{"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":3181},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":88.43,"unit":"%"},{"name":"Equity funds","value":4.53,"unit":"%"},{"name":"Money and deposits","value":7.03,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 10.00% |\n| Luminor 0.792% 03/12/24 | 9.57% |\n| German Government 1.5% 04/09/22 | 8.46% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 6.38% |\n| BNP Paribas 2.875% 24/10/22 | 4.96% |\n| ZKB Gold ETF | 4.53% |\n| ALTUMG 1.3% 07/03/25 | 4.34% |\n| Elering 0.875% 03/05/2023 | 3.99% |\n| Bank Gospodarstwa Krajow 1.375% 01/06/25 | 3.95% |\n| Banco Santander 1.375% 14/12/22 | 3.21% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 9.57% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 6.38% |\n| Elering 0.875% 03/05/2023 | 3.99% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2022) | 12,618,815.86 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 50 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,5130%\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 2021. 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- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2022_05.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":5,"content":"### May 2022: Bigbank issued bonds\n\nRomet Enok, Fund Manager\n\nWe signed another local investment for our bond portfolio when Bigbank issued bonds directly to our pension funds. The interest payment is 7.5% per annum, and the company has the first option to repay in five years.\n\nInterest rates are currently rising sharply in both domestic and international markets. At the same time, the prospects of earning higher returns on bonds are growing significantly.\n"},{"year":2022,"month":4,"content":"### April 2022: For the first time in a long time, we acquired bonds on the stock exchanges\n\nRomet Enok, Fund Manager\n\nWe made a new investment in the international bond markets for the first time in a very long time when we acquired the securities of Prosus, a South African online business operating mainly in China. The expected yield on bonds slightly longer than six years is 3.5%.\n\nThe majority of the fund’s assets continue to be bonds with very short maturities that are therefore relatively well protected from market movements. Thus, the current rise in interest rates around the world will significantly increase the fund’s expected future yields. In addition to operating on stock exchanges, we are also continuing to work with local companies to find the best investments for our fund in both directions.\n"},{"year":2022,"month":3,"content":"### March 2022: We acquired Coop Pank bonds\n\nRomet Enok, Fund Manager\n\nWe participated in a bond issue, with which the Estonian Coop Pank once again raised capital to grow its loan portfolio. The interest rate on the bonds is 5% per annum, and Coop Pank will have the right to repay the securities in five years for the first time. These instruments are heavily regulated by law but still carry a higher risk than deposits. The fund has previously made similar investments in the securities of the Latvian bank Citadele and the Lithuanian bank Šiaulių, which also had an annual interest rate of 5–6%.\n\nAs another event worth noting, we sold some gold because its rapid price rise led the gold position in the fund to the allowed limit.\n\nIn European markets, on the other hand, bond prices continue to fall. As we have completely avoided buying long-term bonds from Europe, the current fall in prices means that the outlook for our fund is improving significantly. In other words, the fall in bond prices in Europe will lead to higher interest rates for the buyer.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Long-term goals help to stay on track**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n","text":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n\nDue to bottlenecks in supply chains, suppliers of goods and services are unable to meet demand. Therefore, companies are trying to bring the production process closer to the end market and expand the choice of suppliers. The seeds of deglobalisation were sown even before Trump’s election victory and Brexit. The ongoing coronavirus crisis and the current war in Ukraine have sharply accelerated this trend.\n\nAt present, no one has definite answers to questions of how stormy the economic environment will become, how long the bad weather can last, and whether there is anywhere to hide.\n\n**How to survive the storm?**\n\nShould we take money out of our pension fund and spend it, as suggested by ostensibly economically conservative politicians who abolished mandatory pension contributions, or, on the contrary, put aside more money now than before, because no one knows how long the global economic storm will last?\n\nLife has taught me that those who have built up reserves, have a strong balance sheet (little credit) and are able to control their own expenses, can cope better in difficult circumstances. They have the ability to seize the opportunities that difficult times can offer.\n\nThe economic recovery cycle from the bottom of the 2008 economic crisis to the 2020 coronavirus crisis was the longest in history. Behind this long rise was the low interest rate policy pursued by the world’s largest central banks, which made both investors and consumers overconfident. The investment world saw the development of the YOLO (‘you only live once’) investment strategy, which was used to justify taking huge risks. A similar mentality could be seen behind consumer behaviour.\n\nThe world is full of paradoxes: circumstances and things are often not what they seem at first glance, and actions and decisions can have unforeseen consequences. These are the three principles by which I have sought to make sense of investing throughout my 30-year investment career.\n\nWhile in the wake of the 2008 financial crisis, there was a debate about why pension fund investment strategies are too risky, the last five to six years have been characterised by a concern that pension fund returns are insufficient. People have asked why there has not been more risk-taking.\n\nAt the time of the creation of the funded pension system in 2002, pension funds were seen as reserves that each person gradually accumulates from their regular income over their working life and which they will use after they retire.\n\nReserves and liquidity buffers are different things and are designed to solve different problems. For me, reserves are something that are carefully kept and protected so that they exist in the situation for which they are accumulated. As a pension fund manager, I have invested the assets of my clients following the principle that it is more important to have assets that are well kept and that would maintain purchasing power even after adjusting for inflation, than getting maximum returns.\n\n**Active cultivation of assets**\n\nLHV’s pension fund investment strategy has been much more conservative in recent years than before, but it has not included holding large bond or cash positions. Instead, we have sought out investments whose value would be determined by cash flows and not by investor sentiment, whether optimistic or pessimistic.\n\nFor the LHV team, active investing does not only mean that the fund manager selects shares on the stock exchange themselves, as opposed to passive investing, in which the equity indices in which to invest money are determined by an algorithm. For LHV, active investing also means looking for investment opportunities outside the stock exchange and, where possible, creating them ourselves.\n\nFor example, in the field of real estate investments, active investment for us also means applying for building permits and engaging in development activities. When it comes to investing in local bonds, active investment for us means thinking through the financing of the entire company and requiring guarantees to protect our investors.\n\nActive investment also happens when, while making an equity investment together with a private equity fund, LHV’s pension funds become a party to the company’s shareholder agreement. For us, being active means, above all, thinking about how to make something better in the company or project in which we are investing. For us, active investing means much more than deciding when is the right time to buy or when to sell.\n\n**The importance of a clear head and self-discipline**\n\nI suspect that in a situation where the prices of raw materials, labour and money are rising, companies and projects with a high debt burden will face more difficult times than before. This means that cutting costs and focusing on profitability is becoming increasingly important.\n\nJust like companies, individuals should also review their balance sheets: how many assets are there, and how much and under what conditions have loans been taken out against these assets? While the fear of inflation may make it seem tempting to acquire increasingly ‘scarce’ real estate, one should also consider the possibility that rising interest rates may turn real estate obtained using a large loan into a liability.\n\nI hope that politicians around the world will also have the statesmanship to refrain from pandering to voters and allowing for more and more subsidies to help the people cope with the inflation that governments themselves have created.\n\nIn difficult times, those will fare better who can keep a clear head and look beyond tomorrow when setting their targets and goals. \n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":25.11,"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":5379},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":90.94,"unit":"%"},{"name":"Equity funds","value":4.56,"unit":"%"},{"name":"Real Estate funds","value":1.63,"unit":"%"},{"name":"Money and deposits","value":2.87,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 11.03% |\n| German Government 1.75% 04/07/22 | 9.98% |\n| German Government 1.5% 04/09/22 | 9.11% |\n| Latvenergo 1.9% 10/06/22 | 8.65% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 8.17% |\n| Luminor 0.792% 03/12/24 | 7.38% |\n| Romania 2.875% 28/10/24 | 5.21% |\n| ALTUMG 1.3% 07/03/25 | 4.57% |\n| ZKB Gold ETF | 4.56% |\n| Coop Pank 5.0% 10/03/2032 | 3.09% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 8.17% |\n| Luminor 0.792% 03/12/24 | 7.38% |\n| Coop Pank 5.0% 10/03/2032 | 3.09% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2022) | 29,565,959.17 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 120 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,64%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2021. 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- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_S_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2022_05.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":5,"content":"### May 2022: Bigbank issued bonds \n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nWe signed another local investment for our bond portfolio when Bigbank issued bonds directly to our pension funds. The interest payment is 7.5% per annum, and the company has the first option to repay in five years.\n\nInterest rates are currently rising sharply in both domestic and international markets. At the same time, the prospects of earning higher returns on bonds are growing significantly.\n"},{"year":2022,"month":4,"content":"### April 2022: For the first time in a long time, we acquired bonds on the stock exchanges\n\nRomet Enok, Fund Manager\n\nWe made a new investment in the international bond markets for the first time in a very long time when we acquired the securities of Prosus, a South African online business operating mainly in China. The expected yield on bonds slightly longer than six years is 3.5%.\n\nThe majority of the fund’s assets continue to be bonds with very short maturities that are therefore relatively well protected from market movements. Thus, the current rise in interest rates around the world will significantly increase the fund’s expected future yields. In addition to operating on stock exchanges, we are also continuing to work with local companies to find the best investments for our fund in both directions.\n"},{"year":2022,"month":3,"content":"### March 2022: We acquired Coop Pank bonds\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nWe participated in a bond issue, with which the Estonian Coop Pank once again raised capital to grow its loan portfolio. The interest rate on the bonds is 5% per annum, and Coop Pank will have the right to repay the securities in five years for the first time. These instruments are heavily regulated by law but still carry a higher risk than deposits. The fund has previously made similar investments in the securities of the Latvian bank Citadele and the Lithuanian bank Šiaulių, which also had an annual interest rate of 5–6%.\n\nAs another event worth noting, we sold some gold because its rapid price rise led the gold position in the fund to the allowed limit.\n\nIn European markets, on the other hand, bond prices continue to fall. As we have completely avoided buying long-term bonds from Europe, the current fall in prices means that the outlook for our fund is improving significantly. In other words, the fall in bond prices in Europe will lead to higher interest rates for the buyer.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Long-term goals help to stay on track**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n","text":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n\nDue to bottlenecks in supply chains, suppliers of goods and services are unable to meet demand. Therefore, companies are trying to bring the production process closer to the end market and expand the choice of suppliers. The seeds of deglobalisation were sown even before Trump’s election victory and Brexit. The ongoing coronavirus crisis and the current war in Ukraine have sharply accelerated this trend.\n\nAt present, no one has definite answers to questions of how stormy the economic environment will become, how long the bad weather can last, and whether there is anywhere to hide.\n\n**How to survive the storm?**\n\nShould we take money out of our pension fund and spend it, as suggested by ostensibly economically conservative politicians who abolished mandatory pension contributions, or, on the contrary, put aside more money now than before, because no one knows how long the global economic storm will last?\n\nLife has taught me that those who have built up reserves, have a strong balance sheet (little credit) and are able to control their own expenses, can cope better in difficult circumstances. They have the ability to seize the opportunities that difficult times can offer.\n\nThe economic recovery cycle from the bottom of the 2008 economic crisis to the 2020 coronavirus crisis was the longest in history. Behind this long rise was the low interest rate policy pursued by the world’s largest central banks, which made both investors and consumers overconfident. The investment world saw the development of the YOLO (‘you only live once’) investment strategy, which was used to justify taking huge risks. A similar mentality could be seen behind consumer behaviour.\n\nThe world is full of paradoxes: circumstances and things are often not what they seem at first glance, and actions and decisions can have unforeseen consequences. These are the three principles by which I have sought to make sense of investing throughout my 30-year investment career.\n\nWhile in the wake of the 2008 financial crisis, there was a debate about why pension fund investment strategies are too risky, the last five to six years have been characterised by a concern that pension fund returns are insufficient. People have asked why there has not been more risk-taking.\n\nAt the time of the creation of the funded pension system in 2002, pension funds were seen as reserves that each person gradually accumulates from their regular income over their working life and which they will use after they retire.\n\nReserves and liquidity buffers are different things and are designed to solve different problems. For me, reserves are something that are carefully kept and protected so that they exist in the situation for which they are accumulated. As a pension fund manager, I have invested the assets of my clients following the principle that it is more important to have assets that are well kept and that would maintain purchasing power even after adjusting for inflation, than getting maximum returns.\n\n**Active cultivation of assets**\n\nLHV’s pension fund investment strategy has been much more conservative in recent years than before, but it has not included holding large bond or cash positions. Instead, we have sought out investments whose value would be determined by cash flows and not by investor sentiment, whether optimistic or pessimistic.\n\nFor the LHV team, active investing does not only mean that the fund manager selects shares on the stock exchange themselves, as opposed to passive investing, in which the equity indices in which to invest money are determined by an algorithm. For LHV, active investing also means looking for investment opportunities outside the stock exchange and, where possible, creating them ourselves.\n\nFor example, in the field of real estate investments, active investment for us also means applying for building permits and engaging in development activities. When it comes to investing in local bonds, active investment for us means thinking through the financing of the entire company and requiring guarantees to protect our investors.\n\nActive investment also happens when, while making an equity investment together with a private equity fund, LHV’s pension funds become a party to the company’s shareholder agreement. For us, being active means, above all, thinking about how to make something better in the company or project in which we are investing. For us, active investing means much more than deciding when is the right time to buy or when to sell.\n\n**The importance of a clear head and self-discipline**\n\nI suspect that in a situation where the prices of raw materials, labour and money are rising, companies and projects with a high debt burden will face more difficult times than before. This means that cutting costs and focusing on profitability is becoming increasingly important.\n\nJust like companies, individuals should also review their balance sheets: how many assets are there, and how much and under what conditions have loans been taken out against these assets? While the fear of inflation may make it seem tempting to acquire increasingly ‘scarce’ real estate, one should also consider the possibility that rising interest rates may turn real estate obtained using a large loan into a liability.\n\nI hope that politicians around the world will also have the statesmanship to refrain from pandering to voters and allowing for more and more subsidies to help the people cope with the inflation that governments themselves have created.\n\nIn difficult times, those will fare better who can keep a clear head and look beyond tomorrow when setting their targets and goals. \n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":24.02,"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":7988},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":56.32,"unit":"%"},{"name":"Shares","value":10.07,"unit":"%"},{"name":"Equity funds","value":6.81,"unit":"%"},{"name":"Real Estate funds","value":17.37,"unit":"%"},{"name":"Private Equity funds","value":7.31,"unit":"%"},{"name":"Money and deposits","value":2.12,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 7.90% |\n| German Government 1.5% 04/09/22 | 6.37% |\n| Luminor 0.792% 03/12/24 | 5.21% |\n| EfTEN Kinnisvarafond | 4.63% |\n| ZKB Gold ETF | 4.50% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.84% |\n| SG Capital Partners Fund 1 | 2.76% |\n| Coop Pank 6.75% 04/12/2027 | 2.38% |\n| Eastnine 08/07/24 | 2.33% |\n| iShares Gold Producers UCITS ETF | 2.31% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 0.792% 03/12/24 | 5.21% |\n| EfTEN Kinnisvarafond | 4.63% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.84% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2022) | 99,514,308.01 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 400 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,00%.\n\n**Ongoing charges (inc management fee):** 1,17%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2021 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- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_M_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2022_05.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":5,"content":"### May 2022: Stock markets remained downward\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, markets continued to decline for the most part. Measured in euros, the MSCI World index fell by 1.4%; the US S&P 500 index, which tracks 500 of the largest US listed companies fell by 1.7%; and the Nasdaq Composite index, which tracks the US technology sector, fell by 3.7%.\n\nThe Japanese and European stock market indices were somewhat exceptional, as the Japanese Nikkei index rose 1.4% in euros and the European Euro Stoxx 50 index rose 0.9% during the month. The MSCI Emerging Markets Index fell 1.6%. The local Baltic markets moved in different directions in May: The value of the Tallinn stock market index decreased by 2.5%, while the Riga and Vilnius stock market indices rose by 11.2% and 0.8%, respectively.\n\nWe signed another local investment for our bond portfolio when Bigbank issued bonds directly to our pension funds. The interest payment is 7.5% per annum, and the company has the first option to repay in five years.\n\nInterest rates are currently rising sharply in both domestic and international markets. At the same time, the prospects of earning higher returns on bonds are growing significantly.\n"},{"year":2022,"month":4,"content":"### April 2022: Stock markets remained under selling pressure\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, stock markets mostly fell, and we also saw a significant weakening of the euro exchange rate, which depreciated by 5% against the US dollar over the month. Measured in euros, the month saw the global MSCI World index fall by 3.3%, the US S&P 500 index fall by 4.2% and the Nasdaq Composite index, which reflects listed companies in the US technology sector, fall by 8.9%.\n\nJapan, Europe and emerging markets were no exceptions: in April, measured in euros, the Japanese Nikkei index fell by 5.6%, the European Euro Stoxx 50 index by 2.1% and the MSCI Emerging Markets index by 1%. A slightly different picture emerged in the Baltic markets, where the Riga stock exchange was the only one to fall, by 16.7%. In contrast, the Tallinn and Vilnius stock exchanges grew in April by 0.3% and 2.3%, respectively.\n\nIn April, the Baltic private equity firm BaltCap announced that BaltCap Infrastructure Fund, a fund dedicated to infrastructure investments managed by them, would invest in 30 MW solar parks in Latvia. These are planned to be built within three years, and the investment will be made in cooperation with AJ Power and AJP Capital. There is a longer-term plan to expand across the Baltics, thereby increasing the total capacity of the portfolio to 100 MW.\n\nThe fund’s listed equity positions declined slightly in April. At the end of the month, some of the fund’s commodity investments fell as China’s radical fight against the coronavirus paralysed an increasingly large part of its economy. This reduced the demand for many raw materials and goods.\n\nIn the bigger perspective, however, supply problems in the raw materials sector have not disappeared. The fund’s equity investments remain mostly in companies related to the commodity sector that have offered a positive yield against the background of the general decline in stock exchanges this year. When opportunities arise, we are ready to supplement the positions related to the commodity sector due to the fall in prices.\n\nNo significant equity investment transactions were made in the fund in April.\n"},{"year":2022,"month":3,"content":"### March 2022: We added a new purchase to the real estate investment portfolio\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn March, world stock exchanges moved in quite mixed directions. Measured in euros, the MSCI World Index rose 3.7%, and the US S&P 500 Index rose 4.7%, while the European Euro Stoxx 50 Index fell slightly (0.5%) and the Japanese Nikkei Index rose slightly (0.4%). The MSCI Emerging Markets Index fell 1.4%. The Baltic stock markets also moved in different directions in March: The value of the Tallinn stock market increased by 1.8% during the month, the value of the Riga stock market decreased by 4.8%, and the Vilnius stock market remained almost at the same level as last month, falling by 0.3%.\n\nLHV pension funds acquired an office building at Sõpruse pst 157, Tallinn, one of Estonia’s greenest commercial buildings. The office building in the Kristiine district was completed in 2015. The building has a leasable area of more than 2,500 sq. m and the anchor tenant is the reputable information technology company Proekspert AS.\n\nThe Sõpruse pst 157 building differs from the rest of Tallinn’s office buildings in terms of its green solutions: the building has been developed following the principles of the green building concept, which makes it one of the most sustainable commercial buildings in Estonia. The building draws its heating and cooling energy from underground energy piles, and electricity is obtained from the solar park on the roof. To reduce the need for cooling, the windows have sunscreens and sun protection ribs. Rainwater collected from the roof is used for flushing the toilets.\n\nIn the fund’s bond portfolio, we made the last payment to subscribe for the securities of the Estonian renewable energy company Sunly. The company has now fully utilised the bonds needed to finance its solar parks. The interest rate of the bonds is 8% per annum, and they will be redeemed by the end of 2025 at the latest.\n\nWe also participated in a bond issue, with which the Estonian Coop Pank once again raised capital to grow its loan portfolio. The bonds bear 5% interest per annum, and the first right to repay is after five years.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Long-term goals help to stay on track**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n","text":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n\nDue to bottlenecks in supply chains, suppliers of goods and services are unable to meet demand. Therefore, companies are trying to bring the production process closer to the end market and expand the choice of suppliers. The seeds of deglobalisation were sown even before Trump’s election victory and Brexit. The ongoing coronavirus crisis and the current war in Ukraine have sharply accelerated this trend.\n\nAt present, no one has definite answers to questions of how stormy the economic environment will become, how long the bad weather can last, and whether there is anywhere to hide.\n\n**How to survive the storm?**\n\nShould we take money out of our pension fund and spend it, as suggested by ostensibly economically conservative politicians who abolished mandatory pension contributions, or, on the contrary, put aside more money now than before, because no one knows how long the global economic storm will last?\n\nLife has taught me that those who have built up reserves, have a strong balance sheet (little credit) and are able to control their own expenses, can cope better in difficult circumstances. They have the ability to seize the opportunities that difficult times can offer.\n\nThe economic recovery cycle from the bottom of the 2008 economic crisis to the 2020 coronavirus crisis was the longest in history. Behind this long rise was the low interest rate policy pursued by the world’s largest central banks, which made both investors and consumers overconfident. The investment world saw the development of the YOLO (‘you only live once’) investment strategy, which was used to justify taking huge risks. A similar mentality could be seen behind consumer behaviour.\n\nThe world is full of paradoxes: circumstances and things are often not what they seem at first glance, and actions and decisions can have unforeseen consequences. These are the three principles by which I have sought to make sense of investing throughout my 30-year investment career.\n\nWhile in the wake of the 2008 financial crisis, there was a debate about why pension fund investment strategies are too risky, the last five to six years have been characterised by a concern that pension fund returns are insufficient. People have asked why there has not been more risk-taking.\n\nAt the time of the creation of the funded pension system in 2002, pension funds were seen as reserves that each person gradually accumulates from their regular income over their working life and which they will use after they retire.\n\nReserves and liquidity buffers are different things and are designed to solve different problems. For me, reserves are something that are carefully kept and protected so that they exist in the situation for which they are accumulated. As a pension fund manager, I have invested the assets of my clients following the principle that it is more important to have assets that are well kept and that would maintain purchasing power even after adjusting for inflation, than getting maximum returns.\n\n**Active cultivation of assets**\n\nLHV’s pension fund investment strategy has been much more conservative in recent years than before, but it has not included holding large bond or cash positions. Instead, we have sought out investments whose value would be determined by cash flows and not by investor sentiment, whether optimistic or pessimistic.\n\nFor the LHV team, active investing does not only mean that the fund manager selects shares on the stock exchange themselves, as opposed to passive investing, in which the equity indices in which to invest money are determined by an algorithm. For LHV, active investing also means looking for investment opportunities outside the stock exchange and, where possible, creating them ourselves.\n\nFor example, in the field of real estate investments, active investment for us also means applying for building permits and engaging in development activities. When it comes to investing in local bonds, active investment for us means thinking through the financing of the entire company and requiring guarantees to protect our investors.\n\nActive investment also happens when, while making an equity investment together with a private equity fund, LHV’s pension funds become a party to the company’s shareholder agreement. For us, being active means, above all, thinking about how to make something better in the company or project in which we are investing. For us, active investing means much more than deciding when is the right time to buy or when to sell.\n\n**The importance of a clear head and self-discipline**\n\nI suspect that in a situation where the prices of raw materials, labour and money are rising, companies and projects with a high debt burden will face more difficult times than before. This means that cutting costs and focusing on profitability is becoming increasingly important.\n\nJust like companies, individuals should also review their balance sheets: how many assets are there, and how much and under what conditions have loans been taken out against these assets? While the fear of inflation may make it seem tempting to acquire increasingly ‘scarce’ real estate, one should also consider the possibility that rising interest rates may turn real estate obtained using a large loan into a liability.\n\nI hope that politicians around the world will also have the statesmanship to refrain from pandering to voters and allowing for more and more subsidies to help the people cope with the inflation that governments themselves have created.\n\nIn difficult times, those will fare better who can keep a clear head and look beyond tomorrow when setting their targets and goals. \n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":44.76,"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":62952},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":23.03,"unit":"%"},{"name":"Shares","value":21.44,"unit":"%"},{"name":"Equity funds","value":11.52,"unit":"%"},{"name":"Real Estate funds","value":17.14,"unit":"%"},{"name":"Private Equity funds","value":24.44,"unit":"%"},{"name":"Money and deposits","value":2.43,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 5.12% |\n| ZKB Gold ETF | 4.31% |\n| iShares Gold Producers UCITS ETF | 4.15% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.34% |\n| German Government 1.5% 04/09/22 | 2.79% |\n| Lyxor EURO STOXX Banks DR UCITS | 2.52% |\n| East Capital Baltic Property Fund III | 2.45% |\n| SG Capital Partners Fund 1 | 2.23% |\n| KJK Fund II Balkan Discovery A June 2014 | 2.17% |\n| Usaldusfond EfTEN Real Estate Fund 4 | 2.11% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 5.12% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.34% |\n| East Capital Baltic Property Fund III | 2.45% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2022) | 775,109,107.01 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 000 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,24%.\n\n**Ongoing charges (inc management fee):** 1,62%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2021 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- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_L_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2022_05.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":5,"content":"### May 2022: Stock markets remained downward\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, markets continued to decline for the most part. Measured in euros, the MSCI World index fell by 1.4%; the US S&P 500 index, which tracks 500 of the largest US listed companies fell by 1.7%; and the Nasdaq Composite index, which tracks the US technology sector, fell by 3.7%.\n\nThe Japanese and European stock market indices were somewhat exceptional, as the Japanese Nikkei index rose 1.4% in euros and the European Euro Stoxx 50 index rose 0.9% during the month. The MSCI Emerging Markets Index fell 1.6%. The local Baltic markets moved in different directions in May: The value of the Tallinn stock market index decreased by 2.5%, while the Riga and Vilnius stock market indices rose by 11.2% and 0.8%, respectively.\n\nOf the listed equity positions, shares in banks and the energy sector provided positive returns. In other equity positions, the prices fell rather than rose. By the end of the month, the fund’s positions in listed equities did not change significantly.\n\nIn an environment of rapid inflation, the fund has invested heavily in commodity sector equities. In May, we slightly increased our equity positions in the copper and energy sectors and sold some of our smaller equity investments outside the commodities sector.\n\nWe signed another local investment for our bond portfolio when Bigbank issued bonds directly to our pension funds. The interest payment is 7.5% per annum, and the company has the first option to repay in five years.\n\nInterest rates are currently rising sharply in both domestic and international markets. At the same time, the prospects of earning higher returns on bonds are growing significantly.\n"},{"year":2022,"month":4,"content":"### April 2022: Stock markets remained under selling pressure\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, stock markets mostly fell, and we also saw a significant weakening of the euro exchange rate, which depreciated by 5% against the US dollar over the month. Measured in euros, the month saw the global MSCI World index fall by 3.3%, the US S&P 500 index fall by 4.2% and the Nasdaq Composite index, which reflects listed companies in the US technology sector, fall by 8.9%.\n\nJapan, Europe and emerging markets were no exceptions: in April, measured in euros, the Japanese Nikkei index fell by 5.6%, the European Euro Stoxx 50 index by 2.1% and the MSCI Emerging Markets index by 1%. A slightly different picture emerged in the Baltic markets, where the Riga stock exchange was the only one to fall, by 16.7%. In contrast, the Tallinn and Vilnius stock exchanges grew in April by 0.3% and 2.3%, respectively.\n\nIn April, the Baltic private equity firm BaltCap announced that BaltCap Infrastructure Fund, a fund dedicated to infrastructure investments managed by them, would invest in 30 MW solar parks in Latvia. These are planned to be built within three years, and the investment will be made in cooperation with AJ Power and AJP Capital. There is a longer-term plan to expand across the Baltics, thereby increasing the total capacity of the portfolio to 100 MW.\n\nThe fund’s listed equity positions declined slightly in April. At the end of the month, some of the fund’s commodity investments fell as China’s radical fight against the coronavirus paralysed an increasingly large part of its economy. This reduced the demand for many raw materials and goods.\n\nIn the bigger perspective, however, supply problems in the raw materials sector have not disappeared. The fund’s equity investments remain mostly in companies related to the commodity sector that have offered a positive yield against the background of the general decline in stock exchanges this year. When opportunities arise, we are ready to supplement the positions related to the commodity sector due to the fall in prices.\n\nNo significant equity investment transactions were made in the fund in April.\n"},{"year":2022,"month":3,"content":"### March 2022: Rising commodity prices supported the fund’s equity positions \n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn March, world stock exchanges moved in quite mixed directions. Measured in euros, the MSCI World Index rose 3.7%, and the US S&P 500 Index rose 4.7%, while the European Euro Stoxx 50 Index fell slightly (0.5%) and the Japanese Nikkei Index rose slightly (0.4%). The MSCI Emerging Markets Index fell 1.4%. The Baltic stock markets also moved in different directions in March: The value of the Tallinn stock market increased by 1.8% during the month, the value of the Riga stock market decreased by 4.8%, and the Vilnius stock market remained almost at the same level as last month, falling by 0.3%.\n\nAstorg Mid-Cap I was added as a new investment in the fund’s private equity portfolio. This private capital fund seeks investment opportunities in European mid-sized companies, focusing on the industrial, business services, health, and software sectors. Astorg was founded in 1998 in France and manages more than 15 billion euros in assets. The company has offices in France, the UK, Italy, Germany, Luxembourg, and the US.\n\nLHV pension funds acquired an office building at Sõpruse pst 157, Tallinn, one of Estonia’s greenest commercial buildings. The office building in the Kristiine district was completed in 2015. The building has a leasable area of more than 2,500 sq. m and the anchor tenant is the reputable information technology company Proekspert AS.\n\nThe Sõpruse pst 157 building differs from the rest of Tallinn’s office buildings in terms of its green solutions: the building has been developed following the principles of the green building concept, which makes it one of the most sustainable commercial buildings in Estonia. The building draws its heating and cooling energy from underground energy piles, and electricity is obtained from the solar park on the roof. To reduce the need for cooling, the windows have sunscreens and sun protection ribs. Rainwater collected from the roof is used for flushing the toilets.\n\nIn March, we continued to hold listed equities in the commodities sector, where military action in Ukraine exacerbated current trends and increased the structural shortage of many commodities in global markets. Commodity prices rose by an average of 10% during the month, and the commodity sector companies in the fund benefited significantly from this increase. The biggest contributors to the rise were gold and silver-related equity positions and energy companies. The gold mining companies Agnico Eagle Mines and Barrick Gold contributed the most to the price increase of the individual shares.\n\nIn the fund’s bond portfolio, we made the last payment to subscribe for the securities of the Estonian renewable energy company Sunly. The company has now fully utilised the bonds needed to finance its solar parks. The interest rate of the bonds is 8% per annum, and they will be redeemed by the end of 2025 at the latest.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Long-term goals help to stay on track**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n","text":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n\nDue to bottlenecks in supply chains, suppliers of goods and services are unable to meet demand. Therefore, companies are trying to bring the production process closer to the end market and expand the choice of suppliers. The seeds of deglobalisation were sown even before Trump’s election victory and Brexit. The ongoing coronavirus crisis and the current war in Ukraine have sharply accelerated this trend.\n\nAt present, no one has definite answers to questions of how stormy the economic environment will become, how long the bad weather can last, and whether there is anywhere to hide.\n\n**How to survive the storm?**\n\nShould we take money out of our pension fund and spend it, as suggested by ostensibly economically conservative politicians who abolished mandatory pension contributions, or, on the contrary, put aside more money now than before, because no one knows how long the global economic storm will last?\n\nLife has taught me that those who have built up reserves, have a strong balance sheet (little credit) and are able to control their own expenses, can cope better in difficult circumstances. They have the ability to seize the opportunities that difficult times can offer.\n\nThe economic recovery cycle from the bottom of the 2008 economic crisis to the 2020 coronavirus crisis was the longest in history. Behind this long rise was the low interest rate policy pursued by the world’s largest central banks, which made both investors and consumers overconfident. The investment world saw the development of the YOLO (‘you only live once’) investment strategy, which was used to justify taking huge risks. A similar mentality could be seen behind consumer behaviour.\n\nThe world is full of paradoxes: circumstances and things are often not what they seem at first glance, and actions and decisions can have unforeseen consequences. These are the three principles by which I have sought to make sense of investing throughout my 30-year investment career.\n\nWhile in the wake of the 2008 financial crisis, there was a debate about why pension fund investment strategies are too risky, the last five to six years have been characterised by a concern that pension fund returns are insufficient. People have asked why there has not been more risk-taking.\n\nAt the time of the creation of the funded pension system in 2002, pension funds were seen as reserves that each person gradually accumulates from their regular income over their working life and which they will use after they retire.\n\nReserves and liquidity buffers are different things and are designed to solve different problems. For me, reserves are something that are carefully kept and protected so that they exist in the situation for which they are accumulated. As a pension fund manager, I have invested the assets of my clients following the principle that it is more important to have assets that are well kept and that would maintain purchasing power even after adjusting for inflation, than getting maximum returns.\n\n**Active cultivation of assets**\n\nLHV’s pension fund investment strategy has been much more conservative in recent years than before, but it has not included holding large bond or cash positions. Instead, we have sought out investments whose value would be determined by cash flows and not by investor sentiment, whether optimistic or pessimistic.\n\nFor the LHV team, active investing does not only mean that the fund manager selects shares on the stock exchange themselves, as opposed to passive investing, in which the equity indices in which to invest money are determined by an algorithm. For LHV, active investing also means looking for investment opportunities outside the stock exchange and, where possible, creating them ourselves.\n\nFor example, in the field of real estate investments, active investment for us also means applying for building permits and engaging in development activities. When it comes to investing in local bonds, active investment for us means thinking through the financing of the entire company and requiring guarantees to protect our investors.\n\nActive investment also happens when, while making an equity investment together with a private equity fund, LHV’s pension funds become a party to the company’s shareholder agreement. For us, being active means, above all, thinking about how to make something better in the company or project in which we are investing. For us, active investing means much more than deciding when is the right time to buy or when to sell.\n\n**The importance of a clear head and self-discipline**\n\nI suspect that in a situation where the prices of raw materials, labour and money are rising, companies and projects with a high debt burden will face more difficult times than before. This means that cutting costs and focusing on profitability is becoming increasingly important.\n\nJust like companies, individuals should also review their balance sheets: how many assets are there, and how much and under what conditions have loans been taken out against these assets? While the fear of inflation may make it seem tempting to acquire increasingly ‘scarce’ real estate, one should also consider the possibility that rising interest rates may turn real estate obtained using a large loan into a liability.\n\nI hope that politicians around the world will also have the statesmanship to refrain from pandering to voters and allowing for more and more subsidies to help the people cope with the inflation that governments themselves have created.\n\nIn difficult times, those will fare better who can keep a clear head and look beyond tomorrow when setting their targets and goals. \n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":34.63,"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":25456},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":30.17,"unit":"%"},{"name":"Shares","value":26.23,"unit":"%"},{"name":"Equity funds","value":11.3,"unit":"%"},{"name":"Real Estate funds","value":13.15,"unit":"%"},{"name":"Private Equity funds","value":17.05,"unit":"%"},{"name":"Money and deposits","value":2.1,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 5.59% |\n| German Treasury Bill 21/09/2022 | 5.06% |\n| ZKB Gold ETF | 4.00% |\n| German Government 1.75% 04/07/22 | 3.93% |\n| iShares Gold Producers UCITS ETF | 3.50% |\n| EfTEN Kinnisvarafond | 3.39% |\n| German Government 1.5% 04/09/22 | 3.38% |\n| Lyxor EURO STOXX Banks DR UCITS | 3.13% |\n| East Capital Baltic Property Fund III | 2.67% |\n| Usaldusfond EfTEN Real Estate Fund 4 | 2.59% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 3.39% |\n| East Capital Baltic Property Fund III | 2.67% |\n| Lumi Kodud Aiandi omanikulaen | 2.10% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2022) | 194,157,370.79 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 530 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6240%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,28%.\n\n**Ongoing charges (inc management fee):** 1,28%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2021 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- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_KIID_2022.pdf)\n- [Key Investor Information (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_KIID_01092022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2022_05.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":5,"content":"### May 2022: Stock markets remained downward\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, markets continued to decline for the most part. Measured in euros, the MSCI World index fell by 1.4%; the US S&P 500 index, which tracks 500 of the largest US listed companies fell by 1.7%; and the Nasdaq Composite index, which tracks the US technology sector, fell by 3.7%.\n\nThe Japanese and European stock market indices were somewhat exceptional, as the Japanese Nikkei index rose 1.4% in euros and the European Euro Stoxx 50 index rose 0.9% during the month. The MSCI Emerging Markets Index fell 1.6%. The local Baltic markets moved in different directions in May: The value of the Tallinn stock market index decreased by 2.5%, while the Riga and Vilnius stock market indices rose by 11.2% and 0.8%, respectively.\n\nOf the listed equity positions, shares in banks and the energy sector provided positive returns. In other equity positions, the prices fell rather than rose. By the end of the month, the fund’s positions in listed equities did not change significantly.\n\nIn an environment of rapid inflation, the fund has invested heavily in commodity sector equities. In May, we slightly increased our equity positions in the copper and energy sectors and sold some of our smaller equity investments outside the commodities sector.\n"},{"year":2022,"month":4,"content":"### April 2022: Stock markets remained under selling pressure\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, stock markets mostly fell, and we also saw a significant weakening of the euro exchange rate, which depreciated by 5% against the US dollar over the month. Measured in euros, the month saw the global MSCI World index fall by 3.3%, the US S&P 500 index fall by 4.2% and the Nasdaq Composite index, which reflects listed companies in the US technology sector, fall by 8.9%.\n\nJapan, Europe and emerging markets were no exceptions: in April, measured in euros, the Japanese Nikkei index fell by 5.6%, the European Euro Stoxx 50 index by 2.1% and the MSCI Emerging Markets index by 1%. A slightly different picture emerged in the Baltic markets, where the Riga stock exchange was the only one to fall, by 16.7%. In contrast, the Tallinn and Vilnius stock exchanges grew in April by 0.3% and 2.3%, respectively.\n\nThe fund’s listed equity positions declined slightly in April. At the end of the month, some of the fund’s commodity investments fell as China’s radical fight against the coronavirus paralysed an increasingly large part of its economy. This reduced the demand for many raw materials and goods.\n\nIn the bigger perspective, however, supply problems in the raw materials sector have not disappeared. The fund’s equity investments remain mostly in companies related to the commodity sector that have offered a positive yield against the background of the general decline in stock exchanges this year. When opportunities arise, we are ready to supplement the positions related to the commodity sector due to the fall in prices.\n\nNo significant equity investment transactions were made in the fund in April.\n"},{"year":2022,"month":3,"content":"### March 2022: Rising commodity prices supported the fund’s equity positions\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn March, world stock exchanges moved in quite mixed directions. Measured in euros, the MSCI World Index rose 3.7%, and the US S&P 500 Index rose 4.7%, while the European Euro Stoxx 50 Index fell slightly (0.5%) and the Japanese Nikkei Index rose slightly (0.4%). The MSCI Emerging Markets Index fell 1.4%. The Baltic stock markets also moved in different directions in March: The value of the Tallinn stock market increased by 1.8% during the month, the value of the Riga stock market decreased by 4.8%, and the Vilnius stock market remained almost at the same level as last month, falling by 0.3%.\n\nLHV pension funds acquired an office building at Sõpruse pst 157, Tallinn, one of Estonia’s greenest commercial buildings. The office building in the Kristiine district was completed in 2015. The building has a leasable area of more than 2,500 sq. m and the anchor tenant is the reputable information technology company Proekspert AS.\n\nThe Sõpruse pst 157 building differs from the rest of Tallinn’s office buildings in terms of its green solutions: the building has been developed following the principles of the green building concept, which makes it one of the most sustainable commercial buildings in Estonia. The building draws its heating and cooling energy from underground energy piles, and electricity is obtained from the solar park on the roof. To reduce the need for cooling, the windows have sunscreens and sun protection ribs. Rainwater collected from the roof is used for flushing the toilets.\n\nIn March, we continued to hold listed equities in the commodities sector, where military action in Ukraine exacerbated current trends and increased the structural shortage of many commodities in global markets. Commodity prices rose by an average of 10% during the month, and the commodity sector companies in the fund benefited significantly from this increase. The biggest contributors to the rise were gold and silver-related equity positions and energy companies. The US oil rig provider Valaris and the gold mining company Agnico Eagle Mines contributed the most to the price increase of the individual shares.\n\nIn the fund’s bond portfolio, we made the last payment to subscribe for the securities of the Estonian renewable energy company Sunly. The company has now fully utilised the bonds needed to finance its solar parks. The interest rate of the bonds is 8% per annum, and they will be redeemed by the end of 2025 at the latest.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Long-term goals help to stay on track**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n","text":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n\nDue to bottlenecks in supply chains, suppliers of goods and services are unable to meet demand. Therefore, companies are trying to bring the production process closer to the end market and expand the choice of suppliers. The seeds of deglobalisation were sown even before Trump’s election victory and Brexit. The ongoing coronavirus crisis and the current war in Ukraine have sharply accelerated this trend.\n\nAt present, no one has definite answers to questions of how stormy the economic environment will become, how long the bad weather can last, and whether there is anywhere to hide.\n\n**How to survive the storm?**\n\nShould we take money out of our pension fund and spend it, as suggested by ostensibly economically conservative politicians who abolished mandatory pension contributions, or, on the contrary, put aside more money now than before, because no one knows how long the global economic storm will last?\n\nLife has taught me that those who have built up reserves, have a strong balance sheet (little credit) and are able to control their own expenses, can cope better in difficult circumstances. They have the ability to seize the opportunities that difficult times can offer.\n\nThe economic recovery cycle from the bottom of the 2008 economic crisis to the 2020 coronavirus crisis was the longest in history. Behind this long rise was the low interest rate policy pursued by the world’s largest central banks, which made both investors and consumers overconfident. The investment world saw the development of the YOLO (‘you only live once’) investment strategy, which was used to justify taking huge risks. A similar mentality could be seen behind consumer behaviour.\n\nThe world is full of paradoxes: circumstances and things are often not what they seem at first glance, and actions and decisions can have unforeseen consequences. These are the three principles by which I have sought to make sense of investing throughout my 30-year investment career.\n\nWhile in the wake of the 2008 financial crisis, there was a debate about why pension fund investment strategies are too risky, the last five to six years have been characterised by a concern that pension fund returns are insufficient. People have asked why there has not been more risk-taking.\n\nAt the time of the creation of the funded pension system in 2002, pension funds were seen as reserves that each person gradually accumulates from their regular income over their working life and which they will use after they retire.\n\nReserves and liquidity buffers are different things and are designed to solve different problems. For me, reserves are something that are carefully kept and protected so that they exist in the situation for which they are accumulated. As a pension fund manager, I have invested the assets of my clients following the principle that it is more important to have assets that are well kept and that would maintain purchasing power even after adjusting for inflation, than getting maximum returns.\n\n**Active cultivation of assets**\n\nLHV’s pension fund investment strategy has been much more conservative in recent years than before, but it has not included holding large bond or cash positions. Instead, we have sought out investments whose value would be determined by cash flows and not by investor sentiment, whether optimistic or pessimistic.\n\nFor the LHV team, active investing does not only mean that the fund manager selects shares on the stock exchange themselves, as opposed to passive investing, in which the equity indices in which to invest money are determined by an algorithm. For LHV, active investing also means looking for investment opportunities outside the stock exchange and, where possible, creating them ourselves.\n\nFor example, in the field of real estate investments, active investment for us also means applying for building permits and engaging in development activities. When it comes to investing in local bonds, active investment for us means thinking through the financing of the entire company and requiring guarantees to protect our investors.\n\nActive investment also happens when, while making an equity investment together with a private equity fund, LHV’s pension funds become a party to the company’s shareholder agreement. For us, being active means, above all, thinking about how to make something better in the company or project in which we are investing. For us, active investing means much more than deciding when is the right time to buy or when to sell.\n\n**The importance of a clear head and self-discipline**\n\nI suspect that in a situation where the prices of raw materials, labour and money are rising, companies and projects with a high debt burden will face more difficult times than before. This means that cutting costs and focusing on profitability is becoming increasingly important.\n\nJust like companies, individuals should also review their balance sheets: how many assets are there, and how much and under what conditions have loans been taken out against these assets? While the fear of inflation may make it seem tempting to acquire increasingly ‘scarce’ real estate, one should also consider the possibility that rising interest rates may turn real estate obtained using a large loan into a liability.\n\nI hope that politicians around the world will also have the statesmanship to refrain from pandering to voters and allowing for more and more subsidies to help the people cope with the inflation that governments themselves have created.\n\nIn difficult times, those will fare better who can keep a clear head and look beyond tomorrow when setting their targets and goals. \n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":26.12,"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":14196},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.64,"unit":"%"},{"name":"Money and deposits","value":0.36,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 28.55% |\n| Lyxor Core MSCI World DR UCITS | 28.50% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 14.50% |\n| HSBC MSCI Emerging Markets UCITS | 10.68% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 8.43% |\n| SPDR MSCI World UCITS ETF | 4.89% |\n| iShares MSCI Frontier and Select EM ETF | 3.52% |\n| iShares MSCI EM UCITS ETF | 0.57% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2022) | 67,504,076.82 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 300 000 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.2000%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,33%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2021. 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_2022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_KIID_2022.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_09_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2022_05.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.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":1887},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":98.02,"unit":"%"},{"name":"Money and deposits","value":2.02,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 24.62% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.54% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.51% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 24.34% |\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):** 0.41%\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":25528},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":93.96,"unit":"%"},{"name":"Bond funds","value":5.87,"unit":"%"},{"name":"Money and deposits","value":0.19,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - World Equity Index - X2 | 27.54% |\n| BlackRock ISF - Developed World ESG Screened Index | 27.36% |\n| BlackRock ISF - Developed World Index | 27.34% |\n| BlackRock ISF - Emerging Markets Index | 11.72% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 5.87% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\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":"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":50632},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":23.06,"unit":"%"},{"name":"Shares","value":4.19,"unit":"%"},{"name":"Equity funds","value":44.46,"unit":"%"},{"name":"Real Estate funds","value":9.77,"unit":"%"},{"name":"Private Equity funds","value":0.94,"unit":"%"},{"name":"Bond funds","value":15.16,"unit":"%"},{"name":"Money and deposits","value":2.43,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublik Deutschland 0% 15.08.2031 | 11.31% |\n| SEB Fund 3 - SEB Global Exposure Fund | 10.06% |\n| iShares Core MSCI World UCITS ETF | 8.25% |\n| SEB Global Exposure Fund | 8.20% |\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 7.54% |\n| EfTEN Real Estate Fund IV | 4.94% |\n| J O Hambro Capital Management Umbrella Fund plc - Global Select Fund | 3.62% |\n| iShares MSCI World ESG Screened UCITS ETF | 3.39% |\n| HSBC MSCI Emerging Markets UCITS ETF | 2.94% |\n| Ishares III PLC - Ishares Msci World Small Cap UCITS ETF | 2.71% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.37% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 2.15% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.63% |\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:** 0.70%\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":11.51,"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":3345},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":35.25,"unit":"%"},{"name":"Shares","value":3.69,"unit":"%"},{"name":"Equity funds","value":16.95,"unit":"%"},{"name":"Real Estate funds","value":11.06,"unit":"%"},{"name":"Private Equity funds","value":0.52,"unit":"%"},{"name":"Bond funds","value":29.79,"unit":"%"},{"name":"Money and deposits","value":2.75,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublic Deutschland 0% 15.08.2031 | 12.32% |\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 9.69% |\n| SEB Fund 3 - SEB Global Exposure Fund | 5.35% |\n| EfTEN Real Estate Fund IV | 5.24% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 4.77% |\n| SEB Global Exposure Fund | 4.37% |\n| Bundesrepublic Deutschland 0.5% 15.08.2027 | 3.85% |\n| Bundesrepublic Deutschland 1% 15.08.2025 | 3.84% |\n| Goldman Sachs Global Credit Portfolio (Hedged) | 3.46% |\n| Bundesrepublic Deutschland 0% 15.08.2030 | 3.36% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.48% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 2.28% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.97% |\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":11.17,"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":7287},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":34.02,"unit":"%"},{"name":"Equity funds","value":8.87,"unit":"%"},{"name":"Bond funds","value":55.86,"unit":"%"},{"name":"Money and deposits","value":1.27,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 25.50% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 24.73% |\n| Bundesrepublic Deutschland 0% 15.08.2031 | 8.84% |\n| iShares Core EUR Corp Bond UCITS ETF | 5.63% |\n| Bundesrepublic Deutschland 0.5% 15.08.2027 | 4.69% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 3.94% |\n| Augstsprieguma Tikls 0.5% 20.01.2027 | 2.48% |\n| Latvenergo 1.9% 10.06.2022 | 2.43% |\n| Amundi Prime Global UCITS ETF DR | 2.07% |\n| SEB Fund 3 - SEB Global Exposure Fund | 1.33% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank FRN 03.12.2024 | 1.11% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 1.05% |\n| Luminor Bank FRN 23.09.2026 | 0.71% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.39%\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":3.83,"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":2240},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":0.89,"unit":"%"},{"name":"Shares","value":2.27,"unit":"%"},{"name":"Equity funds","value":93,"unit":"%"},{"name":"Real Estate funds","value":0.18,"unit":"%"},{"name":"Money and deposits","value":3.64,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI World ESG Screened UCITS ETF | 29.35% |\n| Amundi Prime Global UCITS ETF DR | 17.79% |\n| SEB Global Exposure Fund | 10.96% |\n| iShares Core S&P 500 UCITS ETF | 9.06% |\n| HSBC MSCI Emerging Markets UCITS ETF | 5.19% |\n| SEB Global Exposure Fund | 4.87% |\n| J O Hambro Capital Management Umbrella Fund plc - Global Select Fund | 3.19% |\n| Ishares III PLC - Ishares Msci World Small Cap UCITS ETF | 3.03% |\n| Xtrackers MSCI World Information Technology UCITS ETF | 2.49% |\n| Neuberger Berman Investment Funds PLC-Neuberger Berman Global | 1.84% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Enefit Green AS | 1.26% |\n| Hepsor AS | 0.44% |\n| Tallinna Sadam AS | 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:** 0.70%\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":2.08,"fundManager":"SEB"},"SWK99":{"heading":"Swedbank pensionifond indeks 1990–99 sündinutele","id":"k9099","code":"k99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born in the 90s and remember that you had to rewind video cassettes to watch them;\n- you want to invest comfortably in one fund until retirement;\n- you want the fund to invest with your age;\n- you want to save in Estonia’s lowest-fee II pillar fund.\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":38784},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":95.96,"unit":"%"},{"name":"Equity funds","value":3.66,"unit":"%"},{"name":"Money and deposits","value":1.04,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Apple | 4.42% |\n| Access Global A | 3.66% |\n| Microsoft | 3.45% |\n| Amazon.com | 2.08% |\n| Alphabet A | 1.37% |\n| Alphabet C | 1.00% |\n| Johnson & Johnson | 0.95% |\n| Nvidia | 0.95% |\n| Meta Platforms | 0.89% |\n| Berkshire Hathaway B | 0.82% |\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 1980–89 sündinutele","id":"k4","code":"k4","dataMarker":"SWK75","suitability":"**Suitable if**\n- you were born in the 80s and remember how good it was to drink kvass as a child,\n- you want to invest comfortably in one fund until retirement,\n- you want the fund to invest with your age,\n- you want to accumulate in a fund with good return.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level changes over time. When you are younger, you can take more risks and invest in equities. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably. \n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":70426},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.88,"unit":"%"},{"name":"Shares","value":54.5,"unit":"%"},{"name":"Equity funds","value":34.16,"unit":"%"},{"name":"Real Estate funds","value":6.49,"unit":"%"},{"name":"Private Equity funds","value":1.4,"unit":"%"},{"name":"Money and deposits","value":1.62,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Access Edge Emerging Markets A | 7.41% |\n| Access Europa A | 6.26% |\n| Amundi Index MSCI World SRI UC | 5.11% |\n| Globalfond A | 3.81% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 2.58% |\n| AMUNDI I.S-MSCI EME.E.L.-UCI.ETF DR USD | 2.28% |\n| Apple | 2.22% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 2.12% |\n| Microsoft | 1.87% |\n| iShares Agribusiness UCITS ETF | 1.74% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II AS | 1.60% |\n| East Capital Baltic Property Fund III | 1.19% |\n| LHV Group 9.500% Perpetual | 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:** 0.53%\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":9.5,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank pensionifond 1970–79 sündinutele","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- you were born in the 70s and remember dreaming of jeans from abroad,\n- you want to invest comfortably in one fund until retirement,\n- you want the fund to invest with your age,\n- you want your fund to make sustainable investments.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level of equities changes over time. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":82034},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":12.87,"unit":"%"},{"name":"Shares","value":42.69,"unit":"%"},{"name":"Equity funds","value":27.22,"unit":"%"},{"name":"Real Estate funds","value":9.92,"unit":"%"},{"name":"Private Equity funds","value":1.39,"unit":"%"},{"name":"Bond funds","value":5.13,"unit":"%"},{"name":"Money and deposits","value":2.38,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index MSCI World SRI UC | 5.03% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 4.90% |\n| Access Europa A | 4.87% |\n| Access Edge Emerging Markets A | 4.84% |\n| iShares USD Treasury Bond 1-3yr UCITS ETF | 4.44% |\n| Globalfond A | 3.52% |\n| EfTEN Kinnisvarafond II AS | 3.06% |\n| East Capital Baltic Property Fund III | 2.13% |\n| Apple | 1.81% |\n| Microsoft | 1.53% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 3.06% |\n| East Capital Baltic Property Fund III | 2.13% |\n| Lumi Retal Property Fund | 0.99% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\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":5,"countryShareEe":14.53,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank pensionifond 1960–69 sündinutele","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- you were born in the 60s and remember the songs of ‘Horoskoop’,\n- you want to invest comfortably in one fund until retirement,\n- you want the fund to invest with your age,\n- you want your fund to make sustainable investments.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level changes automatically over time. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":25729},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":33.51,"unit":"%"},{"name":"Shares","value":20.72,"unit":"%"},{"name":"Equity funds","value":11.54,"unit":"%"},{"name":"Real Estate funds","value":13.87,"unit":"%"},{"name":"Private Equity funds","value":0.77,"unit":"%"},{"name":"Bond funds","value":18.63,"unit":"%"},{"name":"Money and deposits","value":2.32,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares USD Treasury Bond 1-3yr UCITS ETF | 16.85% |\n| EfTEN Kinnisvarafond II AS | 4.69% |\n| Bundesobligation 0,000% 251010 | 3.82% |\n| Access Edge Emerging Markets A | 3.11% |\n| East Capital Baltic Property Fund III | 2.61% |\n| Amundi Index MSCI World SRI UC | 1.97% |\n| Corporate Bond Europe High Yield A | 1.78% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 1.77% |\n| Access Europa A | 1.76% |\n| Luminor Bank VAR 241203 | 1.71% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.69% |\n| East Capital Baltic Property Fund III | 2.61% |\n| Luminor Bank VAR | 1.71% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\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":21.69,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond Konservatiivne","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\nAt least 80% of the fund’s assets are invested in bonds, money market instruments, and deposits. The rest is invested in equities, real estate, and other authorised assets. The fund unit price does not fluctuate significantly over a shorter period. It is not a life-cycle fund. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":6810},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":58.76,"unit":"%"},{"name":"Real Estate funds","value":11.53,"unit":"%"},{"name":"Bond funds","value":26.93,"unit":"%"},{"name":"Money and deposits","value":2.81,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares USD Treasury Bond 1-3yr UCITS ETF | 19.88% |\n| East Capital Baltic Property Fund III | 9.14% |\n| Lyxor US Treasury 1-3Y DR UCITS ETF | 7.04% |\n| Luminor Bank VAR 241203 | 5.09% |\n| Altum 1.300% 250307 | 2.59% |\n| Nykredit Realkredit 0.250% 260113 | 2.17% |\n| City of Tallinn Estonia FRN 271129 | 2.00% |\n| Ignitis 2.000% 300521 | 1.91% |\n| Volkswagen Financial Services 3.375% 280406 | 1.87% |\n| Swedbank 0.200% 280112 | 1.80% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 9.14% |\n| Luminor Bank VAR 241203 | 5.09% |\n| City of Tallinn Estonia FRN 271129 | 2.00% |\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":24.11,"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":22881},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":13,"unit":"%"},{"name":"Shares","value":4.73,"unit":"%"},{"name":"Equity funds","value":64.63,"unit":"%"},{"name":"Real Estate funds","value":6.38,"unit":"%"},{"name":"Private Equity funds","value":0.44,"unit":"%"},{"name":"Bond funds","value":6.85,"unit":"%"},{"name":"Money and deposits","value":3.98,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| SEB Fund 3 - SEB Global Exposure Fund | 12.21% |\n| SEB Global Exposure Fund | 9.80% |\n| iShares Core MSCI World UCITS ETF | 7.89% |\n| Bundesrepublik Deutschland 0% 15.08.2031 | 6.92% |\n| Amundi Index MSCI World UCITS ETF DR | 5.55% |\n| Xtrackers MSCI World UCITS ETF | 5.10% |\n| J O Hambro Capital Management Umbrella Fund plc - Global Select Fund | 4.69% |\n| HSBC MSCI Emerging Markets UCITS ETF | 4.59% |\n| iShares Core S&P 500 UCITS ETF | 4.00% |\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 3.13% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.84% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.56% |\n| Enefit Green AS | 1.55% |\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":8.39,"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":18426},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.69,"unit":"%"},{"name":"Money and deposits","value":0.31,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF DR | 28.93% |\n| iShares Core S&P 500 UCITS ETF | 23.95% |\n| Vanguard S&P 500 UCITS ETF | 17.05% |\n| HSBC MSCI Emerging Markets UCITS ETF | 11.18% |\n| Lyxor Core STOXX Europe 600 DR ETF | 10.99% |\n| Xtrackers Nikkei 225 UCITS ETF | 3.39% |\n| UBS Lux Fund Solutions - MSCI Canada UCITS ETF | 2.12% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 2.08% |\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":3893},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":6.79,"unit":"%"},{"name":"Equity funds","value":2,"unit":"%"},{"name":"Bond funds","value":87.74,"unit":"%"},{"name":"Money and deposits","value":6.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Vanguard Euro Government Bond | 16.95% |\n| Amundi Index Euro Agg Corporate | 14.50% |\n| Nordea 1 - US Corporate Bond Fund | 11.43% |\n| iShares Euro Investment Grade | 11.50% |\n| Robeco Euro Credit Bond Fund | 10.64% |\n| iShares Euro Corporate Bond Interest | 7.15% |\n| Nordea 2 - US Corporate Enhanced | 4.23% |\n| iShares Core MSCI World UCITS | 2.31% |\n| Neuberger Berman Emerging Market | 2.00% |\n| iShares Core Euro Government Bond | 1.84% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Estonian Eurobond 0,125 | 1.48% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\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":1.48,"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":1854},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":4.6,"unit":"%"},{"name":"Equity funds","value":20.22,"unit":"%"},{"name":"Real Estate funds","value":3,"unit":"%"},{"name":"Bond funds","value":66.11,"unit":"%"},{"name":"Money and deposits","value":6.06,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Neuberger Berman Emerging Market | 10.89% |\n| iShares Euro Investment Grade | 10.09% |\n| Amundi Index Euro Agg Corporate | 10.02% |\n| Robeco Euro Credit Bond Fund | 7.48% |\n| Vanguard Euro Government Bond | 6.93% |\n| Nordea 1 - US Corporate Bond Fund | 5.25% |\n| Nordea 1 - European High Yield Bond | 4.97% |\n| Nordea 2 - Emerging Mkt Hard Ccy | 4.24% |\n| iShares S&P 500 UCITS ETF | 3.55% |\n| EFTEN Kinnisvarafond II AS | 3.00% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.00% |\n| Estonian Eurobond 0,125 | 0.92% |\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":3.92,"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":8691},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":88.22,"unit":"%"},{"name":"Real Estate funds","value":2.57,"unit":"%"},{"name":"Bond funds","value":4.55,"unit":"%"},{"name":"Money and deposits","value":4.66,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 9.58% |\n| Vanguard Global Stock Index Fund | 7.75% |\n| iShares S&P 500 UCITS ETF | 7.01% |\n| iShares Core S&P 500 UCITS ETF | 6.90% |\n| Robeco Emerging Markets Equities | 5.68% |\n| Xtrackers MSCI World Energy UCITS ETF | 5.51% |\n| Hermes Global Emerging Markets Fund | 5.18% |\n| Nordea-1 Global Portfolio BI EUR | 4.86% |\n| iShares Developed World ESG Screened Index Fund | 4.78% |\n| Neuberger Berman Sustainable Global | 4.75% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.41% |\n| EfTEN Kinnisvarafond AS | 0.16% |\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":2.57,"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":15761},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":2.24,"unit":"%"},{"name":"Equity funds","value":51.15,"unit":"%"},{"name":"Real Estate funds","value":6.36,"unit":"%"},{"name":"Bond funds","value":37.95,"unit":"%"},{"name":"Money and deposits","value":2.3,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Neuberger Berman Emerging Market | 9.62% |\n| iShares Core MSCI World UCITS | 9.25% |\n| iShares S&P 500 UCITS ETF | 6.21% |\n| Robeco Euro Credit Bond Fund | 5.12% |\n| iShares Euro Investment Grade | 4.66% |\n| EFTEN Kinnisvarafond II AS | 4.61% |\n| Screened Index Fund (IE) Inst Acc | 3.87% |\n| Hermes Global Emerging Markets | 3.83% |\n| Robeco Emerging Markets Equities | 3.81% |\n| Xtrackers USD Corporate Bond | 3.68% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.66% |\n| EfTEN Kinnisvarafond AS | 1.70% |\n| Estonian Eurobond | 0.84% |\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":7.2,"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":348},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.51,"unit":"%"},{"name":"Money and deposits","value":1.5,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI EM SRI ETF | 25.25% |\n| iShares MSCI World SRI UCITS ETF | 19.62% |\n| UBS (Lux) Fund Solutions - MSCI World Socially | 19.49% |\n| Amundi Index MSCI World SRI - UCITS ETF DR | 17.92% |\n| BNP Paribas Easy MSCI World SRI S- | 16.23% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":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/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":39.27,"unit":"%"},{"name":"Shares","value":25.92,"unit":"%"},{"name":"Equity funds","value":13.9,"unit":"%"},{"name":"Real Estate funds","value":13.71,"unit":"%"},{"name":"Private Equity funds","value":2.89,"unit":"%"},{"name":"Money and deposits","value":4.31,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022.\n\n| Biggest investments | |\n|---|---:|\n| France Government 2.25% 25/10/22 | 7.76% |\n| German Treasury Bill 21/09/2022 | 7.59% |\n| German Government 1.75% 04/07/22 | 6.80% |\n| German Government 1.5% 04/09/22 | 5.89% |\n| ZKB Gold ETF | 4.29% |\n| EfTEN Kinnisvarafond | 4.00% |\n| iShares Gold Producers UCITS ETF | 3.99% |\n| Lyxor EURO STOXX Banks DR UCITS | 3.22% |\n| East Capital Baltic Property Fund III | 2.74% |\n| BIGBANK 7.5% 16/05/2032 | 2.68% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.00% |\n| East Capital Baltic Property Fund III | 2.74% |\n| BIGBANK 7.5% 16/05/2032 | 2.68% |\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 31.05.2022) | 22,442,044.11 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Rate of the depository’s charge:** 0.0528%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.46%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2021. 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_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_Taiendav_kuuaruanne_2022_05.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2022,"month":5,"content":"### May 2022: Stock markets remained downward\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn May, markets continued to decline for the most part. Measured in euros, the MSCI World index fell by 1.4%; the US S&P 500 index, which tracks 500 of the largest US listed companies fell by 1.7%; and the Nasdaq Composite index, which tracks the US technology sector, fell by 3.7%.\n\nThe Japanese and European stock market indices were somewhat exceptional, as the Japanese Nikkei index rose 1.4% in euros and the European Euro Stoxx 50 index rose 0.9% during the month. The MSCI Emerging Markets Index fell 1.6%. The local Baltic markets moved in different directions in May: The value of the Tallinn stock market index decreased by 2.5%, while the Riga and Vilnius stock market indices rose by 11.2% and 0.8%, respectively.\n\nOf the listed equity positions, shares in banks and the energy sector provided positive returns. In other equity positions, the prices fell rather than rose. By the end of the month, the fund’s positions in listed equities did not change significantly.\n\nIn an environment of rapid inflation, the fund has invested heavily in commodity sector equities. In May, we slightly increased our equity positions in the copper and energy sectors and sold some of our smaller equity investments outside the commodities sector.\n\nWe signed another local investment for our bond portfolio when Bigbank issued bonds directly to our pension funds. The interest payment is 7.5% per annum, and the company has the first option to repay in five years.\n\nInterest rates are currently rising sharply in both domestic and international markets. At the same time, the prospects of earning higher returns on bonds are growing significantly.\n"},{"year":2022,"month":4,"content":"### April 2022: Stock markets remained under selling pressure\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn April, stock markets mostly fell, and we also saw a significant weakening of the euro exchange rate, which depreciated by 5% against the US dollar over the month. Measured in euros, the month saw the global MSCI World index fall by 3.3%, the US S&P 500 index fall by 4.2% and the Nasdaq Composite index, which reflects listed companies in the US technology sector, fall by 8.9%.\n\nJapan, Europe and emerging markets were no exceptions: in April, measured in euros, the Japanese Nikkei index fell by 5.6%, the European Euro Stoxx 50 index by 2.1% and the MSCI Emerging Markets index by 1%. A slightly different picture emerged in the Baltic markets, where the Riga stock exchange was the only one to fall, by 16.7%. In contrast, the Tallinn and Vilnius stock exchanges grew in April by 0.3% and 2.3%, respectively.\n\nThe fund’s listed equity positions declined slightly in April. At the end of the month, some of the fund’s commodity investments fell as China’s radical fight against the coronavirus paralysed an increasingly large part of its economy. This reduced the demand for many raw materials and goods.\n\nIn the bigger perspective, however, supply problems in the raw materials sector have not disappeared. The fund’s equity investments remain mostly in companies related to the commodity sector that have offered a positive yield against the background of the general decline in stock exchanges this year. When opportunities arise, we are ready to supplement the positions related to the commodity sector due to the fall in prices.\n\nNo significant equity investment transactions were made in the fund in April.\n"},{"year":2022,"month":3,"content":"### March 2022: Rising commodity prices supported the fund’s equity positions\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn March, world stock exchanges moved in quite mixed directions. Measured in euros, the MSCI World Index rose 3.7%, and the US S&P 500 Index rose 4.7%, while the European Euro Stoxx 50 Index fell slightly (0.5%) and the Japanese Nikkei Index rose slightly (0.4%). The MSCI Emerging Markets Index fell 1.4%. The Baltic stock markets also moved in different directions in March: The value of the Tallinn stock market increased by 1.8% during the month, the value of the Riga stock market decreased by 4.8%, and the Vilnius stock market remained almost at the same level as last month, falling by 0.3%.\n\nIn March, we continued to hold listed equities in the commodities sector, where military action in Ukraine exacerbated current trends and increased the structural shortage of many commodities in global markets. Commodity prices rose by an average of 10% during the month, and the commodity sector companies in the fund benefited significantly from this increase. The biggest contributors to the rise were gold and silver-related equity positions and energy companies. The US oil rig provider Valaris and the gold mining company Agnico Eagle Mines contributed the most to the price increase of the individual shares.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Long-term goals help to stay on track**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n","text":"In recent months, the clouds over the world economy have rapidly darkened. Although unemployment is low in both the US and Europe and wages are rising faster than before the coronavirus crisis, consumer purchasing power has begun to decline as rising prices eat away at all income growth and more.\n\nDue to bottlenecks in supply chains, suppliers of goods and services are unable to meet demand. Therefore, companies are trying to bring the production process closer to the end market and expand the choice of suppliers. The seeds of deglobalisation were sown even before Trump’s election victory and Brexit. The ongoing coronavirus crisis and the current war in Ukraine have sharply accelerated this trend.\n\nAt present, no one has definite answers to questions of how stormy the economic environment will become, how long the bad weather can last, and whether there is anywhere to hide.\n\n**How to survive the storm?**\n\nShould we take money out of our pension fund and spend it, as suggested by ostensibly economically conservative politicians who abolished mandatory pension contributions, or, on the contrary, put aside more money now than before, because no one knows how long the global economic storm will last?\n\nLife has taught me that those who have built up reserves, have a strong balance sheet (little credit) and are able to control their own expenses, can cope better in difficult circumstances. They have the ability to seize the opportunities that difficult times can offer.\n\nThe economic recovery cycle from the bottom of the 2008 economic crisis to the 2020 coronavirus crisis was the longest in history. Behind this long rise was the low interest rate policy pursued by the world’s largest central banks, which made both investors and consumers overconfident. The investment world saw the development of the YOLO (‘you only live once’) investment strategy, which was used to justify taking huge risks. A similar mentality could be seen behind consumer behaviour.\n\nThe world is full of paradoxes: circumstances and things are often not what they seem at first glance, and actions and decisions can have unforeseen consequences. These are the three principles by which I have sought to make sense of investing throughout my 30-year investment career.\n\nWhile in the wake of the 2008 financial crisis, there was a debate about why pension fund investment strategies are too risky, the last five to six years have been characterised by a concern that pension fund returns are insufficient. People have asked why there has not been more risk-taking.\n\nAt the time of the creation of the funded pension system in 2002, pension funds were seen as reserves that each person gradually accumulates from their regular income over their working life and which they will use after they retire.\n\nReserves and liquidity buffers are different things and are designed to solve different problems. For me, reserves are something that are carefully kept and protected so that they exist in the situation for which they are accumulated. As a pension fund manager, I have invested the assets of my clients following the principle that it is more important to have assets that are well kept and that would maintain purchasing power even after adjusting for inflation, than getting maximum returns.\n\n**Active cultivation of assets**\n\nLHV’s pension fund investment strategy has been much more conservative in recent years than before, but it has not included holding large bond or cash positions. Instead, we have sought out investments whose value would be determined by cash flows and not by investor sentiment, whether optimistic or pessimistic.\n\nFor the LHV team, active investing does not only mean that the fund manager selects shares on the stock exchange themselves, as opposed to passive investing, in which the equity indices in which to invest money are determined by an algorithm. For LHV, active investing also means looking for investment opportunities outside the stock exchange and, where possible, creating them ourselves.\n\nFor example, in the field of real estate investments, active investment for us also means applying for building permits and engaging in development activities. When it comes to investing in local bonds, active investment for us means thinking through the financing of the entire company and requiring guarantees to protect our investors.\n\nActive investment also happens when, while making an equity investment together with a private equity fund, LHV’s pension funds become a party to the company’s shareholder agreement. For us, being active means, above all, thinking about how to make something better in the company or project in which we are investing. For us, active investing means much more than deciding when is the right time to buy or when to sell.\n\n**The importance of a clear head and self-discipline**\n\nI suspect that in a situation where the prices of raw materials, labour and money are rising, companies and projects with a high debt burden will face more difficult times than before. This means that cutting costs and focusing on profitability is becoming increasingly important.\n\nJust like companies, individuals should also review their balance sheets: how many assets are there, and how much and under what conditions have loans been taken out against these assets? While the fear of inflation may make it seem tempting to acquire increasingly ‘scarce’ real estate, one should also consider the possibility that rising interest rates may turn real estate obtained using a large loan into a liability.\n\nI hope that politicians around the world will also have the statesmanship to refrain from pandering to voters and allowing for more and more subsidies to help the people cope with the inflation that governments themselves have created.\n\nIn difficult times, those will fare better who can keep a clear head and look beyond tomorrow when setting their targets and goals. \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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":16.92,"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/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.67,"unit":"%"},{"name":"Money and deposits","value":1.33,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 27.53% |\n| Lyxor Core MSCI World DR UCITS | 24.36% |\n| HSBC MSCI Emerging Markets UCITS | 13.98% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 13.76% |\n| SPDR MSCI World UCITS ETF | 9.41% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 4.56% |\n| iShares MSCI Frontier and Select EM ETF | 3.54% |\n| iShares MSCI EM UCITS ETF | 1.53% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2022) | 25,243,163.42 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0528%\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 2021. 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_2022.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2021.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2022_05.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2020.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2019.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109419","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET100":{"heading":"SEB 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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":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 25% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"**Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,95%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600007530, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.95%\n\n**Ongoing charges (inc management fee):** 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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"**Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,05%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071031, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.05%\n\n**Ongoing charges (inc management fee):** 1.31%\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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"**Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,15%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071049, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.15%\n\n**Ongoing charges (inc management fee):** 1.39%\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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109484,IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.40%\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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109484","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.3%"},"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):** 0.36%\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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001707","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LRK100":{"heading":"LHV Pensionifond Roheline","id":"roheline","code":"roheline","dataMarker":"LRK100","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","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":9669},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":0.78,"unit":"%"},{"name":"Shares","value":31.77,"unit":"%"},{"name":"Equity funds","value":65.03,"unit":"%"},{"name":"Real Estate funds","value":1.11,"unit":"%"},{"name":"Money and deposits","value":1.32,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Global X Copper Miners ETF | 9.60% |\n| Global X Lithium and Battery Tech | 8.93% |\n| KraneShares Global Carbon Strategy ETF | 8.72% |\n| iShares Global Clean Energy ET | 7.42% |\n| L and G Battery Value-Chain UCITS | 7.17% |\n| Invesco Solar ETF | 6.84% |\n| WisdomTree Battery Solutions UCITS | 5.08% |\n| L and G Hydrogen Economy UCITS ETF | 3.20% |\n| Aker Carbon Capture | 2.90% |\n| Plug Power | 2.76% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.11% |\n| Hepsor | 0.68% |\n| Sopruse157 omanikulaen | 0.32% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2022) | 49,985,693.56 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 1,000,000.002 units |\n| Rate of the depository’s charge | 0,0576% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.4067%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,83%\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- [Prospectus (as of 01.09.2022) (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_prospekt_2022.pdf)\n- [Analysis of the amendments made to the prospectus (in Estonian)](/assets/files/pension/Prospekti_muutmise_moju_analyys_23052022.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_KIID_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2022_05.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2021.pdf)\n- [Annual report for 2020 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2020.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001723","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":2.29,"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/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":30.24,"unit":"%"},{"name":"Equity funds","value":64.76,"unit":"%"},{"name":"Real Estate funds","value":1.76,"unit":"%"},{"name":"Money and deposits","value":3.23,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022.\n\n| Biggest investments | |\n|---|---:|\n| Global X Lithium and Battery Tech | 9.51% |\n| Global X Copper Miners ETF | 9.02% |\n| KraneShares Global Carbon Strategy ETF | 8.97% |\n| iShares Global Clean Energy ET | 6.80% |\n| Invesco Solar ETF | 6.49% |\n| L and G Battery Value-Chain UCITS | 6.35% |\n| L and G Hydrogen Economy UCITS ETF | 3.94% |\n| WisdomTree Battery Solutions UCITS | 3.82% |\n| Aker Carbon Capture | 2.69% |\n| Renewi | 2.62% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 1.76% |\n| Hepsor | 0.61% |\n"}]},{"id":"info","title":"Information about the fund","active":true,"content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.05.2022) | 6,138,656.39 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 468 750 units |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0528%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n\n**Ongoing charges (inc management fee):** 0,98%\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_2022.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 May 2022) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_kuuaruanne_2022_05.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2022.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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001764","strategyType":null,"managementStyle":"Active","riskLevel":6,"countryShareEe":2.38,"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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001749","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV60":{"heading":"Swedbank Pensionifond V60 indeks (exit restricted)","id":"swedv60","code":"v60indeks","dataMarker":"SWV60","securityId":204901,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance,\n- your goal is a higher growth of assets in the medium or long term (min. 7 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 60% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 60% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"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\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001731","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NIT100":{"heading":"Luminor Täiendav Pensionifond Jätkusuutlik Tulevik, Indeks","id":"jatkusuutlik-taiendav","code":"jatkusuutlik-taiendav","dataMarker":"NIT100","securityId":213281,"active":true,"suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate a short-term decrease in the value of assets well.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"0,25%","managementFee":"0,25%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001798, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0,25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0,25%\n\n**Ongoing charges (inc management fee):** 0,56%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001798","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWI100":{"heading":"Swedbank III Samba Pensionifond Indeks","id":"swi100","code":"SWI100","dataMarker":"SWI100","securityId":218897,"active":true,"suitability":"**Suitable if**\n- you want your pension money to follow the movement of global stock markets,\n- your goal is higher asset growth over a longer time horizon (at least 10 years),\n- you are ready that the value of your assets may fluctuate more.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.)\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001822, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001822","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":0,"transactionDaysForSell":1,"transactionDaysForExchange":3},"SWK100":{"heading":"Swedbank Pensionifond Indeks","id":"swk100","code":"SWK100","dataMarker":"SWK100","suitability":"**Suitable if**\n- your goal is higher growth of your pension money over a longer period (at least 10 years);\n- you want your pension money to follow global equity markets and you are prepared for bigger fluctuations in the value of your assets;\n- you want your pension money to be invested sustainably.\n","strategy":"**Strategy**\n\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.)\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":2561},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":98.93,"unit":"%"},{"name":"Money and deposits","value":1.1,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.05.2022\n\n| Biggest investments | |\n|---|---:|\n| Lyxor MSCI World ESG Leaders E | 21.60% |\n| Amundi Index MSCI World SRI UC | 21.34% |\n| UBS Lux Fund Solutions - MSCI | 20.91% |\n| Access Global A | 19.14% |\n| Access Edge Global | 15.93% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.33%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001814","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank"}}