{"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","isLhvFund":true,"pensionCampaign":true,"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","strategyCampaign":"### **Loss-avoiding XS**\n- At least 80% of the XS fund assets are invested in investment-grade bonds, money market instruments traded on a regulated market, deposits, units or shares of other investment funds investing mainly in the above assets, and other assets.\n- The money accumulated for pensions in the S fund remains stable. In investing, we follow the rating restrictions imposed by legislation governing conservative pension funds. \n- The fund’s preferred long-term asset class is low-risk debt instruments.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-enok.png","name":"Romet Enok","profession":"Fund Manager at LHV","quote":"_„Bond price movements are starting to calm down with the expectation that inflation risk has been brought under control. In such an environment, bonds are once again offering returns.“_\n\n**[Market overview](#history){.arrow-bold .tab-link}**\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":2515},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":83.26,"unit":"%"},{"name":"Equity funds","value":6.15,"unit":"%"},{"name":"Money and deposits","value":10.59,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Luminor 7.75% 08/06/2027 | 7.29% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 6.86% |\n| ZKB Gold ETF | 6.15% |\n| France Treasury Bill 30/10/2024 | 5.93% |\n| ALTUMG 1.3% 07/03/25 | 4.58% |\n| German Treasury Bill 1% 15/08/2024 | 4.31% |\n| Bank Gospodarstwa Krajow 1.375% 01/06/25 | 4.20% |\n| Kojamo 0.875% 28/05/2029 | 3.55% |\n| Glencore 1.25% 01/03/2033 | 3.42% |\n| BNP Paribas 2.5% 31/03/2032 | 3.28% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 7.75% 08/06/2027 | 7.29% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 6.86% |\n| Coop Pank 5.0% 10/03/2032 | 2.78% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.06.2024) | 11,662,745.31 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 40,000 units |\n| Rate of the depository’s charge | 0.0451% (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:** 0,5040%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.57%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 June 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2024_06.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_XS_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":6,"content":"### June 2024: Gold drives strong performance\n\nRomet Enok, Fund Manager\n\nAmong the various segments of the European bond market, physical gold, one of our largest positions, was once again the strongest performer in our portfolio in June. Recent developments, particularly regarding French politics, created uncertainty, leading many to view gold as the lowest-risk asset class.\n\nFor the fund, the first half of the year concluded with solid returns overall, significantly driven by the rise in gold prices. Although bonds have generally offered excellent returns over the past 18 months, and attractive investment opportunities are becoming harder to find, we have one potential major new investment on the horizon.\n"},{"year":2024,"month":5,"content":"### May 2024: Security Markets are Sending Mixed Signals\n\nRomet Enok, Fund Manager\n\nInterest rates continue to move in opposite directions in the euro area. While the 6-month Euribor and other very short-term interest rates are declining in line with the policy of the European Central Bank, long-term interest rates (for example, on ten-year government bonds) are, to some extent, rising.\n\nTextbook wisdom says that this is how investors respond to the risk of the central bank becoming impatient and cutting interest rates too soon, which could cause both inflation and the Euribor to rise again in the future.\n\nEven more striking than the current rise in government bond interest rates is the rise in corporate bond prices, which should happen when the economy is very strong. A strong economy, however, would require the central bank to raise interest rates rather than lower them. Conversely, when the economy is weak, the prices of corporate securities should fall.\n\nIn this confusing situation of conflicting signals and high price levels, it is rational not to take on any risk. This is why there were no changes to the composition of our portfolio last month and no significant news concerning it.\n"},{"year":2024,"month":4,"content":"### April 2024: Gold continued its extraordinary rise\n\nRomet Enok, Fund Manager\n\nThe extraordinary appreciation of gold continued in April as the price of gold increased by over 6% in euros, yielding nearly 15% since the beginning of the year. As another significant event, the Baltic Horizon Fund made a new redemption payment. On schedule, company has redeemed almost a third of the bond issue of last May, and the next payment should be made in July at the latest. Until then, the bond returns Euribor + 8% to the fund every year.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The technology sector as an economic lifeline**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n","text":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n\nEuropean stock markets, on the other hand, experienced a downward trend in June: the Eurostoxx 50 depreciated by 1.7% over the month. This was largely due to French President Emmanuel Macron’s decision to hold snap parliamentary elections in France following the European Parliament elections. This decision will likely create at least short-term political instability and increase the risk that France’s public finances may not be brought under control anytime soon. This could, in turn, escalate into a problem for the eurozone.\n\nThe rise in the US stock market was mainly driven by the increase in the value of major technology sector companies there.\n\n![Pilt](/assets/images/pension/Andrese_joonis1_1707.png){.pension-img}\n_Figure 1. Since the beginning of 2023, the stocks of the seven largest technology companies have surged by 149% (green), while the remaining 493 companies in the S&P 500 index have shown much more modest movement (blue). Sources: Apollo Research, Bloomberg._\n\nThe value of companies within the S&P 500 index has increased by $5.8 billion this year. Of this growth, 31% (equivalent to $1.8 billion) can be attributed solely to the rise in NVIDIA’s stock price. Although large technology companies have earned decent profits in historical comparison, the majority of their value growth can be attributed to the expansion of profit multiples, indicating investor optimism.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_1707.png){.pension-img}\n_Figure 2. Investor optimism about future company earnings: indicator for the top 10 most profitable companies (green) and indicator for the top 10 companies by market capitalisation (blue). Sources: Apollo Research, Bloomberg._\n\nFurthermore, compared with the first dot-com bubble in 2000, the value of current leading technology stocks is even higher, and the overall market is relatively more expensive.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_1707.png){.pension-img}\n_Figure 3. S&P 500 companies’ 12-month forward price-to-earnings ratio (beige), forward price-to-earnings ratio for the top 10 companies (green) and price-to-earnings ratio for the S&P 500 index without the top 10 companies (blue). Sources: Apollo Research, Bloomberg._\n\n**Artificial intelligence holds great promise**\n\nArtificial intelligence could be a world-changing technology that has been fantasised about for decades. However, in the past couple of years, progress has primarily been driven by exponential growth in computing power and a novel approach that could turn what used to be science fiction into reality.\n\nParadoxically, economic growth in developed countries has been progressively anaemic for the past couple of decades, despite the rapid advancement of technology, and debt has increased much faster than the economy almost everywhere. In this predicament, there has been hope for a positive technological shock that would ultimately add momentum to economic growth and help solve the monumental challenges facing humanity, such as global warming.\n\nNevertheless, it would be naive to expect that any scientific or technological breakthrough, no matter how significant, could change the world on its own. Tasting results first requires extensive investment. This, in turn, implies prioritising our activities and likely tightening belts in less productive areas in order to create investment opportunities in areas where results are achievable.\n\nThe fact that technology giants have a lot of money to invest and little debt works in their favour. Unfortunately, the overwhelming majority of the rest of the economy is currently burdened by higher debt than ever before. This could significantly hinder development and create additional social tensions.\n\n**Risks should be managed and diversified during times of change**\n\nThe LHV Asset Management team is positive about technological development but less optimistic about the valuation levels of companies in the technology sector. Currently, our focus is more on the energy and commodities sector as we anticipate that technological advancements will require new investments in both energy and distribution networks. We also have high expectations for the banking sector, which is considerably undervalued despite healthy profits.\n\nIn the long run, technological development is deflationary, meaning that production becomes more efficient and cheaper. However, in the short term, when investments are still being made and the economy is being restructured, price growth can actually accelerate as demand for resources exceeds supply.\n\nAt LHV, we believe that while central banks’ tighter monetary policies have significantly slowed consumer price growth, the financial environment is still too loose, due to the ever-increasing government spending, to achieve a definitive victory over inflation.\n\nIn a challenging and uncertain economic environment, it is wise to diversify risks across different asset classes. In recent years, gold and the stocks of companies mining precious metals have played a significant role in LHV pension funds’ portfolios. We began investing in gold at a time when the yields on long-term risk-free bonds were negative, seeking alternatives to government bonds.\n\nWe believed that gold could provide a better outcome than a guaranteed loss. As a result of this choice, we were able to largely avoid losses in the bond market, where government bonds, previously considered almost risk-free, became one of the riskiest asset classes as inflation accelerated. In recent years, however, the price of gold has provided returns almost comparable to stock markets.\n\nI suspect that diversifying risks solely among different stocks, or within one asset class, may not be sufficient in today’s complex economic and geopolitical environment. To mitigate risks, it pays to look at the investment landscape more broadly and not restrict oneself to listed stocks and bonds.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":20.77,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that the III pillar is a unique investment opportunity with a tax incentive supported by the state?**\n","id":"iii","button":{"url":"/en/pension/iii/","title":"Read more","size":"lg"}}}},"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","isLhvFund":true,"pensionCampaign":true,"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","strategyCampaign":"### **A responsible keeper in S**\n- We invest the assets of the S fund mainly in bonds. The fund’s assets may also be invested in bonds with a credit rating below investment grade. \n- Up to 25% of the fund’s assets may be invested in real estate, items of infrastructure, equity funds and convertible bonds. \n- The fund can also be used to grant loans. The fund’s preferred long-term asset class is listed debt instruments.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-enok.png","name":"Romet Enok","profession":"Fund Manager at LHV","quote":"_„Money in seriously large amounts moves in the world in the form of bonds. In truth, a bond is nothing more than a fancy name for a loan contract: parties agree on the time when the money is disbursed, the interest rate, and the repayment.“_\n\n**[Market overview](#history){.arrow-bold .tab-link}**\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":4103},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":80.12,"unit":"%"},{"name":"Equity funds","value":6.29,"unit":"%"},{"name":"Real Estate funds","value":3.51,"unit":"%"},{"name":"Money and deposits","value":10.07,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 8.93% |\n| ZKB Gold ETF | 6.29% |\n| France Treasury Bill 30/10/2024 | 5.88% |\n| Luminor 7.75% 08/06/2027 | 5.66% |\n| ALTUMG 1.3% 07/03/25 | 4.90% |\n| Glencore 1.25% 01/03/2033 | 3.86% |\n| KBC Group NV 0.625% 07/12/2031 | 3.78% |\n| German Treasury Bill 1% 15/08/2024 | 3.74% |\n| Kojamo 0.875% 28/05/2029 | 3.65% |\n| BNP Paribas 2.5% 31/03/2032 | 3.56% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 8.93% |\n| Luminor 7.75% 08/06/2027 | 5.66% |\n| Coop Pank 5.0% 10/03/2032 | 3.14% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.06.2024) | 26,870,830.32 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 90,000 units |\n| Rate of the depository’s charge | 0.0451% (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:** 0,6120%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,68%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 June 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2024_06.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_S_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":6,"content":"### June 2024: Gold drives strong performance\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe fund recently concluded another direct investment in Estonia as Pertoni Real Estate Development redeemed its bonds ahead of schedule. The project to develop approximately 70 apartments in Tallinn’s Kotzebue Park has advanced to a stage where further financing will be provided through a bank loan. This marked the end of an approximately two-year investment for the fund, yielding an annual return of 8.5% plus an early redemption payment.\n\nOn public markets, our strongest performer in June was again physical gold, one of our portfolio’s largest positions. Recent developments, particularly regarding French politics, created uncertainty, leading many to view gold as the lowest-risk asset class.\n\nFor the fund, the first half of the year concluded with solid returns overall, significantly driven by the rise in gold prices. Although bonds have generally offered excellent returns over the past 18 months, and attractive investment opportunities are becoming harder to find, we have one potential major new investment on the horizon.\n"},{"year":2024,"month":5,"content":"### May 2024: Security Markets are Sending Mixed Signals\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nInterest rates continue to move in opposite directions in the euro area. While the 6-month Euribor and other very short-term interest rates are declining in line with the policy of the European Central Bank, long-term interest rates (for example, on ten-year government bonds) are, to some extent, rising.\n\nTextbook wisdom says that this is how investors respond to the risk of the central bank becoming impatient and cutting interest rates too soon, which could cause both inflation and the Euribor to rise again in the future.\n\nEven more striking than the current rise in government bond interest rates is the rise in corporate bond prices, which should happen when the economy is very strong. A strong economy, however, would require the central bank to raise interest rates rather than lower them. Conversely, when the economy is weak, the prices of corporate securities should fall.\n\nIn this confusing situation of conflicting signals and high price levels, it is rational not to take on any risk. This is why there were no changes to the composition of our portfolio last month and no significant news concerning it.\n"},{"year":2024,"month":4,"content":"### April 2024: We are growing our other asset classes in addition to bonds\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nThe fund made one new investment during the month, acquiring units of the real estate fund SG Capital. The investment company, operating in Riga and its surrounding area, already has a portfolio and a significant history.\n\nThe share of real estate and gold in fund S has reached nearly a tenth of the fund’s assets. If we find attractive opportunities, we will increase the share of other asset classes besides bonds.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The technology sector as an economic lifeline**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n","text":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n\nEuropean stock markets, on the other hand, experienced a downward trend in June: the Eurostoxx 50 depreciated by 1.7% over the month. This was largely due to French President Emmanuel Macron’s decision to hold snap parliamentary elections in France following the European Parliament elections. This decision will likely create at least short-term political instability and increase the risk that France’s public finances may not be brought under control anytime soon. This could, in turn, escalate into a problem for the eurozone.\n\nThe rise in the US stock market was mainly driven by the increase in the value of major technology sector companies there.\n\n![Pilt](/assets/images/pension/Andrese_joonis1_1707.png){.pension-img}\n_Figure 1. Since the beginning of 2023, the stocks of the seven largest technology companies have surged by 149% (green), while the remaining 493 companies in the S&P 500 index have shown much more modest movement (blue). Sources: Apollo Research, Bloomberg._\n\nThe value of companies within the S&P 500 index has increased by $5.8 billion this year. Of this growth, 31% (equivalent to $1.8 billion) can be attributed solely to the rise in NVIDIA’s stock price. Although large technology companies have earned decent profits in historical comparison, the majority of their value growth can be attributed to the expansion of profit multiples, indicating investor optimism.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_1707.png){.pension-img}\n_Figure 2. Investor optimism about future company earnings: indicator for the top 10 most profitable companies (green) and indicator for the top 10 companies by market capitalisation (blue). Sources: Apollo Research, Bloomberg._\n\nFurthermore, compared with the first dot-com bubble in 2000, the value of current leading technology stocks is even higher, and the overall market is relatively more expensive.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_1707.png){.pension-img}\n_Figure 3. S&P 500 companies’ 12-month forward price-to-earnings ratio (beige), forward price-to-earnings ratio for the top 10 companies (green) and price-to-earnings ratio for the S&P 500 index without the top 10 companies (blue). Sources: Apollo Research, Bloomberg._\n\n**Artificial intelligence holds great promise**\n\nArtificial intelligence could be a world-changing technology that has been fantasised about for decades. However, in the past couple of years, progress has primarily been driven by exponential growth in computing power and a novel approach that could turn what used to be science fiction into reality.\n\nParadoxically, economic growth in developed countries has been progressively anaemic for the past couple of decades, despite the rapid advancement of technology, and debt has increased much faster than the economy almost everywhere. In this predicament, there has been hope for a positive technological shock that would ultimately add momentum to economic growth and help solve the monumental challenges facing humanity, such as global warming.\n\nNevertheless, it would be naive to expect that any scientific or technological breakthrough, no matter how significant, could change the world on its own. Tasting results first requires extensive investment. This, in turn, implies prioritising our activities and likely tightening belts in less productive areas in order to create investment opportunities in areas where results are achievable.\n\nThe fact that technology giants have a lot of money to invest and little debt works in their favour. Unfortunately, the overwhelming majority of the rest of the economy is currently burdened by higher debt than ever before. This could significantly hinder development and create additional social tensions.\n\n**Risks should be managed and diversified during times of change**\n\nThe LHV Asset Management team is positive about technological development but less optimistic about the valuation levels of companies in the technology sector. Currently, our focus is more on the energy and commodities sector as we anticipate that technological advancements will require new investments in both energy and distribution networks. We also have high expectations for the banking sector, which is considerably undervalued despite healthy profits.\n\nIn the long run, technological development is deflationary, meaning that production becomes more efficient and cheaper. However, in the short term, when investments are still being made and the economy is being restructured, price growth can actually accelerate as demand for resources exceeds supply.\n\nAt LHV, we believe that while central banks’ tighter monetary policies have significantly slowed consumer price growth, the financial environment is still too loose, due to the ever-increasing government spending, to achieve a definitive victory over inflation.\n\nIn a challenging and uncertain economic environment, it is wise to diversify risks across different asset classes. In recent years, gold and the stocks of companies mining precious metals have played a significant role in LHV pension funds’ portfolios. We began investing in gold at a time when the yields on long-term risk-free bonds were negative, seeking alternatives to government bonds.\n\nWe believed that gold could provide a better outcome than a guaranteed loss. As a result of this choice, we were able to largely avoid losses in the bond market, where government bonds, previously considered almost risk-free, became one of the riskiest asset classes as inflation accelerated. In recent years, however, the price of gold has provided returns almost comparable to stock markets.\n\nI suspect that diversifying risks solely among different stocks, or within one asset class, may not be sufficient in today’s complex economic and geopolitical environment. To mitigate risks, it pays to look at the investment landscape more broadly and not restrict oneself to listed stocks and bonds.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":28,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that the III pillar is a unique investment opportunity with a tax incentive supported by the state?**\n","id":"iii","button":{"url":"/en/pension/iii/","title":"Read more","size":"lg"}}}},"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","isLhvFund":true,"pensionCampaign":true,"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","strategyCampaign":"### **A stable choice in M**\n- The M fund’s investment strategy focuses on assets that generate a steady cash flow: real estate and bond investments. \n- For bond investments, we have focused on Estonian companies. This has given the fund a significantly higher rate of return over the past seven years, compared to the global bond markets.\n- M is actively managed, which is why the risks are managed and the pension saver’s money is kept safe. Our investment team makes decisions based on thorough analysis and the economic situation.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-enok.png","name":"Romet Enok","profession":"Fund Manager at LHV","quote":"_„Unstable times have shown that LHV pension fund M’s strategy has proven its worth: investments with a stable rate of return have protected and grown the assets of pension savers even in a market in decline.“_\n\n**[Market overview](#history){.arrow-bold .tab-link}**\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":6214},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":45.65,"unit":"%"},{"name":"Shares","value":8.59,"unit":"%"},{"name":"Equity funds","value":7.06,"unit":"%"},{"name":"Real Estate funds","value":17.27,"unit":"%"},{"name":"Private Equity funds","value":9.84,"unit":"%"},{"name":"Money and deposits","value":11.58,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Luminor 7.75% 08/06/2027 | 4.76% |\n| ZKB Gold ETF | 4.67% |\n| France Treasury Bill 30/10/2024 | 4.62% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.56% |\n| EfTEN Real Estate Fund | 3.32% |\n| East Capital Real Estate Fund IV | 2.94% |\n| SG Capital Partners Fund 1 | 2.89% |\n| German Treasury Bill 1% 15/08/2024 | 2.82% |\n| iShares Gold Producers UCITS ETF | 2.40% |\n| Siauliu Bankas 6.15% 23/12/29 | 1.93% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 7.75% 08/06/2027 | 4.76% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.56% |\n| East Capital Real Estate Fund IV | 2.94% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.06.2024) | 106,834,400.53 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 300,000 units |\n| Rate of the depository’s charge | 0.0427% (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:** 0,6120%\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):** 1.09%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID_062024.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 June 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2024_06.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_M_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":6,"content":"### June 2024: We began reconstruction of the Marat Building in Tallinn\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJune was a good month for the US stock market, with the S&P 500 rising by 3.5% in dollar terms. Conversely, the European Euro Stoxx 50 index fell by 1.7% in euro terms, primarily due to negative market reactions in France ahead of the parliamentary elections.\n\nEmerging markets rose by 3.6% in dollar terms in June, led by Asian markets such as Taiwan, India and South Korea. Latin America and China had a negative impact on the markets. The OMX Baltic Benchmark index fell by approximately 2% in euros during the month.\n\nLHV pension funds are set to begin reconstructing the old Marat knitwear factory building, colloquially known as the White House, located on Tartu maantee in Tallinn. The building, acquired in 2020, will have two additional floors added. Currently, the it mainly offers office space, but after the construction, the building will include commercial, dining, service and storage spaces. It will also achieve a class A energy rating, with plans to apply for the BREEAM Sustainable Building Certification rating of Excellent.\n\nThe fund recently concluded another direct investment in Estonia as Pertoni Real Estate Development redeemed its bonds ahead of schedule. The project to develop approximately 70 apartments in Tallinn’s Kotzebue Park has advanced to a stage where further financing will be provided through a bank loan. This marked the end of an approximately two-year investment for the fund, yielding an annual return of 8.5% plus an early redemption payment.\n"},{"year":2024,"month":5,"content":"### May 2024: Developed Stock Markets Won in May\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nContrary to the saying, “Sell in May and go away!”, May was a good month for developed markets. The US S&P 500 index rose by 4.8% in dollars, and the European Euro Stoxx 50 rose by 2.1% in euros. Emerging markets ended the month unchanged overall.\n\nChina experienced growth of 2.1% measured in dollars – a positive change from the poor mood that has surrounded the country for almost a year. Among emerging markets, Indonesia and Brazil had the most negative returns in May, falling 7.4% and 5.9% in dollars, respectively. The OMX Baltic Benchmark index fell by approximately 0.6% in euros during the month.\n\nThe situation in the venture capital industry has been difficult lately, but nevertheless, active startups are still able to raise money from both angel investors and funds. In May, the venture capital fund Tera Ventures made an investment in CARÁ Health, a company that offers support to Estonian women throughout pregnancy, including science-based guidance and other support services.\n\nThe health startup has developed the world’s first phone application that combines personal advice and AI recommendations designed for women during pregnancy. CARÁ Health addresses the problem that more than 40 million women struggle with long-term issues after giving birth while not having full access to comprehensive and verified health and wellness resources. CARÁ Health raised 750,000 euros to expand its business to Europe’s German-speaking countries: Austria, Germany and Switzerland.\n"},{"year":2024,"month":4,"content":"### April 2024: Baltic Horizon Fund continued to redeem bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nApril was a negative month for developed markets. The US S&P 500 index fell by 4.2% in dollars and the European Euro Stoxx 50 fell by 2.4% in euros. One of the few developed economies to remain in the positive was the UK, growing by 2.4% in British pounds.\n\nOverall, emerging markets remained flat, with the MSCI EM index up 0.3% in dollars during the month. Latin American stock markets were on a downturn, while China, where a very negative mood has prevailed for almost a year, rose by 6.5% in dollars over the month. The OMX Baltic Benchmark index gained approximately 1.4% in euros during the month.\n\nIn April, Piletilevi Group announced that it would buy majority stakes in two Polish ticket sale companies. This makes the company the second-largest market participant in Poland and the largest player in Central Europe. This is Piletilevi Group’s largest investment so far, after recently expanding operations to Romania and the Czech Republic. Piletilevi Group also operates in the Baltics, brokering around 320 million euros worth of tickets per year.\n\nBaltic Horizon Fund redeemed another portion of its bonds as planned. The company has already redeemed almost a third of the 42 million euros worth of securities issued last May. The next and currently last early redemption payment is scheduled for July at the latest. After that, the original bond issue of 42 million euros will decrease to 22 million euros. The interest on the bond is Euribor + 8% plus early redemption fees.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The technology sector as an economic lifeline**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n","text":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n\nEuropean stock markets, on the other hand, experienced a downward trend in June: the Eurostoxx 50 depreciated by 1.7% over the month. This was largely due to French President Emmanuel Macron’s decision to hold snap parliamentary elections in France following the European Parliament elections. This decision will likely create at least short-term political instability and increase the risk that France’s public finances may not be brought under control anytime soon. This could, in turn, escalate into a problem for the eurozone.\n\nThe rise in the US stock market was mainly driven by the increase in the value of major technology sector companies there.\n\n![Pilt](/assets/images/pension/Andrese_joonis1_1707.png){.pension-img}\n_Figure 1. Since the beginning of 2023, the stocks of the seven largest technology companies have surged by 149% (green), while the remaining 493 companies in the S&P 500 index have shown much more modest movement (blue). Sources: Apollo Research, Bloomberg._\n\nThe value of companies within the S&P 500 index has increased by $5.8 billion this year. Of this growth, 31% (equivalent to $1.8 billion) can be attributed solely to the rise in NVIDIA’s stock price. Although large technology companies have earned decent profits in historical comparison, the majority of their value growth can be attributed to the expansion of profit multiples, indicating investor optimism.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_1707.png){.pension-img}\n_Figure 2. Investor optimism about future company earnings: indicator for the top 10 most profitable companies (green) and indicator for the top 10 companies by market capitalisation (blue). Sources: Apollo Research, Bloomberg._\n\nFurthermore, compared with the first dot-com bubble in 2000, the value of current leading technology stocks is even higher, and the overall market is relatively more expensive.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_1707.png){.pension-img}\n_Figure 3. S&P 500 companies’ 12-month forward price-to-earnings ratio (beige), forward price-to-earnings ratio for the top 10 companies (green) and price-to-earnings ratio for the S&P 500 index without the top 10 companies (blue). Sources: Apollo Research, Bloomberg._\n\n**Artificial intelligence holds great promise**\n\nArtificial intelligence could be a world-changing technology that has been fantasised about for decades. However, in the past couple of years, progress has primarily been driven by exponential growth in computing power and a novel approach that could turn what used to be science fiction into reality.\n\nParadoxically, economic growth in developed countries has been progressively anaemic for the past couple of decades, despite the rapid advancement of technology, and debt has increased much faster than the economy almost everywhere. In this predicament, there has been hope for a positive technological shock that would ultimately add momentum to economic growth and help solve the monumental challenges facing humanity, such as global warming.\n\nNevertheless, it would be naive to expect that any scientific or technological breakthrough, no matter how significant, could change the world on its own. Tasting results first requires extensive investment. This, in turn, implies prioritising our activities and likely tightening belts in less productive areas in order to create investment opportunities in areas where results are achievable.\n\nThe fact that technology giants have a lot of money to invest and little debt works in their favour. Unfortunately, the overwhelming majority of the rest of the economy is currently burdened by higher debt than ever before. This could significantly hinder development and create additional social tensions.\n\n**Risks should be managed and diversified during times of change**\n\nThe LHV Asset Management team is positive about technological development but less optimistic about the valuation levels of companies in the technology sector. Currently, our focus is more on the energy and commodities sector as we anticipate that technological advancements will require new investments in both energy and distribution networks. We also have high expectations for the banking sector, which is considerably undervalued despite healthy profits.\n\nIn the long run, technological development is deflationary, meaning that production becomes more efficient and cheaper. However, in the short term, when investments are still being made and the economy is being restructured, price growth can actually accelerate as demand for resources exceeds supply.\n\nAt LHV, we believe that while central banks’ tighter monetary policies have significantly slowed consumer price growth, the financial environment is still too loose, due to the ever-increasing government spending, to achieve a definitive victory over inflation.\n\nIn a challenging and uncertain economic environment, it is wise to diversify risks across different asset classes. In recent years, gold and the stocks of companies mining precious metals have played a significant role in LHV pension funds’ portfolios. We began investing in gold at a time when the yields on long-term risk-free bonds were negative, seeking alternatives to government bonds.\n\nWe believed that gold could provide a better outcome than a guaranteed loss. As a result of this choice, we were able to largely avoid losses in the bond market, where government bonds, previously considered almost risk-free, became one of the riskiest asset classes as inflation accelerated. In recent years, however, the price of gold has provided returns almost comparable to stock markets.\n\nI suspect that diversifying risks solely among different stocks, or within one asset class, may not be sufficient in today’s complex economic and geopolitical environment. To mitigate risks, it pays to look at the investment landscape more broadly and not restrict oneself to listed stocks and bonds.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":36.91,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that LHV’s III pillar fund Aktiivne III invests in a similar way?**\n","id":"iii","button":{"url":"/en/pension/iii/fund/aktiivne","title":"See more","size":"lg"}}}},"LLK50":{"heading":"LHV Pensionifond L","id":"l","code":"l","dataMarker":"LK50","suitability":"**Suitable if**\n- you have average risk tolerance,\n- your aim is the long-term growth of your pension savings.\n","isLhvFund":true,"pensionCampaign":true,"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","strategyCampaign":"### **Crisis-resilient flagship L**\n- The L fund strategy is based on the principle that a prerequisite for a proper rate of return is the ability to avoid major losses. That is why we diversify this fund’s investments across several asset classes. As the proportion of equity is moderate, the fund is less exposed to stock market movements.\n- Real estate as an asset class accounts for just over 20% of the fund’s investments, providing a secure and stable cash flow in an inflationary environment. We evaluate real estate properties once per year. \n- L is actively managed, which is why the risks are managed and the pension saver’s money is kept safe. Our investment team makes decisions based on thorough analysis and the economic situation.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-oidermaa.png","name":"Kristo Oidermaa","profession":"Fund Manager at LHV","quote":"_„If the portfolio is diversified in terms of the money it invests, it is also possible to come out of crises with very few losses. Pension fund L has had a positive rate of return for 12 years in a row, already.“_\n\n**[Market overview](#history){.arrow-bold .tab-link}**\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":50010},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":15.07,"unit":"%"},{"name":"Shares","value":19.87,"unit":"%"},{"name":"Equity funds","value":13.17,"unit":"%"},{"name":"Real Estate funds","value":14.39,"unit":"%"},{"name":"Private Equity funds","value":33.75,"unit":"%"},{"name":"Money and deposits","value":3.75,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2023\n\n| Biggest investments | |\n|---|---:|\n| ZKB Gold ETF | 4.74% |\n| iShares Gold Producers UCITS ETF | 4.18% |\n| Investindustrial VII L.P. | 3.05% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.00% |\n| AMUNDI EURO STOXX BANKS UCITS ETF | 2.69% |\n| EfTEN Real Estate Fund | 2.66% |\n| East Capital Baltic Property Fund III | 2.22% |\n| Partners Group Direct Equity 2019 | 2.19% |\n| SG Capital Partners Fund 1 | 1.86% |\n| Usaldusfond BaltCap Private Equity Fund III | 1.85% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.00% |\n| East Capital Baltic Property Fund III | 2.22% |\n| Usaldusfond BaltCap Private Equity Fund III | 1.85% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.06.2024) | 852,616,503.10 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 1,600,000 units |\n| Rate of the depository’s charge | 0.0415% (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:** 0,6120%\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):** 1.56%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 June 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2024_06.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_L_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":6,"content":"### June 2024: We began reconstruction of the Marat Building in Tallinn\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJune was a good month for the US stock market, with the S&P 500 rising by 3.5% in dollar terms. Conversely, the European Euro Stoxx 50 index fell by 1.7% in euro terms, primarily due to negative market reactions in France ahead of the parliamentary elections.\n\nEmerging markets rose by 3.6% in dollar terms in June, led by Asian markets such as Taiwan, India and South Korea. Latin America and China had a negative impact on the markets. The OMX Baltic Benchmark index fell by approximately 2% in euros during the month.\n\nNo major transactions were made in the stock portfolios during the month. The biggest contributor to our portfolio returns was our largest position, physical gold, which rose by 1.3% in June. The most significant negative impact came from investments in energy metals, which declined by 4–7%, and European banks, which lost 6.7% in value. Due to structural undersupply and the protection the sector offers in an uncertain geopolitical environment, we continue to see good opportunities in the commodity sector.\n\nLHV pension funds are set to begin reconstructing the old Marat knitwear factory building, colloquially known as the White House, located on Tartu maantee in Tallinn. The building, acquired in 2020, will have two additional floors added. Currently, the it mainly offers office space, but after the construction, the building will include commercial, dining, service and storage spaces. It will also achieve a class A energy rating, with plans to apply for the BREEAM Sustainable Building Certification rating of Excellent.\n"},{"year":2024,"month":5,"content":"### May 2024: We Invested in Agricultural Enterprises\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nContrary to the saying, “Sell in May and go away!”, May was a good month for developed markets. The US S&P 500 index rose by 4.8% in dollars, and the European Euro Stoxx 50 rose by 2.1% in euros. Emerging markets ended the month unchanged overall.\n\nChina experienced growth of 2.1% measured in dollars – a positive change from the poor mood that has surrounded the country for almost a year. Among emerging markets, Indonesia and Brazil had the most negative returns in May, falling 7.4% and 5.9% in dollars, respectively. The OMX Baltic Benchmark index fell by approximately 0.6% in euros during the month.\n\nDuring May, we bought positions in the agricultural companies Mosaic and Nutrien, betting on the rising prices of agricultural products. Of our equity positions, the European banking index and the gold mining company Agnico Eagle Mines gained the most in May, rising between 5% and 7%. The weakest results came from our energy-related positions, which fell by 2% to 7%.\n\nWe still see good opportunities in the commodities sector due to the structural undersupply and sustained demand prevailing in the sector.\n\nThe situation in the venture capital industry has been difficult lately, but nevertheless, active startups are still able to raise money from both angel investors and funds. In May, the venture capital fund Tera Ventures made an investment in CARÁ Health, a company that offers support to Estonian women throughout pregnancy, including science-based guidance and other support services.\n\nThe health startup has developed the world’s first phone application that combines personal advice and AI recommendations designed for women during pregnancy. CARÁ Health addresses the problem that more than 40 million women struggle with long-term issues after giving birth while not having full access to comprehensive and verified health and wellness resources. CARÁ Health raised 750,000 euros to expand its business to Europe’s German-speaking countries: Austria, Germany and Switzerland.\n"},{"year":2024,"month":4,"content":"### April 2024: Baltic Horizon Fund and Coop Pank redeemed their bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nApril was a negative month for developed markets. The US S&P 500 index fell by 4.2% in dollars and the European Euro Stoxx 50 fell by 2.4% in euros. One of the few developed economies to remain in the positive was the UK, growing by 2.4% in British pounds.\n\nOverall, emerging markets remained flat, with the MSCI EM index up 0.3% in dollars during the month. Latin American stock markets were on a downturn, while China, where a very negative mood has prevailed for almost a year, rose by 6.5% in dollars over the month. The OMX Baltic Benchmark index gained approximately 1.4% in euros during the month.\n\nDuring the month, we sold our positions in the Finnish forestry company UPM-Kymmene in all portfolios. Among the equity positions, the best performers in April were precious and energy metals, which gained between 5% and 8%, as well as European banks, which gained around 3.7%. The fund’s energy positions fell the most during the month, falling by 6% to 11%. We see good future opportunities in the commodity sector, where there is still structural undersupply.\n\nIn April, Piletilevi Group announced that it would buy majority stakes in two Polish ticket sale companies. This makes the company the second-largest market participant in Poland and the largest player in Central Europe. This is Piletilevi Group’s largest investment so far, after recently expanding operations to Romania and the Czech Republic. Piletilevi Group also operates in the Baltics, brokering around 320 million euros worth of tickets per year.\n\nCoop Pank redeemed the last part of the investment LHV pension funds made in Coop subordinated bonds in 2017. The LHV funds offered growth capital in the form of these bonds as a direct investment to the bank, which was in its initial phase at the time and used the capital for developing its operations. The L fund earned 7% interest per year on the investment.\n\nBaltic Horizon Fund made another planned redemption payment in the bond portfolio, having now returned almost a third of the amount borrowed in May last year. The interest on the bond is Euribor + 8% plus early redemption fees.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The technology sector as an economic lifeline**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n","text":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n\nEuropean stock markets, on the other hand, experienced a downward trend in June: the Eurostoxx 50 depreciated by 1.7% over the month. This was largely due to French President Emmanuel Macron’s decision to hold snap parliamentary elections in France following the European Parliament elections. This decision will likely create at least short-term political instability and increase the risk that France’s public finances may not be brought under control anytime soon. This could, in turn, escalate into a problem for the eurozone.\n\nThe rise in the US stock market was mainly driven by the increase in the value of major technology sector companies there.\n\n![Pilt](/assets/images/pension/Andrese_joonis1_1707.png){.pension-img}\n_Figure 1. Since the beginning of 2023, the stocks of the seven largest technology companies have surged by 149% (green), while the remaining 493 companies in the S&P 500 index have shown much more modest movement (blue). Sources: Apollo Research, Bloomberg._\n\nThe value of companies within the S&P 500 index has increased by $5.8 billion this year. Of this growth, 31% (equivalent to $1.8 billion) can be attributed solely to the rise in NVIDIA’s stock price. Although large technology companies have earned decent profits in historical comparison, the majority of their value growth can be attributed to the expansion of profit multiples, indicating investor optimism.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_1707.png){.pension-img}\n_Figure 2. Investor optimism about future company earnings: indicator for the top 10 most profitable companies (green) and indicator for the top 10 companies by market capitalisation (blue). Sources: Apollo Research, Bloomberg._\n\nFurthermore, compared with the first dot-com bubble in 2000, the value of current leading technology stocks is even higher, and the overall market is relatively more expensive.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_1707.png){.pension-img}\n_Figure 3. S&P 500 companies’ 12-month forward price-to-earnings ratio (beige), forward price-to-earnings ratio for the top 10 companies (green) and price-to-earnings ratio for the S&P 500 index without the top 10 companies (blue). Sources: Apollo Research, Bloomberg._\n\n**Artificial intelligence holds great promise**\n\nArtificial intelligence could be a world-changing technology that has been fantasised about for decades. However, in the past couple of years, progress has primarily been driven by exponential growth in computing power and a novel approach that could turn what used to be science fiction into reality.\n\nParadoxically, economic growth in developed countries has been progressively anaemic for the past couple of decades, despite the rapid advancement of technology, and debt has increased much faster than the economy almost everywhere. In this predicament, there has been hope for a positive technological shock that would ultimately add momentum to economic growth and help solve the monumental challenges facing humanity, such as global warming.\n\nNevertheless, it would be naive to expect that any scientific or technological breakthrough, no matter how significant, could change the world on its own. Tasting results first requires extensive investment. This, in turn, implies prioritising our activities and likely tightening belts in less productive areas in order to create investment opportunities in areas where results are achievable.\n\nThe fact that technology giants have a lot of money to invest and little debt works in their favour. Unfortunately, the overwhelming majority of the rest of the economy is currently burdened by higher debt than ever before. This could significantly hinder development and create additional social tensions.\n\n**Risks should be managed and diversified during times of change**\n\nThe LHV Asset Management team is positive about technological development but less optimistic about the valuation levels of companies in the technology sector. Currently, our focus is more on the energy and commodities sector as we anticipate that technological advancements will require new investments in both energy and distribution networks. We also have high expectations for the banking sector, which is considerably undervalued despite healthy profits.\n\nIn the long run, technological development is deflationary, meaning that production becomes more efficient and cheaper. However, in the short term, when investments are still being made and the economy is being restructured, price growth can actually accelerate as demand for resources exceeds supply.\n\nAt LHV, we believe that while central banks’ tighter monetary policies have significantly slowed consumer price growth, the financial environment is still too loose, due to the ever-increasing government spending, to achieve a definitive victory over inflation.\n\nIn a challenging and uncertain economic environment, it is wise to diversify risks across different asset classes. In recent years, gold and the stocks of companies mining precious metals have played a significant role in LHV pension funds’ portfolios. We began investing in gold at a time when the yields on long-term risk-free bonds were negative, seeking alternatives to government bonds.\n\nWe believed that gold could provide a better outcome than a guaranteed loss. As a result of this choice, we were able to largely avoid losses in the bond market, where government bonds, previously considered almost risk-free, became one of the riskiest asset classes as inflation accelerated. In recent years, however, the price of gold has provided returns almost comparable to stock markets.\n\nI suspect that diversifying risks solely among different stocks, or within one asset class, may not be sufficient in today’s complex economic and geopolitical environment. To mitigate risks, it pays to look at the investment landscape more broadly and not restrict oneself to listed stocks and bonds.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":27.05,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that LHV’s III pillar fund Aktiivne III invests in a similar way?**\n","id":"iii","button":{"url":"/en/pension/iii/fund/aktiivne","title":"See more","size":"lg"}}}},"LXK75":{"heading":"LHV Pensionifond XL","id":"xl","code":"xl","dataMarker":"XLK50","suitability":"**Suitable if**\n- you are prepared to take above-average risks,\n- your aim is the long-term growth of your pension savings\n","isLhvFund":true,"pensionCampaign":true,"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","strategyCampaign":"### **XL with its higher proportion of equity**\n- XL is LHV’s most quick-tempered actively managed pension fund. This means that XL invests more in equity markets than any other active LHV fund.\n- While XL is allowed to allocate all of its assets to equity markets, we prefer to diversify the fund’s investments across a number of asset classes – real estate, private equity funds, and OTC bonds. \n- XL is actively managed, which is why the risks are managed and the pension saver’s money is kept safe. Our investment team makes decisions based on thorough analysis and the economic situation. \n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-oidermaa.png","name":"Kristo Oidermaa","profession":"Fund Manager at LHV","quote":"_„We have taken a thematic approach to the composition of the XL Fund equity portfolio and have selected sectors that have always offered a good rate of return in times of high inflation.“_\n\n**[Market overview](#history){.arrow-bold .tab-link}**\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":25560},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":25.15,"unit":"%"},{"name":"Shares","value":22.18,"unit":"%"},{"name":"Equity funds","value":13.11,"unit":"%"},{"name":"Real Estate funds","value":10.35,"unit":"%"},{"name":"Private Equity funds","value":20.35,"unit":"%"},{"name":"Money and deposits","value":8.86,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| German Treasury Bill 1% 15/08/2024 | 5.68% |\n| ZKB Gold ETF | 4.15% |\n| France Treasury Bill 30/10/2024 | 3.93% |\n| iShares Gold Producers UCITS ETF | 3.45% |\n| Axcel VI | 3.35% |\n| AMUNDI EURO STOXX BANKS UCITS ETF | 3.29% |\n| Investindustrial VII L.P. | 2.04% |\n| East Capital Baltic Property Fund III | 2.03% |\n| Monte Rosa V Class J | 2.03% |\n| German Treasury Bill 16/10/2024 | 1.93% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 2.03% |\n| Luminor 7.75% 08/06/2027 | 1.51% |\n| Baltic Horizon Fund 08/05/28 | 1.27% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.06.2024) | 256,674,289.54 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 530 000 units |\n| Rate of the depository’s charge | 0.0415% (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:** 0,6120%\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):** 1.22%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 June 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2024_06.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_XL_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":6,"content":"### June 2024: We began reconstruction of the Marat Building in Tallinn\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJune was a good month for the US stock market, with the S&P 500 rising by 3.5% in dollar terms. Conversely, the European Euro Stoxx 50 index fell by 1.7% in euro terms, primarily due to negative market reactions in France ahead of the parliamentary elections.\n\nEmerging markets rose by 3.6% in dollar terms in June, led by Asian markets such as Taiwan, India and South Korea. Latin America and China had a negative impact on the markets. The OMX Baltic Benchmark index fell by approximately 2% in euros during the month.\n\nNo major transactions were made in the stock portfolios during the month. The biggest contributor to our portfolio returns was our largest position, physical gold, which rose by 1.3% in June. The most significant negative impact came from investments in energy metals, which declined by 4–7%, and European banks, which lost 6.7% in value. Due to structural undersupply and the protection the sector offers in an uncertain geopolitical environment, we continue to see good opportunities in the commodity sector.\n\nLHV pension funds are set to begin reconstructing the old Marat knitwear factory building, colloquially known as the White House, located on Tartu maantee in Tallinn. The building, acquired in 2020, will have two additional floors added. Currently, the it mainly offers office space, but after the construction, the building will include commercial, dining, service and storage spaces. It will also achieve a class A energy rating, with plans to apply for the BREEAM Sustainable Building Certification rating of Excellent.\n"},{"year":2024,"month":5,"content":"### May 2024: We Invested in Agricultural Enterprises\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nContrary to the saying, “Sell in May and go away!”, May was a good month for developed markets. The US S&P 500 index rose by 4.8% in dollars, and the European Euro Stoxx 50 rose by 2.1% in euros. Emerging markets ended the month unchanged overall.\n\nChina experienced growth of 2.1% measured in dollars – a positive change from the poor mood that has surrounded the country for almost a year. Among emerging markets, Indonesia and Brazil had the most negative returns in May, falling 7.4% and 5.9% in dollars, respectively. The OMX Baltic Benchmark index fell by approximately 0.6% in euros during the month.\n\nDuring May, we bought positions in the agricultural companies Mosaic and Nutrien, betting on the rising prices of agricultural products. Of our equity positions, the European banking index and the gold mining company Agnico Eagle Mines gained the most in May, rising between 5% and 7%. The weakest results came from our energy-related positions, which fell by 2% to 7%.\n\nWe still see good opportunities in the commodities sector due to the structural undersupply and sustained demand prevailing in the sector.\n\nThe situation in the venture capital industry has been difficult lately, but nevertheless, active startups are still able to raise money from both angel investors and funds. In May, the venture capital fund Tera Ventures made an investment in CARÁ Health, a company that offers support to Estonian women throughout pregnancy, including science-based guidance and other support services.\n\nThe health startup has developed the world’s first phone application that combines personal advice and AI recommendations designed for women during pregnancy. CARÁ Health addresses the problem that more than 40 million women struggle with long-term issues after giving birth while not having full access to comprehensive and verified health and wellness resources. CARÁ Health raised 750,000 euros to expand its business to Europe’s German-speaking countries: Austria, Germany and Switzerland.\n"},{"year":2024,"month":4,"content":"### April 2024: Baltic Horizon Fund continued to redeem bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nApril was a negative month for developed markets. The US S&P 500 index fell by 4.2% in dollars and the European Euro Stoxx 50 fell by 2.4% in euros. One of the few developed economies to remain in the positive was the UK, growing by 2.4% in British pounds.\n\nOverall, emerging markets remained flat, with the MSCI EM index up 0.3% in dollars during the month. Latin American stock markets were on a downturn, while China, where a very negative mood has prevailed for almost a year, rose by 6.5% in dollars over the month. The OMX Baltic Benchmark index gained approximately 1.4% in euros during the month.\n\nDuring the month, we sold our positions in the Finnish forestry company UPM-Kymmene in all portfolios. Among the equity positions, the best performers in April were precious and energy metals, which gained between 5% and 8%, as well as European banks, which gained around 3.7%. The fund’s energy positions fell the most during the month, falling by 6% to 11%. We see good future opportunities in the commodity sector, where there is still structural undersupply.\n\nIn April, Piletilevi Group announced that it would buy majority stakes in two Polish ticket sale companies. This makes the company the second-largest market participant in Poland and the largest player in Central Europe. This is Piletilevi Group’s largest investment so far, after recently expanding operations to Romania and the Czech Republic. Piletilevi Group also operates in the Baltics, brokering around 320 million euros worth of tickets per year.\n\nBaltic Horizon Fund redeemed another portion of its bonds as planned. The company has already redeemed almost a third of the 42 million euros worth of securities issued last May. The next and currently last early redemption payment is scheduled for July at the latest. After that, the original bond issue of 42 million euros will decrease to 22 million euros. The interest on the bond is Euribor + 8% plus early redemption fees.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The technology sector as an economic lifeline**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n","text":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n\nEuropean stock markets, on the other hand, experienced a downward trend in June: the Eurostoxx 50 depreciated by 1.7% over the month. This was largely due to French President Emmanuel Macron’s decision to hold snap parliamentary elections in France following the European Parliament elections. This decision will likely create at least short-term political instability and increase the risk that France’s public finances may not be brought under control anytime soon. This could, in turn, escalate into a problem for the eurozone.\n\nThe rise in the US stock market was mainly driven by the increase in the value of major technology sector companies there.\n\n![Pilt](/assets/images/pension/Andrese_joonis1_1707.png){.pension-img}\n_Figure 1. Since the beginning of 2023, the stocks of the seven largest technology companies have surged by 149% (green), while the remaining 493 companies in the S&P 500 index have shown much more modest movement (blue). Sources: Apollo Research, Bloomberg._\n\nThe value of companies within the S&P 500 index has increased by $5.8 billion this year. Of this growth, 31% (equivalent to $1.8 billion) can be attributed solely to the rise in NVIDIA’s stock price. Although large technology companies have earned decent profits in historical comparison, the majority of their value growth can be attributed to the expansion of profit multiples, indicating investor optimism.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_1707.png){.pension-img}\n_Figure 2. Investor optimism about future company earnings: indicator for the top 10 most profitable companies (green) and indicator for the top 10 companies by market capitalisation (blue). Sources: Apollo Research, Bloomberg._\n\nFurthermore, compared with the first dot-com bubble in 2000, the value of current leading technology stocks is even higher, and the overall market is relatively more expensive.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_1707.png){.pension-img}\n_Figure 3. S&P 500 companies’ 12-month forward price-to-earnings ratio (beige), forward price-to-earnings ratio for the top 10 companies (green) and price-to-earnings ratio for the S&P 500 index without the top 10 companies (blue). Sources: Apollo Research, Bloomberg._\n\n**Artificial intelligence holds great promise**\n\nArtificial intelligence could be a world-changing technology that has been fantasised about for decades. However, in the past couple of years, progress has primarily been driven by exponential growth in computing power and a novel approach that could turn what used to be science fiction into reality.\n\nParadoxically, economic growth in developed countries has been progressively anaemic for the past couple of decades, despite the rapid advancement of technology, and debt has increased much faster than the economy almost everywhere. In this predicament, there has been hope for a positive technological shock that would ultimately add momentum to economic growth and help solve the monumental challenges facing humanity, such as global warming.\n\nNevertheless, it would be naive to expect that any scientific or technological breakthrough, no matter how significant, could change the world on its own. Tasting results first requires extensive investment. This, in turn, implies prioritising our activities and likely tightening belts in less productive areas in order to create investment opportunities in areas where results are achievable.\n\nThe fact that technology giants have a lot of money to invest and little debt works in their favour. Unfortunately, the overwhelming majority of the rest of the economy is currently burdened by higher debt than ever before. This could significantly hinder development and create additional social tensions.\n\n**Risks should be managed and diversified during times of change**\n\nThe LHV Asset Management team is positive about technological development but less optimistic about the valuation levels of companies in the technology sector. Currently, our focus is more on the energy and commodities sector as we anticipate that technological advancements will require new investments in both energy and distribution networks. We also have high expectations for the banking sector, which is considerably undervalued despite healthy profits.\n\nIn the long run, technological development is deflationary, meaning that production becomes more efficient and cheaper. However, in the short term, when investments are still being made and the economy is being restructured, price growth can actually accelerate as demand for resources exceeds supply.\n\nAt LHV, we believe that while central banks’ tighter monetary policies have significantly slowed consumer price growth, the financial environment is still too loose, due to the ever-increasing government spending, to achieve a definitive victory over inflation.\n\nIn a challenging and uncertain economic environment, it is wise to diversify risks across different asset classes. In recent years, gold and the stocks of companies mining precious metals have played a significant role in LHV pension funds’ portfolios. We began investing in gold at a time when the yields on long-term risk-free bonds were negative, seeking alternatives to government bonds.\n\nWe believed that gold could provide a better outcome than a guaranteed loss. As a result of this choice, we were able to largely avoid losses in the bond market, where government bonds, previously considered almost risk-free, became one of the riskiest asset classes as inflation accelerated. In recent years, however, the price of gold has provided returns almost comparable to stock markets.\n\nI suspect that diversifying risks solely among different stocks, or within one asset class, may not be sufficient in today’s complex economic and geopolitical environment. To mitigate risks, it pays to look at the investment landscape more broadly and not restrict oneself to listed stocks and bonds.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":18.72,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that LHV’s III pillar fund Aktiivne III invests in a similar way?**\n","id":"iii","button":{"url":"/en/pension/iii/fund/aktiivne","title":"See more","size":"lg"}}}},"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","isLhvFund":true,"pensionCampaign":true,"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 two types of markets – developed markets and emerging markets – based on their approximate share in global gross domestic product (GDP).\n","strategyCampaign":"### **Index fund with low management fees**\n- We believe that the next growth will come from emerging markets, specifically, which is why we have allocated 38% of the fund’s investments to China, Taiwan, India, South Korea, Brazil and other emerging markets.\n- The fund’s risks are wisely diversified: investments are spread across more countries and are less dependent on the US stock market\n- The LHV index fund fee is the second most advantageous in Estonia. The annual rate of the ongoing charges is 0.32%. Even Tuleva is more expensive. \n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-kukemelk.png","name":"Joel Kukemelk","profession":"Fund Manager at LHV","quote":"_„An index fund can also have a diversified strategy: investments are allocated according to the size of national economies, or GDP, rather than the size of the stock market, or market capitalisation, which would lead to a large proportion of the US stock market.“_\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":23188},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.53,"unit":"%"},{"name":"Money and deposits","value":1.47,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 28.08% |\n| AMUNDI MSCI WORLD ETF V ACC | 27.24% |\n| HSBC MSCI Emerging Markets UCITS | 25.32% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 7.90% |\n| SPDR MSCI World UCITS ETF | 5.20% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 4.79% |\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 30.06.2024) | 133,690,918.10 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 500,000 units |\n| Rate of the depository’s charge | 0.0451% (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):** 0.32%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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_2023.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_2024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID_220224.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_09_2023.pdf)\n- [Sample portfolio (valid from 02.09.2024) (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_092024.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 June 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2024_06.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_Indeks_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109401","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that LHV’s III pillar fund Indeks III invests in a similar way?**\n","id":"iii","button":{"url":"/en/pension/iii/fund/indeks","title":"See more","size":"lg"}}}},"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":1618},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":97.05,"unit":"%"},{"name":"Money and deposits","value":2.99,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 24.33% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.32% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 24.21% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.19% |\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:** 0.27%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.38%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600109443","strategyType":"Conservative","managementStyle":"Passive","riskLevel":4,"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":30890},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.95,"unit":"%"},{"name":"Money and deposits","value":0.08,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| BlackRock ISF - Developed World ESG Screened Index | 29.41% |\n| CCF Developed World (ESG Screened) Index Fund | 29.34% |\n| iShares MSCI USA ESG Screened UCITS ETF | 22.88% |\n| iShares Emerging Market Screened Equity Index Fund | 10.01% |\n| iShares MSCI Europe ESG Screened UCITS ETF | 7.53% |\n| iShares MSCI Japan ESG Screened UCITS ETF | 0.78% |\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:** 0.27%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.35%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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 pensionifond 55+","id":"seb55","code":"seb55","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":38536},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":12.74,"unit":"%"},{"name":"Shares","value":3.04,"unit":"%"},{"name":"Equity funds","value":69.97,"unit":"%"},{"name":"Real Estate funds","value":8.74,"unit":"%"},{"name":"Private Equity funds","value":1.14,"unit":"%"},{"name":"Bond funds","value":3.04,"unit":"%"},{"name":"Money and deposits","value":1.33,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| SEB Global Exposure Fund | 24.40% |\n| SPDR S&P 500 ESG Leaders UCITS ETF | 24.05% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 4.99% |\n| Bundesrepublik Deutschland Bundesanleihe 2.2% 15.02.2034 | 4.62% |\n| EfTEN Real Estate Fund IV | 4.13% |\n| SEB Europe Exposure Fund IC | 4.03% |\n| Amundi S&P Global Utilities Esg Ucits Etf | 2.38% |\n| Amundi Euro Stoxx Banks UCITS ETF | 2.21% |\n| SEB Emerging Markets Exposure Fund | 2.06% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.98% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 Usaldusfond | 1.98% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 1.91% |\n| Tallinna Sadam AS | 1.56% |\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):** 0.96%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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":5,"countryShareEe":10.21,"fundManager":"SEB"},"SEK25":{"heading":"SEB pensionifond 60+","id":"seb60","code":"seb60","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":2525},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":27.87,"unit":"%"},{"name":"Shares","value":2.79,"unit":"%"},{"name":"Equity funds","value":38.68,"unit":"%"},{"name":"Real Estate funds","value":11.22,"unit":"%"},{"name":"Private Equity funds","value":0.71,"unit":"%"},{"name":"Bond funds","value":17.19,"unit":"%"},{"name":"Money and deposits","value":1.51,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI World ESG Screened UCITS ETF | 12.77% |\n| SEB Global Exposure Fund | 12.32% |\n| Republic of Estonia 4% 12.10.2032 | 9.40% |\n| SPDR S&P 500 ESG Leaders UCITS ETF | 8.22% |\n| SEB Hybrid Capital-R EUR | 5.26% |\n| EfTEN Real Estate Fund IV | 4.89% |\n| PIMCO GIS Global High Yield Bond Fund | 3.91% |\n| Schroder ISF EURO Corporate Bond | 3.24% |\n| Birdeye Timber Fund 3 Usaldusfond | 2.66% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 2.43% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Republic of Estonia 4% 12.10.2032 | 9.40% |\n| Birdeye Timber Fund 3 Usaldusfond | 2.66% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 2.26% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.03%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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":4,"countryShareEe":23.08,"fundManager":"SEB"},"SEK00":{"heading":"SEB pensionifond 65+","id":"seb65","code":"seb65","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":5561},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":48.73,"unit":"%"},{"name":"Equity funds","value":6.49,"unit":"%"},{"name":"Bond funds","value":43.74,"unit":"%"},{"name":"Money and deposits","value":1.04,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 13.16% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR | 11.30% |\n| Republic of Estonia 4% 12.10.2032 | 9.26% |\n| Bundesrepublic Deutschland 0.5% 15.02.2026 | 6.11% |\n| Bundesrepublik Deutschland 0% 15.08.2031 | 5.66% |\n| Morgan Stanley Sustainable Euro Corporate Bond Fund | 5.57% |\n| iShares MSCI World ESG Screened UCITS ETF | 5.34% |\n| PIMCO GIS Euro Credit Fund | 4.73% |\n| SEB Hybrid Capital-R EUR | 4.68% |\n| Schroder ISF EURO Corporate Bond | 4.30% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Republic of Estonia 4% 12.10.2032 | 9.25% |\n| LHV Group AS FRN 03.10.2027 | 1.40% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 1.13% |\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):** 0.56%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":15.71,"fundManager":"SEB"},"SEK100":{"heading":"SEB pensionifond 18+","id":"seb18","code":"seb18","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":23104},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":6,"unit":"%"},{"name":"Shares","value":2.34,"unit":"%"},{"name":"Equity funds","value":83.55,"unit":"%"},{"name":"Real Estate funds","value":3.96,"unit":"%"},{"name":"Private Equity funds","value":0.97,"unit":"%"},{"name":"Bond funds","value":0.87,"unit":"%"},{"name":"Money and deposits","value":2.29,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| SPDR S&P 500 ESG Leaders UCITS ETF | 29.59% |\n| SEB Global Exposure Fund | 22.91% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 7.68% |\n| iShares MSCI USA ESG Screened UCITS ETF | 3.49% |\n| SEB Europe Exposure Fund IC | 3.29% |\n| SEB Emerging Markets Exposure Fund | 2.78% |\n| Amundi Euro Stoxx Banks UCITS ETF | 2.58% |\n| Amundi S&P Global Utilities Esg Ucits Etf | 2.36% |\n| Neuberger Berman Investment Funds PLC-Neuberger Berman Global Sustainable Equity | 2.00% |\n| Invesco Markets PLC - Invesco S&P 500 ESG UCITS ETF | 1.72% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 Usaldusfond | 1.27% |\n| Tallinna Sadam AS | 0.84% |\n| Enefit Green AS | 0.77% |\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):** 0.92%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001699","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":6,"countryShareEe":7.32,"fundManager":"SEB"},"SWK99":{"heading":"Swedbank pensionifond indeks 1990–99 sündinutele","id":"swed_90-99","code":"swed_90-99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born in the 90s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\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":57981},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":99.75,"unit":"%"},{"name":"Money and deposits","value":0.29,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Microsoft | 4.83% |\n| Nvidia | 4.71% |\n| Apple | 4.70% |\n| Amazon.com | 2.82% |\n| Alphabet A | 1.91% |\n| Meta Platforms | 1.73% |\n| Alphabet C | 1.20% |\n| Eli Lilly | 1.18% |\n| Broadcom | 1.12% |\n| Berkshire Hathaway B | 1.03% |\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):** 0.31%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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":6,"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;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\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":54783},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.3,"unit":"%"},{"name":"Shares","value":75.22,"unit":"%"},{"name":"Equity funds","value":13.7,"unit":"%"},{"name":"Real Estate funds","value":5.85,"unit":"%"},{"name":"Private Equity funds","value":2.15,"unit":"%"},{"name":"Money and deposits","value":2.93,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Globalfond A | 4.48% |\n| Nvidia | 3.67% |\n| Apple | 3.47% |\n| Microsoft | 3.47% |\n| Amundi MSCI EM ex China ESG ETF | 3.19% |\n| Access Edge Japan A | 2.80% |\n| Xtrackers MSCI Japan ESG UCITS ETF | 2.63% |\n| Amazon.com | 1.66% |\n| Alphabet C | 1.51% |\n| Meta Platforms | 1.40% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II AS | 1.21% |\n| East Capital Baltic Property Fund III | 0.91% |\n| LHV Group 9.500% Perpetual | 0.61% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.77%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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":8.22,"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;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\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":66340},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":2.99,"unit":"%"},{"name":"Shares","value":71.52,"unit":"%"},{"name":"Equity funds","value":12.29,"unit":"%"},{"name":"Real Estate funds","value":9.47,"unit":"%"},{"name":"Private Equity funds","value":2.07,"unit":"%"},{"name":"Money and deposits","value":2.74,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Globalfond A | 4.50% |\n| Nvidia | 3.51% |\n| Apple | 3.34% |\n| Microsoft | 3.33% |\n| EfTEN Kinnisvarafond II AS | 2.71% |\n| Access Edge Japan A | 2.63% |\n| Xtrackers MSCI Japan ESG UCITS ETF | 2.62% |\n| East Capital Baltic Property Fund III | 1.92% |\n| Amundi MSCI EM ex China ESG ETF | 1.87% |\n| Amazon.com | 1.60% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 2.71% |\n| East Capital Baltic Property Fund III | 1.92% |\n| Lumi Retal Property Fund | 1.01% |\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):** 0.79%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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":11.52,"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;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\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":22638},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":45.46,"unit":"%"},{"name":"Shares","value":18.95,"unit":"%"},{"name":"Equity funds","value":9.69,"unit":"%"},{"name":"Real Estate funds","value":11.57,"unit":"%"},{"name":"Private Equity funds","value":0.51,"unit":"%"},{"name":"Bond funds","value":11.48,"unit":"%"},{"name":"Money and deposits","value":5.35,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Corporate Bond Europe High Yield A | 5.90% |\n| iShares EUR High Yield Corp Bond ESG UCITS ETF | 5.58% |\n| Amundi S&P 500 Climate Net Zero Ambition Pab Ucits | 5.00% |\n| EfTEN Kinnisvarafond II AS | 3.64% |\n| East Capital Baltic Property Fund III | 2.06% |\n| Birdeye Capital Timber Fund 2 | 1.62% |\n| Amundi MSCI EM ex China ESG ETF | 1.59% |\n| Ignitis 2.000% 300521 | 1.20% |\n| Globalfond A | 1.19% |\n| Luminor Bank VAR 260923 | 1.17% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.64% |\n| East Capital Baltic Property Fund III | 2.06% |\n| Birdeye Capital Timber Fund 2 | 1.62% |\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):** 0.77%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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":4,"countryShareEe":16.79,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond Konservatiivne","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your retirement age is close;\n- you want to maintain the money you have already collected;\n- you are looking for a low-risk fund.\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":5375},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":86.95,"unit":"%"},{"name":"Real Estate funds","value":12.3,"unit":"%"},{"name":"Money and deposits","value":8.28,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| East Capital Baltic Property Fund III | 9.30% |\n| Luminor Bank VAR 270608 | 2.80% |\n| Altum 1.300% 250307 | 2.59% |\n| France Government 0.500% 260525 | 2.50% |\n| French Republic Government 0.000% 260225 | 2.49% |\n| Netherlands Government 0.750% 270715 | 2.49% |\n| Germany Government 6.500% 270704 | 247% |\n| French Government 2.500% 260924 | 2.37% |\n| Italy Government 4.500% 260301 | 2.16% |\n| Italy Government 0.500% 260201 | 2.01% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 9.30% |\n| Luminor Bank VAR 241203 | 2.80% |\n| Birdeye Capital Timber Fund 2 | 1.83% |\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):** 0.47%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":21.76,"fundManager":"Swedbank"},"SIK75":{"heading":"SEB pensionifond indeks","id":"eindeks","code":"sik","dataMarker":"SIK75","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a medium risk fund,\n- your goal is to mirror securities markets.\n","strategy":"**Strategy**\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":31384},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.68,"unit":"%"},{"name":"Money and deposits","value":0.31,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| SEB Global Exposure Fund | 29.10% |\n| SPDR S&P 500 ESG Leaders UCITS ETF | 28.52% |\n| L&G US Equity UCITS ETF | 17.79% |\n| SEB Europe Exposure Fund IC | 11.08% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 7.79% |\n| L&G Japan Equity UCITS ETF | 5.40% |\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):** 0.33%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109427","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"SEB"},"NPK00":{"heading":"Luminor 61-65 pensionifond","id":"lumi61-65","code":"lumi61-65","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":2797},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":25.97,"unit":"%"},{"name":"Equity funds","value":5.43,"unit":"%"},{"name":"Bond funds","value":68.31,"unit":"%"},{"name":"Money and deposits","value":0.29,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade | 22.02% |\n| iShares EUR Corporate Bond ESG | 19.74% |\n| Robeco Euro Credit Bond Fund | 19.03% |\n| Latvia 3.875 | 5.25% |\n| iShares eb.rexx Government | 4.04% |\n| Estonian Eurobond 0,125 | 3.95% |\n| EPSO-G 3.117% | 3.26% |\n| Siauliu bankas 1.047 | 2.70% |\n| LATVEN 2.42 05/05/27 | 2.31% |\n| iShares Core MSCI World UCITS ETF | 2.28% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Estonian Eurobond | 3.95% |\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):** 0.87%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":3.95,"fundManager":"Luminor"},"NPK25":{"heading":"Luminor 56+ pensionifond","id":"lumi56","code":"lumi56","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":1021},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":15.73,"unit":"%"},{"name":"Equity funds","value":25.61,"unit":"%"},{"name":"Real Estate funds","value":4.08,"unit":"%"},{"name":"Private Equity funds","value":0.5,"unit":"%"},{"name":"Bond funds","value":53.71,"unit":"%"},{"name":"Money and deposits","value":0.36,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade | 15.09% |\n| Robeco Euro Credit Bond Fund | 10.68% |\n| Screened Index Fund (IE) Inst Acc | 6.03% |\n| iShares Developed World Index | 5.84% |\n| SPDR Bloomberg Barclays Euro | 5.79% |\n| iShares North America Index Fund | 5.00% |\n| Debt - Hard Currency Fund EUR I2 | 4.99% |\n| iShares EUR Corporate Bond ESG | 4.81% |\n| BNPP Easy JPM ESG EMBI Global | 4.70% |\n| iShares Core MSCI World UCITS | 4.57% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.08% |\n| KS Livonia Partners Fund II AIF | 0.50% |\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):** 1.19%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098448","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":4.58,"fundManager":"Luminor"},"NPK75":{"heading":"Luminor 16-50 pensionifond","id":"lumi16-50","code":"lumi16-50","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":12603},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":95.45,"unit":"%"},{"name":"Real Estate funds","value":1.06,"unit":"%"},{"name":"Private Equity funds","value":0.49,"unit":"%"},{"name":"Bond funds","value":2.02,"unit":"%"},{"name":"Money and deposits","value":0.96,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares Developed World ESG | 20.73% |\n| iShares Developed World Index Fund | 20.68% |\n| iShares Core MSCI World UCITS ETF | 20.36% |\n| iShares North America Index Fund | 18.32% |\n| iShares Core MSCI EM IMI UCITS ETF | 4.80% |\n| iShares Emerging Markets Index Fund | 4.66% |\n| iShares Europe Equity Index Fund (LU) | 4.51% |\n| iShares Japan Index Fund (IE) | 1.39% |\n| EFTEN Kinnisvarafond II AS | 1.00% |\n| BNPP Easy JPM ESG EMBI Global | 0.92% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 1.00% |\n| KS Livonia Partners Fund II AIF | 0.48% |\n| EfTEN Real Estate Fund | 0.06% |\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:** 0.93%\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):** 1.18%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103503","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":1.54,"fundManager":"Luminor"},"NPK50":{"heading":"Luminor 50-56 pensionifond","id":"lumi50-56","code":"lumi50-56","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":10552},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":7.88,"unit":"%"},{"name":"Equity funds","value":56.58,"unit":"%"},{"name":"Real Estate funds","value":6.67,"unit":"%"},{"name":"Private Equity funds","value":0.78,"unit":"%"},{"name":"Bond funds","value":27.98,"unit":"%"},{"name":"Money and deposits","value":0.1,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS | 12.53% |\n| Screened Index Fund (IE) Inst Acc | 12.17% |\n| iShares Developed World Index | 12.15% |\n| iShares North America Index Fund | 10.72% |\n| Robeco Euro Credit Bond Fund | 5.78% |\n| iShares EUR Corporate Bond ESG | 5.40% |\n| iShares Euro Investment Grade | 5.10% |\n| EFTEN Kinnisvarafond II AS | 5.02% |\n| BNPP Easy JPM ESG EMBI Global | 2.91% |\n| iShares Emerging Markets Index | 2.79% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EFTEN Kinnisvarafond II AS | 5.02% |\n| EfTEN Real Estate Fund | 1.65% |\n| Estonian Eurobond | 0.87% |\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):** 1.23%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098430","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":8.7,"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":214},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.78,"unit":"%"},{"name":"Money and deposits","value":0.21,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| UBS (Lux) Fund Solutions - MSCI | 24.05% |\n| Amundi MSCI World SRI C NZ | 24.05% |\n| iShares MSCI World SRI UCITS ETF | 24.00% |\n| BNP Paribas Easy MSCI World SRI | 17.80% |\n| iShares MSCI EM SRI UCITS ETF | 9.88% |\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):** 0.49%\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":"0.89%"},"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:** 0.89%\n\n**Ongoing charges (inc management fee):** 1.34%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 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":4,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Pensionifond Aktiivne III","id":"aktiivne","code":"aktiivne","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 prefers to invest its assets in foreign markets, in more liquid instruments and in instruments traded on regulated markets. The Fund’s assets may be invested in shares, equity funds and other equity-like instruments. In addition to the above, the Fund’s assets may also be invested in bonds, money market instruments, deposits, units or shares in other investment funds, real estate, derivative instruments, securities whose underlying asset is a precious metal or a commodity or whose price depends on a precious metal or a commodity, and other assets. The Fund can also be used to borrow and lend. The Management Company may borrow up to 25% of the value of the Fund’s assets on the Fund’s account, which also allows for investing more than 100% of the value of the Fund’s assets, up to 125% of the value of the Fund’s assets, in equity risk instruments.\n","isLhvFund":true,"costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.89%"},"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":40.35,"unit":"%"},{"name":"Shares","value":20.24,"unit":"%"},{"name":"Equity funds","value":14.28,"unit":"%"},{"name":"Real Estate funds","value":11.14,"unit":"%"},{"name":"Private Equity funds","value":3.37,"unit":"%"},{"name":"Money and deposits","value":10.61,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2023\n\n| Biggest investments | |\n|---|---:|\n| German Treasury Bill 16/10/2024 | 6.56% |\n| German Treasury Bill 11/12/2024 | 6.52% |\n| France Treasury Bill 30/10/2024 | 4.91% |\n| ZKB Gold ETF | 4.07% |\n| German Treasury Bill 1% 15/08/2024 | 3.33% |\n| iShares Gold Producers UCITS ETF | 3.30% |\n| AMUNDI EURO STOXX BANKS UCITS ETF | 3.28% |\n| EfTEN Real Estate Fund | 2.91% |\n| Luminor 7.25% 16/01/2026 | 2.77% |\n| BNP Paribas 2.5% 31/03/2032 | 2.53% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 7.25% 16/01/2026 | 2.77% |\n| East Capital Baltic Property Fund III | 2.05% |\n| BIGBANK 7.5% 16/05/2032 | 2.01% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.06.2024) | 30,194,370.14 € |\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:** 0.0439%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.89%\n\n**Ongoing charges (inc management fee):** 1.19%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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_Aktiivne_III_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_vabatahtlike_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Aktiivne_III_KIID_022024.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 June 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Aktiivne_III_kuuaruanne_2024_06.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_Aktiivne_III_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":6,"content":"### June 2024: Gold helped lessen the decline in other positions\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJune was a good month for the US stock market, with the S&P 500 rising by 3.5% in dollar terms. Conversely, the European Euro Stoxx 50 index fell by 1.7% in euro terms, primarily due to negative market reactions in France ahead of the parliamentary elections.\n\nEmerging markets rose by 3.6% in dollar terms in June, led by Asian markets such as Taiwan, India and South Korea. Latin America and China had a negative impact on the markets. The OMX Baltic Benchmark index fell by approximately 2% in euros during the month.\n\nNo major transactions were made in the stock portfolios during the month. The biggest contributor to our portfolio returns was our largest position, physical gold, which rose by 1.3% in June. The most significant negative impact came from investments in energy metals, which declined by 4–7%, and European banks, which lost 6.7% in value. Due to structural undersupply and the protection the sector offers in an uncertain geopolitical environment, we continue to see good opportunities in the commodity sector.\n"},{"year":2024,"month":5,"content":"### May 2024: We Invested in Agricultural Enterprises\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nContrary to the saying, “Sell in May and go away!”, May was a good month for developed markets. The US S&P 500 index rose by 4.8% in dollars, and the European Euro Stoxx 50 rose by 2.1% in euros. Emerging markets ended the month unchanged overall.\n\nChina experienced growth of 2.1% measured in dollars – a positive change from the poor mood that has surrounded the country for almost a year. Among emerging markets, Indonesia and Brazil had the most negative returns in May, falling 7.4% and 5.9% in dollars, respectively. The OMX Baltic Benchmark index fell by approximately 0.6% in euros during the month.\n\nDuring May, we bought positions in the agricultural companies Mosaic and Nutrien, betting on the rising prices of agricultural products. Of our equity positions, the European banking index and the gold mining company Agnico Eagle Mines gained the most in May, rising between 5% and 7%. The weakest results came from our energy-related positions, which fell by 2% to 7%.\n\nWe still see good opportunities in the commodities sector due to the structural undersupply and sustained demand prevailing in the sector.\n"},{"year":2024,"month":4,"content":"### April 2024: Baltic Horizon Fund continued to redeem bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nApril was a negative month for developed markets. The US S&P 500 index fell by 4.2% in dollars and the European Euro Stoxx 50 fell by 2.4% in euros. One of the few developed economies to remain in the positive was the UK, growing by 2.4% in British pounds.\n\nOverall, emerging markets remained flat, with the MSCI EM index up 0.3% in dollars during the month. Latin American stock markets were on a downturn, while China, where a very negative mood has prevailed for almost a year, rose by 6.5% in dollars over the month. The OMX Baltic Benchmark index gained approximately 1.4% in euros during the month.\n\nDuring the month, we sold our positions in the Finnish forestry company UPM-Kymmene in all portfolios. Among the equity positions, the best performers in April were precious and energy metals, which gained between 5% and 8%, as well as European banks, which gained around 3.7%. The fund’s energy positions fell the most during the month, falling by 6% to 11%. We see good future opportunities in the commodity sector, where there is still structural undersupply.\n\nBaltic Horizon Fund redeemed another portion of its bonds as planned. The company has already redeemed almost a third of the 42 million euros worth of securities issued last May. The next and currently last early redemption payment is scheduled for July at the latest. After that, the original bond issue of 42 million euros will decrease to 22 million euros. The interest on the bond is Euribor + 8% plus early redemption fees.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The technology sector as an economic lifeline**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n","text":"June was generally a positive month for international stock markets. The S&P 500, which tracks the value of major US companies, rose by 3.5%. The MSCI World Index, which assesses the performance of emerging markets, also increased by 3.6% over the month, driven by the growth in the stock markets of Taiwan, South Korea, and India.\n\nEuropean stock markets, on the other hand, experienced a downward trend in June: the Eurostoxx 50 depreciated by 1.7% over the month. This was largely due to French President Emmanuel Macron’s decision to hold snap parliamentary elections in France following the European Parliament elections. This decision will likely create at least short-term political instability and increase the risk that France’s public finances may not be brought under control anytime soon. This could, in turn, escalate into a problem for the eurozone.\n\nThe rise in the US stock market was mainly driven by the increase in the value of major technology sector companies there.\n\n![Pilt](/assets/images/pension/Andrese_joonis1_1707.png){.pension-img}\n_Figure 1. Since the beginning of 2023, the stocks of the seven largest technology companies have surged by 149% (green), while the remaining 493 companies in the S&P 500 index have shown much more modest movement (blue). Sources: Apollo Research, Bloomberg._\n\nThe value of companies within the S&P 500 index has increased by $5.8 billion this year. Of this growth, 31% (equivalent to $1.8 billion) can be attributed solely to the rise in NVIDIA’s stock price. Although large technology companies have earned decent profits in historical comparison, the majority of their value growth can be attributed to the expansion of profit multiples, indicating investor optimism.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_1707.png){.pension-img}\n_Figure 2. Investor optimism about future company earnings: indicator for the top 10 most profitable companies (green) and indicator for the top 10 companies by market capitalisation (blue). Sources: Apollo Research, Bloomberg._\n\nFurthermore, compared with the first dot-com bubble in 2000, the value of current leading technology stocks is even higher, and the overall market is relatively more expensive.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_1707.png){.pension-img}\n_Figure 3. S&P 500 companies’ 12-month forward price-to-earnings ratio (beige), forward price-to-earnings ratio for the top 10 companies (green) and price-to-earnings ratio for the S&P 500 index without the top 10 companies (blue). Sources: Apollo Research, Bloomberg._\n\n**Artificial intelligence holds great promise**\n\nArtificial intelligence could be a world-changing technology that has been fantasised about for decades. However, in the past couple of years, progress has primarily been driven by exponential growth in computing power and a novel approach that could turn what used to be science fiction into reality.\n\nParadoxically, economic growth in developed countries has been progressively anaemic for the past couple of decades, despite the rapid advancement of technology, and debt has increased much faster than the economy almost everywhere. In this predicament, there has been hope for a positive technological shock that would ultimately add momentum to economic growth and help solve the monumental challenges facing humanity, such as global warming.\n\nNevertheless, it would be naive to expect that any scientific or technological breakthrough, no matter how significant, could change the world on its own. Tasting results first requires extensive investment. This, in turn, implies prioritising our activities and likely tightening belts in less productive areas in order to create investment opportunities in areas where results are achievable.\n\nThe fact that technology giants have a lot of money to invest and little debt works in their favour. Unfortunately, the overwhelming majority of the rest of the economy is currently burdened by higher debt than ever before. This could significantly hinder development and create additional social tensions.\n\n**Risks should be managed and diversified during times of change**\n\nThe LHV Asset Management team is positive about technological development but less optimistic about the valuation levels of companies in the technology sector. Currently, our focus is more on the energy and commodities sector as we anticipate that technological advancements will require new investments in both energy and distribution networks. We also have high expectations for the banking sector, which is considerably undervalued despite healthy profits.\n\nIn the long run, technological development is deflationary, meaning that production becomes more efficient and cheaper. However, in the short term, when investments are still being made and the economy is being restructured, price growth can actually accelerate as demand for resources exceeds supply.\n\nAt LHV, we believe that while central banks’ tighter monetary policies have significantly slowed consumer price growth, the financial environment is still too loose, due to the ever-increasing government spending, to achieve a definitive victory over inflation.\n\nIn a challenging and uncertain economic environment, it is wise to diversify risks across different asset classes. In recent years, gold and the stocks of companies mining precious metals have played a significant role in LHV pension funds’ portfolios. We began investing in gold at a time when the yields on long-term risk-free bonds were negative, seeking alternatives to government bonds.\n\nWe believed that gold could provide a better outcome than a guaranteed loss. As a result of this choice, we were able to largely avoid losses in the bond market, where government bonds, previously considered almost risk-free, became one of the riskiest asset classes as inflation accelerated. In recent years, however, the price of gold has provided returns almost comparable to stock markets.\n\nI suspect that diversifying risks solely among different stocks, or within one asset class, may not be sufficient in today’s complex economic and geopolitical environment. To mitigate risks, it pays to look at the investment landscape more broadly and not restrict oneself to listed stocks and bonds.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Aktiivne III","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":4,"countryShareEe":12.89,"fundManager":"LHV","minSumInEurWhenBuying":6.39,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LIT100":{"heading":"LHV Pensionifond Indeks III","id":"indeks","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","isLhvFund":true,"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\nFund investments in shares are divided into two market types, based on the approximate size of the world’s economies: developed and emerging.\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":99.38,"unit":"%"},{"name":"Money and deposits","value":0.62,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 28.51% |\n| HSBC MSCI Emerging Markets UCITS | 27.83% |\n| AMUNDI MSCI WORLD ETF V ACC | 26.66% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 6.84% |\n| SPDR MSCI World UCITS ETF | 5.94% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 3.61% |\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 30.06.2024) | 58,533,772.35 € |\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:** 0.0451%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.2%\n\n**Ongoing charges (inc management fee):** 0.37%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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_III_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_vabatahtlike_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_III_KIID_220224.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_III_mudelportfell_11_2023.pdf)\n- [Sample portfolio (valid from 02.09.2024) (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_III_mudelportfell_092024.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 June 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_III_kuuaruanne_2024_06.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_Indeks_III_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks III","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 III samba pensionifond 18+","id":"seb-iii-18+","code":"seb-iii-18+","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":"0.95%"},"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:** 0.95%\n\n**Ongoing charges (inc management fee):** 1.18%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. 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":6,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET35":{"heading":"SEB III samba pensionifond 65+","id":"seb-iii-65+","code":"seb-iii-65+","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":"0.85%"},"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:** 0.85%\n\n**Ongoing charges (inc management fee):** 1.09%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. 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":4,"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":"0.99%"},"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:** 0.99%\n\n**Ongoing charges (inc management fee):** 1.19%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. 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):** 0.95%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 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):** 1.05%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 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):** 1.15%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 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):** 0.29%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 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":6,"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":"0.23%"},"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:** 0.23%\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 2022 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","isLhvFund":true,"pensionCampaign":true,"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","strategyCampaign":"### **The only green fund in Estonia**\n- The first, and in terms of its essence, so far the only fund in the Estonian pension market that invests in the green transition trend\n- Half of the portfolio is invested in funds that follow the principles of sustainability or involve environmental topics\n- All individual investments are environmentally based, i.e., they are related to renewable energy, energy efficiency, water technology, pollution reduction, management, environmental support activities, and responsible forestry and agriculture.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-kukemelk-roheline.png","name":"Joel Kukemelk","profession":"Fund Manager at LHV","quote":"_„We do not really have an another planet and a plan B – the only option is to build a sustainable and green future, even if it means investing more in the beginning. This is a fund for which the long-term green transition trend shows revenues, not costs.“_\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":5089},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":1.21,"unit":"%"},{"name":"Shares","value":33.49,"unit":"%"},{"name":"Equity funds","value":57.08,"unit":"%"},{"name":"Real Estate funds","value":1.98,"unit":"%"},{"name":"Private Equity funds","value":2.81,"unit":"%"},{"name":"Money and deposits","value":3.44,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Global X Copper Miners ETF | 13.87% |\n| Invesco Solar ETF | 12.37% |\n| iShares Global Clean Energy ET | 7.45% |\n| L and G Battery Value-Chain UCITS | 7.08% |\n| Global X Lithium and Battery Tech | 7.05% |\n| First Trust NASDAQ Clean Edge | 4.75% |\n| iShares Electric Vehicles and Driving Technology U | 3.69% |\n| Renewi | 3.52% |\n| Ignitis Grupe | 3.44% |\n| Rockwool | 2.84% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.98% |\n| Hepsor | 0.57% |\n| Sopruse157 omanikulaen | 0.52% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.06.2024) | 33,413,335.59 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 225,000 units |\n| Rate of the depository’s charge | 0.0451% (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):** 0.81%\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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_prospekt_2024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_KIID_21052024.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 June 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2024_06.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_Roheline_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n"}]},{"id":"sustainability","title":"Sustainability‐related disclosures","content":[{"type":"markdown","column":"left","content":"- [Sustainability information (in Estonian)](/assets/files/pension/Jatkusuutlikkuse_alane_info_LHV_Pensionifond_Roheline.pdf)\n- [Periodic report (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_ESG_lisa_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001723","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":6,"countryShareEe":3.47,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that LHV’s III pillar fund Roheline III invests in a similar way?**\n","id":"iii","button":{"url":"/en/pension/iii/fund/roheline","title":"See more","size":"lg"}}}},"LRT100":{"heading":"LHV Pensionifond Roheline III","id":"roheline","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","isLhvFund":true,"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\nRoheline III will be allowed to take on a higher degree of concentration risk, as well as to invest in asset classes in which it was not previously allowed to invest. For example, Roheline III can now invest up to a quarter of the Fund’s assets in green transition-related precious metals and raw materials.\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":35.09,"unit":"%"},{"name":"Equity funds","value":56.64,"unit":"%"},{"name":"Real Estate funds","value":1.85,"unit":"%"},{"name":"Private Equity funds","value":2.67,"unit":"%"},{"name":"Money and deposits","value":3.75,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Global X Copper Miners ETF | 15.02% |\n| Invesco Solar ETF | 10.98% |\n| L and G Battery Value-Chain UCITS | 8.32% |\n| iShares Global Clean Energy ET | 6.65% |\n| Global X Lithium and Battery Tech | 6.46% |\n| First Trust NASDAQ Clean Edge | 5.21% |\n| Rockwool | 4.59% |\n| UPM-Kymmene | 3.37% |\n| Cie de Saint-Gobain | 3.36% |\n| iShares Electric Vehicles and Driving Technology U | 3.36% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.85% |\n| Hepsor | 030% |\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 30.06.2024) | 7,015,345.50 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 0 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:** 0.0451%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n\n**Ongoing charges (inc management fee):** 1.01%\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_III_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_vabatahtlike_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_III_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 June 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_III_kuuaruanne_2024_06.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_Roheline_III_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_aruanne_2022.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_2023.pdf)\n"}]},{"id":"sustainability","title":"Sustainability‐related disclosures","content":[{"type":"markdown","column":"left","content":"- [Sustainability information (in Estonian)](/assets/files/pension/Jatkusuutlikkuse_alane_info_LHV_Pensionifond_Roheline.pdf)\n- [Periodic report (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_ESG_lisa_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Roheline III","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":2.15,"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":"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*\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):** 0.29%\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":4,"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":"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*\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:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\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):** 0.54%\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- you have at least 10 more years of pension saving ahead of you;\n- you have a relatively high risk tolerance;\n- you want to accumulate in an index fund.\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":15359},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.95,"unit":"%"},{"name":"Money and deposits","value":0.08,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi MSCI World SRI Climate Net Zero Ambition | 25.47% |\n| UBS Lux Fund Solutions - MSCI | 25.31% |\n| iShares MSCI World SRI UCITS E | 17.67% |\n| Access Global A | 17.29% |\n| Access Edge Global A | 14.21% |\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):** 0.30%\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"},"swk09":{"heading":"Swedbank pensionifond 2000-09 sündinutele","id":"swk09","code":"swk09","dataMarker":"swk09","suitability":"**Suitable if**\n- you were born in the 00s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":5122},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":4.14,"unit":"%"},{"name":"Equity funds","value":94.25,"unit":"%"},{"name":"Real Estate funds","value":0.78,"unit":"%"},{"name":"Private Equity funds","value":0.48,"unit":"%"},{"name":"Money and deposits","value":0.76,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.06.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi S&P 500 Climate Net Zero Ambition Pab Ucits | 16.27% |\n| Amundi MSCI World ESG Leaders UCITS ETF | 14.82% |\n| Amundi MSCI World SRI Climate Net Zero Ambition | 14.50% |\n| UBS Lux Fund Solutions - MSCI | 13.81% |\n| Access Edge Global A | 12.38% |\n| Globalfond A | 9.95% |\n| Xtrackers MSCI Japan ESG UCITS ETF | 5.45% |\n| Amundi MSCI EM ex China ESG ETF | 4.65% |\n| Transition Energy A | 1.39% |\n| Access Edge Japan A | 1.03% |\n"},{"title":null,"type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| LHV Group AS | 0.78% |\n| TKM Grupp | 0.22% |\n| Enefit Green | 0.65% |\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:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.83%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001848","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":6,"countryShareEe":3.5,"fundManager":"Swedbank"}}<meta name="robots" content="noindex">