{"LXK00":{"heading":"LHV Pensionifond XS","id":"xs","code":"xs","dataMarker":"XSK00","suitability":"**Suitable if**\n- you have less than 3 years left until retirement,\n- you have low risk tolerance,\n- your aim is to preserve your savings and avoid losses.\n","strategy":"**Strategy**\n\nAt least 90% of the Fund's assets are invested in investment grade bonds, money market instruments traded on a regulated market, deposits, shares or other assets of other investment funds investing mainly in the above assets and other assets. The money raised for retirement remains stable. The assets of the Fund are invested in compliance with the rating restrictions imposed on the conservative pension fund by law. The long-term preferred asset class of the fund is low-risk debt instruments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":4629},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":78.29,"unit":"%"},{"name":"Money and deposits","value":21.71,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| German Government 1.5% 04/09/22 | 5.39% |\n| France Government 25/05/21 | 5.39% |\n| France Government 2.25% 25/10/22 | 4.15% |\n| Temasek 0.5% 01/03/22 | 3.62% |\n| Czech Republic 3.875% 24/05/22 | 3.58% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.31% |\n| Ignitis Grupe 2% 21/05/30 | 3.24% |\n| Slovakia 3.375% 15/11/24 | 3.17% |\n| BNP Paribas 2.875% 24/10/22 | 2.68% |\n| Bank of America 04/05/23 | 2.64% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.31% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 2.51% |\n| Elering 0.875% 03/05/2023 | 2.13% |\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 31.01.2021) | 24,183,297.03 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 80 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,486%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.53%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. 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_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_26112020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2021_01.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":1,"content":"### January 2021: bond markets continued to fall\n\nRomet Enok, Fund Manager\n\nBond markets remained largely negative in the first month of the year in Europe, the United States and emerging markets. The decline was not sharp, but the US and especially German markets have been steadily declining since early November, when the results of the Pfizer/BionTech vaccine clinical trial became available. The movement of these two anchors has had a very wide-ranging impact on the markets.\n\nDespite a slight fall in prices (and rising interest rates), sales of new securities continue to grow strongly: in January, for example, European countries borrowed a total of about 40% more than in January 2017. There is currently no alternative to borrowing to compensate for the reduced tax revenue.\n\nAs we have refrained from bonds with a higher price risk, the fund ended January slightly on the positive side despite the market decline.\n"},{"year":2020,"month":12,"content":"### December 2020: little to win but much to lose on bond markets\n\nRomet Enok, Fund Manager\n\nThe coronavirus in the spring shocked bond markets around the world. In both Europe and the United States, the markets for weaker corporate bonds fell by around 20%. The central banks’ response was as sharp and strong as the market panic in February. As hope for the success of vaccine production rose in the autumn, almost all market segments had clear positive returns by the end of the year.\n\nWe have been avoiding increasing risks in the bond portfolio for a long time, because there would be very little to gain, yet much to lose – not least because of the extremely high price level of bonds. In the spring, however, we made a new large investment when the Lithuanian state energy company Ignitis raised money for investments.\n\nAs another major investment, we acquired Estonian government bonds when the government decided to replenish state reserves. However, we sold the bonds a few weeks later with a profit of a few percent because their expected future yield was almost non-existent.\n\nAt the end of the year, the fund’s portfolio still consists largely of high-rated short-term bonds.\n"},{"year":2020,"month":11,"content":"### November 2020: new Luminor bonds replace the old\n\nRomet Enok, Fund Manager\n\nIn November, as Luminor redeemed its bonds before maturity and issued new ones, we replaced Luminor’s bonds in our portfolio. Fund XS participated in both the resale of old bonds and the subscription of new ones.\n\nAt a time when deposit rates are close to zero, bonds in some cases still offer earning opportunities. Interest on Luminor’s old bonds has been 1.5% per annum for the past two years, and the bank paid a little over 1% for the premature redemption. Even as I write, the price of the new bond has risen by about 0.5%.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**More freedom means greater responsibility**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n","text":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n\nIn the US stock markets, a war broke out in January between day traders / retail investors on the one hand and aggressive leveraged hedge funds on the other. Since the 2008 financial crisis, wealth inequality has grown rapidly in the country. Although the central bank has declared maximum employment and price stability as its objectives, the monetary policy used to pursue these goals has contributed to a rise in the prices of almost all assets.\n\nCheap money from banks and capital markets has been available against the collateral of assets. In the United States, the generosity of central banks has brought more benefits to those who already had assets and who used cheap leverage to hoard more. In addition, the general impression is that hedge funds have been manipulating the securities markets with impunity in order to rob retail investors there as well.\n\nSocial media together with the development of financial technology has enabled small investors to organise large-scale coordinated actions to influence the share prices of small and less liquid companies. Since, according to public opinion, hedge funds do not play quite by the rules, small shareholders did not overly care whether or not their activities qualified as market manipulation. Revenge was a priority, and as there was a chance to make money on it, hedge funds were attacked.\n\nSupervisory authorities are now facing a major challenge as to what and how to regulate. Until recently, they were on course to restrict the services and products that can be offered to small investors, all in the name of protecting the latter. January showed that retail investors might not be so helpless in the information society.\n\nA multitude of furious but coordinated retail investors can cause a lot of confusion and instability in the securities markets, which calls into question the efficient functioning of the markets and the process of pricing capital fairly. Investing may become more popular as it becomes more playful, but over-simplification can lead to a situation where entertainment is valued over the consideration of risks.\n\nI believe that raising investment awareness and improving information will work better than banning and ordering, allowing and denying. Why artificially restrict retail investors’ access to certain financial instruments and related analysis? Regulations and freedoms should be balanced. Greater rights mean greater responsibility.\n\n**The unspoken consequences of the pension reform**\n\nThe goal of the funded pension reform, which was pushed through last year, still makes me scratch my head. The message of the reform leaders, “Money is free”, was simple and populist. It allowed people to immediately withdraw the savings they had accumulated over the years and spend them as they pleased.\n\nThe cost of the money withdrawal wasn’t mentioned. The 4% that will be deducted from salaries as social tax will no longer accrue to the taxpayer, but to the state budget. Citizens whose personal capital will not accumulate can only rely on state support.\n\nFortunately, the pension reform provided a third option alongside abandoning the second pillar or continuing to make payments to a pension fund. The withdrawn capital can be placed in a personal pension investment account to avoid an increase in the tax burden.\n\nNow that people have the choice of either withdrawing money immediately but paying more taxes and relying only on the state pension, or continuing to save, I hope that saving for retirement will be seen as a freedom rather than an obligation.\n\nEven those who have been reluctant to save for retirement should now be reassured that the assets in their pension fund are theirs and that no one can take them away. But those who foolishly boasted that they had never saved anything must admit that they have no accumulations and nothing to withdraw.\n\nPension fund units are the largest financial asset for many families. That is a fact that speaks for itself.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":10.06,"fundManager":"LHV"},"LSK00":{"heading":"LHV Pensionifond S","id":"s","code":"s","dataMarker":"SK00","suitability":"**Suitable if**\n- you have 2–5 years left until retirement age,\n- you have low risk tolerance,\n- your aim is the preservation and modest growth of your pension savings.\n","strategy":"**Strategy**\n\nThe Fund's assets are mainly invested in bonds. The Fund's assets may be invested in sub-investment grade bonds. Up to 25% of the fund's assets may be invested in real estate, infrastructure, equity funds and convertible bonds. The Fund may also grant a loan. The long-term preferred asset class of the fund is listed debt instruments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":8355},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":86.23,"unit":"%"},{"name":"Money and deposits","value":13.77,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| Temasek 0.5% 01/03/22 | 5.07% |\n| Latvenergo 1.9% 10/06/22 | 4.98% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.59% |\n| France Government 3.25% 25/10/21 | 4.06% |\n| German Government 3.25% 04/07/21 | 4.05% |\n| France Government 3.75% 25/04/21 | 3.77% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.67% |\n| France Government 25/05/21 | 3.44% |\n| Ignitis Grupe 2% 21/05/30 | 3.42% |\n| German Government 2.25% 04/09/21 | 3.33% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.59% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.67% |\n| Luminor 0.792% 03/12/24 | 2.13% |\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 31.01.2021) | 52,370,303.24 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 150 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.62%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_26112020.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2021_01.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":1,"content":"### January 2021: bond markets continued to fall\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nBond markets remained largely negative in the first month of the year in Europe, the United States and emerging markets. The decline was not sharp, but the US and especially German markets have been steadily declining since early November, when the results of the Pfizer/BionTech vaccine clinical trial became available. The movement of these two anchors has had a very wide-ranging impact on the markets.\n\nDespite a slight fall in prices (and rising interest rates), sales of new securities continue to grow strongly: in January, for example, European countries borrowed a total of about 40% more than in January 2017. There is currently no alternative to borrowing to compensate for the reduced tax revenue.\n\nAs we have refrained from bonds with a higher price risk, the fund ended January slightly on the positive side despite the market decline.\n"},{"year":2020,"month":12,"content":"### December 2020: little to win but much to lose on bond markets\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe coronavirus in the spring shocked bond markets around the world. In both Europe and the United States, the markets for weaker corporate bonds fell by around 20%. The central banks’ response was as sharp and strong as the market panic in February. As hope for the success of vaccine production rose in the autumn, almost all market segments had clear positive returns by the end of the year.\n\nWe have been avoiding increasing risks in the bond portfolio for a long time, because there would be very little to gain, yet much to lose – not least because of the extremely high price level of bonds. In the spring, however, we made a new large investment when the Lithuanian state energy company Ignitis raised money for investments.\n\nAs another major investment, we acquired Estonian government bonds when the government decided to replenish state reserves. However, we sold the bonds a few weeks later with a profit of a few percent because their expected future yield was almost non-existent.\n\nAt the end of the year, the fund’s portfolio still consists largely of high-rated short-term bonds.\n"},{"year":2020,"month":11,"content":"### November 2020: new Luminor bonds replace the old\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn November, as Luminor redeemed its bonds before maturity and issued new ones, we replaced Luminor’s bonds in our portfolio. Fund XS participated in both the resale of old bonds and the subscription of new ones.\n\nAt a time when deposit rates are close to zero, bonds in some cases still offer earning opportunities. Interest on Luminor’s old bonds has been 1.5% per annum for the past two years, and the bank paid a little over 1% for the premature redemption. Even as I write, the price of the new bond has risen by about 0.5%.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**More freedom means greater responsibility**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n","text":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n\nIn the US stock markets, a war broke out in January between day traders / retail investors on the one hand and aggressive leveraged hedge funds on the other. Since the 2008 financial crisis, wealth inequality has grown rapidly in the country. Although the central bank has declared maximum employment and price stability as its objectives, the monetary policy used to pursue these goals has contributed to a rise in the prices of almost all assets.\n\nCheap money from banks and capital markets has been available against the collateral of assets. In the United States, the generosity of central banks has brought more benefits to those who already had assets and who used cheap leverage to hoard more. In addition, the general impression is that hedge funds have been manipulating the securities markets with impunity in order to rob retail investors there as well.\n\nSocial media together with the development of financial technology has enabled small investors to organise large-scale coordinated actions to influence the share prices of small and less liquid companies. Since, according to public opinion, hedge funds do not play quite by the rules, small shareholders did not overly care whether or not their activities qualified as market manipulation. Revenge was a priority, and as there was a chance to make money on it, hedge funds were attacked.\n\nSupervisory authorities are now facing a major challenge as to what and how to regulate. Until recently, they were on course to restrict the services and products that can be offered to small investors, all in the name of protecting the latter. January showed that retail investors might not be so helpless in the information society.\n\nA multitude of furious but coordinated retail investors can cause a lot of confusion and instability in the securities markets, which calls into question the efficient functioning of the markets and the process of pricing capital fairly. Investing may become more popular as it becomes more playful, but over-simplification can lead to a situation where entertainment is valued over the consideration of risks.\n\nI believe that raising investment awareness and improving information will work better than banning and ordering, allowing and denying. Why artificially restrict retail investors’ access to certain financial instruments and related analysis? Regulations and freedoms should be balanced. Greater rights mean greater responsibility.\n\n**The unspoken consequences of the pension reform**\n\nThe goal of the funded pension reform, which was pushed through last year, still makes me scratch my head. The message of the reform leaders, “Money is free”, was simple and populist. It allowed people to immediately withdraw the savings they had accumulated over the years and spend them as they pleased.\n\nThe cost of the money withdrawal wasn’t mentioned. The 4% that will be deducted from salaries as social tax will no longer accrue to the taxpayer, but to the state budget. Citizens whose personal capital will not accumulate can only rely on state support.\n\nFortunately, the pension reform provided a third option alongside abandoning the second pillar or continuing to make payments to a pension fund. The withdrawn capital can be placed in a personal pension investment account to avoid an increase in the tax burden.\n\nNow that people have the choice of either withdrawing money immediately but paying more taxes and relying only on the state pension, or continuing to save, I hope that saving for retirement will be seen as a freedom rather than an obligation.\n\nEven those who have been reluctant to save for retirement should now be reassured that the assets in their pension fund are theirs and that no one can take them away. But those who foolishly boasted that they had never saved anything must admit that they have no accumulations and nothing to withdraw.\n\nPension fund units are the largest financial asset for many families. That is a fact that speaks for itself.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":10.59,"fundManager":"LHV"},"LMK25":{"heading":"LHV Pensionifond M","id":"m","code":"m","dataMarker":"MK25","suitability":"**Suitable if**\n- you have 3–10 years left until retirement age,\n- you have moderate risk tolerance,\n- your aim is the long-term stable growth of your pension savings.\n","strategy":"**Strategy**\n\nWhen investing in assets, the fund prefers cash-flow assets and, where possible, the local market, including less liquid private equity and real estate investments. The investments are predominantly in local currency and up to 75% of the fund's assets can be invested directly in equities. The fund's long-term preferred asset class is real estate investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":13656},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":68.4,"unit":"%"},{"name":"Shares","value":10.93,"unit":"%"},{"name":"Equity funds","value":4.77,"unit":"%"},{"name":"Real Estate funds","value":10.1,"unit":"%"},{"name":"Private Equity funds","value":3.4,"unit":"%"},{"name":"Money and deposits","value":2.4,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 5.42% |\n| German Government 2.25% 04/09/21 | 4.54% |\n| EfTEN Kinnisvarafond | 3.00% |\n| ZKB Gold ETF | 2.83% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.59% |\n| France Government 3.75% 25/04/21 | 2.41% |\n| France Government 25/05/21 | 2.32% |\n| German Treasury Bill 14/04/2021 | 2.18% |\n| Luminor 0.792% 03/12/24 | 2.07% |\n| JP Morgan 1.375% 16/09/21 | 1.94% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.00% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.59% |\n| Luminor 0.792% 03/12/24 | 2.07% |\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 31.01.2021) | 146,780,360.70 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 400 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 0.86%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_26112020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2021_01.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":1,"content":"### January 2021: BaltCap acquires Piletilevi’s parent company\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJanuary was relatively calm on world stock markets after a strong end to 2020, and the main stock market indices moved slightly and in different directions. The Euro Stoxx 50 index, which tracks large European companies, fell by 1.9% during the month. The German stock exchange, for example, was among the biggest losers with -2.1%, while the Swedish and Finnish stock exchange indexes rose by 4% and 2.1%, respectively.\n\nMeasured in euros, the US market index S&P 500 fell by 0.4% during the month and the Japanese Nikkei index rose by 0.7%. The Baltic stock markets were also strong in January. Tallinn stock market yield was 6.9%, the Vilnius stock market index rose by 5.6% and the Riga stock market by 2.6%.\n\nBaltCap, a domestic private equity company in the portfolio of Pension Fund M, announced that it will acquire a majority stake in Baltic Ticket Holdings OÜ, which includes Piletilevi AS, a well-known ticket sales company in Estonia. Baltic Ticket Holdings was founded in 1997 in Estonia and operates now also in other Baltic countries and Belarus. Through digital channels and 700 points of sale, the company sold more than 6 million tickets for more than 36,000 events in 2019.\n\nBond markets remained largely negative in the first month of the year in Europe, the United States and emerging markets. The decline was not sharp, but the US and especially German markets have been steadily declining since early November, when the results of the Pfizer/BionTech vaccine clinical trial became available. The movement of these two anchors has had a very wide-ranging impact on the markets.\n\nDespite a slight fall in prices (and rising interest rates), sales of new securities continue to grow strongly: in January, for example, European countries borrowed a total of about 40% more than in January 2017. There is currently no alternative to borrowing to compensate for the reduced tax revenue.\n\nWe have refrained from acquiring high-risk bonds for the fund. Major local companies in the fund’s portfolio have so far reported expected or even higher-than-expected results.\n"},{"year":2020,"month":12,"content":"### December 2020: performance supported by greater equity risks taken during the coronavirus crisis\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAlthough the Covid-19 pandemic caused a significant fall in stock markets around the world in the spring, stock markets were largely able to recover by the end of the year. The US S&P 500 and the Nasdaq index even reached new highs. Measured in euros, the Japanese Nikkei index and the MSCI Emerging Markets Index rose by 11.6% and 6.4% year-on-year, respectively.\n\nBy contrast, the Euro Stoxx 50, which reflects Europe’s largest companies, was 3.2% negative. The biggest losers were the Spanish, British and French stock markets, while both the Nordic and German stock markets showed good returns.\n\nIn the Baltics, the Vilnius stock market had the best result with 14.7%, the Riga stock market index rose by 9.7% and the return on the Tallinn stock market was 5%.\n\nLHV Pension Fund M performed well in 2020, largely supported by investments made during the year in gold mining companies and the Physical Gold Fund. These investments accounted for more than 6% of the portfolio in December. The fund’s performance was also supported by investments in banking sector equities.\n\nDuring the year, the pension funds also acquired several commercial real estate properties: an office building on Tartu Road in Tallinn and stock-office buildings in Jüri, Rae Rural Municipality. Both investments earn stable rental income for the pension funds and have development potential. We also made an investment in the rental apartment fund launched by EfTEN Capital.\n\nIn the international bond markets, we gradually reduced our risks throughout the year. When global financial markets began to fall sharply in February, we took advantage of having held a significant portion of the fund’s assets in short-term high-rated European bonds. We sold them in large quantities and instead acquired positions in the declined stock market.\n\nWhen stock markets started to rise in the second half of the year, we sold many of our winter investments and invested in short-term German and French government bonds.\n\nAt the same time, we reduced the fund’s position in international bonds with a higher credit risk to almost zero. The sale of Sampo and Danske Bank bonds played a significant role here. We took advantage of the significant cheapening of financial sector stocks in Europe by the spring. That’s why we sold most of these bonds and bought stocks.\n\nWe also continued to work on local transactions, reaching an agreement on the financing of the new Peetri Centre, in Peetri Village near Tallinn. The company raised money from pension funds with two bonds, which yield a current return of 7% per year for the fund.\n\nWe also signed agreements to finance the expansion plans of the renewable energy company Sunly. The company plans to use the capital from pension funds to make large investments, and the interest rate of the investment is 8% per annum.\n\nIn return, the fund received an early repayment of the loan granted for the purchase of the online classifieds environment auto24. The successful investment of the Estonian private equity company BaltCap brought the fund a little over 20% return in the form of interest and premium payments over three years.\n\nAlthough the overall performance of the European bond market can be considered good last year, its best-performing segment had a yield of just over 4%. As shown above, we can clearly use the capital of pension funds more productively by financing local businesses. We will continue to focus on this line of business this year.\n"},{"year":2020,"month":11,"content":"### November 2020: new investments in real estate and renewable energy sectors\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nNovember was extremely upbeat for the world’s stock markets, largely due to the good news from COVID-19 vaccine manufacturers. Europe was strongest in the developed world: the Euro Stoxx 50 index rose by as much as 18.1% during the month. Among the biggest winners were Spain, Italy and France with yields exceeding 20%.\n\nThe German stock market index rose by 15% and the Swedish and Finnish stock markets rose by more than 11%. The Japanese Nikkei index, measured in euros, rose 12.5% in November. In the Baltic countries, the Tallinn stock market followed the general market rise and its index rose by 10.2% over the month. The Vilnius stock market rose 3.9% while the Riga stock market index fell by 0.2%.\n\nPension Fund M made a new investment in the EfTEN Residential Fund, which will invest in rental properties across the Baltics. The fund’s first investment is in a 112-apartment building in the new Kadaka Forest Park development in Tallinn’s Mustamäe district. Completion of the apartment building is planned for autumn 2021. In total, the real estate fund raised 33 million euros in the first round of financing and plans to build the next rental property in Lithuania.\n\nIn the bond portfolio, our only international stock market investment without a credit rating ended prematurely when the Danish-owned Lithuanian pig farm Idavang repaid its obligations ahead of schedule. We subscribed to the company’s bonds when they were issued in December 2017, and in exactly three years, the investment yielded approximately 21% for the fund.\n\nAt the same time, we reached an agreement on new investments in the Estonian renewable energy company Sunly. Once certain conditions are met, in the next few months LHV funds will subscribe to Sunly’s five-year bonds with an annual interest rate of 8%. As a producer of green energy, Sunly is growing in many directions, and the long-term investment of our pension funds will help the company raise bank loans in order to implement large-scale investment plans.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**More freedom means greater responsibility**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n","text":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n\nIn the US stock markets, a war broke out in January between day traders / retail investors on the one hand and aggressive leveraged hedge funds on the other. Since the 2008 financial crisis, wealth inequality has grown rapidly in the country. Although the central bank has declared maximum employment and price stability as its objectives, the monetary policy used to pursue these goals has contributed to a rise in the prices of almost all assets.\n\nCheap money from banks and capital markets has been available against the collateral of assets. In the United States, the generosity of central banks has brought more benefits to those who already had assets and who used cheap leverage to hoard more. In addition, the general impression is that hedge funds have been manipulating the securities markets with impunity in order to rob retail investors there as well.\n\nSocial media together with the development of financial technology has enabled small investors to organise large-scale coordinated actions to influence the share prices of small and less liquid companies. Since, according to public opinion, hedge funds do not play quite by the rules, small shareholders did not overly care whether or not their activities qualified as market manipulation. Revenge was a priority, and as there was a chance to make money on it, hedge funds were attacked.\n\nSupervisory authorities are now facing a major challenge as to what and how to regulate. Until recently, they were on course to restrict the services and products that can be offered to small investors, all in the name of protecting the latter. January showed that retail investors might not be so helpless in the information society.\n\nA multitude of furious but coordinated retail investors can cause a lot of confusion and instability in the securities markets, which calls into question the efficient functioning of the markets and the process of pricing capital fairly. Investing may become more popular as it becomes more playful, but over-simplification can lead to a situation where entertainment is valued over the consideration of risks.\n\nI believe that raising investment awareness and improving information will work better than banning and ordering, allowing and denying. Why artificially restrict retail investors’ access to certain financial instruments and related analysis? Regulations and freedoms should be balanced. Greater rights mean greater responsibility.\n\n**The unspoken consequences of the pension reform**\n\nThe goal of the funded pension reform, which was pushed through last year, still makes me scratch my head. The message of the reform leaders, “Money is free”, was simple and populist. It allowed people to immediately withdraw the savings they had accumulated over the years and spend them as they pleased.\n\nThe cost of the money withdrawal wasn’t mentioned. The 4% that will be deducted from salaries as social tax will no longer accrue to the taxpayer, but to the state budget. Citizens whose personal capital will not accumulate can only rely on state support.\n\nFortunately, the pension reform provided a third option alongside abandoning the second pillar or continuing to make payments to a pension fund. The withdrawn capital can be placed in a personal pension investment account to avoid an increase in the tax burden.\n\nNow that people have the choice of either withdrawing money immediately but paying more taxes and relying only on the state pension, or continuing to save, I hope that saving for retirement will be seen as a freedom rather than an obligation.\n\nEven those who have been reluctant to save for retirement should now be reassured that the assets in their pension fund are theirs and that no one can take them away. But those who foolishly boasted that they had never saved anything must admit that they have no accumulations and nothing to withdraw.\n\nPension fund units are the largest financial asset for many families. That is a fact that speaks for itself.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":30.68,"fundManager":"LHV"},"LLK50":{"heading":"LHV Pensionifond L","id":"l","code":"l","dataMarker":"LK50","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you have average risk tolerance,\n- your aim is the long-term growth of your pension savings.\n","strategy":"**Strategy**\n\nThe assets of the Fund are invested in various asset classes in both local and foreign markets. The Fund's assets may be invested extensively in unquoted instruments, which are primarily used for investing in securities issued by companies domiciled in the home market. The long-term preferred asset class of the fund is private equity investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":100765},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":49.28,"unit":"%"},{"name":"Shares","value":17.45,"unit":"%"},{"name":"Equity funds","value":9.86,"unit":"%"},{"name":"Real Estate funds","value":11.54,"unit":"%"},{"name":"Private Equity funds","value":9.58,"unit":"%"},{"name":"Money and deposits","value":2.28,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| German Government 2.25% 04/09/21 | 5.08% |\n| France Government 3.25% 25/10/21 | 4.75% |\n| German Government 3.25% 04/07/21 | 4.18% |\n| EfTEN Kinnisvarafond | 3.72% |\n| German Treasury Bill 14/04/2021 | 3.41% |\n| France Government 3.75% 25/04/21 | 3.36% |\n| iShares Gold Producers UCITS ETF | 3.08% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.06% |\n| ZKB Gold ETF | 2.90% |\n| France Government 2.25% 25/10/22 | 2.90% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.72% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.06% |\n| East Capital Baltic Property Fund III | 1.69% |\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 31.01.2021) | 1,018,936,690.30 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 000 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.14%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_tingimused_26112020.pdf)\n- [Information to unit-holders (in Estonian)](/assets/files/pension/Osakuomanikele_antav_teave_LHV_Pensionifond_L.pdf)\n- [Comparison of investment policies (in Estonian)](/assets/files/pension/investeerimispoliitikate_vordlus_Eesti_L.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_26112020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2021_01.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":1,"content":"### January 2021: pension funds sold two investments\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJanuary was relatively calm on world stock markets after a strong end to 2020, and the main stock market indices moved slightly and in different directions. The Euro Stoxx 50 index, which tracks large European companies, fell by 1.9% during the month. The German stock exchange, for example, was among the biggest losers with -2.1%, while the Swedish and Finnish stock exchange indexes rose by 4% and 2.1%, respectively.\n\nMeasured in euros, the US market index S&P 500 fell by 0.4% during the month and the Japanese Nikkei index rose by 0.7%. However, the global index for emerging markets offered a strong yield of 3.8% measured in euros, largely due to a more than 8% rise in the Chinese stock market. The Baltic stock markets were also strong in January. Tallinn stock market yield was 6.9%, the Vilnius stock market index rose by 5.6% and the Riga stock market by 2.6%.\n\nLHV pension funds sold a long-term investment in the Tallinn listed company Arco Vara. A total of approximately 1.3 million shares were acquired by Alarmo Kapital, which is related to the chairman of the supervisory board of Arco Vara. The shares sold accounted for more than 14% of the company’s share capital.\n\nThe pension funds also sold their investment in the copper mining company KAZ Minerals. Its management announced that it would buy out the company in the first half of 2021, after which the share price on the stock exchange moved well above the takeover price. The pension funds earned more than 150% on the investment.\n\nBond markets remained largely negative in the first month of the year in Europe, the United States and emerging markets. The decline was not sharp, but the US and especially German markets have been steadily declining since early November, when the results of the Pfizer/BionTech vaccine clinical trial became available. The movement of these two anchors has had a very wide-ranging impact on the markets.\n\nDespite a slight fall in prices (and rising interest rates), sales of new securities continue to grow strongly: in January, for example, European countries borrowed a total of about 40% more than in January 2017. There is currently no alternative to borrowing to compensate for the reduced tax revenue.\n\nWe have refrained from acquiring high-risk bonds for the fund. Major local companies in the fund’s portfolio have so far reported expected or even higher-than-expected results.\n"},{"year":2020,"month":12,"content":"### December 2020: performance supported by greater equity risk taken in spring\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAlthough the Covid-19 pandemic caused a significant fall in stock markets around the world in the spring, stock markets were largely able to recover by the end of the year. The US S&P 500 and the Nasdaq index even reached new highs. Measured in euros, the Japanese Nikkei index and the MSCI Emerging Markets Index rose by 11.6% and 6.4% year-on-year, respectively.\n\nBy contrast, the Euro Stoxx 50, which reflects Europe’s largest companies, was 3.2% negative. The biggest losers were the Spanish, British and French stock markets, while both the Nordic and German stock markets showed good returns.\n\nIn the Baltics, the Vilnius stock market had the best result with 14.7%, the Riga stock market index rose by 9.7% and the return on the Tallinn stock market was 5%.\n\nThe good performance of LHV Pension Fund L in 2020 was largely supported by the investments made during the spring stock market downturn, when we acquired shares on the stock markets of the Nordic countries, Germany, the USA and other countries. For example, the US dental company Align Technology, the car accessories manufacturer Hella, the infrastructure consulting company Sweco and the Latin American e-commerce giant MercadoLibre yielded over 100% returns.\n\nLast year, we also invested heavily in companies involved in gold mining and the Physical Gold Fund. In December, these investments accounted for more than 8% of the fund’s portfolio and earned a good return during the year.\n\nWe also added several international private equity funds to the pension fund portfolio, the results of which we will see in a few years. Of the local private equity funds, it is worth mentioning Livonia Partners, which sold its investment in the timber company Thermory. LHV pension funds had a stake in this company and earned a good return.\n\nDuring the year, the pension funds acquired several commercial real estate properties: an office building on Tartu Road in Tallinn and stock-office buildings in Jüri, Rae Rural Municipality. We also made an investment in the rental apartment fund launched by EfTEN Capital.\n\nIn the international bond markets, we gradually reduced our risks throughout the year. When global financial markets began to fall sharply in February, we took advantage of having held a significant portion of the fund’s assets in short-term high-rated European bonds. We sold them in large quantities and instead acquired positions in the declined stock market.\n\nWhen stock markets started to rise in the second half of the year, we sold many of our winter investments and invested in short-term German and French government bonds.\n\nAt the same time, we reduced the fund’s position in international bonds with a higher credit risk to almost zero. The sale of Sampo and Danske Bank bonds played a significant role here. We took advantage of the significant cheapening of financial sector stocks in Europe by the spring. That’s why we sold most of these bonds and bought stocks.\n\nWe also continued to work on local transactions, reaching an agreement on the financing of the new Peetri Centre, in Peetri Village near Tallinn. The company raised money from pension funds with two bonds, which yield a current return of 7% per year for the fund.\n\nWe also signed agreements to finance the expansion plans of the renewable energy company Sunly. The company plans to use the capital from pension funds to make large investments, and the interest rate of the investment is 8% per annum.\n\nIn return, the fund received an early repayment of the loan granted for the purchase of the online classifieds environment auto24. The successful investment of the Estonian private equity company BaltCap brought the fund a little over 20% return in the form of interest and premium payments over three years.\n\nAlthough the overall performance of the European bond market can be considered good last year, its best-performing segment had a yield of just over 4%. As shown above, we can clearly use the capital of pension funds more productively by financing local businesses. We will continue to focus on this line of business this year.\n"},{"year":2020,"month":11,"content":"### November 2020: private equity investment portfolio supplemented\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nNovember was extremely upbeat for the world’s stock markets, largely due to the good news from COVID-19 vaccine manufacturers. Europe was strongest in the developed world: the Euro Stoxx 50 index rose by as much as 18.1% during the month. Among the biggest winners were Spain, Italy and France with yields exceeding 20%.\n\nThe German stock market index rose by 15% and the Swedish and Finnish stock markets rose by more than 11%. The Japanese Nikkei index, measured in euros, rose 12.5% in November. In the Baltic countries, the Tallinn stock market followed the general market rise and its index rose by 10.2% over the month. The Vilnius stock market rose 3.9% while the Riga stock market index fell by 0.2%.\n\nTwo new funds will be added to the private equity investment portfolio of Pension Fund L, managed by the globally operating Dutch AlpInvest. The volume of assets managed by AlpInvest exceeds 37 billion euros. The new funds have different strategies. The AlpInvest Secondaries Fund focuses on private equity funds investing in North America and Europe that have been able to deliver strong historical returns. AlpInvest Co-Investment Fund has a similar regional focus, while the fund’s strategy is to invest directly in companies through minority interests. In other words, the fund receives less than a 50% stake in each company in which it invests, but investors are offered greater diversification.\n\nIn the bond portfolio, our only international stock market investment without a credit rating ended prematurely when the Danish-owned Lithuanian pig farm Idavang repaid its obligations ahead of schedule. We subscribed to the company’s bonds when they were issued in December 2017, and in exactly three years, the investment yielded approximately 21% for the fund.\n\nAt the same time, we reached an agreement on new investments in the Estonian renewable energy company Sunly. Once certain conditions are met, in the next few months LHV funds will subscribe to Sunly’s five-year bonds with an annual interest rate of 8%. As a producer of green energy, Sunly is growing in many directions. The long-term investment of our pension funds will help the company raise bank loans in order to implement large-scale investment plans.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**More freedom means greater responsibility**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n","text":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n\nIn the US stock markets, a war broke out in January between day traders / retail investors on the one hand and aggressive leveraged hedge funds on the other. Since the 2008 financial crisis, wealth inequality has grown rapidly in the country. Although the central bank has declared maximum employment and price stability as its objectives, the monetary policy used to pursue these goals has contributed to a rise in the prices of almost all assets.\n\nCheap money from banks and capital markets has been available against the collateral of assets. In the United States, the generosity of central banks has brought more benefits to those who already had assets and who used cheap leverage to hoard more. In addition, the general impression is that hedge funds have been manipulating the securities markets with impunity in order to rob retail investors there as well.\n\nSocial media together with the development of financial technology has enabled small investors to organise large-scale coordinated actions to influence the share prices of small and less liquid companies. Since, according to public opinion, hedge funds do not play quite by the rules, small shareholders did not overly care whether or not their activities qualified as market manipulation. Revenge was a priority, and as there was a chance to make money on it, hedge funds were attacked.\n\nSupervisory authorities are now facing a major challenge as to what and how to regulate. Until recently, they were on course to restrict the services and products that can be offered to small investors, all in the name of protecting the latter. January showed that retail investors might not be so helpless in the information society.\n\nA multitude of furious but coordinated retail investors can cause a lot of confusion and instability in the securities markets, which calls into question the efficient functioning of the markets and the process of pricing capital fairly. Investing may become more popular as it becomes more playful, but over-simplification can lead to a situation where entertainment is valued over the consideration of risks.\n\nI believe that raising investment awareness and improving information will work better than banning and ordering, allowing and denying. Why artificially restrict retail investors’ access to certain financial instruments and related analysis? Regulations and freedoms should be balanced. Greater rights mean greater responsibility.\n\n**The unspoken consequences of the pension reform**\n\nThe goal of the funded pension reform, which was pushed through last year, still makes me scratch my head. The message of the reform leaders, “Money is free”, was simple and populist. It allowed people to immediately withdraw the savings they had accumulated over the years and spend them as they pleased.\n\nThe cost of the money withdrawal wasn’t mentioned. The 4% that will be deducted from salaries as social tax will no longer accrue to the taxpayer, but to the state budget. Citizens whose personal capital will not accumulate can only rely on state support.\n\nFortunately, the pension reform provided a third option alongside abandoning the second pillar or continuing to make payments to a pension fund. The withdrawn capital can be placed in a personal pension investment account to avoid an increase in the tax burden.\n\nNow that people have the choice of either withdrawing money immediately but paying more taxes and relying only on the state pension, or continuing to save, I hope that saving for retirement will be seen as a freedom rather than an obligation.\n\nEven those who have been reluctant to save for retirement should now be reassured that the assets in their pension fund are theirs and that no one can take them away. But those who foolishly boasted that they had never saved anything must admit that they have no accumulations and nothing to withdraw.\n\nPension fund units are the largest financial asset for many families. That is a fact that speaks for itself.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":29.03,"fundManager":"LHV"},"LXK75":{"heading":"LHV Pensionifond XL","id":"xl","code":"xl","dataMarker":"XLK50","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are prepared to take above-average risks,\n- your aim is the long-term growth of your pension savings.\n","strategy":"**Strategy**\n\nThe Fund prefers foreign markets, more liquid and traded instruments on regulated markets when investing assets. The assets of the Fund may be invested in their entirety in equities, equity funds and other equity-like instruments. The Fund is allowed to borrow up to 10% of the Fund's assets value. The long-term preferred asset class of the fund is public equity investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":39255},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":43.38,"unit":"%"},{"name":"Shares","value":24.36,"unit":"%"},{"name":"Equity funds","value":12.52,"unit":"%"},{"name":"Real Estate funds","value":8.95,"unit":"%"},{"name":"Private Equity funds","value":7.77,"unit":"%"},{"name":"Money and deposits","value":3.01,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| German Government 2.25% 04/09/21 | 5.25% |\n| France Government 3.25% 25/10/21 | 5.01% |\n| German Government 3.25% 04/07/21 | 4.85% |\n| France Government 3.75% 25/04/21 | 4.58% |\n| France Government 25/05/21 | 3.70% |\n| France Government 2.25% 25/10/22 | 3.04% |\n| German Treasury Bill 14/04/2021 | 3.03% |\n| ZKB Gold ETF | 2.60% |\n| iShares Gold Producers UCITS ETF | 2.48% |\n| EfTEN Kinnisvarafond | 2.35% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 2.35% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.02% |\n| East Capital Baltic Property Fund III | 1.76% |\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 31.01.2021) | 251,626,367.58 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 530 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.13%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_26112020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2021_01.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":1,"content":"### January 2021: we made a new investment in a silver miner\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJanuary was relatively calm on world stock markets after a strong end to 2020, and the main stock market indices moved slightly and in different directions. The Euro Stoxx 50 index, which tracks large European companies, fell by 1.9% during the month. The German stock exchange, for example, was among the biggest losers with -2.1%, while the Swedish and Finnish stock exchange indexes rose by 4% and 2.1%, respectively.\n\nMeasured in euros, the US market index S&P 500 fell by 0.4% during the month and the Japanese Nikkei index rose by 0.7%. However, the global index for emerging markets offered a strong yield of 3.8% measured in euros, largely due to a more than 8% rise in the Chinese stock market. The Baltic stock markets were also strong in January. Tallinn stock market yield was 6.9%, the Vilnius stock market index rose by 5.6% and the Riga stock market by 2.6%.\n\nThe performance of Pension Fund XL was driven again by investments in mining-related companies, whose stocks rose in anticipation of larger economic recovery packages.\n\nAs a new investment, we added Pan American Silver Corp., a company that mines and processes silver and owns mines in several Latin American countries. However, we sold the investment in the copper mining company KAZ Minerals, as its management announced plans to buy out the company. The pension funds earned more than 150% on the investment.\n\nBond markets remained largely negative in the first month of the year in Europe, the United States and emerging markets. The decline was not sharp, but the US and especially German markets have been steadily declining since early November, when the results of the Pfizer/BionTech vaccine clinical trial became available. The movement of these two anchors has had a very wide-ranging impact on the markets.\n\nDespite a slight fall in prices (and rising interest rates), sales of new securities continue to grow strongly: in January, for example, European countries borrowed a total of about 40% more than in January 2017. There is currently no alternative to borrowing to compensate for the reduced tax revenue.\n\nWe have refrained from acquiring high-risk bonds for the fund. Major local companies in the fund’s portfolio have so far reported expected or even higher-than-expected results.\n"},{"year":2020,"month":12,"content":"### December 2020: performance supported by greater equity risk taken in spring\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAlthough the Covid-19 pandemic caused a significant fall in stock markets around the world in the spring, stock markets were largely able to recover by the end of the year. The US S&P 500 and the Nasdaq index even reached new highs. Measured in euros, the Japanese Nikkei index and the MSCI Emerging Markets Index rose by 11.6% and 6.4% year-on-year, respectively.\n\nBy contrast, the Euro Stoxx 50, which reflects Europe’s largest companies, was 3.2% negative. The biggest losers were the Spanish, British and French stock markets, while both the Nordic and German stock markets showed good returns.\n\nIn the Baltics, the Vilnius stock market had the best result with 14.7%, the Riga stock market index rose by 9.7% and the return on the Tallinn stock market was 5%.\n\nThe good performance of LHV Pension Fund XL in 2020 was largely supported by the investments made during the spring stock market downturn, when we acquired shares on the stock markets of the Nordic countries, Germany, the USA and other countries. For example, the US dental company Align Technology, the car accessories manufacturer Hella, the infrastructure consulting company Sweco and the Latin American e-commerce giant MercadoLibre yielded over 100% returns.\n\nLast year, we also invested heavily in companies involved in gold mining and the Physical Gold Fund. These investments accounted for nearly 8% of the fund’s portfolio in December and earned a good return over the year.\n\nDuring the year, the pension funds acquired several commercial real estate properties: an office building on Tartu Road in Tallinn and stock-office buildings in Jüri, Rae Rural Municipality. We also made an investment in the rental apartment fund launched by EfTEN Capital.\n\nIn the international bond markets, we gradually reduced our risks throughout the year. When global financial markets began to fall sharply in February, we took advantage of having held a significant portion of the fund’s assets in short-term high-rated European bonds. We sold them in large quantities and instead acquired positions in the declined stock market.\n\nWhen stock markets started to rise in the second half of the year, we sold many of our winter investments and invested in short-term German and French government bonds.\n\nAt the same time, we reduced the fund’s position in international bonds with a higher credit risk to almost zero. The sale of Sampo and Danske Bank bonds played a significant role here. We took advantage of the significant cheapening of financial sector stocks in Europe by the spring. That’s why we sold most of these bonds and bought stocks.\n\nWe also continued to work on local transactions, reaching an agreement on financing the expansion plans of the renewable energy company Sunly. The company plans to use the capital from pension funds to make large investments, and the interest rate of the investment is 8% per annum.\n\nAlthough the overall performance of the European bond market can be considered good last year, its best-performing segment had a yield of just over 4%. As shown above, we can clearly use the capital of pension funds more productively by financing local businesses. We will continue to focus on this line of business this year.\n"},{"year":2020,"month":11,"content":"### November 2020: LHV pension funds acquired three commercial buildings\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nNovember was extremely upbeat for the world’s stock markets, largely due to the good news from COVID-19 vaccine manufacturers. Europe was strongest in the developed world: the Euro Stoxx 50 index rose by as much as 18.1% during the month. Among the biggest winners were Spain, Italy and France with yields exceeding 20%.\n\nThe German stock market index rose by 15% and the Swedish and Finnish stock markets rose by more than 11%. The Japanese Nikkei index, measured in euros, rose 12.5% in November. In the Baltic countries, the Tallinn stock market followed the general market rise and its index rose by 10.2% over the month. The Vilnius stock market rose 3.9% while the Riga stock market index fell by 0.2%.\n\nLHV pension funds made a new direct investment in real estate by acquiring three stock-office type commercial buildings in Jüri, Rae Rural Municipality, Harju County, Estonia. The building complex has more than 6,000 square metres of leased space, the largest tenant being the Tanker brewery. The buildings have an excellent location right next to the Tallinn–Tartu highway and the Jüri ring road. There are already several logistics centres in the area, and if an Ikea store is added, we expect our investment to gain more value.\n\nIn regard to new investments in the bonds portfolio, we reached an agreement on new investments in the Estonian renewable energy company Sunly. Once certain conditions are met, in the next few months LHV funds will subscribe to Sunly’s five-year bonds with an annual interest rate of 8%. As a producer of green energy, Sunly is growing in many directions, and the long-term investment of our pension funds will help the company raise bank loans in order to implement large-scale investment plans.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**More freedom means greater responsibility**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n","text":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n\nIn the US stock markets, a war broke out in January between day traders / retail investors on the one hand and aggressive leveraged hedge funds on the other. Since the 2008 financial crisis, wealth inequality has grown rapidly in the country. Although the central bank has declared maximum employment and price stability as its objectives, the monetary policy used to pursue these goals has contributed to a rise in the prices of almost all assets.\n\nCheap money from banks and capital markets has been available against the collateral of assets. In the United States, the generosity of central banks has brought more benefits to those who already had assets and who used cheap leverage to hoard more. In addition, the general impression is that hedge funds have been manipulating the securities markets with impunity in order to rob retail investors there as well.\n\nSocial media together with the development of financial technology has enabled small investors to organise large-scale coordinated actions to influence the share prices of small and less liquid companies. Since, according to public opinion, hedge funds do not play quite by the rules, small shareholders did not overly care whether or not their activities qualified as market manipulation. Revenge was a priority, and as there was a chance to make money on it, hedge funds were attacked.\n\nSupervisory authorities are now facing a major challenge as to what and how to regulate. Until recently, they were on course to restrict the services and products that can be offered to small investors, all in the name of protecting the latter. January showed that retail investors might not be so helpless in the information society.\n\nA multitude of furious but coordinated retail investors can cause a lot of confusion and instability in the securities markets, which calls into question the efficient functioning of the markets and the process of pricing capital fairly. Investing may become more popular as it becomes more playful, but over-simplification can lead to a situation where entertainment is valued over the consideration of risks.\n\nI believe that raising investment awareness and improving information will work better than banning and ordering, allowing and denying. Why artificially restrict retail investors’ access to certain financial instruments and related analysis? Regulations and freedoms should be balanced. Greater rights mean greater responsibility.\n\n**The unspoken consequences of the pension reform**\n\nThe goal of the funded pension reform, which was pushed through last year, still makes me scratch my head. The message of the reform leaders, “Money is free”, was simple and populist. It allowed people to immediately withdraw the savings they had accumulated over the years and spend them as they pleased.\n\nThe cost of the money withdrawal wasn’t mentioned. The 4% that will be deducted from salaries as social tax will no longer accrue to the taxpayer, but to the state budget. Citizens whose personal capital will not accumulate can only rely on state support.\n\nFortunately, the pension reform provided a third option alongside abandoning the second pillar or continuing to make payments to a pension fund. The withdrawn capital can be placed in a personal pension investment account to avoid an increase in the tax burden.\n\nNow that people have the choice of either withdrawing money immediately but paying more taxes and relying only on the state pension, or continuing to save, I hope that saving for retirement will be seen as a freedom rather than an obligation.\n\nEven those who have been reluctant to save for retirement should now be reassured that the assets in their pension fund are theirs and that no one can take them away. But those who foolishly boasted that they had never saved anything must admit that they have no accumulations and nothing to withdraw.\n\nPension fund units are the largest financial asset for many families. That is a fact that speaks for itself.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":22.57,"fundManager":"LHV"},"LIK75":{"heading":"LHV Pensionifond Indeks","id":"indeks","code":"lik","dataMarker":"LIK75","suitability":"**Suitable if**\n- you want to invest in financial markets on a continuous basis,\n- you wish to grow your pension pillar at the lowest possible costs,\n- you have prior personal investment experience.\n","strategy":"**Strategy**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":6368},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.32,"unit":"%"},{"name":"Money and deposits","value":0.68,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 27.91% |\n| Lyxor Core MSCI World DR UCITS | 26.65% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 18.69% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 14.18% |\n| SPDR MSCI World UCITS ETF | 8.27% |\n| iShares MSCI Frontier 100 ETF | 2.54% |\n| iShares MSCI EM UCITS ETF | 1.08% |\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 31.01.2021) | 39,561,447.14 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 200 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.2%\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 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused_2021_02.pdf)\n- [Analysis of the amendment of funds' terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_Indeks.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_prospekt_2021_02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID_2021_02.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_01_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2021_01.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109401","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV"},"TUK00":{"heading":"Tuleva Maailma Võlakirjade Pensionifond","id":"tv","code":"tv","dataMarker":"TUK00","suitability":"**Suitable if**\n- you have less than 10 years till retirement,\n- you are willing to forgo higher returns in order to avoid losses.\n","strategy":"**Strategy**\n\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":2374},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":97.84,"unit":"%"},{"name":"Money and deposits","value":2.21,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 25.13% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 24.95% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.90% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 22.87% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.49%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600109443","strategyType":"Conservative","managementStyle":"Passive","riskLevel":3,"countryShareEe":0,"fundManager":"Tuleva"},"TUK75":{"heading":"Tuleva Maailma Aktsiate Pensionifond","id":"ta","code":"ta","dataMarker":"TUK75","suitability":"**Suitable if**\n- you are younger than 55 years,\n- you would like to earn best expected return over long term and you are not disturbed by short-term fluctuations of the market.\n","strategy":"**Strategy**\n\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":22724},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":84.26,"unit":"%"},{"name":"Bond funds","value":15.11,"unit":"%"},{"name":"Money and deposits","value":0.66,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - World Equity Index - X2 | 28.91% |\n| BlackRock ISF - Developed World Index | 28.56% |\n| BlackRock ISF - Developed World ex Tobacco | 16.04% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 15.11% |\n| BlackRock ISF - Emerging Markets Index | 10.76% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.46%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109435","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva"},"SEK50":{"heading":"SEB Progressiivne Pensionifond","id":"progressiivne","code":"progressiivne","dataMarker":"SEK50","suitability":"**Suitable if**\n- you have more than 3 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nFund invests up to 50% of its assets in shares, with the remainder allocated to bonds and deposits. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":84707},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":11.74,"unit":"%"},{"name":"Shares","value":2.52,"unit":"%"},{"name":"Equity funds","value":47.77,"unit":"%"},{"name":"Real Estate funds","value":4.2,"unit":"%"},{"name":"Private Equity funds","value":1.12,"unit":"%"},{"name":"Bond funds","value":31.42,"unit":"%"},{"name":"Money and deposits","value":1.23,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 14.39% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 9.21% |\n| iShares Core S&P 500 UCITS ETF | 8.21% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 6.46% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund IC | 5.88% |\n| SEB Sustainable Global Exposure Fund | 5.71% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 5.22% |\n| J O Hambro Capital Management Umbrella Fund plc-Global Select Fund | 2.96% |\n| Robeco QI Global Dynamic Duration | 2.95% |\n| Deutschland I/L Bond 0.5% 15.04.2030 | 2.66% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.77% |\n| EfTEN Real Estate Fund IV | 1.63% |\n| Elering 0.875% 10.07.2028 | 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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.94%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019725","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":8.34,"fundManager":"SEB"},"SEK25":{"heading":"SEB Optimaalne Pensionifond","id":"optimaalne","code":"optimaalne","dataMarker":"SEK25","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\n\nFund mainly invests in bonds and deposits, with up to 25% invested in shares. As the fund largely invests in bonds and deposits, there may be moderate fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":6043},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":23.75,"unit":"%"},{"name":"Shares","value":2.27,"unit":"%"},{"name":"Equity funds","value":19.58,"unit":"%"},{"name":"Real Estate funds","value":3.88,"unit":"%"},{"name":"Private Equity funds","value":0.56,"unit":"%"},{"name":"Bond funds","value":47.02,"unit":"%"},{"name":"Money and deposits","value":2.93,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 11.86% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 8.47% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 4.89% |\n| iShares Core MSCI World UCITS ETF | 4.76% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 4.47% |\n| Robeco QI Global Dynamic Duration | 3.78% |\n| iShares Core S&P 500 UCITS ETF | 3.65% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.46% |\n| Bundesrepublic Deutschland 0% 15.08.2030 | 3.09% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 3.08% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.53% |\n| EfTEN Real Estate Fund IV | 1.43% |\n| Elering 0.875% 10.07.2028 | 0.78% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.94%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098612","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":7.28,"fundManager":"SEB"},"SEK00":{"heading":"SEB Konservatiivne Pensionifond","id":"konservatiivne","code":"konservatiivne","dataMarker":"SEK00","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\n\nInvests at least 90% of its assets in investment grade bonds, money market instruments and deposits. Up to 10% is allowed to invest into other assets, including equities. Investment in these asset classes involves lower risks, meaning that there is little fluctuation in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":11680},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":34.53,"unit":"%"},{"name":"Equity funds","value":7.86,"unit":"%"},{"name":"Bond funds","value":52.16,"unit":"%"},{"name":"Money and deposits","value":5.45,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 15.06% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 13.03% |\n| Bundesrepublic Deutschland 2.25% 04.09.2021 | 8.08% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 7.82% |\n| UBS ETF-Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF | 7.73% |\n| iShares EUR Corporate Bond Large Cap UCITS ETF | 7.54% |\n| iShares Core EUR Corp Bond UCITS ETF EUR (Dist) | 5.01% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.12% |\n| Deutschland I/L Bond 0.5% 15.04.2030 | 2.98% |\n| iShares Euro Ultrashort Bond UCITS ETF | 2.59% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Elering 0.875% 03.05.2023 | 1.72% |\n| Luminor Bank FRN 03.12.2024 | 0.60% |\n| Baltic Horizon Fund 4.25% 08.05.2023 | 0.36% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.39%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.49%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":2.98,"fundManager":"SEB"},"SEK100":{"heading":"SEB Pensionifond 100","id":"sek100","code":"sek100","dataMarker":"SEK100","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a high risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nInvests up to 100% of its assets in shares. This involves high risks, resulting in big fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":862},"accordion":[{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.72%\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 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001699","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":"-","fundManager":"SEB"},"SWK99":{"heading":"Swedbank Pensionifond K1990-1999 indeks","id":"k9099","code":"k99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born between 1990 and 1999,\n- you don’t want to change funds yourself during the savings period (although you can still do so if you need to),\n- you prefer the risk profile of the fund to change automatically.\n","strategy":"**Strategy**\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":21684},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.57,"unit":"%"},{"name":"Money and deposits","value":1.46,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| HSBC MSCI World UCITS ETF | 22.85% |\n| SPDR MSCI World Ucits ETF | 22.83% |\n| Amundi Prime Global Ucits ETF DR | 21.13% |\n| LYXOR Core MSCI World | 17.80% |\n| Access Global | 13.96% |\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:** 0.41%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.47%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109393","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank Pensionifond K100","id":"k4","code":"k4","dataMarker":"SWK75","suitability":"**Suitable if**\n- your age is up to 44 years,\n- you are a pension saver with relatively high risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\n\nUp to 75% of the fund’s assets are invested in equity-risk instruments, with up to 50% permitted to be invested directly in equities. The rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":107010},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":2.01,"unit":"%"},{"name":"Shares","value":42.96,"unit":"%"},{"name":"Equity funds","value":50.65,"unit":"%"},{"name":"Real Estate funds","value":3.97,"unit":"%"},{"name":"Private Equity funds","value":0.79,"unit":"%"},{"name":"Bond funds","value":1.92,"unit":"%"},{"name":"Money and deposits","value":23.95,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| Access Europa A | 13.63% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 13.15% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 7.98% |\n| Amundi ETF MSCI Europe UCITS | 6.32% |\n| Access Edge Emerging Markets A | 4.18% |\n| Access USA A | 3.00% |\n| Vanguard Long-Term Treasury ETF | 1.92% |\n| Apple | 1.82% |\n| Access Edge Japan A | 1.57% |\n| Microsoft | 1.28% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.15% |\n| East Capital Baltic Property III | 0.85% |\n| LHV Group 9.500% Perpetual | 0.64% |\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:** 0.54%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.70%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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":6.94,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank Pensionifond K60","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with higher than average risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\n\nUp to 50% of the fund’s assets are invested in equity-risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":133280},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":34.72,"unit":"%"},{"name":"Shares","value":25.29,"unit":"%"},{"name":"Equity funds","value":29.19,"unit":"%"},{"name":"Real Estate funds","value":5.69,"unit":"%"},{"name":"Private Equity funds","value":0.72,"unit":"%"},{"name":"Bond funds","value":6.62,"unit":"%"},{"name":"Money and deposits","value":17.88,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 6.71% |\n| Amundi ETF MSCI Europe UCITS | 6.50% |\n| Access Europa A | 5.26% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 3.22% |\n| iShares USD Corporate Bond UCITS | 2.78% |\n| Access Edge Emerging Markets A | 2.66% |\n| Vanguard Long-Term Treasury ETF | 2.21% |\n| Eften Kinnisvarafond II | 1.92% |\n| LHV Group 1.150% 300922 | 1.62% |\n| Globalfond A | 1.42% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 1.92% |\n| LHV Group 1.150% 300922 | 1.62% |\n| East Capital Baltic Property III | 1.33% |\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:** 0.54%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.67%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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":4,"countryShareEe":12.77,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank Pensionifond K30","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with moderate risk tolerance,\n- your objective is to achieve stable growth in your pension assets over a medium savings period (at least seven years).\n","strategy":"**Strategy**\n\nUp to 25% of the fund’s assets are invested in equity-risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":42699},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":55.46,"unit":"%"},{"name":"Shares","value":10.33,"unit":"%"},{"name":"Equity funds","value":15.42,"unit":"%"},{"name":"Real Estate funds","value":7.18,"unit":"%"},{"name":"Private Equity funds","value":0.6,"unit":"%"},{"name":"Bond funds","value":9.61,"unit":"%"},{"name":"Money and deposits","value":12.38,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares USD Corporate Bond UCITS | 5.08% |\n| Access Europa A | 4.36% |\n| Luminor Bank 1.375% 221021 | 2.82% |\n| Eften Kinnisvarafond II aktsia | 2.63% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 2.60% |\n| Access Edge Emerging Markets A | 2.07% |\n| Maxima 3.250% 230913 | 1.93% |\n| Corporate Bond Europe High Yield A | 1.74% |\n| Hungary Government 0.500% 301118 | 1.59% |\n| East Capital Baltic Property III| 1.45% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank 1.375% 221021 | 2.82% |\n| Eften Kinnisvarafond II aktsia | 2.63% |\n| East Capital Baltic Property III | 1.45% |\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:** 0.54%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.65%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019741","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":18.31,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond K10","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your age is 63 years or above,\n- you are a pension saver with low risk tolerance,\n- your objective is to grow your pension assets in the short term (less than three years).\n","strategy":"**Strategy**\n\n100% of the fund’s assets are invested in bonds, money market instruments, deposits, real estate and other assets without equity risk.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":11096},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":90.32,"unit":"%"},{"name":"Real Estate funds","value":4.98,"unit":"%"},{"name":"Money and deposits","value":4.73,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| East Capital Baltic Property Fund III | 3.96% |\n| Luminor Bank 1.375% 221021 | 3.16% |\n| KBC Group 0.125% 290114 | 3.05% |\n| Luminor Bank VAR 241203 | 2.51% |\n| Swedbank 0.200% 280112 | 2.46% |\n| Banque Federative du Credit Mutuel 0.250% 280719 | 2.46% |\n| Eesti Energia 2.384% 230922 | 1.98% |\n| EssilorLuxottica 0.375% 260105 | 1.90% |\n| Landesbank Hessen-Thueringen Giroze 0.375% 250512 | 1.90% |\n| Volkswagen Financial Services 3.375% 280406 | 1.52% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 3.96% |\n| Luminor Bank 1.375% 221021 | 3.16% |\n| Luminor Bank VAR 241203 | 2.51% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.37%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":16.64,"fundManager":"Swedbank"},"SEK75":{"heading":"SEB Energiline Pensionifond","id":"energiline","code":"energiline","dataMarker":"SEK75","suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nFund up to 75% of its assets in shares, with the remainder allocated to bonds and deposits. Investing mainly in shares involves higher risks, resulting in bigger fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":34864},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":6.05,"unit":"%"},{"name":"Shares","value":2.23,"unit":"%"},{"name":"Equity funds","value":73.29,"unit":"%"},{"name":"Real Estate funds","value":3.04,"unit":"%"},{"name":"Private Equity funds","value":0.45,"unit":"%"},{"name":"Bond funds","value":14.09,"unit":"%"},{"name":"Money and deposits","value":0.85,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 17.19% |\n| iShares Core S&P 500 UCITS ETF | 12.11% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund IC | 7.85% |\n| SEB Sustainable Global Exposure Fund | 7.42% |\n| Amundi MSCI Emerging Markets ETF | 4.81% |\n| Amundi Index MSCI World UCITS ETF DR | 4.67% |\n| J O Hambro Capital Management Umbrella Fund plc-Global Select Fund | 4.48% |\n| Xtrackers MSCI World UCITS ETF | 4.29% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 2.98% |\n| iShares III PLC - iShares MSCI World Small Cap UCITS ETF | 2.88% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.52% |\n| EfTEN Real Estate Fund IV | 1.09% |\n| Birdeye Timber Fund 3 Usaldusfond | 0.71% |\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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.92%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103297","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":5.46,"fundManager":"SEB"},"SIK75":{"heading":"SEB Pensionifond Indeks 100","id":"eindeks","code":"sik","dataMarker":"SIK75","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a medium risk fund,\n- your goal is to mirror securities markets.\n","strategy":"**Strategy**\n\nInvests up to 100% of its assets in equities, by implementing a passive investment strategy and mirroring securities markets. Investing in equities involves high risks, resulting in big fluctuations in the value of the fund’s assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":10249},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.81,"unit":"%"},{"name":"Money and deposits","value":0.19,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| Vanguard S&P 500 UCITS ETF | 26.79% |\n| iShares Core S&P 500 UCITS ETF | 26.58% |\n| Lyxor Core STOXX Europe 600 DE ETF | 16.66% |\n| UBS ETF - MSCI Emerging Markets UCITS ETF | 11.29% |\n| Xtrackers Nikkei 225 UCITS ETF | 6.63% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 3.09% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 2.69% |\n| UBS ETF-MSCI Canada UCITS ETF | 2.24% |\n| Xtrackers MSCI USA UCITS ETF | 2.21% |\n| Invesco S&P 500 UCITS ETF | 1.49% |\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):** 0.4%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109427","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"SEB"},"NPK00":{"heading":"Luminor C Pensionifond","id":"c","code":"c","dataMarker":"NPK00","suitability":"**Suitable if**\n- your saving period is less than 3 years,\n- you would rather protect your pension assets instead of focusing on the growth.\n","strategy":"**Strategy**\n\nInvests a maximum of 10% of the fund's assets in shares and similar risk-bearing assets. At times of high interest rates, the fund may invest most of its assets in deposits to avoid setbacks on the bond markets.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":4477},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.43,"unit":"%"},{"name":"Equity funds","value":5.63,"unit":"%"},{"name":"Bond funds","value":90.14,"unit":"%"},{"name":"Money and deposits","value":2.79,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| Nordea 1 - US Corporate Bond Fund | 13.96% |\n| iShares Euro Investment Grade Corporate Bond Index Fund | 10.27% |\n| Nordea Corporate Bond I Growth | 10.02% |\n| Xtrackers USD Corporate Bond UCITS ETF | 8.22% |\n| Amundi Index Euro Agg Corporate | 7.58% |\n| Nordea Pro Euro Bond I Growth | 6.89% |\n| Vanguard Euro Government Bond Index Fund | 6.67% |\n| iShares Core Euro Government Bond UCITS ETF | 5.81% |\n| Nordea 2 - US Corporate Enhanced Bd Fd | 5.22% |\n| iShares Euro Corporate Bond Interest Rate Hedged | 5.16% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Estonian Eurobond 0,125 10.06.2030 | 1.43% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.97%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":1.43,"fundManager":"Luminor"},"NPK25":{"heading":"Luminor B Pensionifond","id":"b","code":"b","dataMarker":"NPK25","suitability":"**Suitable if**\n- your saving period is more than 3 years,\n- you want to grow your pension assets, but do not want to take the risk of significant decreases in the price of the accumulated assets.\n","strategy":"**Strategy**\n\nInvests a maximum of 30% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":2326},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":0.83,"unit":"%"},{"name":"Equity funds","value":24.9,"unit":"%"},{"name":"Real Estate funds","value":4.16,"unit":"%"},{"name":"Bond funds","value":69.84,"unit":"%"},{"name":"Money and deposits","value":0.26,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade Corporate Bond Index Fund | 8.42% |\n| Nordea 1 - US Corporate Bond Fund | 7.85% |\n| Xtrackers USD Corporate Bond UCITS ETF | 6.78% |\n| Vanguard Euro Government Bond Index Fund | 6.05% |\n| Nordea 2 - Emerging Mkt Hard Ccy Bond Fd | 6.03% |\n| Amundi Index Euro Agg Corporate | 5.87% |\n| Nordea 1 - European High Yield Bond Fund | 5.16% |\n| Nordea Corporate Bond I Growth | 4.32% |\n| Neuberger Berman Emerging Market Debt - Hard Currency Fund | 4.22% |\n| EfTEN Kinnisvarafond II AS | 4.16% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.16% |\n| Estonian Eurobond 0,125 10.06.2030 | 0.83% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.94%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.55%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098448","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":4.99,"fundManager":"Luminor"},"NPK75":{"heading":"Luminor A Pluss Pensionifond","id":"apluss","code":"A pluss","dataMarker":"NPK75","suitability":"**Suitable if**\n- your saving period is more than 20 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve potentially high return on assets in the longer run despite short-term fluctuations in prices.\n","strategy":"**Strategy**\n\nInvests a maximum of 100% of fund assets in equity and assets with similar risk. The rest is invested in bonds, deposits or similar instruments. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":8318},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":91.38,"unit":"%"},{"name":"Real Estate funds","value":2.3,"unit":"%"},{"name":"Bond funds","value":1.05,"unit":"%"},{"name":"Money and deposits","value":5.26,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| Nordea 1 - Global Stars Equity Fund | 11.59% |\n| iShares Core MSCI World UCITS ETF | 9.88% |\n| RBC Funds - Global Equity Focus Fund | 7.63% |\n| iShares S&P 500 ETF | 7.52% |\n| SPDR MSCI World Small Cap UCITS ETF | 6.74% |\n| Nordea 1 - Emerging Stars Equity Fund | 6.66% |\n| Robeco Emerging Markets Equities Class I EUR | 6.30% |\n| Hermes Global Emerging Markets Fund | 6.20% |\n| Xtrackers MSCI World Materials ETF | 5.80% |\n| UBS ETF (IE) Factor MSCI USA Quality UCITS ETF | 4.56% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.16% |\n| EfTEN Kinnisvarafond AS | 0.14% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.94%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.62%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103503","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":2.3,"fundManager":"Luminor"},"NPK50":{"heading":"Luminor A Pensionifond","id":"A","code":"A","dataMarker":"NPK50","suitability":"**Suitable if**\n- your saving period is more than 10 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve a somewhat higher return on assets regardless of short-term price fluctuations.\n","strategy":"**Strategy**\n\nInvests a maximum of 60% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":25040},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":0.67,"unit":"%"},{"name":"Equity funds","value":55.56,"unit":"%"},{"name":"Real Estate funds","value":3.9,"unit":"%"},{"name":"Bond funds","value":39.12,"unit":"%"},{"name":"Money and deposits","value":0.75,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 7.26% |\n| Nordea 1 - Global Stars Equity Fund | 6.59% |\n| Xtrackers USD Corporate Bond UCITS ETF | 6.57% |\n| SPDR MSCI World Small Cap UCITS ETF | 5.70% |\n| Nordea Corporate Bond I Growth | 5.14% |\n| Nordea 1 - US Corporate Bond Fund | 4.84% |\n| Robeco Emerging Markets Equities Class I EUR | 4.53% |\n| Nordea 1 - US Corporate Bond Fund | 4.40% |\n| iShares Core Euro Government Bond UCITS ETF | 4.15% |\n| Hermes Global Emerging Markets Fund | 3.92% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.08% |\n| EfTEN Kinnisvarafond AS | 1.04% |\n| Estonian Eurobond 0,125 10.06.2030 | 0.67% |\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:** 0.94%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.58%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098430","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":4.57,"fundManager":"Luminor"},"SPT30":{"heading":"Luminor Intress Pluss Pensionifond","id":"intress-pluss","code":"lum_int","dataMarker":"SPT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is more than 3 years long,\n- you want to increase your pension assets, but do not want to take risks at the price of significant decrease in the value of collected assets.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"1%","exitFee":"1%","managementFee":"1,2%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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:** 1%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.84%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Täiendav Pensionifond","id":"taiendav","code":"lhv_iii","dataMarker":"LHT75","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have medium risk tolerance,\n- you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money tax-effectively after reaching the age of 55.\n","strategy":"**Strategy**\nThe fund makes significant investments in equity markets: to ensure maximum growth, the proportion of equity markets is kept close to 75% of the value of the fund’s assets. The proportion of equity markets may also be higher – up to 95% – or lower (in recent years close to 40%), if considered reasonable by the fund manager.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"date":"30.09.2020","capacity":"18,195,533.69 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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":43.95,"unit":"%"},{"name":"Shares","value":22.28,"unit":"%"},{"name":"Equity funds","value":9.16,"unit":"%"},{"name":"Real Estate funds","value":15.23,"unit":"%"},{"name":"Private Equity funds","value":3.75,"unit":"%"},{"name":"Bond funds","value":0.15,"unit":"%"},{"name":"Money and deposits","value":5.49,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021.\n\n| Biggest investments | |\n|---|--:|\n| France Government 2.25% 25/10/22 | 5.31% |\n| France Government 25/05/21 | 4.77% |\n| EfTEN Kinnisvarafond | 4.53% |\n| France Government 3.25% 25/10/21 | 4.39% |\n| German Government 2.25% 04/09/21 | 4.34% |\n| France Government 3.75% 25/04/21 | 3.30% |\n| German Treasury Bill 14/04/2021 | 3.18% |\n| East Capital Baltic Property Fund III | 2.95% |\n| iShares Gold Producers UCITS ETF | 2.86% |\n| East Capital Baltic Property Fund II | 2.33% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.53% |\n| East Capital Baltic Property Fund III | 2.95% |\n| East Capital Baltic Property Fund II | 2.33% |\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 31.01.2021) | 18,909,152.38 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Rate of the depository’s charge:** 0.0540%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.40%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_tingimused_2017-06-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Taiendav_Pensionifond_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Taiendav_kuuaruanne_2021_01.pdf)\n- [Interim report for the first half-year of 2020 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_I_poolaasta_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":1,"content":"### January 2021: the fourth quarter earnings season began successfully\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nJanuary was relatively calm on world stock markets after a strong end to 2020, and the main stock market indices moved slightly and in different directions. The Euro Stoxx 50 index, which tracks large European companies, fell by 1.9% during the month. The German stock exchange, for example, was among the biggest losers with -2.1%, while the Swedish and Finnish stock exchange indexes rose by 4% and 2.1%, respectively.\n\nMeasured in euros, the US market index S&P 500 fell by 0.4% during the month and the Japanese Nikkei index rose by 0.7%. However, the global index for emerging markets offered a strong yield of 3.8% measured in euros, largely due to a more than 8% rise in the Chinese stock market. The Baltic stock markets were also strong in January. Tallinn stock market yield was 6.9%, the Vilnius stock market index rose by 5.6% and the Riga stock market by 2.6%.\n\nIn January, several companies in the portfolio of Pension Fund Täiendav published their results for the fourth quarter of the previous year, and among them, medical technology companies stood out positively.\n\nFor example, the German company Siemens Healthineers had grown its revenues in all segments and earned additional revenue from sales of coronavirus-related products (e.g. rapid tests). The company’s stock price rose by more than 10% in January.\n\nThe Swedish medical device manufacturer Getinge was also able to increase sales, and profitability also improved due to sales of products needed in the production of a coronavirus vaccine. Getinge’s stock price rose more than 11% during the month.\n\nBond markets remained largely negative in the first month of the year in Europe, the United States and emerging markets. The decline was not sharp, but the US and especially German markets have been steadily declining since early November, when the results of the Pfizer/BionTech vaccine clinical trial became available. The movement of these two anchors has had a very wide-ranging impact on the markets.\n\nDespite a slight fall in prices (and rising interest rates), sales of new securities continue to grow strongly: in January, for example, European countries borrowed a total of about 40% more than in January 2017. There is currently no alternative to borrowing to compensate for the reduced tax revenue.\n\nWe have refrained from acquiring high-risk bonds for the fund. Major local companies in the fund’s portfolio have so far reported expected or even higher-than-expected results.\n"},{"year":2020,"month":12,"content":"### December 2020: performance supported by greater equity risk taken in spring\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAlthough the Covid-19 pandemic caused a significant fall in stock markets around the world in the spring, stock markets were largely able to recover by the end of the year. The US S&P 500 and the Nasdaq index even reached new highs. Measured in euros, the Japanese Nikkei index and the MSCI Emerging Markets Index rose by 11.6% and 6.4% year-on-year, respectively.\n\nBy contrast, the Euro Stoxx 50, which reflects Europe’s largest companies, was 3.2% negative. The biggest losers were the Spanish, British and French stock markets, while both the Nordic and German stock markets showed good returns.\n\nIn the Baltics, the Vilnius stock market had the best result with 14.7%, the Riga stock market index rose by 9.7% and the return on the Tallinn stock market was 5%.\n\nThe good performance of LHV Pension Fund Täiendav in 2020 was largely supported by the investments made during the spring stock market downturn, when we acquired shares on the stock markets of the Nordic countries, Germany, the USA and other countries. For example, the US dental company Align Technology, the car accessories manufacturer Hella, the infrastructure consulting company Sweco and the Latin American e-commerce giant MercadoLibre yielded over 100% returns.\n\nLast year, we also invested heavily in companies involved in gold mining and the Physical Gold Fund. In December, these investments accounted for more than 8% of the fund’s portfolio and earned a good return during the year.\n\nDuring the year, the pension funds acquired several commercial real estate properties: an office building on Tartu Road in Tallinn and stock-office buildings in Jüri, Rae Rural Municipality. We also made an investment in the rental apartment fund launched by EfTEN Capital.\n\nIn the international bond markets, we gradually reduced our risks throughout the year. When global financial markets began to fall sharply in February, we took advantage of having held a significant portion of the fund’s assets in short-term high-rated European bonds. We sold them in large quantities and instead acquired positions in the declined stock market.\n\nWhen stock markets started to rise in the second half of the year, we sold many of our winter investments and invested in short-term German and French government bonds.\n\nAt the same time, we reduced the fund’s position in international bonds with a higher credit risk to almost zero. The sale of Sampo and Danske Bank bonds played a significant role here. We took advantage of the significant cheapening of financial sector stocks in Europe by the spring. That’s why we sold most of these bonds and bought stocks.\n\nWhile in the downturn phase of previous market cycles we aggressively used the opportunity to acquire bonds that had fallen in price, in the spring of 2020 the stock market was clearly more attractive than the bond market. Throughout the year, even the best-performing European bond market segment had a yield of just over 4%.\n"},{"year":2020,"month":11,"content":"### November 2020: cyclical companies compensated for safer investments\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nNovember was extremely upbeat for the world’s stock markets, largely due to the good news from COVID-19 vaccine manufacturers. Europe was strongest in the developed world: the Euro Stoxx 50 index rose by as much as 18.1% during the month. Among the biggest winners were Spain, Italy and France with yields exceeding 20%.\n\nThe German stock market index rose by 15% and the Swedish and Finnish stock markets rose by more than 11%. The Japanese Nikkei index, measured in euros, rose 12.5% in November.\n\nThe value of the global emerging markets index was slightly more modest at 9.2%, while Latin American countries, which have so far underperformed, had excellent results. In the Baltic countries, the Tallinn stock market followed the general market rise and its index rose by 10.2% over the month. The Vilnius stock market rose 3.9% while the Riga stock market index fell by 0.2%.\n\nAs in October, the value of gold-related shares in the Täiendav pension fund’s portfolio continued to decline in November, as good news about the coronavirus vaccine and the expected economic recovery put pressure on the so-called safe harbours. However, the performance of the car manufacturers Volkswagen and Daimler and the copper miner Freeport-McMoran was strong. Finnish equities, led by Metso Outotec, also achieved excellent results, rising by as much as 24.1% during the month.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**More freedom means greater responsibility**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n","text":"The year started positively on the international stock markets, but sentiment changed in the second half of January and the gains of the first half of the month were given back. The MSCI World index that reflects the world’s largest stock markets ended -0.3% in euros. The largest US and European companies lost 0.4% and 0.8% of their value, respectively, measured in euros.\n\nIn the US stock markets, a war broke out in January between day traders / retail investors on the one hand and aggressive leveraged hedge funds on the other. Since the 2008 financial crisis, wealth inequality has grown rapidly in the country. Although the central bank has declared maximum employment and price stability as its objectives, the monetary policy used to pursue these goals has contributed to a rise in the prices of almost all assets.\n\nCheap money from banks and capital markets has been available against the collateral of assets. In the United States, the generosity of central banks has brought more benefits to those who already had assets and who used cheap leverage to hoard more. In addition, the general impression is that hedge funds have been manipulating the securities markets with impunity in order to rob retail investors there as well.\n\nSocial media together with the development of financial technology has enabled small investors to organise large-scale coordinated actions to influence the share prices of small and less liquid companies. Since, according to public opinion, hedge funds do not play quite by the rules, small shareholders did not overly care whether or not their activities qualified as market manipulation. Revenge was a priority, and as there was a chance to make money on it, hedge funds were attacked.\n\nSupervisory authorities are now facing a major challenge as to what and how to regulate. Until recently, they were on course to restrict the services and products that can be offered to small investors, all in the name of protecting the latter. January showed that retail investors might not be so helpless in the information society.\n\nA multitude of furious but coordinated retail investors can cause a lot of confusion and instability in the securities markets, which calls into question the efficient functioning of the markets and the process of pricing capital fairly. Investing may become more popular as it becomes more playful, but over-simplification can lead to a situation where entertainment is valued over the consideration of risks.\n\nI believe that raising investment awareness and improving information will work better than banning and ordering, allowing and denying. Why artificially restrict retail investors’ access to certain financial instruments and related analysis? Regulations and freedoms should be balanced. Greater rights mean greater responsibility.\n\n**The unspoken consequences of the pension reform**\n\nThe goal of the funded pension reform, which was pushed through last year, still makes me scratch my head. The message of the reform leaders, “Money is free”, was simple and populist. It allowed people to immediately withdraw the savings they had accumulated over the years and spend them as they pleased.\n\nThe cost of the money withdrawal wasn’t mentioned. The 4% that will be deducted from salaries as social tax will no longer accrue to the taxpayer, but to the state budget. Citizens whose personal capital will not accumulate can only rely on state support.\n\nFortunately, the pension reform provided a third option alongside abandoning the second pillar or continuing to make payments to a pension fund. The withdrawn capital can be placed in a personal pension investment account to avoid an increase in the tax burden.\n\nNow that people have the choice of either withdrawing money immediately but paying more taxes and relying only on the state pension, or continuing to save, I hope that saving for retirement will be seen as a freedom rather than an obligation.\n\nEven those who have been reluctant to save for retirement should now be reassured that the assets in their pension fund are theirs and that no one can take them away. But those who foolishly boasted that they had never saved anything must admit that they have no accumulations and nothing to withdraw.\n\nPension fund units are the largest financial asset for many families. That is a fact that speaks for itself.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Täiendav Pensionifond","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":18.71,"fundManager":"LHV","minSumInEurWhenBuying":6.39,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LIT100":{"heading":"LHV Pensionifond Indeks Pluss","id":"indeks-pluss","code":"lhv_lit","dataMarker":"LIT100","securityId":147612,"suitability":"**Suitable if**\n- you are prepared to tolerate the risks arising from potentially significant fluctuations in equity markets,\n- you have previous investment experience.\n","strategy":"**Strategy**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.2%"},"fundInfo":{"date":"30.09.2020","capacity":"8,094,598.17 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.29,"unit":"%"},{"name":"Money and deposits","value":0.71,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|--:|\n| Amundi Prime Global UCITS ETF | 27.09% |\n| Lyxor Core MSCI World DR UCITS | 25.91% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 17.89% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 11.71% |\n| SPDR MSCI World UCITS ETF | 10.30% |\n| iShares MSCI EM UCITS ETF | 4.03% |\n| iShares MSCI Frontier 100 ETF | 2.37% |\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 31.01.2021) | 10,597,172.07 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0540%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.2%\n\n**Ongoing charges (inc management fee):** 0.42%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused_2021_02.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_2021_02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID_2021_02.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2020.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2021_01.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2017.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109419","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET100":{"heading":"SEB Aktiivne Pensionifond","id":"aktiivne","code":"seb_akt","dataMarker":"SET100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nThe fund invests up to 100% of the assets in shares. Investing mainly in shares involves higher risks, resulting in big fluctuations in the value of the fund's assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1.5%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600074076, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.78%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET35":{"heading":"SEB Tasakaalukas Pensionifond","id":"tasakaalukas","code":"seb_tas","dataMarker":"SET35","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have at least 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nThe fund mainly invests in bonds and deposits, with up to 50% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600008934, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.27%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Aktsiad 100 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"**Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"1%","exitFee":"1%","managementFee":"1,5%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\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:** 1%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.5%\n\n**Ongoing charges (inc management fee):** 2.12%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"**Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,95%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600007530, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.95%\n\n**Ongoing charges (inc management fee):** 1.21%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"**Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,05%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071031, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.05%\n\n**Ongoing charges (inc management fee):** 1.31%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"**Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,15%"},"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):** 1.43%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,29%"},"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):** 0.90%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109484","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.3%"},"fundInfo":{"company":{"title":"Tuleva Fondid AS","link":null},"depository":{"title":"AS Swedbank","url":"https://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001707, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.3%\n\n**Ongoing charges (inc management fee):** 0.49%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 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\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001707","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LRK100":{"heading":"LHV Pensionifond Roheline","id":"roheline","code":"roheline","dataMarker":"LRK100","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":4700},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":0.24,"unit":"%"},{"name":"Shares","value":36.02,"unit":"%"},{"name":"Equity funds","value":61.48,"unit":"%"},{"name":"Real Estate funds","value":1.89,"unit":"%"},{"name":"Money and deposits","value":0.37,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021\n\n| Biggest investments | |\n|---|---:|\n| Invesco Solar ETF | 9.44% |\n| iShares Global Clean Energy ET | 9.06% |\n| iShares Inc iShares ESG Aware | 8.48% |\n| Global X Copper Miners ETF | 7.74% |\n| Global X Lithium and Battery Tech | 7.69% |\n| Plug Power | 4.39% |\n| Lyxor MSCI Europe ESG Leaders | 4.38% |\n| First Trust Global Wind Energy | 3.57% |\n| VanEck Vectors Sustainable World Equal Weight UCIT | 3.29% |\n| Yara International | 3.06% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.89% |\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 31.01.2021) | 18,975,155.03 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 781 250 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.4067%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.01%\n\n*The ongoing charges figure is an estimate based on the current management fee and estimated total fees. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_prospekt.pdf)\n- [Analysis of the amendments made to the prospectus 14 May 2020 (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_14052020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2021_01.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001723","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":1.89,"fundManager":"LHV"},"LRT100":{"heading":"LHV Pensionifond Roheline Pluss","id":"roheline-pluss","code":"rohelinepluss","dataMarker":"LRT100","securityId":189345,"suitability":"**Suitable if**\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,49%"},"fundInfo":{"date":"30.09.2020","capacity":"7,003,906.73 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","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":31.88,"unit":"%"},{"name":"Equity funds","value":56.83,"unit":"%"},{"name":"Real Estate funds","value":1.47,"unit":"%"},{"name":"Money and deposits","value":9.82,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.01.2021.\n\n| Biggest investments | |\n|---|--:|\n| Invesco Solar ETF | 9.23% |\n| iShares Inc iShares ESG Aware | 8.16% |\n| Global X Lithium and Battery Tech | 7.96% |\n| iShares Global Clean Energy ET | 7.96% |\n| Global X Copper Miners ETF | 7.21% |\n| First Trust Global Wind Energy | 4.27% |\n| Plug Power | 3.83% |\n| Lyxor MSCI Europe ESG Leaders | 3.50% |\n| VanEck Vectors Sustainable World Equal Weight UCIT | 2.83% |\n| UBS ETF-MSCI World Socially Responsible | 2.64% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.47% |\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 31.01.2021) | 3,395,329.05 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 468 750 units |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0540%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n\n**Ongoing charges (inc management fee):** 1.03%\n\n*The ongoing charges have been estimated, based on the expected total of charges. The annual report of the fund provides details of the paid fees for each year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 January 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_kuuaruanne_2021_01.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Roheline Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001764","strategyType":null,"managementStyle":"Active","riskLevel":6,"countryShareEe":1.47,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV30":{"heading":"Swedbank Pensionifond V30 indeks (exit restricted)","id":"swedv30","code":"v30indeks","dataMarker":"SWV30","securityId":204900,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver with moderate risk tolerance,\n- your goal is asset stability and long-term growth (min. 5 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 30% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 30% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001749, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.90%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001749","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV60":{"heading":"Swedbank Pensionifond V60 indeks (exit restricted)","id":"swedv60","code":"v60indeks","dataMarker":"SWV60","securityId":204901,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance,\n- your goal is a higher growth of assets in the medium or long term (min. 7 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 60% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 60% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001731, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.90%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001731","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3}}