely loose, with central banks keeping interest rates too low and pumping out more and more liquidity. The deposit interest rate of the European Central Bank has been 0% since 2012 and has even turned negative in recent years.\n\nWhen the signs of inflation first emerged in spring 2021, central bank models predicted this would be temporary. After delaying for too long, they only responded to the inflation this spring. The European Central Bank continued to buy up bonds and pump money into the system, even until as late as the end of June 2022. Only when inflation in the Eurozone accelerated to 8.6% in July did the European Central Bank finally discard the policy of negative interest rates.\n\nAid packages introduced by governments during the COVID crisis were another factor contributing to the rapid growth of inflation. Although these kept the economy more or less going during difficult times, they were simply too universal in hindsight. Everyone was offered support, regardless of whether they actually needed it. When COVID restrictions were slowly lifted in the second half of 2021, the economies of developed countries began to overheat.\n\n**Seizing good opportunities**\n\nA high rate of inflation complicates the process of making investment decisions for companies, as it becomes difficult to estimate the behaviour of input prices, i.e. the price of labour and raw materials. In addition, a higher inflation rate also means rising interest rates and a higher cost of capital. With the future uncertain, companies are cautious in launching new projects and hiring employees.\n\nIn an inflationary environment, investors use higher risk premiums when evaluating companies, and they discount cash flows from future periods to their present value at higher interest rates. Rapid price growth may bring better turnover and profits for the company in the future, but if the present value of these cash flows is determined at a higher discount rate, the company’s value may still drop. The same logic applies to salaries: even if salaries increase by 10%, with 20% inflation, real salaries actually fall by 10%.\n\nBecause the real economy is harmed, few assets can hold real value during high inflation. Asset prices may rise in nominal terms, but adjusting these to the high inflation rate may still reveal that the real value of the assets has dropped. The companies that succeed in an inflationary environment are those with a unique, strong market position and the ability to price their products and services as the environment changes.\n\nInflation feeds risk into the investment environment, which is reflected in a greater fluctuation in securities prices. However, the biggest risk is that people give up on investing in the future. Both as businesses and as individuals. Keeping money in a bank account is not the wisest choice in an inflationary environment, where rising prices diminish the purchasing power of money with each passing day. The only thing worse than that, and a sure way of having empty pockets, is to spend money mindlessly.\n\nI believe that, in the longer term, Estonia’s nominal economic growth will be around 5 or 6%. Projects with moderate risk that offer a higher return than this would therefore make a worthwhile investment today. Of course, higher-risk projects should include an additional risk premium, because not every investment may go as expected.\n\nIn the management of pension funds, we at LHV have always made our first goal to protect clients’ assets, even in difficult circumstances, then to overcome the rate of inflation in the long term, and finally, to offer a better return than our competitors.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":46.59,"fundManager":"LHV"},"LLK50":{"heading":"LHV Pensionifond L","id":"l","code":"l","dataMarker":"LK50","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you have average risk tolerance,\n- your aim is the long-term growth of your pension savings.\n","strategy":"**Strategy**\n\nThe assets of the Fund are invested in various asset classes in both local and foreign markets. The Fund's assets may be invested extensively in unquoted instruments, which are primarily used for investing in securities issued by companies domiciled in the home market. The long-term preferred asset class of the fund is private equity investments.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":63510},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":19.9,"unit":"%"},{"name":"Shares","value":20.92,"unit":"%"},{"name":"Equity funds","value":10.79,"unit":"%"},{"name":"Real Estate funds","value":15.49,"unit":"%"},{"name":"Private Equity funds","value":26.02,"unit":"%"},{"name":"Money and deposits","value":6.87,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| ZKB Gold ETF | 4.25% |\n| EfTEN Kinnisvarafond | 3.68% |\n| iShares Gold Producers UCITS ETF | 3.32% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.30% |\n| East Capital Baltic Property Fund III | 2.30% |\n| SG Capital Partners Fund 1 | 2.19% |\n| Lyxor EURO STOXX Banks DR UCITS | 2.16% |\n| Usaldusfond EfTEN Real Estate Fund 4 | 2.12% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 2.00% |\n| Ardian ASF VIII | 1.82% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.68% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.30% |\n| East Capital Baltic Property Fund III | 2.30% |\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 31.08.2022) | 781,467,656.85 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 2 000 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\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:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,24%.\n\n**Ongoing charges (inc management fee):** 1,62%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2021 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_tingimused_26112020.pdf)\n- [Information to unit-holders (in Estonian)](/assets/files/pension/Osakuomanikele_antav_teave_LHV_Pensionifond_L.pdf)\n- [Comparison of investment policies (in Estonian)](/assets/files/pension/investeerimispoliitikate_vordlus_Eesti_L.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_L_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 August 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2022_08.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":8,"content":"### August 2022: We made a new private equity investment\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn August, world markets were predominantly pessimistic. The MSCI World Index, the US S&P 500, and the Japanese Nikkei Index fell 2.8%, 2.9% and 1.5% over the month in euros, respectively. The European stock exchanges went through a steeper decline last month, with the Euro Stoxx 50 index falling by 5.1%. Emerging markets were a contrast to this, as the MSCI Emerging Markets index rose by 1.5% in euros over the last month. The performance of local stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.\n\nWe included a new private equity fund, Investindustrial Growth III, in our over-the-counter (OTC) investments. The fund is managed by Investindustrial, a private equity company operating mainly in Southern Europe. This company has been investing in OTC companies since 1990, when it was first founded in Italy. While Investindustrial’s background gives it an edge in southern European markets, the company is also looking for investment opportunities in the rest of Europe. The Growth III fund focuses on fast-growing medium-sized companies operating primarily in Southern Europe and in four sectors: consumer, industrial, healthcare, and technology. The fund is now starting to invest and plans to buy into eight to ten companies.\n\nDomestic venture capital fund Superangel sold its first investment. Nordigen, an open banking company founded in Latvia, was sold to GoCardless, a company established in the United Kingdom. The Superangel fund invested in Nordigen in early 2020, and the fund’s portfolio still includes more than 40 companies.\n\nIn equity positions, precious metals investments showed signs of weakness. Investments were strong, however, in the energy sector, which forms the second cornerstone of our equity investments.\n\nThe fund’s listed stock investments remain in the commodity sector, with a focus on precious metals, energy, energy metals, renewable materials (wood) and various links in the related value chains. We believe that in an environment of rapid inflation, equity investments in the commodity sector will help us maintain and increase the purchasing power of our capital.\n"},{"year":2022,"month":7,"content":"### July 2022: We invested in Rimac, an electric hypercar manufacturer\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nStock markets mostly recovered in July. Measured in euros, the MSCI World index, the US stock market index, the S&P 500, and the Nasdaq Composite index, which tracks the technology sector, rose 10.7%, 12.2%, and 15.5%, respectively. Measured in euros, the Japanese Nikkei index fell 10.2%, while the European Euro Stoxx 50 index and the MSCI Emerging Markets index rose 7.4% and 2.1%, respectively. The local Baltic markets fluctuated: while the Riga and Vilnius stock markets rose by 0.6% and 1.1% respectively during the month, the Tallinn stock market fell by 1.2%.\n\nWe have added a new direct investment to the portfolio of over-the-counter investments: Rimac Automobili, a manufacturer of electric hypercars and high-capacity electric batteries. Founded in Croatia in 2009, the company owns brands such as Bugatti, which was acquired last November, in addition to Rimac. What makes the company unique is its focus segments of hypercars and supercars. Rimac manufactures electric batteries and other components for both Rimac’s own vehicle model and Bugatti, as well as car manufacturers such as Koenigsegg, Pininfarina, Aston Martin, and Porsche.\n\nLHV pension funds L and XL invested in Rimac Automobili in cooperation with the private capital company Investindustrial, which offered this investment opportunity to its fund investors. In addition to Investindustrial, Rimac’s leading investors include Porsche, Softbank, Hyundai, and Goldman Sachs. In June, the car manufacturer raised 500 million euros of new capital in its Series D investment round, as a result of which the value of the company rose to more than 2 billion euros. Rimac will use the new capital to finance growth and development.\n\nIn July, the local private equity company BaltCap announced that the BaltCap Latvia Venture Capital Fund, which they manage, had sold Vendon. Vendon, a company founded in Riga in 2011, has a primary business focus of the management of vending machines and the processing of related payments. Vendon’s core markets are European countries, where they handle more than 45,000 vending machines. The fund managed, by BaltCap, invested in Vendon in 2011 and Vendon was sold to the Spanish technology company Azkoyen.\n\nIn July, the fund’s investments in listed shares recovered from the previous month’s decline. Shares in US and European energy and copper mining companies rose the most. The share prices of Nordic listed companies also rose after several months. Against the background of a general rise in the markets, we saw a decline in investments related to precious metals.\n\nOur fund’s key investments remain in commodity-related shares, which have weathered this year’s market declines well. In July, we bought more shares in copper mining companies for the fund. Any level of economic activity reveals a deficit in the copper market, which comes from low capital investments and the continuing electrification trend.\n\nAs regards financing the projects of Estonian companies, we finalised a deal with Perton Ehitus to finance a development project of apartment buildings. Perton Ehitus sold bonds to LHV pension funds for the development of Kotzebue Park in the Kalamaja district in Tallinn for three years. The interest rate is 8.5% per annum and the bond is secured by a mortgage.\n"},{"year":2022,"month":6,"content":"### June 2022: We invested in the new venture capital fund Plural \n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn June, we saw a larger decline in stock markets. The MSCI World Index, the US S&P 500, the Japanese Nikkei Index and the European Euro Stoxx 50 fell 6.4%, 6.2%, 6.2% and 8.8% over the month in euros, respectively. The situation was no different in emerging markets, and the MSCI Emerging Markets index fell by 4.9% in June, measured in euros.\n\nThe Baltic markets were more modest. The Tallinn and Vilnius stock markets fell by 3.2% and 3.4%, respectively. The Riga stock market was an exception, growing by 7.2%.\n\nWe added the venture capital fund Plural 2022 as a new investment to the OTC investment portfolio. It is a fund founded by Taavet Hinrikus, Sten Tamkivi, Ian Hogarth and Khaled Helioui, experienced founders and investors in start-ups, whose focus is on start-ups with a global growth plan, operating mainly in Europe. What makes Plural unique is that only those who have first-hand experience in founding and developing start-ups can become investment managers and leaders. The size of the fund is 250 million euros and it has invested in 14 start-ups so far.\n\nIn June, local private equity firm BaltCap announced that their managed BaltCap Private Equity Fund II was selling the pump and pumping system rental company Uprent. It was acquired by Renta Group, a construction machinery and accessories rental company established in Finland. The BaltCap fund invested in Uprent in 2016. During the investment period, the company’s product range was successfully expanded, as were its operations in both the Baltic and Polish markets.\n\nJune was a negative month for listed equity investments, ending the worst half-year for equity markets in decades. Due to the decrease in economic activity, stock investments related to the commodity sector, which had better withstood market fluctuations in the first half of the year, fell the most in June. Equity investments in other industries were also under pressure.\n\nIn June, we acquired shares in US natural gas companies Range Resources and Antero Resources due to weakness in the energy sector. On the back of the continued electrification trend, we acquired shares in copper miner Freeport McMoran and the Global X Copper Miners ETF.\n\nIn our opinion, the structural deficit of commodities has not disappeared. Commodities have generally provided a good hedge against high inflation, because companies in the sector earn high profits, pay generous dividends and have low debt burdens. With limited supply, commodity companies are among the most interesting industries in the stock market right now.\n\nBond markets offer one of the best expected return prospects in an environment of rising interest rates. We therefore subscribed to the subordinated bonds of Coop Pank last month. The interest on the instruments is 10% per annum and the bank will have the first redemption right after five years. These are securities that in terms of complexity are closer to bank equity than deposits. LHV pension funds were the largest investor in the private placement.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Investing in an inflationary environment**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n","text":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n\nAfter rising 7.4% in July, the Stoxx 50 index, which represents some of the largest companies in Europe, lost 5.1% of its value in August. The performance of Baltic stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.\n\nThe European economy is in an extremely challenging situation, with the war in Ukraine contributing to extensive increases in energy expenditure. This is a huge blow, as Europe can only cover just over 40% of the energy it consumes, while the rest has to be imported.\n\nChart: Total energy imports and oil price in the Eurozone\n![Pilt](/assets/images/pension/Andrese_joonis_08.png){.pension-img}\n\nIn the past, the majority of the energy imports to Europe came from Russia, but after Russia began to wage war in Ukraine, Europe must look for alternatives to the energy bought from the aggressor state. Rising energy costs directly impact the prices of all goods and services that are produced using this energy. The rule of thumb is that if the price of natural gas rises by 100 euros per MWh, the rate of inflation will accelerate by 2%.\n\nHowever, rising inflation cannot be attributed solely to the increase in energy prices. For too long, monetary policies throughout the developed world were extremely loose, with central banks keeping interest rates too low and pumping out more and more liquidity. The deposit interest rate of the European Central Bank has been 0% since 2012 and has even turned negative in recent years.\n\nWhen the signs of inflation first emerged in spring 2021, central bank models predicted this would be temporary. After delaying for too long, they only responded to the inflation this spring. The European Central Bank continued to buy up bonds and pump money into the system, even until as late as the end of June 2022. Only when inflation in the Eurozone accelerated to 8.6% in July did the European Central Bank finally discard the policy of negative interest rates.\n\nAid packages introduced by governments during the COVID crisis were another factor contributing to the rapid growth of inflation. Although these kept the economy more or less going during difficult times, they were simply too universal in hindsight. Everyone was offered support, regardless of whether they actually needed it. When COVID restrictions were slowly lifted in the second half of 2021, the economies of developed countries began to overheat.\n\n**Seizing good opportunities**\n\nA high rate of inflation complicates the process of making investment decisions for companies, as it becomes difficult to estimate the behaviour of input prices, i.e. the price of labour and raw materials. In addition, a higher inflation rate also means rising interest rates and a higher cost of capital. With the future uncertain, companies are cautious in launching new projects and hiring employees.\n\nIn an inflationary environment, investors use higher risk premiums when evaluating companies, and they discount cash flows from future periods to their present value at higher interest rates. Rapid price growth may bring better turnover and profits for the company in the future, but if the present value of these cash flows is determined at a higher discount rate, the company’s value may still drop. The same logic applies to salaries: even if salaries increase by 10%, with 20% inflation, real salaries actually fall by 10%.\n\nBecause the real economy is harmed, few assets can hold real value during high inflation. Asset prices may rise in nominal terms, but adjusting these to the high inflation rate may still reveal that the real value of the assets has dropped. The companies that succeed in an inflationary environment are those with a unique, strong market position and the ability to price their products and services as the environment changes.\n\nInflation feeds risk into the investment environment, which is reflected in a greater fluctuation in securities prices. However, the biggest risk is that people give up on investing in the future. Both as businesses and as individuals. Keeping money in a bank account is not the wisest choice in an inflationary environment, where rising prices diminish the purchasing power of money with each passing day. The only thing worse than that, and a sure way of having empty pockets, is to spend money mindlessly.\n\nI believe that, in the longer term, Estonia’s nominal economic growth will be around 5 or 6%. Projects with moderate risk that offer a higher return than this would therefore make a worthwhile investment today. Of course, higher-risk projects should include an additional risk premium, because not every investment may go as expected.\n\nIn the management of pension funds, we at LHV have always made our first goal to protect clients’ assets, even in difficult circumstances, then to overcome the rate of inflation in the long term, and finally, to offer a better return than our competitors.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":34.46,"fundManager":"LHV"},"LXK75":{"heading":"LHV Pensionifond XL","id":"xl","code":"xl","dataMarker":"XLK50","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are prepared to take above-average risks,\n- your aim is the long-term growth of your pension savings.\n","strategy":"**Strategy**\n\nThe Fund prefers foreign markets, more liquid and traded instruments on regulated markets when investing assets. The assets of the Fund may be invested in their entirety in equities, equity funds and other equity-like instruments. The Fund is allowed to borrow up to 10% of the Fund's assets value. The long-term preferred asset class of the fund is public equity investments.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":25149},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":26.45,"unit":"%"},{"name":"Shares","value":25.19,"unit":"%"},{"name":"Equity funds","value":10.89,"unit":"%"},{"name":"Real Estate funds","value":11.64,"unit":"%"},{"name":"Private Equity funds","value":18.61,"unit":"%"},{"name":"Money and deposits","value":7.22,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 9.75% |\n| German Treasury Bill 21/09/2022 | 4.79% |\n| ZKB Gold ETF | 3.90% |\n| Axcel VI | 2.77% |\n| iShares Gold Producers UCITS ETF | 2.77% |\n| Lyxor EURO STOXX Banks DR UCITS | 2.64% |\n| Usaldusfond EfTEN Real Estate Fund 4 | 2.57% |\n| East Capital Baltic Property Fund III | 2.48% |\n| EfTEN Kinnisvarafond | 2.27% |\n| Monte Rosa V Class J | 2.20% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 2.48% |\n| EfTEN Kinnisvarafond | 2.27% |\n| Lumi Kodud Aiandi omanikulaen | 2.08% |\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 31.08.2022) | 198,133,810.03 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 530 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\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:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,28%.\n\n**Ongoing charges (inc management fee):** 1,28%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2021 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_KIID_2022.pdf)\n- [Key Investor Information (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_KIID_01092022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 August 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2022_08.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":8,"content":"### August 2022: In a falling stock market, the energy sector proved strong\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn August, world markets were predominantly pessimistic. The MSCI World Index, the US S&P 500, and the Japanese Nikkei Index fell 2.8%, 2.9% and 1.5% over the month in euros, respectively. The European stock exchanges went through a steeper decline last month, with the Euro Stoxx 50 index falling by 5.1%. Emerging markets were a contrast to this, as the MSCI Emerging Markets index rose by 1.5% in euros over the last month. The performance of local stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.\n\nDomestic venture capital fund Superangel sold its first investment. Nordigen, an open banking company founded in Latvia, was sold to GoCardless, a company established in the United Kingdom. The Superangel fund invested in Nordigen in early 2020, and the fund’s portfolio still includes more than 40 companies.\n\nIn equity positions, precious metals investments showed signs of weakness. Investments were strong, however, in the energy sector, which forms the second cornerstone of our equity investments.\n\nThe fund’s listed stock investments remain in the commodity sector, with a focus on precious metals, energy, energy metals, renewable materials (wood) and various links in the related value chains. We believe that in an environment of rapid inflation, equity investments in the commodity sector will help us maintain and increase the purchasing power of our capital.\n"},{"year":2022,"month":7,"content":"### July 2022: We invested in Rimac, an electric hypercar manufacturer\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nStock markets mostly recovered in July. Measured in euros, the MSCI World index, the US stock market index, the S&P 500, and the Nasdaq Composite index, which tracks the technology sector, rose 10.7%, 12.2%, and 15.5%, respectively. Measured in euros, the Japanese Nikkei index fell 10.2%, while the European Euro Stoxx 50 index and the MSCI Emerging Markets index rose 7.4% and 2.1%, respectively. The local Baltic markets fluctuated: while the Riga and Vilnius stock markets rose by 0.6% and 1.1% respectively during the month, the Tallinn stock market fell by 1.2%.\n\nWe have added a new direct investment to the portfolio of over-the-counter investments: Rimac Automobili, a manufacturer of electric hypercars and high-capacity electric batteries. Founded in Croatia in 2009, the company owns brands such as Bugatti, which was acquired last November, in addition to Rimac. What makes the company unique is its focus segments of hypercars and supercars. Rimac manufactures electric batteries and other components for both Rimac’s own vehicle model and Bugatti, as well as car manufacturers such as Koenigsegg, Pininfarina, Aston Martin, and Porsche.\n\nLHV pension funds L and XL invested in Rimac Automobili in cooperation with the private capital company Investindustrial, which offered this investment opportunity to its fund investors. In addition to Investindustrial, Rimac’s leading investors include Porsche, Softbank, Hyundai, and Goldman Sachs. In June, the car manufacturer raised 500 million euros of new capital in its Series D investment round, as a result of which the value of the company rose to more than 2 billion euros. Rimac will use the new capital to finance growth and development.\n\nIn July, the fund’s investments in listed shares recovered from the previous month’s decline. Shares in US and European energy and copper mining companies rose the most. The share prices of Nordic listed companies also rose after several months. Against the background of a general rise in the markets, we saw a decline in investments related to precious metals.\n\nOur fund’s key investments remain in commodity-related shares, which have weathered this year’s market declines well. In July, we bought more shares in copper mining companies for the fund. Any level of economic activity reveals a deficit in the copper market, which comes from low capital investments and the continuing electrification trend.\n"},{"year":2022,"month":6,"content":"### June 2022: We invested in the new venture capital fund Plural\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn June, we saw a larger decline in stock markets. The MSCI World Index, the US S&P 500, the Japanese Nikkei Index and the European Euro Stoxx 50 fell 6.4%, 6.2%, 6.2% and 8.8% over the month in euros, respectively. The situation was no different in emerging markets, and the MSCI Emerging Markets index fell by 4.9% in June, measured in euros.\n\nThe Baltic markets were more modest. The Tallinn and Vilnius stock markets fell by 3.2% and 3.4%, respectively. The Riga stock market was an exception, growing by 7.2%.\n\nWe added the venture capital fund Plural 2022 as a new investment to the OTC investment portfolio. It is a fund founded by Taavet Hinrikus, Sten Tamkivi, Ian Hogarth and Khaled Helioui, experienced founders and investors in start-ups, whose focus is on start-ups with a global growth plan, operating mainly in Europe. What makes Plural unique is that only those who have first-hand experience in founding and developing start-ups can become investment managers and leaders. The size of the fund is 250 million euros and it has invested in 14 start-ups so far.\n\nJune was a negative month for listed equity investments, ending the worst half-year for equity markets in decades. Due to the decrease in economic activity, stock investments related to the commodity sector, which had better withstood market fluctuations in the first half of the year, fell the most in June. Equity investments in other industries were also under pressure.\n\nIn June, we acquired shares in US natural gas companies Range Resources and Antero Resources due to weakness in the energy sector. On the back of the continued electrification trend, we acquired shares in copper miner Freeport McMoran and the Global X Copper Miners ETF.\n\nIn our opinion, the structural deficit of commodities has not disappeared. Commodities have generally provided a good hedge against high inflation, because companies in the sector earn high profits, pay generous dividends and have low debt burdens. With limited supply, commodity companies are among the most interesting industries in the stock market right now.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Investing in an inflationary environment**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n","text":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n\nAfter rising 7.4% in July, the Stoxx 50 index, which represents some of the largest companies in Europe, lost 5.1% of its value in August. The performance of Baltic stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.\n\nThe European economy is in an extremely challenging situation, with the war in Ukraine contributing to extensive increases in energy expenditure. This is a huge blow, as Europe can only cover just over 40% of the energy it consumes, while the rest has to be imported.\n\nChart: Total energy imports and oil price in the Eurozone\n![Pilt](/assets/images/pension/Andrese_joonis_08.png){.pension-img}\n\nIn the past, the majority of the energy imports to Europe came from Russia, but after Russia began to wage war in Ukraine, Europe must look for alternatives to the energy bought from the aggressor state. Rising energy costs directly impact the prices of all goods and services that are produced using this energy. The rule of thumb is that if the price of natural gas rises by 100 euros per MWh, the rate of inflation will accelerate by 2%.\n\nHowever, rising inflation cannot be attributed solely to the increase in energy prices. For too long, monetary policies throughout the developed world were extremely loose, with central banks keeping interest rates too low and pumping out more and more liquidity. The deposit interest rate of the European Central Bank has been 0% since 2012 and has even turned negative in recent years.\n\nWhen the signs of inflation first emerged in spring 2021, central bank models predicted this would be temporary. After delaying for too long, they only responded to the inflation this spring. The European Central Bank continued to buy up bonds and pump money into the system, even until as late as the end of June 2022. Only when inflation in the Eurozone accelerated to 8.6% in July did the European Central Bank finally discard the policy of negative interest rates.\n\nAid packages introduced by governments during the COVID crisis were another factor contributing to the rapid growth of inflation. Although these kept the economy more or less going during difficult times, they were simply too universal in hindsight. Everyone was offered support, regardless of whether they actually needed it. When COVID restrictions were slowly lifted in the second half of 2021, the economies of developed countries began to overheat.\n\n**Seizing good opportunities**\n\nA high rate of inflation complicates the process of making investment decisions for companies, as it becomes difficult to estimate the behaviour of input prices, i.e. the price of labour and raw materials. In addition, a higher inflation rate also means rising interest rates and a higher cost of capital. With the future uncertain, companies are cautious in launching new projects and hiring employees.\n\nIn an inflationary environment, investors use higher risk premiums when evaluating companies, and they discount cash flows from future periods to their present value at higher interest rates. Rapid price growth may bring better turnover and profits for the company in the future, but if the present value of these cash flows is determined at a higher discount rate, the company’s value may still drop. The same logic applies to salaries: even if salaries increase by 10%, with 20% inflation, real salaries actually fall by 10%.\n\nBecause the real economy is harmed, few assets can hold real value during high inflation. Asset prices may rise in nominal terms, but adjusting these to the high inflation rate may still reveal that the real value of the assets has dropped. The companies that succeed in an inflationary environment are those with a unique, strong market position and the ability to price their products and services as the environment changes.\n\nInflation feeds risk into the investment environment, which is reflected in a greater fluctuation in securities prices. However, the biggest risk is that people give up on investing in the future. Both as businesses and as individuals. Keeping money in a bank account is not the wisest choice in an inflationary environment, where rising prices diminish the purchasing power of money with each passing day. The only thing worse than that, and a sure way of having empty pockets, is to spend money mindlessly.\n\nI believe that, in the longer term, Estonia’s nominal economic growth will be around 5 or 6%. Projects with moderate risk that offer a higher return than this would therefore make a worthwhile investment today. Of course, higher-risk projects should include an additional risk premium, because not every investment may go as expected.\n\nIn the management of pension funds, we at LHV have always made our first goal to protect clients’ assets, even in difficult circumstances, then to overcome the rate of inflation in the long term, and finally, to offer a better return than our competitors.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":25.43,"fundManager":"LHV"},"LIK75":{"heading":"LHV Pensionifond Indeks","id":"indeks","code":"lik","dataMarker":"LIK75","suitability":"**Suitable if**\n- you want to invest in financial markets on a continuous basis,\n- you wish to grow your pension pillar at the lowest possible costs,\n- you have prior personal investment experience.\n","strategy":"**Strategy**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":16278},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.19,"unit":"%"},{"name":"Money and deposits","value":1.81,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 28.99% |\n| Lyxor Core MSCI World DR UCITS | 28.07% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 13.63% |\n| HSBC MSCI Emerging Markets UCITS | 11.11% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 7.90% |\n| SPDR MSCI World UCITS ETF | 4.67% |\n| iShares MSCI Frontier and Select EM ETF | 3.81% |\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 31.08.2022) | 71,557,582.82 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 350 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\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:** 0.2000%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,33%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2021. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused_2021_02.pdf)\n- [Analysis of the amendment of funds' terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_Indeks.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_prospekt_2022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_KIID_2022.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_09_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 August 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2022_08.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109401","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV"},"TUK00":{"heading":"Tuleva Maailma Võlakirjade Pensionifond","id":"tv","code":"tv","dataMarker":"TUK00","suitability":"**Suitable if**\n- you have less than 10 years till retirement,\n- you are willing to forgo higher returns in order to avoid losses.\n","strategy":"**Strategy**\n\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":1859},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":97.54,"unit":"%"},{"name":"Money and deposits","value":2.5,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.75% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 24.35% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 24.32% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.12% |\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):** 0.41%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600109443","strategyType":"Conservative","managementStyle":"Passive","riskLevel":3,"countryShareEe":0,"fundManager":"Tuleva"},"TUK75":{"heading":"Tuleva Maailma Aktsiate Pensionifond","id":"ta","code":"ta","dataMarker":"TUK75","suitability":"**Suitable if**\n- you are younger than 55 years,\n- you would like to earn best expected return over long term and you are not disturbed by short-term fluctuations of the market.\n","strategy":"**Strategy**\n\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":25913},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":94.19,"unit":"%"},{"name":"Bond funds","value":5.66,"unit":"%"},{"name":"Money and deposits","value":0.18,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - World Equity Index - X2 | 27.73% |\n| BlackRock ISF - Developed World Index | 27.61% |\n| BlackRock ISF - Developed World ESG Screened Index | 27.49% |\n| BlackRock ISF - Emerging Markets Index | 11.36% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 5.66% |\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):** 0.37%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109435","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva"},"SEK50":{"heading":"SEB Progressiivne Pensionifond","id":"progressiivne","code":"progressiivne","dataMarker":"SEK50","suitability":"**Suitable if**\n- you have more than 3 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nFund invests up to 50% of its assets in shares, with the remainder allocated to bonds and deposits. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":50044},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":21.51,"unit":"%"},{"name":"Shares","value":4.05,"unit":"%"},{"name":"Equity funds","value":43.89,"unit":"%"},{"name":"Real Estate funds","value":9.55,"unit":"%"},{"name":"Private Equity funds","value":0.83,"unit":"%"},{"name":"Bond funds","value":14.51,"unit":"%"},{"name":"Money and deposits","value":5.67,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublic Deutschland 2% 15.08.2023 | 10.72% |\n| SEB Fund 3 - SEB Global Exposure Fund | 10.40% |\n| SEB Global Exposure Fund | 8.53% |\n| iShares Core MSCI World UCITS ETF | 8.17% |\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 7.12% |\n| EfTEN Real Estate Fund IV | 4.91% |\n| J O Hambro Capital Management Umbrella Fund plc - Global Select Fund | 3.38% |\n| iShares MSCI World ESG Screened UCITS ETF | 3.37% |\n| HSBC MSCI Emerging Markets UCITS ETF | 2.84% |\n| iShares Core S&P 500 UCITS ETF | 2.42% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.15% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 2.02% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.63% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.00%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019725","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":11.57,"fundManager":"SEB"},"SEK25":{"heading":"SEB Optimaalne Pensionifond","id":"optimaalne","code":"optimaalne","dataMarker":"SEK25","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\n\nFund mainly invests in bonds and deposits, with up to 25% invested in shares. As the fund largely invests in bonds and deposits, there may be moderate fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":3341},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":33.73,"unit":"%"},{"name":"Shares","value":3.58,"unit":"%"},{"name":"Equity funds","value":17.59,"unit":"%"},{"name":"Real Estate funds","value":11.59,"unit":"%"},{"name":"Private Equity funds","value":0.46,"unit":"%"},{"name":"Bond funds","value":29.09,"unit":"%"},{"name":"Money and deposits","value":4.39,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 12.91% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 12.02% |\n| SEB Fund 3 - SEB Global Exposure Fund | 5.69% |\n| EfTEN Real Estate Fund IV | 5.36% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 4.69% |\n| SEB Global Exposure Fund | 4.67% |\n| Bundesrepublic Deutschland 1% 15.08.2025 | 3.78% |\n| PIMCO GIS Euro Credit Fund | 3.66% |\n| Bundesrepublic Deutschland 0.5% 15.08.2027 | 3.33% |\n| Bundesrepublic Deutschland 0% 15.08.2030 | 3.29% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.32% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 2.20% |\n| Birdeye Timber Fund 3 Usaldusfond | 2.03% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.99%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098612","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":11.46,"fundManager":"SEB"},"SEK00":{"heading":"SEB Konservatiivne Pensionifond","id":"konservatiivne","code":"konservatiivne","dataMarker":"SEK00","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\n\nInvests at least 90% of its assets in investment grade bonds, money market instruments and deposits. Up to 10% is allowed to invest into other assets, including equities. Investment in these asset classes involves lower risks, meaning that there is little fluctuation in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":7222},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":31.73,"unit":"%"},{"name":"Equity funds","value":8,"unit":"%"},{"name":"Bond funds","value":55.77,"unit":"%"},{"name":"Money and deposits","value":4.5,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 25.36% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 23.83% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 8.81% |\n| PIMCO GIS Euro Credit Fund | 6.58% |\n| Bundesrepublic Deutschland 0.5% 15.08.2027 | 4.71% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 3.96% |\n| iShares MSCI World ESG Screened UCITS ETF | 3.18% |\n| Augstsprieguma Tikls 0.5% 20.01.2027 | 2.38% |\n| SEB Fund 3 - SEB Global Exposure Fund | 1.45% |\n| SEB Global Exposure Fund | 1.42% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank FRN 03.12.2024 | 1.11% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 1.04% |\n| Luminor Bank FRN 23.09.2026 | 0.73% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.39%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.50%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":4.34,"fundManager":"SEB"},"SEK100":{"heading":"SEB Pensionifond 100","id":"sek100","code":"sek100","dataMarker":"SEK100","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a high risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nInvests up to 100% of its assets in shares. This involves high risks, resulting in big fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":2349},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":2.21,"unit":"%"},{"name":"Equity funds","value":89.12,"unit":"%"},{"name":"Real Estate funds","value":0.14,"unit":"%"},{"name":"Money and deposits","value":8.52,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI World ESG Screened UCITS ETF | 28.01% |\n| SEB Global Exposure Fund | 10.94% |\n| iShares MSCI World ESG Enhanced UCITS ETF | 7.67% |\n| HSBC MSCI Emerging Markets UCITS ETF | 4.82% |\n| SEB Global Exposure Fund | 4.65% |\n| iShares MSCI USA ESG Screened UCITS ETF | 4.63% |\n| Amundi Prime Global UCITS ETF DR | 4.22% |\n| Invesco Markets PLC - Invesco S&P 500 ESG UCITS ETF | 4.19% |\n| Xtrackers MSCI World Consumer Staples UCITS ETF | 3.01% |\n| iShares MSCI World Health Care Sector ESG UCITS ETF | 2.94% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Enefit Green AS | 1.31% |\n| Hepsor AS | 0.36% |\n| Tallinna Sadam AS | 0.36% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.99%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001699","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":2.03,"fundManager":"SEB"},"SWK99":{"heading":"Swedbank pensionifond indeks 1990–99 sündinutele","id":"k9099","code":"k99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born in the 90s and remember that you had to rewind video cassettes to watch them;\n- you want to invest comfortably in one fund until retirement;\n- you want the fund to invest with your age;\n- you want to save in Estonia’s lowest-fee II pillar fund.\n","strategy":"**Strategy**\n\nThe Fund is established as a lifecycle fund with so called passive investment strategy, meaning that the assets of the Fund are invested into financial instruments that track global indices and the Management Company reduces the ratio of instruments carrying equity risk in the Fund´s assets over time pursuant to the conditions and prospectus of the Fund.\nThe proportion of investments with equity risk will only ever vary from the indicated level by max. 2%. The remainder is invested in bonds, other debt instruments, deposits and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":42104},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":96.11,"unit":"%"},{"name":"Equity funds","value":3.42,"unit":"%"},{"name":"Money and deposits","value":0.5,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Apple | 4.97% |\n| Microsoft | 3.67% |\n| Access Global A | 3.42% |\n| Amazon.com | 2.33% |\n| Alphabet A | 1.43% |\n| Alphabet C | 1.02% |\n| Berkshire Hathaway B | 0.90% |\n| United Health | 0.86% |\n| Johnson & Johnson | 0.83% |\n| Nvidia | 0.81% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.33%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109393","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank pensionifond 1980–89 sündinutele","id":"k4","code":"k4","dataMarker":"SWK75","suitability":"**Suitable if**\n- you were born in the 80s and remember how good it was to drink kvass as a child,\n- you want to invest comfortably in one fund until retirement,\n- you want the fund to invest with your age,\n- you want to accumulate in a fund with good return.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level changes over time. When you are younger, you can take more risks and invest in equities. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably. \n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":68836},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.92,"unit":"%"},{"name":"Shares","value":51.18,"unit":"%"},{"name":"Equity funds","value":30.26,"unit":"%"},{"name":"Real Estate funds","value":6.82,"unit":"%"},{"name":"Private Equity funds","value":1.41,"unit":"%"},{"name":"Money and deposits","value":8.46,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Access Edge Emerging Markets A | 7.05% |\n| Access Europa A | 5.59% |\n| Amundi Index MSCI World SRI UC | 4.38% |\n| Globalfond A | 3.72% |\n| AMUNDI I.S-MSCI EME.E.L.-UCI.ETF DR USD | 2.76% |\n| Apple | 2.24% |\n| Transition Energy A | 1.88% |\n| iShares Agribusiness UCITS ETF | 1.85% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 1.76% |\n| Microsoft | 1.72% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II AS | 1.57% |\n| East Capital Baltic Property Fund III | 1.09% |\n| LHV Group 9.500% Perpetual | 0.76% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.66%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103248","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":9.86,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank pensionifond 1970–79 sündinutele","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- you were born in the 70s and remember dreaming of jeans from abroad,\n- you want to invest comfortably in one fund until retirement,\n- you want the fund to invest with your age,\n- you want your fund to make sustainable investments.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level of equities changes over time. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":80843},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":10.02,"unit":"%"},{"name":"Shares","value":40.96,"unit":"%"},{"name":"Equity funds","value":25.55,"unit":"%"},{"name":"Real Estate funds","value":9.87,"unit":"%"},{"name":"Private Equity funds","value":1.45,"unit":"%"},{"name":"Bond funds","value":4.4,"unit":"%"},{"name":"Money and deposits","value":7.79,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Access Edge Emerging Markets A | 5.14% |\n| iShares USD Treasury Bond 1-3yr UCITS ETF | 4.40% |\n| Access Europa A | 4.37% |\n| Amundi Index MSCI World SRI UC | 3.85% |\n| Globalfond A | 3.50% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 3.26% |\n| EfTEN Kinnisvarafond II AS | 3.06% |\n| East Capital Baltic Property Fund III | 2.00% |\n| Transition Energy A | 1.89% |\n| Apple | 1.84% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 3.06% |\n| East Capital Baltic Property Fund III | 2.00% |\n| Lumi Retal Property Fund | 1.06% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.65%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019758","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":14.04,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank pensionifond 1960–69 sündinutele","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- you were born in the 60s and remember the songs of ‘Horoskoop’,\n- you want to invest comfortably in one fund until retirement,\n- you want the fund to invest with your age,\n- you want your fund to make sustainable investments.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level changes automatically over time. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":26347},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":29.88,"unit":"%"},{"name":"Shares","value":23.2,"unit":"%"},{"name":"Equity funds","value":12.95,"unit":"%"},{"name":"Real Estate funds","value":14.2,"unit":"%"},{"name":"Private Equity funds","value":0.81,"unit":"%"},{"name":"Bond funds","value":18.3,"unit":"%"},{"name":"Money and deposits","value":0.72,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares USD Treasury Bond 1-3yr UCITS ETF | 16.60% |\n| EfTEN Kinnisvarafond II AS | 4.84% |\n| Access Edge Emerging Markets A | 3.11% |\n| Access Europa A | 2.58% |\n| East Capital Baltic Property Fund III | 2.52% |\n| Amundi Index MSCI World SRI UC | 2.03% |\n| Luminor Bank VAR 241203 | 1.72% |\n| Birdeye Capital Timber Fund 2 | 1.71% |\n| Corporate Bond Europe High Yield A | 1.70% |\n| Usaldusfond EfTEN Real Estate Fund 4 | 1.53% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.84% |\n| East Capital Baltic Property Fund III | 2.52% |\n| Luminor Bank VAR | 1.72% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.66%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019741","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":21.99,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond Konservatiivne","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your age is 63 years or above,\n- you are a pension saver with low risk tolerance,\n- your objective is to grow your pension assets in the short term (less than three years).\n","strategy":"**Strategy**\n\nAt least 80% of the fund’s assets are invested in bonds, money market instruments, and deposits. The rest is invested in equities, real estate, and other authorised assets. The fund unit price does not fluctuate significantly over a shorter period. It is not a life-cycle fund. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":6884},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":57.08,"unit":"%"},{"name":"Real Estate funds","value":11.54,"unit":"%"},{"name":"Bond funds","value":29.78,"unit":"%"},{"name":"Money and deposits","value":1.63,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares USD Treasury Bond 1-3yr UCITS ETF | 19.74% |\n| Lyxor US Treasury 1-3Y DR UCITS ETF | 10.03% |\n| East Capital Baltic Property Fund III | 9.05% |\n| Luminor Bank VAR 241203 | 5.24% |\n| Altum 1.300% 250307 | 2.68% |\n| Nykredit Realkredit 0.250% 260113 | 2.20% |\n| City of Tallinn Estonia FRN 271129 | 2.12% |\n| Volkswagen Financial Services 3.375% 280406 | 1.89% |\n| Ignitis 2.000% 300521 | 1.82% |\n| Swedbank 0.200% 280112 | 1.81% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 9.05% |\n| Luminor Bank VAR 241203 | 5.24% |\n| City of Tallinn Estonia FRN 271129 | 2.12% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.37%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":24.34,"fundManager":"Swedbank"},"SEK75":{"heading":"SEB Energiline Pensionifond","id":"energiline","code":"energiline","dataMarker":"SEK75","suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nFund up to 75% of its assets in shares, with the remainder allocated to bonds and deposits. Investing mainly in shares involves higher risks, resulting in bigger fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":22718},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":12.38,"unit":"%"},{"name":"Shares","value":4.55,"unit":"%"},{"name":"Equity funds","value":63.17,"unit":"%"},{"name":"Real Estate funds","value":6.03,"unit":"%"},{"name":"Private Equity funds","value":0.4,"unit":"%"},{"name":"Bond funds","value":6.36,"unit":"%"},{"name":"Money and deposits","value":7.12,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| SEB Fund 3 - SEB Global Exposure Fund | 12.31% |\n| iShares MSCI World ESG Screened UCITS ETF | 10.44% |\n| SEB Global Exposure Fund | 9.93% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 6.39% |\n| HSBC MSCI Emerging Markets UCITS ETF | 4.32% |\n| J O Hambro Capital Management Umbrella Fund plc - Global Select Fund | 4.28% |\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 3.34% |\n| Xtrackers MSCI World Consumer Staples UCITS ETF | 3.00% |\n| iShares MSCI World Health Care Sector ESG UCITS ETF | 2.94% |\n| EfTEN Real Estate Fund IV | 2.91% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Enefit Green AS | 1.64% |\n| Tallinna Sadam AS | 1.63% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.52% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.97%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103297","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":8.76,"fundManager":"SEB"},"SIK75":{"heading":"SEB Pensionifond Indeks 100","id":"eindeks","code":"sik","dataMarker":"SIK75","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a medium risk fund,\n- your goal is to mirror securities markets.\n","strategy":"**Strategy**\n\nInvests up to 100% of its assets in equities, by implementing a passive investment strategy and mirroring securities markets. Investing in equities involves high risks, resulting in big fluctuations in the value of the fund’s assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":20616},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.52,"unit":"%"},{"name":"Money and deposits","value":0.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF DR | 28.84% |\n| iShares Core S&P 500 UCITS ETF | 26.29% |\n| Vanguard S&P 500 UCITS ETF | 16.49% |\n| HSBC MSCI Emerging Markets UCITS ETF | 11.13% |\n| Lyxor Core STOXX Europe 600 DR ETF | 9.72% |\n| Xtrackers Nikkei 225 UCITS ETF | 3.21% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 1.94% |\n| UBS Lux Fund Solutions - MSCI Canada UCITS ETF | 1.90% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.36%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109427","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"SEB"},"NPK00":{"heading":"Luminor C Pensionifond","id":"c","code":"c","dataMarker":"NPK00","suitability":"**Suitable if**\n- your saving period is less than 3 years,\n- you would rather protect your pension assets instead of focusing on the growth.\n","strategy":"**Strategy**\n\nInvests a maximum of 10% of the fund's assets in shares and similar risk-bearing assets. At times of high interest rates, the fund may invest most of its assets in deposits to avoid setbacks on the bond markets.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":3828},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":9.96,"unit":"%"},{"name":"Equity funds","value":2.11,"unit":"%"},{"name":"Bond funds","value":82.41,"unit":"%"},{"name":"Money and deposits","value":5.51,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Vanguard Euro Government Bond | 18.26% |\n| Nordea 1 - US Corporate Bond Fund | 12.51% |\n| Amundi Index Euro Agg Corporate | 11.64% |\n| iShares Euro Investment Grade | 11.58% |\n| Robeco Euro Credit Bond Fund | 10.69% |\n| iShares Euro Corporate Bond Interest | 7.28% |\n| Nordea 2 - US Corporate Enhanced | 4.28% |\n| EPSO-G 3.117% | 2.51% |\n| Xtrackers USD Corporate Bond | 2.27% |\n| Neuberger Berman Emerging Market | 2.05% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Estonian Eurobond 0,125 | 1.46% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.00%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":1.46,"fundManager":"Luminor"},"NPK25":{"heading":"Luminor B Pensionifond","id":"b","code":"b","dataMarker":"NPK25","suitability":"**Suitable if**\n- your saving period is more than 3 years,\n- you want to grow your pension assets, but do not want to take the risk of significant decreases in the price of the accumulated assets.\n","strategy":"**Strategy**\n\nInvests a maximum of 30% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":1808},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":6.41,"unit":"%"},{"name":"Equity funds","value":21,"unit":"%"},{"name":"Real Estate funds","value":3.1,"unit":"%"},{"name":"Bond funds","value":65.3,"unit":"%"},{"name":"Money and deposits","value":4.21,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade | 9.99% |\n| Amundi Index Euro Agg Corporate | 9.95% |\n| Vanguard Euro Government Bond | 8.13% |\n| Robeco Euro Credit Bond Fund | 7.39% |\n| Neuberger Berman Emerging Market | 7.06% |\n| Nordea 1 - US Corporate Bond Fund | 5.19% |\n| iShares Euro Government Bond 3-5 yr | 4.47% |\n| Nordea 2 - Emerging Mkt Hard Ccy | 4.06% |\n| Nordea 1 - European High Yield Bond | 3.92% |\n| iShares S&P 500 UCITS ETF | 3.74% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.10% |\n| Estonian Eurobond 0,125 | 0.90% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.39%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098448","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":4,"fundManager":"Luminor"},"NPK75":{"heading":"Luminor A Pluss Pensionifond","id":"apluss","code":"A pluss","dataMarker":"NPK75","suitability":"**Suitable if**\n- your saving period is more than 20 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve potentially high return on assets in the longer run despite short-term fluctuations in prices.\n","strategy":"**Strategy**\n\nInvests a maximum of 100% of fund assets in equity and assets with similar risk. The rest is invested in bonds, deposits or similar instruments. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":8558},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":83.96,"unit":"%"},{"name":"Real Estate funds","value":2.51,"unit":"%"},{"name":"Bond funds","value":5.57,"unit":"%"},{"name":"Money and deposits","value":7.96,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares Developed World Index Fund | 7.86% |\n| iShares Core MSCI World UCITS ETF | 7.24% |\n| iShares S&P 500 UCITS ETF | 6.97% |\n| iShares Core S&P 500 UCITS ETF | 6.89% |\n| Robeco Emerging Markets Equities | 5.49% |\n| Hermes Global Emerging Markets Fund | 5.14% |\n| Nordea-1 Global Portfolio BI EUR | 4.84% |\n| Screened Index Fund (IE) Inst Acc | 4.69% |\n| Neuberger Berman Sustainable Global | 4.63% |\n| Vanguard Global Stock Index Fund | 4.12% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.36% |\n| EfTEN Kinnisvarafond AS | 0.15% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.45%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103503","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":2.51,"fundManager":"Luminor"},"NPK50":{"heading":"Luminor A Pensionifond","id":"A","code":"A","dataMarker":"NPK50","suitability":"**Suitable if**\n- your saving period is more than 10 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve a somewhat higher return on assets regardless of short-term price fluctuations.\n","strategy":"**Strategy**\n\nInvests a maximum of 60% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":15331},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":3.06,"unit":"%"},{"name":"Equity funds","value":49.34,"unit":"%"},{"name":"Real Estate funds","value":6.35,"unit":"%"},{"name":"Bond funds","value":34.14,"unit":"%"},{"name":"Money and deposits","value":7.09,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS | 9.26% |\n| Neuberger Berman Emerging Market | 6.79% |\n| iShares S&P 500 UCITS ETF | 6.33% |\n| Robeco Euro Credit Bond Fund | 4.89% |\n| EFTEN Kinnisvarafond II AS | 4.67% |\n| iShares Euro Investment Grade | 4.42% |\n| Hermes Global Emerging Markets | 3.89% |\n| Screened Index Fund (IE) Inst Acc | 3.89% |\n| Robeco Emerging Markets Equities | 3.77% |\n| Xtrackers USD Corporate Bond | 3.45% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.67% |\n| EfTEN Kinnisvarafond AS | 1.68% |\n| Estonian Eurobond | 0.78% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.39%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098430","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":7.13,"fundManager":"Luminor"},"NIK100":{"heading":"Luminor Pensionifond Jätkusuutlik Tulevik, Indeks","id":"jatkusuutlik","code":"jatkusuutlik","dataMarker":"NIK100","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate possible short-term fluctuations in the value of the assets well in order to earn a potentially higher than average return in the long term.\n","strategy":"**Strategy**\n\nThe fund’s assets are invested in equity funds and other similar instruments. The equity risk is maintained at around 100% regardless of the situation on financial markets. The fund invests globally. The fund may invest in different industries and regions and assets denominated in different currencies.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":323},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":93.56,"unit":"%"},{"name":"Money and deposits","value":6.45,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI EM SRI ETF | 23.54% |\n| UBS (Lux) Fund Solutions - MSCI | 19.00% |\n| iShares MSCI World SRI UCITS ETF | 18.78% |\n| Amundi Index MSCI World SRI - UCITS | 18.32% |\n| BNP Paribas Easy MSCI World SRI S | 13.92% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1,39%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001806","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor"},"SPT30":{"heading":"Luminor Intress Pluss Pensionifond","id":"intress-pluss","code":"lum_int","dataMarker":"SPT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is more than 3 years long,\n- you want to increase your pension assets, but do not want to take risks at the price of significant decrease in the value of collected assets.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,2%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109369, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.84%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Täiendav Pensionifond","id":"taiendav","code":"lhv_iii","dataMarker":"LHT75","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have medium risk tolerance,\n- you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money tax-effectively after reaching retirement age.\n","strategy":"**Strategy**\nThe fund makes significant investments in equity markets: to ensure maximum growth, the proportion of equity markets is kept close to 75% of the value of the fund’s assets. The proportion of equity markets may also be higher – up to 95% – or lower (in recent years close to 40%), if considered reasonable by the fund manager.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"date":"30.09.2020","capacity":"18,195,533.69 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":41.73,"unit":"%"},{"name":"Shares","value":24.4,"unit":"%"},{"name":"Equity funds","value":13.54,"unit":"%"},{"name":"Real Estate funds","value":13.88,"unit":"%"},{"name":"Private Equity funds","value":2.89,"unit":"%"},{"name":"Money and deposits","value":3.56,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022.\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 7.85% |\n| German Treasury Bill 21/09/2022 | 7.68% |\n| German Treasury Bill 14/12/2022 | 6.77% |\n| German Government 1.5% 04/09/22 | 6.41% |\n| ZKB Gold ETF | 4.33% |\n| EfTEN Kinnisvarafond | 4.27% |\n| iShares Gold Producers UCITS ETF | 3.26% |\n| Lyxor EURO STOXX Banks DR UCITS | 2.81% |\n| BIGBANK 7.5% 16/05/2032 | 2.77% |\n| East Capital Baltic Property Fund III | 2.64% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.27% |\n| BIGBANK 7.5% 16/05/2032 | 2.77% |\n| East Capital Baltic Property Fund III | 2.64% |\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 31.08.2022) | 22,147,051.07 € |\n| Management company | LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Rate of the depository’s charge:** 0.0528%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.46%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2021. 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_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 August 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_Taiendav_kuuaruanne_2022_08.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":8,"content":"### August 2022: In a falling stock market, the energy sector proved strong\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn August, world markets were predominantly pessimistic. The MSCI World Index, the US S&P 500, and the Japanese Nikkei Index fell 2.8%, 2.9% and 1.5% over the month in euros, respectively. The European stock exchanges went through a steeper decline last month, with the Euro Stoxx 50 index falling by 5.1%. Emerging markets were a contrast to this, as the MSCI Emerging Markets index rose by 1.5% in euros over the last month. The performance of local stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.\n\nIn equity positions, precious metals investments showed signs of weakness. Investments were strong, however, in the energy sector, which forms the second cornerstone of our equity investments.\n\nThe fund’s listed stock investments remain in the commodity sector, with a focus on precious metals, energy, energy metals, renewable materials (wood) and various links in the related value chains. We believe that in an environment of rapid inflation, equity investments in the commodity sector will help us maintain and increase the purchasing power of our capital.\n"},{"year":2022,"month":7,"content":"### July 2022: Stock markets continue a strong recovery\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nStock markets mostly recovered in July. Measured in euros, the MSCI World index, the US stock market index, the S&P 500, and the Nasdaq Composite index, which tracks the technology sector, rose 10.7%, 12.2%, and 15.5%, respectively. Measured in euros, the Japanese Nikkei index fell 10.2%, while the European Euro Stoxx 50 index and the MSCI Emerging Markets index rose 7.4% and 2.1%, respectively. The local Baltic markets fluctuated: while the Riga and Vilnius stock markets rose by 0.6% and 1.1% respectively during the month, the Tallinn stock market fell by 1.2%.\n\nIn July, the local private equity company BaltCap announced that the BaltCap Latvia Venture Capital Fund, which they manage, had sold Vendon. Vendon, a company founded in Riga in 2011, has a primary business focus of the management of vending machines and the processing of related payments. Vendon’s core markets are European countries, where they handle more than 45,000 vending machines. The fund managed, by BaltCap, invested in Vendon in 2011 and Vendon was sold to the Spanish technology company Azkoyen.\n\nIn July, the fund’s investments in listed shares recovered from the previous month’s decline. Shares in US and European energy and copper mining companies rose the most. The share prices of Nordic listed companies also rose after several months. Against the background of a general rise in the markets, we saw a decline in investments related to precious metals.\n\nOur fund’s key investments remain in commodity-related shares, which have weathered this year’s market declines well. In July, we bought more shares in copper mining companies for the fund. Any level of economic activity reveals a deficit in the copper market, which comes from low capital investments and the continuing electrification trend.\n"},{"year":2022,"month":6,"content":"### June 2022: We took advantage of weakness in the energy and commodity sectors to invest\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn June, we saw a larger decline in stock markets. The MSCI World Index, the US S&P 500, the Japanese Nikkei Index and the European Euro Stoxx 50 fell 6.4%, 6.2%, 6.2% and 8.8% over the month in euros, respectively. The situation was no different in emerging markets, and the MSCI Emerging Markets index fell by 4.9% in June, measured in euros.\n\nThe Baltic markets were more modest. The Tallinn and Vilnius stock markets fell by 3.2% and 3.4%, respectively. The Riga stock market was an exception, growing by 7.2%.\n\nIn June, local private equity firm BaltCap announced that their managed BaltCap Private Equity Fund II was selling the pump and pumping system rental company Uprent. It was acquired by Renta Group, a construction machinery and accessories rental company established in Finland. The BaltCap fund invested in Uprent in 2016. During the investment period, the company’s product range was successfully expanded, as were its operations in both the Baltic and Polish markets.\n\nJune was a negative month for listed equity investments, ending the worst half-year for equity markets in decades. Due to the decrease in economic activity, stock investments related to the commodity sector, which had better withstood market fluctuations in the first half of the year, fell the most in June. Equity investments in other industries were also under pressure.\n\nIn June, we acquired shares in US natural gas companies Range Resources and Antero Resources due to weakness in the energy sector. On the back of the continued electrification trend, we acquired shares in copper miner Freeport McMoran and the Global X Copper Miners ETF.\n\nIn our opinion, the structural deficit of commodities has not disappeared. Commodities have generally provided a good hedge against high inflation, because companies in the sector earn high profits, pay generous dividends and have low debt burdens. With limited supply, commodity companies are among the most interesting industries in the stock market right now.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Investing in an inflationary environment**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n","text":"After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.\n\nAfter rising 7.4% in July, the Stoxx 50 index, which represents some of the largest companies in Europe, lost 5.1% of its value in August. The performance of Baltic stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.\n\nThe European economy is in an extremely challenging situation, with the war in Ukraine contributing to extensive increases in energy expenditure. This is a huge blow, as Europe can only cover just over 40% of the energy it consumes, while the rest has to be imported.\n\nChart: Total energy imports and oil price in the Eurozone\n![Pilt](/assets/images/pension/Andrese_joonis_08.png){.pension-img}\n\nIn the past, the majority of the energy imports to Europe came from Russia, but after Russia began to wage war in Ukraine, Europe must look for alternatives to the energy bought from the aggressor state. Rising energy costs directly impact the prices of all goods and services that are produced using this energy. The rule of thumb is that if the price of natural gas rises by 100 euros per MWh, the rate of inflation will accelerate by 2%.\n\nHowever, rising inflation cannot be attributed solely to the increase in energy prices. For too long, monetary policies throughout the developed world were extremely loose, with central banks keeping interest rates too low and pumping out more and more liquidity. The deposit interest rate of the European Central Bank has been 0% since 2012 and has even turned negative in recent years.\n\nWhen the signs of inflation first emerged in spring 2021, central bank models predicted this would be temporary. After delaying for too long, they only responded to the inflation this spring. The European Central Bank continued to buy up bonds and pump money into the system, even until as late as the end of June 2022. Only when inflation in the Eurozone accelerated to 8.6% in July did the European Central Bank finally discard the policy of negative interest rates.\n\nAid packages introduced by governments during the COVID crisis were another factor contributing to the rapid growth of inflation. Although these kept the economy more or less going during difficult times, they were simply too universal in hindsight. Everyone was offered support, regardless of whether they actually needed it. When COVID restrictions were slowly lifted in the second half of 2021, the economies of developed countries began to overheat.\n\n**Seizing good opportunities**\n\nA high rate of inflation complicates the process of making investment decisions for companies, as it becomes difficult to estimate the behaviour of input prices, i.e. the price of labour and raw materials. In addition, a higher inflation rate also means rising interest rates and a higher cost of capital. With the future uncertain, companies are cautious in launching new projects and hiring employees.\n\nIn an inflationary environment, investors use higher risk premiums when evaluating companies, and they discount cash flows from future periods to their present value at higher interest rates. Rapid price growth may bring better turnover and profits for the company in the future, but if the present value of these cash flows is determined at a higher discount rate, the company’s value may still drop. The same logic applies to salaries: even if salaries increase by 10%, with 20% inflation, real salaries actually fall by 10%.\n\nBecause the real economy is harmed, few assets can hold real value during high inflation. Asset prices may rise in nominal terms, but adjusting these to the high inflation rate may still reveal that the real value of the assets has dropped. The companies that succeed in an inflationary environment are those with a unique, strong market position and the ability to price their products and services as the environment changes.\n\nInflation feeds risk into the investment environment, which is reflected in a greater fluctuation in securities prices. However, the biggest risk is that people give up on investing in the future. Both as businesses and as individuals. Keeping money in a bank account is not the wisest choice in an inflationary environment, where rising prices diminish the purchasing power of money with each passing day. The only thing worse than that, and a sure way of having empty pockets, is to spend money mindlessly.\n\nI believe that, in the longer term, Estonia’s nominal economic growth will be around 5 or 6%. Projects with moderate risk that offer a higher return than this would therefore make a worthwhile investment today. Of course, higher-risk projects should include an additional risk premium, because not every investment may go as expected.\n\nIn the management of pension funds, we at LHV have always made our first goal to protect clients’ assets, even in difficult circumstances, then to overcome the rate of inflation in the long term, and finally, to offer a better return than our competitors.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Täiendav Pensionifond","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":16.96,"fundManager":"LHV","minSumInEurWhenBuying":6.39,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LIT100":{"heading":"LHV Pensionifond Indeks Pluss","id":"indeks-pluss","code":"lhv_lit","dataMarker":"LIT100","securityId":147612,"suitability":"**Suitable if**\n- you are prepared to tolerate the risks arising from potentially significant fluctuations in equity markets,\n- you have previous investment experience.\n","strategy":"**Strategy**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.2%"},"fundInfo":{"date":"30.09.2020","capacity":"8,094,598.17 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":97.91,"unit":"%"},{"name":"Money and deposits","value":2.09,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 28.41% |\n| Lyxor Core MSCI World DR UCITS | 24.67% |\n| HSBC MSCI Emerging Markets UCITS | 15.01% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 12.71% |\n| SPDR MSCI World UCITS ETF | 8.87% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 4.22% |\n| iShares MSCI Frontier and Select EM ETF | 4.02% |\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 31.08.2022) | 27,145,865.35 € |\n| Management company | LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0528%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.2%\n\n**Ongoing charges (inc management fee):** 0.42%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2021. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused_2021_02.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_2021_02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID_2022.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 August 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2022_08.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109419","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET100":{"heading":"SEB Aktiivne Pensionifond","id":"aktiivne","code":"seb_akt","dataMarker":"SET100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nThe fund invests up to 100% of the assets in shares. Investing mainly in shares involves higher risks, resulting in big fluctuations in the value of the fund's assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1.5%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600074076, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.78%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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 25% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600008934, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.27%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Aktsiad 100 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"**Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,5%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600098422, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.5%\n\n**Ongoing charges (inc management fee):** 2.12%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"**Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,95%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600007530, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.95%\n\n**Ongoing charges (inc management fee):** 1.23%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"**Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,05%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071031, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.05%\n\n**Ongoing charges (inc management fee):** 1.31%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"**Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,15%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071049, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.15%\n\n**Ongoing charges (inc management fee):** 1.39%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109484,IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.40%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.3%"},"fundInfo":{"company":{"title":"Tuleva Fondid AS","link":null},"depository":{"title":"AS Swedbank","url":"https://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001707, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.3%\n\n**Ongoing charges (inc management fee):** 0.36%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001707","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LRK100":{"heading":"LHV Pensionifond Roheline","id":"roheline","code":"roheline","dataMarker":"LRK100","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":9411},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":0.74,"unit":"%"},{"name":"Shares","value":30.44,"unit":"%"},{"name":"Equity funds","value":60.44,"unit":"%"},{"name":"Real Estate funds","value":1.04,"unit":"%"},{"name":"Money and deposits","value":7.35,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Global X Lithium and Battery Tech | 8.96% |\n| Global X Copper Miners ETF | 8.93% |\n| iShares Global Clean Energy ET | 8.29% |\n| Invesco Solar ETF | 8.12% |\n| KraneShares Global Carbon Strategy ETF | 7.77% |\n| L and G Battery Value-Chain UCITS | 6.83% |\n| WisdomTree Battery Solutions UCITS | 4.78% |\n| Plug Power | 4.19% |\n| L and G Hydrogen Economy UCITS ETF | 2.85% |\n| Aker Carbon Capture | 2.76% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.04% |\n| Hepsor | 0.59% |\n| Sopruse157 omanikulaen | 0.30% |\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 31.08.2022) | 53,512,044.43 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 1,000,000.002 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.4067%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,83%\n\n*The ongoing charges figure is an estimate based on the current management fee and estimated total fees. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_prospekt_2021.pdf)\n- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_23052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 August 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2022_08.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001723","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":2.09,"fundManager":"LHV"},"LRT100":{"heading":"LHV Pensionifond Roheline Pluss","id":"roheline-pluss","code":"rohelinepluss","dataMarker":"LRT100","securityId":189345,"suitability":"**Suitable if**\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,49%"},"fundInfo":{"date":"30.09.2020","capacity":"7,003,906.73 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":28.93,"unit":"%"},{"name":"Equity funds","value":63,"unit":"%"},{"name":"Real Estate funds","value":1.62,"unit":"%"},{"name":"Money and deposits","value":6.45,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022.\n\n| Biggest investments | |\n|---|---:|\n| Global X Lithium and Battery Tech | 9.36% |\n| Global X Copper Miners ETF | 8.91% |\n| Invesco Solar ETF | 8.81% |\n| KraneShares Global Carbon Strategy ETF | 7.84% |\n| iShares Global Clean Energy ET | 7.45% |\n| L and G Battery Value-Chain UCITS | 7.11% |\n| WisdomTree Battery Solutions UCITS | 4.70% |\n| Plug Power | 4.40% |\n| L and G Hydrogen Economy UCITS ETF | 3.43% |\n| Renewi | 2.69% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.62% |\n| Hepsor | 0.52% |\n"}]},{"id":"info","title":"Information about the fund","active":true,"content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.08.2022) | 6,697,501.91 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 468 750 units |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0528%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n\n**Ongoing charges (inc management fee):** 0,98%\n\n*The ongoing charges have been estimated, based on the expected total of charges. The annual report of the fund provides details of the paid fees for each year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_prospekt_2021.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 August 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_kuuaruanne_2022_08.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Roheline Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001764","strategyType":null,"managementStyle":"Active","riskLevel":6,"countryShareEe":2.14,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV30":{"heading":"Swedbank Pensionifond V30 indeks (exit restricted)","id":"swedv30","code":"v30indeks","dataMarker":"SWV30","securityId":204900,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver with moderate risk tolerance,\n- your goal is asset stability and long-term growth (min. 5 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 30% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 30% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001749, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.40%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001749","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV60":{"heading":"Swedbank Pensionifond V60 indeks (exit restricted)","id":"swedv60","code":"v60indeks","dataMarker":"SWV60","securityId":204901,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance,\n- your goal is a higher growth of assets in the medium or long term (min. 7 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 60% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 60% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001731, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.40%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001731","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NIT100":{"heading":"Luminor Täiendav Pensionifond Jätkusuutlik Tulevik, Indeks","id":"jatkusuutlik-taiendav","code":"jatkusuutlik-taiendav","dataMarker":"NIT100","securityId":213281,"active":true,"suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate a short-term decrease in the value of assets well.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"0,25%","managementFee":"0,25%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001798, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0,25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0,25%\n\n**Ongoing charges (inc management fee):** 0,56%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001798","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWI100":{"heading":"Swedbank III Samba Pensionifond Indeks","id":"swi100","code":"SWI100","dataMarker":"SWI100","securityId":218897,"active":true,"suitability":"**Suitable if**\n- you want your pension money to follow the movement of global stock markets,\n- your goal is higher asset growth over a longer time horizon (at least 10 years),\n- you are ready that the value of your assets may fluctuate more.\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 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 investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.)\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001822, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\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":"EE3600001822","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":0,"transactionDaysForSell":1,"transactionDaysForExchange":3},"SWK100":{"heading":"Swedbank Pensionifond Indeks","id":"swk100","code":"SWK100","dataMarker":"SWK100","suitability":"**Suitable if**\n- your goal is higher growth of your pension money over a longer period (at least 10 years);\n- you want your pension money to follow global equity markets and you are prepared for bigger fluctuations in the value of your assets;\n- you want your pension money to be invested sustainably.\n","strategy":"**Strategy**\n\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are 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 investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.)\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":4692},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.79,"unit":"%"},{"name":"Money and deposits","value":1.24,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2022\n\n| Biggest investments | |\n|---|---:|\n| Lyxor MSCI World ESG Leaders Extra (DR) UCITS ETF | 22.61% |\n| UBS Lux Fund Solutions - MSCI | 20.44% |\n| Amundi Index MSCI World SRI UC | 20.04% |\n| Access Global A | 17.95% |\n| Access Edge Global A | 17.75% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.33%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001814","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank"}}