{"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":2611},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":91,"unit":"%"},{"name":"Equity funds","value":5.32,"unit":"%"},{"name":"Money and deposits","value":3.68,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Luminor 7.75% 08/06/2027 | 7.52% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 6.83% |\n| German Treasury Bill 16/10/2024 | 5.83% |\n| France Treasury Bill 30/10/2024 | 5.82% |\n| ZKB Gold ETF | 5.32% |\n| ALTUMG 1.3% 07/03/25 | 4.54% |\n| German Treasury Bill 1% 15/08/2024 | 4.22% |\n| BGerman Treasury Bill 19/06/24 | 4.20% |\n| Bank Gospodarstwa Krajow 1.375% 01/06/25 | 4.17% |\n| Glencore 1.25% 01/03/2033 | 3.44% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 7.75% 08/06/2027 | 7.52% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 6.83% |\n| Coop Pank 5.0% 10/03/2032 | 2.83% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.01.2024) | 11,731,370.84 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 40,000 units |\n| Rate of the depository’s charge | 0.0439% (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_2023.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 (31 January 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2024_01.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- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":1,"content":"### January 2024: Reducing the risk associated with long-term bonds\n\nRomet Enok, Fund Manager\n\nWe sold one of the fund’s largest investments: our long-term Estonian government bonds, acquired at the government bond auction of October 2022. Over the 15 months that followed, these bonds appreciated by just over 5% and generated an equivalent amount in interest. The total yield of slightly over 10% that these bonds brought to the fund clearly surpasses the yield offered by most other bonds during the same period.\n\nThe price of long-term bonds has surged in recent months. In this situation, we once again prefer to decrease risks and opt to increase the share of short-term bonds.\n\nEuropean bond markets saw a slight downturn in January, while our fund saw marginally positive results.\n"},{"year":2023,"month":12,"content":"### December 2023: The year ended strongly for listed bonds\n\nRomet Enok, Fund Manager\n\n2023 ended with a robust December for listed bonds. November’s expectation that the European Central Bank will successfully curb inflation continued in December. This would alleviate the need to raise interest rates. The prospect of interest rates remaining steady would be favourable for bonds, while a decrease in interest rates would be even more advantageous.\n\nIn this context, our Western European corporate bonds once again delivered substantial returns. Notable among them are France’s BnP, a major bank in the Eurozone; Glencore, one of the world’s largest commodity trading companies; Sweden’s EQT, a prominent European private equity firm; and the UK’s BP, a leading global oil company. Additionally, Volkswagen’s bonds saw a notable increase of more than 7% in December alone.\n\nAs these names suggest, our preference remains for the largest and most solvent companies.\n"},{"year":2023,"month":11,"content":"### November 2023: New investments prove productive\n\nRomet Enok, Fund Manager\n\nIn November, the bond markets were buoyed by the expectation that inflation has been brought under control, at least for now. This development suggests that the European Central Bank might not need to raise interest rates further. In such a climate, investors can savour the income from interest payments with less apprehension about fluctuating security prices.\n\nThanks to this turnaround, the new investments we made last autumn and during the first half of 2023 have shown remarkable returns, surpassing our expectations for this brief period.\n\nLooking ahead, market participants may shift focus to the decreasing solvency of companies. This phase in the credit cycle presents a critical juncture where the potential for both significant losses and gains hinges on astute investment decision-making.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**We are investors with a long-term perspective**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n","text":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n\nInvestor optimism primarily hinges on the belief that the threat of inflation has been brought under control. There is anticipation that interest rates, which surged from the spring of 2022, will rapidly reverse their trend this year. Another factor contributing to investor optimism is the fact that major world economies coped surprisingly well with high interest rates and geopolitical tensions last year.\n\nThe world’s largest central banks have urged caution among investors, emphasising their primary goal of curbing inflation. They advise against betting on a rapid decline in interest rates until that goal is achieved. There are indeed factors that could keep the flames of inflation alive. The excessive audacity and appetite for risk among investors themselves do not make the central banks’ task any easier, as this behaviour fuels asset price inflation, which, in turn, affects the real economy.\n\n**Elevated expectations following last year’s exceptional performance**\n\nWhile concerns a year ago revolved around the possibility of a hard landing for the world’s largest economies in 2023, reality has proven to be much more positive. Initial estimates indicate that the US gross domestic product grew by a solid 2.8%, and economic growth in the Eurozone was estimated at 0.6%.\n\nThis is certainly good news, but it would be wise to exercise caution in our enthusiasm. The growth is likely driven by the depletion of previously accumulated savings and an extensive 7% budget deficit by the US government. The use of borrowed funds can stimulate short-term economic growth, particularly in the run-up to elections.\n\nIt is worth noting that the Estonian economy has been contracting since the beginning of 2022, with last year’s economic decline estimated at around 2.6%. I suspect that the Estonian economy is more sensitive to changes in interest rates, as unlike developed countries, our lending market is tied to floating interest rates.\n\nIn my opinion, it is absurd that the interest rate for long-term loan obligations is tied to the six-month Euribor. For more than a decade, almost everyone benefited from a decline in interest rates and the fact that short-term interest rates were generally lower than long-term rates (thanks to what is known as term premium). However, the last 18 months have been a time to pay back, which should hopefully make us think more about interest rate risk.\n\nIt is a given that lowering interest rates supports consumption and investments. Thus, it seems logical to conclude that lower interest rates should lead to stronger economic growth and asset price appreciation. However, history has shown that interest rates tend to decrease as economic growth slows, corporate profits decline and unemployment rises.\n\nLowering interest rates does indeed help stimulate the economy, but it doesn’t necessarily translate into robust economic growth and increasing profits. Rather, it signals that the economy requires support due to declining profits and high unemployment or the risk thereof.\n\nAt present, investors appear to believe that this year:\n-\tInflation will slow to the central banks’ target of 2%\n-\tEconomic growth will moderately slow down but remain positive\n-\tCentral banks will aggressively cut interest rates\n-\tCorporate profits will accelerate.\n\nWhile each of these expectations could be met separately, it’s difficult to imagine them all coming true at once. Central banks typically lower interest rates when inflation is under control and economic growth is expected to slow down, which implies declining profits. However, if profits were to increase nonetheless, it’s difficult to envision inflation slowing while interest rates decrease.\n\n**Inflation may not subside easily**\n\n2024 is an election year, with approximately half of the planet’s adult population having a chance to vote. This will likely lead to a slew of unsubstantiated promises that the successful candidates will attempt to finance primarily through borrowing. Our domestic experience shows how difficult it is to enact even a reasonably sensible tax increase when bond markets or the International Monetary Fund don’t compel it. Therefore, a year of major elections could also mean faster inflation than expected.\n\nAs interest rates have fallen and bond prices have risen, we’ve recently capitalised on the opportunity by selling several bond positions in LHV’s pension funds at a commendable profit. We are concerned that inflation rates might stubbornly remain high or revert to elevated levels shortly after a temporary decrease.\n\nWe believe that innovation can provide a strong boost to economic growth, but we want to see it reflected in corporate profit growth, not just increasing price-to-earnings ratios. However, at LHV, we are primarily investors, not speculators.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":21.22,"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":4296},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":89.45,"unit":"%"},{"name":"Equity funds","value":5.35,"unit":"%"},{"name":"Real Estate funds","value":1.55,"unit":"%"},{"name":"Money and deposits","value":3.64,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 8.73% |\n| German Treasury Bill 16/10/2024 | 6.38% |\n| Luminor 7.75% 08/06/2027 | 5.73% |\n| France Treasury Bill 30/10/2024 | 5.66% |\n| ZKB Gold ETF | 5.35% |\n| German Treasury Bill 19/06/24 | 5.01% |\n| ALTUMG 1.3% 07/03/25 | 4.77% |\n| Glencore 1.25% 01/03/2033 | 3.82% |\n| KBC Group NV 0.625% 07/12/2031 | 3.62% |\n| German Treasury Bill 1% 15/08/2024 | 3.60% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 8.73% |\n| Luminor 7.75% 08/06/2027 | 5.73% |\n| Coop Pank 5.0% 10/03/2032 | 3.13% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.01.2024) | 27,528,887.29 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 90,000 units |\n| Rate of the depository’s charge | 0.0439% (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_2023.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 (31 January 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2024_01.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- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":1,"content":"### January 2024: Reducing the risk associated with long-term bonds\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nWe sold one of the fund’s largest investments: our long-term Estonian government bonds, acquired at the government bond auction of October 2022. Over the 15 months that followed, these bonds appreciated by just over 5% and generated an equivalent amount in interest. The total yield of slightly over 10% that these bonds brought to the fund clearly surpasses the yield offered by most other bonds during the same period.\n\nThe price of long-term bonds has surged in recent months. In this situation, we once again prefer to decrease risks and opt to increase the share of short-term bonds.\n\nEuropean bond markets saw a slight downturn in January, while our fund saw marginally positive results.\n"},{"year":2023,"month":12,"content":"### December 2023: The year ended strongly for listed bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\n2023 ended with a robust December for listed bonds. November’s expectation that the European Central Bank will successfully curb inflation continued in December. This would alleviate the need to raise interest rates. The prospect of interest rates remaining steady would be favourable for bonds, while a decrease in interest rates would be even more advantageous.\n\nIn this context, our Western European corporate bonds once again delivered substantial returns. Notable among them are France’s BnP, a major bank in the Eurozone; Glencore, one of the world’s largest commodity trading companies; Sweden’s EQT, a prominent European private equity firm; and the UK’s BP, a leading global oil company. Additionally, Volkswagen’s bonds saw a notable increase of more than 7% in December alone.\n\nAs these names suggest, our preference remains for the largest and most solvent companies.\n"},{"year":2023,"month":11,"content":"### November 2023: New investments prove productive\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nIn November, the bond markets were buoyed by the expectation that inflation has been brought under control, at least for now. This development suggests that the European Central Bank might not need to raise interest rates further. In such a climate, investors can savour the income from interest payments with less apprehension about fluctuating security prices.\n\nThanks to this turnaround, the new investments we made last autumn and during the first half of 2023 have shown remarkable returns, surpassing our expectations for this brief period.\n\nLooking ahead, market participants may shift focus to the decreasing solvency of companies. This phase in the credit cycle presents a critical juncture where the potential for both significant losses and gains hinges on astute investment decision-making.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**We are investors with a long-term perspective**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n","text":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n\nInvestor optimism primarily hinges on the belief that the threat of inflation has been brought under control. There is anticipation that interest rates, which surged from the spring of 2022, will rapidly reverse their trend this year. Another factor contributing to investor optimism is the fact that major world economies coped surprisingly well with high interest rates and geopolitical tensions last year.\n\nThe world’s largest central banks have urged caution among investors, emphasising their primary goal of curbing inflation. They advise against betting on a rapid decline in interest rates until that goal is achieved. There are indeed factors that could keep the flames of inflation alive. The excessive audacity and appetite for risk among investors themselves do not make the central banks’ task any easier, as this behaviour fuels asset price inflation, which, in turn, affects the real economy.\n\n**Elevated expectations following last year’s exceptional performance**\n\nWhile concerns a year ago revolved around the possibility of a hard landing for the world’s largest economies in 2023, reality has proven to be much more positive. Initial estimates indicate that the US gross domestic product grew by a solid 2.8%, and economic growth in the Eurozone was estimated at 0.6%.\n\nThis is certainly good news, but it would be wise to exercise caution in our enthusiasm. The growth is likely driven by the depletion of previously accumulated savings and an extensive 7% budget deficit by the US government. The use of borrowed funds can stimulate short-term economic growth, particularly in the run-up to elections.\n\nIt is worth noting that the Estonian economy has been contracting since the beginning of 2022, with last year’s economic decline estimated at around 2.6%. I suspect that the Estonian economy is more sensitive to changes in interest rates, as unlike developed countries, our lending market is tied to floating interest rates.\n\nIn my opinion, it is absurd that the interest rate for long-term loan obligations is tied to the six-month Euribor. For more than a decade, almost everyone benefited from a decline in interest rates and the fact that short-term interest rates were generally lower than long-term rates (thanks to what is known as term premium). However, the last 18 months have been a time to pay back, which should hopefully make us think more about interest rate risk.\n\nIt is a given that lowering interest rates supports consumption and investments. Thus, it seems logical to conclude that lower interest rates should lead to stronger economic growth and asset price appreciation. However, history has shown that interest rates tend to decrease as economic growth slows, corporate profits decline and unemployment rises.\n\nLowering interest rates does indeed help stimulate the economy, but it doesn’t necessarily translate into robust economic growth and increasing profits. Rather, it signals that the economy requires support due to declining profits and high unemployment or the risk thereof.\n\nAt present, investors appear to believe that this year:\n-\tInflation will slow to the central banks’ target of 2%\n-\tEconomic growth will moderately slow down but remain positive\n-\tCentral banks will aggressively cut interest rates\n-\tCorporate profits will accelerate.\n\nWhile each of these expectations could be met separately, it’s difficult to imagine them all coming true at once. Central banks typically lower interest rates when inflation is under control and economic growth is expected to slow down, which implies declining profits. However, if profits were to increase nonetheless, it’s difficult to envision inflation slowing while interest rates decrease.\n\n**Inflation may not subside easily**\n\n2024 is an election year, with approximately half of the planet’s adult population having a chance to vote. This will likely lead to a slew of unsubstantiated promises that the successful candidates will attempt to finance primarily through borrowing. Our domestic experience shows how difficult it is to enact even a reasonably sensible tax increase when bond markets or the International Monetary Fund don’t compel it. Therefore, a year of major elections could also mean faster inflation than expected.\n\nAs interest rates have fallen and bond prices have risen, we’ve recently capitalised on the opportunity by selling several bond positions in LHV’s pension funds at a commendable profit. We are concerned that inflation rates might stubbornly remain high or revert to elevated levels shortly after a temporary decrease.\n\nWe believe that innovation can provide a strong boost to economic growth, but we want to see it reflected in corporate profit growth, not just increasing price-to-earnings ratios. However, at LHV, we are primarily investors, not speculators.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":28.91,"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":6575},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":55.59,"unit":"%"},{"name":"Shares","value":8.66,"unit":"%"},{"name":"Equity funds","value":6.1,"unit":"%"},{"name":"Real Estate funds","value":16.61,"unit":"%"},{"name":"Private Equity funds","value":8.97,"unit":"%"},{"name":"Money and deposits","value":4.06,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Luminor 7.75% 08/06/2027 | 4.98% |\n| German Treasury Bill 16/10/2024 | 4.60% |\n| France Treasury Bill 30/10/2024 | 4.59% |\n| ZKB Gold ETF | 4.09% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.59% |\n| EfTEN Real Estate Fund | 3.38% |\n| France Government 2.25% 25/05/2024 | 2.86% |\n| German Treasury Bill 1% 15/08/2024 | 2.80% |\n| German Treasury Bill 19/06/24 | 2.79% |\n| SG Capital Partners Fund 1 | 2.70% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 7.75% 08/06/2027 | 4.98% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.59% |\n| East Capital Real Estate Fund IV | 2.58% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.01.2024) | 106,093,256.78 € |\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):** 1.08%\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_2023.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2024_01.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- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":1,"content":"### January 2024: The tide kept rising in developed markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJanuary was a positive month in developed markets. The US S&P 500 index increased by 1.6% in dollars, and the European Euro Stoxx 50 rose by 2.9% in euros. The situation was less positive for emerging markets, with the general index falling by 4.7% measured in dollars. The downward movement was mainly driven by China, which was down 10.6% in dollar terms for the month and where overall sentiment remains pessimistic. The OMX Baltic Benchmark index hardly budged during the month.\n\nIn our bond portfolio, we made changes to the terms and conditions of Sunly securities. Following an investment from our funds in the autumn of 2020, the company has grown rapidly and secured substantial additional capital from investors. We have now agreed on changes that will result in our bonds being repaid by the end of September this year, earlier than initially planned. Until then, the bond continues to earn an interest yield of 8%.\n"},{"year":2023,"month":12,"content":"### December 2023: The year ended strongly for listed bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe year concluded on a positive note for the markets. The US S&P 500 index saw a 4.4% increase measured in dollars, and the European Euro Stoxx 50 rose by 3.2% measured in euros. While emerging markets gained 3.7% in dollar terms, China, the market’s largest member, saw a 2.6% loss. The Baltic OMX Baltic Benchmark index remained nearly unchanged in the last month of the year, registering a modest increase of 0.3%.\n\nIn December, the East Capital Real Estate fund acquired Rimi’s primary logistics centre in the Baltics, covering 94,000 square metres, including its headquarters. Situated in a rapidly developing area with numerous new residential projects and the recently opened Ikea department store and Saga shopping centre, the Rimi logistics centre underwent extensive renovations in 2020, focusing on improving its energy efficiency. Plans are underway to install a 2 MW solar park on the roof. The transaction’s value was 83 million euros, making it the largest real estate transaction in the Baltic logistics sector in the past year.\n\n2023 ended with a robust December for listed bonds. November’s expectation that the European Central Bank will successfully curb inflation continued in December. This would alleviate the need to raise interest rates. The prospect of interest rates remaining steady would be favourable for bonds, while a decrease in interest rates would be even more advantageous.\n\nMoreover, with the recovery of investors’ appetite for risk, bonds from companies geographically close to Russia have become a positive factor for the fund. For instance, our substantial investment last summer in Luminor bank bonds yielded a return of over 9% by year-end within a matter of months. Additionally, Volkswagen’s bonds rose by more than 7% in December alone.\n\nHowever, such price movements are exceptional. As the economic downturn persists, we must be prepared for a potential decline in bond prices for weaker companies. In such scenarios, more attractive investment opportunities should also emerge.\n"},{"year":2023,"month":11,"content":"### November 2023: We increased our investments in Šiaulių Bank bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nNovember marked a buoyant period for global markets. The US S&P 500 index rose by 8.9% in dollar terms, and the Euro Stoxx 50 grew by 8% in euros. Emerging markets collectively appreciated by 7.9% in dollar value, although China, the dominant player in this segment, recorded a modest 2.5% increase. The OMX Baltic Benchmark index experienced a 2.6% rise over the month.\n\nWe increased our position in Šiaulių Bank’s bonds, coinciding with the Lithuanian bank’s latest capital borrowing initiative. While these bonds aren’t directly analogous to a deposit, they represent a senior unsecured debt obligation for the bank. Despite Šiaulių’s robust solvency and respectable credit rating, the prevailing higher interest rate environment rendered these bonds an attractive proposition, with an anticipated annual yield of 8.25%. This investment mirrors the dynamics of Luminor’s earlier issuance this spring, which secured funding at a 7.75% interest rate. The rising interest rates have positioned our fund to potentially accrue substantially greater interest income than in preceding years.\n\nIn November, the international bond markets were buoyed by the expectation that inflation has been brought under control, at least for now. This development suggests that the European Central Bank might not need to raise interest rates further. In such a climate, investors can savour the income from interest payments with less apprehension about fluctuating security prices.\n\nLooking ahead, market participants may shift focus to the decreasing solvency of companies. This phase in the credit cycle presents a critical juncture where the potential for both significant losses and gains hinges on astute investment decision-making. We are ready to capitalise on these opportunities and aim to grow our portfolio.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**We are investors with a long-term perspective**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n","text":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n\nInvestor optimism primarily hinges on the belief that the threat of inflation has been brought under control. There is anticipation that interest rates, which surged from the spring of 2022, will rapidly reverse their trend this year. Another factor contributing to investor optimism is the fact that major world economies coped surprisingly well with high interest rates and geopolitical tensions last year.\n\nThe world’s largest central banks have urged caution among investors, emphasising their primary goal of curbing inflation. They advise against betting on a rapid decline in interest rates until that goal is achieved. There are indeed factors that could keep the flames of inflation alive. The excessive audacity and appetite for risk among investors themselves do not make the central banks’ task any easier, as this behaviour fuels asset price inflation, which, in turn, affects the real economy.\n\n**Elevated expectations following last year’s exceptional performance**\n\nWhile concerns a year ago revolved around the possibility of a hard landing for the world’s largest economies in 2023, reality has proven to be much more positive. Initial estimates indicate that the US gross domestic product grew by a solid 2.8%, and economic growth in the Eurozone was estimated at 0.6%.\n\nThis is certainly good news, but it would be wise to exercise caution in our enthusiasm. The growth is likely driven by the depletion of previously accumulated savings and an extensive 7% budget deficit by the US government. The use of borrowed funds can stimulate short-term economic growth, particularly in the run-up to elections.\n\nIt is worth noting that the Estonian economy has been contracting since the beginning of 2022, with last year’s economic decline estimated at around 2.6%. I suspect that the Estonian economy is more sensitive to changes in interest rates, as unlike developed countries, our lending market is tied to floating interest rates.\n\nIn my opinion, it is absurd that the interest rate for long-term loan obligations is tied to the six-month Euribor. For more than a decade, almost everyone benefited from a decline in interest rates and the fact that short-term interest rates were generally lower than long-term rates (thanks to what is known as term premium). However, the last 18 months have been a time to pay back, which should hopefully make us think more about interest rate risk.\n\nIt is a given that lowering interest rates supports consumption and investments. Thus, it seems logical to conclude that lower interest rates should lead to stronger economic growth and asset price appreciation. However, history has shown that interest rates tend to decrease as economic growth slows, corporate profits decline and unemployment rises.\n\nLowering interest rates does indeed help stimulate the economy, but it doesn’t necessarily translate into robust economic growth and increasing profits. Rather, it signals that the economy requires support due to declining profits and high unemployment or the risk thereof.\n\nAt present, investors appear to believe that this year:\n-\tInflation will slow to the central banks’ target of 2%\n-\tEconomic growth will moderately slow down but remain positive\n-\tCentral banks will aggressively cut interest rates\n-\tCorporate profits will accelerate.\n\nWhile each of these expectations could be met separately, it’s difficult to imagine them all coming true at once. Central banks typically lower interest rates when inflation is under control and economic growth is expected to slow down, which implies declining profits. However, if profits were to increase nonetheless, it’s difficult to envision inflation slowing while interest rates decrease.\n\n**Inflation may not subside easily**\n\n2024 is an election year, with approximately half of the planet’s adult population having a chance to vote. This will likely lead to a slew of unsubstantiated promises that the successful candidates will attempt to finance primarily through borrowing. Our domestic experience shows how difficult it is to enact even a reasonably sensible tax increase when bond markets or the International Monetary Fund don’t compel it. Therefore, a year of major elections could also mean faster inflation than expected.\n\nAs interest rates have fallen and bond prices have risen, we’ve recently capitalised on the opportunity by selling several bond positions in LHV’s pension funds at a commendable profit. We are concerned that inflation rates might stubbornly remain high or revert to elevated levels shortly after a temporary decrease.\n\nWe believe that innovation can provide a strong boost to economic growth, but we want to see it reflected in corporate profit growth, not just increasing price-to-earnings ratios. However, at LHV, we are primarily investors, not speculators.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":38.18,"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-iii","title":"See more","size":"lg"}}}},"LLK50":{"heading":"LHV Pensionifond L","id":"l","code":"l","dataMarker":"LK50","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you have average risk tolerance,\n- your aim is the long-term growth of your pension savings.\n","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":53346},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":21.04,"unit":"%"},{"name":"Shares","value":17.77,"unit":"%"},{"name":"Equity funds","value":11.41,"unit":"%"},{"name":"Real Estate funds","value":14.77,"unit":"%"},{"name":"Private Equity funds","value":31.3,"unit":"%"},{"name":"Money and deposits","value":3.7,"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 | 4.22% |\n| iShares Gold Producers UCITS ETF | 3.56% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.08% |\n| Investindustrial VII L.P. | 2.95% |\n| EfTEN Real Estate Fund | 2.76% |\n| German Treasury Bill 16/10/2024 | 2.63% |\n| AMUNDI EURO STOXX BANKS UCITS ETF | 2.34% |\n| East Capital Baltic Property Fund III | 2.30% |\n| SG Capital Partners Fund 1 | 2.15% |\n| Partners Group Direct Equity 2019 | 2.08% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.08% |\n| East Capital Baltic Property Fund III | 2.30% |\n| Usaldusfond BaltCap Private Equity Fund III | 1.70% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.01.2024) | 836,883,241.23 € |\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_2023.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 (31 January 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2024_01.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- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":1,"content":"### January 2024: The tide kept rising in developed markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJanuary was a positive month in developed markets. The US S&P 500 index increased by 1.6% in dollars, and the European Euro Stoxx 50 rose by 2.9% in euros. The situation was less positive for emerging markets, with the general index falling by 4.7% measured in dollars. The downward movement was mainly driven by China, which was down 10.6% in dollar terms for the month and where overall sentiment remains pessimistic. The OMX Baltic Benchmark index hardly budged during the month.\n\nDuring the month, we sold shares of Yellow Cake, which reflects the price of uranium, and increased our position in the mining company Glencore in our pension funds. With a 17% increase in shares, Yellow Cake made the largest contribution to our performance in January, next to the American medical company Stryker, which was up by 14%. The biggest losers were our gold mining companies, which depreciated between 9% and 12%.\n\nDespite turbulent times in the economy and geopolitics, we still see good opportunities in positions related to commodities. This is also supported by the wider undersupply in the sector.\n\nIn January, the Investindustrial private equity fund signed an agreement to acquire 70% of Fassi. The estimated value of the family business with Italian roots exceeded 700 million euros. Fassi manufactures lifting equipment for road and off-road vehicles used in forestry, recycling, road cleaning, waste management and construction. The company’s main export markets are France and Germany, constituting almost a third of its total market. Together with other member states of the European Union, they account for 40% of its total market. Fassi holds a strong position in its segment in Europe and plans to strengthen its presence in the United States and other parts of the world.\n\nIn our bond portfolio, we made changes to the terms and conditions of Sunly securities. Following an investment from our funds in the autumn of 2020, the company has grown rapidly and secured substantial additional capital from investors. We have now agreed on changes that will result in our bonds being repaid by the end of September this year, earlier than initially planned. Until then, the bond continues to earn an interest yield of 8%.\n"},{"year":2023,"month":12,"content":"### December 2023: We bought shares of energy companies\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe year concluded on a positive note for the markets. The US S&P 500 index saw a 4.4% increase measured in dollars, and the European Euro Stoxx 50 rose by 3.2% measured in euros. While emerging markets gained 3.7% in dollar terms, China, the market’s largest member, saw a 2.6% loss. The Baltic OMX Baltic Benchmark index remained nearly unchanged in the last month of the year, registering a modest increase of 0.3%.\n\nIn December, we acquired positions in two energy companies, TotalEnergies and Occidental Petroleum Corp, the former being a French oil company and the latter an American one. We sold part of the shares we had in Yellow Cake, which reflected a sudden drop in the price of uranium caused by undersupply.\n\nIn our stock portfolios, December’s biggest contributors were copper-related investments, which saw increases ranging from 3.5% to 7%. Other positions making noteworthy contributions to our yield were Lifco (10.4%), Volkswagen (7.5%) and DSV (12.4%). Falling the hardest last month were the fund’s energy-related securities, which witnessed losses ranging from 2% to 8%, along with the Chinese conglomerate Tencent (–9.4%), whose downturn resulted from the Chinese state’s decision to impose new restrictions on video games.\n\nDespite economic and geopolitical turbulence, we still identify promising opportunities in commodity positions. This is supported by a broader undersupply in the sector.\n\nIn December, the East Capital Real Estate fund acquired Rimi’s primary logistics centre in the Baltics, covering 94,000 square metres, including its headquarters. Situated in a rapidly developing area with numerous new residential projects and the recently opened Ikea department store and Saga shopping centre, the Rimi logistics centre underwent extensive renovations in 2020, focusing on improving its energy efficiency. Plans are underway to install a 2 MW solar park on the roof. The transaction’s value was 83 million euros, making it the largest real estate transaction in the Baltic logistics sector in the past year.\n\nIn December, bond markets continued to reflect the expectation that the European Central Bank would successfully counter inflationary pressure. This could potentially lead to a decline in interest rates in the near future, subsequently boosting bond prices. This was exemplified by one of our most significant bond investments of the past year – Volkswagen’s ultra-long-term bonds – yielding an extraordinary return of over 7% in a single month.\n"},{"year":2023,"month":11,"content":"### November 2023: Continuing upward trend for gold-related enterprises\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nNovember marked a buoyant period for global markets. The US S&P 500 index rose by 8.9% in dollar terms, and the Euro Stoxx 50 grew by 8% in euros. Emerging markets collectively appreciated by 7.9% in dollar value, although China, the dominant player in this segment, recorded a modest 2.5% increase. The OMX Baltic Benchmark index experienced a 2.6% rise over the month.\n\nThis month, we diversified our portfolio by incorporating Lifco, a dynamic Swedish business group specialising in acquiring small-scale businesses across various European sectors. Notably, gold-related companies were standout performers in our portfolio, appreciating by 6–11%. In contrast, our direct holdings in physical gold witnessed a marginal decrease of 1.5%. The European banking sector index, with an 8% uptick, played a significant role in bolstering the overall growth of our fund.\n\nConversely, our energy sector investments experienced a downturn, declining by 14–24%, and our stake in the Chinese e-commerce sector dipped in value by 12%. Amidst the current economic and geopolitical uncertainties, we identify promising prospects in our commodity-linked investments, buoyed by a general underinvestment in the sector.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**We are investors with a long-term perspective**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n","text":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n\nInvestor optimism primarily hinges on the belief that the threat of inflation has been brought under control. There is anticipation that interest rates, which surged from the spring of 2022, will rapidly reverse their trend this year. Another factor contributing to investor optimism is the fact that major world economies coped surprisingly well with high interest rates and geopolitical tensions last year.\n\nThe world’s largest central banks have urged caution among investors, emphasising their primary goal of curbing inflation. They advise against betting on a rapid decline in interest rates until that goal is achieved. There are indeed factors that could keep the flames of inflation alive. The excessive audacity and appetite for risk among investors themselves do not make the central banks’ task any easier, as this behaviour fuels asset price inflation, which, in turn, affects the real economy.\n\n**Elevated expectations following last year’s exceptional performance**\n\nWhile concerns a year ago revolved around the possibility of a hard landing for the world’s largest economies in 2023, reality has proven to be much more positive. Initial estimates indicate that the US gross domestic product grew by a solid 2.8%, and economic growth in the Eurozone was estimated at 0.6%.\n\nThis is certainly good news, but it would be wise to exercise caution in our enthusiasm. The growth is likely driven by the depletion of previously accumulated savings and an extensive 7% budget deficit by the US government. The use of borrowed funds can stimulate short-term economic growth, particularly in the run-up to elections.\n\nIt is worth noting that the Estonian economy has been contracting since the beginning of 2022, with last year’s economic decline estimated at around 2.6%. I suspect that the Estonian economy is more sensitive to changes in interest rates, as unlike developed countries, our lending market is tied to floating interest rates.\n\nIn my opinion, it is absurd that the interest rate for long-term loan obligations is tied to the six-month Euribor. For more than a decade, almost everyone benefited from a decline in interest rates and the fact that short-term interest rates were generally lower than long-term rates (thanks to what is known as term premium). However, the last 18 months have been a time to pay back, which should hopefully make us think more about interest rate risk.\n\nIt is a given that lowering interest rates supports consumption and investments. Thus, it seems logical to conclude that lower interest rates should lead to stronger economic growth and asset price appreciation. However, history has shown that interest rates tend to decrease as economic growth slows, corporate profits decline and unemployment rises.\n\nLowering interest rates does indeed help stimulate the economy, but it doesn’t necessarily translate into robust economic growth and increasing profits. Rather, it signals that the economy requires support due to declining profits and high unemployment or the risk thereof.\n\nAt present, investors appear to believe that this year:\n-\tInflation will slow to the central banks’ target of 2%\n-\tEconomic growth will moderately slow down but remain positive\n-\tCentral banks will aggressively cut interest rates\n-\tCorporate profits will accelerate.\n\nWhile each of these expectations could be met separately, it’s difficult to imagine them all coming true at once. Central banks typically lower interest rates when inflation is under control and economic growth is expected to slow down, which implies declining profits. However, if profits were to increase nonetheless, it’s difficult to envision inflation slowing while interest rates decrease.\n\n**Inflation may not subside easily**\n\n2024 is an election year, with approximately half of the planet’s adult population having a chance to vote. This will likely lead to a slew of unsubstantiated promises that the successful candidates will attempt to finance primarily through borrowing. Our domestic experience shows how difficult it is to enact even a reasonably sensible tax increase when bond markets or the International Monetary Fund don’t compel it. Therefore, a year of major elections could also mean faster inflation than expected.\n\nAs interest rates have fallen and bond prices have risen, we’ve recently capitalised on the opportunity by selling several bond positions in LHV’s pension funds at a commendable profit. We are concerned that inflation rates might stubbornly remain high or revert to elevated levels shortly after a temporary decrease.\n\nWe believe that innovation can provide a strong boost to economic growth, but we want to see it reflected in corporate profit growth, not just increasing price-to-earnings ratios. However, at LHV, we are primarily investors, not speculators.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":27.62,"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-iii","title":"See more","size":"lg"}}}},"LXK75":{"heading":"LHV Pensionifond XL","id":"xl","code":"xl","dataMarker":"XLK50","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are prepared to take above-average risks,\n- your aim is the long-term growth of your pension savings\n","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":24540},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":34.16,"unit":"%"},{"name":"Shares","value":19.87,"unit":"%"},{"name":"Equity funds","value":11.76,"unit":"%"},{"name":"Real Estate funds","value":9.7,"unit":"%"},{"name":"Private Equity funds","value":19.73,"unit":"%"},{"name":"Money and deposits","value":4.78,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| German Treasury Bill 1% 15/08/2024 | 5.93% |\n| German Treasury Bill 16/10/2024 | 5.24% |\n| France Government 2.25% 25/05/2024 | 4.17% |\n| France Treasury Bill 30/10/2024 | 4.10% |\n| ZKB Gold ETF | 3.82% |\n| Axcel VI | 3.37% |\n| iShares Gold Producers UCITS ETF | 3.04% |\n| AMUNDI EURO STOXX BANKS UCITS ETF | 2.96% |\n| East Capital Baltic Property Fund III | 2.17% |\n| Monte Rosa V Class J | 2.11% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 2.17% |\n| Luminor 7.75% 08/06/2027 | 1.66% |\n| Baltic Horizon Fund 08/05/28 | 1.57% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.01.2024) | 242,384,506.43 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 530 000 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 0,28%.\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_2023.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 (31 January 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2024_01.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- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":1,"content":"### January 2024: The tide kept rising in developed markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJanuary was a positive month in developed markets. The US S&P 500 index increased by 1.6% in dollars, and the European Euro Stoxx 50 rose by 2.9% in euros. The situation was less positive for emerging markets, with the general index falling by 4.7% measured in dollars. The downward movement was mainly driven by China, which was down 10.6% in dollar terms for the month and where overall sentiment remains pessimistic. The OMX Baltic Benchmark index hardly budged during the month.\n\nDuring the month, we sold shares of Yellow Cake, which reflects the price of uranium, and increased our position in the mining company Glencore in our pension funds. With a 17% increase in shares, Yellow Cake made the largest contribution to our performance in January, next to the American medical company Stryker, which was up by 14%. The biggest losers were our gold mining companies, which depreciated between 9% and 12%.\n\nDespite turbulent times in the economy and geopolitics, we still see good opportunities in positions related to commodities. This is also supported by the wider undersupply in the sector.\n\nIn January, the Investindustrial private equity fund signed an agreement to acquire 70% of Fassi. The estimated value of the family business with Italian roots exceeded 700 million euros. Fassi manufactures lifting equipment for road and off-road vehicles used in forestry, recycling, road cleaning, waste management and construction. The company’s main export markets are France and Germany, constituting almost a third of its total market. Together with other member states of the European Union, they account for 40% of its total market. Fassi holds a strong position in its segment in Europe and plans to strengthen its presence in the United States and other parts of the world.\n\nIn our bond portfolio, we made changes to the terms and conditions of Sunly securities. Following an investment from our funds in the autumn of 2020, the company has grown rapidly and secured substantial additional capital from investors. We have now agreed on changes that will result in our bonds being repaid by the end of September this year, earlier than initially planned. Until then, the bond continues to earn an interest yield of 8%.\n"},{"year":2023,"month":12,"content":"### December 2023: We bought shares of energy companies\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe year concluded on a positive note for the markets. The US S&P 500 index saw a 4.4% increase measured in dollars, and the European Euro Stoxx 50 rose by 3.2% measured in euros. While emerging markets gained 3.7% in dollar terms, China, the market’s largest member, saw a 2.6% loss. The Baltic OMX Baltic Benchmark index remained nearly unchanged in the last month of the year, registering a modest increase of 0.3%.\n\nIn December, we acquired positions in two energy companies, TotalEnergies and Occidental Petroleum Corp, the former being a French oil company and the latter an American one. We sold part of the shares we had in Yellow Cake, which reflected a sudden drop in the price of uranium caused by undersupply.\n\nIn our stock portfolios, December’s biggest contributors were copper-related investments, which saw increases ranging from 3.5% to 7%. Other positions making noteworthy contributions to our yield were Lifco (10.4%), Volkswagen (7.5%) and DSV (12.4%). Falling the hardest last month were the fund’s energy-related securities, which witnessed losses ranging from 2% to 8%, along with the Chinese conglomerate Tencent (–9.4%), whose downturn resulted from the Chinese state’s decision to impose new restrictions on video games.\n\nDespite economic and geopolitical turbulence, we still identify promising opportunities in commodity positions. This is supported by a broader undersupply in the sector.\n\nIn December, the East Capital Real Estate fund acquired Rimi’s primary logistics centre in the Baltics, covering 94,000 square metres, including its headquarters. Situated in a rapidly developing area with numerous new residential projects and the recently opened Ikea department store and Saga shopping centre, the Rimi logistics centre underwent extensive renovations in 2020, focusing on improving its energy efficiency. Plans are underway to install a 2 MW solar park on the roof. The transaction’s value was 83 million euros, making it the largest real estate transaction in the Baltic logistics sector in the past year.\n\nIn December, bond markets continued to reflect the expectation that the European Central Bank would successfully counter inflationary pressure. This could potentially lead to a decline in interest rates in the near future, subsequently boosting bond prices. This was exemplified by one of our most significant bond investments of the past year – Volkswagen’s ultra-long-term bonds – yielding an extraordinary return of over 7% in a single month.\n"},{"year":2023,"month":11,"content":"### November 2023: Co-investment in Norway’s largest waste management firm\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nNovember marked a buoyant period for global markets. The US S&P 500 index rose by 8.9% in dollar terms, and the Euro Stoxx 50 grew by 8% in euros. Emerging markets collectively appreciated by 7.9% in dollar value, although China, the dominant player in this segment, recorded a modest 2.5% increase. The OMX Baltic Benchmark index experienced a 2.6% rise over the month.\n\nWe embarked on a co-investment venture with NG Group, which was founded in 1926 and now stands as Norway’s leading provider of waste management and associated services. NG Group plays a pivotal role in the Nordic region’s waste management infrastructure, processing a substantial 2.3 million tons of waste per year. The group serves a diverse clientele of over 40,000, including municipal authorities, industrial corporations and a wide array of small to medium-sized businesses. The total value of the transaction is approximately 550 million euros. This investment is poised to bolster NG Group’s dominance in the market and catalyse its transition towards a more sustainable, circular economy model.\n\nThis month, we diversified our portfolio by incorporating Lifco, a dynamic Swedish business group specialising in acquiring small-scale businesses across various European sectors. Notably, gold-related companies were standout performers in our portfolio, appreciating by 6–11%. In contrast, our direct holdings in physical gold witnessed a marginal decrease of 1.5%. The European banking sector index, with an 8% uptick, played a significant role in bolstering the overall growth of our fund.\n\nConversely, our energy sector investments experienced a downturn, declining by 14–24%, and our stake in the Chinese e-commerce sector dipped in value by 12%. Amidst the current economic and geopolitical uncertainties, we identify promising prospects in our commodity-linked investments, buoyed by a general underinvestment in the sector.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**We are investors with a long-term perspective**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n","text":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n\nInvestor optimism primarily hinges on the belief that the threat of inflation has been brought under control. There is anticipation that interest rates, which surged from the spring of 2022, will rapidly reverse their trend this year. Another factor contributing to investor optimism is the fact that major world economies coped surprisingly well with high interest rates and geopolitical tensions last year.\n\nThe world’s largest central banks have urged caution among investors, emphasising their primary goal of curbing inflation. They advise against betting on a rapid decline in interest rates until that goal is achieved. There are indeed factors that could keep the flames of inflation alive. The excessive audacity and appetite for risk among investors themselves do not make the central banks’ task any easier, as this behaviour fuels asset price inflation, which, in turn, affects the real economy.\n\n**Elevated expectations following last year’s exceptional performance**\n\nWhile concerns a year ago revolved around the possibility of a hard landing for the world’s largest economies in 2023, reality has proven to be much more positive. Initial estimates indicate that the US gross domestic product grew by a solid 2.8%, and economic growth in the Eurozone was estimated at 0.6%.\n\nThis is certainly good news, but it would be wise to exercise caution in our enthusiasm. The growth is likely driven by the depletion of previously accumulated savings and an extensive 7% budget deficit by the US government. The use of borrowed funds can stimulate short-term economic growth, particularly in the run-up to elections.\n\nIt is worth noting that the Estonian economy has been contracting since the beginning of 2022, with last year’s economic decline estimated at around 2.6%. I suspect that the Estonian economy is more sensitive to changes in interest rates, as unlike developed countries, our lending market is tied to floating interest rates.\n\nIn my opinion, it is absurd that the interest rate for long-term loan obligations is tied to the six-month Euribor. For more than a decade, almost everyone benefited from a decline in interest rates and the fact that short-term interest rates were generally lower than long-term rates (thanks to what is known as term premium). However, the last 18 months have been a time to pay back, which should hopefully make us think more about interest rate risk.\n\nIt is a given that lowering interest rates supports consumption and investments. Thus, it seems logical to conclude that lower interest rates should lead to stronger economic growth and asset price appreciation. However, history has shown that interest rates tend to decrease as economic growth slows, corporate profits decline and unemployment rises.\n\nLowering interest rates does indeed help stimulate the economy, but it doesn’t necessarily translate into robust economic growth and increasing profits. Rather, it signals that the economy requires support due to declining profits and high unemployment or the risk thereof.\n\nAt present, investors appear to believe that this year:\n-\tInflation will slow to the central banks’ target of 2%\n-\tEconomic growth will moderately slow down but remain positive\n-\tCentral banks will aggressively cut interest rates\n-\tCorporate profits will accelerate.\n\nWhile each of these expectations could be met separately, it’s difficult to imagine them all coming true at once. Central banks typically lower interest rates when inflation is under control and economic growth is expected to slow down, which implies declining profits. However, if profits were to increase nonetheless, it’s difficult to envision inflation slowing while interest rates decrease.\n\n**Inflation may not subside easily**\n\n2024 is an election year, with approximately half of the planet’s adult population having a chance to vote. This will likely lead to a slew of unsubstantiated promises that the successful candidates will attempt to finance primarily through borrowing. Our domestic experience shows how difficult it is to enact even a reasonably sensible tax increase when bond markets or the International Monetary Fund don’t compel it. Therefore, a year of major elections could also mean faster inflation than expected.\n\nAs interest rates have fallen and bond prices have risen, we’ve recently capitalised on the opportunity by selling several bond positions in LHV’s pension funds at a commendable profit. We are concerned that inflation rates might stubbornly remain high or revert to elevated levels shortly after a temporary decrease.\n\nWe believe that innovation can provide a strong boost to economic growth, but we want to see it reflected in corporate profit growth, not just increasing price-to-earnings ratios. However, at LHV, we are primarily investors, not speculators.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":19.92,"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-iii","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":21957},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.61,"unit":"%"},{"name":"Money and deposits","value":0.39,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 28.82% |\n| AMUNDI MSCI WORLD ETF V ACC | 27.54% |\n| HSBC MSCI Emerging Markets UCITS | 24.47% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 8.24% |\n| SPDR MSCI World UCITS ETF | 5.51% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 5.03% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.01.2024) | 112,630,715.59 € |\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_2023.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"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2024_01.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- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.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":1626},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":96.9,"unit":"%"},{"name":"Money and deposits","value":3.15,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.42% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.36% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 24.09% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 24.03% |\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:** 0.27%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.39%\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":29598},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.89,"unit":"%"},{"name":"Money and deposits","value":0.12,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| CCF Developed World (ESG Screened) Index Fund | 29.17% |\n| BlackRock ISF - Developed World ESG Screened Index | 29.17% |\n| iShares MSCI USA ESG Screened UCITS ETF | 21.63% |\n| iShares Emerging Market Screened Equity Index Fund | 11.86% |\n| iShares MSCI Europe ESG Screened UCITS ETF | 7.25% |\n| iShares MSCI Japan ESG Screened UCITS ETF | 0.81% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.27%\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":40342},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":10.57,"unit":"%"},{"name":"Shares","value":3.39,"unit":"%"},{"name":"Equity funds","value":70.5,"unit":"%"},{"name":"Real Estate funds","value":9.4,"unit":"%"},{"name":"Private Equity funds","value":1.08,"unit":"%"},{"name":"Bond funds","value":3.15,"unit":"%"},{"name":"Money and deposits","value":1.89,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| SPDR S&P 500 ESG Leaders UCITS ETF | 23.74% |\n| SEB Global Exposure Fund | 22.22% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 4.84% |\n| EfTEN Real Estate Fund IV | 4.63% |\n| SEB Europe Exposure Fund IC | 3.80% |\n| Ishares III PLC - Ishares Msci World Small Cap UCITS ETF | 2.47% |\n| iShares Edge MSCI World Minimum Volatility ESG UCITS ETF | 2.21% |\n| iShares MSCI World Value Factor ESG UCITS ETF | 2.15% |\n| Birdeye Timber Fund 3 Usaldusfond | 2.09% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 2.03% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 Usaldusfond | 2.09% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 2.03% |\n| Tallinna Sadam AS | 1.71% |\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":12.17,"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":2654},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":27.2,"unit":"%"},{"name":"Shares","value":3.24,"unit":"%"},{"name":"Equity funds","value":36.08,"unit":"%"},{"name":"Real Estate funds","value":11.56,"unit":"%"},{"name":"Private Equity funds","value":0.63,"unit":"%"},{"name":"Bond funds","value":18.42,"unit":"%"},{"name":"Money and deposits","value":2.87,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI World ESG Screened UCITS ETF | 11.62% |\n| SEB Global Exposure Fund | 11.29% |\n| Republic of Estonia 4% 12.10.2032 | 9.65% |\n| SPDR S&P 500 ESG Leaders UCITS ETF | 7.30% |\n| EfTEN Real Estate Fund IV | 5.28% |\n| SEB Hybrid Capital-R EUR | 5.23% |\n| PIMCO GIS Global High Yield Bond Fund | 4.46% |\n| Birdeye Timber Fund 3 Usaldusfond | 2.71% |\n| Siauliu Bankas FRN 07.10.2025 | 2.38% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 2.32% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Republic of Estonia 4% 12.10.2032 | 9.65% |\n| Birdeye Timber Fund 3 Usaldusfond | 2.71% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 2.32% |\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":24,"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":5820},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":48,"unit":"%"},{"name":"Equity funds","value":5.82,"unit":"%"},{"name":"Bond funds","value":44.59,"unit":"%"},{"name":"Money and deposits","value":1.56,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 12.80% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR | 11.91% |\n| Republic of Estonia 4% 12.10.2032 | 9.07% |\n| Bundesrepub. Deutschland 1.5% 15.05.2024 | 7.05% |\n| Bundesrepublik Deutschland 0% 15.08.2031 | 5.58% |\n| PIMCO GIS Euro Credit Fund | 5.56% |\n| Morgan Stanley Sustainable Euro Corporate Bond Fund | 5.40% |\n| Bundesrepublic Deutschland 0.5% 15.08.2027 | 4.89% |\n| iShares MSCI World ESG Screened UCITS ETF | 4.82% |\n| Schroder ISF EURO Corporate Bond | 4.48% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Republic of Estonia 4% 12.10.2032 | 9.07% |\n| LHV GROUP FRN 09.09.2025 | 2.11% |\n| LHV Group AS FRN 03.10.2027 | 1.29% |\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":16.25,"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":23154},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":7.31,"unit":"%"},{"name":"Shares","value":2.88,"unit":"%"},{"name":"Equity funds","value":80.39,"unit":"%"},{"name":"Real Estate funds","value":4.51,"unit":"%"},{"name":"Private Equity funds","value":1,"unit":"%"},{"name":"Bond funds","value":0.96,"unit":"%"},{"name":"Money and deposits","value":2.98,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| SPDR S&P 500 ESG Leaders UCITS ETF | 22.79% |\n| SEB Global Exposure Fund | 22.46% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 4.55% |\n| iShares MSCI World Value Factor ESG UCITS ETF | 3.92% |\n| Ishares III PLC - Ishares Msci World Small Cap UCITS ETF | 3.00% |\n| Amundi MSCI Emerging Markets UCITS ETF | 2.87% |\n| iShares Global Clean Energy UCITS ETF | 2.67% |\n| iShares MSCI USA ESG Enhanced UCITS ETF | 2.34% |\n| Neuberger Berman Investment Funds PLC-Neuberger Berman Global Sustainable Equity | 2.16% |\n| SEB Europe Exposure Fund IC | 2.14% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 Usaldusfond | 1.45% |\n| Enefit Green AS | 1.02% |\n| Tallinna Sadam AS | 0.99% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\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":9.57,"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":56070},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":99.8,"unit":"%"},{"name":"Money and deposits","value":0.2,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Apple | 4.81% |\n| Microsoft | 4.70% |\n| Nvidia | 2.55% |\n| Amazon.com | 2.46% |\n| Alphabet A | 1.57% |\n| Meta Platforms | 1.49% |\n| Berkshire Hathaway B | 1.12% |\n| Alphabet C | 1.06% |\n| Broadcom | 0.95% |\n| Eli Lilly | 0.95% |\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":56889},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":7.77,"unit":"%"},{"name":"Shares","value":52.4,"unit":"%"},{"name":"Equity funds","value":29.53,"unit":"%"},{"name":"Real Estate funds","value":6.36,"unit":"%"},{"name":"Private Equity funds","value":1.91,"unit":"%"},{"name":"Bond funds","value":1.06,"unit":"%"},{"name":"Money and deposits","value":1.09,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Access Europa A | 10.22% |\n| Access Edge Emerging Markets A | 8.22% |\n| Globalfond A | 4.27% |\n| AMUNDI I.S-MSCI EME.E.L.-UCI.ETF DR USD | 2.70% |\n| Apple | 2.15% |\n| Microsoft | 2.14% |\n| Amundi Index MSCI World SRI UC | 1.75% |\n| iShares Global Clean Energy UCITS ETF | 1.75% |\n| EfTEN Kinnisvarafond II AS | 1.32% |\n| Nvidia | 1.08% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II AS | 1.32% |\n| East Capital Baltic Property Fund III | 1.02% |\n| LHV Group 9.500% Perpetual | 0.66% |\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):** 0.76%\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":9.34,"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":68239},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":11.08,"unit":"%"},{"name":"Shares","value":46.47,"unit":"%"},{"name":"Equity funds","value":27.27,"unit":"%"},{"name":"Real Estate funds","value":10.06,"unit":"%"},{"name":"Private Equity funds","value":1.89,"unit":"%"},{"name":"Bond funds","value":1.73,"unit":"%"},{"name":"Money and deposits","value":1.63,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Access Europa A | 9.54% |\n| Access Edge Emerging Markets A | 8.99% |\n| Globalfond A | 4.21% |\n| EfTEN Kinnisvarafond II AS | 2.90% |\n| East Capital Baltic Property Fund III | 2.10% |\n| Apple | 1.92% |\n| Microsoft | 1.91% |\n| iShares Global Clean Energy UCITS ETF | 1.58% |\n| Usaldusfond EfTEN Real Estate Fund 4 | 1.30% |\n| AMUNDI I.S-MSCI EME.E.L.-UCI.ETF DR USD | 1.29% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 2.90% |\n| East Capital Baltic Property Fund III | 2.10% |\n| Lumi Retal Property Fund | 1.07% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 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":"EE3600019758","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":13.69,"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":23343},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":46.05,"unit":"%"},{"name":"Shares","value":18.45,"unit":"%"},{"name":"Equity funds","value":9.88,"unit":"%"},{"name":"Real Estate funds","value":11.84,"unit":"%"},{"name":"Private Equity funds","value":0.51,"unit":"%"},{"name":"Bond funds","value":11.73,"unit":"%"},{"name":"Money and deposits","value":2.2,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Corporate Bond Europe High Yield A | 6.02% |\n| iShares EUR High Yield Corp Bond ESG UCITS ETF | 5.71% |\n| EfTEN Kinnisvarafond II AS | 3.75% |\n| Access Edge Emerging Markets A | 3.67% |\n| Access Europa A | 3.59% |\n| East Capital Baltic Property Fund III | 2.16% |\n| Birdeye Capital Timber Fund 2 | 1.66% |\n| Spain Government 6.000% 290131 | 1.60% |\n| Spain Government 1.450% 290430 | 1.45% |\n| Ignitis 2.000% 300521 | 1.27% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.75% |\n| East Capital Baltic Property Fund III | 2.16% |\n| Birdeye Capital Timber Fund 2 | 1.66% |\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):** 0.78%\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":18.05,"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":5636},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":85.67,"unit":"%"},{"name":"Real Estate funds","value":12.08,"unit":"%"},{"name":"Money and deposits","value":2.77,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| East Capital Baltic Property Fund III | 9.18% |\n| Luminor Bank VAR 270608 | 2.86% |\n| Altum 1.300% 250307 | 2.53% |\n| Nykredit Realkredit 0.250% 260113 | 2.17% |\n| Danske Bank VAR 310110 | 1.86% |\n| Ignitis 2.000% 300521 | 1.83% |\n| Birdeye Capital Timber Fund 2 | 1.77% |\n| City of Tallinn Estonia FRN 271129 | 1.53% |\n| LHV Group VAR 250909 | 1.48% |\n| Spain Government 6.000% 290131 | 1.48% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 9.18% |\n| Luminor Bank VAR 241203 | 2.86% |\n| Birdeye Capital Timber Fund 2 | 1.77% |\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:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.48%\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":22.07,"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":29355},"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 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| SEB Global Exposure Fund | 28.74% |\n| SPDR S&P 500 ESG Leaders UCITS ETF | 24.61% |\n| L&G US Equity UCITS ETF | 22.77% |\n| SEB Europe Exposure Fund IC | 11.38% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 8.36% |\n| L&G Japan Equity UCITS ETF | 3.92% |\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":2942},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":29.29,"unit":"%"},{"name":"Equity funds","value":5.28,"unit":"%"},{"name":"Bond funds","value":62.54,"unit":"%"},{"name":"Money and deposits","value":2.9,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corporate Bond ESG | 18.22% |\n| iShares Euro Investment Grade | 17.81% |\n| Robeco Euro Credit Bond Fund | 17.72% |\n| ESTONIA Treasury Bill 0 | 6.66% |\n| Latvia 3.875 25/03/2027 | 5.02% |\n| Amundi Index Euro Agg Corporate | 3.91% |\n| EPSO-G 3.117% | 3.08% |\n| Siauliu bankas 1.047 | 2.52% |\n| iShares Core MSCI World UCITS ETF | 2.28% |\n| LATVEN 2.42 05/05/27 | 2.15% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| ESTONIA Treasury Bill 0 | 6.66% |\n| Estonian Eurobond 0,125 | 1.87% |\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:** 0.70%\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":8.53,"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":1140},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":15.81,"unit":"%"},{"name":"Equity funds","value":25.54,"unit":"%"},{"name":"Real Estate funds","value":3.8,"unit":"%"},{"name":"Private Equity funds","value":0.3,"unit":"%"},{"name":"Bond funds","value":54.43,"unit":"%"},{"name":"Money and deposits","value":0.12,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade | 16.79% |\n| Robeco Euro Credit Bond Fund | 9.92% |\n| iShares North America Index Fund | 6.11% |\n| SPDR Bloomberg Barclays Euro | 6.08% |\n| BNPP Easy JPM ESG EMBI Global | 5.95% |\n| Screened Index Fund (IE) Inst Acc | 5.77% |\n| iShares Developed World Index | 4.94% |\n| Debt - Hard Currency Fund EUR I2 | 4.46% |\n| iShares EUR Corporate Bond ESG | 3.99% |\n| EFTEN Kinnisvarafond II AS | 3.80% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.80% |\n| Estonian Eurobond 0,125 | 1.15% |\n| ESTONIA 4 12/10/2032 | 0.88% |\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":6.41,"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":10185},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":92.75,"unit":"%"},{"name":"Real Estate funds","value":1.5,"unit":"%"},{"name":"Private Equity funds","value":0.43,"unit":"%"},{"name":"Bond funds","value":1.82,"unit":"%"},{"name":"Money and deposits","value":3.53,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Screened Index Fund (IE) Inst Acc | 19.46% |\n| iShares Developed World Index Fund | 19.38% |\n| iShares North America Index Fund | 17.10% |\n| iShares Core MSCI World UCITS ETF | 16.15% |\n| iShares Emerging Markets Index Fund | 6.09% |\n| iShares Core MSCI EM IMI UCITS ETF | 4.68% |\n| iShares Europe Equity Index Fund (LU) | 4.33% |\n| Xtrackers MSCI World Communication | 4.16% |\n| EFTEN Kinnisvarafond II AS | 1.41% |\n| iShares Japan Index Fund (IE) | 1.40% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 1.41% |\n| KS Livonia Partners Fund II AIF | 0.43% |\n| EfTEN Real Estate Fund | 0.09% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\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":1.93,"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":11394},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":8.01,"unit":"%"},{"name":"Equity funds","value":56.37,"unit":"%"},{"name":"Real Estate funds","value":6.73,"unit":"%"},{"name":"Private Equity funds","value":0.5,"unit":"%"},{"name":"Bond funds","value":28.49,"unit":"%"},{"name":"Money and deposits","value":-0.09,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Screened Index Fund (IE) Inst Acc | 12.16% |\n| iShares Developed World Index | 11.59% |\n| iShares North America Index Fund | 11.05% |\n| iShares Core MSCI World UCITS | 8.79% |\n| iShares Euro Investment Grade | 6.41% |\n| Robeco Euro Credit Bond Fund | 5.79% |\n| EFTEN Kinnisvarafond II AS | 5.04% |\n| iShares Emerging Markets Index | 4.10% |\n| iShares EUR Corporate Bond ESG | 4.00% |\n| BNPP Easy JPM ESG EMBI Global | 3.13% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EFTEN Kinnisvarafond II AS | 5.04% |\n| EfTEN Real Estate Fund | 1.69% |\n| Estonian Eurobond 0,125 | 0.89% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 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":8.52,"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":231},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.72,"unit":"%"},{"name":"Money and deposits","value":1.28,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| UBS (Lux) Fund Solutions - MSCI | 22.98% |\n| iShares MSCI World SRI UCITS ETF | 22.97% |\n| Amundi MSCI World SRI C NZ | 22.32% |\n| BNP Paribas Easy MSCI World SRI | 17.45% |\n| iShares MSCI EM SRI UCITS ETF | 13.00% |\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":44.78,"unit":"%"},{"name":"Shares","value":20.1,"unit":"%"},{"name":"Equity funds","value":12.92,"unit":"%"},{"name":"Real Estate funds","value":10.94,"unit":"%"},{"name":"Private Equity funds","value":2.89,"unit":"%"},{"name":"Money and deposits","value":8.37,"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 19/06/24 | 7.19% |\n| France Government 2.25% 25/05/2024 | 7.02% |\n| ZKB Gold ETF | 3.70% |\n| German Treasury Bill 17/01/24 | 3.48% |\n| France Treasury Bill 24/01/2024 | 3.48% |\n| German Treasury Bill 1% 15/08/2024 | 3.45% |\n| EfTEN Real Estate Fund | 3.07% |\n| iShares Gold Producers UCITS ETF | 3.07% |\n| Luminor 7.25% 16/01/2026 | 3.03% |\n| Lyxor EURO STOXX Banks DR UCITS | 2.85% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 7.25% 16/01/2026 | 3.03% |\n| East Capital Baltic Property Fund III | 2.12% |\n| BIGBANK 7.5% 16/05/2032 | 2.11% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.01.2024) | 28,485,019.15 € |\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 (31 January 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Aktiivne_III_kuuaruanne_2024_01.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- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":1,"content":"### January 2024: The tide kept rising in developed markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJanuary was a positive month in developed markets. The US S&P 500 index increased by 1.6% in dollars, and the European Euro Stoxx 50 rose by 2.9% in euros. The situation was less positive for emerging markets, with the general index falling by 4.7% measured in dollars. The downward movement was mainly driven by China, which was down 10.6% in dollar terms for the month and where overall sentiment remains pessimistic. The OMX Baltic Benchmark index hardly budged during the month.\n\nDuring the month, we sold shares of Yellow Cake, which reflects the price of uranium, and increased our position in the mining company Glencore in our pension funds. With a 17% increase in shares, Yellow Cake made the largest contribution to our performance in January, next to the American medical company Stryker, which was up by 14%. The biggest losers were our gold mining companies, which depreciated between 9% and 12%.\n\nDespite turbulent times in the economy and geopolitics, we still see good opportunities in positions related to commodities. This is also supported by the wider undersupply in the sector.\n"},{"year":2023,"month":12,"content":"### December 2023: We bought shares of energy companies\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe year concluded on a positive note for the markets. The US S&P 500 index saw a 4.4% increase measured in dollars, and the European Euro Stoxx 50 rose by 3.2% measured in euros. While emerging markets gained 3.7% in dollar terms, China, the market’s largest member, saw a 2.6% loss. The Baltic OMX Baltic Benchmark index remained nearly unchanged in the last month of the year, registering a modest increase of 0.3%.\n\nIn December, we acquired positions in two energy companies, TotalEnergies and Occidental Petroleum Corp, the former being a French oil company and the latter an American one. We sold part of the shares we had in Yellow Cake, which reflected a sudden drop in the price of uranium caused by undersupply.\n\nIn our stock portfolios, December’s biggest contributors were copper-related investments, which saw increases ranging from 3.5% to 7%. Other positions making noteworthy contributions to our yield were Lifco (10.4%), Volkswagen (7.5%) and DSV (12.4%). Falling the hardest last month were the fund’s energy-related securities, which witnessed losses ranging from 2% to 8%, along with the Chinese conglomerate Tencent (–9.4%), whose downturn resulted from the Chinese state’s decision to impose new restrictions on video games.\n\nDespite economic and geopolitical turbulence, we still identify promising opportunities in commodity positions. This is supported by a broader undersupply in the sector.\n\nIn December, the East Capital Real Estate fund acquired Rimi’s primary logistics centre in the Baltics, covering 94,000 square metres, including its headquarters. Situated in a rapidly developing area with numerous new residential projects and the recently opened Ikea department store and Saga shopping centre, the Rimi logistics centre underwent extensive renovations in 2020, focusing on improving its energy efficiency. Plans are underway to install a 2 MW solar park on the roof. The transaction’s value was 83 million euros, making it the largest real estate transaction in the Baltic logistics sector in the past year.\n\nIn December, bond markets continued to reflect the expectation that the European Central Bank would successfully counter inflationary pressure. This could potentially lead to a decline in interest rates in the near future, subsequently boosting bond prices. This was exemplified by one of our most significant bond investments of the past year – Volkswagen’s ultra-long-term bonds – yielding an extraordinary return of over 7% in a single month.\n"},{"year":2023,"month":11,"content":"### November 2023: Continuing upward trend for gold-related enterprises\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nNovember marked a buoyant period for global markets. The US S&P 500 index rose by 8.9% in dollar terms, and the Euro Stoxx 50 grew by 8% in euros. Emerging markets collectively appreciated by 7.9% in dollar value, although China, the dominant player in this segment, recorded a modest 2.5% increase. The OMX Baltic Benchmark index experienced a 2.6% rise over the month.\n\nThis month, we diversified our portfolio by incorporating Lifco, a dynamic Swedish business group specialising in acquiring small-scale businesses across various European sectors. Notably, gold-related companies were standout performers in our portfolio, appreciating by 6–11%. In contrast, our direct holdings in physical gold witnessed a marginal decrease of 1.5%. The European banking sector index, with an 8% uptick, played a significant role in bolstering the overall growth of our fund.\n\nConversely, our energy sector investments experienced a downturn, declining by 14–24%, and our stake in the Chinese e-commerce sector dipped in value by 12%. Amidst the current economic and geopolitical uncertainties, we identify promising prospects in our commodity-linked investments, buoyed by a general underinvestment in the sector.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**We are investors with a long-term perspective**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n","text":"The securities markets closed out December with a strong finish to the previous year. During the month, the S&P 500 index, which reflects the value of major US companies, registered a 2.8% gain in euro terms. Simultaneously, the Euro STOXX 50, which tracks the value of the top 50 European companies, recorded a 3.2% increase. In the final quarter of the year, these indices saw respective growths of 6.4% and 8.3%.\n\nInvestor optimism primarily hinges on the belief that the threat of inflation has been brought under control. There is anticipation that interest rates, which surged from the spring of 2022, will rapidly reverse their trend this year. Another factor contributing to investor optimism is the fact that major world economies coped surprisingly well with high interest rates and geopolitical tensions last year.\n\nThe world’s largest central banks have urged caution among investors, emphasising their primary goal of curbing inflation. They advise against betting on a rapid decline in interest rates until that goal is achieved. There are indeed factors that could keep the flames of inflation alive. The excessive audacity and appetite for risk among investors themselves do not make the central banks’ task any easier, as this behaviour fuels asset price inflation, which, in turn, affects the real economy.\n\n**Elevated expectations following last year’s exceptional performance**\n\nWhile concerns a year ago revolved around the possibility of a hard landing for the world’s largest economies in 2023, reality has proven to be much more positive. Initial estimates indicate that the US gross domestic product grew by a solid 2.8%, and economic growth in the Eurozone was estimated at 0.6%.\n\nThis is certainly good news, but it would be wise to exercise caution in our enthusiasm. The growth is likely driven by the depletion of previously accumulated savings and an extensive 7% budget deficit by the US government. The use of borrowed funds can stimulate short-term economic growth, particularly in the run-up to elections.\n\nIt is worth noting that the Estonian economy has been contracting since the beginning of 2022, with last year’s economic decline estimated at around 2.6%. I suspect that the Estonian economy is more sensitive to changes in interest rates, as unlike developed countries, our lending market is tied to floating interest rates.\n\nIn my opinion, it is absurd that the interest rate for long-term loan obligations is tied to the six-month Euribor. For more than a decade, almost everyone benefited from a decline in interest rates and the fact that short-term interest rates were generally lower than long-term rates (thanks to what is known as term premium). However, the last 18 months have been a time to pay back, which should hopefully make us think more about interest rate risk.\n\nIt is a given that lowering interest rates supports consumption and investments. Thus, it seems logical to conclude that lower interest rates should lead to stronger economic growth and asset price appreciation. However, history has shown that interest rates tend to decrease as economic growth slows, corporate profits decline and unemployment rises.\n\nLowering interest rates does indeed help stimulate the economy, but it doesn’t necessarily translate into robust economic growth and increasing profits. Rather, it signals that the economy requires support due to declining profits and high unemployment or the risk thereof.\n\nAt present, investors appear to believe that this year:\n-\tInflation will slow to the central banks’ target of 2%\n-\tEconomic growth will moderately slow down but remain positive\n-\tCentral banks will aggressively cut interest rates\n-\tCorporate profits will accelerate.\n\nWhile each of these expectations could be met separately, it’s difficult to imagine them all coming true at once. Central banks typically lower interest rates when inflation is under control and economic growth is expected to slow down, which implies declining profits. However, if profits were to increase nonetheless, it’s difficult to envision inflation slowing while interest rates decrease.\n\n**Inflation may not subside easily**\n\n2024 is an election year, with approximately half of the planet’s adult population having a chance to vote. This will likely lead to a slew of unsubstantiated promises that the successful candidates will attempt to finance primarily through borrowing. Our domestic experience shows how difficult it is to enact even a reasonably sensible tax increase when bond markets or the International Monetary Fund don’t compel it. Therefore, a year of major elections could also mean faster inflation than expected.\n\nAs interest rates have fallen and bond prices have risen, we’ve recently capitalised on the opportunity by selling several bond positions in LHV’s pension funds at a commendable profit. We are concerned that inflation rates might stubbornly remain high or revert to elevated levels shortly after a temporary decrease.\n\nWe believe that innovation can provide a strong boost to economic growth, but we want to see it reflected in corporate profit growth, not just increasing price-to-earnings ratios. However, at LHV, we are primarily investors, not speculators.\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":14.6,"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":98.74,"unit":"%"},{"name":"Money and deposits","value":1.26,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 28.03% |\n| AMUNDI MSCI WORLD ETF V ACC | 27.77% |\n| HSBC MSCI Emerging Markets UCITS | 25.89% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 6.90% |\n| SPDR MSCI World UCITS ETF | 6.35% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 3.80% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.01.2024) | 48,865,044.50 € |\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"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_III_kuuaruanne_2024_01.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- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.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):** 1.19%\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":"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):** 1.10%\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":6047},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":1.14,"unit":"%"},{"name":"Shares","value":35.98,"unit":"%"},{"name":"Equity funds","value":56.7,"unit":"%"},{"name":"Real Estate funds","value":1.84,"unit":"%"},{"name":"Private Equity funds","value":2.37,"unit":"%"},{"name":"Money and deposits","value":1.96,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Global X Copper Miners ETF | 14.02% |\n| Invesco Solar ETF | 12.04% |\n| L and G Battery Value-Chain UCITS | 8.19% |\n| iShares Global Clean Energy ET | 7.13% |\n| Global X Lithium and Battery Tech | 6.96% |\n| First Trust NASDAQ Clean Edge | 4.48% |\n| UPM-Kymmene | 3.53% |\n| Rockwool | 3.37% |\n| Ignitis Grupe | 3.31% |\n| iShares Electric Vehicles and Driving Technology U | 3.14% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.84% |\n| Hepsor | 0.57% |\n| Sopruse157 omanikulaen | 0.46% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.01.2024) | 35,722,677.51 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 225,000 units |\n| Rate of the depository’s charge | 0.0439% (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_052023.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2024_01.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- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001723","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":3.27,"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":36,"unit":"%"},{"name":"Equity funds","value":57.76,"unit":"%"},{"name":"Real Estate funds","value":1.92,"unit":"%"},{"name":"Private Equity funds","value":2.51,"unit":"%"},{"name":"Money and deposits","value":1.81,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Global X Copper Miners ETF | 14.36% |\n| Invesco Solar ETF | 11.89% |\n| L and G Battery Value-Chain UCITS | 8.03% |\n| Global X Lithium and Battery Tech | 7.09% |\n| iShares Global Clean Energy ET | 7.09% |\n| First Trust NASDAQ Clean Edge | 5.46% |\n| UPM-Kymmene | 3.62% |\n| Ignitis Grupe | 3.37% |\n| Rockwool | 3.20% |\n| iShares Electric Vehicles and Driving Technology U | 3.18% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.92% |\n| Hepsor | 0.33% |\n"}]},{"id":"info","title":"Information about the fund","active":true,"content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.01.2024) | 6,742,772.67 € |\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:** 0.0439%\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 (31 January 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_III_kuuaruanne_2024_01.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":"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":2.25,"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":13000},"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 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index MSCI World SRI UC | 25.10% |\n| UBS Lux Fund Solutions - MSCI | 25.04% |\n| iShares MSCI World SRI UCITS E | 17.60% |\n| Access Global A | 17.22% |\n| Access Edge Global A | 14.99% |\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):** 0.31%\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":4300},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":4.43,"unit":"%"},{"name":"Equity funds","value":93.92,"unit":"%"},{"name":"Real Estate funds","value":0.7,"unit":"%"},{"name":"Private Equity funds","value":0.5,"unit":"%"},{"name":"Money and deposits","value":0.54,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index MSCI World SRI UC | 18.76% |\n| UBS Lux Fund Solutions - MSCI | 13.42% |\n| Access Edge Global A | 11.84% |\n| Globalfond A | 10.52% |\n| Amundi MSCI World ESG Leaders UCITS ETF | 9.81% |\n| AMUNDI I.S-MSCI EME.E.L.-UCI.ETF DR USD | 9.78% |\n| Access Europa A | 8.27% |\n| Access Edge Emerging Markets A | 4.94% |\n| Amundi Index MSCI Europe SRI PAB | 2.58% |\n| Transition Energy A | 2.13% |\n"},{"title":null,"type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Kaubamaja Grupp | 0.83% |\n| LHV Group AS | 0.77% |\n| Enefit Green | 0.67% |\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):** 0.66%\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":3.52,"fundManager":"Swedbank"}}