{"LXK00":{"heading":"LHV Pensionifond XS","id":"xs","code":"xs","dataMarker":"XSK00","suitability":"**Suitable if**\n- you have less than 3 years left until retirement,\n- you have low risk tolerance,\n- your aim is to preserve your savings and avoid losses.\n","strategy":"**Strategy**\n\nAt least 90% of the Fund's assets are invested in investment grade bonds, money market instruments traded on a regulated market, deposits, shares or other assets of other investment funds investing mainly in the above assets and other assets. The money raised for retirement remains stable. The assets of the Fund are invested in compliance with the rating restrictions imposed on the conservative pension fund by law. The long-term preferred asset class of the fund is low-risk debt instruments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":4555},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":83.43,"unit":"%"},{"name":"Money and deposits","value":16.57,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| France Government 25/05/21 | 6.62% |\n| German Government 1.5% 04/09/22 | 6.62% |\n| France Government 2.25% 25/10/22 | 5.10% |\n| Temasek 0.5% 01/03/22 | 4.45% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.10% |\n| Ignitis Grupe 2% 21/05/30 | 3.95% |\n| BNP Paribas 2.875% 24/10/22 | 3.29% |\n| Bank of America 04/05/23 | 3.25% |\n| ALTUMG 1.3% 07/03/25 | 2.87% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 2.84% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.10% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 2.84% |\n| Elering 0.875% 03/05/2023 | 2.63% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2021) | 19,630,254.91 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 80 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,486%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.53%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2021_05.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2018.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":5,"content":"### May 2021: We sold Ignitis bonds\n\nRomet Enok, Fund Manager\n\nIn May, we sold the bonds in the Lithuanian state energy company Ignitis. The company raised funds through the bond issue in May last year, and since then, the price of the bonds had risen by a little more than 10%. In addition, the bonds have an annual interest rate of 2%.\n\nHowever, there are extremely few attractive opportunities to invest in bonds, which is why the fund made no new investments last month. European bond markets were again slightly negative in May. This was mainly due to inflation and expectations about its future.\n"},{"year":2021,"month":4,"content":"### April 2021: Bond investors exposed to inflation risk\n\nRomet Enok, Fund Manager\n\nInvestors continue to expect that rising government spending will help countries out of the coronavirus crisis. In all likelihood, a price rise will be one of the side effects of the process. This would directly affect bond investors, as the payments promised to them are fixed in advance and will not increase with prices. The European government bond market fell just over 1% last month, but 3% since the beginning of the year.\n\nThe riskiest government bonds – the ones with the longest maturity, i.e. German and US 30-year bonds, have fallen about 14% since the beginning of 2021. As we have already assured in our monthly reviews, LHV pension funds do not have any such long-term fixed-interest investments. We have kept the assets of our funds protected and we are ready to buy again as soon as attractive opportunities open up.\n"},{"year":2021,"month":3,"content":"### March 2021 – The European bond market stabilised at the end of the quarter\n\nRomet Enok, Fund Manager\n\nFollowing a sharp decline in February, European bond markets stabilised to some extent in March. The main driver of the events continues to be the fall in the price of government bonds in the United States, where additional state budget expenses are planned in addition to an already unprecedented level of expenditure.\n\nThe only clear winners in this process among bonds are the companies of the lowest quality so far. It is expected that it will be easier for them to service their liabilities when governments are still pumping more money into the economy.\n\nDespite that, the first quarter of the year saw an approximately 2% decline in the European bond market. We have kept the risk level lower, and so the quarter ended with a near-zero return for the fund.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The state’s increasing role is not conducive to long-term growth**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n","text":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n\nIn recent years, cryptocurrency exchange rates have quite adequately reflected the risk appetite of retail investors in other markets as well but failed to do so this May. While many cryptocurrencies lost almost half of their value, the largest stock markets remained at record highs.\n\n**Inflation and interest rates**\n\nIn theory, the prices of all assets should depend on the price of money, that is, the interest rate. The interest rate makes it possible to calculate how much future cash flows are worth today. As the price of money rises, the value of future cash flows decreases and vice versa. It is important to distinguish between nominal (contractual) and real interest rates. The real interest rate is obtained by deducting the inflation rate from the nominal interest rate.\n\nIn the wake of the global financial crisis, monetary policy has been exceptionally favourable almost everywhere in the world: central banks have bought up unprecedented amounts of bonds and pumped large amounts of money into the securities markets. This has led to rising asset prices and inequality but has not been reflected in rising consumer prices or wages.\n\nUntil recently, central banks tried to pretend that they did not finance governments directly but only bought up previously issued securities from the bond markets. By now, the governments of several major powers have almost ignored budgeting rules (in the short run) and are not even trying to cover expenditure with tax revenues. Thus, fears have begun to spread that politicians will not be able to hold back in the future, and rising government spending will revive inflation, a spook that has been considered dead in recent decades.\n\nThe next 18 months should clarify whether or not the acceleration in inflation over the last quarter will prove to be a short-term flash, partly due to last year’s low base. We will also see how the central banks react and whether they will be able to do anything at all if the rate of increase in consumer prices accelerates further.\n\n**More planned economy**\n\nWhat makes the situation particularly worrying for me is that the most developed countries in the world abandoned a liberal economic order several decades ago. It happened when central bankers began to emerge as superstars who, in an attempt to eliminate economic cycles, began to manipulate the price of money as the most important commodity.\n\nSince the 1990s, central bankers have encouraged both consumers and investors to borrow more and more at lower and lower interest rates to boost economic growth. However, real economic growth results from people’s ingenuity and innovation, not playing at interest rates and buying up bonds.\n\nThe fact that governments and supervisors have added more new regulations in recent decades, driven by the noble cause of protecting the common person, has not improved the situation. By over-regulating, they have killed innovation and contributed to the emergence of increasingly monopolistic companies.\n\nAlthough consumer prices have been on an upward trend recently due to a combination of factors, this trend is being counteracted in the longer term by population ageing in countries crucial to the world economy. I can imagine both an inflationary and a deflationary future, but I find it difficult to see how global economic growth could accelerate over the next ten years if current trends continue.\n\n**Investing in a confusing environment**\n\nInflation affects us through goods and services and can also have a significant impact on pension investments. Suppose the faster appreciation of the consumer basket becomes a more permanent phenomenon. In that case, central banks will have to start turning off their money taps, reducing asset purchases and raising interest rates. However, as the global economy staggers under an unprecedented debt burden, even a slight rise in interest rates could put asset prices under pressure and reverse growth.\n\nEven in a complex economic environment, it is possible to find good investments, but it is trickier than usual. I suspect that the “buy and forget” investment strategy will no longer work so well over the next ten years as it has over the last few decades. Also, choosing investments and navigating in a changing environment is becoming somewhat more important.\n\nOf course, we are currently refraining from investing in long-term fixed (negative) interest rate government bonds, which guarantee a loss if held to maturity. Instead, we are looking for much higher returns over the counter. We recently invested in the bonds of a fast-growing renewable energy company.\n\nIn today’s turbulent and complex economic environment, the shine of precious metals has gradually recovered, and we have kept an eye on the commodities sector more broadly since a lack of investment in this sector has led to supply failing to meet demand at current price levels.\n\nCentral banks are facing the difficult choice of whether to support the economy and finance governments. They hope that inflation expectations will fade on their own or to control inflation expectations and let some air out of the asset price bubble.\n\nMonetary and fiscal policies will not favour asset prices forever. There is no point in hoping that governments will be able to finance ever-increasing budget deficits indefinitely at ever-lower (negative) interest rates. Investors should be prepared for both interest and tax rates to rise in the future and consider whether and what changes should be made to their investment portfolios.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":12.15,"fundManager":"LHV"},"LSK00":{"heading":"LHV Pensionifond S","id":"s","code":"s","dataMarker":"SK00","suitability":"**Suitable if**\n- you have 2–5 years left until retirement age,\n- you have low risk tolerance,\n- your aim is the preservation and modest growth of your pension savings.\n","strategy":"**Strategy**\n\nThe Fund's assets are mainly invested in bonds. The Fund's assets may be invested in sub-investment grade bonds. Up to 25% of the fund's assets may be invested in real estate, infrastructure, equity funds and convertible bonds. The Fund may also grant a loan. The long-term preferred asset class of the fund is listed debt instruments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":8121},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":84.82,"unit":"%"},{"name":"Money and deposits","value":15.18,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| German Government 1.5% 04/09/22 | 7.11% |\n| German Government 2.25% 04/09/21 | 6.31% |\n| Temasek 0.5% 01/03/22 | 6.04% |\n| Latvenergo 1.9% 10/06/22 | 5.94% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 5.50% |\n| France Government 3.25% 25/10/21 | 4.84% |\n| German Government 3.25% 04/07/21 | 4.83% |\n| France Government 25/05/21 | 4.10% |\n| Ignitis Grupe 2% 21/05/30 | 4.04% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.01% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 5.50% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.01% |\n| Luminor 0.792% 03/12/24 | 2.55% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2021) | 43,868,046.83 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 150 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.62%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2021_05.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2018.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":5,"content":"### May 2021: We sold Ignitis bonds \n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, we sold the bonds in the Lithuanian state energy company Ignitis. The company raised funds through the bond issue in May last year, and since then, the price of the bonds had risen by a little more than 10%. In addition, the bonds have an annual interest rate of 2%.\n\nHowever, there are extremely few attractive opportunities to invest in bonds, which is why the fund made no new investments last month. European bond markets were again slightly negative in May. This was mainly due to inflation and expectations about its future.\n"},{"year":2021,"month":4,"content":"### April 2021: Bond investors exposed to inflation risk\n\nRomet Enok, Fund Manager\n\nInvestors continue to expect that rising government spending will help countries out of the coronavirus crisis. In all likelihood, a price rise will be one of the side effects of the process. This would directly affect bond investors, as the payments promised to them are fixed in advance and will not increase with prices. The European government bond market fell just over 1% last month, but 3% since the beginning of the year.\n\nThe riskiest government bonds – the ones with the longest maturity, i.e. German and US 30-year bonds, have fallen about 14% since the beginning of 2021. As we have already assured in our monthly reviews, LHV pension funds do not have any such long-term fixed-interest investments. We have kept the assets of our funds protected and we are ready to buy again as soon as attractive opportunities open up.\n"},{"year":2021,"month":3,"content":"### March 2021 – The European bond market stabilised at the end of the quarter\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nFollowing a sharp decline in February, European bond markets stabilised to some extent in March. The main driver of the events continues to be the fall in the price of government bonds in the United States, where additional state budget expenses are planned in addition to an already unprecedented level of expenditure.\n\nThe only clear winners in this process among bonds are the companies of the lowest quality so far. It is expected that it will be easier for them to service their liabilities when governments are still pumping more money into the economy.\n\nDespite that, the first quarter of the year saw an approximately 2% decline in the European bond market. We have kept the risk level lower, and so the quarter ended with a near-zero return for the fund.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The state’s increasing role is not conducive to long-term growth**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n","text":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n\nIn recent years, cryptocurrency exchange rates have quite adequately reflected the risk appetite of retail investors in other markets as well but failed to do so this May. While many cryptocurrencies lost almost half of their value, the largest stock markets remained at record highs.\n\n**Inflation and interest rates**\n\nIn theory, the prices of all assets should depend on the price of money, that is, the interest rate. The interest rate makes it possible to calculate how much future cash flows are worth today. As the price of money rises, the value of future cash flows decreases and vice versa. It is important to distinguish between nominal (contractual) and real interest rates. The real interest rate is obtained by deducting the inflation rate from the nominal interest rate.\n\nIn the wake of the global financial crisis, monetary policy has been exceptionally favourable almost everywhere in the world: central banks have bought up unprecedented amounts of bonds and pumped large amounts of money into the securities markets. This has led to rising asset prices and inequality but has not been reflected in rising consumer prices or wages.\n\nUntil recently, central banks tried to pretend that they did not finance governments directly but only bought up previously issued securities from the bond markets. By now, the governments of several major powers have almost ignored budgeting rules (in the short run) and are not even trying to cover expenditure with tax revenues. Thus, fears have begun to spread that politicians will not be able to hold back in the future, and rising government spending will revive inflation, a spook that has been considered dead in recent decades.\n\nThe next 18 months should clarify whether or not the acceleration in inflation over the last quarter will prove to be a short-term flash, partly due to last year’s low base. We will also see how the central banks react and whether they will be able to do anything at all if the rate of increase in consumer prices accelerates further.\n\n**More planned economy**\n\nWhat makes the situation particularly worrying for me is that the most developed countries in the world abandoned a liberal economic order several decades ago. It happened when central bankers began to emerge as superstars who, in an attempt to eliminate economic cycles, began to manipulate the price of money as the most important commodity.\n\nSince the 1990s, central bankers have encouraged both consumers and investors to borrow more and more at lower and lower interest rates to boost economic growth. However, real economic growth results from people’s ingenuity and innovation, not playing at interest rates and buying up bonds.\n\nThe fact that governments and supervisors have added more new regulations in recent decades, driven by the noble cause of protecting the common person, has not improved the situation. By over-regulating, they have killed innovation and contributed to the emergence of increasingly monopolistic companies.\n\nAlthough consumer prices have been on an upward trend recently due to a combination of factors, this trend is being counteracted in the longer term by population ageing in countries crucial to the world economy. I can imagine both an inflationary and a deflationary future, but I find it difficult to see how global economic growth could accelerate over the next ten years if current trends continue.\n\n**Investing in a confusing environment**\n\nInflation affects us through goods and services and can also have a significant impact on pension investments. Suppose the faster appreciation of the consumer basket becomes a more permanent phenomenon. In that case, central banks will have to start turning off their money taps, reducing asset purchases and raising interest rates. However, as the global economy staggers under an unprecedented debt burden, even a slight rise in interest rates could put asset prices under pressure and reverse growth.\n\nEven in a complex economic environment, it is possible to find good investments, but it is trickier than usual. I suspect that the “buy and forget” investment strategy will no longer work so well over the next ten years as it has over the last few decades. Also, choosing investments and navigating in a changing environment is becoming somewhat more important.\n\nOf course, we are currently refraining from investing in long-term fixed (negative) interest rate government bonds, which guarantee a loss if held to maturity. Instead, we are looking for much higher returns over the counter. We recently invested in the bonds of a fast-growing renewable energy company.\n\nIn today’s turbulent and complex economic environment, the shine of precious metals has gradually recovered, and we have kept an eye on the commodities sector more broadly since a lack of investment in this sector has led to supply failing to meet demand at current price levels.\n\nCentral banks are facing the difficult choice of whether to support the economy and finance governments. They hope that inflation expectations will fade on their own or to control inflation expectations and let some air out of the asset price bubble.\n\nMonetary and fiscal policies will not favour asset prices forever. There is no point in hoping that governments will be able to finance ever-increasing budget deficits indefinitely at ever-lower (negative) interest rates. Investors should be prepared for both interest and tax rates to rise in the future and consider whether and what changes should be made to their investment portfolios.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":12.3,"fundManager":"LHV"},"LMK25":{"heading":"LHV Pensionifond M","id":"m","code":"m","dataMarker":"MK25","suitability":"**Suitable if**\n- you have 3–10 years left until retirement age,\n- you have moderate risk tolerance,\n- your aim is the long-term stable growth of your pension savings.\n","strategy":"**Strategy**\n\nWhen investing in assets, the fund prefers cash-flow assets and, where possible, the local market, including less liquid private equity and real estate investments. The investments are predominantly in local currency and up to 75% of the fund's assets can be invested directly in equities. The fund's long-term preferred asset class is real estate investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":13413},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":60.47,"unit":"%"},{"name":"Shares","value":12.43,"unit":"%"},{"name":"Equity funds","value":5.4,"unit":"%"},{"name":"Real Estate funds","value":12.1,"unit":"%"},{"name":"Private Equity funds","value":4.52,"unit":"%"},{"name":"Money and deposits","value":5.07,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 6.25% |\n| German Government 2.25% 04/09/21 | 4.43% |\n| EfTEN Kinnisvarafond | 3.55% |\n| ZKB Gold ETF | 3.13% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.00% |\n| Luminor 0.792% 03/12/24 | 2.40% |\n| France Government 3.25% 25/10/21 | 2.28% |\n| JP Morgan 1.375% 16/09/21 | 2.24% |\n| German Government 1.5% 04/09/22 | 2.11% |\n| France Treasury Bill 25/08/2021 | 1.97% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.55% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3,00% |\n| Luminor 0.792% 03/12/24 | 2.40% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2021) | 127,177,035.06 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 400 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 0.86%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_tingimused_26112020.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2021_05.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2018.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":5,"content":"### May 2021: The stocks of several Lithuanian listed companies rose sharply\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, world stock markets moved at a modest pace. The MSCI World index, measured in euros, remained almost at April’s level, falling by 0.1%. The S&P 500 index, which reflects the US stock market, fell 0.9% in euros during the month, the Japanese Nikkei index fell 1.6%, and the MSCI Emerging Markets index rose 0.4%.\n\nThe Euro Stoxx 50 performed somewhat better and rose 2.3% in May. The Austrian, Italian and Spanish stock markets stood out in particular, growing by 6.3%, 4.3% and 3.8%, respectively. On the other hand, the Baltic stock markets showed quite mixed results: while the Tallinn stock market index was almost the same as in April, the Vilnius and Riga stock markets grew by 6.2% and 2.7%, respectively, during the month.\n\nRegarding Baltic stocks in the portfolio of Pension Fund M, the Lithuanian banking company Šiaulių bankas, the Lithuanian timber industry company Grigeo and the tour operator Novaturas continued to show outstanding growth in May and rose by 17.1%, 16.5% and 14.5%, respectively. Grigeo paid an attractive dividend to investors and also announced a bonus issue of shares. The optimistic outlook for travel activity can explain the rise in the Novaturas share price.\n\nConcerning our bond portfolio, we sold the bonds in the Lithuanian state energy company Ignitis in May. The company raised funds through the bond issue in May last year, and since then, the price of the bonds had risen by a little more than 10%. In addition, the bonds have an annual interest rate of 2%.\n\nAs regards new investments, we moved on with Sunly bonds at the end of the month. The development of the company’s solar parks has reached a stage where the fund subscribed for the next tranche of Sunly bonds. If all the assumptions are met, the bond will become one of the fund’s largest investments in the next stages of development. The bond has an interest rate of 8% per annum, and the maturity term is 2025.\n"},{"year":2021,"month":4,"content":"### April 2021: Stock markets slowed down\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, world stock markets continued to rise, but at a slightly slower pace than in February and March. The MSCI World index rose by 2.2% during the month measured in euros, and the Euro Stoxx 50 index also rose by 1.8%. Among European countries, Finland was a powerful performer with its market index rising by 4.2% in April. The Japanese Nikkei index, on the other hand, fell 1.3% in local currency and 2.4% in euros. The Baltic stock markets were very strong in April. The Tallinn stock market index rose the most, 7.7%, while the Vilnius and Riga markets rose by 4% and 3.2%, respectively.\n\nThe portfolio of Pension Fund M includes a fund managed by the Finnish private equity firm KJK, which announced a 66% acquisition of the Alwark Group. Founded in 2007 in Lithuania, Alwark Group sells, rents and maintains heavy equipment, such as warehouse, seaport and airport equipment. Alwark operates in Lithuania, Latvia and Estonia, and the company’s sales last year amounted to 43 million euros. The KJK III private equity fund started investing in 2018 and Alwark is the fund’s fourth investment.\n\nInternational bond markets continue to be under pressure if interest rates rise. The prices of very long-term government bonds have already fallen by more than 10% since the beginning of the year. As countries support their economies during recovery from the coronavirus crisis, this may have the side effect of a price rise, which is a great fear for bond markets.\n\nAs we have already assured in our monthly reviews, LHV pension funds do not have any such long-term fixed-interest investments. Instead, we continue looking for new investments in local companies, and over the past month we have made significant progress with a few potential deals. However, large price movements in international markets may open up additional opportunities for us to make new investments there as well.\n"},{"year":2021,"month":3,"content":"### March 2021 – We updated the terms of our Alexela investment\n\nThe stock market indices of developed countries continued their strong upward trend in March. The Euro Stoxx 50 index, which tracks large European companies, rose by as much as 7.9% during the month, with the German, French, Italian and Swedish stock markets being among the strongest. For example, the German stock exchange index DAX rose 8.9% in March, and the return on the Stockholm stock market, measured in euros, was 8.5%.\n\nHowever, the performance of the Japanese Nikkei index remained modest last month: 0.7% in local currency and -0.1% in euros. In the Baltic countries, the Tallinn stock market index rose the most by 3.3%. The Vilnius and Riga stock markets fell by 0.2% and 5.2%, respectively.\n\nIn March, the domestic private equity company BaltCap announced that their BaltCap Private Equity Fund II had sold its holdings in Qvalitas Medical Centre and Unimed Group. The buyer is Mehiläinen, a company providing a wide range of private medical services in Finland, founded in 1909 and employing 22,300 people in more than 540 locations.\n\nBaltCap Fund invested in Unimed Group and Qvalitas Medical Centre in 2015 and 2016. Today, Unimed Group’s portfolio includes seven dental clinics and three dental laboratories. In comparison, Qvalitas Medical Centre’s portfolio includes eight private clinics and five mobile health buses with special medical equipment.\n\nIn our bonds portfolio, we updated the terms of our Alexela investment. Since our investment in early 2018, the company has grown considerably and improved its results. Therefore, some of the restrictions imposed on the company by our bond were already unnecessary. As part of the amended conditions, the money will be returned to the funds in 2023, as much as five years earlier than initially planned.\n\nAnother noteworthy event among our portfolio companies was the public bond issue by Coop Pank, raising long-term capital at 5.5% per annum. Along with the growth of the bank’s balance sheet total and the status of a listed company, the price of capital has fallen as expected. For comparison: LHV Pension Fund M earns 6.75% interest on the investment made in Coop Pank bonds in 2017.\n\nOne of the tasks of pension funds is to provide capital to companies at the stage of development where public funds are still unavailable. In addition to higher returns for pension savers, this will boost local emerging businesses.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The state’s increasing role is not conducive to long-term growth**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n","text":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n\nIn recent years, cryptocurrency exchange rates have quite adequately reflected the risk appetite of retail investors in other markets as well but failed to do so this May. While many cryptocurrencies lost almost half of their value, the largest stock markets remained at record highs.\n\n**Inflation and interest rates**\n\nIn theory, the prices of all assets should depend on the price of money, that is, the interest rate. The interest rate makes it possible to calculate how much future cash flows are worth today. As the price of money rises, the value of future cash flows decreases and vice versa. It is important to distinguish between nominal (contractual) and real interest rates. The real interest rate is obtained by deducting the inflation rate from the nominal interest rate.\n\nIn the wake of the global financial crisis, monetary policy has been exceptionally favourable almost everywhere in the world: central banks have bought up unprecedented amounts of bonds and pumped large amounts of money into the securities markets. This has led to rising asset prices and inequality but has not been reflected in rising consumer prices or wages.\n\nUntil recently, central banks tried to pretend that they did not finance governments directly but only bought up previously issued securities from the bond markets. By now, the governments of several major powers have almost ignored budgeting rules (in the short run) and are not even trying to cover expenditure with tax revenues. Thus, fears have begun to spread that politicians will not be able to hold back in the future, and rising government spending will revive inflation, a spook that has been considered dead in recent decades.\n\nThe next 18 months should clarify whether or not the acceleration in inflation over the last quarter will prove to be a short-term flash, partly due to last year’s low base. We will also see how the central banks react and whether they will be able to do anything at all if the rate of increase in consumer prices accelerates further.\n\n**More planned economy**\n\nWhat makes the situation particularly worrying for me is that the most developed countries in the world abandoned a liberal economic order several decades ago. It happened when central bankers began to emerge as superstars who, in an attempt to eliminate economic cycles, began to manipulate the price of money as the most important commodity.\n\nSince the 1990s, central bankers have encouraged both consumers and investors to borrow more and more at lower and lower interest rates to boost economic growth. However, real economic growth results from people’s ingenuity and innovation, not playing at interest rates and buying up bonds.\n\nThe fact that governments and supervisors have added more new regulations in recent decades, driven by the noble cause of protecting the common person, has not improved the situation. By over-regulating, they have killed innovation and contributed to the emergence of increasingly monopolistic companies.\n\nAlthough consumer prices have been on an upward trend recently due to a combination of factors, this trend is being counteracted in the longer term by population ageing in countries crucial to the world economy. I can imagine both an inflationary and a deflationary future, but I find it difficult to see how global economic growth could accelerate over the next ten years if current trends continue.\n\n**Investing in a confusing environment**\n\nInflation affects us through goods and services and can also have a significant impact on pension investments. Suppose the faster appreciation of the consumer basket becomes a more permanent phenomenon. In that case, central banks will have to start turning off their money taps, reducing asset purchases and raising interest rates. However, as the global economy staggers under an unprecedented debt burden, even a slight rise in interest rates could put asset prices under pressure and reverse growth.\n\nEven in a complex economic environment, it is possible to find good investments, but it is trickier than usual. I suspect that the “buy and forget” investment strategy will no longer work so well over the next ten years as it has over the last few decades. Also, choosing investments and navigating in a changing environment is becoming somewhat more important.\n\nOf course, we are currently refraining from investing in long-term fixed (negative) interest rate government bonds, which guarantee a loss if held to maturity. Instead, we are looking for much higher returns over the counter. We recently invested in the bonds of a fast-growing renewable energy company.\n\nIn today’s turbulent and complex economic environment, the shine of precious metals has gradually recovered, and we have kept an eye on the commodities sector more broadly since a lack of investment in this sector has led to supply failing to meet demand at current price levels.\n\nCentral banks are facing the difficult choice of whether to support the economy and finance governments. They hope that inflation expectations will fade on their own or to control inflation expectations and let some air out of the asset price bubble.\n\nMonetary and fiscal policies will not favour asset prices forever. There is no point in hoping that governments will be able to finance ever-increasing budget deficits indefinitely at ever-lower (negative) interest rates. Investors should be prepared for both interest and tax rates to rise in the future and consider whether and what changes should be made to their investment portfolios.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":35.44,"fundManager":"LHV"},"LLK50":{"heading":"LHV Pensionifond L","id":"l","code":"l","dataMarker":"LK50","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you have average risk tolerance,\n- your aim is the long-term growth of your pension savings.\n","strategy":"**Strategy**\n\nThe assets of the Fund are invested in various asset classes in both local and foreign markets. The Fund's assets may be invested extensively in unquoted instruments, which are primarily used for investing in securities issued by companies domiciled in the home market. The long-term preferred asset class of the fund is private equity investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":99057},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":44.1,"unit":"%"},{"name":"Shares","value":17.81,"unit":"%"},{"name":"Equity funds","value":9.74,"unit":"%"},{"name":"Real Estate funds","value":11.75,"unit":"%"},{"name":"Private Equity funds","value":11.76,"unit":"%"},{"name":"Money and deposits","value":4.85,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| German Government 2.25% 04/09/21 | 4.97% |\n| France Government 3.25% 25/10/21 | 4.48% |\n| German Government 3.25% 04/07/21 | 4.09% |\n| France Treasury Bill 25/08/2021 | 3.83% |\n| EfTEN Kinnisvarafond | 3.75% |\n| German Treasury Bill 25/08/2021 | 3.09% |\n| iShares Gold Producers UCITS ETF | 3.05% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.01% |\n| France Government 2.25% 25/10/22 | 2.84% |\n| ZKB Gold ETF | 2.73% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.75% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.01% |\n| East Capital Baltic Property Fund III | 1.68% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2021) | 1,038,335,414.55 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 000 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.14%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_tingimused_26112020.pdf)\n- [Information to unit-holders (in Estonian)](/assets/files/pension/Osakuomanikele_antav_teave_LHV_Pensionifond_L.pdf)\n- [Comparison of investment policies (in Estonian)](/assets/files/pension/investeerimispoliitikate_vordlus_Eesti_L.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2021_05.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2018.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":5,"content":"### May 2021: Inflation expectations raised the price of gold\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, world stock markets moved at a modest pace. The MSCI World index, measured in euros, remained almost at April’s level, falling by 0.1%. The S&P 500 index, which reflects the US stock market, fell 0.9% in euros during the month, the Japanese Nikkei index fell 1.6%, and the MSCI Emerging Markets index rose 0.4%.\n\nThe Euro Stoxx 50 performed somewhat better and rose 2.3% in May. The Austrian, Italian and Spanish stock markets stood out in particular, growing by 6.3%, 4.3% and 3.8%, respectively. On the other hand, the Baltic stock markets showed quite mixed results: while the Tallinn stock market index was almost the same as in April, the Vilnius and Riga stock markets grew by 6.2% and 2.7%, respectively, during the month.\n\nIn an environment of faster inflation, the gold mining companies in the portfolio of Pension Fund L gained considerable value in May. While intensifying global inflationary pressures raised the price of gold by 7.7% in one month, the share prices of gold mining companies rose even more: Agnico Eagle Mines rose 14.2%, AngloGold Ashanti 14.4%, Barrick Gold 13% and Newmont Mining 16.6%.\n\nConcerning our bond portfolio, we sold the bonds in the Lithuanian state energy company Ignitis in May. The company raised funds through the bond issue in May last year, and since then, the price of the bonds had risen by a little more than 10%. In addition, the bonds have an annual interest rate of 2%.\n\nAs regards new investments, we moved on with Sunly bonds at the end of the month. The development of the company’s solar parks has reached a stage where the fund subscribed for the next tranche of Sunly bonds. If all the assumptions are met, the bond will become one of the fund’s largest investments in the next stages of development. The bond has an interest rate of 8% per annum, and the maturity term is 2025.\n"},{"year":2021,"month":4,"content":"### April 2021: The fund’s performance was supported by several Baltic listed companies\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, world stock markets continued to rise, but at a slightly slower pace than in February and March. The MSCI World index rose by 2.2% during the month measured in euros, and the Euro Stoxx 50 index also rose by 1.8%. Among European countries, Finland was a powerful performer with its market index rising by 4.2% in April. The Japanese Nikkei index, on the other hand, fell 1.3% in local currency and 2.4% in euros.\n\nThe global emerging market index rose 2.4% in local currency, but due to the strengthening of the euro, remained at 0% in euros. The Baltic stock markets were very strong in April. The Tallinn stock market index rose the most, 7.7%, while the Vilnius and Riga markets rose by 4% and 3.2%, respectively.\n\nThe best performer among Baltic shares in the Pension Fund L portfolio was the tour operator Novaturas, whose shares rose by 26.8% during the month. Interest in travel is growing again and the company announced good first quarter sales and profit figures.\n\nInvestments in the construction sector brought a good return to Pension Fund L from the Tallinn stock market, as the shares of Merko and Nordecon rose by 18.8% and 17.2%, respectively. Investments in local banking also yielded good results: The shares of Coop Pank rose by 15.1% and Šiaulių bankas returned 12%.\n\nInternational bond markets continue to be under pressure if interest rates rise. The prices of very long-term government bonds have already fallen by more than 10% since the beginning of the year. As countries support their economies during recovery from the coronavirus crisis, this may have the side effect of a price rise, which is a great fear for bond markets.\n\nAs we have already assured in our monthly reviews, LHV pension funds do not have any such long-term fixed-interest investments. Instead, we continue looking for new investments in local companies, and over the past month we have made significant progress with a few potential deals. However, large price movements in international markets may open up additional opportunities for us to make new investments there as well.\n"},{"year":2021,"month":3,"content":"### March 2021 – New investment in a Spanish airport operator\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe stock market indices of developed countries continued their strong upward trend in March. The Euro Stoxx 50 index, which tracks large European companies, rose by as much as 7.9% during the month, with the German, French, Italian and Swedish stock markets being among the strongest. For example, the German stock exchange index DAX rose 8.9% in March, and the return on the Stockholm stock market, measured in euros, was 8.5%.\n\nHowever, the performance of the Japanese Nikkei index remained modest last month: 0.7% in local currency and -0.1% in euros. The global MSCI Emerging Markets Index was ˗1.7% in local currency. The decline was driven by Asian stock markets, led by China, where the index returned ˗6.1%. In the Baltic countries, the Tallinn stock market index rose the most by 3.3%. The Vilnius and Riga stock markets fell by 0.2% and 5.2%, respectively.\n\nIn March, we added Aena, a Spanish airport operator, as a new equity investment in the portfolio of Pension Fund L. Aena has airports in Madrid, Barcelona, Mallorca and the Canary Islands and a stake in London Luton Airport. We believe that European air traffic and tourism will recover reasonably quickly thanks to the COVID-19 vaccine and that Spanish resorts will continue to be popular destinations for holidaymakers.\n\nThe pension fund earned good returns from the Tallinn stock market: Coop Pank, Merko Ehitus and Nordecon all rose more than 10% due to the great interest of small investors.\n\nIn our bonds portfolio, we updated the terms of our Alexela investment. Since our investment in early 2018, the company has grown considerably and improved its results. Therefore, some of the restrictions imposed on the company by our bond were already unnecessary. As part of the amended conditions, the money will be returned to the funds in 2023, as much as five years earlier than initially planned.\n\nAnother noteworthy event among our portfolio companies was the public bond issue by Coop Pank, raising long-term capital at 5.5% per annum. Along with the growth of the bank’s balance sheet total and the status of a listed company, the price of capital has fallen as expected. As a comparison, LHV Pension Fund L earns just over 7% interest on the investment made in Coop Pank bonds in 2017.\n\nOne of the tasks of pension funds is to provide capital to companies at the stage of development where public funds are still unavailable. In addition to higher returns for pension savers, this will boost local emerging businesses.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The state’s increasing role is not conducive to long-term growth**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n","text":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n\nIn recent years, cryptocurrency exchange rates have quite adequately reflected the risk appetite of retail investors in other markets as well but failed to do so this May. While many cryptocurrencies lost almost half of their value, the largest stock markets remained at record highs.\n\n**Inflation and interest rates**\n\nIn theory, the prices of all assets should depend on the price of money, that is, the interest rate. The interest rate makes it possible to calculate how much future cash flows are worth today. As the price of money rises, the value of future cash flows decreases and vice versa. It is important to distinguish between nominal (contractual) and real interest rates. The real interest rate is obtained by deducting the inflation rate from the nominal interest rate.\n\nIn the wake of the global financial crisis, monetary policy has been exceptionally favourable almost everywhere in the world: central banks have bought up unprecedented amounts of bonds and pumped large amounts of money into the securities markets. This has led to rising asset prices and inequality but has not been reflected in rising consumer prices or wages.\n\nUntil recently, central banks tried to pretend that they did not finance governments directly but only bought up previously issued securities from the bond markets. By now, the governments of several major powers have almost ignored budgeting rules (in the short run) and are not even trying to cover expenditure with tax revenues. Thus, fears have begun to spread that politicians will not be able to hold back in the future, and rising government spending will revive inflation, a spook that has been considered dead in recent decades.\n\nThe next 18 months should clarify whether or not the acceleration in inflation over the last quarter will prove to be a short-term flash, partly due to last year’s low base. We will also see how the central banks react and whether they will be able to do anything at all if the rate of increase in consumer prices accelerates further.\n\n**More planned economy**\n\nWhat makes the situation particularly worrying for me is that the most developed countries in the world abandoned a liberal economic order several decades ago. It happened when central bankers began to emerge as superstars who, in an attempt to eliminate economic cycles, began to manipulate the price of money as the most important commodity.\n\nSince the 1990s, central bankers have encouraged both consumers and investors to borrow more and more at lower and lower interest rates to boost economic growth. However, real economic growth results from people’s ingenuity and innovation, not playing at interest rates and buying up bonds.\n\nThe fact that governments and supervisors have added more new regulations in recent decades, driven by the noble cause of protecting the common person, has not improved the situation. By over-regulating, they have killed innovation and contributed to the emergence of increasingly monopolistic companies.\n\nAlthough consumer prices have been on an upward trend recently due to a combination of factors, this trend is being counteracted in the longer term by population ageing in countries crucial to the world economy. I can imagine both an inflationary and a deflationary future, but I find it difficult to see how global economic growth could accelerate over the next ten years if current trends continue.\n\n**Investing in a confusing environment**\n\nInflation affects us through goods and services and can also have a significant impact on pension investments. Suppose the faster appreciation of the consumer basket becomes a more permanent phenomenon. In that case, central banks will have to start turning off their money taps, reducing asset purchases and raising interest rates. However, as the global economy staggers under an unprecedented debt burden, even a slight rise in interest rates could put asset prices under pressure and reverse growth.\n\nEven in a complex economic environment, it is possible to find good investments, but it is trickier than usual. I suspect that the “buy and forget” investment strategy will no longer work so well over the next ten years as it has over the last few decades. Also, choosing investments and navigating in a changing environment is becoming somewhat more important.\n\nOf course, we are currently refraining from investing in long-term fixed (negative) interest rate government bonds, which guarantee a loss if held to maturity. Instead, we are looking for much higher returns over the counter. We recently invested in the bonds of a fast-growing renewable energy company.\n\nIn today’s turbulent and complex economic environment, the shine of precious metals has gradually recovered, and we have kept an eye on the commodities sector more broadly since a lack of investment in this sector has led to supply failing to meet demand at current price levels.\n\nCentral banks are facing the difficult choice of whether to support the economy and finance governments. They hope that inflation expectations will fade on their own or to control inflation expectations and let some air out of the asset price bubble.\n\nMonetary and fiscal policies will not favour asset prices forever. There is no point in hoping that governments will be able to finance ever-increasing budget deficits indefinitely at ever-lower (negative) interest rates. Investors should be prepared for both interest and tax rates to rise in the future and consider whether and what changes should be made to their investment portfolios.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":28.42,"fundManager":"LHV"},"LXK75":{"heading":"LHV Pensionifond XL","id":"xl","code":"xl","dataMarker":"XLK50","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are prepared to take above-average risks,\n- your aim is the long-term growth of your pension savings.\n","strategy":"**Strategy**\n\nThe Fund prefers foreign markets, more liquid and traded instruments on regulated markets when investing assets. The assets of the Fund may be invested in their entirety in equities, equity funds and other equity-like instruments. The Fund is allowed to borrow up to 10% of the Fund's assets value. The long-term preferred asset class of the fund is public equity investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":38702},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":38.96,"unit":"%"},{"name":"Shares","value":25.76,"unit":"%"},{"name":"Equity funds","value":14.36,"unit":"%"},{"name":"Real Estate funds","value":8.47,"unit":"%"},{"name":"Private Equity funds","value":8.61,"unit":"%"},{"name":"Money and deposits","value":3.84,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| German Government 2.25% 04/09/21 | 4.76% |\n| France Government 3.25% 25/10/21 | 4.55% |\n| German Government 3.25% 04/07/21 | 4.40% |\n| France Government 3.75% 25/04/21 | 3.94% |\n| France Government 25/05/21 | 3.70% |\n| German Government 1.5% 04/09/22 | 3.21% |\n| German Treasury Bill 14/04/2021 | 2.72% |\n| iShares Gold Producers UCITS ETF | 2.27% |\n| ZKB Gold ETF | 2.26% |\n| TRIGON - New Europe Fund D | 2.21% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 2.19% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 1.84% |\n| East Capital Baltic Property Fund III | 1.62% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2021) | 262,709,117.50 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 530 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,576%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.13%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2021_05.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2018.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":5,"content":"### May 2021 – The rapid rise of stock markets slowed down\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, world stock markets moved at a modest pace. The MSCI World index, measured in euros, remained almost at April’s level, falling by 0.1%. The S&P 500 index, which reflects the US stock market, fell 0.9% in euros during the month, the Japanese Nikkei index fell 1.6%, and the MSCI Emerging Markets index rose 0.4%.\n\nThe Euro Stoxx 50 performed somewhat better and rose 2.3% in May. The Austrian, Italian and Spanish stock markets stood out in particular, growing by 6.3%, 4.3% and 3.8%, respectively. On the other hand, the Baltic stock markets showed quite mixed results: while the Tallinn stock market index was almost the same as in April, the Vilnius and Riga stock markets grew by 6.2% and 2.7%, respectively, during the month.\n\nThe domestic private equity company BaltCap announced that BaltCap Private Equity Fund II sold its shares in the Lithuanian waste management company Ecoservice. The buyer was the Baltic waste management company Eco Baltia Group, which belongs to the private equity fund INVL Baltic Sea Growth Fund. The BaltCap fund acquired Ecoservice in 2014, and currently, the company serves more than 40% of Lithuania’s territory. With this acquisition, the turnover of Eco Baltia Group will increase by more than 50% and exceed 100 million euros.\n\nConcerning our bond portfolio, we sold the bonds in the Lithuanian state energy company Ignitis in May. The company raised funds through the bond issue in May last year, and since then, the price of the bonds had risen by a little more than 10%. In addition, the bonds have an annual interest rate of 2%.\n\nAs regards new investments, we moved on with Sunly bonds at the end of the month. The development of the company’s solar parks has reached a stage where the fund subscribed for the next tranche of Sunly bonds. If all the assumptions are met, the bond will become one of the fund’s largest investments in the next stages of development. The bond has an interest rate of 8% per annum, and the maturity term is 2025.\n"},{"year":2021,"month":4,"content":"### April 2021: Stock markets slowed down\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, world stock markets continued to rise, but at a slightly slower pace than in February and March. The MSCI World index rose by 2.2% during the month measured in euros, and the Euro Stoxx 50 index also rose by 1.8%. Among European countries, Finland was a powerful performer with its market index rising by 4.2% in April. The Japanese Nikkei index, on the other hand, fell 1.3% in local currency and 2.4% in euros.\n\nThe global emerging market index rose 2.4% in local currency, but due to the strengthening of the euro, remained at 0% in euros. The Baltic stock markets were very strong in April. The Tallinn stock market index rose the most, 7.7%, while the Vilnius and Riga markets rose by 4% and 3.2%, respectively.\n\nIn April, the private equity fund Investindustrial VII, which is part of the XL Pension Fund portfolio, announced having sold its June 2020 investment in Knoll. The fund’s stake in Knoll was acquired by the US listed company Herman Miller, which, like Knoll, produces office furniture. The Investindustrial VII fund started investing in 2019 and this was the fund’s first sale of an investment. The private equity fund earned a solid return on the transaction for investors in less than a year.\n\nInternational bond markets continue to be under pressure if interest rates rise. The prices of very long-term government bonds have already fallen by more than 10% since the beginning of the year. As countries support their economies during recovery from the coronavirus crisis, this may have the side effect of a price rise, which is a great fear for bond markets.\n\nAs we have already assured in our monthly reviews, LHV pension funds do not have any such long-term fixed-interest investments. Instead, we continue looking for new investments in local companies, and over the past month we have made significant progress with a few potential deals. However, large price movements in international markets may open up additional opportunities for us to make new investments there as well.\n"},{"year":2021,"month":3,"content":"### March 2021 – Stock markets largely continued a hearty upward trend\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe stock market indices of developed countries continued their strong upward trend in March. The Euro Stoxx 50 index, which tracks large European companies, rose by as much as 7.9% during the month, with the German, French, Italian and Swedish stock markets being among the strongest. For example, the German stock exchange index DAX rose 8.9% in March, and the return on the Stockholm stock market, measured in euros, was 8.5%.\n\nHowever, the performance of the Japanese Nikkei index remained modest last month: 0.7% in local currency and -0.1% in euros. The global MSCI Emerging Markets Index was ˗1.7% in local currency. The decline was driven by Asian stock markets, led by China, where the index returned ˗6.1%. In the Baltic countries, the Tallinn stock market index rose the most by 3.3%. The Vilnius and Riga stock markets fell by 0.2% and 5.2%, respectively.\n\nThe share of Volkswagen, a car manufacturer in the pension fund’s portfolio, rallied by almost 38% in March. The company has announced a long-term strategy for its electric car business, which is aggressive and offers strong competition to Tesla, which currently dominates the electric car market. It is also possible that minority interests in the subsidiaries manufacturing Porsche and Audi vehicles will be listed, which could further increase Volkswagen’s value.\n\nStocks of gold mining companies, which have been under pressure in recent months and recovered in March, also brought good returns to the pension fund.\n\nIn our bonds portfolio, we updated the terms of our Alexela investment. Since our investment in early 2018, the company has grown considerably and improved its results. Therefore, some of the restrictions imposed on the company by our bond were already unnecessary. As part of the amended conditions, the money will be returned to the funds in 2023, as much as five years earlier than initially planned.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The state’s increasing role is not conducive to long-term growth**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n","text":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n\nIn recent years, cryptocurrency exchange rates have quite adequately reflected the risk appetite of retail investors in other markets as well but failed to do so this May. While many cryptocurrencies lost almost half of their value, the largest stock markets remained at record highs.\n\n**Inflation and interest rates**\n\nIn theory, the prices of all assets should depend on the price of money, that is, the interest rate. The interest rate makes it possible to calculate how much future cash flows are worth today. As the price of money rises, the value of future cash flows decreases and vice versa. It is important to distinguish between nominal (contractual) and real interest rates. The real interest rate is obtained by deducting the inflation rate from the nominal interest rate.\n\nIn the wake of the global financial crisis, monetary policy has been exceptionally favourable almost everywhere in the world: central banks have bought up unprecedented amounts of bonds and pumped large amounts of money into the securities markets. This has led to rising asset prices and inequality but has not been reflected in rising consumer prices or wages.\n\nUntil recently, central banks tried to pretend that they did not finance governments directly but only bought up previously issued securities from the bond markets. By now, the governments of several major powers have almost ignored budgeting rules (in the short run) and are not even trying to cover expenditure with tax revenues. Thus, fears have begun to spread that politicians will not be able to hold back in the future, and rising government spending will revive inflation, a spook that has been considered dead in recent decades.\n\nThe next 18 months should clarify whether or not the acceleration in inflation over the last quarter will prove to be a short-term flash, partly due to last year’s low base. We will also see how the central banks react and whether they will be able to do anything at all if the rate of increase in consumer prices accelerates further.\n\n**More planned economy**\n\nWhat makes the situation particularly worrying for me is that the most developed countries in the world abandoned a liberal economic order several decades ago. It happened when central bankers began to emerge as superstars who, in an attempt to eliminate economic cycles, began to manipulate the price of money as the most important commodity.\n\nSince the 1990s, central bankers have encouraged both consumers and investors to borrow more and more at lower and lower interest rates to boost economic growth. However, real economic growth results from people’s ingenuity and innovation, not playing at interest rates and buying up bonds.\n\nThe fact that governments and supervisors have added more new regulations in recent decades, driven by the noble cause of protecting the common person, has not improved the situation. By over-regulating, they have killed innovation and contributed to the emergence of increasingly monopolistic companies.\n\nAlthough consumer prices have been on an upward trend recently due to a combination of factors, this trend is being counteracted in the longer term by population ageing in countries crucial to the world economy. I can imagine both an inflationary and a deflationary future, but I find it difficult to see how global economic growth could accelerate over the next ten years if current trends continue.\n\n**Investing in a confusing environment**\n\nInflation affects us through goods and services and can also have a significant impact on pension investments. Suppose the faster appreciation of the consumer basket becomes a more permanent phenomenon. In that case, central banks will have to start turning off their money taps, reducing asset purchases and raising interest rates. However, as the global economy staggers under an unprecedented debt burden, even a slight rise in interest rates could put asset prices under pressure and reverse growth.\n\nEven in a complex economic environment, it is possible to find good investments, but it is trickier than usual. I suspect that the “buy and forget” investment strategy will no longer work so well over the next ten years as it has over the last few decades. Also, choosing investments and navigating in a changing environment is becoming somewhat more important.\n\nOf course, we are currently refraining from investing in long-term fixed (negative) interest rate government bonds, which guarantee a loss if held to maturity. Instead, we are looking for much higher returns over the counter. We recently invested in the bonds of a fast-growing renewable energy company.\n\nIn today’s turbulent and complex economic environment, the shine of precious metals has gradually recovered, and we have kept an eye on the commodities sector more broadly since a lack of investment in this sector has led to supply failing to meet demand at current price levels.\n\nCentral banks are facing the difficult choice of whether to support the economy and finance governments. They hope that inflation expectations will fade on their own or to control inflation expectations and let some air out of the asset price bubble.\n\nMonetary and fiscal policies will not favour asset prices forever. There is no point in hoping that governments will be able to finance ever-increasing budget deficits indefinitely at ever-lower (negative) interest rates. Investors should be prepared for both interest and tax rates to rise in the future and consider whether and what changes should be made to their investment portfolios.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":20.26,"fundManager":"LHV"},"LIK75":{"heading":"LHV Pensionifond Indeks","id":"indeks","code":"lik","dataMarker":"LIK75","suitability":"**Suitable if**\n- you want to invest in financial markets on a continuous basis,\n- you wish to grow your pension pillar at the lowest possible costs,\n- you have prior personal investment experience.\n","strategy":"**Strategy**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":7430},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.34,"unit":"%"},{"name":"Money and deposits","value":0.66,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 28.77% |\n| Lyxor Core MSCI World DR UCITS | 27.49% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 17.55% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 13.48% |\n| SPDR MSCI World UCITS ETF | 8.53% |\n| MSCI Frontier and Select EM ETF | 2.50% |\n| iShares MSCI EM UCITS ETF | 1.01% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2021) | 42,824,618.51 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 200 000 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.2%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.39%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused_2021_02.pdf)\n- [Analysis of the amendment of funds' terms and prospectus (in Estonian)](/assets/files/pension/Fondide_tingimuste_ja_prospekti_muutmise_moju_analyys_Indeks.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_prospekt_2021_02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID_2021_02.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_01_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2021_05.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2018.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109401","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV"},"TUK00":{"heading":"Tuleva Maailma Võlakirjade Pensionifond","id":"tv","code":"tv","dataMarker":"TUK00","suitability":"**Suitable if**\n- you have less than 10 years till retirement,\n- you are willing to forgo higher returns in order to avoid losses.\n","strategy":"**Strategy**\n\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":2336},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":97.78,"unit":"%"},{"name":"Money and deposits","value":2.28,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 25.37% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 25.00% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.69% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 22.72% |\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:** 0.31%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.43%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600109443","strategyType":"Conservative","managementStyle":"Passive","riskLevel":3,"countryShareEe":0,"fundManager":"Tuleva"},"TUK75":{"heading":"Tuleva Maailma Aktsiate Pensionifond","id":"ta","code":"ta","dataMarker":"TUK75","suitability":"**Suitable if**\n- you are younger than 55 years,\n- you would like to earn best expected return over long term and you are not disturbed by short-term fluctuations of the market.\n","strategy":"**Strategy**\n\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":24395},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":85.91,"unit":"%"},{"name":"Bond funds","value":13.46,"unit":"%"},{"name":"Money and deposits","value":0.66,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - World Equity Index - X2 | 29.59% |\n| BlackRock ISF - Developed World Index | 29.47% |\n| BlackRock ISF - Developed World ex Tobacco | 16.65% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 13.46% |\n| BlackRock ISF - Emerging Markets Index | 10.20% |\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:** 0.31%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.39%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109435","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva"},"SEK50":{"heading":"SEB Progressiivne Pensionifond","id":"progressiivne","code":"progressiivne","dataMarker":"SEK50","suitability":"**Suitable if**\n- you have more than 3 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nFund invests up to 50% of its assets in shares, with the remainder allocated to bonds and deposits. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":83384},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":12.2,"unit":"%"},{"name":"Shares","value":2.57,"unit":"%"},{"name":"Equity funds","value":48.4,"unit":"%"},{"name":"Real Estate funds","value":4.67,"unit":"%"},{"name":"Private Equity funds","value":1,"unit":"%"},{"name":"Bond funds","value":29.85,"unit":"%"},{"name":"Money and deposits","value":1.32,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 12.49% |\n| iShares Core S&P 500 UCITS ETF | 8.72% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 8.31% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 6.27% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund IC | 6.18% |\n| SEB Sustainable Global Exposure Fund | 6.03% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 5.07% |\n| J O Hambro Capital Management Umbrella Fund plc-Global Select Fund | 3.15% |\n| Robeco QI Global Dynamic Duration | 2.83% |\n| iShares III PLC - iShares MSCI World Small Cap UCITS ETF | 2.72% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| LHV Group 1% 01.09.2022 | 2.17% |\n| Tallinna Sadam AS | 1.90% |\n| Baltcap Private Equity Fund II L.P | 0.70% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.00%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019725","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":8.46,"fundManager":"SEB"},"SEK25":{"heading":"SEB Optimaalne Pensionifond","id":"optimaalne","code":"optimaalne","dataMarker":"SEK25","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\n\nFund mainly invests in bonds and deposits, with up to 25% invested in shares. As the fund largely invests in bonds and deposits, there may be moderate fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":6032},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":19,"unit":"%"},{"name":"Shares","value":2.72,"unit":"%"},{"name":"Equity funds","value":23.87,"unit":"%"},{"name":"Real Estate funds","value":5.07,"unit":"%"},{"name":"Private Equity funds","value":0.56,"unit":"%"},{"name":"Bond funds","value":47.23,"unit":"%"},{"name":"Money and deposits","value":1.53,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 10.32% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 9.66% |\n| iShares Core MSCI World UCITS ETF | 6.98% |\n| Global Investment Grade Credit Fund | 5.51% |\n| Robeco QI Global Dynamic Duration | 4.27% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.87% |\n| Bundesrepublic Deutschland 0% 15.08.2030 | 3.46% |\n| Dutschland I/L Bond 0.5% 15.04.2030 | 3.37% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund IC | 3.18% |\n| SEB Sustainable Global Exposure Fund | 3.02% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| LHV Group 1% 01.09.2022 | 2.24% |\n| Tallinna Sadam AS | 1.92% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.08% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.99%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098612","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":7.75,"fundManager":"SEB"},"SEK00":{"heading":"SEB Konservatiivne Pensionifond","id":"konservatiivne","code":"konservatiivne","dataMarker":"SEK00","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\n\nInvests at least 90% of its assets in investment grade bonds, money market instruments and deposits. Up to 10% is allowed to invest into other assets, including equities. Investment in these asset classes involves lower risks, meaning that there is little fluctuation in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":11758},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":32.94,"unit":"%"},{"name":"Equity funds","value":8.23,"unit":"%"},{"name":"Bond funds","value":57.91,"unit":"%"},{"name":"Money and deposits","value":0.92,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 18.59% |\n| Amundi Index Euro Agg Corporate SRI - UCITS ETF DR | 15.97% |\n| UBS Fund Solutions SICAV- Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year | 7.83% |\n| Bundesrepublic Deutschland 2.25% 04.09.2021 | 6.48% |\n| iShares Euro Corporate Bond Large Cap UCITS ETF | 6.19% |\n| iShares Core EUR Corp Bond UCITS ETF | 6.13% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.99% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 4.07% |\n| Deutschland I/L Bond 0.1% 15.04.2023 | 3.69% |\n| iShares EUR Ultrashort Bond UCITS ETF | 3.19% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Elering 0.875% 03.05.2023 | 2.12% |\n| Luminor Bank FRN 03.12.2024 | 0.75% |\n| Baltic Horizon Fund 4.25% 08.05.2023 | 0.44% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.39%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.50%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":3.69,"fundManager":"SEB"},"SEK100":{"heading":"SEB Pensionifond 100","id":"sek100","code":"sek100","dataMarker":"SEK100","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a high risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nInvests up to 100% of its assets in shares. This involves high risks, resulting in big fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":1464},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":1.7,"unit":"%"},{"name":"Equity funds","value":96.38,"unit":"%"},{"name":"Real Estate funds","value":0.52,"unit":"%"},{"name":"Money and deposits","value":1.4,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers MSCI World UCITS ETF | 22.55% |\n| iShares Core MSCI World UCITS ETF | 19.50% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund | 10.62% |\n| iShares Core S&P 500 UCITS ETF | 10.54% |\n| UBS ETF - MSCI Emerging Markets UCITS ETF | 7.13% |\n| J O Hambro Capital Management Umbrella Fund plc - Global Select Fund | 4.29% |\n| Lyxor Core STOXX Europe 600 DR ETF | 4.21% |\n| Ishares III PLC - Ishares Msci World Small Cap UCITS ETF | 3.48% |\n| Vanguard S&P 500 UCITS ETF | 2.77% |\n| Xtrackers MSCI World Financials UCITS ETF | 2.00% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.22% |\n| Baltic Horizon Fund | 0.52% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.99%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001699","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":1.69,"fundManager":"SEB"},"SWK99":{"heading":"Swedbank Pensionifond K1990-1999 indeks","id":"k9099","code":"k99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born between 1990 and 1999,\n- you don’t want to change funds yourself during the savings period (although you can still do so if you need to),\n- you prefer the risk profile of the fund to change automatically.\n","strategy":"**Strategy**\n\nThe Fund is established as a lifecycle fund with so called passive investment strategy, meaning that the assets of the Fund are invested into financial instruments that track global indices and the Management Company reduces the ratio of instruments carrying equity risk in the Fund´s assets over time pursuant to the conditions and prospectus of the Fund.\nThe proportion of investments with equity risk will only ever vary from the indicated level by max. 2%. The remainder is invested in bonds, other debt instruments, deposits and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":25100},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.53,"unit":"%"},{"name":"Money and deposits","value":0.49,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| SPDR MSCI World Ucits ETF | 22.18% |\n| HSBC MSCI World UCITS ETF | 22.16% |\n| Amundi Prime Global Ucits ETF DR | 20.50% |\n| Access Global | 17.38% |\n| LYXOR Core MSCI World | 17.30% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.33%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109393","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank Pensionifond K100","id":"k4","code":"k4","dataMarker":"SWK75","suitability":"**Suitable if**\n- your age is up to 44 years,\n- you are a pension saver with relatively high risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\n\nUp to 75% of the fund’s assets are invested in equity-risk instruments, with up to 50% permitted to be invested directly in equities. The rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":107108},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.81,"unit":"%"},{"name":"Shares","value":45.14,"unit":"%"},{"name":"Equity funds","value":48.18,"unit":"%"},{"name":"Real Estate funds","value":3.83,"unit":"%"},{"name":"Private Equity funds","value":0.61,"unit":"%"},{"name":"Money and deposits","value":0.47,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| Access Europa A | 15.39% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 11.44% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 7.46% |\n| Amundi ETF MSCI Europe UCITS | 6.09% |\n| Access Edge Emerging Markets A | 4.46% |\n| Globalfond A | 3.35% |\n| Apple | 1.67% |\n| Microsoft | 1.28% |\n| Eften Kinnisvarafond II aktsia | 1.07% |\n| Amazon.com | 0.93% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.07% |\n| East Capital Baltic Property III | 0.79% |\n| LHV Group 9.500% Perpetual | 0.58% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.66%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103248","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":6.3,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank Pensionifond K60","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with higher than average risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\n\nUp to 50% of the fund’s assets are invested in equity-risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":132219},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":29.72,"unit":"%"},{"name":"Shares","value":26.39,"unit":"%"},{"name":"Equity funds","value":29.63,"unit":"%"},{"name":"Real Estate funds","value":5.62,"unit":"%"},{"name":"Private Equity funds","value":0.72,"unit":"%"},{"name":"Bond funds","value":6.11,"unit":"%"},{"name":"Money and deposits","value":1.86,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| Amundi ETF MSCI Europe UCITS | 7.63% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 7.43% |\n| Access Europa A | 5.67% |\n| Access Edge Emerging Markets A | 3.45% |\n| iShares JP Morgan ESG USD EM Bond UCITS ETF | 3.07% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 2.81% |\n| Globalfond A | 2.52% |\n| Eften Kinnisvarafond II | 1.88% |\n| Corporate Bond Europe High Yield A | 1.57% |\n| iShares USD Corporate Bond UCITS | 1.47% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 1.88% |\n| LHV Group 1.150% 300922 | 1.56% |\n| East Capital Baltic Property III | 1.30% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.65%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019758","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":11.45,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank Pensionifond K30","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with moderate risk tolerance,\n- your objective is to achieve stable growth in your pension assets over a medium savings period (at least seven years).\n","strategy":"**Strategy**\n\nUp to 25% of the fund’s assets are invested in equity-risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":42544},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":54.36,"unit":"%"},{"name":"Shares","value":11.64,"unit":"%"},{"name":"Equity funds","value":11.65,"unit":"%"},{"name":"Real Estate funds","value":8.66,"unit":"%"},{"name":"Private Equity funds","value":0.78,"unit":"%"},{"name":"Bond funds","value":10.89,"unit":"%"},{"name":"Money and deposits","value":2.05,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares JP Morgan ESG USD EM Bond UCITS ETF | 5.58% |\n| Access Europa A | 5.43% |\n| Luminor Bank 1.375% 221021 | 3.31% |\n| Eften Kinnisvarafond II aktsia | 3.13% |\n| iShares USD Corp Bond UCITS ETF | 2.83% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 2.79% |\n| Corporate Bond Europe High Yield A | 2.48% |\n| Access Edge Emerging Markets A | 2.46% |\n| Maxima 3.250% 230913 | 2.27% |\n| Hungary Government 0.500% 301118| 1.84% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank 1.375% 221021 | 3.31% |\n| Eften Kinnisvarafond II aktsia | 3.13% |\n| East Capital Baltic Property III | 1.73% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.66%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019741","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":19.62,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond K10","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your age is 63 years or above,\n- you are a pension saver with low risk tolerance,\n- your objective is to grow your pension assets in the short term (less than three years).\n","strategy":"**Strategy**\n\n100% of the fund’s assets are invested in bonds, money market instruments, deposits, real estate and other assets without equity risk.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":11412},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":87.68,"unit":"%"},{"name":"Real Estate funds","value":7.25,"unit":"%"},{"name":"Money and deposits","value":5.09,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| East Capital Baltic Property Fund III | 5.77% |\n| Luminor Bank VAR 241203 | 3.60% |\n| Swedbank 0.200% 280112 | 3.49% |\n| Banque Federative du Credit Mutuel 0.250% 280719 | 3.47% |\n| Traton Finance Luxembourg 0.750% 290324 | 2.14% |\n| JPMorgan Chase VAR 280224 | 2.13% |\n| Volkswagen Financial Services 3.375% 280406 | 2.12% |\n| KBC Group 0.125% 290114 | 2.07% |\n| Latvenergo 1.900% 220610 | 2.03% |\n| Stora Enso 0.625% 301202 | 1.93% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 5.77% |\n| Luminor Bank VAR 241203 | 3.60% |\n| Luminor Bank 1.375% 221021 | 1.82% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.37%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":18.22,"fundManager":"Swedbank"},"SEK75":{"heading":"SEB Energiline Pensionifond","id":"energiline","code":"energiline","dataMarker":"SEK75","suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nFund up to 75% of its assets in shares, with the remainder allocated to bonds and deposits. Investing mainly in shares involves higher risks, resulting in bigger fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":34769},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":5.77,"unit":"%"},{"name":"Shares","value":2.15,"unit":"%"},{"name":"Equity funds","value":73.84,"unit":"%"},{"name":"Real Estate funds","value":3.28,"unit":"%"},{"name":"Private Equity funds","value":0.38,"unit":"%"},{"name":"Bond funds","value":12.9,"unit":"%"},{"name":"Money and deposits","value":1.68,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 15.17% |\n| iShares Core S&P 500 UCITS ETF | 12.71% |\n| SEB Fund 3 - SEB Sustainable Global Exposure Fund IC | 7.83% |\n| SEB Sustainable Global Exposure Fund | 7.42% |\n| Amundi Index MSCI World UCITS ETF DR | 4.82% |\n| J O Hambro Capital Management Umbrella Fund plc-Global Select Fund | 4.53% |\n| Amundi MSCI Emerging Markets ETF | 4.51% |\n| Xtrackers MSCI World UCITS ETF | 4.43% |\n| iShares III PLC - iShares MSCI World Small Cap UCITS ETF | 2.98% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 2.78% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.54% |\n| Birdeye Timber Fund 3 Usaldusfond | 0.92% |\n| Baltic Horizon Fund | 0.55% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.97%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103297","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":3.99,"fundManager":"SEB"},"SIK75":{"heading":"SEB Pensionifond Indeks 100","id":"eindeks","code":"sik","dataMarker":"SIK75","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a medium risk fund,\n- your goal is to mirror securities markets.\n","strategy":"**Strategy**\n\nInvests up to 100% of its assets in equities, by implementing a passive investment strategy and mirroring securities markets. Investing in equities involves high risks, resulting in big fluctuations in the value of the fund’s assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":11919},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.63,"unit":"%"},{"name":"Money and deposits","value":1.37,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| Vanguard S&P 500 UCITS ETF | 27.03% |\n| iShares Core S&P 500 UCITS ETF | 26.92% |\n| Lyxor Core STOXX Europe 600 DE ETF | 16.72% |\n| UBS ETF - MSCI Emerging Markets UCITS ETF | 10.11% |\n| Xtrackers Nikkei 225 UCITS ETF | 5.89% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 3.01% |\n| UBS ETF-MSCI Canada UCITS ETF | 2.77% |\n| Amundi MSCI Emerging Markets ETF | 2.28% |\n| Xtrackers MSCI USA UCITS ETF | 2.26% |\n| Invesco S&P 500 UCITS ETF | 1.51% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.36%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109427","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"SEB"},"NPK00":{"heading":"Luminor C Pensionifond","id":"c","code":"c","dataMarker":"NPK00","suitability":"**Suitable if**\n- your saving period is less than 3 years,\n- you would rather protect your pension assets instead of focusing on the growth.\n","strategy":"**Strategy**\n\nInvests a maximum of 10% of the fund's assets in shares and similar risk-bearing assets. At times of high interest rates, the fund may invest most of its assets in deposits to avoid setbacks on the bond markets.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":4413},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.7,"unit":"%"},{"name":"Equity funds","value":6.21,"unit":"%"},{"name":"Bond funds","value":90.83,"unit":"%"},{"name":"Money and deposits","value":1.26,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| Nordea 1 - US Corporate Bond Fund | 16.73% |\n| iShares Euro Investment Grade Corporate Bond Index Fund | 12.50% |\n| Nordea Corporate Bond I Growth | 12.21% |\n| Amundi Index Euro Agg Corporate | 10.29% |\n| Nordea Pro Euro Bond I Growth | 8.22% |\n| Vanguard Euro Government Bond Index Fund | 7.96% |\n| iShares Core Euro Government Bond UCITS ETF | 6.37% |\n| Nordea 2 - US Corporate Enhanced Bd Fd | 4.72% |\n| iShares Core MSCI World UCITS ETF | 4.17% |\n| iShares Core Euro Government Bond UCITS ETF | 3.53% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Estonian Eurobond 0,125 10.06.2030 | 1.70% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.00%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":1.7,"fundManager":"Luminor"},"NPK25":{"heading":"Luminor B Pensionifond","id":"b","code":"b","dataMarker":"NPK25","suitability":"**Suitable if**\n- your saving period is more than 3 years,\n- you want to grow your pension assets, but do not want to take the risk of significant decreases in the price of the accumulated assets.\n","strategy":"**Strategy**\n\nInvests a maximum of 30% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":2324},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":0.9,"unit":"%"},{"name":"Equity funds","value":28.39,"unit":"%"},{"name":"Real Estate funds","value":4.7,"unit":"%"},{"name":"Bond funds","value":63.62,"unit":"%"},{"name":"Money and deposits","value":2.39,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade Corporate Bond Index Fund | 9.30% |\n| Nordea 1 - European High Yield Bond Fund | 6.66% |\n| Nordea 2 - Emerging Mkt Hard Ccy Bond Fd | 6.59% |\n| Amundi Index Euro Agg Corporate | 6.48% |\n| Nordea 1 - US Corporate Bond Fund HBI | 6.34% |\n| Neuberger Berman Emerging Market Debt - Hard Currency Fund | 6.29% |\n| Nordea Corporate Bond I Growth | 4.77% |\n| EfTEN Kinnisvarafond II AS | 4.70% |\n| Ishares Euro Corp BND LC Large Cap | 4.42% |\n| Vanguard Euro Government Bond Index Fund | 4.40% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.70% |\n| Estonian Eurobond 0,125 10.06.2030 | 0.90% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.39%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098448","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":5.6,"fundManager":"Luminor"},"NPK75":{"heading":"Luminor A Pluss Pensionifond","id":"apluss","code":"A pluss","dataMarker":"NPK75","suitability":"**Suitable if**\n- your saving period is more than 20 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve potentially high return on assets in the longer run despite short-term fluctuations in prices.\n","strategy":"**Strategy**\n\nInvests a maximum of 100% of fund assets in equity and assets with similar risk. The rest is invested in bonds, deposits or similar instruments. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":8325},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":93.29,"unit":"%"},{"name":"Real Estate funds","value":2.16,"unit":"%"},{"name":"Bond funds","value":1.27,"unit":"%"},{"name":"Money and deposits","value":3.27,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 10.19% |\n| Nordea 1 - Global Stars Equity Fund | 9.68% |\n| iShares S&P 500 ETF | 7.85% |\n| RBC Funds - Global Equity Focus Fund | 7.63% |\n| SPDR MSCI World Small Cap UCITS ETF | 6.97% |\n| iShares Edge MSCI World Value ETF | 6.91% |\n| Nordea 1 Emerging Stars Equity Fund | 6.81% |\n| Robeco Emerging Markets Equities Class I EUR | 6.36% |\n| Hermes Global Emerging Markets Fund | 6.16% |\n| Xtrackers MSCI World Materials ETF | 6.08% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.03% |\n| EfTEN Kinnisvarafond AS | 0.13% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.45%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103503","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":2.16,"fundManager":"Luminor"},"NPK50":{"heading":"Luminor A Pensionifond","id":"A","code":"A","dataMarker":"NPK50","suitability":"**Suitable if**\n- your saving period is more than 10 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve a somewhat higher return on assets regardless of short-term price fluctuations.\n","strategy":"**Strategy**\n\nInvests a maximum of 60% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":24601},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":0.63,"unit":"%"},{"name":"Equity funds","value":56.58,"unit":"%"},{"name":"Real Estate funds","value":3.87,"unit":"%"},{"name":"Bond funds","value":35.28,"unit":"%"},{"name":"Money and deposits","value":3.63,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 7.90% |\n| Nordea 1 - Global Stars Equity Fund | 7.23% |\n| SPDR MSCI World Small Cap UCITS ETF | 6.23% |\n| Neuberger Berman Emerging Market Debt - Hard Currency Fund | 5.93% |\n| Nordea Corporate Bond I Growth | 4.97% |\n| iShares Edge MSCI World Value ETF | 4.48% |\n| Nordea 1 - Emerging Stars Equity Fund | 3.99% |\n| Nordea 1 - European High Yield Bond Fund | 3.96% |\n| Robeco Emerging Markets Equities Class I EUR | 3.92% |\n| Hermes Global Emerging Markets Fund | 3.86% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.83% |\n| EfTEN Kinnisvarafond AS | 1.04% |\n| Estonian Eurobond 0,125 10.06.2030 | 0.63% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.39%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098430","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":4.5,"fundManager":"Luminor"},"NIK100":{"heading":"Luminor Pensionifond Jätkusuutlik Tulevik, Indeks","id":"jatkusuutlik","code":"jatkusuutlik","dataMarker":"NIK100","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate possible short-term fluctuations in the value of the assets well in order to earn a potentially higher than average return in the long term.\n","strategy":"**Strategy**\n\nThe fund’s assets are invested in equity funds and other similar instruments. The equity risk is maintained at around 100% regardless of the situation on financial markets. The fund invests globally. The fund may invest in different industries and regions and assets denominated in different currencies.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":0},"accordion":[{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1,39%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001806","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor"},"SPT30":{"heading":"Luminor Intress Pluss Pensionifond","id":"intress-pluss","code":"lum_int","dataMarker":"SPT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is more than 3 years long,\n- you want to increase your pension assets, but do not want to take risks at the price of significant decrease in the value of collected assets.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,2%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109369, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.84%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Täiendav Pensionifond","id":"taiendav","code":"lhv_iii","dataMarker":"LHT75","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have medium risk tolerance,\n- you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money tax-effectively after reaching retirement age.\n","strategy":"**Strategy**\nThe fund makes significant investments in equity markets: to ensure maximum growth, the proportion of equity markets is kept close to 75% of the value of the fund’s assets. The proportion of equity markets may also be higher – up to 95% – or lower (in recent years close to 40%), if considered reasonable by the fund manager.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"date":"30.09.2020","capacity":"18,195,533.69 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":42.52,"unit":"%"},{"name":"Shares","value":23.86,"unit":"%"},{"name":"Equity funds","value":8.7,"unit":"%"},{"name":"Real Estate funds","value":15.16,"unit":"%"},{"name":"Private Equity funds","value":3.73,"unit":"%"},{"name":"Money and deposits","value":6.03,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021.\n\n| Biggest investments | |\n|---|--:|\n| German Government 1.5% 04/09/22 | 6.12% |\n| France Government 2.25% 25/10/22 | 5.13% |\n| France Government 25/05/21 | 4.61% |\n| EfTEN Kinnisvarafond | 4.50% |\n| France Government 3.25% 25/10/21 | 4.24% |\n| German Government 2.25% 04/09/21 | 4.20% |\n| France Treasury Bill 25/08/2021 | 3.08% |\n| East Capital Baltic Property Fund III | 2.90% |\n| iShares Gold Producers UCITS ETF | 2.79% |\n| East Capital Baltic Property Fund II | 2.30% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.50% |\n| East Capital Baltic Property Fund III | 2.90% |\n| East Capital Baltic Property Fund II | 2.30% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2021) | 19,536,371.79 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Rate of the depository’s charge:** 0.0540%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.40%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_tingimused_2017-06-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Taiendav_Pensionifond_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Taiendav_kuuaruanne_2021_05.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2018.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2021,"month":5,"content":"### May 2021 – The rapid rise of stock markets slowed down\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, world stock markets moved at a modest pace. The MSCI World index, measured in euros, remained almost at April’s level, falling by 0.1%. The S&P 500 index, which reflects the US stock market, fell 0.9% in euros during the month, the Japanese Nikkei index fell 1.6%, and the MSCI Emerging Markets index rose 0.4%.\n\nThe Euro Stoxx 50 performed somewhat better and rose 2.3% in May. The Austrian, Italian and Spanish stock markets stood out in particular, growing by 6.3%, 4.3% and 3.8%, respectively. On the other hand, the Baltic stock markets showed quite mixed results: while the Tallinn stock market index was almost the same as in April, the Vilnius and Riga stock markets grew by 6.2% and 2.7%, respectively, during the month.\n\nThe domestic private equity company BaltCap announced that BaltCap Private Equity Fund II sold its shares in the Lithuanian waste management company Ecoservice. The buyer was the Baltic waste management company Eco Baltia Group, which belongs to the private equity fund INVL Baltic Sea Growth Fund. The BaltCap fund acquired Ecoservice in 2014, and currently, the company serves more than 40% of Lithuania’s territory. With this acquisition, the turnover of Eco Baltia Group will increase by more than 50% and exceed 100 million euros.\n\nConcerning our bond portfolio, we sold the bonds in the Lithuanian state energy company Ignitis in May. The company raised funds through the bond issue in May last year, and since then, the price of the bonds had risen by a little more than 10%. In addition, the bonds have an annual interest rate of 2%.\n\nAs regards new investments, we moved on with Sunly bonds at the end of the month. The development of the company’s solar parks has reached a stage where the fund subscribed for the next tranche of Sunly bonds. If all the assumptions are met, the bond will become one of the fund’s largest investments in the next stages of development. The bond has an interest rate of 8% per annum, and the maturity term is 2025.\n"},{"year":2021,"month":4,"content":"### April 2021: Investments in the Baltics and Finland stood out with higher returns\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, world stock markets continued to rise, but at a slightly slower pace than in February and March. The MSCI World index rose by 2.2% during the month measured in euros, and the Euro Stoxx 50 index also rose by 1.8%. Among European countries, Finland was a powerful performer with its market index rising by 4.2% in April. The Japanese Nikkei index, on the other hand, fell 1.3% in local currency and 2.4% in euros.\n\nThe global emerging market index rose 2.4% in local currency, but due to the strengthening of the euro, remained at 0% in euros. The Baltic stock markets were very strong in April. The Tallinn stock market index rose the most, 7.7%, while the Vilnius and Riga markets rose by 4% and 3.2%, respectively.\n\nThe best performer among Baltic shares in the Pension Fund Täiendav portfolio was the tour operator Novaturas, whose shares rose by 26.8% during the month. Interest in travel is growing again and the company announced good first quarter sales and profit figures. Equities in the Finnish forestry sector also performed well, benefiting from exceptionally high lumber prices and high demand for pulp due to the growth of e-commerce.\n\nInternational bond markets continue to be under pressure if interest rates rise. The prices of very long-term government bonds have already fallen by more than 10% since the beginning of the year. As countries support their economies during recovery from the coronavirus crisis, this may have the side effect of a price rise, which is a great fear for bond markets.\n\nAs we have already assured in our monthly reviews, LHV pension funds do not have any such long-term fixed-interest investments. Instead, we continue looking for new investments in local companies, and over the past month we have made significant progress with a few potential deals. However, large price movements in international markets may open up additional opportunities for us to make new investments there as well.\n"},{"year":2021,"month":3,"content":"### March 2021 – Stock markets largely continued a hearty upward trend\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe stock market indices of developed countries continued their strong upward trend in March. The Euro Stoxx 50 index, which tracks large European companies, rose by as much as 7.9% during the month, with the German, French, Italian and Swedish stock markets being among the strongest. For example, the German stock exchange index DAX rose 8.9% in March, and the return on the Stockholm stock market, measured in euros, was 8.5%.\n\nHowever, the performance of the Japanese Nikkei index remained modest last month: 0.7% in local currency and -0.1% in euros. The global MSCI Emerging Markets Index was ˗1.7% in local currency. The decline was driven by Asian stock markets, led by China, where the index returned ˗6.1%. In the Baltic countries, the Tallinn stock market index rose the most by 3.3%. The Vilnius and Riga stock markets fell by 0.2% and 5.2%, respectively.\n\nThe share of Volkswagen, a car manufacturer in the pension fund’s portfolio, rallied by almost 38% in March. The company has announced a long-term strategy for its electric car business, which is aggressive and offers strong competition to Tesla, which currently dominates the electric car market. It is also possible that minority interests in the subsidiaries manufacturing Porsche and Audi vehicles will be listed, which could further increase Volkswagen’s value.\n\nStocks of gold mining companies, which have been under pressure in recent months and recovered in March, also brought good returns to the pension fund.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**The state’s increasing role is not conducive to long-term growth**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n","text":"May was a relatively calm month for securities markets, and the MSCI World Index, which measures global stock markets, returned zero in euros. The US stock market fell slightly (–0.9%), but the European market had a positive return (2.1%).\n\nIn recent years, cryptocurrency exchange rates have quite adequately reflected the risk appetite of retail investors in other markets as well but failed to do so this May. While many cryptocurrencies lost almost half of their value, the largest stock markets remained at record highs.\n\n**Inflation and interest rates**\n\nIn theory, the prices of all assets should depend on the price of money, that is, the interest rate. The interest rate makes it possible to calculate how much future cash flows are worth today. As the price of money rises, the value of future cash flows decreases and vice versa. It is important to distinguish between nominal (contractual) and real interest rates. The real interest rate is obtained by deducting the inflation rate from the nominal interest rate.\n\nIn the wake of the global financial crisis, monetary policy has been exceptionally favourable almost everywhere in the world: central banks have bought up unprecedented amounts of bonds and pumped large amounts of money into the securities markets. This has led to rising asset prices and inequality but has not been reflected in rising consumer prices or wages.\n\nUntil recently, central banks tried to pretend that they did not finance governments directly but only bought up previously issued securities from the bond markets. By now, the governments of several major powers have almost ignored budgeting rules (in the short run) and are not even trying to cover expenditure with tax revenues. Thus, fears have begun to spread that politicians will not be able to hold back in the future, and rising government spending will revive inflation, a spook that has been considered dead in recent decades.\n\nThe next 18 months should clarify whether or not the acceleration in inflation over the last quarter will prove to be a short-term flash, partly due to last year’s low base. We will also see how the central banks react and whether they will be able to do anything at all if the rate of increase in consumer prices accelerates further.\n\n**More planned economy**\n\nWhat makes the situation particularly worrying for me is that the most developed countries in the world abandoned a liberal economic order several decades ago. It happened when central bankers began to emerge as superstars who, in an attempt to eliminate economic cycles, began to manipulate the price of money as the most important commodity.\n\nSince the 1990s, central bankers have encouraged both consumers and investors to borrow more and more at lower and lower interest rates to boost economic growth. However, real economic growth results from people’s ingenuity and innovation, not playing at interest rates and buying up bonds.\n\nThe fact that governments and supervisors have added more new regulations in recent decades, driven by the noble cause of protecting the common person, has not improved the situation. By over-regulating, they have killed innovation and contributed to the emergence of increasingly monopolistic companies.\n\nAlthough consumer prices have been on an upward trend recently due to a combination of factors, this trend is being counteracted in the longer term by population ageing in countries crucial to the world economy. I can imagine both an inflationary and a deflationary future, but I find it difficult to see how global economic growth could accelerate over the next ten years if current trends continue.\n\n**Investing in a confusing environment**\n\nInflation affects us through goods and services and can also have a significant impact on pension investments. Suppose the faster appreciation of the consumer basket becomes a more permanent phenomenon. In that case, central banks will have to start turning off their money taps, reducing asset purchases and raising interest rates. However, as the global economy staggers under an unprecedented debt burden, even a slight rise in interest rates could put asset prices under pressure and reverse growth.\n\nEven in a complex economic environment, it is possible to find good investments, but it is trickier than usual. I suspect that the “buy and forget” investment strategy will no longer work so well over the next ten years as it has over the last few decades. Also, choosing investments and navigating in a changing environment is becoming somewhat more important.\n\nOf course, we are currently refraining from investing in long-term fixed (negative) interest rate government bonds, which guarantee a loss if held to maturity. Instead, we are looking for much higher returns over the counter. We recently invested in the bonds of a fast-growing renewable energy company.\n\nIn today’s turbulent and complex economic environment, the shine of precious metals has gradually recovered, and we have kept an eye on the commodities sector more broadly since a lack of investment in this sector has led to supply failing to meet demand at current price levels.\n\nCentral banks are facing the difficult choice of whether to support the economy and finance governments. They hope that inflation expectations will fade on their own or to control inflation expectations and let some air out of the asset price bubble.\n\nMonetary and fiscal policies will not favour asset prices forever. There is no point in hoping that governments will be able to finance ever-increasing budget deficits indefinitely at ever-lower (negative) interest rates. Investors should be prepared for both interest and tax rates to rise in the future and consider whether and what changes should be made to their investment portfolios.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Täiendav Pensionifond","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":18.61,"fundManager":"LHV","minSumInEurWhenBuying":6.39,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LIT100":{"heading":"LHV Pensionifond Indeks Pluss","id":"indeks-pluss","code":"lhv_lit","dataMarker":"LIT100","securityId":147612,"suitability":"**Suitable if**\n- you are prepared to tolerate the risks arising from potentially significant fluctuations in equity markets,\n- you have previous investment experience.\n","strategy":"**Strategy**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.2%"},"fundInfo":{"date":"30.09.2020","capacity":"8,094,598.17 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.64,"unit":"%"},{"name":"Money and deposits","value":1.36,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|--:|\n| Amundi Prime Global UCITS ETF | 26.66% |\n| Lyxor Core MSCI World DR UCITS | 24.70% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 19.90% |\n| SPDR MSCI World UCITS ETF | 12.26% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 9.41% |\n| iShares MSCI EM UCITS ETF | 3.24% |\n| MSCI Frontier and Select EM ETF | 2.47% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2021) | 13,405,617.01 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0540%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.2%\n\n**Ongoing charges (inc management fee):** 0.42%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused_2021_02.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_2021_02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID_2021_02.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2020.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2021_05.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2019.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2018.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109419","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET100":{"heading":"SEB Aktiivne Pensionifond","id":"aktiivne","code":"seb_akt","dataMarker":"SET100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nThe fund invests up to 100% of the assets in shares. Investing mainly in shares involves higher risks, resulting in big fluctuations in the value of the fund's assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1.5%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600074076, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.78%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET35":{"heading":"SEB Tasakaalukas Pensionifond","id":"tasakaalukas","code":"seb_tas","dataMarker":"SET35","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have at least 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nThe fund mainly invests in bonds and deposits, with up to 50% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600008934, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.27%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Aktsiad 100 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"**Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,5%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600098422, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.5%\n\n**Ongoing charges (inc management fee):** 2.12%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"**Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,95%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600007530, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.95%\n\n**Ongoing charges (inc management fee):** 1.23%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"**Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,05%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071031, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.05%\n\n**Ongoing charges (inc management fee):** 1.31%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"**Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,15%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071049, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.15%\n\n**Ongoing charges (inc management fee):** 1.39%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109484,IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.40%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109484","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.3%"},"fundInfo":{"company":{"title":"Tuleva Fondid AS","link":null},"depository":{"title":"AS Swedbank","url":"https://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001707, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.3%\n\n**Ongoing charges (inc management fee):** 0.43%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001707","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LRK100":{"heading":"LHV Pensionifond Roheline","id":"roheline","code":"roheline","dataMarker":"LRK100","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":6276},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":0.56,"unit":"%"},{"name":"Shares","value":40.06,"unit":"%"},{"name":"Equity funds","value":54.07,"unit":"%"},{"name":"Real Estate funds","value":2.72,"unit":"%"},{"name":"Money and deposits","value":2.53,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021\n\n| Biggest investments | |\n|---|---:|\n| Invesco Solar ETF | 11.85% |\n| iShares Global Clean Energy ET | 11.82% |\n| Global X Lithium and Battery Tech | 7.77% |\n| iShares Inc iShares ESG Aware | 7.46% |\n| VanEck Vectors Sustainable World Equal Weight UCIT | 3.74% |\n| Yara International | 3.58% |\n| First Trust Global Wind Energy | 3.47% |\n| Vestas Wind Systems | 3.08% |\n| UBS ETF-MSCI World Socially Responsible | 3.03% |\n| Siemens Energy | 2.85% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 2.79% |\n| Sunly Land 8% 17/11/2025 | 0.57% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2021) | 18,300,778.09 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 781 250 units |\n| Rate of the depository’s charge | 0,054% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.4067%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.01%\n\n*The ongoing charges figure is an estimate based on the current management fee and estimated total fees. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_prospekt_2021.pdf)\n- [Analysis of the amendments made to the prospectus 14 May 2020 (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_14052020.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2021_05.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001723","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":3.36,"fundManager":"LHV"},"LRT100":{"heading":"LHV Pensionifond Roheline Pluss","id":"roheline-pluss","code":"rohelinepluss","dataMarker":"LRT100","securityId":189345,"suitability":"**Suitable if**\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,49%"},"fundInfo":{"date":"30.09.2020","capacity":"7,003,906.73 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":38.48,"unit":"%"},{"name":"Equity funds","value":51.72,"unit":"%"},{"name":"Real Estate funds","value":2.65,"unit":"%"},{"name":"Money and deposits","value":7.15,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 30.04.2021.\n\n| Biggest investments | |\n|---|--:|\n| iShares Global Clean Energy ET | 11.57% |\n| Invesco Solar ETF | 10.93% |\n| Global X Lithium and Battery Tech | 8.70% |\n| iShares Inc iShares ESG Aware | 7.46% |\n| First Trust Global Wind Energy | 3.60% |\n| Yara International | 3.47% |\n| Vestas Wind Systems | 2.99% |\n| VanEck Vectors Sustainable World Equal Weight UCIT | 2.78% |\n| Siemens Energy | 2.76% |\n| Birdeye Timber Fund 3 | 2.65% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 2.65% |\n"}]},{"id":"info","title":"Information about the fund","active":true,"content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 30.04.2021) | 3,779,221.98 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 468 750 units |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0540%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n\n**Ongoing charges (inc management fee):** 1.03%\n\n*The ongoing charges have been estimated, based on the expected total of charges. The annual report of the fund provides details of the paid fees for each year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_prospekt_2021.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_Pluss_KIID_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2021) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_kuuaruanne_2021_05.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Roheline Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001764","strategyType":null,"managementStyle":"Active","riskLevel":6,"countryShareEe":2.65,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV30":{"heading":"Swedbank Pensionifond V30 indeks (exit restricted)","id":"swedv30","code":"v30indeks","dataMarker":"SWV30","securityId":204900,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver with moderate risk tolerance,\n- your goal is asset stability and long-term growth (min. 5 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 30% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 30% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001749, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.40%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001749","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV60":{"heading":"Swedbank Pensionifond V60 indeks (exit restricted)","id":"swedv60","code":"v60indeks","dataMarker":"SWV60","securityId":204901,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance,\n- your goal is a higher growth of assets in the medium or long term (min. 7 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 60% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 60% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001731, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.40%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001731","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NIT100":{"heading":"Luminor Täiendav Pensionifond Jätkusuutlik Tulevik, Indeks","id":"jatkusuutlik-taiendav","code":"jatkusuutlik-taiendav","dataMarker":"NIT100","securityId":213281,"active":true,"suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate a short-term decrease in the value of assets well.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"0,25%","managementFee":"0,25%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001798, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0,25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0,25%\n\n**Ongoing charges (inc management fee):** 0,56%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2020 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001798","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3}}