{"LXK00":{"heading":"LHV Pensionifond XS","id":"xs","code":"xs","dataMarker":"XSK00","suitability":"**Suitable if**\n- you have less than 3 years left until retirement,\n- you have low risk tolerance,\n- your aim is to preserve your savings and avoid losses.\n","strategy":"**Strategy**\nAt least 90% of the Fund's assets are invested in investment grade bonds, money market instruments traded on a regulated market, deposits, shares or other assets of other investment funds investing mainly in the above assets and other assets. The money raised for retirement remains stable. The assets of the Fund are invested in compliance with the rating restrictions imposed on the conservative pension fund by law. The long-term preferred asset class of the fund is low-risk debt instruments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":5100},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":65.35,"unit":"%"},{"name":"Money and deposits","value":34.65,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| France Government 1% 25/05/27 | 5.46% |\n| German Government 1.5% 04/09/22 | 4.34% |\n| Czech Republic 3.875% 24/05/22 | 4.06% |\n| Temasek 0.5% 01/03/22 | 4.00% |\n| Slovakia 3.375% 15/11/24 | 3.65% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.62% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.39% |\n| ALTUMG 1.3% 07/03/25 | 2.56% |\n| Bank Gospodarstwa Krajow 1.375% 01/06/25 | 2.44% |\n| STEDIN 0 10/24/22 | 2.35% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.62% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.39% |\n| Elering 0.875% 03/05/2023 | 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 30.09.2019) | 22,181,503.43 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 110 000 units |\n| Rate of the depository’s charge | 0,0576% (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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.576%\n\n**Ongoing charges (inc management fee):** 0.6%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2019_09.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":10,"content":"### October 2019 – Common sense must be maintained on the bond market\n\nRomet Enok, Fund Manager\n\nThe United States Federal Reserve again lowered the interest rate at the end of the month, designating 1.5–1.75% as the new range. Any further steps are hard to decipher both on this and the other side of the Atlantic, since a new President of the European Central Bank took office in November. The prices of German long-term bonds have already been continuously falling since the end of the summer, raising the expected rate of return on the 10-year bond, for example, from –0.7% to –0.25%.\n\nHowever, bonds are still expensive, and opinions that the whole negative interest policy will one day be declared an unsuccessful experiment, are increasingly being heard. Even if this will not be the case, and the economy should recover, a decrease in price would still lie ahead for bonds, which means that it is not rational to buy them in larger quantities right now. We currently only invest money from repaid bonds into shorter-term bonds with a high credit quality.\n"},{"year":2019,"month":9,"content":"### September 2019 – A further increase in bonds seems unlikely\n\nRomet Enok, Fund Manager\n\nIn September, risk-free government bonds were in decline both on this and the other side of the Atlantic. In itself, uncertainty is on a continuous rise in the economy - the expected departure of the United Kingdom from the European Union is rapidly getting closer and the macro-statistics clearly indicate that large economies are cooling down. As the bond prices are on such a high level, it is unfounded to expect that the bond market acts according to its usual logic, in which case bad news would increase the prices.\n\nIn an environment where a major part of the Eurozone government bond market is expected to have a negative rate of return, the investors do not dare hope for a further increase. In such a situation, we shall abstain from locking money into long-term bonds which means that the ratio of free money in the fund increases slowly as the current investments reach their repayments.\n"},{"year":2019,"month":8,"content":"### August 2019 – New economic stimulus is expected from the European Central Bank\n\nRomet Enok, Fund Manager\n\nThe European bond market is looking forward to the meeting of the central bank taking place in the middle of September. Due to the economic slowdown, the investors wish to once again see purchases in the bond market supported by the central bank. In the light of this, interest rates have become so low that banks with a very high rating are able to borrow money for ten years with negative interest. Government bonds reached this point earlier – in the case of Germany, the interest rates remain on a negative level, even when issuing a loan for 30 years. Of course, we are not acquiring new investments in these conditions and we expect to have better places of purchase in the future.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The euro of today must also serve the needs of tomorrow**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n","text":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n\nBoth the US Federal Reserve and the European Central Bank have done an about-face in terms of their monetary policy this year and lowered interest rates. However, all medicines lose their effectiveness if taken for too long, and unwanted side effects also begin to materialise.\n\nCorporate indebtedness has grown, although enterprises have not spent all of their borrowed money on investments. A large portion has been used to repurchase shares and pay dividends. Government debt burdens have also grown, regardless of the fact that there is no longer a need to pay interest and they are even being paid for taking a loan.\n\nIn its analysis, Deutsche Bank has shown that the average debt of the world’s largest countries already exceeds 70% of GDP. It is the highest level in the last 150 years, if you leave out the rapid growth in public debt during World War II.\n\n**Living at the expense of the future**\n\nRecently, it has become more prevalent in Estonia to support the standpoint that if money can be borrowed in such a way that you are being paid to do so, this opportunity should be taken. However, I believe that more important than the loan interest rate is how the borrowed money is used.\n\nIf a loan with an interest rate of 0% is invested into a project, the rate of return of which is greater than 0%, it is justified. However, if the loan is used in such a way that it creates nothing, the borrowers are digging a hole, from which it is not easy to climb out of because the debt is owned by a stranger (even with an interest rate of 0%). In the end, we shall be poorer by the amount of the borrowed money, not richer. It does not matter whether the loan has a 0% or 10% interest rate, it is vital that we would earn a higher rate of return than the interest rate of the loan we have taken.\n\nIn particular, I have heard politicians say that because of the lower interest rates it is not reasonable to invest right now – it would be better to spend. Justifying spending and encouraging consumption has for years (but not always) been the world-view of Isamaa politicians (although they still consider themselves to be right-wing and conservative).\n\nTwo previous Ministers of Finance, who both came from the Isamaa Party, spent the reserves of both the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund. The last Minister of Finance appointed from among the ranks of the Isamaa Party described it as the efficient use of money, and also included permission to spend the reserves of the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund, in order to cover running costs, in legislation. The Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund have reserves only on paper – actual money does not exist, one of the current ministers admitted. Maybe this is why the Great Peters of Isamaa have targeted people’s savings in the pension funds.\n\n**“Expert opinion”**\n\nWhen it comes to Isamaa’s economic ideology on the scale of left and right (or rather not having a world-view), it is best characterised by their choice of spokesman. Several politicians from Isamaa have highlighted Indrek Neivelt as someone whose competence should not be doubted.\n\nI do not know whether the politicians of “right-wing” Isamaa realise that “left-wing” Indrek Neivelt has never represented their right-wing politics. Hereby, I am not stating which world-view is correct but rather admitting that Isamaa does not understand the scale of left and right, at least not in terms of the economy.\n\nMoreover, I do not understand why Neivelt is considered an expert, whose competence should not be doubted. What has Indrek Neivelt done after leaving Hansapank that would give anyone the reason to consider him an expert in a field? When Rain Lõhmus left Hansapank, a team of top specialists followed him. Possibly, Indrek Neivelt also hoped that a team would leave with him from Hansapank, which was acquired by the Swedes, so they could start something new together. No one followed Indrek!\n\nHis record sized ego on the Estonian scale has yet to overcome this disappointment. Indrek’s post-Hansapank experiments, both as an entrepreneur and an investor, do not demonstrate his competence. His huge ego continues to need society’s attention and Facebook likes. For Neivelt, being popular is more important than facts and intellectual honesty. Everyone could see that in the 4 September “Esimene Stuudio” show, on ETV, where he engaged in a debate with Ardo Hansson over the topic of pension reform.\n\nNeivelt’s criticism about how money is added to pension funds for decades, before more starts coming, out has raised some eyebrows. If you save money for a trip happening in a year, you put money aside for 12 months, so you could eventually withdraw it and go on the holiday. It is the same with saving for your pension. If you start saving for your pension in your twenties and your pension arrives in about 45 years, it does mean that you save and grow your pension assets for about half a century and start using it when you are 65 years old. If you withdraw the money before retiring and spend it, then you would have nothing in your bank account when you are 65.\n\nThe same logic applies to the pension system as a whole. It takes about 40-50 years from creating the system until the point in time when payouts start exceeding deposits. Which is why the II pillar is called the funded pension. In the last 17 years, the rate of return of pension funds has exceeded the increase in the cost of living, so the funds saved for pension have not gone up in smoke nor has the purchasing power of pension assets decreased. Neivelt’s statement, as if the Swedes are receiving a pension three times bigger than their deposits, is not a fact but a hyperbole constructed to draw attention, presuming a lot of unrealistic prerequisites.\n\nNeivelt likes exaggerations in the style “Estonian people failed to earn EUR 1 billion. A billion euros!”. However, he is not ashamed to add an accusation to the article, published in Postimees, in April, directed at the pension reform critics of Isamaa, whom he maligns with his delusions: “However, lies and half-truths are spewed to the media, with those people who want to change something being accused.” Neivelt should look in the mirror to see who is the one spewing the lies and half-truths.\n\nIsamaa, Parvel Pruunsild, and Indrek Neivelt began their attack with a cold-blooded lie that the money in the pension funds is going up in smoke. I hope that both Neivelt and Seeder have the honesty and courage to admit their mistake and have, by now, managed to acquaint themselves with the reality that the purchasing power of the pension funds has increased, not decreased.\n\n**Discipline helps to bring success**\n\nThere is no doubt that the pension reform of Isamaa and the current government coalition means smaller pensions in the future, even in the case where the beginning of retirement is being postponed further and further.\n\nIn comparison with their salaries, the pensions of Estonian citizens are the lowest in Europe, and life after retiring is shorter than in other European countries. Thereby, Isamaa wants to force a pension reform that would make Estonia’s pension system even more minimal. To retain the current replacement rate (pension compared with the last net salary) of Europe’s lowest pension, which in Estonia is about 40%, it is proposed to postpone the retirement age.\n\nEssentially, it means that a large group of people shall pay 20% of their salary as pension instalments to the state budget for 40 years but will not receive anything in return if they leave this world before reaching their retirement. Basically, for many people, postponing retirement means eliminating the I pillar in the same way that Isamaa is trying to remove the II pillar by making the funded pension voluntary.\n\nWealth and assets accumulate only when less is spent than earned. For me, freedom is linked to coping on my own and this presumes a certain amount of wealth. Wealth and thus also freedom presume at least some discipline in financial issues and in a broader sense as well. You shall never become rich and free while spending.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":11.3,"fundManager":"LHV"},"LSK00":{"heading":"LHV Pensionifond S","id":"s","code":"s","dataMarker":"SK00","suitability":"**Suitable if**\n- you have 2–5 years left until retirement age,\n- you have low risk tolerance,\n- your aim is the preservation and modest growth of your pension savings.\n","strategy":"**Strategy**\nThe Fund's assets are mainly invested in bonds. The Fund's assets may be invested in sub-investment grade bonds. Up to 25% of the fund's assets may be invested in real estate, infrastructure, equity funds and convertible bonds. The Fund may also grant a loan. The long-term preferred asset class of the fund is listed debt instruments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":10649},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":87.47,"unit":"%"},{"name":"Money and deposits","value":12.53,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Temasek 0.5% 01/03/22 | 4.83% |\n| Latvenergo 1.9% 10/06/22 | 4.71% |\n| Luminor 1.5% 18/10/21 | 4.60% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.33% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.27% |\n| TOTAL 03/19/20 | 3.24% |\n| Investor 4.5% 12/05/23 | 3.17% |\n| Romania 2.875% 28/10/24 | 3.08% |\n| SANOFI 1.875% 04/09/20 | 2.73% |\n| Allianz 07/12/20 | 2.71% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 4.60% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.33% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.27% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2019) | 55,642,227.76 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 270 000 units |\n| Rate of the depository’s charge | 0,0576% (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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.672%\n\n**Ongoing charges (inc management fee):** 0.7%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2019_09.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":10,"content":"### October 2019 – Common sense must be maintained on the bond market\n\nRomet Enok, Fund Manager\n\nThe United States Federal Reserve again lowered the interest rate at the end of the month, designating 1.5–1.75% as the new range. Any further steps are hard to decipher both on this and the other side of the Atlantic, since a new President of the European Central Bank took office in November. The prices of German long-term bonds have already been continuously falling since the end of the summer, raising the expected rate of return on the 10-year bond, for example, from –0.7% to –0.25%.\n\nHowever, bonds are still expensive, and opinions that the whole negative interest policy will one day be declared an unsuccessful experiment, are increasingly being heard. Even if this will not be the case, and the economy should recover, a decrease in price would still lie ahead for bonds, which means that it is not rational to buy them in larger quantities right now. We currently only invest money from repaid bonds into shorter-term bonds with high credit quality.\n"},{"year":2019,"month":9,"content":"### September 2019 – Investment options require quick actions\n\nRomet Enok, Fund Manager\n\nThe main bond markets of Europe were in decline in September. The main factor that the markets focus on is the oncoming departure of the United Kingdom from the European Union while global economic cooling also gets some attention. Nevertheless, the bond markets are exceptionally strong, allowing large international enterprises to keep borrowing money, if they wish, in very large amounts and with almost non-existent interest.\n\nIn such a situation, we shall avoid investing money for a long term on at unattractive terms, as seen from the investor’s point of view. In spring, we purchased a significant amount of bonds of the Finnish insurance company Sampo when the company was raising money from the market after a long time. In September, the company did it once again but the interest level was much lower. The Sampo bonds that were purchased for the pension fund S in spring have by now had a rate of return of 15%, while the bonds offered in September pay less than 2% interest annually. Attractive opportunities are rare on such a market which means that quick actions are required.\n"},{"year":2019,"month":8,"content":"### August 2019 – Investors are willing to lose money in the international bond market\n\nRomet Enok, Fund Manager\n\nThe European bond market is looking forward to the meeting of the central bank taking place in the middle of September. Due to the economic slowdown, the investors wish to once again see purchases in the bond market supported by the central bank. In the light of this, interest rates have become so low that banks with a very high rating are able to borrow money for ten years with negative interest. Government bonds reached this point earlier.\n\nIn this situation, we once again sold long-term bonds of the Lithuania, Slovakia and Swedish investment company Investor AB. The latter two had also reached such a high price level that the purchaser would suffer a certain loss when holding until maturity. Out of the fund’s existing investments, Sampo's success continues. The bond has, after its purchase at the beginning of May, brought about a 15% rate of return. We are working with multiple local companies and are clearly hoping for investments with a better rate of return from this direction soon.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The euro of today must also serve the needs of tomorrow**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n","text":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n\nBoth the US Federal Reserve and the European Central Bank have done an about-face in terms of their monetary policy this year and lowered interest rates. However, all medicines lose their effectiveness if taken for too long, and unwanted side effects also begin to materialise.\n\nCorporate indebtedness has grown, although enterprises have not spent all of their borrowed money on investments. A large portion has been used to repurchase shares and pay dividends. Government debt burdens have also grown, regardless of the fact that there is no longer a need to pay interest and they are even being paid for taking a loan.\n\nIn its analysis, Deutsche Bank has shown that the average debt of the world’s largest countries already exceeds 70% of GDP. It is the highest level in the last 150 years, if you leave out the rapid growth in public debt during World War II.\n\n**Living at the expense of the future**\n\nRecently, it has become more prevalent in Estonia to support the standpoint that if money can be borrowed in such a way that you are being paid to do so, this opportunity should be taken. However, I believe that more important than the loan interest rate is how the borrowed money is used.\n\nIf a loan with an interest rate of 0% is invested into a project, the rate of return of which is greater than 0%, it is justified. However, if the loan is used in such a way that it creates nothing, the borrowers are digging a hole, from which it is not easy to climb out of because the debt is owned by a stranger (even with an interest rate of 0%). In the end, we shall be poorer by the amount of the borrowed money, not richer. It does not matter whether the loan has a 0% or 10% interest rate, it is vital that we would earn a higher rate of return than the interest rate of the loan we have taken.\n\nIn particular, I have heard politicians say that because of the lower interest rates it is not reasonable to invest right now – it would be better to spend. Justifying spending and encouraging consumption has for years (but not always) been the world-view of Isamaa politicians (although they still consider themselves to be right-wing and conservative).\n\nTwo previous Ministers of Finance, who both came from the Isamaa Party, spent the reserves of both the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund. The last Minister of Finance appointed from among the ranks of the Isamaa Party described it as the efficient use of money, and also included permission to spend the reserves of the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund, in order to cover running costs, in legislation. The Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund have reserves only on paper – actual money does not exist, one of the current ministers admitted. Maybe this is why the Great Peters of Isamaa have targeted people’s savings in the pension funds.\n\n**“Expert opinion”**\n\nWhen it comes to Isamaa’s economic ideology on the scale of left and right (or rather not having a world-view), it is best characterised by their choice of spokesman. Several politicians from Isamaa have highlighted Indrek Neivelt as someone whose competence should not be doubted.\n\nI do not know whether the politicians of “right-wing” Isamaa realise that “left-wing” Indrek Neivelt has never represented their right-wing politics. Hereby, I am not stating which world-view is correct but rather admitting that Isamaa does not understand the scale of left and right, at least not in terms of the economy.\n\nMoreover, I do not understand why Neivelt is considered an expert, whose competence should not be doubted. What has Indrek Neivelt done after leaving Hansapank that would give anyone the reason to consider him an expert in a field? When Rain Lõhmus left Hansapank, a team of top specialists followed him. Possibly, Indrek Neivelt also hoped that a team would leave with him from Hansapank, which was acquired by the Swedes, so they could start something new together. No one followed Indrek!\n\nHis record sized ego on the Estonian scale has yet to overcome this disappointment. Indrek’s post-Hansapank experiments, both as an entrepreneur and an investor, do not demonstrate his competence. His huge ego continues to need society’s attention and Facebook likes. For Neivelt, being popular is more important than facts and intellectual honesty. Everyone could see that in the 4 September “Esimene Stuudio” show, on ETV, where he engaged in a debate with Ardo Hansson over the topic of pension reform.\n\nNeivelt’s criticism about how money is added to pension funds for decades, before more starts coming, out has raised some eyebrows. If you save money for a trip happening in a year, you put money aside for 12 months, so you could eventually withdraw it and go on the holiday. It is the same with saving for your pension. If you start saving for your pension in your twenties and your pension arrives in about 45 years, it does mean that you save and grow your pension assets for about half a century and start using it when you are 65 years old. If you withdraw the money before retiring and spend it, then you would have nothing in your bank account when you are 65.\n\nThe same logic applies to the pension system as a whole. It takes about 40-50 years from creating the system until the point in time when payouts start exceeding deposits. Which is why the II pillar is called the funded pension. In the last 17 years, the rate of return of pension funds has exceeded the increase in the cost of living, so the funds saved for pension have not gone up in smoke nor has the purchasing power of pension assets decreased. Neivelt’s statement, as if the Swedes are receiving a pension three times bigger than their deposits, is not a fact but a hyperbole constructed to draw attention, presuming a lot of unrealistic prerequisites.\n\nNeivelt likes exaggerations in the style “Estonian people failed to earn EUR 1 billion. A billion euros!”. However, he is not ashamed to add an accusation to the article, published in Postimees, in April, directed at the pension reform critics of Isamaa, whom he maligns with his delusions: “However, lies and half-truths are spewed to the media, with those people who want to change something being accused.” Neivelt should look in the mirror to see who is the one spewing the lies and half-truths.\n\nIsamaa, Parvel Pruunsild, and Indrek Neivelt began their attack with a cold-blooded lie that the money in the pension funds is going up in smoke. I hope that both Neivelt and Seeder have the honesty and courage to admit their mistake and have, by now, managed to acquaint themselves with the reality that the purchasing power of the pension funds has increased, not decreased.\n\n**Discipline helps to bring success**\n\nThere is no doubt that the pension reform of Isamaa and the current government coalition means smaller pensions in the future, even in the case where the beginning of retirement is being postponed further and further.\n\nIn comparison with their salaries, the pensions of Estonian citizens are the lowest in Europe, and life after retiring is shorter than in other European countries. Thereby, Isamaa wants to force a pension reform that would make Estonia’s pension system even more minimal. To retain the current replacement rate (pension compared with the last net salary) of Europe’s lowest pension, which in Estonia is about 40%, it is proposed to postpone the retirement age.\n\nEssentially, it means that a large group of people shall pay 20% of their salary as pension instalments to the state budget for 40 years but will not receive anything in return if they leave this world before reaching their retirement. Basically, for many people, postponing retirement means eliminating the I pillar in the same way that Isamaa is trying to remove the II pillar by making the funded pension voluntary.\n\nWealth and assets accumulate only when less is spent than earned. For me, freedom is linked to coping on my own and this presumes a certain amount of wealth. Wealth and thus also freedom presume at least some discipline in financial issues and in a broader sense as well. You shall never become rich and free while spending.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019824","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":13.4,"fundManager":"LHV"},"LMK25":{"heading":"LHV Pensionifond M","id":"m","code":"m","dataMarker":"MK25","suitability":"**Suitable if**\n- you have 3–10 years left until retirement age,\n- you have moderate risk tolerance,\n- your aim is the long-term stable growth of your pension savings.\n","strategy":"**Strategy**\nWhen investing in assets, the fund prefers cash-flow assets and, where possible, the local market, including less liquid private equity and real estate investments. The investments are predominantly in local currency and up to 75% of the fund's assets can be invested directly in equities. The fund's long-term preferred asset class is real estate investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":13367},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":74.82,"unit":"%"},{"name":"Shares","value":5,"unit":"%"},{"name":"Equity funds","value":1.13,"unit":"%"},{"name":"Real Estate funds","value":7.57,"unit":"%"},{"name":"Private Equity funds","value":3.49,"unit":"%"},{"name":"Money and deposits","value":7.99,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.59% |\n| EfTEN Kinnisvarafond | 3.26% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.91% |\n| France Government 2.25% 25/10/22 | 2.49% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.41% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 2.32% |\n| Tartu linn 25/10/32 | 1.97% |\n| JP Morgan Chase And Co 27/01/20 | 1.90% |\n| BNP Paribas 0.75% 11/11/22 | 1.90% |\n| Coop Pank 6.75% 04/12/2027 | 1.79% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.59% |\n| EfTEN Kinnisvarafond | 3.26% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.91% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2019) | 130,923,742.65 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 380 000 units |\n| Rate of the depository’s charge | 0,0576% (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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.72%\n\n**Ongoing charges (inc management fee):** 1.2%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2019_09.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":10,"content":"### October 2019 – Danske’s bonds have offered a good rate of return\n\nRomet Enok, Fund Manager\n\nOctober went by relatively calmly on the world’s stock markets, and exchange indexes showed predominantly positive rates of return. The rate of return of Euro Stoxx 50, an index that is made up of 50 of the largest listed companies in the euro area, was +1.1% in October; good results were also shown by the German stock exchange with an increase of 3.5%, and the Swedish stock exchange with a rate of return of 5.2%. At that, the British stock market index fell 2.2% due to Brexit-related tensions. The result of the Japanese stock exchange was a strong 5.4% in local currency; however, the rate of return remained at 3.2% in euros. In the Baltics, the Vilnius stock exchange showed the best rate of return with an increase of 1.6%; the Tallinn stock exchange also rose by 1.5% in October. The Riga stock exchange had to accept a 0.3% decline.\n\nSuperangel, a venture capital fund that belongs to the Pension Fund M portfolio, made another big investment in October, being the lead investor in the round of raising money for start-up company Eziil Productions Intelligence. Eziil Productions develops software for manufacturing companies for digitalising processes, and investments were raised in the amount of EUR 300,000 in total. The company intends to use the money for product development, expansion, and involving external knowledge.\n\nIn the bond portfolio, we finalised the purchase of securities from the issue of Ekspress Grupp that was mentioned in the previous monthly review. All bonds were issued to LHV funds; their annual interest rate is 6%; they will be redeemed after eight years, and have been issued supplementary security by the company’s chief shareholder. The company will use the funds raised with the issue for expansion.\n\nAmong foreign investments, the price increase of Danske’s subordinated long-term bonds is once again worth mentioning in October. Even though the fines and punishments to be imposed on the Danish bank are far from clear, investor confidence is recovering – the two Danske bonds that are in our portfolio have offered a 24%–25% rate of return this year. At the same time, all main European bond markets were on the negative side, falling slightly less than one per cent, on average. We work with local issuers and continue to see investment opportunities here.\n"},{"year":2019,"month":9,"content":"### September 2019 – Financing the expansion of Ekspress Grupp\n\nRomet Enok, Fund Manager\n\nIn global markets, September mainly had a positive rate of return and the stock exchanges of both developed and developing countries increased. The index that encompasses the 50 largest publicly traded companies in the Eurozone increased by 4.3% within a month and the largest increases were, for instance, the stock exchange indexes of Finland and Germany with rates of return of 4.9% and 4.1%, respectively. The Japanese stock exchange index demonstrated a 5.1% rate of return in its local currency, whereas in EUR the increase was 4.1%. The Baltic stock exchange indexes moved quite little in September: The Vilnius and Riga stock exchanges increased by 0.3% and 0.6%, respectively, and the rate of return for the Tallinn stock exchange was -0.9%.\n\nThe private equity fund BPM Mezzanine Fund, which is part of the Pension Fund M, made a new investment in September and financed the buyout of the Latvian dairy industry company Smiltenes Piens. The company produces a wide range of dairy products and is mainly known in Latvia for its cheeses. In the future, the new owner’s strategy focuses on increasing the company’s export capability and expanding to new markets.\n\nRegarding our bonds portfolio, in the beginning of October, we reached a deal with Ekspress Grupp, according to which the company shall borrow money from the fund in the form of bonds to finance its expansion plans. Eight-year bonds have been issued supplementary security by the company’s chief shareholder and the bonds shall have interest of 6% per year. We see that local companies are increasingly more interested in raising capital from pension funds, and negotiations with some future issuers regarding making an investment in the form of a bond, are reaching their final stage.\n\nThe main bond markets of Europe had a slight decline in September. Considering the high price level of the markets, we shall continue working with the goal to sell bonds with a high price on the European stock exchanges and invest the gained funds into local companies.\n"},{"year":2019,"month":8,"content":"### August 2019 – Auto24 will have a new owner\n\nRomet Enok, Fund Manager\n\nAgainst the background of the economic slowdown and the US-China trade war, the world's stock markets showed a predominately negative rate of return again in August. The index of Euro Stoxx 50, which gathers 50 of the biggest publicly traded companies of the Eurozone, decreased by 1.1% in a month and, for example, the stock exchange indexes of Germany and Finland both decreased by 2.0%. The rate of return of the Japanese stock market was -3.8% in the local currency and -0.5% in euros. The stock market of the Baltic states also followed the general decline in August. The stock indexes of Tallinn and Riga showed a -1.7% and -1.6% rate of return respectively, and the rate of return of the Vilnius stock exchange remained at -0.9%.\n\nEfTEN Real Estate Fund 4, which belongs to the portfolio of pension fund M, made its third investment and purchased trading and commercial premises in Kaunas, Lithuania. The complex built in 2017 includes a shopping centre, which has Maxima and IKEA as its biggest tenants, and an A-class office building where many well-known IT companies are renting premises.\n\nIn August, it was reported that the portal auto24, which belonged to the management board of the company and a local investor BaltCap, would be put up for sale. After the sale of auto24, it is likely that the new owner will prematurely repay the loans of the company to our funds. The investment made at the beginning of 2017 was the first significant money placement of the new wave after easing the national restrictions of the pension funds. LHV funds were then fully financing the company's purchase from the former Finnish owners. It was and still is one of the biggest local investments of LHV funds. The final rate of return of the investment depends on the deadline for repayment; by now the funds have earned interest of a little more than 16% from the given loan during the two and a half years that have passed.\n\nThe European bond market is looking forward to the central bank's September meeting in which investors wish to see the relaunch of the bond purchasing programme. The price levels in the markets are so high that in the case of a very high rating it will be possible for banks to borrow money from markets for ten years with a negative rating. We will continue to work with many Estonian companies and hope to have new investments soon, especially in this direction.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The euro of today must also serve the needs of tomorrow**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n","text":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n\nBoth the US Federal Reserve and the European Central Bank have done an about-face in terms of their monetary policy this year and lowered interest rates. However, all medicines lose their effectiveness if taken for too long, and unwanted side effects also begin to materialise.\n\nCorporate indebtedness has grown, although enterprises have not spent all of their borrowed money on investments. A large portion has been used to repurchase shares and pay dividends. Government debt burdens have also grown, regardless of the fact that there is no longer a need to pay interest and they are even being paid for taking a loan.\n\nIn its analysis, Deutsche Bank has shown that the average debt of the world’s largest countries already exceeds 70% of GDP. It is the highest level in the last 150 years, if you leave out the rapid growth in public debt during World War II.\n\n**Living at the expense of the future**\n\nRecently, it has become more prevalent in Estonia to support the standpoint that if money can be borrowed in such a way that you are being paid to do so, this opportunity should be taken. However, I believe that more important than the loan interest rate is how the borrowed money is used.\n\nIf a loan with an interest rate of 0% is invested into a project, the rate of return of which is greater than 0%, it is justified. However, if the loan is used in such a way that it creates nothing, the borrowers are digging a hole, from which it is not easy to climb out of because the debt is owned by a stranger (even with an interest rate of 0%). In the end, we shall be poorer by the amount of the borrowed money, not richer. It does not matter whether the loan has a 0% or 10% interest rate, it is vital that we would earn a higher rate of return than the interest rate of the loan we have taken.\n\nIn particular, I have heard politicians say that because of the lower interest rates it is not reasonable to invest right now – it would be better to spend. Justifying spending and encouraging consumption has for years (but not always) been the world-view of Isamaa politicians (although they still consider themselves to be right-wing and conservative).\n\nTwo previous Ministers of Finance, who both came from the Isamaa Party, spent the reserves of both the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund. The last Minister of Finance appointed from among the ranks of the Isamaa Party described it as the efficient use of money, and also included permission to spend the reserves of the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund, in order to cover running costs, in legislation. The Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund have reserves only on paper – actual money does not exist, one of the current ministers admitted. Maybe this is why the Great Peters of Isamaa have targeted people’s savings in the pension funds.\n\n**“Expert opinion”**\n\nWhen it comes to Isamaa’s economic ideology on the scale of left and right (or rather not having a world-view), it is best characterised by their choice of spokesman. Several politicians from Isamaa have highlighted Indrek Neivelt as someone whose competence should not be doubted.\n\nI do not know whether the politicians of “right-wing” Isamaa realise that “left-wing” Indrek Neivelt has never represented their right-wing politics. Hereby, I am not stating which world-view is correct but rather admitting that Isamaa does not understand the scale of left and right, at least not in terms of the economy.\n\nMoreover, I do not understand why Neivelt is considered an expert, whose competence should not be doubted. What has Indrek Neivelt done after leaving Hansapank that would give anyone the reason to consider him an expert in a field? When Rain Lõhmus left Hansapank, a team of top specialists followed him. Possibly, Indrek Neivelt also hoped that a team would leave with him from Hansapank, which was acquired by the Swedes, so they could start something new together. No one followed Indrek!\n\nHis record sized ego on the Estonian scale has yet to overcome this disappointment. Indrek’s post-Hansapank experiments, both as an entrepreneur and an investor, do not demonstrate his competence. His huge ego continues to need society’s attention and Facebook likes. For Neivelt, being popular is more important than facts and intellectual honesty. Everyone could see that in the 4 September “Esimene Stuudio” show, on ETV, where he engaged in a debate with Ardo Hansson over the topic of pension reform.\n\nNeivelt’s criticism about how money is added to pension funds for decades, before more starts coming, out has raised some eyebrows. If you save money for a trip happening in a year, you put money aside for 12 months, so you could eventually withdraw it and go on the holiday. It is the same with saving for your pension. If you start saving for your pension in your twenties and your pension arrives in about 45 years, it does mean that you save and grow your pension assets for about half a century and start using it when you are 65 years old. If you withdraw the money before retiring and spend it, then you would have nothing in your bank account when you are 65.\n\nThe same logic applies to the pension system as a whole. It takes about 40-50 years from creating the system until the point in time when payouts start exceeding deposits. Which is why the II pillar is called the funded pension. In the last 17 years, the rate of return of pension funds has exceeded the increase in the cost of living, so the funds saved for pension have not gone up in smoke nor has the purchasing power of pension assets decreased. Neivelt’s statement, as if the Swedes are receiving a pension three times bigger than their deposits, is not a fact but a hyperbole constructed to draw attention, presuming a lot of unrealistic prerequisites.\n\nNeivelt likes exaggerations in the style “Estonian people failed to earn EUR 1 billion. A billion euros!”. However, he is not ashamed to add an accusation to the article, published in Postimees, in April, directed at the pension reform critics of Isamaa, whom he maligns with his delusions: “However, lies and half-truths are spewed to the media, with those people who want to change something being accused.” Neivelt should look in the mirror to see who is the one spewing the lies and half-truths.\n\nIsamaa, Parvel Pruunsild, and Indrek Neivelt began their attack with a cold-blooded lie that the money in the pension funds is going up in smoke. I hope that both Neivelt and Seeder have the honesty and courage to admit their mistake and have, by now, managed to acquaint themselves with the reality that the purchasing power of the pension funds has increased, not decreased.\n\n**Discipline helps to bring success**\n\nThere is no doubt that the pension reform of Isamaa and the current government coalition means smaller pensions in the future, even in the case where the beginning of retirement is being postponed further and further.\n\nIn comparison with their salaries, the pensions of Estonian citizens are the lowest in Europe, and life after retiring is shorter than in other European countries. Thereby, Isamaa wants to force a pension reform that would make Estonia’s pension system even more minimal. To retain the current replacement rate (pension compared with the last net salary) of Europe’s lowest pension, which in Estonia is about 40%, it is proposed to postpone the retirement age.\n\nEssentially, it means that a large group of people shall pay 20% of their salary as pension instalments to the state budget for 40 years but will not receive anything in return if they leave this world before reaching their retirement. Basically, for many people, postponing retirement means eliminating the I pillar in the same way that Isamaa is trying to remove the II pillar by making the funded pension voluntary.\n\nWealth and assets accumulate only when less is spent than earned. For me, freedom is linked to coping on my own and this presumes a certain amount of wealth. Wealth and thus also freedom presume at least some discipline in financial issues and in a broader sense as well. You shall never become rich and free while spending.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019774","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":31.19,"fundManager":"LHV"},"LLK50":{"heading":"LHV Pensionifond L","id":"l","code":"l","dataMarker":"LK50","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you have average risk tolerance,\n- your aim is the long-term growth of your pension savings.\n","strategy":"**Strategy**\nThe assets of the Fund are invested in various asset classes in both local and foreign markets. The Fund's assets may be invested extensively in unquoted instruments, which are primarily used for investing in securities issued by companies domiciled in the home market. The long-term preferred asset class of the fund is private equity investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":103060},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":60.38,"unit":"%"},{"name":"Shares","value":11.22,"unit":"%"},{"name":"Equity funds","value":4.75,"unit":"%"},{"name":"Real Estate funds","value":9.81,"unit":"%"},{"name":"Private Equity funds","value":8.07,"unit":"%"},{"name":"Money and deposits","value":5.77,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.17% |\n| Luminor 1.5% 18/10/21 | 3.80% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.54% |\n| France Government 2.25% 25/10/22 | 2.93% |\n| Latvia 2.625% 21/01/21 | 2.37% |\n| JP Morgan Chase And Co 27/01/20 | 1.97% |\n| East Capital Baltic Property Fund III | 1.92% |\n| Siauliu Bankas 21/12/20 | 1.82% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 1.82% |\n| China Development Bank 0.375% 16/11/21 | 1.69% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.17% |\n| Luminor 1.5% 18/10/21 | 3.80% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.54% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2019) | 882,843,909.41 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 400 000 units |\n| Rate of the depository’s charge | 0,0576% (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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.72%\n\n**Ongoing charges (inc management fee):** 1.58%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2019_09.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":10,"content":"### October 2019 – The Fund’s first direct investment in real estate\n\nKristo Oidermaa, Fund Manager\n\nOctober went by relatively calmly on the world’s stock markets, and exchange indexes showed predominantly positive rates of return. The rate of return of Euro Stoxx 50, an index that is made up of 50 of the largest listed companies in the euro area, was +1.1% in October; good results were also shown by the German stock exchange with an increase of 3.5%, and the Swedish stock exchange with a rate of return of 5.2%. At that, the British stock market index fell 2.2% due to Brexit-related tensions. The result of the Japanese stock exchange was a strong 5.4% in local currency; however, the rate of return remained at 3.2% in euros. In the Baltics, the Vilnius stock exchange showed the best rate of return with an increase of 1.6%; the Tallinn stock exchange also rose by 1.5% in October. The Riga stock exchange had to accept a 0.3% decline.\n\nIn October, LHV Pension Funds made their first direct investment in real estate: in cooperation with Lumi Capital, they purchased the office building known as the Skype Building, located at the TalTech scientific campus in Tallinn. The building includes 6,850 square metres of rentable office space, and the largest tenant is the Microsoft Estonia Development Centre. This building is in excellent condition, and with a strong tenant, it will ensure a stable cash flow for the pension funds, and offer an attractive rate of return.\n\nIn the bond portfolio, we finalised the purchase of securities from the issue of Ekspress Grupp that was mentioned in the previous monthly review. All bonds were issued to LHV funds; their annual interest rate is 6%; they will be redeemed after eight years, and have been issued supplementary security by the company’s chief shareholder. The company will use the funds raised with the issue for expansion.\n\nAmong foreign investments, the price increase of Danske’s subordinated long-term bonds is once again worth mentioning in October. Even though the fines and punishments to be imposed on the Danish bank are far from clear, investor confidence is recovering – the two Danske bonds that are in our portfolio have offered a 24%–25% rate of return this year. At the same time, all main European bond markets were on the negative side, falling slightly less than one per cent, on average. We work with local issuers and continue to see investment opportunities here.\n"},{"year":2019,"month":9,"content":"### September 2019 – New private equity investment\n\nKristo Oidermaa, Fund Manager\n\nIn global markets, September mainly had a positive rate of return and the stock exchanges of both developed and developing countries increased. The index that encompasses the 50 largest publicly traded companies in the Eurozone increased by 4.3% within a month and the largest increases were, for instance, the stock exchange indexes of Finland and Germany with rates of return of 4.9% and 4.1%, respectively. The Japanese stock exchange index demonstrated a 5.1% rate of return in its local currency, whereas in EUR the increase was 4.1%. The Baltic stock exchange indexes moved quite little in September: The Vilnius and Riga stock exchanges increased by 0.3% and 0.6%, respectively, and the rate of return for the Tallinn stock exchange was -0.9%.\n\nIn September, the Pension Fund L made a new investment in a global private equity fund Investindustrial VII, which focuses on company buyout transactions mainly in Southern Europe. Investindustrial was founded in 1990 and the company hires more than 60 investment professionals. The portfolios of their previous funds include companies such as Aston Martin, Sergio Rossi, Ducati, and a few other known names from different sectors.\n\nIn our bonds portfolio, we again sold Lithuanian and Latvian government bonds which have so far had a good rate of return but which could result in a minimal or negative profit if retained until the end with their current high price.\n\nRegarding our bonds portfolio, in the beginning of October, we reached a deal with Ekspress Grupp, according to which the company shall borrow money from the fund in the form of bonds to finance its expansion plans. Eight-year bonds have been issued supplementary security by the company’s chief shareholder and the bonds shall have interest of 6% per year. We see that local companies are increasingly more interested in raising capital from pension funds, and negotiations with some future issuers regarding making an investment in the form of a bond, are reaching their final stage.\n\nThe main bond markets of Europe had a slight decline in September. Considering the high price level of the markets, we shall continue working with the goal to sell bonds with a high price on the European stock exchanges and invest the gained funds into local companies.\n"},{"year":2019,"month":8,"content":"### August 2019 – New private capital investment\n\nKristo Oidermaa, Fund Manager\n\nAgainst the background of the economic slowdown and the US-China trade war, the world's stock markets showed a predominately negative rate of return again in August. The index of Euro Stoxx 50, which gathers 50 of the biggest publicly traded companies of the Eurozone, decreased by 1.1% in a month and, for example, the stock exchange indexes of Germany and Finland both decreased by 2.0%. The rate of return of the Japanese stock market was -3.8% in the local currency and -0.5% in euros. The index value of global developing markets also decreased by -3.9% in euros, the weakest ones being Latin American countries led by Argentina. The stock market of the Baltic states also followed the general decline in August. The stock indexes of Tallinn and Riga showed a -1.7% and -1.6% rate of return respectively, and the rate of return of the Vilnius stock exchange remained at -0.9%.\n\nThe pension fund L made a new investment in August into the private capital fund QS Club Fund II, which is led by the global asset management company Quilvest. The company was established in 1972 and together they manage more than USD 5 billion worth of assets. The new fund will be making investments into Northern American and Western European private companies, by using several different strategies of value creation.\n\nIn August, it was reported that the portal auto24, which belonged to the management board of the company and a local investor BaltCap, would be put up for sale. After the sale of auto24, it is likely that the new owner will prematurely repay the loans of the company to our funds. The investment made at the beginning of 2017 was the first significant money placement of the new wave after easing the national restrictions of the pension funds. LHV funds were then fully financing the company's purchase from the former Finnish owners. It was and still is one of the biggest local investments of LHV funds. The final rate of return of the investment depends on the deadline for repayment; by now the funds have earned interest of a little more than 16% from the given loan during the two and a half years that have passed.\n\nThe European bond market is looking forward to the central bank's September meeting in which investors wish to see the relaunch of the bond purchasing programme. The price levels in the markets are so high that in the case of a very high rating it will be possible for banks to borrow money from markets for ten years with a negative rating. We will continue to work with many Estonian companies and hope to have new investments soon, especially in this direction.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The euro of today must also serve the needs of tomorrow**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n","text":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n\nBoth the US Federal Reserve and the European Central Bank have done an about-face in terms of their monetary policy this year and lowered interest rates. However, all medicines lose their effectiveness if taken for too long, and unwanted side effects also begin to materialise.\n\nCorporate indebtedness has grown, although enterprises have not spent all of their borrowed money on investments. A large portion has been used to repurchase shares and pay dividends. Government debt burdens have also grown, regardless of the fact that there is no longer a need to pay interest and they are even being paid for taking a loan.\n\nIn its analysis, Deutsche Bank has shown that the average debt of the world’s largest countries already exceeds 70% of GDP. It is the highest level in the last 150 years, if you leave out the rapid growth in public debt during World War II.\n\n**Living at the expense of the future**\n\nRecently, it has become more prevalent in Estonia to support the standpoint that if money can be borrowed in such a way that you are being paid to do so, this opportunity should be taken. However, I believe that more important than the loan interest rate is how the borrowed money is used.\n\nIf a loan with an interest rate of 0% is invested into a project, the rate of return of which is greater than 0%, it is justified. However, if the loan is used in such a way that it creates nothing, the borrowers are digging a hole, from which it is not easy to climb out of because the debt is owned by a stranger (even with an interest rate of 0%). In the end, we shall be poorer by the amount of the borrowed money, not richer. It does not matter whether the loan has a 0% or 10% interest rate, it is vital that we would earn a higher rate of return than the interest rate of the loan we have taken.\n\nIn particular, I have heard politicians say that because of the lower interest rates it is not reasonable to invest right now – it would be better to spend. Justifying spending and encouraging consumption has for years (but not always) been the world-view of Isamaa politicians (although they still consider themselves to be right-wing and conservative).\n\nTwo previous Ministers of Finance, who both came from the Isamaa Party, spent the reserves of both the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund. The last Minister of Finance appointed from among the ranks of the Isamaa Party described it as the efficient use of money, and also included permission to spend the reserves of the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund, in order to cover running costs, in legislation. The Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund have reserves only on paper – actual money does not exist, one of the current ministers admitted. Maybe this is why the Great Peters of Isamaa have targeted people’s savings in the pension funds.\n\n**“Expert opinion”**\n\nWhen it comes to Isamaa’s economic ideology on the scale of left and right (or rather not having a world-view), it is best characterised by their choice of spokesman. Several politicians from Isamaa have highlighted Indrek Neivelt as someone whose competence should not be doubted.\n\nI do not know whether the politicians of “right-wing” Isamaa realise that “left-wing” Indrek Neivelt has never represented their right-wing politics. Hereby, I am not stating which world-view is correct but rather admitting that Isamaa does not understand the scale of left and right, at least not in terms of the economy.\n\nMoreover, I do not understand why Neivelt is considered an expert, whose competence should not be doubted. What has Indrek Neivelt done after leaving Hansapank that would give anyone the reason to consider him an expert in a field? When Rain Lõhmus left Hansapank, a team of top specialists followed him. Possibly, Indrek Neivelt also hoped that a team would leave with him from Hansapank, which was acquired by the Swedes, so they could start something new together. No one followed Indrek!\n\nHis record sized ego on the Estonian scale has yet to overcome this disappointment. Indrek’s post-Hansapank experiments, both as an entrepreneur and an investor, do not demonstrate his competence. His huge ego continues to need society’s attention and Facebook likes. For Neivelt, being popular is more important than facts and intellectual honesty. Everyone could see that in the 4 September “Esimene Stuudio” show, on ETV, where he engaged in a debate with Ardo Hansson over the topic of pension reform.\n\nNeivelt’s criticism about how money is added to pension funds for decades, before more starts coming, out has raised some eyebrows. If you save money for a trip happening in a year, you put money aside for 12 months, so you could eventually withdraw it and go on the holiday. It is the same with saving for your pension. If you start saving for your pension in your twenties and your pension arrives in about 45 years, it does mean that you save and grow your pension assets for about half a century and start using it when you are 65 years old. If you withdraw the money before retiring and spend it, then you would have nothing in your bank account when you are 65.\n\nThe same logic applies to the pension system as a whole. It takes about 40-50 years from creating the system until the point in time when payouts start exceeding deposits. Which is why the II pillar is called the funded pension. In the last 17 years, the rate of return of pension funds has exceeded the increase in the cost of living, so the funds saved for pension have not gone up in smoke nor has the purchasing power of pension assets decreased. Neivelt’s statement, as if the Swedes are receiving a pension three times bigger than their deposits, is not a fact but a hyperbole constructed to draw attention, presuming a lot of unrealistic prerequisites.\n\nNeivelt likes exaggerations in the style “Estonian people failed to earn EUR 1 billion. A billion euros!”. However, he is not ashamed to add an accusation to the article, published in Postimees, in April, directed at the pension reform critics of Isamaa, whom he maligns with his delusions: “However, lies and half-truths are spewed to the media, with those people who want to change something being accused.” Neivelt should look in the mirror to see who is the one spewing the lies and half-truths.\n\nIsamaa, Parvel Pruunsild, and Indrek Neivelt began their attack with a cold-blooded lie that the money in the pension funds is going up in smoke. I hope that both Neivelt and Seeder have the honesty and courage to admit their mistake and have, by now, managed to acquaint themselves with the reality that the purchasing power of the pension funds has increased, not decreased.\n\n**Discipline helps to bring success**\n\nThere is no doubt that the pension reform of Isamaa and the current government coalition means smaller pensions in the future, even in the case where the beginning of retirement is being postponed further and further.\n\nIn comparison with their salaries, the pensions of Estonian citizens are the lowest in Europe, and life after retiring is shorter than in other European countries. Thereby, Isamaa wants to force a pension reform that would make Estonia’s pension system even more minimal. To retain the current replacement rate (pension compared with the last net salary) of Europe’s lowest pension, which in Estonia is about 40%, it is proposed to postpone the retirement age.\n\nEssentially, it means that a large group of people shall pay 20% of their salary as pension instalments to the state budget for 40 years but will not receive anything in return if they leave this world before reaching their retirement. Basically, for many people, postponing retirement means eliminating the I pillar in the same way that Isamaa is trying to remove the II pillar by making the funded pension voluntary.\n\nWealth and assets accumulate only when less is spent than earned. For me, freedom is linked to coping on my own and this presumes a certain amount of wealth. Wealth and thus also freedom presume at least some discipline in financial issues and in a broader sense as well. You shall never become rich and free while spending.\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019832","strategyType":"Progressive","managementStyle":"Active","riskLevel":3,"countryShareEe":32.2,"fundManager":"LHV"},"LXK75":{"heading":"LHV Pensionifond XL","id":"xl","code":"xl","dataMarker":"XLK50","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are prepared to take above-average risks,\n- your aim is the long-term growth of your pension savings.\n","strategy":"**Strategy**\nThe Fund prefers foreign markets, more liquid and traded instruments on regulated markets when investing assets. The assets of the Fund may be invested in their entirety in equities, equity funds and other equity-like instruments. The Fund is allowed to borrow up to 10% of the Fund's assets value. The long-term preferred asset class of the fund is public equity investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":35093},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":56.6,"unit":"%"},{"name":"Shares","value":13.38,"unit":"%"},{"name":"Equity funds","value":5.36,"unit":"%"},{"name":"Real Estate funds","value":10.4,"unit":"%"},{"name":"Private Equity funds","value":8.53,"unit":"%"},{"name":"Money and deposits","value":5.73,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.61% |\n| EfTEN Kinnisvarafond | 3.24% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.87% |\n| France Government 2.25% 25/10/22 | 2.56% |\n| East Capital Baltic Property Fund III | 2.48% |\n| East Capital Baltic Property Fund II | 2.28% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.19% |\n| Allianz 07/12/20 | 2.02% |\n| JP Morgan Chase And Co 27/01/20 | 1.92% |\n| iShares STOXX Europe 600 Health Care | 1.88% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.61% |\n| EfTEN Kinnisvarafond | 3.24% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.87% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2019) | 188,852,743.37 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 500 000 units |\n| Rate of the depository’s charge | 0,0576% (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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.72%\n\n**Ongoing charges (inc management fee):** 1.62%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2019_09.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":10,"content":"### October 2019 – Livonia Partners purchased a glass manufacturer\n\nKristo Oidermaa, Fund Manager\n\nOctober went by relatively calmly on the world’s stock markets, and exchange indexes showed predominantly positive rates of return. The rate of return of Euro Stoxx 50, an index that is made up of 50 of the largest listed companies in the euro area, was +1.1% in October; good results were also shown by the German stock exchange with an increase of 3.5%, and the Swedish stock exchange with a rate of return of 5.2%. At that, the British stock market index fell 2.2% due to Brexit-related tensions.\n\nThe result of the Japanese stock exchange was a strong 5.4% in local currency; however, the rate of return remained at 3.2% in euros. The global emerging markets index rose by 4.1% within the month, driven by the great results in several Asian and Latin American countries. In the Baltics, the Vilnius stock exchange showed the best rate of return with an increase of 1.6%; the Tallinn stock exchange also rose by 1.5% in October. The Riga stock exchange had to accept a 0.3% decline.\n\nThe private capital fund Livonia Partners, which belongs to the Pension Fund XL portfolio, made another new investment, purchasing Klaasimeister AS, an Estonian company engaged in glass manufacturing and processing. The company’s customers include installers of glass façades and manufacturers of dividing walls and barriers in Scandinavia and the Baltics. This is Livonia’s second takeover this year – at the beginning of the year, they also purchased Fenestra, a window manufacturer.\n\nIn the bond portfolio, we finalised the purchase of securities from the issue of Ekspress Grupp that was mentioned in the previous monthly review. All bonds were issued to LHV funds; their annual interest rate is 6%; they will be redeemed after eight years, and have been issued supplementary security by the company’s chief shareholder. The company will use the funds raised with the issue for expansion.\n\nAmong foreign investments, the price increase of Danske’s subordinated long-term bonds is once again worth mentioning in October. Even though the fines and punishments to be imposed on the Danish bank are far from clear, investor confidence is recovering – the two Danske bonds that are in our portfolio have offered a 24%–25% rate of return this year. At the same time, all main European bond markets were on the negative side, falling slightly less than one per cent, on average. We work with local issuers and continue to see investment opportunities here.\n"},{"year":2019,"month":9,"content":"### September 2019 – In September, the stock markets were positively minded\n\nKristo Oidermaa, Fund Manager\n\nIn global markets, September mainly had a positive rate of return and the stock exchanges of both developed and developing countries increased. The index that encompasses the 50 largest publicly traded companies in the Eurozone increased by 4.3% within a month and the largest increases were, for instance, the stock exchange indexes of Finland and Germany with rates of return of 4.9% and 4.1%, respectively. The Japanese stock exchange index demonstrated a 5.1% rate of return in its local currency, whereas in EUR the increase was 4.1%. The MSCI developing markets index also showed a good result, increasing by 2.5% in EUR, whereas Latin America that has been weak for a while now also showed a 3.3% rate of return. The Baltic stock exchange indexes moved quite little in September: The Vilnius and Riga stock exchanges increased by 0.3% and 0.6%, respectively, and the rate of return for the Tallinn stock exchange was -0.9%.\n\nThe venture capital fund Tera Ventures, which is part of the Pension Fund XL, was the leading investor in the second round of funding for the Estonian-USA company Snackable. Snackable is developing an audio content search engine, based on artificial intelligence, and since 2018 has raised a total of 2.3 million US dollars’ worth of investments. The company shall use the new funds to expand their development team in Estonia and also for entering international markets.\n\nIn our bonds portfolio, we again sold Czech, Lithuanian, Latvian, and Romanian government bonds which have so far have had a good rate of return but which could result in a minimal or negative profit if retained until the end with their current high price.\n\nRegarding our bonds portfolio, in the beginning of October, we reached a deal with Ekspress Grupp, according to which the company shall borrow money from the fund in the form of bonds to finance its expansion plans. Eight-year bonds have been issued supplementary security by the company’s chief shareholder and the bonds shall have interest of 6% per year. We see that local companies are increasingly more interested in raising capital from pension funds, and negotiations with some future issuers regarding making an investment in the form of a bond, are reaching their final stage.\n\nThe main bond markets of Europe had a slight decline in September. Considering the high price level of the markets, we shall continue working with the goal to sell bonds with a high price on the European stock exchanges and invest the gained funds into local companies.\n"},{"year":2019,"month":8,"content":"### August 2019 – Auto24 will have a new owner\n\nKristo Oidermaa, Fund Manager\n\nAgainst the background of the economic slowdown and the US-China trade war, the world's stock markets showed a predominately negative rate of return again in August. The index of Euro Stoxx 50, which gathers 50 of the biggest publicly traded companies of the Eurozone, decreased by 1.1% in a month and, for example, the stock exchange indexes of Germany and Finland both decreased by 2.0%. The rate of return of the Japanese stock market was -3.8% in the local currency and -0.5% in euros. The index value of global developing markets also decreased by -3.9% in euros, the weakest ones being Latin American countries led by Argentina. The stock market of the Baltic states also followed the general decline in August. The stock indexes of Tallinn and Riga showed a -1.7% and -1.6% rate of return respectively, and the rate of return of the Vilnius stock exchange remained at -0.9%.\n\nThe private capital fund BaltCap Private Equity Fund II, belonging to the portfolio of pension fund XL, had a successful exit from the investment into the vehicle sales portal auto24. The company was purchased by Baltic Classifieds Group, the portfolio of which includes many advertisement portals of Baltic countries, including KV.ee, City24.ee and Osta.ee. The transaction is planned to be completed during the current year after receiving the respective approval from the Estonian Competition Authority.\n\nThe European bond market is looking forward to the central bank's September meeting in which investors wish to see the relaunch of the bond purchasing programme. The price levels in the markets are so high that in the case of a very high rating it is currently possible for banks to borrow money for ten years with a negative rating. We are still looking for alternatives for this in the form of financing Estonian companies. From the fund's investments, Sampo, which was purchased in August, also continued with the price increase. The bonds of the Finnish insurance group had produced about 15% in less than four months by the end of August.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The euro of today must also serve the needs of tomorrow**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n","text":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n\nBoth the US Federal Reserve and the European Central Bank have done an about-face in terms of their monetary policy this year and lowered interest rates. However, all medicines lose their effectiveness if taken for too long, and unwanted side effects also begin to materialise.\n\nCorporate indebtedness has grown, although enterprises have not spent all of their borrowed money on investments. A large portion has been used to repurchase shares and pay dividends. Government debt burdens have also grown, regardless of the fact that there is no longer a need to pay interest and they are even being paid for taking a loan.\n\nIn its analysis, Deutsche Bank has shown that the average debt of the world’s largest countries already exceeds 70% of GDP. It is the highest level in the last 150 years, if you leave out the rapid growth in public debt during World War II.\n\n**Living at the expense of the future**\n\nRecently, it has become more prevalent in Estonia to support the standpoint that if money can be borrowed in such a way that you are being paid to do so, this opportunity should be taken. However, I believe that more important than the loan interest rate is how the borrowed money is used.\n\nIf a loan with an interest rate of 0% is invested into a project, the rate of return of which is greater than 0%, it is justified. However, if the loan is used in such a way that it creates nothing, the borrowers are digging a hole, from which it is not easy to climb out of because the debt is owned by a stranger (even with an interest rate of 0%). In the end, we shall be poorer by the amount of the borrowed money, not richer. It does not matter whether the loan has a 0% or 10% interest rate, it is vital that we would earn a higher rate of return than the interest rate of the loan we have taken.\n\nIn particular, I have heard politicians say that because of the lower interest rates it is not reasonable to invest right now – it would be better to spend. Justifying spending and encouraging consumption has for years (but not always) been the world-view of Isamaa politicians (although they still consider themselves to be right-wing and conservative).\n\nTwo previous Ministers of Finance, who both came from the Isamaa Party, spent the reserves of both the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund. The last Minister of Finance appointed from among the ranks of the Isamaa Party described it as the efficient use of money, and also included permission to spend the reserves of the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund, in order to cover running costs, in legislation. The Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund have reserves only on paper – actual money does not exist, one of the current ministers admitted. Maybe this is why the Great Peters of Isamaa have targeted people’s savings in the pension funds.\n\n**“Expert opinion”**\n\nWhen it comes to Isamaa’s economic ideology on the scale of left and right (or rather not having a world-view), it is best characterised by their choice of spokesman. Several politicians from Isamaa have highlighted Indrek Neivelt as someone whose competence should not be doubted.\n\nI do not know whether the politicians of “right-wing” Isamaa realise that “left-wing” Indrek Neivelt has never represented their right-wing politics. Hereby, I am not stating which world-view is correct but rather admitting that Isamaa does not understand the scale of left and right, at least not in terms of the economy.\n\nMoreover, I do not understand why Neivelt is considered an expert, whose competence should not be doubted. What has Indrek Neivelt done after leaving Hansapank that would give anyone the reason to consider him an expert in a field? When Rain Lõhmus left Hansapank, a team of top specialists followed him. Possibly, Indrek Neivelt also hoped that a team would leave with him from Hansapank, which was acquired by the Swedes, so they could start something new together. No one followed Indrek!\n\nHis record sized ego on the Estonian scale has yet to overcome this disappointment. Indrek’s post-Hansapank experiments, both as an entrepreneur and an investor, do not demonstrate his competence. His huge ego continues to need society’s attention and Facebook likes. For Neivelt, being popular is more important than facts and intellectual honesty. Everyone could see that in the 4 September “Esimene Stuudio” show, on ETV, where he engaged in a debate with Ardo Hansson over the topic of pension reform.\n\nNeivelt’s criticism about how money is added to pension funds for decades, before more starts coming, out has raised some eyebrows. If you save money for a trip happening in a year, you put money aside for 12 months, so you could eventually withdraw it and go on the holiday. It is the same with saving for your pension. If you start saving for your pension in your twenties and your pension arrives in about 45 years, it does mean that you save and grow your pension assets for about half a century and start using it when you are 65 years old. If you withdraw the money before retiring and spend it, then you would have nothing in your bank account when you are 65.\n\nThe same logic applies to the pension system as a whole. It takes about 40-50 years from creating the system until the point in time when payouts start exceeding deposits. Which is why the II pillar is called the funded pension. In the last 17 years, the rate of return of pension funds has exceeded the increase in the cost of living, so the funds saved for pension have not gone up in smoke nor has the purchasing power of pension assets decreased. Neivelt’s statement, as if the Swedes are receiving a pension three times bigger than their deposits, is not a fact but a hyperbole constructed to draw attention, presuming a lot of unrealistic prerequisites.\n\nNeivelt likes exaggerations in the style “Estonian people failed to earn EUR 1 billion. A billion euros!”. However, he is not ashamed to add an accusation to the article, published in Postimees, in April, directed at the pension reform critics of Isamaa, whom he maligns with his delusions: “However, lies and half-truths are spewed to the media, with those people who want to change something being accused.” Neivelt should look in the mirror to see who is the one spewing the lies and half-truths.\n\nIsamaa, Parvel Pruunsild, and Indrek Neivelt began their attack with a cold-blooded lie that the money in the pension funds is going up in smoke. I hope that both Neivelt and Seeder have the honesty and courage to admit their mistake and have, by now, managed to acquaint themselves with the reality that the purchasing power of the pension funds has increased, not decreased.\n\n**Discipline helps to bring success**\n\nThere is no doubt that the pension reform of Isamaa and the current government coalition means smaller pensions in the future, even in the case where the beginning of retirement is being postponed further and further.\n\nIn comparison with their salaries, the pensions of Estonian citizens are the lowest in Europe, and life after retiring is shorter than in other European countries. Thereby, Isamaa wants to force a pension reform that would make Estonia’s pension system even more minimal. To retain the current replacement rate (pension compared with the last net salary) of Europe’s lowest pension, which in Estonia is about 40%, it is proposed to postpone the retirement age.\n\nEssentially, it means that a large group of people shall pay 20% of their salary as pension instalments to the state budget for 40 years but will not receive anything in return if they leave this world before reaching their retirement. Basically, for many people, postponing retirement means eliminating the I pillar in the same way that Isamaa is trying to remove the II pillar by making the funded pension voluntary.\n\nWealth and assets accumulate only when less is spent than earned. For me, freedom is linked to coping on my own and this presumes a certain amount of wealth. Wealth and thus also freedom presume at least some discipline in financial issues and in a broader sense as well. You shall never become rich and free while spending.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600019766","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":29.43,"fundManager":"LHV"},"LIK75":{"heading":"LHV Pensionifond Indeks","id":"indeks","code":"lik","dataMarker":"LIK75","suitability":"**Suitable if**\n- you want to invest in financial markets on a continuous basis,\n- you wish to grow your pension pillar at the lowest possible costs,\n- you have prior personal investment experience.\n","strategy":"**Strategy**\nWe invest broadly in equity and real estate funds. When investing, we prefer funds that are exchange traded (ETF), have a low cost rate, hold physical assets (not synthetic), are cost effective, liquid and follow the base index. Up to 75% of the fund’s assets have been invested in equity funds, the rest in real estate funds. We invest in equity funds both in developed, emerging as well as frontier markets, based on global GDP distribution. Whenever the proportion of money in the fund exceeds 2%, it is invested within five working days.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":1331},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":71.01,"unit":"%"},{"name":"Real Estate funds","value":26.9,"unit":"%"},{"name":"Money and deposits","value":2.09,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Lyxor Core MSCI World DR UCITS | 27.14% |\n| Amundi Index FTSE EPRA Nareit Global UCITS ETF | 26.90% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 17.06% |\n| iShares Core MSCI World UCITS | 10.57% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 5.97% |\n| HSBC MSCI WORLD UCITS ETF | 3.38% |\n| db x-trackers MSCI World Index UCITS ETFF | 3.24% |\n| iShares MSCI Frontier 100 ETF | 2.31% |\n| Vanguard FTSE Emerging Markets UCITS ETF | 1.34% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2019) | 20,733,759.68 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 550 000 units |\n| Rate of the depository’s charge | 0,0576% (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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.39%\n\n**Ongoing charges (inc management fee):** 0.69%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused-2018-01-02.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_prospekt-2018-01-02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_09_2019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2019_09.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2017.pdf)\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109401","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV"},"TUK00":{"heading":"Tuleva Maailma Võlakirjade Pensionifond","id":"tv","code":"tv","dataMarker":"TUK00","suitability":"**Suitable if**\n- you have less than 10 years till retirement,\n- you are willing to forgo higher returns in order to avoid losses.\n","strategy":"**Strategy**\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":2200},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":95.57,"unit":"%"},{"name":"Money and deposits","value":4.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.77% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.03% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 23.62% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 23.16% |\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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.34%\n\n**Ongoing charges (inc management fee):** 0.5%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600109443","strategyType":"Conservative","managementStyle":"Passive","riskLevel":3,"countryShareEe":0,"fundManager":"Tuleva"},"TUK75":{"heading":"Tuleva Maailma Aktsiate Pensionifond","id":"ta","code":"ta","dataMarker":"TUK75","suitability":"**Suitable if**\n- you are younger than 55 years,\n- you would like to earn best expected return over long term and you are not disturbed by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":7389},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":72.27,"unit":"%"},{"name":"Bond funds","value":26.63,"unit":"%"},{"name":"Money and deposits","value":1.13,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - World Equity Index - X2 | 28.14% |\n| BlackRock ISF - Developed World Index | 27.93% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 26.63% |\n| BlackRock ISF - Developed World ex Tobacco | 8.17% |\n| BlackRock ISF - Emerging Markets Index | 8.04% |\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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.34%\n\n**Ongoing charges (inc management fee):** 0.47%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109435","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva"},"SEK50":{"heading":"SEB Progressiivne Pensionifond","id":"progressiivne","code":"progressiivne","dataMarker":"SEK50","suitability":"**Suitable if**\n- you have more than 3 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nFund invests up to 50% of its assets in shares, with the remainder allocated to bonds and deposits. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":94748},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":35.58,"unit":"%"},{"name":"Shares","value":33.66,"unit":"%"},{"name":"Equity funds","value":11.45,"unit":"%"},{"name":"Real Estate funds","value":2.47,"unit":"%"},{"name":"Private Equity funds","value":1.29,"unit":"%"},{"name":"Bond funds","value":13.4,"unit":"%"},{"name":"Money and deposits","value":2.15,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublic Deutschland 2% 15.08.2023 | 9.25% |\n| France Government 0% 25.02.2020 | 3.35% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 3.24% |\n| Amundi MSCI Emerging Markets UCITS ETF | 3.13% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 2.45% |\n| iShares Core S&P 500 UCITS ETF | 2.08% |\n| Tallinna Sadam AS | 2.04% |\n| Luminor Bank Estonia 1.5% 18.10.2021 | 2.00% |\n| Xtrackers MSCI World Energy UCITS ETF | 1.97% |\n| Raiffeisen-Osteuropa-Rent Fund | 1.67% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.04% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 2.00% |\n| Elering 0.875% 03.05.2023 | 0.95% |\n"}]},{"id":"expenses","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:** 0.87%\n\n**Ongoing charges (inc management fee):** 1.27%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019725","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":8.56,"fundManager":"SEB"},"SEK25":{"heading":"SEB Optimaalne Pensionifond","id":"optimaalne","code":"optimaalne","dataMarker":"SEK25","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nFund mainly invests in bonds and deposits, with up to 25% invested in shares. As the fund largely invests in bonds and deposits, there may be moderate fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":6088},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":33.52,"unit":"%"},{"name":"Shares","value":2.81,"unit":"%"},{"name":"Equity funds","value":15.28,"unit":"%"},{"name":"Real Estate funds","value":2.42,"unit":"%"},{"name":"Private Equity funds","value":0.65,"unit":"%"},{"name":"Bond funds","value":40.71,"unit":"%"},{"name":"Money and deposits","value":4.61,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 9.16% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 7.77% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 7.76% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 5.43% |\n| Robeco Ql Global Dynamic Duration | 4.45% |\n| iShares Core S&P 500 UCITS ETF | 3.66% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.64% |\n| SEB Ethical Global Index Fund | 3.24% |\n| France Government 0% 25.02.2020 | 3.04% |\n| SEB Fund 4 Short Bond Fund Euro | 3.02% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.92% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 1.90% |\n| Elering 0.875% 03.05.2023 | 0.91% |\n"}]},{"id":"expenses","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:** 0.75%\n\n**Ongoing charges (inc management fee):** 1.07%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098612","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":7.92,"fundManager":"SEB"},"SEK00":{"heading":"SEB Konservatiivne Pensionifond","id":"konservatiivne","code":"konservatiivne","dataMarker":"SEK00","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nInvests at least 90% of its assets in investment grade bonds, money market instruments and deposits. Up to 10% is allowed to invest into other assets, including equities. Investment in these asset classes involves lower risks, meaning that there is little fluctuation in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":12493},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":47.33,"unit":"%"},{"name":"Equity funds","value":6.38,"unit":"%"},{"name":"Bond funds","value":45.66,"unit":"%"},{"name":"Money and deposits","value":0.62,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublic Deutschland 3% 04.07.2020 | 18.08% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 13.51% |\n| iShares Core EUR Corp Bond UCITS ETF EUR (Dist) | 8.64% |\n| UBS ETF-Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF | 8.43% |\n| iShares EUR Corporate Bond Large Cap UCITS ETF | 8.13% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.60% |\n| Lithuanian Government Bond 0.7% 27.05.2020 | 3.51% |\n| Republic of Lithuania 7.375% 11.02.2020 | 2.88% |\n| iShares Euro Ultrashort Bond UCITS ETF | 2.81% |\n| SEB Fund 4 Short Bond Fund Euro | 2.80% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank Estonia 1,5% 18.10.2021 | 2.11% |\n| Elering 0.875% 03.05.2023 | 1.08% |\n| Baltic Horizon Fund 4.25% 08.05.2023 | 0.40% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n\n**Ongoing charges (inc management fee):** 0.57%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":3.92,"fundManager":"SEB"},"SEK100":{"heading":"SEB Pensionifond 100","id":"sek100","code":"sek100","dataMarker":"SEK100","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a high risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nInvests up to 100% of its assets in shares. This involves high risks, resulting in big fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":0},"accordion":[{"id":"expenses","title":"Expenses","active":true,"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:** 1.2%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600001699","strategyType":"Aggressive","managementStyle":"Active","riskLevel":5,"countryShareEe":"-","fundManager":"SEB"},"SWK99":{"heading":"Swedbank Pensionifond K1990-1999 indeks","id":"k9099","code":"k99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born between 1990 and 1999,\n- you don’t want to change funds yourself during the savings period (although you can still do so if you need to),\n- you prefer the risk profile of the fund to change automatically.\n","strategy":"**Strategy**\nThe Fund is established as a lifecycle fund with so called passive investment strategy, meaning that the assets of the Fund are invested into financial instruments that track global indices and the Management Company reduces the ratio of instruments carrying equity risk in the Fund´s assets over time pursuant to the conditions and prospectus of the Fund.\nThe proportion of investments with equity risk will only ever vary from the indicated level by max. 2%. The remainder is invested in bonds, other debt instruments, deposits and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":5971},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.78,"unit":"%"},{"name":"Money and deposits","value":2.26,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global Ucits ETF DR | 27.50% |\n| LYXOR Core MSCI World | 27.16% |\n| SPDR MSCI World Ucits ETF | 27.13% |\n| Access Global | 17.99% |\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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n\n**Ongoing charges (inc management fee):** 0.72%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109393","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank Pensionifond K100","id":"k4","code":"k4","dataMarker":"SWK75","suitability":"**Suitable if**\n- your age is up to 44 years,\n- you are a pension saver with relatively high risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\nUp to 75% of the fund’s assets are invested in equity-risk instruments, with up to 50% permitted to be invested directly in equities. The rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":106774},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":30.61,"unit":"%"},{"name":"Shares","value":43.91,"unit":"%"},{"name":"Equity funds","value":19.28,"unit":"%"},{"name":"Real Estate funds","value":4.28,"unit":"%"},{"name":"Private Equity funds","value":0.8,"unit":"%"},{"name":"Money and deposits","value":4.23,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 17.99% |\n| Spain Government 5.400% 230131 | 3.66% |\n| Spain Government 0.050% 210131 | 3.60% |\n| Spain Government 0.750% 210730 | 2.65% |\n| Eften Kinnisvarafond II aktsia | 1.54% |\n| Lithuania 0.000% 210131 | 1.08% |\n| East Capital Baltic Property III | 1.07% |\n| Luminor Bank 1.500% 211018 | 1.06% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 0.99% |\n| Poland Government International 0.500% 211220 | 0.92% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.54% |\n| Luminor Bank 1,500% 211018 | 1.06% |\n| East Capital Baltic Property III | 1.07% |\n"}]},{"id":"expenses","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:** 0.67%\n\n**Ongoing charges (inc management fee):** 0.99%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103248","strategyType":"Aggressive","managementStyle":"Active","riskLevel":5,"countryShareEe":8.08,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank Pensionifond K60","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with higher than average risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\nUp to 50% of the fund’s assets are invested in equity-risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":142837},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":48.49,"unit":"%"},{"name":"Shares","value":29.99,"unit":"%"},{"name":"Equity funds","value":11.61,"unit":"%"},{"name":"Real Estate funds","value":5.5,"unit":"%"},{"name":"Private Equity funds","value":0.98,"unit":"%"},{"name":"Bond funds","value":2.24,"unit":"%"},{"name":"Money and deposits","value":1.25,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 8.85% |\n| Spain Government 5.400% 230131 | 3.25% |\n| Spain Government 0.050% 210131 | 2.97% |\n| Spain Government 0.750% 210730 | 2.90% |\n| Amundi 12 M | 2.24% |\n| Eften Kinnisvarafond II aktsia | 2.24% |\n| Lithuania 2.100% 210828 | 1.73% |\n| Lithuania 3.400% 201003 | 1.58% |\n| Luminor Bank 1.500% 211018 | 1.55% |\n| S&P 500 SPDR | 1.47% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 2.24% |\n| Luminor Bank 1.500% 211018 | 1.55% |\n| East Capital Baltic Property III | 1.46% |\n"}]},{"id":"expenses","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:** 0.67%\n\n**Ongoing charges (inc management fee):** 0.97%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019758","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":11.2,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank Pensionifond K30","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with moderate risk tolerance,\n- your objective is to achieve stable growth in your pension assets over a medium savings period (at least seven years).\n","strategy":"**Strategy**\nUp to 25% of the fund’s assets are invested in equity-risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":45384},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":73.27,"unit":"%"},{"name":"Shares","value":0.38,"unit":"%"},{"name":"Equity funds","value":15.93,"unit":"%"},{"name":"Real Estate funds","value":6.63,"unit":"%"},{"name":"Private Equity funds","value":1.38,"unit":"%"},{"name":"Bond funds","value":1.58,"unit":"%"},{"name":"Money and deposits","value":0.89,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Spain Government 0.050% 210131 | 5.33% |\n| Spain Government 0.750% 210730 | 4.21% |\n| S&P 500 SPDR | 4.01% |\n| Amundi ETF MSCI Europe UCITS | 3.89% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 3.63% |\n| Vanguard S&P 500 ETF | 3.41% |\n| Eften Kinnisvarafond II aktsia | 3.06% |\n| Luminor Bank 1.500% 211018 | 2.71% |\n| Lithuania 2.100% 210828 | 2.60% |\n| Lithuania 3.400% 201003 | 2.53% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 3.06% |\n| Luminor Bank 1.500% 211018 | 2.71% |\n| Luminor Bank 1.375% 221021 | 1.49% |\n"}]},{"id":"expenses","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:** 0.67%\n\n**Ongoing charges (inc management fee):** 0.92%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019741","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":17.89,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond K10","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your age is 63 years or above,\n- you are a pension saver with low risk tolerance,\n- your objective is to grow your pension assets in the short term (less than three years).\n","strategy":"**Strategy**\n100% of the fund’s assets are invested in bonds, money market instruments, deposits, real estate and other assets without equity risk.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":10883},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":79.74,"unit":"%"},{"name":"Bond funds","value":4.97,"unit":"%"},{"name":"Money and deposits","value":15.32,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Lithuania Government 0.300% 210504 | 3.80% |\n| Amundi 6 M | 3.51% |\n| Luminor Bank 1.500% 211018 | 3.38% |\n| Eesti Energia 2.384% 230922 | 2.43% |\n| Lithuania Government 0.400% 230816 | 2.61% |\n| City of Tallinn Estonia FRN 271129 | 1.88% |\n| Lithuania 2.100% 210828 | 1.83% |\n| ING Bank FRN 211126 | 1.82% |\n| Cooperatieve Rabobank 1.375% 270203 | 1.76% |\n| Latvenergo 1.900% 220610 | 1.75% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank 1,500% 211018 | 3.38% |\n| Eesti Energia 2.384% 230922 | 2.43% |\n| City of Tallinn Estonia FRN 271129 | 1.88% |\n"}]},{"id":"expenses","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):** 0.35%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":12.02,"fundManager":"Swedbank"},"SEK75":{"heading":"SEB Energiline Pensionifond","id":"energiline","code":"energiline","dataMarker":"SEK75","suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nFund up to 75% of its assets in shares, with the remainder allocated to bonds and deposits. Investing mainly in shares involves higher risks, resulting in bigger fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":32112},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":16.97,"unit":"%"},{"name":"Shares","value":2.22,"unit":"%"},{"name":"Equity funds","value":65.72,"unit":"%"},{"name":"Real Estate funds","value":1.94,"unit":"%"},{"name":"Private Equity funds","value":0.44,"unit":"%"},{"name":"Bond funds","value":11.66,"unit":"%"},{"name":"Money and deposits","value":1.06,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 18.24 |\n| iShares Core S&P 500 UCITS ETF | 13.46% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 6.42% |\n| Amundi Index MSCI World UCITS ETF DR | 5.31% |\n| SEB Ethical Global Index Fund C | 5.14% |\n| Xtrackers MSCI World UCITS ETF | 4.87% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 3.53% |\n| Amundi MSCI Emerging Markets ETF | 3.01% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 2.90% |\n| iShares STOXX Europe 600 UCITS ETF (DE) | 2.89% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank Estonia 1,5% 18.10.2021 | 1.53% |\n| Tallinna Sadam AS | 1.42% |\n| EfTEN Real Estate Fimd IV | 0.73% |\n"}]},{"id":"expenses","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:** 0.75%\n\n**Ongoing charges (inc management fee):** 1.3%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103297","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":6.1,"fundManager":"SEB"},"LEK75":{"heading":"LHV Pensionifond Eesti","id":"eesti","code":"eesti","dataMarker":"LEK75","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you want to link your pension with the Estonian economy,\n- you also have investments in other regions.\n","strategy":"**Strategy**\nThe assets of the Fund shall be invested up to 100% in Estonia and in instruments related to Estonia, if possible and upon finding suitable instruments. At the same time, the proportion of Estonian-related instruments in the Fund is at least 50% of the value of the Fund’s assets. The assets of the Fund may be fully invested in the equity markets. In addition, the Fund is authorized to borrow up to 10%. The Fund’s long-term preferred asset class is investments related to Estonia.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":100},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":48.18,"unit":"%"},{"name":"Shares","value":26.4,"unit":"%"},{"name":"Real Estate funds","value":18.47,"unit":"%"},{"name":"Private Equity funds","value":0.18,"unit":"%"},{"name":"Money and deposits","value":6.77,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Birdeye Timber Fund | 4.36% |\n| EfTEN Kinnisvarafond II | 4.35% |\n| Tallink Grupp | 4.33% |\n| Tallinna Sadam | 4.17% |\n| Tallinna Kaubamaja | 4.14% |\n| Eesti Energia 2.384% 22/09/23 | 4.01% |\n| Autolist 12% 03/04/22 | 3.87% |\n| Luminor 1.5% 18/10/21 | 3.85% |\n| Birdeye Timber Fund 2 | 3.82% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 3.81% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund | 4.36% |\n| EfTEN Kinnisvarafond II | 4.35% |\n| Tallink Grupp | 4.33% |\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 30.09.2019) | 2,662,489.12 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2,690,184.87 units |\n| Rate of the depository’s charge | 0,0576% (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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.72%\n\n**Ongoing charges (inc management fee):** 1.61%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_tingimused_02092019.pdf)\n- [Analysis of the amendments made to the terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_Eesti_kuuaruanne_2019_09.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_Eesti_aruanne_2018.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":10,"content":"### October 2019 – Harju Elekter’s shares drove up Fund value\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe rate of return of the Tallinn stock exchange came to be 1.5% in October, and a fairly similar result was attained by the Vilnius stock exchange. On the other hand, the Riga stock exchange index declined by 0.3% within the month.\n\nHarju Elekter’s shares, which rose a whole 17.6% in the month, strongly contributed to Pensionifond Eesti’s rate of return. The company reported strong results in the third quarter: turnover increased by 44% compared to the same period of the previous year, and the profit earned increased from EUR 18,000 in 2018 to EUR 1.3 million. The majority of Harju Elekter’s sales revenue increase originated from the electrical equipment business, and its Lithuanian subsidiary played a major role in the increase of sales volumes, at that.\n\nThe share of Tallinna Kaubamaja Grupp rose by 8.4% in October, also due to strong third quarter results. The company’s earned sales revenue increased 8.3% year-on-year, and the increase was driven by the car trade business, with its revenues increasing by a whole 23.8%.\n\nThe supermarket segment (Selver) also produced a great result, increasing sales revenue by 5.5%. Tallinna Kaubamaja improved profitability in all business segments, and the earned net profit increased by 10.4% in a year.\n"},{"year":2019,"month":9,"content":"### September 2019 – We invested in the BaltCap fund\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe Baltic stock exchanges moved quite little in September. While the Vilnius and Riga stock exchanges showed some positive rate of return, 0.3% and 0.4%, respectively, the Tallinn stock exchange underwent a 0.9% decline.\n\nThe LHV Pension Fund Eesti made a new investment into the private equity fund BaltCap Private Equity Fund III which focuses on company buyout transactions in the Baltics. For investments, the fund looks for companies that have good potential to expand internationally and the opportunities are mainly seen in healthcare, information and communications technology, and export-directed production sectors. BaltCap is the largest company in the Baltics that makes private equity investments and previously the company has managed a total of seven funds. Over the years, LHV pension funds have invested in several funds that are managed by BaltCap.\n"},{"year":2019,"month":8,"content":"### August 2019 – Auto24 will have a new owner\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe stock exchange of the Baltic states also followed the global decrease of stock markets in August. The stock indexes of Tallinn and Riga decreased by -1.7% and -1.6% respectively and the rate of return of the Vilnius stock exchange remained at -0.9%.\n\nMany Estonian stock companies reported their results of the second quarter during the month. For example, Tallink increased its income by 0.3% compared to the same period of last year and altogether 2.7 million passengers were carried which is 0.8% more. The number of passengers on the Estonia-Finland route increased by 0.5% in the year to 1.3 million passengers. At the same time, the ticket price was pressurised by increased competition and the net profit of the company decreased by 2.5% compared to the second quarter of 2018. However, the Port of Tallinn increased the profits made in the second quarter by 0.2% and the pre-tax profit increased by 6.2%. The number of passengers who visited the port increased by 4,000 people i.e. 0.1% compared to last year. The highest growth was on the Tallinn–Helsinki route. The volume of goods that passed through Muuga Harbour increased by 4.3%, mostly due to the increased transport of gravel.\n\nIn August, it was reported that the portal auto24, which belonged to the management board of the company and a local investor BaltCap, would be put up for sale. After the sale of auto24, it is likely that the new owner will prematurely repay the loans of the company to our funds. The investment made by LHV funds at the beginning of 2017 was the first significant money placement of the new wave after easing the national restrictions of the pension funds. Then, we financed the company's purchase in full from the former Finnish owners. It was and still is one of the biggest local investments of LHV funds. The final rate of return of the investment depends on the deadline of the repayment; by now the fund has earned 12% interest per year from the bonds.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The euro of today must also serve the needs of tomorrow**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n","text":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n\nBoth the US Federal Reserve and the European Central Bank have done an about-face in terms of their monetary policy this year and lowered interest rates. However, all medicines lose their effectiveness if taken for too long, and unwanted side effects also begin to materialise.\n\nCorporate indebtedness has grown, although enterprises have not spent all of their borrowed money on investments. A large portion has been used to repurchase shares and pay dividends. Government debt burdens have also grown, regardless of the fact that there is no longer a need to pay interest and they are even being paid for taking a loan.\n\nIn its analysis, Deutsche Bank has shown that the average debt of the world’s largest countries already exceeds 70% of GDP. It is the highest level in the last 150 years, if you leave out the rapid growth in public debt during World War II.\n\n**Living at the expense of the future**\n\nRecently, it has become more prevalent in Estonia to support the standpoint that if money can be borrowed in such a way that you are being paid to do so, this opportunity should be taken. However, I believe that more important than the loan interest rate is how the borrowed money is used.\n\nIf a loan with an interest rate of 0% is invested into a project, the rate of return of which is greater than 0%, it is justified. However, if the loan is used in such a way that it creates nothing, the borrowers are digging a hole, from which it is not easy to climb out of because the debt is owned by a stranger (even with an interest rate of 0%). In the end, we shall be poorer by the amount of the borrowed money, not richer. It does not matter whether the loan has a 0% or 10% interest rate, it is vital that we would earn a higher rate of return than the interest rate of the loan we have taken.\n\nIn particular, I have heard politicians say that because of the lower interest rates it is not reasonable to invest right now – it would be better to spend. Justifying spending and encouraging consumption has for years (but not always) been the world-view of Isamaa politicians (although they still consider themselves to be right-wing and conservative).\n\nTwo previous Ministers of Finance, who both came from the Isamaa Party, spent the reserves of both the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund. The last Minister of Finance appointed from among the ranks of the Isamaa Party described it as the efficient use of money, and also included permission to spend the reserves of the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund, in order to cover running costs, in legislation. The Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund have reserves only on paper – actual money does not exist, one of the current ministers admitted. Maybe this is why the Great Peters of Isamaa have targeted people’s savings in the pension funds.\n\n**“Expert opinion”**\n\nWhen it comes to Isamaa’s economic ideology on the scale of left and right (or rather not having a world-view), it is best characterised by their choice of spokesman. Several politicians from Isamaa have highlighted Indrek Neivelt as someone whose competence should not be doubted.\n\nI do not know whether the politicians of “right-wing” Isamaa realise that “left-wing” Indrek Neivelt has never represented their right-wing politics. Hereby, I am not stating which world-view is correct but rather admitting that Isamaa does not understand the scale of left and right, at least not in terms of the economy.\n\nMoreover, I do not understand why Neivelt is considered an expert, whose competence should not be doubted. What has Indrek Neivelt done after leaving Hansapank that would give anyone the reason to consider him an expert in a field? When Rain Lõhmus left Hansapank, a team of top specialists followed him. Possibly, Indrek Neivelt also hoped that a team would leave with him from Hansapank, which was acquired by the Swedes, so they could start something new together. No one followed Indrek!\n\nHis record sized ego on the Estonian scale has yet to overcome this disappointment. Indrek’s post-Hansapank experiments, both as an entrepreneur and an investor, do not demonstrate his competence. His huge ego continues to need society’s attention and Facebook likes. For Neivelt, being popular is more important than facts and intellectual honesty. Everyone could see that in the 4 September “Esimene Stuudio” show, on ETV, where he engaged in a debate with Ardo Hansson over the topic of pension reform.\n\nNeivelt’s criticism about how money is added to pension funds for decades, before more starts coming, out has raised some eyebrows. If you save money for a trip happening in a year, you put money aside for 12 months, so you could eventually withdraw it and go on the holiday. It is the same with saving for your pension. If you start saving for your pension in your twenties and your pension arrives in about 45 years, it does mean that you save and grow your pension assets for about half a century and start using it when you are 65 years old. If you withdraw the money before retiring and spend it, then you would have nothing in your bank account when you are 65.\n\nThe same logic applies to the pension system as a whole. It takes about 40-50 years from creating the system until the point in time when payouts start exceeding deposits. Which is why the II pillar is called the funded pension. In the last 17 years, the rate of return of pension funds has exceeded the increase in the cost of living, so the funds saved for pension have not gone up in smoke nor has the purchasing power of pension assets decreased. Neivelt’s statement, as if the Swedes are receiving a pension three times bigger than their deposits, is not a fact but a hyperbole constructed to draw attention, presuming a lot of unrealistic prerequisites.\n\nNeivelt likes exaggerations in the style “Estonian people failed to earn EUR 1 billion. A billion euros!”. However, he is not ashamed to add an accusation to the article, published in Postimees, in April, directed at the pension reform critics of Isamaa, whom he maligns with his delusions: “However, lies and half-truths are spewed to the media, with those people who want to change something being accused.” Neivelt should look in the mirror to see who is the one spewing the lies and half-truths.\n\nIsamaa, Parvel Pruunsild, and Indrek Neivelt began their attack with a cold-blooded lie that the money in the pension funds is going up in smoke. I hope that both Neivelt and Seeder have the honesty and courage to admit their mistake and have, by now, managed to acquaint themselves with the reality that the purchasing power of the pension funds has increased, not decreased.\n\n**Discipline helps to bring success**\n\nThere is no doubt that the pension reform of Isamaa and the current government coalition means smaller pensions in the future, even in the case where the beginning of retirement is being postponed further and further.\n\nIn comparison with their salaries, the pensions of Estonian citizens are the lowest in Europe, and life after retiring is shorter than in other European countries. Thereby, Isamaa wants to force a pension reform that would make Estonia’s pension system even more minimal. To retain the current replacement rate (pension compared with the last net salary) of Europe’s lowest pension, which in Estonia is about 40%, it is proposed to postpone the retirement age.\n\nEssentially, it means that a large group of people shall pay 20% of their salary as pension instalments to the state budget for 40 years but will not receive anything in return if they leave this world before reaching their retirement. Basically, for many people, postponing retirement means eliminating the I pillar in the same way that Isamaa is trying to remove the II pillar by making the funded pension voluntary.\n\nWealth and assets accumulate only when less is spent than earned. For me, freedom is linked to coping on my own and this presumes a certain amount of wealth. Wealth and thus also freedom presume at least some discipline in financial issues and in a broader sense as well. You shall never become rich and free while spending.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109476","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":67.62,"fundManager":"LHV"},"SIK75":{"heading":"SEB Pensionifond Indeks 100","id":"eindeks","code":"sik","dataMarker":"SIK75","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a medium risk fund,\n- your goal is to mirror securities markets.\n","strategy":"**Strategy**\nInvests up to 100% of its assets in equities, by implementing a passive investment strategy and mirroring securities markets. Investing in equities involves high risks, resulting in big fluctuations in the value of the fund’s assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":957},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.2,"unit":"%"},{"name":"Money and deposits","value":0.8,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core S&P 500 UCITS ETF | 25.51% |\n| Vanguard S&P 500 UCITS ETF | 22.86% |\n| Lyxor Core STOXX Europe 600 DE ETF | 18.30% |\n| Xtrackers Nikkei 225 UCITS ETF | 7.13% |\n| Amundi MSCI Emerging Markets UCITS ETF | 5.85% |\n| UBS UBS ETF - MSCI Emerging Markets UCITS ETF | 5.20% |\n| Xtrackers MSCI USA UCITS ETF | 3.87% |\n| SOURCE S&P 500 UCITS ETF | 3.60% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 3.56% |\n| UBS ETF-MSCI Canada UCITS ETF | 3.00% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.43%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109427","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"SEB"},"NPK00":{"heading":"Luminor C Pensionifond","id":"c","code":"c","dataMarker":"NPK00","suitability":"**Suitable if**\n- your saving period is less than 3 years,\n- you would rather protect your pension assets instead of focusing on the growth.\n","strategy":"**Strategy**\nInvests a maximum of 10% of the fund's assets in shares and similar risk-bearing assets. At times of high interest rates, the fund may invest most of its assets in deposits to avoid setbacks on the bond markets.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":4730},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":94.96,"unit":"%"},{"name":"Money and deposits","value":5.04,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 8.91% |\n| Nordea 2 - US Corporate Enhanced Bd Fd | 8.81% |\n| Nordea 1 - US Corporate Bond Fund | 8.77% |\n| iShares Core Euro Government Bond UCITS ETF | 8.53% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 8.38% |\n| Nordea Pro Euro Bond I Growth | 8.05% |\n| iShares Euro Corporate Bond Interest Rate Hedged | 6.96% |\n| Nordea Euro Medium Term Bond Growth | 6.64% |\n| iShares Core Euro Corporate Bond UCITS ETF | 4.76% |\n| Nordea Corporate Bond I Growth | 4.64% |\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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.7%\n\n**Ongoing charges (inc management fee):** 0.75%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":0,"fundManager":"Luminor"},"NPK25":{"heading":"Luminor B Pensionifond","id":"b","code":"b","dataMarker":"NPK25","suitability":"**Suitable if**\n- your saving period is more than 3 years,\n- you want to grow your pension assets, but do not want to take the risk of significant decreases in the price of the accumulated assets.\n","strategy":"**Strategy**\nInvests a maximum of 30% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":2358},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":18.39,"unit":"%"},{"name":"Real Estate funds","value":4.77,"unit":"%"},{"name":"Bond funds","value":71.76,"unit":"%"},{"name":"Money and deposits","value":5.08,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 9.12% |\n| Nordea Euro Bond I Growth | 7.33% |\n| Nordea Emerging Market Bond Fund Growth | 7.28% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 6.58% |\n| iShares Core Euro Government Bond UCITS ETF | 5.71% |\n| EfTEN Kinnisvarafond II AS | 4.77% |\n| Nordea 1 - US Corporate Bond Fund | 4.58% |\n| iShares Core MSCI Emerging Markets | 4.36% |\n| iShares Euro Corporate Bond Large Cap UCITS ETF | 4.34% |\n| Nordea 1 - Emerging Mkt Hard Ccy Bond Fd | 4.27% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.77% |\n"}]},{"id":"expenses","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:** 1.03%\n\n**Ongoing charges (inc management fee):** 1.33%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098448","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":5.01,"fundManager":"Luminor"},"NPK75":{"heading":"Luminor A Pluss Pensionifond","id":"apluss","code":"A pluss","dataMarker":"NPK75","suitability":"**Suitable if**\n- your saving period is more than 20 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve potentially high return on assets in the longer run despite short-term fluctuations in prices.\n","strategy":"**Strategy**\nInvests a maximum of 100% of fund assets in equity and assets with similar risk. The rest is invested in bonds, deposits or similar instruments. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":6865},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":61.49,"unit":"%"},{"name":"Real Estate funds","value":3.06,"unit":"%"},{"name":"Bond funds","value":30.45,"unit":"%"},{"name":"Money and deposits","value":5,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI Emerging Markets | 8.03% |\n| iShares Core MSCI World UCITS ETF | 7.87% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 7.16% |\n| iShares MSCI North America UCITS ETF | 4.92% |\n| Financial Select Sector SPDR | 4.68% |\n| Nordea 1 - Emerging Mkt Hard Ccy Bond Fd | 4.26% |\n| Nordea 1 - US Corporate Bond Fund | 3.94% |\n| S&P Depository Receipts Trust | 3.32% |\n| Nordea 1 - European High Yield Vond Fund BI-EUR | 3.23% |\n| Nordea Global High Yield Growth | 3.08% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.89% |\n| EfTEN Kinnisvarafond AS | 0.17% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.03%\n\n**Ongoing charges (inc management fee):** 1.5%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103503","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":3.06,"fundManager":"Luminor"},"NPK50":{"heading":"Luminor A Pensionifond","id":"A","code":"A","dataMarker":"NPK50","suitability":"**Suitable if**\n- your saving period is more than 10 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve a somewhat higher return on assets regardless of short-term price fluctuations.\n","strategy":"**Strategy**\nInvests a maximum of 60% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":27651},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":38.64,"unit":"%"},{"name":"Real Estate funds","value":4.38,"unit":"%"},{"name":"Bond funds","value":52.58,"unit":"%"},{"name":"Money and deposits","value":4.4,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 6.93% |\n| iShares Core Euro Government Bond UCITS ETF | 6.17% |\n| Nordea Emerging Market Bond Fund Growth | 4.96% |\n| Nordea 1 - US Corporate Bond Fund | 4.74% |\n| Nordea 1 - Emerging Mkt Hard Ccy Bond Fd | 4.49% |\n| Nordea Global High Yield Growth | 4.36% |\n| Nordea 1 - European High Yield Bond Fund BI-EUR | 4.29% |\n| Nordea 1 - Emerging Stars Equity Fund | 4.13% |\n| iShares MSCI North America UCITS ETF | 3.83% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 3.82% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.28% |\n| EfTEN Kinnisvarafond AS | 1.09% |\n"}]},{"id":"expenses","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:** 1.03%\n\n**Ongoing charges (inc management fee):** 1.4%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"progressiivne","isin":"EE3600098430","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":4.37,"fundManager":"Luminor"},"SPT30":{"heading":"Luminor Intress Pluss Pensionifond","id":"intress-pluss","code":"lum_int","dataMarker":"SPT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is more than 3 years long,\n- you want to increase your pension assets, but do not want to take risks at the price of significant decrease in the value of collected assets.\n","strategy":"## **Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"1%","exitFee":"1%","managementFee":"1,2%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600109369, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.53%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Täiendav Pensionifond","id":"taiendav","code":"lhv_iii","dataMarker":"LHT75","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have medium risk tolerance,\n- you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money tax-effectively after reaching the age of 55.\n","strategy":"## **Strategy**\nThe fund makes significant investments in equity markets: to ensure maximum growth, the proportion of equity markets is kept close to 75% of the value of the fund’s assets. The proportion of equity markets may also be higher – up to 95% – or lower (in recent years close to 40%), if considered reasonable by the fund manager.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"date":"30.09.2019","capacity":"15,711,341.46 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600010294, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":52.6,"unit":"%"},{"name":"Shares","value":15.55,"unit":"%"},{"name":"Equity funds","value":10.15,"unit":"%"},{"name":"Real Estate funds","value":13.88,"unit":"%"},{"name":"Private Equity funds","value":4.35,"unit":"%"},{"name":"Bond funds","value":0.12,"unit":"%"},{"name":"Money and deposits","value":3.34,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019.\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 5.14% |\n| Luminor 1.5% 18/10/21 | 3.81% |\n| East Capital Baltic Property Fund III | 3.42% |\n| iShares DAX EX | 2.63% |\n| East Capital Baltic Property Fund II | 2.62% |\n| Citadele banka 6.25% 06/12/2026 | 2.45% |\n| JP Morgan Chase And Co 27/01/20 | 2.00% |\n| China Development Bank 0.375% 16/11/21 | 1.99% |\n| HSBC Holdings Plc 04/12/21 | 1.91% |\n| SAP 13/03/21 | 1.86% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 5.14% |\n| Luminor 1.5% 18/10/21 | 3.81% |\n| East Capital Baltic Property Fund III | 3.42% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2019) | 16,209,925.86 € |\n| Management company | AS LHV Varahaldus |\n| Rate of the depository’s charge | 0,0576% |\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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.08%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_tingimused_2017-06-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_taiendav_kuuaruanne_2019_09.pdf)\n- [Interim report for the first half-year of 2019 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_I_poolaasta_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2017.pdf)\n- [Annual report for 2016 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2016.pdf)\n- [Annual report for 2015 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2015.pdf)\n- [Annual report for 2014 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2014.pdf)\n- [Annual report for 2013 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2013.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2019,"month":10,"content":"### October 2019 – We purchased companies in the banking sector and in the gold industry\n\nRomet Enok, Fund Manager\n\nOctober went by relatively calmly on the world’s stock markets, and exchange indexes showed predominantly positive rates of return. The rate of return of Euro Stoxx 50, an index that is made up of 50 of the largest listed companies in the euro area, was +1.1% in October; good results were also shown by the German stock exchange with an increase of 3.5%, and the Swedish stock exchange with a rate of return of 5.2%. At that, the British stock market index fell 2.2% due to Brexit-related tensions.\n\nThe result of the Japanese stock exchange was a strong 5.4% in local currency; however, the rate of return remained at 3.2% in euros. The global emerging markets index rose by 4.1% within the month, driven by the great results in several Asian and Latin American countries. In the Baltics, the Vilnius stock exchange showed the best rate of return with an increase of 1.6%; the Tallinn stock exchange also rose by 1.5% in October. The Riga stock exchange had to accept a 0.3% decline.\n\nIn October, the Pension Fund Täiendav made several new investments on both the European and US stock exchanges. In the banking sector, the Fund purchased shares of European major banks Swedbank and Santander; the latter also actively operates in Latin America. New positions added also included European defence industry leader Thales, and Barrick Gold Corporation, a major US company engaged in gold and copper mining.\n\nAmong foreign investments, the price increase of Danske’s subordinated long-term bonds is once again worth mentioning in October. Even though the fines and punishments to be imposed on the Danish bank are far from clear, investor confidence is recovering – the two Danske bonds that are in our portfolio have offered a 24%–25% rate of return this year. At the same time, all main European bond markets were on the negative side, falling slightly less than one per cent, on average.\n"},{"year":2019,"month":9,"content":"### September 2019 – Apranga sales results increased the share\n\nRomet Enok, Fund Manager\n\nIn global markets, September mainly had a positive rate of return and the stock exchanges of both developed and developing countries increased. The index that encompasses the 50 largest publicly traded companies in the Eurozone increased by 4.3% within a month and the largest increases were, for instance, the stock exchange indexes of Finland and Germany with rates of return of 4.9% and 4.1%, respectively. The Japanese stock exchange index demonstrated a 5.1% rate of return in its local currency, whereas in EUR the increase was 4.1%. The MSCI developing markets index also showed a good result, increasing by 2.5% in EUR, whereas Latin America that has been weak for a while now also showed a 3.3% rate of return. The Baltic stock exchange indexes moved quite little in September: The Vilnius and Riga stock exchanges increased by 0.3% and 0.6%, respectively, and the rate of return for the Tallinn stock exchange was -0.9%.\n\nThe shares of the Lithuanian clothing sales company, Apranga, which is part of the LHV Pension Fund Täiendav, increased in September on the Vilnius stock exchange by 11.4%. The good result accrued from the record 24 MEUR sales revenue, which increased by 17.5% when compared to that of September last year. In the Baltic states, Apranga manages a total of 191 stores, of which 110 are in Lithuania, 52 in Latvia, and 29 in Estonia. The company’s franchise portfolio includes famous trademarks, such as Zara, Armani, Massimo Dutti, and several others.\n"},{"year":2019,"month":8,"content":"### August 2019 – The results of Novaturas were disappointing\n\nRomet Enok, Fund Manager\n\nAgainst the background of the economic slowdown and the US-China trade war, the world's stock markets showed a predominately negative rate of return again in August. The index of Euro Stoxx 50, which gathers 50 of the biggest publicly traded companies of the Eurozone, decreased by 1.1% in a month and, for example, the stock exchange indexes of Germany and Finland both decreased by 2.0%. The rate of return of the Japanese stock market was -3.8% in the local currency and -0.5% in euros. The index value of global developing markets also decreased by -3.9% in euros, the weakest ones being Latin American countries led by Argentina. The stock market of the Baltic states also followed the general decline in August. The stock indexes of Tallinn and Riga showed a -1.7% and -1.6% rate of return respectively, and the rate of return of the Vilnius stock exchange remained at -0.9%.\n\nThe quarterly results were reported by many companies belonging to the Pension Fund Täiendav portfolio during the month, including the Lithuanian tour operator Novaturas. The results of the company were below expectations: revenue only increased by 0.1% compared to the same period of the previous year and the number of passengers decreased by 0.9%. One cause of the weakness was defined as oversupplying of the market in 2018 and the warm weather in May and June in the Baltic states, which had a negative impact on the demand for trips to warm countries. The profits of the company also decreased significantly because many discounts and last minute offers were made to clients.\n\nThe European bond market is looking forward to the central bank's September meeting in which investors wish to see the relaunch of the bond purchasing programme. The price levels in the markets are so high that in the case of a very high rating it is currently possible for banks to borrow money for ten years with a negative rating. From the fund's investments, Sampo, which was purchased in August, also continued with the price increase. The bonds of the Finnish insurance group had produced about 15% within four months by the end of August.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The euro of today must also serve the needs of tomorrow**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n","text":"All of the world’s largest stock markets remained slightly on the plus side in September. Measured in euros the S&P500 Index, which includes the largest US enterprises, rose by 2.5% last month, and the value of the Stoxx 600 Index, which reflects the well-being of Europe’s largest enterprises, rose by 3.6%.\n\nBoth the US Federal Reserve and the European Central Bank have done an about-face in terms of their monetary policy this year and lowered interest rates. However, all medicines lose their effectiveness if taken for too long, and unwanted side effects also begin to materialise.\n\nCorporate indebtedness has grown, although enterprises have not spent all of their borrowed money on investments. A large portion has been used to repurchase shares and pay dividends. Government debt burdens have also grown, regardless of the fact that there is no longer a need to pay interest and they are even being paid for taking a loan.\n\nIn its analysis, Deutsche Bank has shown that the average debt of the world’s largest countries already exceeds 70% of GDP. It is the highest level in the last 150 years, if you leave out the rapid growth in public debt during World War II.\n\n**Living at the expense of the future**\n\nRecently, it has become more prevalent in Estonia to support the standpoint that if money can be borrowed in such a way that you are being paid to do so, this opportunity should be taken. However, I believe that more important than the loan interest rate is how the borrowed money is used.\n\nIf a loan with an interest rate of 0% is invested into a project, the rate of return of which is greater than 0%, it is justified. However, if the loan is used in such a way that it creates nothing, the borrowers are digging a hole, from which it is not easy to climb out of because the debt is owned by a stranger (even with an interest rate of 0%). In the end, we shall be poorer by the amount of the borrowed money, not richer. It does not matter whether the loan has a 0% or 10% interest rate, it is vital that we would earn a higher rate of return than the interest rate of the loan we have taken.\n\nIn particular, I have heard politicians say that because of the lower interest rates it is not reasonable to invest right now – it would be better to spend. Justifying spending and encouraging consumption has for years (but not always) been the world-view of Isamaa politicians (although they still consider themselves to be right-wing and conservative).\n\nTwo previous Ministers of Finance, who both came from the Isamaa Party, spent the reserves of both the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund. The last Minister of Finance appointed from among the ranks of the Isamaa Party described it as the efficient use of money, and also included permission to spend the reserves of the Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund, in order to cover running costs, in legislation. The Estonian Health Insurance Fund and the Estonian Unemployment Insurance Fund have reserves only on paper – actual money does not exist, one of the current ministers admitted. Maybe this is why the Great Peters of Isamaa have targeted people’s savings in the pension funds.\n\n**“Expert opinion”**\n\nWhen it comes to Isamaa’s economic ideology on the scale of left and right (or rather not having a world-view), it is best characterised by their choice of spokesman. Several politicians from Isamaa have highlighted Indrek Neivelt as someone whose competence should not be doubted.\n\nI do not know whether the politicians of “right-wing” Isamaa realise that “left-wing” Indrek Neivelt has never represented their right-wing politics. Hereby, I am not stating which world-view is correct but rather admitting that Isamaa does not understand the scale of left and right, at least not in terms of the economy.\n\nMoreover, I do not understand why Neivelt is considered an expert, whose competence should not be doubted. What has Indrek Neivelt done after leaving Hansapank that would give anyone the reason to consider him an expert in a field? When Rain Lõhmus left Hansapank, a team of top specialists followed him. Possibly, Indrek Neivelt also hoped that a team would leave with him from Hansapank, which was acquired by the Swedes, so they could start something new together. No one followed Indrek!\n\nHis record sized ego on the Estonian scale has yet to overcome this disappointment. Indrek’s post-Hansapank experiments, both as an entrepreneur and an investor, do not demonstrate his competence. His huge ego continues to need society’s attention and Facebook likes. For Neivelt, being popular is more important than facts and intellectual honesty. Everyone could see that in the 4 September “Esimene Stuudio” show, on ETV, where he engaged in a debate with Ardo Hansson over the topic of pension reform.\n\nNeivelt’s criticism about how money is added to pension funds for decades, before more starts coming, out has raised some eyebrows. If you save money for a trip happening in a year, you put money aside for 12 months, so you could eventually withdraw it and go on the holiday. It is the same with saving for your pension. If you start saving for your pension in your twenties and your pension arrives in about 45 years, it does mean that you save and grow your pension assets for about half a century and start using it when you are 65 years old. If you withdraw the money before retiring and spend it, then you would have nothing in your bank account when you are 65.\n\nThe same logic applies to the pension system as a whole. It takes about 40-50 years from creating the system until the point in time when payouts start exceeding deposits. Which is why the II pillar is called the funded pension. In the last 17 years, the rate of return of pension funds has exceeded the increase in the cost of living, so the funds saved for pension have not gone up in smoke nor has the purchasing power of pension assets decreased. Neivelt’s statement, as if the Swedes are receiving a pension three times bigger than their deposits, is not a fact but a hyperbole constructed to draw attention, presuming a lot of unrealistic prerequisites.\n\nNeivelt likes exaggerations in the style “Estonian people failed to earn EUR 1 billion. A billion euros!”. However, he is not ashamed to add an accusation to the article, published in Postimees, in April, directed at the pension reform critics of Isamaa, whom he maligns with his delusions: “However, lies and half-truths are spewed to the media, with those people who want to change something being accused.” Neivelt should look in the mirror to see who is the one spewing the lies and half-truths.\n\nIsamaa, Parvel Pruunsild, and Indrek Neivelt began their attack with a cold-blooded lie that the money in the pension funds is going up in smoke. I hope that both Neivelt and Seeder have the honesty and courage to admit their mistake and have, by now, managed to acquaint themselves with the reality that the purchasing power of the pension funds has increased, not decreased.\n\n**Discipline helps to bring success**\n\nThere is no doubt that the pension reform of Isamaa and the current government coalition means smaller pensions in the future, even in the case where the beginning of retirement is being postponed further and further.\n\nIn comparison with their salaries, the pensions of Estonian citizens are the lowest in Europe, and life after retiring is shorter than in other European countries. Thereby, Isamaa wants to force a pension reform that would make Estonia’s pension system even more minimal. To retain the current replacement rate (pension compared with the last net salary) of Europe’s lowest pension, which in Estonia is about 40%, it is proposed to postpone the retirement age.\n\nEssentially, it means that a large group of people shall pay 20% of their salary as pension instalments to the state budget for 40 years but will not receive anything in return if they leave this world before reaching their retirement. Basically, for many people, postponing retirement means eliminating the I pillar in the same way that Isamaa is trying to remove the II pillar by making the funded pension voluntary.\n\nWealth and assets accumulate only when less is spent than earned. For me, freedom is linked to coping on my own and this presumes a certain amount of wealth. Wealth and thus also freedom presume at least some discipline in financial issues and in a broader sense as well. You shall never become rich and free while spending.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Täiendav Pensionifond","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\nEE961700017004379157 - Luminor Bank AS\n\n**Explanation**\n30101119828, EE3600010294, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":23.91,"fundManager":"LHV","minSumInEurWhenBuying":6.39,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LIT100":{"heading":"LHV Pensionifond Indeks Pluss","id":"indeks-pluss","code":"lhv_lit","dataMarker":"LIT100","securityId":147612,"suitability":"**Suitable if**\n- you are prepared to tolerate the risks arising from potentially significant fluctuations in equity markets,\n- you have previous investment experience.\n","strategy":"## **Strategy**\nThe fund invests all of its assets in equity markets and the fund manager does not actively change the fund’s risk level. The fund’s assets are invested in index-following investment funds. The share of assets invested in equities is kept close to 100% of the fund’s volume. Whenever the proportion of money in the fund exceeds 2%, it is invested within five working days.\n\nNo particular indices are followed in investing the assets of the fund. Investments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.39%"},"fundInfo":{"date":"30.09.2019","capacity":"2,979,140.43 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600109419, IK: Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.66,"unit":"%"},{"name":"Money and deposits","value":1.34,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.09.2019\n\n| Biggest investments | |\n|---|--:|\n| Lyxor Core MSCI World DR UCITS | 28.46% |\n| iShares Core MSCI World UCITS | 26.90% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 26.05% |\n| db x-trackers MSCI World Index UCITS ETF | 6.54% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 4.16% |\n| Vanguard FTSE Emerging Markets UCITS ETF | 2.82% |\n| iShares MSCI Frontier 100 ETF | 2.60% |\n| HSBC MSCI WORLD UCITS ETF | 1.12% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.09.2019) | 4,469,902.54 € |\n| Management company | AS LHV Varahaldus |\n| Rate of the depository’s charge | 0,0576% |\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"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.39%\n\n**Ongoing charges (inc management fee):** 0.85%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused-2017-09-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (30 September 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2019_09.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2017.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\nEE961700017004379157 - Luminor Bank AS\n\n**Explanation**\n30101119828, EE3600109419, IK: Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109419","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET100":{"heading":"SEB Aktiivne Pensionifond","id":"aktiivne","code":"seb_akt","dataMarker":"SET100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"## **Strategy**\nThe fund invests up to 100% of the assets in shares. Investing mainly in shares involves higher risks, resulting in big fluctuations in the value of the fund's assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1.5%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600074076, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.83%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET35":{"heading":"SEB Tasakaalukas Pensionifond","id":"tasakaalukas","code":"seb_tas","dataMarker":"SET35","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have at least 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"## **Strategy**\nThe fund mainly invests in bonds and deposits, with up to 50% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600008934, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.31%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Aktsiad 100 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"## **Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"1%","exitFee":"1%","managementFee":"1,5%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600098422, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.5%\n\n**Ongoing charges (inc management fee):** 1.66%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"## **Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,2%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600007530, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.48%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"## **Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,3%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600071031, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.3%\n\n**Ongoing charges (inc management fee):** 1.60%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"## **Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,4%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600071049, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.4%\n\n**Ongoing charges (inc management fee):** 1.75%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2018. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"## **Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,49%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600109484, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109484","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"## **Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.3%"},"fundInfo":{"company":{"title":"Tuleva Fondid AS","link":null},"depository":{"title":"AS Swedbank","url":"https://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001707, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.3%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001707","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3}}