{"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**\nWe invest the money into the bonds of various governments and their affiliated organisations. They offer the greatest stability and the lowest risks. There is no stock market risk. The money accumulated for your pension remains stable.\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":70.99,"unit":"%"},{"name":"Money and deposits","value":29.01,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| France Government 1% 25/05/27 | 5.56% |\n| German Government 1.5% 04/09/22 | 4.61% |\n| Czech Republic 3.875% 24/05/22 | 4.24% |\n| Temasek 0.5% 01/03/22 | 4.18% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.81% |\n| Slovakia 3.375% 15/11/24 | 3.78% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.52% |\n| USA TREASURY BILL 1.625% 31/08/19 | 2.97% |\n| ALTUMG 1.3% 07/03/25 | 2.65% |\n| Bank Gospodarstwa Krajow 1.375% 01/06/25 | 2.52% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.81% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.52% |\n| Elering 0.875% 03/05/2023 | 2.43% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2019) | 21,143,118.77 € |\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\n**Management fee:** 0.576%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 May 2019 (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused_020519.pdf)\n- [Terms and conditions from 2 September 2019 (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 from 2 May 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Prospectus from 2 September 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID.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 (31 May 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2019_05.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":5,"content":"### May 2019 – We acquired bonds of a Latvian public financial company\n\nRomet Enok, Fund Manager\n\nIn terms of new issues, we participated in another bond issue of the Latvian public finance company Altum. As the company belongs to the Latvian State and participates in the implementation of public policies, these bonds can be compared to government bonds. In doing so, a somewhat higher interest rate allows a long-term investor to earn more than while holding government bonds.\n\nMeanwhile in the international bond market, the trend of increasing bonds that are expected to have a negative rate of return when held to the end, continued. For example, Germany's ten-year bond ended May with the price, from which a -0.2% annual rate of return is expected when held to the end.\n"},{"year":2019,"month":4,"content":"### April 2019 - Investment opportunities are expanding\n\nRomet Enok, Fund Manager\n\nThe government bond markets in the Eurozone remained just above zero in April. The appreciation at the beginning of the year has caused a situation, where even the German government long-term bonds once again moved frequently into negative territory last month. The fund did not make any new investments given such a high price level.\n\nAs the most important event, we changed the conditions of the fund at the beginning of May. Now, the investment opportunities of the fund are wider and the fund is allowed to place more money into bonds with a higher expected rate of return.\n"},{"year":2019,"month":3,"content":"### March 2019 - Money is looking for a safe place\n\nRomet Enok, Fund Manager\n\nOnce again interest rates fell throughout the entire month of March on the bigger bond markets, making the expected yield on the German 10-year bond negative. The last time that bond prices, which are moving in the opposite direction of interest rates, reached such a high level was in 2016.\n\nInvestors are now clearly assessing that the US Federal Reserve’s cycle for raising interest rates will be significantly shorter than the historic average, or that the normalisation of monetary policy has come to an end for now. The European Central Bank has also made cautious comments about the state of the economy.\n\nInterest rates reaching negative territory has allowed government bond markets to show yields of more than two per cent in the first quarter, while at the same time making prospects for further growth almost non-existent. In the case of such prospects, we will not be adding any new longer-term investments to the fund.\n"},{"year":2019,"month":2,"content":"### February 2019 - Investment into a Finnish energy giant was added to the fund portfolio\n\nRomet Enok, Fund Manager\n\nGovernment bonds remained slightly on the minus side in Europe in February, but compared to the beginning of the year, the market is still on the plus side by more than half a per cent. The prices of German government bonds have increased again and the expected rate of return has reached the lowest level since 2016. Although the ten year bond has not yet regained its negative expected rate of return, it was not too far away in February. The forecasts on both economic growth and price increases have been reduced and the hope of a continuing growth rate of Europe’s economy is gone. As a measure to support the economy, the European Central Bank once again announced some loan programmes for the banks of the currency union at the beginning of March. In such a situation, the fund provided a small positive rate of return in February and also in comparison with the beginning of the year. Among new investments, the portfolio received an addition in the form of securities of the Finnish national energy group Fortum.\n"},{"year":2019,"month":1,"content":"### January 2019 - Long-term bonds continued their price rally in January\n\nRomet Enok, Fund Manager\n\nDespite the already elevated price levels, the government bond prices also continued to rise in January. While for most of the other asset classes, last year was rather poor, the government bonds managed to demonstrate a strong result even then. Movement in the opposite direction of share prices is historically characteristic to government bonds. In January, however, both the stock markets as well as government bonds showed strong growth. Altogether, the government bond market earnt a rate of return in Europe slightly exceeding 1% over six months, and all bigger countries of the European Union clearly remained on the positive side. The fast upsurge in prices means that the market is returning to its peak and, for example, the expected rate of return of the German ten-year bond is yet again approaching zero. Given this situation, we will continue avoiding the acquisition of long-term bonds.\n"},{"year":2018,"month":12,"content":"### December 2018 - Long-term bonds and Estonian state enterprises contributed to the fund’s performance the most\n\nRomet Enok, Fund Manager\n\nGovernment bonds was the strongest asset class of financial markets in December as well as throughout the year. While the year 2018 will go down in the history of the financial markets as one of the worst, considering that a large majority of asset classes clearly remained in the red, then government bonds were nearly the only exception here. XS, as a fund that primarily focuses on public sector issuers, demonstrated naturally a better result in such year than the vast majority of others, and managed to show a positive aggregated result for the year. In the environment of dropping interests, bonds with a longer term and bigger price movements understandably contributed more to the fund’s result. A significant contribution came from the bonds of the Estonian state enterprises – Riigi Kinnisvara ja Transpordi Varahaldus.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Pension funds setting higher goals**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n","text":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n\nDespite the declines, the first half of 2019 has been very positive for stock markets and the decline at the end of last year has been largely earned back. Nearly all of the world’s largest central banks have made it clear that they will not be tightening monetary policy in the short term, and it is likely that, if necessary, they may lower interest rates instead. So far, investors have viewed this as positive news. Even so, it seems the realisation is slowly being reached that the global economy is more vulnerable than previously thought and that growth in corporate profits has slowed down.\n\nIn theory, financial markets should reflect investors’ assessments of the future development trends of the real economy. Thus, it could be concluded, based on the strong rise of stock markets this year, that the state of the economy is improving, which in turn points to the acceleration of the inflation rate and higher interest rates. At the same time, the decline in long-term interest rates indicates expectations regarding the health of the economy which are quite the opposite. For a time it seemed like bond investors and equity investors were living in a parallel reality.\n\nThe optimism of the stock markets was depleted in May and the coming months will show who was right. I believe that bond investors better understand the limited impact of monetary policy on the real economy and that entrepreneurs are afraid to take loans for the purpose of making investments, which is why the economy will not grow, even with low interest rates. Instead, cheap money has supported the stock markets, driving up prices while making stock exchanges even more of a tool, with the help of which a company can be sold or cash extracted from it.\n\nEven during uncertain times interesting businesses and projects can be found that are growing and where it pays to invest. This requires looking outside of stock markets. LHV pension funds have been directing the majority of their attention to private capital markets, where the expected return on equity is at least 15%. We are also currently in the process of reshaping the bond portfolios of our pension funds – we are assuming a more active role in offering the financial means required by businesses for growth.\n\nChanges to the Investment Funds Act which were made at the end of last year and which will enter into force this September, significantly expanded the investment possibilities available to funds. The administrative fees for pension funds were radically reduced and a success fee was implemented, if the rate of return for the fund exceeds wage growth. As a result of amendments to the Act, starting in September the fund management company will only earn a performance fee if their fund’s rate of return exceeds the wage growth of the Estonian people. This is a very ambitious goal in a situation in which a large segment of the international bond market is offering a guaranteed negative rate of return.\n\nThe Act, which was adopted in December, gave direction and motivation on how to raise the rate of return for pension savers, while at the same time helping to increase the role of pension funds in Estonia’s economy and the promoting of capital markets. The earning of a performance fee requires a big change in investment strategy and the directing of investments into projects, the long-term rate of return of which exceeds Estonia’s nominal economic growth.\n\nIt is sad to see how, prior to the law that was adopted six months ago entering into effect and its impact being experienced, an attempt is being made to destroy the entire system. There is a sense that the critics of the pension funds are afraid of good results and are attempting to carry out their destructive work prior to the results of the reform becoming evident. It is more like that they haven’t even read the law that was passed (in favour of which they themselves voted) and are, in principle, opposed to the collecting of any sort of capital.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":11.82,"fundManager":"LHV"},"LSK00":{"heading":"LHV Pensionifond S","id":"s","code":"s","dataMarker":"SK00","suitability":"**Suitable if**\n- you have less than 3 years left until retirement,\n- you have low risk tolerance,\n- your aim is the preservation and modest growth of your pension savings.\n","strategy":"**Strategy**\nWe invest your money into corporate bonds. They offer stability in the maintenance of your money and are not affected as much by the prevalent economic situation as corporate shares. Up to 25% of the fund’s assets can be invested into real estate, infrastructure, equity funds and convertible bonds. The growth of your pension savings is limited, but will be stable.\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":92.05,"unit":"%"},{"name":"Money and deposits","value":7.95,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| Temasek 0.5% 01/03/22 | 4.73% |\n| Latvenergo 1.9% 10/06/22 | 4.66% |\n| Luminor 1.5% 18/10/21 | 4.47% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.26% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.15% |\n| Investor 4.5% 12/05/23 | 3.49% |\n| TOTAL 03/19/20 | 3.18% |\n| Romania 2.875% 28/10/24 | 2.93% |\n| SANOFI 1.875% 04/09/20 | 2.74% |\n| Allianz 07/12/20 | 2.66% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 4.47% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.26% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.15% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2019) | 56,708,907.71 € |\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\n**Management fee:** 0.672%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 May 2019 (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_tingimused_020519.pdf)\n- [Terms and conditions from 2 September 2019 (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 from 2 May 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Prospectus from 2 September 2019 (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.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 (31 May 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2019_05.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":5,"content":"### May 2019 – Changing the fund terms and conditions opens up new opportunities\n\nRomet Enok, Fund Manager\n\nIn terms of new issues, we participated in another bond issue of the Latvian public finance company Altum. As the company belongs to the Latvian State and participates in the implementation of public policies, these bonds can be compared to government bonds. In doing so, a somewhat higher interest rate allows a long-term investor to earn more than while holding government bonds.\n\nWe recently changed the terms and conditions of the S fund and, as a result, expanded the range of investments that the fund can make. One such investment was the Finnish financial group Sampo that sold new bonds last month, the largest assets of which are If insurance and a large holding at Nordea Bank. The largest owners of the company are the Finnish State and its pension funds. Sampo has the right to repay the bonds after ten years, as long as the annual interest is 3.375%.\n\nIn international bond markets, the pessimism regarding economic prospects deepened and the number of debt securities, expected to have a negative rate of return in the end, is increasing. With the support of the fund’s new terms and conditions that provide more opportunities, we are working on adding OTC and higher-interest bonds to the fund in the future.\n"},{"year":2019,"month":4,"content":"### April 2019 - Investment opportunities are expanding\n\nRomet Enok, Fund Manager\n\nThe bond markets in the Eurozone remained just above zero in April. The appreciation at the beginning of the year has caused a situation, where even the German government long-term bonds once again moved frequently into negative territory last month. The fund did not make any new investments given such a high price level.\n\nAs the most important event, we changed the conditions of the fund at the beginning of May. Now, the investment opportunities of the fund are wider and the fund is allowed to place more money into bonds with a higher expected rate of return.\n"},{"year":2019,"month":3,"content":"### March 2019 - It is more difficult to find a yield from bonds\n\nRomet Enok, Fund Manager\n\nThe sharp decline in the interest rate for government bonds during the first quarter of the year has also notably improved the access of companies to bond markets. Bond prices have risen, although the warm reception can also be seen in the new emissions taking place at a record pace. It is with this composition that the European corporate bond market has offered a yield slightly in excess of three per cent in the first quarter.\n\nEven though the US Federal Reserve is giving off signals about the potential end to the cycle of interest rate hikes, the price of credit (additional interest on corporate bonds in comparison with those of governments) remains quite strong. If one were to add here that, for example, the expected yield on the German Government’s 10-year bond became negative in March for the first time since 2016, then further prospects concerning yield are, to say the least, reserved. Therefore, we are refraining from making any new long-term investments or higher risk investments.\n"},{"year":2019,"month":2,"content":"### February 2019 - The fund continues with positive results\n\nRomet Enok, Fund Manager\n\nUnlike government bonds, corporate securities continued to achieve a strong result in Europe in February as well. A clear tendency could be observed - the lower the credit quality, the faster the price increase. The trend we could see at the beginning of the year, having new public bond issues in big volumes, also continued. All of this took place in a situation in which the European Central Bank decided to inform the market of imminent new loan programmes to eurozone banks in the light of the lowered growth forecasts. In this situation, pension fund S has shown a small positive result both in January and in February. We currently assess the credit market outlook as being on the weak side, and thus we are not acquiring new investments in significant volume. For liquidity management, we purchased securities of the Finnish national energy group Fortum last month.\n"},{"year":2019,"month":1,"content":"### January 2019 - Long-term bonds continued their price rally in January\n\nRomet Enok, Fund Manager\n\nInterest rates in Europe declined further in January. While last year we could justify the price increase of government bonds with growing fears on stock markets, in January, both were moving robustly on the positive side. Strong price movement of government bonds in turn also dragged along corporate bonds and by the end of the month, both markets demonstrated exactly the same rate of return - close to 1%. Considering the already elevated price level of bonds, this is an unexpectedly good result. Given such high price levels, we avoid the creation of new positions with high price risk.\n"},{"year":2018,"month":12,"content":"### December 2018 - The fund managed to avoid losses in difficult December\n\nRomet Enok, Fund Manager\n\nEuropean corporate bond market ended the year without bigger movements. Accordingly, the month was clearly different from November, when both bigger as well as smaller companies strongly remained in the red. Especially due to the price drop in fall, the bonds of companies with high as well as low ratings in Europe and the United States remained negative for the year as a whole. The bond markets of developing countries had already declined in the first half of the year and there was no major improvement as the year progressed. The year was really exceptional specifically due to the broad-based nature of the decline. Given this environment, the S fund managed to demonstrate slight profit for the year as a whole thanks to avoiding big losses – as we have explained in these comments already for a couple of years now, we avoided adding new long-term bonds with lower rating into the fund. Positive contribution to the result came from government bonds, where the year was notably better. Also from interest income on the bonds of Estonian state enterprises – Riigi Kinnisvara ja Transpordi Varahaldus.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Pension funds setting higher goals**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n","text":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n\nDespite the declines, the first half of 2019 has been very positive for stock markets and the decline at the end of last year has been largely earned back. Nearly all of the world’s largest central banks have made it clear that they will not be tightening monetary policy in the short term, and it is likely that, if necessary, they may lower interest rates instead. So far, investors have viewed this as positive news. Even so, it seems the realisation is slowly being reached that the global economy is more vulnerable than previously thought and that growth in corporate profits has slowed down.\n\nIn theory, financial markets should reflect investors’ assessments of the future development trends of the real economy. Thus, it could be concluded, based on the strong rise of stock markets this year, that the state of the economy is improving, which in turn points to the acceleration of the inflation rate and higher interest rates. At the same time, the decline in long-term interest rates indicates expectations regarding the health of the economy which are quite the opposite. For a time it seemed like bond investors and equity investors were living in a parallel reality.\n\nThe optimism of the stock markets was depleted in May and the coming months will show who was right. I believe that bond investors better understand the limited impact of monetary policy on the real economy and that entrepreneurs are afraid to take loans for the purpose of making investments, which is why the economy will not grow, even with low interest rates. Instead, cheap money has supported the stock markets, driving up prices while making stock exchanges even more of a tool, with the help of which a company can be sold or cash extracted from it.\n\nEven during uncertain times interesting businesses and projects can be found that are growing and where it pays to invest. This requires looking outside of stock markets. LHV pension funds have been directing the majority of their attention to private capital markets, where the expected return on equity is at least 15%. We are also currently in the process of reshaping the bond portfolios of our pension funds – we are assuming a more active role in offering the financial means required by businesses for growth.\n\nChanges to the Investment Funds Act which were made at the end of last year and which will enter into force this September, significantly expanded the investment possibilities available to funds. The administrative fees for pension funds were radically reduced and a success fee was implemented, if the rate of return for the fund exceeds wage growth. As a result of amendments to the Act, starting in September the fund management company will only earn a performance fee if their fund’s rate of return exceeds the wage growth of the Estonian people. This is a very ambitious goal in a situation in which a large segment of the international bond market is offering a guaranteed negative rate of return.\n\nThe Act, which was adopted in December, gave direction and motivation on how to raise the rate of return for pension savers, while at the same time helping to increase the role of pension funds in Estonia’s economy and the promoting of capital markets. The earning of a performance fee requires a big change in investment strategy and the directing of investments into projects, the long-term rate of return of which exceeds Estonia’s nominal economic growth.\n\nIt is sad to see how, prior to the law that was adopted six months ago entering into effect and its impact being experienced, an attempt is being made to destroy the entire system. There is a sense that the critics of the pension funds are afraid of good results and are attempting to carry out their destructive work prior to the results of the reform becoming evident. It is more like that they haven’t even read the law that was passed (in favour of which they themselves voted) and are, in principle, opposed to the collecting of any sort of capital.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019824","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":13.07,"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**\nWe allocate most of the funds into bonds, which offer stability when it comes to the preservation of your money. For added balance, we also invest into real estate and enterprises to allow for stable growth by your pension savings. Up to 25% of the fund’s assets will be allocated to shares, that is, holdings in companies will be acquired. We invest the rest into bonds and real estate.\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":79.97,"unit":"%"},{"name":"Shares","value":4.25,"unit":"%"},{"name":"Equity funds","value":1.11,"unit":"%"},{"name":"Real Estate funds","value":6.54,"unit":"%"},{"name":"Private Equity funds","value":4.14,"unit":"%"},{"name":"Money and deposits","value":3.99,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.75% |\n| EfTEN Kinnisvarafond | 3.38% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.08% |\n| France Government 2.25% 25/10/22 | 2.62% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.54% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 2.43% |\n| Tartu linn 25/10/32 | 2.07% |\n| JP Morgan Chase And Co 27/01/20 | 2.00% |\n| BNP Paribas 0.75% 11/11/22 | 1.98% |\n| Coop Pank 6.75% 04/12/2027 | 1.90% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.75% |\n| EfTEN Kinnisvarafond | 3.38% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.08% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2019) | 124,262,410.48 € |\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\n**Management fee:** 0.96%\n\n**Management fee from 2 September 2019:** 0.72%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_tingimused_020118.pdf)\n- [Terms and conditions from 2 September 2019 (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 from 2 May 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Prospectus from 2 September 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID.pdf)\n- [Key Investor Information from 2 September 2019 (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2019_05.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":5,"content":"### May 2019 – Participating in the Baltic Horizon bond issue\n\nRomet Enok, Fund Manager\n\nAfter several peaceful and rather positive months, the world's stock markets were offering a predominantly negative rate of return in fear of the American and Chinese trade war. In Europe, Sweden, with a result of -9.9%, and several southern European countries went through the largest decline.\n\nThe German and Finnish stock exchange made it through somewhat better: both fell by 5% in May. The Japanese stock market index decreased by 7.4% in local currency, and in euros the rate of return was -4.8%. The general recession also included the Tallinn and Vilnius Stock Exchange, with, respectively, a -1.4% and -0.8% rate of return in May. However, the Riga stock exchange index increased by 2.4%, largely due to the increase in the share prices of the pharmaceutical manufacturers Grindeks and Olainfarm, which was almost 8%.\n\nIn April, the long-lasting dispute between the main shareholder of Grindeks and the Latvian Financial Supervision authority was resolved and in May the official buyout offer price was announced: EUR 12.59. While, before the sharp rise in April, the Grindeks share was traded at EUR 8, the price increased by the end of May to EUR 12.2. This makes the rate of return more than 52%. The M pension fund plans to accept the buyout offer and sell all shares.\n\nThe Real Estate fund Baltic Horizon, listed on the Tallinn Stock Exchange, issued the third and last part of bonds. They are subject to the terms and conditions agreed during the first issuance of the company in spring last year: the annual interest is 4.25% and the maturity date is now just under four years away. The company also has the right to repay the bonds in advance by paying the investors up to 2% as extra payments. Representing the interests of pension collectors, we actively participated in settling on the conditions in spring 2018. Therefore, we also bought more bonds from this issue. They are now also listed on the Tallinn Stock Exchange and have in the meantime received an international credit rating. LHV's pension funds hold just over 40% of the Baltic Horizon bonds.\n\nIn terms of new projects, we started negotiations on possible participation in establishing a new dairy industry in Paide, funded by E-Piim, the Dutch investor Interfood, and the Agricultural Registers and Information Board. We also have other local projects currently being negotiated. Soon, we hope to add them to our portfolio with an attractive rate of return.\n\nOn the other hand, international bond markets still offer prospects with a very low rate of return, due to which we only make individual investments when we find attractive opportunities. One such investment was the Finnish financial group Sampo, which sold new bonds in May. The company's largest assets are If Insurance and a large holding in Nordea Bank, and the company’s largest owners are the Finnish State and its pension funds.\n"},{"year":2019,"month":4,"content":"### April 2019 - Stock markets continue powerful recovery\n\nRomet Enok, Fund Manager\n\nLast month was quieter on the European bond markets. The year-to-date average rate of return of the entire market is 2.6%. The rate of return of government bonds is slightly below it, and that of the businesses is higher. The fact that even the German government long-term bonds are once again in the red as a result of such a tiny increase, shows how little space there is for price appreciation. This means that if the bonds are kept to maturity, they will make a definite loss.\n\nSince the outlook of the return is so poor, we will continue with building up our OTC bond portfolio. As of today, we have invested nearly one quarter of the portfolio in the bonds of Estonian companies with average interest of 4.4%. We hope to get some additions to the fund soon. In the light of the new legal provisions, we see the expected average interest rate of new investments to be notably higher.\n\nApril was once again mainly positive on global stock markets and the MSCI World index rose by 3.7% over the month. The Euro Stoxx 50, including the 50 largest European companies, even demonstrated a 5.3% rate of return, with the strongest Swedish and German stock exchanges showing a result of 7.9% and 7.1%, respectively.\n\nAlso, all Baltic markets yielded positive results for the investors. The rate of return of the Riga and Vilnius stock exchange indices was strong, increasing by 4.9% and 4.2%, respectively, while the Tallinn Stock Exchange showed a modest increase of 1.5%.\n\nThe good results of the Riga stock exchange were to a large extent supported by the share of Grindex, a manufacturer of medicinal products, rising as much as 52% in April. This was caused by a long-lasting dispute between the Latvian Financial Supervision Authority and Grindex that has now finally been cleared up. Namely, the major shareholder, who has gained more than one-half of the shares of the company, also agreed to make a buyout offer to the other shareholders. The exact price of the bid will be announced by the end of August.\n"},{"year":2019,"month":3,"content":"### March 2019 - We invested in a Latvian real estate fund\n\nRomet Enok, Fund Manager\n\nMarch was a calm month on global stock markets, and the MSCI World Index showed a yield of 2.7%. Among the developed countries of Europe, the +0.1% yield for the German stock market index substantively remained at the same level as February. The Helsinki Stock Exchange fell by 1.7% in March. The best yield in the Baltic republics was turned in by the Tallinn Stock Exchange, with its 1.5% rise, and the Vilnius stock market index showed a yield of 0.6%. The Riga Stock Exchange fell by 1.4%, due in large part to the struggle for power among the owners of Olainfarm, a manufacturer of medicinal products.\n\nDuring March, Pension Fund M made a new investment in the Latvian real estate fund SG Capital, the strategy of which is to acquire a greater variety of commercial spaces, raise their level of energy efficiency and earn BREEAM certificates for the buildings. At present, the fund already owns three office spaces – one smaller building in the heart of Riga and two larger buildings in Riga’s rapidly developing Skanste business district.\n\nBond markets were also able to end March clearly in positive territory and, together with the first quarter, ultimately offer a yield of 2-3%. This was achieved with the corporate credit market remaining very strong and government bond prices having risen so much that even long-term bonds in Germany, for example, are once again offering a negative yield.\n\nThe lion’s share of the fund is still comprised of non-market bonds, which means that even if the average interest rate on investments is clearly higher than that of international markets, the latter may, due to the dramatic rise in prices, promote the fund’s results. In the long term, higher interest is naturally of greater importance; therefore, we are continuously working to increase the number of more attractive non-market investments.\n"},{"year":2019,"month":2,"content":"### February 2019 - Calm month on stock and bond markets\n\nRomet Enok, Fund Manager\n\nFebruary was relatively relaxed on the world’s stock markets. The stock market indexes of developed countries were mainly on the rise, e.g. the index containing Europe’s 50 largest publicly traded companies increased by 4.4% in the month. In February, the Japanese stock market index increased by 2.9% measured in local currency and by 1.2% measured in euros. The stock market indexes of Riga and Vilnius remained at the level of the last month, rising by 0.3% and 0.6% respectively. Tallinn stock exchange, however, dropped by 1.7% in February, largely due to the weak results of Q4 by the shipping company Tallink, leading to a 5.1% drop in its shares. The company’s income decreased by 2.7% compared to Q4 of 2017 and suffered a 1.1 million euro loss. The number of passengers decreased by 3.3% in Q4 but remained the same overall in 2018. On the other hand, Tallink plans to pay out dividends of 5 cents per share and reduce the share capital by 7 cents per share, making the rate of return of the disbursements more than 11%.\n\nAt the beginning of March, the European Central Bank decided to inform the market of imminent new loan programmes to banks of the euro zone. The growth estimates of the European economy have already been lowered in February and the longer term government bonds of Germany were not far from the price level in which the future expected rate of return would be on the negative side again. As a counterbalance, the prices of corporate bonds increased both on the markets of the stronger and especially the weaker issuers. Companies also loaned out record volumes of new money by issuing new bonds. The bond portfolios of our funds are mostly based on external instruments of the financial market and this is also the direction that we hope to use for future additions. The outlooks of the international credit market are on the weaker side according to our assessments.\n"},{"year":2019,"month":1,"content":"### January 2019 - January was a positive month for both stock and bond markets\n\nRomet Enok, Fund Manager\n\nAfter the turbulent end of 2018, the beginning of the new year was positive for global stock markets and the majority of the developed as well as developing markets underwent a strong increase. The Japanese stock exchange index rose by 5.2%, measured in euros. The top risers in Europe were, for example, Finland with 8.2% and Sweden and Germany with 6.5% and 5.8% rates of return, respectively. Also, the Baltic stock exchanges went along with the overall rise with the Tallinn stock exchange, being the strongest with a 6.8% rate of return. The Riga and Vilnius stock exchanges grew by 6.5% and 5.0%, respectively, during the month. In January, several Baltic real estate funds, investing in the office buildings, commercial and logistics areas, and included in the portfolio of pension fund M, published their 2018 results. All funds generated good results for their investors last year with rates of return ranging from 11% to 16%.\n\nA strong result was also demonstrated by bond markets, where both the government as well as corporate securities remained positive. The result is even more surprising given the clear upward trend of stock prices. For this reason, the price level of bond markets in Europe is currently very high and we in the fund take the price rise of public bonds as a pleasant addition – the main rate of return still comes from OTC securities. We will work in this direction to increase the portfolios while abstaining from making new investments on public bond markets.\n"},{"year":2018,"month":12,"content":"### December 2018 - The fund’s result was affected by several profitable bond redemptions\n\nRomet Enok, Fund Manager\n\nFrom bond portfolio investments, the Portuguese Energy announced its offer to redeem its bonds, which we accepted to. The investment made more than seven years ago during the euro crisis generated nearly 5.8% of annual interest income, in addition to which the price of bonds increased during this period slightly more than 49%; that is, the investment nearly doubled. Additionally, a transaction was completed, where Nelja Energia, acquired by Eesti Energia, prepaid its bonds to the fund. The securities issued in 2015 yielded at an annual interest income of 6.5%, to which a 4% premium was added for early redemption. The European bond funds stabilised in December after a quite abrupt fall in November. Still, the situation is completely different from that seen in the last years, and the unwinding of the monetary stimulus of the European Central Bank is clearly revealing itself already in a higher price for corporate loans. We have avoided the acquisition of long-term bonds from the markets over the couple last years, which protected us this year from the price depreciation, and which together with the abovementioned early redemption of bonds provides the fund with significant resources for making investments, should favourable opportunities open up this year. We will also continue analysing local projects to find investment opportunities in Estonia.\n\nDecember once again experienced turbulence on global stock markets, and the stock exchanges of the developed as well as developing markets mainly declined. The rates of return of global stock markets remained largely in the red throughout 2018 as well. In December, the Japanese stock market index dropped by 10.5%, measured in local currency and by 8.8% measured in euros. This time, the overall decline also affected the Baltic stock markets. The rate of return was -5.2% for Tallinn Stock Exchange, -4.1% for Vilnius Stock Exchange and -2.8% for Riga Stock Exchange. The private equity fund Livonia Partners, included in the portfolio of Pension Fund M, made another investment in December and acquired a 60% holding in an Estonian window manufacturer AS Fenestra. The company manufactures, sells and installs wood-aluminium windows and balcony doors. The products are sold mainly in Estonia, Finland and Sweden.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Pension funds setting higher goals**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n","text":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n\nDespite the declines, the first half of 2019 has been very positive for stock markets and the decline at the end of last year has been largely earned back. Nearly all of the world’s largest central banks have made it clear that they will not be tightening monetary policy in the short term, and it is likely that, if necessary, they may lower interest rates instead. So far, investors have viewed this as positive news. Even so, it seems the realisation is slowly being reached that the global economy is more vulnerable than previously thought and that growth in corporate profits has slowed down.\n\nIn theory, financial markets should reflect investors’ assessments of the future development trends of the real economy. Thus, it could be concluded, based on the strong rise of stock markets this year, that the state of the economy is improving, which in turn points to the acceleration of the inflation rate and higher interest rates. At the same time, the decline in long-term interest rates indicates expectations regarding the health of the economy which are quite the opposite. For a time it seemed like bond investors and equity investors were living in a parallel reality.\n\nThe optimism of the stock markets was depleted in May and the coming months will show who was right. I believe that bond investors better understand the limited impact of monetary policy on the real economy and that entrepreneurs are afraid to take loans for the purpose of making investments, which is why the economy will not grow, even with low interest rates. Instead, cheap money has supported the stock markets, driving up prices while making stock exchanges even more of a tool, with the help of which a company can be sold or cash extracted from it.\n\nEven during uncertain times interesting businesses and projects can be found that are growing and where it pays to invest. This requires looking outside of stock markets. LHV pension funds have been directing the majority of their attention to private capital markets, where the expected return on equity is at least 15%. We are also currently in the process of reshaping the bond portfolios of our pension funds – we are assuming a more active role in offering the financial means required by businesses for growth.\n\nChanges to the Investment Funds Act which were made at the end of last year and which will enter into force this September, significantly expanded the investment possibilities available to funds. The administrative fees for pension funds were radically reduced and a success fee was implemented, if the rate of return for the fund exceeds wage growth. As a result of amendments to the Act, starting in September the fund management company will only earn a performance fee if their fund’s rate of return exceeds the wage growth of the Estonian people. This is a very ambitious goal in a situation in which a large segment of the international bond market is offering a guaranteed negative rate of return.\n\nThe Act, which was adopted in December, gave direction and motivation on how to raise the rate of return for pension savers, while at the same time helping to increase the role of pension funds in Estonia’s economy and the promoting of capital markets. The earning of a performance fee requires a big change in investment strategy and the directing of investments into projects, the long-term rate of return of which exceeds Estonia’s nominal economic growth.\n\nIt is sad to see how, prior to the law that was adopted six months ago entering into effect and its impact being experienced, an attempt is being made to destroy the entire system. There is a sense that the critics of the pension funds are afraid of good results and are attempting to carry out their destructive work prior to the results of the reform becoming evident. It is more like that they haven’t even read the law that was passed (in favour of which they themselves voted) and are, in principle, opposed to the collecting of any sort of capital.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019774","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":31.14,"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**\nWe invest in different areas, the development of which we believe in (e.g. real estate, forest, private equity, Baltic shares, international stock markets and bonds). We allocate up to 50% of the fund’s assets onto stock markets, obtaining holdings in companies. We invest the rest into bonds and real estate.\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":66.39,"unit":"%"},{"name":"Shares","value":10.37,"unit":"%"},{"name":"Equity funds","value":4.59,"unit":"%"},{"name":"Real Estate funds","value":8.69,"unit":"%"},{"name":"Private Equity funds","value":7.45,"unit":"%"},{"name":"Money and deposits","value":2.51,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.25% |\n| Luminor 1.5% 18/10/21 | 3.89% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.67% |\n| France Government 2.25% 25/10/22 | 3.03% |\n| Latvia 2.625% 21/01/21 | 2.46% |\n| JP Morgan Chase And Co 27/01/20 | 2.04% |\n| Siauliu Bankas 21/12/20 | 1.88% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 1.87% |\n| East Capital Baltic Property Fund III | 1.80% |\n| China Development Bank 0.375% 16/11/21 | 1.74% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.25% |\n| Luminor 1.5% 18/10/21 | 3.89% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.67% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2019) | 852,079,217.06 € |\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\n**Management fee:** 1.20%\n\n**Management fee from 2 September 2019:** 0.72%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_tingimused_020118.pdf)\n- [Terms and conditions from 2 September 2019 (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 from 2 May 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Prospectus from 2 September 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID.pdf)\n- [Key Investor Information from 2 September 2019 (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2019_05.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":5,"content":"### May 2019 – Estonia's first rental houses are open\n\nKristo Oidermaa, Fund Manager\n\nAfter several peaceful and rather positive months, the world's stock markets were offering a predominantly negative rate of return in fear of the American and Chinese trade war. Within a month, the US S&P 500 index decreased by 6.6% in local currency and the Chinese stock exchange index by as much as 13.6%. In Europe, Sweden, with a result of -9.9%, and several southern European countries went through the largest decline.\n\nThe German and Finnish stock exchange made it through somewhat better: both fell by 5% in May. The Japanese stock market index decreased by 7.4% in local currency, and in euros the rate of return was -4.8%. The general recession also included the Tallinn and Vilnius Stock Exchange, with, respectively, a -1.4% and -0.8% rate of return in May. However, the Riga stock exchange index increased by 2.4%, largely due to the increase in the share prices of the pharmaceutical manufacturers Grindeks and Olainfarm, which was almost 8%.\n\nIn May, the Lumi Kodu rental houses that are part of the L Pension Fund portfolio were inaugurated, and by the end of the month the first tenants had already moved in. In total, the LHV pension funds own 127 one- to three-room apartments, located in the Manufaktuur quarter in the Põhja-Tallinn district. In the coming years, we are planning to increase the rental house portfolio to 500 apartments in Tallinn.\n\nThe Real Estate fund Baltic Horizon, listed on the Tallinn Stock Exchange, issued the third and last part of bonds. They are subject to the terms and conditions agreed during the first issuance of the company in spring last year: the annual interest is 4.25% and the maturity date is now just under four years away. The company also has the right to repay the bonds in advance by paying the investors up to 2% as extra payments. Representing the interests of pension collectors, we actively participated in settling on the conditions in spring 2018. Therefore, we also bought more bonds from this issue. They are now also listed on the Tallinn Stock Exchange and have in the meantime received an international credit rating. LHV's pension funds hold just over 40% of the Baltic Horizon bonds.\n\nIn terms of new projects, we started negotiations on possible participation in establishing a new dairy industry in Paide, funded by E-Piim, the Dutch investor Interfood, and the Agricultural Registers and Information Board. We also have other local projects currently being negotiated. Soon, we hope to add them to our portfolio with an attractive rate of return.\n\nOn the other hand, international bond markets still offer prospects with a very low rate of return, due to which we only make individual investments when we find attractive opportunities. One such investment was the Finnish financial group Sampo, which sold new bonds in May. The company's largest assets are If Insurance and a large holding in Nordea Bank, and the company’s largest owners are the Finnish State and its pension funds.\n"},{"year":2019,"month":4,"content":"### April 2019 - Rally is led by companies in the cyclical industry\n\nKristo Oidermaa, Fund Manager\n\nApril was once again mainly positive on global stock markets and the MSCI World index rose by 3.7% over the month. The Euro Stoxx 50, including the 50 largest European companies, even demonstrated a 5.3% rate of return, with the strongest Swedish and German stock exchanges showing a result of 7.9% and 7.1%, respectively.\n\nThe Japanese stock exchange rose by 5%, measured in local currency, and 4.7%, measured in euros. Also, all Baltic markets yielded positive results for the investors. The rate of return of the Riga and Vilnius stock exchange indices was strong, increasing by 4.9% and 4.2%, respectively, while the Tallinn Stock Exchange showed a modest increase of 1.5%.\n\nThe favourable impact on the rate of return of pension fund L came from the investments into the shares of large German industrial companies: The share of Siemens rose by 9.3% and that of Daimler, the manufacturer of Mercedes vehicles, by 7.5% in April. Volkswagen reported good quarterly results, to which the share responded with a 7.2%-rise. The car manufacturer managed to gain market share in the background of a declining car sales market and increase its operating profit by 15%.\n\nLast month was quieter on the European bond markets. The year-to-date average rate of return of the market is 2.6%. The result of government bonds is slightly below it, and that of the businesses is higher.\n\nThe fact that even the German government long-term bonds are once again in the red as a result of such a tiny increase, shows how little space there is for price appreciation. This means that if the bonds are kept to maturity, they will make a definite loss.\n\nSince the outlook of the return is so poor, we will continue with building up our OTC bond portfolio. As of today, we have invested nearly one quarter of the portfolio in the bonds of Estonian companies with average interest of 3.5%. We hope to get some additions to the fund soon. In the light of the new legal provisions, we see the expected average interest rate of new investments to be nearly twice as high compared to previous investments.\n"},{"year":2019,"month":3,"content":"### March 2019 - New private capital and bond investments\n\nKristo Oidermaa, Fund Manager\n\nMarch was a calm month on global stock markets, and the MSCI World Index showed a yield of 2.7%. Japan’s Nikkei stock market index fell by 0.8% in the local currency, but rose by 1.1% when measured in euros. Among the developed countries of Europe, the +0.1% yield for the German stock market index substantively remained at the same level as February. The Helsinki Stock Exchange fell by 1.7% in March. The Tallinn Stock Exchange provided the best result in the Baltic republics, rising by 1.5% and the Vilnius and Riga stock market index showed a 0.6% and -1.4% yield, respectively.\n\nIn March, Pension Fund L made its first investment into a private capital fund, Blackstone Capital Partners VIII, which operates outside of Europe. Blackstone ranks among the world’s largest investment firms, managing assets valued in excess of EUR 470 billion. The company manages private capital, real estate, risk capital and infrastructure funds. Blackstone gained notoriety in Estonia in September 2018, when the plan to purchase Luminor Bank, which operates in the Baltic republics, was made public.\n\nIn terms of bonds, we once again increased our local non-market investments portfolio when Coop Pank issued bonds to the fund. By the end of 2017 we had already concluded the first contract with the new domestic bank for the purchasing of subordinated bonds and the agreement at the time also included an option for increasing the investment in the future, which we took advantage of at the end of March.\n\nSimilar to the already existing bonds, the new bonds are 10-year bonds with an annual interest rate of 7.6%; however, the banking regulation makes their early redemption likely after a period of five years. The local bank obtained capital for growing its loan portfolio and the fund received a higher interest investment in comparison with alternatives on the European markets.\n"},{"year":2019,"month":2,"content":"### February 2019 - The fund invested in the largest private equity fund in the Baltics\n\nKristo Oidermaa, Fund Manager\n\nFebruary was relatively relaxed on the world’s stock markets. The stock market indexes of developed countries were mainly on the rise, e.g. the index containing Europe’s 50 largest publicly traded companies increased by 4.4% in the month. In February, the Japanese stock market index increased by 2.9% measured in local currency and by 1.2% measured in euros. The stock market indexes of Riga and Vilnius remained at the level of the last month, rising by 0.3% and 0.6% respectively. However, the Tallinn stock exchange dropped by 1.7% in February. Pension fund L made a new investment in the Lithuanian private equity fund INVL Baltic Sea Growth Fund, which invests in medium-sized Baltic companies with good growth potential. This is currently the largest private equity fund in the Baltics, gathering more than 100 million euros from its investors. By now, the fund has also made its first investment, which is the InMedica medical institution chain in Lithuania. The company operates a total of 18 clinics that provide, for instance, services of family doctors, specialised doctors and dentists.\n\nAt the beginning of March, the European Central Bank decided to inform the market of imminent new loan programmes to banks of the euro zone. The growth estimates of the European economy have already been lowered in February and the longer term government bonds of Germany were not far from the price level in which the future expected rate of return would be on the negative side again. As a counterbalance, the prices of corporate bonds increased both on the markets of the stronger and especially of the weaker issuers. Companies also loaned out record volumes of new money by issuing new bonds. The bond portfolios of our funds are mostly based on external instruments of the financial market and this is also the direction that we hope to use for future additions. The outlooks of the international credit market are on the weaker side according to our assessments.\n"},{"year":2019,"month":1,"content":"### January 2019 - January was a positive month for both stock and bond markets\n\nKristo Oidermaa, Fund Manager\n\nAfter the turbulent end of 2018, the beginning of the new year was positive for global stock markets and the majority of the developed as well as developing markets underwent a strong increase. The Japanese stock exchange index rose by 5.2%, measured in euros. The top risers in Europe were, for example, Finland with 8.2% and Sweden and Germany with 6.5% and 5.8% rates of return, respectively. Also, the Baltic stock exchanges went along with the overall rise with the Tallinn stock exchange, being the strongest with a 6.8% rate of return. The Riga and Vilnius stock exchanges grew by 6.5% and 5.0%, respectively, during the month. The private equity fund KJK Fund III, included in pension fund L, acquired a 50% holding in the Estonian company Tahe Outdoors, manufacturing watersports equipment. The production of the company includes kite surfing equipment as well as canoes, kayaks and various paddling gears. Tahe used the raised capital for purchasing the sports equipment department of a French listed company, BIC, after which the turnover of Tahe will nearly double. Previously, also BPM Mezzanine, included in the pension fund, has invested in Tahe Outdoors.\n\nA strong result was also demonstrated by bond markets, where both the government as well as corporate securities remained positive. The result is even more surprising given the clear upward trend of stock prices. For this reason, the price level of bond markets in Europe is currently very high and we in the fund take the price rise of public bonds as a pleasant addition – the main rate of return still comes from OTC securities. We will work in this direction to increase the portfolios while abstaining from making new investments on public bond markets.\n"},{"year":2018,"month":12,"content":"### December 2018 - New investments were added to the fund’s portfolio\n\nKristo Oidermaa, Fund Manager\n\nDecember once again experienced turbulence on global stock markets, and the stock exchanges of the developed as well as developing markets mainly declined. The rates of return of global stock markets remained largely in the red throughout 2018 as well. In December, the Japanese stock market index dropped by 10.5%, measured in local currency and by 8.8% measured in euros. In Europe, the biggest losers included Sweden and Germany, where the stock market indices dropped by 6.6% and 6.2% respectively during the month. This time, the overall decline also affected the Baltic stock markets. The rate of return was -5.2% for Tallinn Stock Exchange, -4.1% for Vilnius Stock Exchange and -2.8% for Riga Stock Exchange. In December, the Pension Fund L made a new investment in the private equity fund Equity United I, managed by partners with long-term experience in the field from the Estonian consultation company United Partners, and Lithuanian law office Triniti. The fund’s strategy involves acquisition of minority holdings in small and medium-sized companies of all Baltic countries.\n\nFrom bond portfolio investments, the Portuguese Energy announced its offer to redeem its bonds, which we accepted to. The investment made more than seven years ago during the euro crisis generated nearly 5.8% of annual interest income, in addition to which the price of bonds increased during this period slightly more than 49%; that is, the investment nearly doubled. Additionally, a transaction was completed, where Nelja Energia, acquired by Eesti Energia, prepaid its bonds to the fund. The securities issued in 2015 yielded at an annual interest income of 6.5%, to which a 4% premium was added for early redemption. The European bond funds stabilised in December after a quite abrupt fall in November. Still, the situation is completely different from that seen in the last years, and the unwinding of the monetary stimulus of the European Central Bank is clearly revealing itself already in a higher price for corporate loans. We have avoided the acquisition of longer bonds from the markets over the couple last years, which protected us this year from the price depreciation, and which together with the abovementioned early redemption of bonds provides the fund with significant resources for making investments, should new opportunities open up this year. We will also continue analysing local projects to find investment opportunities in Estonia - at the end of December, we signed a contract with Transpordi Varahaldus for financing the increase of their fleet with bonds.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Pension funds setting higher goals**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n","text":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n\nDespite the declines, the first half of 2019 has been very positive for stock markets and the decline at the end of last year has been largely earned back. Nearly all of the world’s largest central banks have made it clear that they will not be tightening monetary policy in the short term, and it is likely that, if necessary, they may lower interest rates instead. So far, investors have viewed this as positive news. Even so, it seems the realisation is slowly being reached that the global economy is more vulnerable than previously thought and that growth in corporate profits has slowed down.\n\nIn theory, financial markets should reflect investors’ assessments of the future development trends of the real economy. Thus, it could be concluded, based on the strong rise of stock markets this year, that the state of the economy is improving, which in turn points to the acceleration of the inflation rate and higher interest rates. At the same time, the decline in long-term interest rates indicates expectations regarding the health of the economy which are quite the opposite. For a time it seemed like bond investors and equity investors were living in a parallel reality.\n\nThe optimism of the stock markets was depleted in May and the coming months will show who was right. I believe that bond investors better understand the limited impact of monetary policy on the real economy and that entrepreneurs are afraid to take loans for the purpose of making investments, which is why the economy will not grow, even with low interest rates. Instead, cheap money has supported the stock markets, driving up prices while making stock exchanges even more of a tool, with the help of which a company can be sold or cash extracted from it.\n\nEven during uncertain times interesting businesses and projects can be found that are growing and where it pays to invest. This requires looking outside of stock markets. LHV pension funds have been directing the majority of their attention to private capital markets, where the expected return on equity is at least 15%. We are also currently in the process of reshaping the bond portfolios of our pension funds – we are assuming a more active role in offering the financial means required by businesses for growth.\n\nChanges to the Investment Funds Act which were made at the end of last year and which will enter into force this September, significantly expanded the investment possibilities available to funds. The administrative fees for pension funds were radically reduced and a success fee was implemented, if the rate of return for the fund exceeds wage growth. As a result of amendments to the Act, starting in September the fund management company will only earn a performance fee if their fund’s rate of return exceeds the wage growth of the Estonian people. This is a very ambitious goal in a situation in which a large segment of the international bond market is offering a guaranteed negative rate of return.\n\nThe Act, which was adopted in December, gave direction and motivation on how to raise the rate of return for pension savers, while at the same time helping to increase the role of pension funds in Estonia’s economy and the promoting of capital markets. The earning of a performance fee requires a big change in investment strategy and the directing of investments into projects, the long-term rate of return of which exceeds Estonia’s nominal economic growth.\n\nIt is sad to see how, prior to the law that was adopted six months ago entering into effect and its impact being experienced, an attempt is being made to destroy the entire system. There is a sense that the critics of the pension funds are afraid of good results and are attempting to carry out their destructive work prior to the results of the reform becoming evident. It is more like that they haven’t even read the law that was passed (in favour of which they themselves voted) and are, in principle, opposed to the collecting of any sort of capital.\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019832","strategyType":"Progressive","managementStyle":"Active","riskLevel":3,"countryShareEe":31.65,"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**\nWe allocate up to 75% of the fund’s assets into shares, i.e. obtaining holdings in companies. We invest the rest into bonds and real estate. In 2012, we changed our investment strategy; until then, up to 50% was invested into shares.\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":63.04,"unit":"%"},{"name":"Shares","value":11.79,"unit":"%"},{"name":"Equity funds","value":5.16,"unit":"%"},{"name":"Real Estate funds","value":9.82,"unit":"%"},{"name":"Private Equity funds","value":7.7,"unit":"%"},{"name":"Money and deposits","value":2.5,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.73% |\n| EfTEN Kinnisvarafond | 3.32% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.01% |\n| France Government 2.25% 25/10/22 | 2.67% |\n| East Capital Baltic Property Fund III | 2.33% |\n| East Capital Baltic Property Fund II | 2.33% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.29% |\n| Allianz 07/12/20 | 2.11% |\n| JP Morgan Chase And Co 27/01/20 | 2.01% |\n| HSBC Holdings Plc 04/12/21 | 1.95% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.73% |\n| EfTEN Kinnisvarafond | 3.32% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.01% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2019) | 180,887,223.08 € |\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\n**Management fee:** 1.20%\n\n**Management fee from 2 September 2019:** 0.72%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 2 January 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_tingimused_020118.pdf)\n- [Terms and conditions from 2 September 2019 (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 from 2 May 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Prospectus from 2 September 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID.pdf)\n- [Key Investor Information from 2 September 2019 (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2019_05.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":5,"content":"### May 2019 – Investment in Slovenian sports equipment manufacturer\n\nKristo Oidermaa, Fund Manager\n\nAfter several peaceful and rather positive months, the world's stock markets were offering a predominantly negative rate of return in fear of the American and Chinese trade war. Within a month, the US S&P 500 index decreased by 6.6% in local currency and the Chinese stock exchange index by as much as 13.6%. In Europe, Sweden, with a result of -9.9%, and several southern European countries went through the largest decline.\n\nThe German and Finnish stock exchange made it through somewhat better: both fell by 5% in May. The Japanese stock market index decreased by 7.4% in local currency, and in euros the rate of return was -4.8%. The general recession also included the Tallinn and Vilnius Stock Exchange, with, respectively, a -1.4% and -0.8% rate of return in May. However, the Riga stock exchange index increased by 2.4%, largely due to the increase in the share prices of the pharmaceutical manufacturers Grindeks and Olainfarm, which was almost 8%.\n\nThe private equity fund KJK Fund III, a member of the XL Pension Fund portfolio, made a new investment in Elan, a Slovenian sports equipment manufacturer. The company produces, for example, winter sports equipment and sailing yachts and is among the world's leading producers in its field. Previously, the KJK has invested in the Estonian water sports equipment company Tahe Outdoors.\n\nThe Real Estate fund Baltic Horizon, listed on the Tallinn Stock Exchange, issued the third and last part of bonds. They are subject to the terms and conditions agreed during the first issuance of the company in spring last year: the annual interest is 4.25% and the maturity date is now just under four years away. The company also has the right to repay the bonds in advance by paying the investors up to 2% as extra payments. Representing the interests of pension collectors, we actively participated in settling on the conditions in spring 2018. Therefore, we also bought more bonds from this issue. They are now also listed on the Tallinn Stock Exchange and have in the meantime received an international credit rating. LHV's pension funds hold just over 40% of the Baltic Horizon bonds.\n\nIn terms of new projects, we started negotiations on possible participation in establishing a new dairy industry in Paide, funded by E-Piim, the Dutch investor Interfood, and the Agricultural Registers and Information Board. We also have other local projects currently being negotiated. Soon, we hope to add them to our portfolio with an attractive rate of return.\n\nOn the other hand, international bond markets still offer prospects with a very low rate of return, due to which we only make individual investments when we find attractive opportunities. One such investment was the Finnish financial group Sampo, which sold new bonds in May. The company's largest assets are If Insurance and a large holding in Nordea Bank, and the company’s largest owners are the Finnish State and its pension funds.\n"},{"year":2019,"month":4,"content":"### April 2019 - Grindex shareholders are expecting a takeover bid\n\nKristo Oidermaa, Fund Manager\n\nApril was once again mainly positive on global stock markets and the MSCI World index rose by 3.7% over the month. The Euro Stoxx 50, including the 50 largest European companies, even demonstrated a 5.3% rate of return, with the strongest Swedish and German stock exchanges showing a result of 7.9% and 7.1%, respectively.\n\nThe Japanese stock exchange rose by 5%, measured in local currency, and 4.7%, measured in euros. The markets of developing countries moved slightly in different directions. For example, the stock exchanges of Asian countries predominantly rose and those in Latin-America declined.\n\nAlso, all Baltic markets yielded positive results for the investors. The rate of return of the Riga and Vilnius stock exchange indices was strong, increasing by 4.9% and 4.2%, respectively, while the Tallinn Stock Exchange showed a modest increase of 1.5%.\n\nThe rate of return of pension fund XL was positively influenced by the share of the Latvian manufacturer of medicinal products Grindex, which rose by as much as 52%. This was caused by a long-lasting dispute that has now finally been cleared up, as a result of which the major shareholder will make a buyout bid to other shareholders.\n\nAlso, the shares of large German industrial companies demonstrated a strong rate of return: The share of Siemens rose in April by 9.3% and that of the car manufacturers Daimler and Volkswagen, by 7.5% and 7.2%.\n\nLast month was quieter on the European bond markets. The year-to-date average rate of return of the entire market is 2.6%. The rate of return of government bonds is slightly below it, and that of the businesses is higher. The fact that even the German government long-term bonds are once again in the red as a result of such a tiny increase, shows how little space there is for price appreciation. This means that if the bonds are kept to maturity, they will make a definite loss.\n\nSince the outlook of the return is so poor, we will continue with building up our OTC bond portfolio. As at today, we have invested nearly one-fifth of the portfolio in the bonds of Estonian companies with average interest of 3.9%. We hope to get some additions to the fund soon. In the light of the new legal provisions, we see the expected average interest rate of new investments to be notably higher.\n"},{"year":2019,"month":3,"content":"### March 2019 - Lyft IPO had an impact\n\nKristo Oidermaa, Fund Manager\n\nMarch was a calm month on the global stock markets, and the MSCI World Index showed a yield of 2.7%. Japan’s Nikkei stock market index fell by 0.8% in the local currency, but rose by 1.1% when measured in euros. Among the developed countries of Europe, the +0.1% yield for the German stock market index substantively remained at the same level as February. The Helsinki Stock Exchange fell by 1.7% in March. The stock markets of developing countries moved in different directions, with the Turkish stock market index falling by 14.3% when measured in euros, while the stock market in India rose by 10.1%. The Tallinn Stock Exchange provided the best result in the Baltic republics, rising by 1.5% and the Vilnius and Riga stock market index showed a 0.6% and -1.4% yield, respectively.\n\nThe result of Pension Fund XL was positively affected in March by its investment in Rakuten, a Japanese internet company, the stock of which rose by nearly 20% over the course of the month. The strong yield came about in large part because Rakuten, with its 13% stake, is the largest shareholder of the US ride sharing company Lyft. At the end of March, Lyft carried out a highly successful initial public offering on the NASDAQ Stock Exchange, thanks to which the value of Rakuten’s investment in the company grew by nearly USD 990 million.\n"},{"year":2019,"month":2,"content":"### February 2019 - Calm month on stock markets\n\nKristo Oidermaa, Fund Manager\n\nFebruary was relatively relaxed on the world’s stock markets. The stock market indexes of developed countries were mainly on the rise, e.g. the index containing Europe’s 50 largest publicly traded companies increased by 4.4% in the month. In February, the Japanese stock market index increased by 2.9% measured in local currency and by 1.2% measured in euros. From the stock markets of developing countries, Asian countries, led by China, showed strong results, but the Latin-American stock market indexes were mainly decreasing. The stock market indexes of Riga and Vilnius remained at the level of the last month, rising by 0.3% and 0.6% respectively. However, the Tallinn stock exchange dropped by 1.7% in February. Pension fund XL has invested in four Estonian risk capital funds that all made new investments in 2018. For instance, Karma Ventures invested in the start-up company MeetFrank established by Estonians, bringing together employers and anonymous job seekers. Superangel One fund made a total of 8 new investments, including in an already known Estonian start-up company Veriff that provides customer identification services. Trind Ventures made 6 investments, two of which, Speakly and Tandem, offer various ways of learning languages.\n\nAt the beginning of March, the European Central Bank decided to inform the market of imminent new loan programmes to banks of the euro zone. The growth estimates of the European economy have already been lowered in February and the longer term government bonds of Germany were not far from the price level in which the future expected rate of return would be on the negative side again. As a counterbalance, the prices of corporate bonds increased both on the markets of the stronger and especially of weaker issuers. Companies also loaned out record volumes of new money by issuing new bonds. The bond portfolios of our funds are mostly based on external instruments of the financial market and this is also the direction that we hope to use for future additions. The outlooks of the international credit market are on the weaker side according to our assessments.\n"},{"year":2019,"month":1,"content":"### January 2019 - Finnish companies in the fund portfolio demonstrated a good result\n\nKristo Oidermaa, Fund Manager\n\nAfter the turbulent end of 2018, the beginning of the new year was positive for global stock markets and the majority of the developed as well as developing markets underwent a strong increase. The Japanese stock exchange index rose by 5.2%, measured in euros. The top risers in Europe were, for example, Finland with 8.2% and Sweden and Germany with 6.5% and 5.8% rates of return, respectively. On the developing markets, a strong rate of return was demonstrated by Latin-American countries as well as Russia and Turkey. Also, the Baltic stock exchanges went along with the overall rise with the Tallinn stock exchange, being the strongest with a 6.8% rate of return. The Riga and Vilnius stock exchanges grew by 6.5% and 5.0%, respectively, during the month. Out of the shares belonging to pension fund XL portfolio, a very good result was demonstrated by Finnish forest companies that were hit really hard last year. For example, the share of Metsä Board rose by a remarkable 21.4% and that of Stora Enso by 12.7%. In January, several Baltic real estate funds, investing in the office buildings, commercial and logistics areas of the region, published their 2018 results. All funds generated good results for their investors last year with rates of return ranging from 11% to 16%.\n\nA strong result was also demonstrated by bond markets, where both the government as well as corporate securities remained positive. The result is even more surprising given the clear upward trend of stock prices. For this reason, the price level of bond markets in Europe is currently very high and we in the fund take the price rise of public bonds as a pleasant addition – the main rate of return still comes from OTC securities. We will work in this direction to increase the portfolios while abstaining from making new investments on public bond markets.\n"},{"year":2018,"month":12,"content":"### December 2018 - December was a turbulent month on stock markets\n\nKristo Oidermaa, Fund Manager\n\nDecember once again experienced turbulence on global stock markets, and the stock exchanges of the developed as well as developing markets mainly declined. The rates of return of global stock markets remained largely in the red throughout 2018 as well. In December, the Japanese stock market index dropped by 10.5%, measured in local currency and by 8.8% measured in euros. In Europe, the biggest losers included Sweden and Germany, where the stock market indices dropped by 6.6% and 6.2% respectively during the month. The rate of return of Helsinki Stock Exchange remained at -3.4% and the decline was largely caused by Finnish forest companies. The share prices of Metsä Board and Stora Enso, belonging to the Pension Fund XL, dropped by 18.9% and 12.6%, respectively. This time, the overall decline also affected the Baltic stock markets. The rate of return was -5.2% for Tallinn Stock Exchange, -4.1% for Vilnius Stock Exchange and -2.8% for Riga Stock Exchange.\n\nFrom bond portfolio investments, the Portuguese Energy announced its offer to redeem its bonds, which we accepted to. The investment made more than seven years ago during the euro crisis generated nearly 5.8% of annual interest income, in addition to which the price of bonds increased during this period slightly more than 49%; that is, the investment nearly doubled. Additionally, a transaction was completed, where Nelja Energia, acquired by Eesti Energia, prepaid its bonds to the fund. The securities issued in 2015 yielded at an annual interest income of 6.5%, to which a 4% premium was added for early redemption. The European bond funds stabilised in December after a quite abrupt fall in November. Still, the situation is completely different from that seen in the last years, and the unwinding of the monetary stimulus of the European Central Bank is clearly revealing itself already in a higher price for corporate loans. We have avoided the acquisition of long-term bonds from the markets over the couple last years, which protected us this year from the price depreciation, and which together with the abovementioned early redemption of bonds provides the fund with significant resources for making investments, should favourable opportunities open up this year. We will also continue analysing local projects to find investment opportunities in Estonia.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Pension funds setting higher goals**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n","text":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n\nDespite the declines, the first half of 2019 has been very positive for stock markets and the decline at the end of last year has been largely earned back. Nearly all of the world’s largest central banks have made it clear that they will not be tightening monetary policy in the short term, and it is likely that, if necessary, they may lower interest rates instead. So far, investors have viewed this as positive news. Even so, it seems the realisation is slowly being reached that the global economy is more vulnerable than previously thought and that growth in corporate profits has slowed down.\n\nIn theory, financial markets should reflect investors’ assessments of the future development trends of the real economy. Thus, it could be concluded, based on the strong rise of stock markets this year, that the state of the economy is improving, which in turn points to the acceleration of the inflation rate and higher interest rates. At the same time, the decline in long-term interest rates indicates expectations regarding the health of the economy which are quite the opposite. For a time it seemed like bond investors and equity investors were living in a parallel reality.\n\nThe optimism of the stock markets was depleted in May and the coming months will show who was right. I believe that bond investors better understand the limited impact of monetary policy on the real economy and that entrepreneurs are afraid to take loans for the purpose of making investments, which is why the economy will not grow, even with low interest rates. Instead, cheap money has supported the stock markets, driving up prices while making stock exchanges even more of a tool, with the help of which a company can be sold or cash extracted from it.\n\nEven during uncertain times interesting businesses and projects can be found that are growing and where it pays to invest. This requires looking outside of stock markets. LHV pension funds have been directing the majority of their attention to private capital markets, where the expected return on equity is at least 15%. We are also currently in the process of reshaping the bond portfolios of our pension funds – we are assuming a more active role in offering the financial means required by businesses for growth.\n\nChanges to the Investment Funds Act which were made at the end of last year and which will enter into force this September, significantly expanded the investment possibilities available to funds. The administrative fees for pension funds were radically reduced and a success fee was implemented, if the rate of return for the fund exceeds wage growth. As a result of amendments to the Act, starting in September the fund management company will only earn a performance fee if their fund’s rate of return exceeds the wage growth of the Estonian people. This is a very ambitious goal in a situation in which a large segment of the international bond market is offering a guaranteed negative rate of return.\n\nThe Act, which was adopted in December, gave direction and motivation on how to raise the rate of return for pension savers, while at the same time helping to increase the role of pension funds in Estonia’s economy and the promoting of capital markets. The earning of a performance fee requires a big change in investment strategy and the directing of investments into projects, the long-term rate of return of which exceeds Estonia’s nominal economic growth.\n\nIt is sad to see how, prior to the law that was adopted six months ago entering into effect and its impact being experienced, an attempt is being made to destroy the entire system. There is a sense that the critics of the pension funds are afraid of good results and are attempting to carry out their destructive work prior to the results of the reform becoming evident. It is more like that they haven’t even read the law that was passed (in favour of which they themselves voted) and are, in principle, opposed to the collecting of any sort of capital.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600019766","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":29.38,"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":70.62,"unit":"%"},{"name":"Real Estate funds","value":27.82,"unit":"%"},{"name":"Money and deposits","value":1.56,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| Lyxor Core MSCI World DR UCITS | 28.29% |\n| Amundi Index FTSE EPRA Nareit Global UCITS ETF | 27.82% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 21.01% |\n| iShares Core MSCI World UCITS | 13.20% |\n| db x-trackers MSCI World Index UCITS ETF | 4.05% |\n| iShares MSCI Frontier 100 ETF | 2.29% |\n| Vanguard FTSE Emerging Markets UCITS ETF | 1.79% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2019) | 15,193,256.59 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 468 750 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\n**Management fee:** 0.39%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 02 January 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused-2018-01-02.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus from 02 January 2018 (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_2018.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2019_05.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":96.35,"unit":"%"},{"name":"Money and deposits","value":3.7,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.96% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 23.90% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 23.82% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 23.67% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"}]}],"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":71.75,"unit":"%"},{"name":"Bond funds","value":27.08,"unit":"%"},{"name":"Money and deposits","value":1.2,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| BlackRock ISF - Developed World Index | 27.88% |\n| BlackRock BGIF - World Equity Index - X2 | 27.52% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 27.08% |\n| BlackRock ISF - Developed World ex Tobacco | 8.18% |\n| BlackRock ISF - Emerging Markets Index | 8.17% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109435","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":4,"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":39.63,"unit":"%"},{"name":"Shares","value":32.47,"unit":"%"},{"name":"Equity funds","value":9.49,"unit":"%"},{"name":"Real Estate funds","value":2.31,"unit":"%"},{"name":"Private Equity funds","value":1.31,"unit":"%"},{"name":"Bond funds","value":12.04,"unit":"%"},{"name":"Money and deposits","value":2.75,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublic Deutschland 2% 15.08.2023 | 9.89% |\n| France Government 0% 25.02.2020 | 3.54% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 3.34% |\n| Amundi MSCI Emerging Markets UCITS ETF | 3.18% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 2.57% |\n| Tallinna Sadam AS | 2.21% |\n| Luminor Bank Estonia 1.5% 18.10.2021 | 2.09% |\n| Xtrackers MSCI World Energy UCITS ETF | 2.03% |\n| iShares Core S&P 500 UCITS ETF | 1.99% |\n| Raiffeisen-Osteuropa-Rent Fund | 1.66% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.21% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 2.09% |\n| Elering 0.875% 03.05.2023 | 0.99% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.09%\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019725","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":8.73,"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":37.89,"unit":"%"},{"name":"Shares","value":3.01,"unit":"%"},{"name":"Equity funds","value":14.01,"unit":"%"},{"name":"Real Estate funds","value":2.28,"unit":"%"},{"name":"Private Equity funds","value":0.63,"unit":"%"},{"name":"Bond funds","value":39.79,"unit":"%"},{"name":"Money and deposits","value":2.39,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 9.68% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 8.39% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 7.29% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 5.58% |\n| Robeco Ql Global Dynamic Duration | 4.53% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.70% |\n| iShares Core S&P 500 UCITS ETF | 3.53% |\n| France Government 0% 25.02.2020 | 3.24% |\n| SEB Fund 4 Short Bond Fund Euro | 3.22% |\n| SEB Ethical Global Index Fund | 3.19% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.09% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 2.00% |\n| Elering 0.875% 03.05.2023 | 0.96% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.82%\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098612","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":8.01,"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**\nFund mainly invests in bonds and deposits. 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":51.61,"unit":"%"},{"name":"Bond funds","value":45.97,"unit":"%"},{"name":"Money and deposits","value":2.42,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 13.67% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 9.80% |\n| Bundesrepublic Deutschland 3.5% 04.07.2019 | 9.54% |\n| iShares Core EUR Corp Bond UCITS ETF EUR (Dist) | 8.62% |\n| UBS ETF-Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF | 8.52% |\n| iShares EUR Corporate Bond Large Cap UCITS ETF | 8.10% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.68% |\n| Lithuanian Government Bond 0.7% 27.05.2020 | 3.58% |\n| Republic of Lithuania 7.375% 11.02.2020 | 2.94% |\n| iShares Euro Ultrashort Bond UCITS ETF | 2.87% |\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 | 2.13% |\n| Elering 0.875% 03.05.2023 | 0.65% |\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\n**Management fee:** 0.49%\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":3.69,"fundManager":"SEB"},"SWK99":{"heading":"Swedbank Pensionifond K90-99","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":72.75,"unit":"%"},{"name":"Bond funds","value":26.89,"unit":"%"},{"name":"Money and deposits","value":0.4,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| SPDR Barclays Euro Aggregate Bond UCITS ETF | 26.89% |\n| HSBC MSCI World UCITS ETF | 25.02% |\n| Amundi Index MSCI World UCITS ETF | 21.40% |\n| LYXOR Core MSCI World | 19.49% |\n| Access Global | 6.84% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.49%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109393","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank Pensionifond K4","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":39.76,"unit":"%"},{"name":"Shares","value":33.7,"unit":"%"},{"name":"Equity funds","value":20.3,"unit":"%"},{"name":"Real Estate funds","value":4.44,"unit":"%"},{"name":"Private Equity funds","value":0.77,"unit":"%"},{"name":"Money and deposits","value":1.1,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 17.47% |\n| Republic of Austria 0.250% 191018 | 6.67% |\n| Spain Government 0.050% 210131 | 4.70% |\n| Spain Government 4.600% 190730 | 2.73% |\n| Amundi ETF MSCI Europe UCITS | 2.24% |\n| Spain Government 2.150% 251031 | 1.79% |\n| Spain Government 0.750% 210730 | 1.77% |\n| Eften Kinnisvarafond II aktsia | 1.74% |\n| Lithuania 0,000% 210131 | 1.31% |\n| Luminor Bank 1.500% 211018 | 1.17% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.74% |\n| Luminor Bank 1,500% 211018 | 1.17% |\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\n**Management fee:** 0.83%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103248","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":8.05,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank Pensionifond K3","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":54.69,"unit":"%"},{"name":"Shares","value":25.34,"unit":"%"},{"name":"Equity funds","value":9.67,"unit":"%"},{"name":"Real Estate funds","value":5.51,"unit":"%"},{"name":"Private Equity funds","value":1.07,"unit":"%"},{"name":"Bond funds","value":2.34,"unit":"%"},{"name":"Money and deposits","value":1.44,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 7.73% |\n| Spain Government 0.050% 210131 | 5.13% |\n| Republic of Austria 0.250% 191018 | 3.48% |\n| Spain Government 4.600% 190730 | 3.21% |\n| Eften Kinnisvarafond II aktsia | 2.40% |\n| Amundi 12 M | 2.34% |\n| Lithuania 0,700% 200527 | 2.19% |\n| French Government Bond 0.000% 210225 | 2.00% |\n| Lithuania 2.100% 210828 | 1.85% |\n| Lithuania 3.400% 201003 | 1.66% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 2.40% |\n| Luminor Bank 1,500% 211018 | 1.61% |\n| East Capital Baltic Property III | 1.39% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.83%\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019758","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":10.98,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank Pensionifond K2","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":77.29,"unit":"%"},{"name":"Shares","value":0.31,"unit":"%"},{"name":"Equity funds","value":11.79,"unit":"%"},{"name":"Real Estate funds","value":6.6,"unit":"%"},{"name":"Private Equity funds","value":1.51,"unit":"%"},{"name":"Bond funds","value":1.63,"unit":"%"},{"name":"Money and deposits","value":0.94,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| Spain Government 0.050% 210131 | 8.08% |\n| Spain Government 4.600% 190730 | 5.70% |\n| Amundi ETF MSCI Europe UCITS | 3.75% |\n| Eften Kinnisvarafond II aktsia | 3.22% |\n| Vanguard S&P 500 ETF | 3.18% |\n| Luminor Bank 1.500% 211018 | 2.78% |\n| Lithuania 2.100% 210828 | 2.73% |\n| Lithuania 3.400% 201003 | 2.60% |\n| Spain Government 0.750% 210730 | 2.50% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 2.46% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 3.22% |\n| Luminor Bank 1,500% 211018 | 2.78% |\n| East Capital Baltic Property III | 1.48% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.79%\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019741","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":14.64,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond K1","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":80.12,"unit":"%"},{"name":"Bond funds","value":5.02,"unit":"%"},{"name":"Money and deposits","value":14.88,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| Spain 0.05% 210131 | 9.99% |\n| Lithuania EUR 0.30% 210504 | 3.83% |\n| Amundi 6 M-I | 3.55% |\n| Luminor Bank 1,500% 211018 | 2.80% |\n| Eesti Energia 2.384% 230922 | 2.45% |\n| Lithuania Government 0.400% 230816 | 2.32% |\n| Lithuania 2.100% 210828 | 1.89% |\n| Tallinn FRN EUR 29.11.2027 | 1.87% |\n| ING Bank FRN 211116 | 1.84% |\n| Poland Government International 0.500% 211220 | 1.71% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank 1,500% 211018 | 2.80% |\n| Eesti Energia 2.384% 230922 | 2.45% |\n| Tallinn FRN EUR 29.11.2027 | 1.87% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":8.39,"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":19.21,"unit":"%"},{"name":"Shares","value":2.59,"unit":"%"},{"name":"Equity funds","value":61.02,"unit":"%"},{"name":"Real Estate funds","value":2.02,"unit":"%"},{"name":"Private Equity funds","value":0.47,"unit":"%"},{"name":"Bond funds","value":12.11,"unit":"%"},{"name":"Money and deposits","value":2.58,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 17.38% |\n| iShares Core S&P 500 UCITS ETF USD Acc | 10.49% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 7.57% |\n| Amundi Index MSCI World UCITS ETF DR | 5.65% |\n| SEB Ethical Global Index Fund C | 5.51% |\n| Xtrackers MSCI World UCITS ETF | 5.18% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 3.86% |\n| Amundi MSCI Emerging Markets ETF | 3.37% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 3.25% |\n| iShares STOXX Europe 600 UCITS ETF (DE) | 3.21% |\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 | 1.76% |\n| Tallinna Sadam AS | 1.69% |\n| Baltic Horizon Fund | 0.87% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.06%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103297","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":6.54,"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 fund invests, subject to the availability of suitable investments, up to 100% in Estonia. Investments are made in shares, debts, real estate, and also in other funds. Since the number of securities traded on the Tallinn Stock Exchange is low, the fund invests extensively outside the exchange. Since the fund is linked to one region, it would not be wise to invest all your pension assets in this fund.\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":48.81,"unit":"%"},{"name":"Shares","value":24.26,"unit":"%"},{"name":"Real Estate funds","value":13.83,"unit":"%"},{"name":"Private Equity funds","value":0.18,"unit":"%"},{"name":"Money and deposits","value":12.92,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond II | 4.47% |\n| Birdeye Timber Fund | 4.39% |\n| Tallinna Kaubamaja | 4.24% |\n| Eesti Energia 2.384% 22/09/23 | 4.04% |\n| Tallink Grupp | 3.87% |\n| Autolist 12% 03/04/22 | 3.86% |\n| Luminor 1.5% 18/10/21 | 3.84% |\n| Transpordi Varahaldus 2.85% 18/12/26 | 3.84% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 3.83% |\n| Birdeye Timber Fund 2 | 3.83% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II | 4.47% |\n| Birdeye Timber Fund | 4.39% |\n| Tallinna Kaubamaja | 4.24% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2019) | 2,640,461.05 € |\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\n**Management fee:** 1.20%\n\n**Management fee from 2 September 2019:** 0.72%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 19 March 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_tingimused.pdf)\n- [Terms and conditions from 02 September 2019 (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 from 2 May 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_020519.pdf)\n- [Prospectus from 2 September 2019 (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_KIID.pdf)\n- [Key Investor Information from 02 September 2019 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_KIID_02092019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2019) (in Estonian)](/assets/files/pension/LHV_pensionifond_Eesti_kuuaruanne_2019_05.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":5,"content":"### May 2019 – Racing after Eften equities\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, the Tallinn Stock Exchange went along with the decline of the global stock markets and the stock exchange index decreased by 1.4% within a month. At the same time, the Vilnius Stock Exchange index also decreased by 0.8%, while the Riga Stock Exchange increased by 2.4%, largely due to the increase in the share prices of the pharmaceutical manufacturers Grindeks and Olainfarm, which was almost 8%. In part, the decline of the Tallinn Stock Exchange was due to the fact that in May a number of companies paid the investors dividends, which were previously announced.\n\nThe LHV Pension Fund Etonia also participated in the subscription of the new shares of Eften Real Estate Fund III. The Real Estate Fund issued one million shares with a price of EUR 16 per share. As the interest of the investors was very high, the shares were oversubscribed more than three times. The current shareholders, including the Pension Fund Estonia, had a privileged guarantee of a third of their earlier investment. At the end of May, the share of Eften III was traded at EUR 17 on the Tallinn Stock Exchange.\n"},{"year":2019,"month":4,"content":"### April 2019 - Dividend shower of Estonian publicly traded companies\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, all Baltic markets yielded positive results for the investors. The Riga and Vilnius stock exchange indices showed a strong rate of return, increasing by 4.9% and 4.2%, respectively, and the Tallinn Stock Exchange showed a slightly more modest increase of 1.5%.\n\nOne by one, Estonian publicly traded companies have announced dividends, payable to the shareholders, suggesting a fairly good rate of return.\n\nFor example, Tallinna Kaubamaja will pay a record level of dividends of 0.71 euros per share, meaning that the dividend yield is ca 8%. Tallinna Sadam, however, promised a higher than expected dividend of 0.134 euros per share, meaning a nearly 6% dividend yield.\n\nThe shipping company Tallink delights its shareholders with dividends as well as capital gain, in a total amount of 0.12 euros per share. The lingerie manufacturer Silvano will pay out dividends of 0.2 euros, Harju Elekter 0.18 euros and Merko 1 euro per share.\n"},{"year":2019,"month":3,"content":"### March 2019 - Investing in the bonds of Coop Pank\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe Tallinn stock market index rose by 1.5% in March, making it the strongest of the stock markets in the Baltics. The excellent result was helped along by shares of Harju Elekter and Tallinna Kaubamaja, which rose during the month by 5.8% and 3.7%, respectively. Shares of Tallink, the company with the largest market capitalisation on the Tallinn Stock Exchange, showed a rate of return of 1.5%.\n\nLHV Pension Fund Eesti made a new investment of EUR 70,000 in the bonds of the Estonian Coop Pank. The maturity date for the bonds will arrive in 10 years, and investors are paid 7.6% annual interest. Based on the banking regulation, it is likely that the company will buy back the bonds after a period of five years. Coop Pank belongs to the Estonian consumer cooperatives, which in turn belongs to its ~80,000 client owners. The Bank offers its clients daily banking and financing services and is mainly focused on residents living outside of large cities. The money included with the bonds will be used to finance banking services and to expand opportunities for financing.\n"},{"year":2019,"month":2,"content":"### February 2019 - Fund influenced by the drop on the Tallinn stock exchange\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nTallinn stock exchange fell by 1.7% in February, largely due to the shipping company Tallink’s weak results in Q4 that led to a 5.1% drop in its shares. The company’s income decreased by 2.7% compared to Q4 of 2017 and suffered a 1.1 million euro loss. The number of passengers decreased by 3.3% in Q4 but remained the same overall in 2018. On the other hand, Tallink plans to pay out dividends of 5 cents per share and reduce the share capital by 7 cents per share, making the rate of return of the disbursements more than 11%. However, Tallinna Sadam reported strong results, increasing its income by 9.2% in Q4 and by 7.7% in 2018. The company’s operating profit margin also improved. Tallinna Sadam plans to pay out at least 30 million euros in dividends to shareholders for 2018, making the expected dividend yield at least 5.3%.\n"},{"year":2019,"month":1,"content":"### January 2019 - In January, the Baltic stock exchanges demonstrated a good result\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nAfter the turbulent end of 2018, the beginning of the new year was positive for Baltic stock exchanges and a good rate of return was demonstrated by stock indices of all three countries. The strongest was the Tallinn stock exchange with a 6.8% rate of return and Riga and Vilnius stock exchanges rose by 6.5% and 5.0%, respectively, over the month. The biggest riser of the Tallinn Stock Exchange was Harju Elekter with a 23.8% rate of return. A solid result in the pension fund Eesti also came from Nordecon and Silvano Fashion Group with the respective 10.7% and 9.1% rates of return. In January, Tallinna Kaubamaja Grupp announced their results for 2018 – the company’s revenues increased by 4.6% and profit by 2% over the year. Car sales business was extremely strong with revenues increasing by 15.3% and the supermarket segment (Selver) also did well, increasing its revenues by 3.9%. The share price of Kaubamaja rose by 7.1% in January.\n"},{"year":2018,"month":12,"content":"### December 2018 - The fund’s portfolio of rental houses increased\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nLikewise to the global developed and developing markets, the Tallinn Stock Exchange index declined as well. The month ended with a result of -5.2% and the index value declined by 6.4% over the year. Out of the companies belonging to the Pension Fund Eesti, the shipping company Tallink experienced the biggest decrease, with the share price dropping by 10.6% during the month. The decline was partly caused by the normalisation after the shares of Tallink were listed on the Helsinki Stock Exchange in November, when the share price increased 17%. A noteworthy event in OTC investments was the expansion of the rental house portfolio of pension funds. An agreement was signed for the purchase of 168 new apartments in the property development in the Mustamäe district of Tallinn, which increases LHV’s portfolio of rental apartments to nearly 300. The construction of the buildings will start in 2019 and will most likely be completed at the beginning of 2021. Altogether, 750 new apartments will be built in 5-7 years within the Uus-Mustamäe development project.\n\nWe added the securities of the state enterprise Transpordi Varahaldus to the investments of bond portfolio. The term of the bonds is 8 years with an annual interest rate of 2.85%, and the investment is secured with the airplanes currently owned by the company.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Pension funds setting higher goals**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n","text":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n\nDespite the declines, the first half of 2019 has been very positive for stock markets and the decline at the end of last year has been largely earned back. Nearly all of the world’s largest central banks have made it clear that they will not be tightening monetary policy in the short term, and it is likely that, if necessary, they may lower interest rates instead. So far, investors have viewed this as positive news. Even so, it seems the realisation is slowly being reached that the global economy is more vulnerable than previously thought and that growth in corporate profits has slowed down.\n\nIn theory, financial markets should reflect investors’ assessments of the future development trends of the real economy. Thus, it could be concluded, based on the strong rise of stock markets this year, that the state of the economy is improving, which in turn points to the acceleration of the inflation rate and higher interest rates. At the same time, the decline in long-term interest rates indicates expectations regarding the health of the economy which are quite the opposite. For a time it seemed like bond investors and equity investors were living in a parallel reality.\n\nThe optimism of the stock markets was depleted in May and the coming months will show who was right. I believe that bond investors better understand the limited impact of monetary policy on the real economy and that entrepreneurs are afraid to take loans for the purpose of making investments, which is why the economy will not grow, even with low interest rates. Instead, cheap money has supported the stock markets, driving up prices while making stock exchanges even more of a tool, with the help of which a company can be sold or cash extracted from it.\n\nEven during uncertain times interesting businesses and projects can be found that are growing and where it pays to invest. This requires looking outside of stock markets. LHV pension funds have been directing the majority of their attention to private capital markets, where the expected return on equity is at least 15%. We are also currently in the process of reshaping the bond portfolios of our pension funds – we are assuming a more active role in offering the financial means required by businesses for growth.\n\nChanges to the Investment Funds Act which were made at the end of last year and which will enter into force this September, significantly expanded the investment possibilities available to funds. The administrative fees for pension funds were radically reduced and a success fee was implemented, if the rate of return for the fund exceeds wage growth. As a result of amendments to the Act, starting in September the fund management company will only earn a performance fee if their fund’s rate of return exceeds the wage growth of the Estonian people. This is a very ambitious goal in a situation in which a large segment of the international bond market is offering a guaranteed negative rate of return.\n\nThe Act, which was adopted in December, gave direction and motivation on how to raise the rate of return for pension savers, while at the same time helping to increase the role of pension funds in Estonia’s economy and the promoting of capital markets. The earning of a performance fee requires a big change in investment strategy and the directing of investments into projects, the long-term rate of return of which exceeds Estonia’s nominal economic growth.\n\nIt is sad to see how, prior to the law that was adopted six months ago entering into effect and its impact being experienced, an attempt is being made to destroy the entire system. There is a sense that the critics of the pension funds are afraid of good results and are attempting to carry out their destructive work prior to the results of the reform becoming evident. It is more like that they haven’t even read the law that was passed (in favour of which they themselves voted) and are, in principle, opposed to the collecting of any sort of capital.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109476","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":61.99,"fundManager":"LHV"},"SIK75":{"heading":"SEB Energiline Pensionifond Indeks","id":"eindeks","code":"sik","dataMarker":"SIK75","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a medium risk fund,\n- your goal is to mirror securities markets.\n","strategy":"**Strategy**\nFund invests up to 75% of its assets in equities, with the remainder allocated to fixed income, by implementing a passive investment strategy and mirroring securities markets. Investing mainly in equities involves higher risks, resulting in bigger 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":72.3,"unit":"%"},{"name":"Bond funds","value":27.68,"unit":"%"},{"name":"Money and deposits","value":0.01,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core S&P 500 UCITS ETF USD Acc | 26.28% |\n| SPDR Bloomberg Barclays Euro Aggregate Bond UCITS ETF | 22.81% |\n| Lyxor Core STOXX Europe 600 DE ETF | 13.79% |\n| Amundi MSCI Emerging Markets UCITS ETF | 8.44% |\n| Xtrackers MSCI USA UCITS ETF | 5.58% |\n| SOURCE S&P 500 UCITS ETF | 5.18% |\n| Xtrackers Nikkei 225 UCITS ETF | 4.98% |\n| Vanguard S&P 500 UCITS ETF | 2.73% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 2.70% |\n| iShares EUR Aggregate Bond UCITS ETF EUR Dist | 2.44% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"}]}],"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**\nPension fund C only invests in blue bonds, deposits and other similar instruments. This is a way of avoiding greater short-term fluctuations. 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":94.9,"unit":"%"},{"name":"Money and deposits","value":5.08,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| Nordea 2 - US Corporate Enhanced Bd Fd | 9.73% |\n| Nordea 1 - US Corporate Bond Fund | 9.70% |\n| Xtrackers USD Corporate Bond UCITS ETF | 9.50% |\n| iShares Core Euro Government Bond UCITS ETF | 9.29% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 9.12% |\n| Nordea Pro Euro Bond I Growth | 8.73% |\n| Nordea Euro Medium Term Bond Growth | 7.62% |\n| iShares Core Euro Corporate Bond UCITS ETF | 5.36% |\n| Nordea Corporate Bond I Growth | 5.19% |\n| SPDR Barclays Euro Corporate Bond UCITS ETF | 4.95% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.7%\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 25% 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":19.1,"unit":"%"},{"name":"Real Estate funds","value":5.47,"unit":"%"},{"name":"Bond funds","value":70.95,"unit":"%"},{"name":"Money and deposits","value":4.49,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| Nordea Emerging Market Bond Fund Growth | 7.90% |\n| Nordea Euro Bond I Growth | 7.75% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 6.98% |\n| Xtrackers USD Corporate Bond UCITS ETF | 6.90% |\n| iShares Core Euro Government Bond UCITS ETF | 6.05% |\n| EfTEN Kinnisvarafond II AS | 5.47% |\n| Nordea 1 - US Corporate Bond Fund | 4.93% |\n| iShares Euro Corporate Bond Large Cap UCITS ETF | 4.76% |\n| iShares Core MSCI Emerging Markets | 4.70% |\n| Nordea 1 - Emerging Mkt Hard Ccy Bond Fd | 4.63% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 5.47% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.19%\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098448","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":5.47,"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 75% 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":63.1,"unit":"%"},{"name":"Real Estate funds","value":3.88,"unit":"%"},{"name":"Bond funds","value":29.59,"unit":"%"},{"name":"Money and deposits","value":3.45,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI Emerging Markets | 7.22% |\n| iShares MSCI North America UCITS ETF | 5.56% |\n| Financial Select Sector SPDR | 5.28% |\n| Nordea 1 - Emerging Mkt Hard Ccy Bond Fd | 5.10% |\n| Nordea 1 - US Corporate Bond Fund | 4.68% |\n| Nordea 1 - European High Yield Vond Fund BI-EUR | 3.88% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 3.85% |\n| iShares Core MSCI World UCITS ETF | 3.80% |\n| S&P Depository Receipts Trust | 3.74% |\n| Nordea Global High Yield Growth | 3.71% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.65% |\n| EfTEN Kinnisvarafond AS | 0.23% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.19%\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103503","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":3.88,"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 50% 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":38.33,"unit":"%"},{"name":"Real Estate funds","value":4.96,"unit":"%"},{"name":"Bond funds","value":53.66,"unit":"%"},{"name":"Money and deposits","value":3.13,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 7.26% |\n| iShares Core Euro Government Bond UCITS ETF | 6.43% |\n| Nordea Emerging Market Bond Fund Growth | 5.29% |\n| Nordea 1 - US Corporate Bond Fund | 5.02% |\n| Nordea 1 - Emerging Mkt Hard Ccy Bond Fd | 4.79% |\n| Nordea Global High Yield Growth | 4.66% |\n| Nordea 1 - European High Yield Vond Fund BI-EUR | 4.59% |\n| Nordea 1 - Emerging Stars Equity Fund | 4.19% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 3.98% |\n| iShares MSCI North America UCITS ETF | 3.84% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.70% |\n| EfTEN Kinnisvarafond AS | 1.27% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 1.19%\n"}]}],"strategyKey":"progressiivne","isin":"EE3600098430","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":4.97,"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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,2%\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 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":"31.05.2019","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":54.37,"unit":"%"},{"name":"Shares","value":15.05,"unit":"%"},{"name":"Equity funds","value":9.85,"unit":"%"},{"name":"Real Estate funds","value":12.45,"unit":"%"},{"name":"Private Equity funds","value":4.72,"unit":"%"},{"name":"Bond funds","value":0.13,"unit":"%"},{"name":"Money and deposits","value":3.44,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019.\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 5.22% |\n| Luminor 1.5% 18/10/21 | 3.90% |\n| East Capital Baltic Property Fund III | 3.17% |\n| East Capital Baltic Property Fund II | 2.66% |\n| iShares DAX EX | 2.56% |\n| Citadele banka 6.25% 06/12/2026 | 2.56% |\n| JP Morgan Chase And Co 27/01/20 | 2.07% |\n| China Development Bank 0.375% 16/11/21 | 2.04% |\n| HSBC Holdings Plc 04/12/21 | 1.98% |\n| SAP 13/03/21 | 1.92% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 5.22% |\n| Luminor 1.5% 18/10/21 | 3.90% |\n| East Capital Baltic Property Fund III | 3.17% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2019) | 15,683,303.16 € |\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Management fee:** 1%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 13 June 2017 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_tingimused_2017-06-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus from 6 August 2018 (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":"- [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":5,"content":"### May 2019 – Pharmaceutical companies pulled the Latvian stock market uphill\n\nRomet Enok, Fund Manager\n\nAfter several peaceful and rather positive months, the world's stock markets were offering a predominantly negative rate of return in fear of the American and Chinese trade war. Within a month, the US S&P 500 index decreased by 6.6% in local currency and the Chinese stock exchange index by as much as 13.6%. In Europe, Sweden, with a result of -9.9%, and several southern European countries went through the largest decline.\n\nThe German and Finnish stock exchange made it through somewhat better: both fell by 5% in May. The Japanese stock market index decreased by 7.4% in local currency, and in euros the rate of return was -4.8%. The general recession also included the Tallinn and Vilnius Stock Exchange, with, respectively, a -1.4% and -0.8% rate of return in May. However, the Riga stock exchange index increased by 2.4%, largely due to the increase in the share prices of the pharmaceutical manufacturers Grindeks and Olainfarm, which was almost 8%.\n\nGrindeks continued to increase as a result of a stock exchange announcement, published in April, according to which the company's major shareholder is planning to make a buyout offer to the others. In May, the price of the offer was reported as EUR 12.59 and LHV pension funds are also planning to sell their shares at this price.\n\nOlainfarm unveiled considerably stronger quarterly results than expected, showing that despite ownership problems, the company is able to increase its profit.\n\nThe Real Estate fund Baltic Horizon, listed on the Tallinn Stock Exchange, issued the third and last part of bonds. They are subject to the terms and conditions agreed during the first issuance of the company in spring last year: the annual interest is 4.25% and the maturity date is now just under four years away. The company also has the right to repay the bonds in advance by paying the investors up to 2% as extra payments. Representing the interests of pension collectors, we actively participated in settling on the conditions in spring 2018. Therefore, we also bought more bonds from this issue. They are now also listed on the Tallinn Stock Exchange and have in the meantime received an international credit rating. LHV's pension funds hold just over 40% of the Baltic Horizon bonds.\n\nWe also have other local projects currently being negotiated. Soon, we hope to add them to our portfolio with an attractive rate of return.\n\nOn the other hand, international bond markets still offer prospects with a very low rate of return, due to which we only make individual investments when we find attractive opportunities. One such investment was the Finnish financial group Sampo, which sold new bonds in May. The company's largest assets are If Insurance and a large holding in Nordea Bank, and the company’s largest owners are the Finnish State and its pension funds.\n"},{"year":2019,"month":4,"content":"### April 2019 - Rally is led by companies in cyclical industry\n\nRomet Enok, Fund Manager\n\nApril was once again mainly positive on global stock markets and the MSCI World index rose by 3.7% over the month. The Euro Stoxx 50, including the 50 largest European companies, even demonstrated a 5.3% rate of return, with the strongest Swedish and German stock exchanges showing a result of 7.9% and 7.1%, respectively.\n\nThe Japanese stock exchange rose by 5%, measured in local currency, and 4.7%, measured in euros. The markets of developing countries moved slightly in different directions. For example, the stock exchanges of Asian countries predominantly rose and those in Latin-America declined.\n\nAlso, all Baltic markets yielded positive results for the investors. The rate of return of the Riga and Vilnius stock exchange indices was strong, increasing by 4.9% and 4.2%, respectively, while the Tallinn Stock Exchange showed a modest increase of 1.5%.\n\nThe favourable impact on the rate of return of supplementary pension fund L came from investments into the shares of large German industrial companies: The share of Siemens rose by 9.3% and that of Daimler, the manufacturer of Mercedes vehicles, by 7.5% in April. Volkswagen reported good quarterly results, to which the share responded with a 7.2%-rise. The car manufacturer managed to gain market share in the background of a declining car sales market and increase its operating profit by 15%.\n"},{"year":2019,"month":3,"content":"### March 2019 - Lyft IPO had an impact\n\nRomet Enok, Fund Manager\n\nMarch was a calm month on the global stock markets, and the MSCI World Index showed a yield of 2.7%. Japan’s Nikkei stock market index fell by 0.8% in the local currency, but rose by 1.1% when measured in euros. Among the developed countries of Europe, the +0.1% yield for the German stock market index substantively remained at the same level as February. The Helsinki Stock Exchange fell by 1.7% in March. The stock markets of developing countries moved in different directions, with the Turkish stock market index falling by 14.3% when measured in euros, while the stock market in India rose by 10.1%. With an increase of 1.5%, the Tallinn Stock Exchange provided the best rate of return in the Baltic republics, while the Vilnius stock market index showed a rate of return of 0.6%. The Riga Stock Exchange fell by 1.4%, due in large part to the struggle for power among the owners of Olainfarm, a manufacturer of medicinal products.\n\nOlainfarm shares fell by 9.7% in March, and the Riga Stock Exchange has halted trading of the company’s shares, since contradictory information has reached the media, which may serve to hinder the honest and transparent trading of shares. The pension fund earnt a positive rate of return with its investment in Rakuten, a Japanese internet company, whose shares rose by nearly 20% thanks to its participation in the US ridesharing company Lyft, which made a successful market debut.\n"},{"year":2019,"month":2,"content":"### February 2019 - Supplementary fund invested in the largest private equity fund in the Baltics\n\nRomet Enok, Fund Manager\n\nFebruary was relatively relaxed on the world’s stock markets. The stock market indexes of developed countries were mainly on the rise, e.g. the index containing Europe’s 50 largest publicly traded companies increased by 4.4% in the month. In February, the Japanese stock market index increased by 2.9% measured in local currency and by 1.2% measured in euros. From the stock markets of developing countries, Asian countries, led by China, showed strong results, but the Latin-American stock market indexes were mainly decreasing. The stock market indexes of Riga and Vilnius remained at the level of the last month, rising by 0.3% and 0.6% respectively. However, the Tallinn stock exchange dropped by 1.7% in February. Supplementary pension fund made a new investment in the Lithuanian private equity fund INVL Baltic Sea Growth Fund, which invests in medium-sized Baltic companies with good growth potential. This is currently the largest private equity fund in the Baltics, gathering more than 100 million euros from its investors. In February, the rate of return of the pension fund was also impacted by the movements of shares on the Tallinn stock exchange. One of the companies having a positive outcome was Tallinna Kaubamaja, which raised its share by 3.6% on the promise of high dividends. Tallink’s share, on the other hand, dropped by 5.1% due to weak quarterly results.\n\nAt the beginning of March, the European Central Bank decided to inform the market of imminent new loan programmes to banks of the euro zone. The growth estimates of the European economy have already been lowered in February and the longer term government bonds of Germany were not far from the price level in which the future expected rate of return would be on the negative side again. As a counterbalance, the prices of corporate bonds increased both on the markets of the stronger and especially of weaker issuers. Companies also loaned out record volumes of new money by issuing new bonds. The current outlooks of the international credit market are on the weaker side according to our assessments.\n"},{"year":2019,"month":1,"content":"### January 2019 - Finnish companies in the fund portfolio demonstrated a good result\n\nRomet Enok, Fund Manager\n\nAfter the turbulent end of 2018, the beginning of the new year was positive for global stock markets and the majority of the developed as well as developing markets underwent a strong increase. The Japanese stock exchange index rose by 5.2%, measured in euros. The top risers in Europe were, for example, Finland with 8.2% and Sweden and Germany with 6.5% and 5.8% rates of return, respectively. On the developing markets, a strong rate of return was demonstrated by Latin-American countries as well as Russia and Turkey. Also, the Baltic stock exchanges went along with the overall rise with the Tallinn stock exchange, being the strongest with a 6.8% rate of return. The Riga and Vilnius stock exchanges grew by 6.5% and 5.0%, respectively, during the month. Out of the shares belonging to the portfolio of supplementary pension fund, a very good result was demonstrated by Finnish forest companies that were hit really hard last year. For example, the share of Metsä Board rose by a remarkable 21.4% and that of Stora Enso by 12.7%. Also, several Baltic listed companies underwent strong growth. For example, the shares of the Latvian pharmaceutical company Grindeks rose by 20% in a month and the share price of the Lithuanian bank, Šiauliu Bankas, went up by 8.5%.\n"},{"year":2018,"month":12,"content":"### December 2018 - December was a turbulent month on stock markets\n\nRomet Enok, Fund Manager\n\nDecember once again experienced turbulence on global stock markets, and the stock exchanges of the developed as well as developing markets mainly declined. The rates of return of global stock markets remained largely in the red throughout 2018 as well. In December, the Japanese stock market index dropped by 10.5%, measured in local currency and by 8.8% measured in euros. In Europe, the biggest losers included Sweden and Germany, where the stock market indices dropped by 6.6% and 6.2% respectively during the month. The rate of return of Helsinki Stock Exchange remained at -3.4% and the decline was largely caused by Finnish forest companies. The share prices of Metsä Board and Stora Enso, belonging to the supplementary pension fund, dropped by 18.9% and 12.6%, respectively. This time, the overall decline also affected the Baltic stock markets. The rate of return was -5.2% for Tallinn Stock Exchange, -4.1% for Vilnius Stock Exchange and -2.8% for Riga Stock Exchange.\n\nNelja Energia, acquired by Eesti Energia, prepaid its bonds to the fund. The securities issued in 2015 yielded at an annual interest income of 6.5%, to which a 4% premium was added for early redemption. The European bond funds stabilised in December after a quite abrupt fall in November. Still, the situation is completely different from that seen in the last years, and the unwinding of the monetary stimulus of the European Central Bank is clearly revealing itself already in a higher price for corporate loans. We have avoided the acquisition of long-term bonds from the markets over the couple last years, which protected us this year from the price depreciation, and which together with the abovementioned early redemption of bonds provides the fund with significant resources for making investments, should favourable opportunities open up this year.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Pension funds setting higher goals**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n","text":"The investment strategy ‘Sell in May and Go Away’ worked very well this year. The global stock market as a whole fell in May by 5.6% measured in euros; while the US S&P 500 retreated by 6.1%; Stoxx50, representing Eurozone stocks, fell by 6.7%; and Japan’s Nikkei index declined by 4.8%. The Swedish stock market lost 9.5% of its value, although the Tallinn Stock Exchange escaped with only a 1.4% loss.\n\nDespite the declines, the first half of 2019 has been very positive for stock markets and the decline at the end of last year has been largely earned back. Nearly all of the world’s largest central banks have made it clear that they will not be tightening monetary policy in the short term, and it is likely that, if necessary, they may lower interest rates instead. So far, investors have viewed this as positive news. Even so, it seems the realisation is slowly being reached that the global economy is more vulnerable than previously thought and that growth in corporate profits has slowed down.\n\nIn theory, financial markets should reflect investors’ assessments of the future development trends of the real economy. Thus, it could be concluded, based on the strong rise of stock markets this year, that the state of the economy is improving, which in turn points to the acceleration of the inflation rate and higher interest rates. At the same time, the decline in long-term interest rates indicates expectations regarding the health of the economy which are quite the opposite. For a time it seemed like bond investors and equity investors were living in a parallel reality.\n\nThe optimism of the stock markets was depleted in May and the coming months will show who was right. I believe that bond investors better understand the limited impact of monetary policy on the real economy and that entrepreneurs are afraid to take loans for the purpose of making investments, which is why the economy will not grow, even with low interest rates. Instead, cheap money has supported the stock markets, driving up prices while making stock exchanges even more of a tool, with the help of which a company can be sold or cash extracted from it.\n\nEven during uncertain times interesting businesses and projects can be found that are growing and where it pays to invest. This requires looking outside of stock markets. LHV pension funds have been directing the majority of their attention to private capital markets, where the expected return on equity is at least 15%. We are also currently in the process of reshaping the bond portfolios of our pension funds – we are assuming a more active role in offering the financial means required by businesses for growth.\n\nChanges to the Investment Funds Act which were made at the end of last year and which will enter into force this September, significantly expanded the investment possibilities available to funds. The administrative fees for pension funds were radically reduced and a success fee was implemented, if the rate of return for the fund exceeds wage growth. As a result of amendments to the Act, starting in September the fund management company will only earn a performance fee if their fund’s rate of return exceeds the wage growth of the Estonian people. This is a very ambitious goal in a situation in which a large segment of the international bond market is offering a guaranteed negative rate of return.\n\nThe Act, which was adopted in December, gave direction and motivation on how to raise the rate of return for pension savers, while at the same time helping to increase the role of pension funds in Estonia’s economy and the promoting of capital markets. The earning of a performance fee requires a big change in investment strategy and the directing of investments into projects, the long-term rate of return of which exceeds Estonia’s nominal economic growth.\n\nIt is sad to see how, prior to the law that was adopted six months ago entering into effect and its impact being experienced, an attempt is being made to destroy the entire system. There is a sense that the critics of the pension funds are afraid of good results and are attempting to carry out their destructive work prior to the results of the reform becoming evident. It is more like that they haven’t even read the law that was passed (in favour of which they themselves voted) and are, in principle, opposed to the collecting of any sort of capital.\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":24.15,"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":"31.05.2019","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":98.53,"unit":"%"},{"name":"Money and deposits","value":1.47,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2019\n\n| Biggest investments | |\n|---|--:|\n| Lyxor Core MSCI World DR UCITS | 28.86% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 28.14% |\n| iShares Core MSCI World UCITS | 27.38% |\n| db x-trackers MSCI World Index UCITS ETF | 7.08% |\n| Vanguard FTSE Emerging Markets UCITS ETF | 4.20% |\n| iShares MSCI Frontier 100 ETF | 2.88% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2019) | 2,947,217.00 € |\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.39%\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions from 13 September 2017 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused-2017-09-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus from 6 August 2018 (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_2018.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [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":"1%","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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n\n**Management fee:** 1.5%\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":"1%","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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n\n**Management fee:** 1%\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,5%\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,2%\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,3%\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":"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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Management fee:** 1,4%\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":"Expenses","type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**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}}