{"LXK00":{"heading":"LHV Pensionifond XS","id":"xs","code":"xs","dataMarker":"XSK00","suitability":"**Suitable if**\n- you have less than 3 years left until retirement,\n- you have low risk tolerance,\n- your aim is to preserve your savings and avoid losses.\n","strategy":"**Strategy**\nAt least 90% of the Fund's assets are invested in investment grade bonds, money market instruments traded on a regulated market, deposits, shares or other assets of other investment funds investing mainly in the above assets and other assets. The money raised for retirement remains stable. The assets of the Fund are invested in compliance with the rating restrictions imposed on the conservative pension fund by law. The long-term preferred asset class of the fund is low-risk debt instruments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":4860},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":76.52,"unit":"%"},{"name":"Money and deposits","value":23.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| German Government 1.5% 04/09/22 | 4.21% |\n| Czech Republic 3.875% 24/05/22 | 3.95% |\n| Temasek 0.5% 01/03/22 | 3.89% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.52% |\n| Slovakia 3.375% 15/11/24 | 3.44% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.08% |\n| DT 03/04/20 | 2.92% |\n| BNP Paribas 2.875% 24/10/22 | 2.91% |\n| Bank of America 04/05/23 | 2.80% |\n| ALTUMG 1.3% 07/03/25 | 2.54% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.52% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 3.08% |\n| Elering 0.875% 03/05/2023 | 2.26% |\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 29.02.2020) | 22,795,007.11 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 110 000 units |\n| Rate of the depository’s charge | 0,0564% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.504%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.61%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_tingimused_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (29 February 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2020_02.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2017.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":2,"content":"### February 2020 – Investors sought protection against the virus from government bonds\n\nRomet Enok, Fund Manager\n\nFear concerning the impact of coronavirus on the global economy led to movements last month, which were quite foreseeable given the situation: the prices of government bonds rose, while weaker corporate bonds in particular posted significant losses. In Europe, this movement ranged from +0.5% in the government bond market to −2% for companies with a lower rating.\n\nIn February, we sold one of the fund’s biggest (and most highly-rated) investments: long-term French government bonds. The price paid for the seven-year bonds will result in a −0.4% return for the buyers, if kept to maturity.\n\nA considerable portion of the total assets of the fund have been placed in highly-rated short-term liquid bonds. Firstly, it protects against the current situation and secondly, it enables new investments to be made as soon as attractive possibilities occur.\n"},{"year":2020,"month":1,"content":"### January 2020 – Šiaulių bankas financed a purchase transaction with bonds\n\nRomet Enok, Fund Manager\n\nŠiaulių bankas announced that they have concluded a contract in order to purchase a loan portfolio from the Lithuanian branch of Danske Bank. The 125 million euro portfolio, mainly consisting of home loans, is related to private banking clients. In order to finance its growth, Šiaulių issued subordinated bonds for LHV pension funds at the end of December in the amount of 20 million euros and at an interest rate of 6.15%.\n\nAt the same time, European bond markets showed a positive result in January for the first time since last summer. As this was the reaction of investors to the spreading of the coronavirus in China, the outlook for international bond markets remains unattractive.\n"},{"year":2019,"month":12,"content":"### December 2019 – We invested in the bonds of Šiaulių Bankas\n\nRomet Enok, Fund Manager\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Stock markets sailed into unknown waters**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n","text":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n\nThe more modest recession of January was followed by a stronger sell-off In February: in the second half of the month, the spreading of coronavirus outside China began to abruptly cool the economic optimism of market participants. Capital, which had moved into shares last year based on the belief that the loose fiscal policy of central banks would be able to provide stimulus, was now suddenly seeking a way out, as central banks are unable to resolve the problems caused by the virus.\n\nThe Stoxx 600 Index, which gathers the shares of European companies, fell by 8.5% in fear of a new recession, and the S&P 500 index, which includes the biggest US companies, lost 8.4% of its value (7.7% measures in euros). As we have preferred to keep the equity risk low over the past few years when it comes to managing pension assets, and have focused on OTC transactions when searching for a rate of return, the fall of stock markets was reflected much more modestly in the value of LHV’s pension fund units. To see how things have turned out for Estonian pension funds, one can take a closer look at the website of [AS Pensionikeskus](https://www.pensionikeskus.ee/en/statistics/ii-pillar/nav-of-funded-pension/).\n\n**A “white swan” instead of a “black swan”?**\n\n[In his article](https://www.project-syndicate.org/commentary/white-swan-risks-2020-by-nouriel-roubini-2020-02), published in Project Syndicate on 17 February, Nouriel Roubini described risks that clearly exist, but which are being deliberately ignored by investors. He defined these risks as “white swans” as opposed to “black swans”, described by Nassim Nicholas Taleb, i.e. events and risks that we cannot or are even unable to imagine.\n\nIt has seemed to me, for a longer period of time already, that investors expect central banks to ensure them a risk-free and prosperous future regardless of whether or not the economy grows or companies generate profit. The beginning of this year can serve as a wake-up call of sorts, bringing us out of our dream world: in essence, it is impossible to spend indefinitely and live on credit.\n\nTherefore, LHV pension funds remain carefully positioned in terms of the outlook for the near future. We are focusing on private equity investments, Baltic commercial property, and financing projects.\n\nThe fall of the stock market was used in February to increase the positions open to gold. We view this as an insurance policy, given an environment where central banks and governments are attempting to speed up inflation and real interest rates may remain negative for a longer period of time.\n\nHowever, just as the mood on the stock markets tends to become too perky from time to time, at some point unexpected negative events may cause the opposite to occur. The positions of the funds provide sufficient liquidity in short-term high-rated bonds to ensure that we can grasp attractive possibilities emerging in the event of the further decline of the stock markets.\n\n**We are turning the funds towards higher rates of return**\n\nIn accordance with the Investment Funds Act, adopted in December 2018, LHV has slightly adjusted the investment strategies of pension funds during the last year. At the same time, we have tried to make sure that there is no change in the reciprocal comparable levels of risk between funds.\n\nWhile LHV pension funds followed a similar investment strategy in the past, and differed from one another only by risk level, then over the past year we have redesigned the strategies of our pension funds in such a way that, at the moment, funds M, L and XL are able to almost completely avoid bonds offering a negative rate of return. We are slowly exiting this segment, and in February we also took advantage of the continued rise in price of listed bonds to sell.\n\nPension fund M is focussed on bonds offering a high rate of return and cash-flow generating real estate. At the same time, attention is paid primarily to the local market. Pension fund XL is committed to international markets, where we currently prefer a selection of private equity funds; however, we are also ready to invest in liquid assets in the event that the price level becomes more attractive. LHV’s largest pension fund, L, is active on both local as well as international markets, combining the strategies of the M and XL funds.\n\nStarting from autumn 2019, these three funds have, in essence, been free to place the sum of their assets into equities and real estate.\n\nThe investments of pension fund XS, the lowest risk pension fund at LHV, are 90% restricted to bonds with an investment-grade credit rating, while 10% of the fund’s value can be invested in real estate, related securities or riskier bonds. Pension fund S, which previously invested solely in bonds, may now place up to 25% into investments bearing an equity risk and there are no rating restrictions on the investments in bonds.\n\nWe at LHV are convinced that the long-term growth of an investment depends primarily on the cash flow provided by the project or enterprise. Companies that are profitable, and whose profit-generating ability is more stable, hold up better in complicated circumstances than those with a weaker cash flow, which are dependent upon the trust and sentiment of creditors.\n\nWe are committed to beating the growth of social tax revenues set as the target by the government, which in turn can be compared to the nominal economic growth of the Estonian economy. However, one of my very own investment principles has always been that in order to achieve a long-term rate of return, we must avoid huge losses. I believe that the economy is cyclical in nature and not all moments are equally good for investing. Tough times are followed by better times, and we need to work and struggle in the name of results.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":10.69,"fundManager":"LHV"},"LSK00":{"heading":"LHV Pensionifond S","id":"s","code":"s","dataMarker":"SK00","suitability":"**Suitable if**\n- you have 2–5 years left until retirement age,\n- you have low risk tolerance,\n- your aim is the preservation and modest growth of your pension savings.\n","strategy":"**Strategy**\nThe Fund's assets are mainly invested in bonds. The Fund's assets may be invested in sub-investment grade bonds. Up to 25% of the fund's assets may be invested in real estate, infrastructure, equity funds and convertible bonds. The Fund may also grant a loan. The long-term preferred asset class of the fund is listed debt instruments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":9085},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":87.98,"unit":"%"},{"name":"Money and deposits","value":12.02,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Temasek 0.5% 01/03/22 | 4.91% |\n| Latvenergo 1.9% 10/06/22 | 4.81% |\n| Luminor 1.5% 18/10/21 | 4.67% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.40% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.06% |\n| TOTAL 03/19/20 | 3.29% |\n| Investor 4.5% 12/05/23 | 3.22% |\n| Romania 2.875% 28/10/24 | 3.05% |\n| SANOFI 1.875% 04/09/20 | 2.78% |\n| Allianz 07/12/20 | 2.75% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 4.67% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 4.40% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 4.06% |\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 29.02.2020) | 54,736,708.39 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 270 000 units |\n| Rate of the depository’s charge | 0,0564% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.60%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.69%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_tingimused_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Analysis of the amendments made to the prospectus 2 May 2019 (in Estonian)](/assets/files/pension/Prospekti_muudatuste_pohjendus_ja_moju_analyys_mai.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (29 February 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2020_02.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2017.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":2,"content":"### February 2020 – Investors sought protection against the virus from government bonds\n\nRomet Enok, Fund Manager\n\nFear concerning the impact of coronavirus on the global economy led to movements last month, which were quite foreseeable given the situation: the prices of government bonds rose, while weaker corporate bonds in particular posted significant losses. In Europe, this movement ranged from +0.5% in the government bond market to −2% for companies with a lower rating.\n\nAfter the rise in prices we once again sold bonds. The investment in French government bonds with a maturity date in autumn 2022 had been sizeable for the fund, and was now sold at a price, the future annual rate of return on which would have been −0.65%.\n\nA considerable portion of the total assets of the fund have been placed in highly-rated short-term liquid bonds. Firstly, it protects against the current situation and secondly, it enables new investments to be made as soon as attractive possibilities occur.\n"},{"year":2020,"month":1,"content":"### January 2020 – Šiaulių bankas financed a purchase transaction with bonds\n\nRomet Enok, Fund Manager\n\nŠiaulių bankas announced that they have concluded a contract in order to purchase a loan portfolio from the Lithuanian branch of Danske Bank. The 125 million euros portfolio, mainly consisting of home loans, is related to private banking clients. In order to finance its growth, Šiaulių issued subordinated bonds for LHV pension funds at the end of December in the amount of 20 million euros and at an interest rate of 6.15%.\n\nAt the same time, European bond markets showed a positive result in January for the first time since last summer. As this was the reaction of investors to the spreading of the coronavirus in China, the outlook for international bond markets remains unattractive.\n"},{"year":2019,"month":12,"content":"### December 2019 – We invested in the bonds of Šiaulių Bankas\n\nRomet Enok, Fund Manager\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Stock markets sailed into unknown waters**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n","text":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n\nThe more modest recession of January was followed by a stronger sell-off In February: in the second half of the month, the spreading of coronavirus outside China began to abruptly cool the economic optimism of market participants. Capital, which had moved into shares last year based on the belief that the loose fiscal policy of central banks would be able to provide stimulus, was now suddenly seeking a way out, as central banks are unable to resolve the problems caused by the virus.\n\nThe Stoxx 600 Index, which gathers the shares of European companies, fell by 8.5% in fear of a new recession, and the S&P 500 index, which includes the biggest US companies, lost 8.4% of its value (7.7% measures in euros). As we have preferred to keep the equity risk low over the past few years when it comes to managing pension assets, and have focused on OTC transactions when searching for a rate of return, the fall of stock markets was reflected much more modestly in the value of LHV’s pension fund units. To see how things have turned out for Estonian pension funds, one can take a closer look at the website of [AS Pensionikeskus](https://www.pensionikeskus.ee/en/statistics/ii-pillar/nav-of-funded-pension/).\n\n**A “white swan” instead of a “black swan”?**\n\n[In his article](https://www.project-syndicate.org/commentary/white-swan-risks-2020-by-nouriel-roubini-2020-02), published in Project Syndicate on 17 February, Nouriel Roubini described risks that clearly exist, but which are being deliberately ignored by investors. He defined these risks as “white swans” as opposed to “black swans”, described by Nassim Nicholas Taleb, i.e. events and risks that we cannot or are even unable to imagine.\n\nIt has seemed to me, for a longer period of time already, that investors expect central banks to ensure them a risk-free and prosperous future regardless of whether or not the economy grows or companies generate profit. The beginning of this year can serve as a wake-up call of sorts, bringing us out of our dream world: in essence, it is impossible to spend indefinitely and live on credit.\n\nTherefore, LHV pension funds remain carefully positioned in terms of the outlook for the near future. We are focusing on private equity investments, Baltic commercial property, and financing projects.\n\nThe fall of the stock market was used in February to increase the positions open to gold. We view this as an insurance policy, given an environment where central banks and governments are attempting to speed up inflation and real interest rates may remain negative for a longer period of time.\n\nHowever, just as the mood on the stock markets tends to become too perky from time to time, at some point unexpected negative events may cause the opposite to occur. The positions of the funds provide sufficient liquidity in short-term high-rated bonds to ensure that we can grasp attractive possibilities emerging in the event of the further decline of the stock markets.\n\n**We are turning the funds towards higher rates of return**\n\nIn accordance with the Investment Funds Act, adopted in December 2018, LHV has slightly adjusted the investment strategies of pension funds during the last year. At the same time, we have tried to make sure that there is no change in the reciprocal comparable levels of risk between funds.\n\nWhile LHV pension funds followed a similar investment strategy in the past, and differed from one another only by risk level, then over the past year we have redesigned the strategies of our pension funds in such a way that, at the moment, funds M, L and XL are able to almost completely avoid bonds offering a negative rate of return. We are slowly exiting this segment, and in February we also took advantage of the continued rise in price of listed bonds to sell.\n\nPension fund M is focussed on bonds offering a high rate of return and cash-flow generating real estate. At the same time, attention is paid primarily to the local market. Pension fund XL is committed to international markets, where we currently prefer a selection of private equity funds; however, we are also ready to invest in liquid assets in the event that the price level becomes more attractive. LHV’s largest pension fund, L, is active on both local as well as international markets, combining the strategies of the M and XL funds.\n\nStarting from autumn 2019, these three funds have, in essence, been free to place the sum of their assets into equities and real estate.\n\nThe investments of pension fund XS, the lowest risk pension fund at LHV, are 90% restricted to bonds with an investment-grade credit rating, while 10% of the fund’s value can be invested in real estate, related securities or riskier bonds. Pension fund S, which previously invested solely in bonds, may now place up to 25% into investments bearing an equity risk and there are no rating restrictions on the investments in bonds.\n\nWe at LHV are convinced that the long-term growth of an investment depends primarily on the cash flow provided by the project or enterprise. Companies that are profitable, and whose profit-generating ability is more stable, hold up better in complicated circumstances than those with a weaker cash flow, which are dependent upon the trust and sentiment of creditors.\n\nWe are committed to beating the growth of social tax revenues set as the target by the government, which in turn can be compared to the nominal economic growth of the Estonian economy. However, one of my very own investment principles has always been that in order to achieve a long-term rate of return, we must avoid huge losses. I believe that the economy is cyclical in nature and not all moments are equally good for investing. Tough times are followed by better times, and we need to work and struggle in the name of results.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019824","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":13.32,"fundManager":"LHV"},"LMK25":{"heading":"LHV Pensionifond M","id":"m","code":"m","dataMarker":"MK25","suitability":"**Suitable if**\n- you have 3–10 years left until retirement age,\n- you have moderate risk tolerance,\n- your aim is the long-term stable growth of your pension savings.\n","strategy":"**Strategy**\nWhen investing in assets, the fund prefers cash-flow assets and, where possible, the local market, including less liquid private equity and real estate investments. The investments are predominantly in local currency and up to 75% of the fund's assets can be invested directly in equities. The fund's long-term preferred asset class is real estate investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":13684},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":78.59,"unit":"%"},{"name":"Shares","value":6.23,"unit":"%"},{"name":"Equity funds","value":0.7,"unit":"%"},{"name":"Real Estate funds","value":8.1,"unit":"%"},{"name":"Private Equity funds","value":3.53,"unit":"%"},{"name":"Money and deposits","value":2.85,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.44% |\n| EfTEN Kinnisvarafond | 3.28% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.79% |\n| France Government 2.25% 25/10/22 | 2.34% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.31% |\n| JP Morgan 1.375% 16/09/21 | 2.12% |\n| Transpordi Varahaldus 2.85% 18/04/25 | 2.09% |\n| BNP Paribas 0.75% 11/11/22 | 1.81% |\n| DT 03/04/20 | 1.79% |\n| Tartu linn 25/10/32 | 1.75% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.44% |\n| EfTEN Kinnisvarafond | 3.28% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.79% |\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 29.02.2020) | 136,365,694.51 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 380 000 units |\n| Rate of the depository’s charge | 0,0564% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.60%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 0.84%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_tingimused_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (29 February 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2020_02.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2017.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":2,"content":"### February 2020 – We invested in the Peetri Centre\n\nRomet Enok, Fund Manager\n\nIn February, global stock markets experienced a sharp decline, caused by fears of the spread of the coronavirus and the accompanying slowdown of economic growth. The index, which gathers together the 50 biggest publicly traded companies in the Eurozone, decreased by 8.5% over the month, with France and Germany being among the biggest losers. The Japanese stock exchange index dropped by 8%, measured in euros.\n\nThis time even the Baltic stock markets went along with the overall decline: The rate of return of the Vilnius Stock Exchange was −6.3% and the Tallinn Stock Exchange fell by 5.3% over the month. The decline of the Riga Stock Exchange was notably smaller at 2.7%.\n\nCoop Pank published its financial results for its first year operating as a publicly traded company. Compared to 2018, the bank managed to increase its earned income by 20%, whereas interest income demonstrated the fastest growth. This was caused by growth in the bank’s loan portfolio of 40%, reaching more than EUR 460 million. The company’s net profit increased by 16.3% over the year, achieving a level of EUR 5.5 million.\n\nAs a local investment, we signed contracts to allocate EUR 8.5 million to the construction of the Peetri Centre, in Peetri, located on the outskirts of Tallinn. The new centre is home to a Võru Ühistu Coop, Medicum, a 24-7 Fitness and a tennis centre, and has already opened its doors. The investment by LHV pension funds was made for a period of five years, earns 7% interest, and is secured with the mortgages covering the centre’s real estate.\n\nAt the same time, we once again reduced the share of listed bonds, by selling Latvian government bonds. Given the climate of fear on the stock markets, the bond markets have currently attracted a lot of money. At the prices achieved in this way we will most likely sell more bonds soon and invest the money received into local projects or stock markets.\n\nA considerable portion of the total assets of the fund have been placed in highly-rated short-term liquid bonds. Firstly, it protects against the current situation and secondly, it enables new investments to be made as soon as attractive possibilities occur.\n"},{"year":2020,"month":1,"content":"### January 2020 – LHV pension funds acquired the Valge Maja office building\n\nRomet Enok, Fund Manager\n\n2020 began with quite a negative tone on global stock markets, with the stock exchanges of both developed and developing countries remaining mainly in negative territory in January. The rate of return of the Euro Stoxx 50 Index, which combines the largest companies of the euro zone, came to -2,7%, while the stock markets of almost all major powers declined. Only the Finnish Stock Exchange was able to provide a surprise with its 2.2% rise. The stock markets of the Baltic Republics did not go along with the negative mood and the Tallinn Stock Exchange index rose by a total of 4.6%. The rate of return of the Vilnius Stock Exchange was 3.1%, and the Riga Stock Exchange rose by a modest 0.5%.\n\nLHV pension funds made their second direct investment in commercial real estate in January, acquiring the Valge Maja office building, located along Tartu mnt, in Tallinn. The building was constructed in 1952, as the Marat textile factory, and was renovated into an office building in 2010. The building has more than 16,000 square metres of space available for lease. The largest tenants are IT sector companies, two sewing supplies shops, and a restaurant. The area is developing quickly, with Sossimägi and Keskturg soon set to receive a new look, and a new Hilton hotel being built nearby.\n\nIn January, one of the most successful company purchases in Estonia was finally completed when BaltCap and the management board of the company sold the auto24 environment to the international private capital company Apax. LHV’s pension funds were repaid the loans taken during the transaction to purchase the company: the funds earned 3% a year from the bonds, which were an alternative to a bank loan, and 12% from the capital loan. Prior to the final date of redemption, a premium was added which further increased the total return for pension collectors. Active pension funds offer such financing all over the world and in Estonia we can see the funds playing the same role in the future in terms of promoting the economy and earning income for savers.\n\nŠiaulių bankas announced that they have concluded a contract in order to purchase a loan portfolio from the Lithuanian branch of Danske Bank. The 125 million euro portfolio, mainly consisting of home loans, is related to private banking clients. In order to finance its growth, Šiaulių issued subordinated bonds for LHV pension funds at the end of December in the amount of 20 millio euros and at an interest rate of 6.15%.\n"},{"year":2019,"month":12,"content":"### December 2019 – BaltiCap Fund planning on purchasing a Lithuanian meat processing company\n\nRomet Enok, Fund Manager\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n\nOver the past few years we have made similar investments in the bonds of Coop Pank and Citadele Banka. By doing so we have created a new asset class in the funds; one that generates over 6% in interest annually.\n\nA familiar trend continued on the global stock markets in December, which mainly left the stock markets of developed as well as developing countries in positive territory. The Euro Stoxx 50 stock index, which represents the 50 largest listed companies in the Eurozone, rose by 1.2% in December, with the best performance coming from the Helsinki Stock Exchange, which rose by 4.1%. The Japanese stock index rose during the month by 1.6% when measured in the local currency, but only by 0.3% when measured in euros.\n\nDecember turned out to be an especially strong month for the stock markets of developing countries, with the MSCI Emerging Markets index rising by 7.2%. In comparison, the results for Baltic stock exchanges were more reserved: The Tallinn and Vilnius stock exchange indexes rose by 1.2% and 0.4%, respectively, while the Riga stock exchange fell by 0.8%.\n\nThe private capital fund BaltCap Private Equity Fund III, which is a part of the Pension Fund M portfolio, made its first investment in December. An agreement was concluded to purchase the Lithuanian meat processing company Krekenavos Agrofirma, which will be finalised after approval by the Competition Authority. The company is a market leader in Lithuania and also actively exports to foreign markets. BaltCap sees opportunities to support the growth and future development of the company, and by doing so increase the value of the company.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Stock markets sailed into unknown waters**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n","text":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n\nThe more modest recession of January was followed by a stronger sell-off In February: in the second half of the month, the spreading of coronavirus outside China began to abruptly cool the economic optimism of market participants. Capital, which had moved into shares last year based on the belief that the loose fiscal policy of central banks would be able to provide stimulus, was now suddenly seeking a way out, as central banks are unable to resolve the problems caused by the virus.\n\nThe Stoxx 600 Index, which gathers the shares of European companies, fell by 8.5% in fear of a new recession, and the S&P 500 index, which includes the biggest US companies, lost 8.4% of its value (7.7% measures in euros). As we have preferred to keep the equity risk low over the past few years when it comes to managing pension assets, and have focused on OTC transactions when searching for a rate of return, the fall of stock markets was reflected much more modestly in the value of LHV’s pension fund units. To see how things have turned out for Estonian pension funds, one can take a closer look at the website of [AS Pensionikeskus](https://www.pensionikeskus.ee/en/statistics/ii-pillar/nav-of-funded-pension/).\n\n**A “white swan” instead of a “black swan”?**\n\n[In his article](https://www.project-syndicate.org/commentary/white-swan-risks-2020-by-nouriel-roubini-2020-02), published in Project Syndicate on 17 February, Nouriel Roubini described risks that clearly exist, but which are being deliberately ignored by investors. He defined these risks as “white swans” as opposed to “black swans”, described by Nassim Nicholas Taleb, i.e. events and risks that we cannot or are even unable to imagine.\n\nIt has seemed to me, for a longer period of time already, that investors expect central banks to ensure them a risk-free and prosperous future regardless of whether or not the economy grows or companies generate profit. The beginning of this year can serve as a wake-up call of sorts, bringing us out of our dream world: in essence, it is impossible to spend indefinitely and live on credit.\n\nTherefore, LHV pension funds remain carefully positioned in terms of the outlook for the near future. We are focusing on private equity investments, Baltic commercial property, and financing projects.\n\nThe fall of the stock market was used in February to increase the positions open to gold. We view this as an insurance policy, given an environment where central banks and governments are attempting to speed up inflation and real interest rates may remain negative for a longer period of time.\n\nHowever, just as the mood on the stock markets tends to become too perky from time to time, at some point unexpected negative events may cause the opposite to occur. The positions of the funds provide sufficient liquidity in short-term high-rated bonds to ensure that we can grasp attractive possibilities emerging in the event of the further decline of the stock markets.\n\n**We are turning the funds towards higher rates of return**\n\nIn accordance with the Investment Funds Act, adopted in December 2018, LHV has slightly adjusted the investment strategies of pension funds during the last year. At the same time, we have tried to make sure that there is no change in the reciprocal comparable levels of risk between funds.\n\nWhile LHV pension funds followed a similar investment strategy in the past, and differed from one another only by risk level, then over the past year we have redesigned the strategies of our pension funds in such a way that, at the moment, funds M, L and XL are able to almost completely avoid bonds offering a negative rate of return. We are slowly exiting this segment, and in February we also took advantage of the continued rise in price of listed bonds to sell.\n\nPension fund M is focussed on bonds offering a high rate of return and cash-flow generating real estate. At the same time, attention is paid primarily to the local market. Pension fund XL is committed to international markets, where we currently prefer a selection of private equity funds; however, we are also ready to invest in liquid assets in the event that the price level becomes more attractive. LHV’s largest pension fund, L, is active on both local as well as international markets, combining the strategies of the M and XL funds.\n\nStarting from autumn 2019, these three funds have, in essence, been free to place the sum of their assets into equities and real estate.\n\nThe investments of pension fund XS, the lowest risk pension fund at LHV, are 90% restricted to bonds with an investment-grade credit rating, while 10% of the fund’s value can be invested in real estate, related securities or riskier bonds. Pension fund S, which previously invested solely in bonds, may now place up to 25% into investments bearing an equity risk and there are no rating restrictions on the investments in bonds.\n\nWe at LHV are convinced that the long-term growth of an investment depends primarily on the cash flow provided by the project or enterprise. Companies that are profitable, and whose profit-generating ability is more stable, hold up better in complicated circumstances than those with a weaker cash flow, which are dependent upon the trust and sentiment of creditors.\n\nWe are committed to beating the growth of social tax revenues set as the target by the government, which in turn can be compared to the nominal economic growth of the Estonian economy. However, one of my very own investment principles has always been that in order to achieve a long-term rate of return, we must avoid huge losses. I believe that the economy is cyclical in nature and not all moments are equally good for investing. Tough times are followed by better times, and we need to work and struggle in the name of results.\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019774","strategyType":"Balanced","managementStyle":"Active","riskLevel":2,"countryShareEe":32.4,"fundManager":"LHV"},"LLK50":{"heading":"LHV Pensionifond L","id":"l","code":"l","dataMarker":"LK50","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you have average risk tolerance,\n- your aim is the long-term growth of your pension savings.\n","strategy":"**Strategy**\nThe assets of the Fund are invested in various asset classes in both local and foreign markets. The Fund's assets may be invested extensively in unquoted instruments, which are primarily used for investing in securities issued by companies domiciled in the home market. The long-term preferred asset class of the fund is private equity investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":99867},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":59.86,"unit":"%"},{"name":"Shares","value":13.16,"unit":"%"},{"name":"Equity funds","value":4.75,"unit":"%"},{"name":"Real Estate funds","value":10.47,"unit":"%"},{"name":"Private Equity funds","value":8.78,"unit":"%"},{"name":"Money and deposits","value":2.98,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.24% |\n| Luminor 1.5% 18/10/21 | 3.67% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.42% |\n| France Government 2.25% 25/10/22 | 2.77% |\n| East Capital Baltic Property Fund III | 1.86% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 1.75% |\n| China Development Bank 0.375% 16/11/21 | 1.63% |\n| Sampo 3.375% 23/05/49 | 1.59% |\n| Barrick Gold Corp | 1.57% |\n| Siauliu Bankas 23/12/29 | 1.51% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 4.24% |\n| Luminor 1.5% 18/10/21 | 3.67% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 3.42% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 29.02.2020) | 911,104,744.28 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2 400 000 units |\n| Rate of the depository’s charge | 0,0564% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.60%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.01%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_tingimused_02092019.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_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (29 February 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2020_02.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2017.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":2,"content":"### February 2020 – We invested in the Peetri Centre and a new private equity fund\n\nKristo Oidermaa, Fund Manager\n\nIn February, global stock markets experienced a sharp decline, caused by fears of the spread of the coronavirus and the accompanying slowdown of economic growth. The index, which gathers together the 50 biggest publicly traded companies in the Eurozone, decreased by 8.5% over the month, with France and Germany being among the biggest losers. The Japanese stock exchange index dropped by 8%, measured in euros.\n\nThe global index of developing markets dropped by 5.3% in February, and Latin-American countries were significantly harder than Asia countries. At the same time, the Chinese stock index recovered from a decline in January, and remained slightly positive in February. This time even the Baltic stock markets went along with the overall decline: The rate of return of the Vilnius Stock Exchange was −6.3% and the Tallinn Stock Exchange fell by 5.3% over the month. The decline of the Riga Stock Exchange was notably smaller at 2.7%.\n\nIn February, we added a new private equity investment to LHV Pension Fund’s L portfolio: Ardian Secondary Fund. This fund operates on the secondary market of private equity funds in North America and Europe, which means that the capital invested will be taken into use faster than usual. Ardian was founded in 1996, in France, and it is the world’s largest secondary market private equity fund company, with more than EUR 89 billion in client assets under management.\n\nAs a local investment, we signed contracts to allocate EUR 8.5 million to the construction of the Peetri Centre, in Peetri, located on the outskirts of Tallinn. The new centre is home to a Võru Ühistu Coop, Medicum, a 24-7 Fitness and a tennis centre, and has already opened its doors. The investment by LHV pension funds was made for a period of five years, earns 7% interest, and is secured with the mortgages covering the centre’s real estate.\n\nAt the same time, we once again reduced the share of listed bonds, by selling Latvian government bonds and the bonds of major US and European banks. Given the climate of fear on the stock markets, the bond markets have currently attracted a lot of money. At the prices achieved in this way we will most likely sell more bonds soon and invest the money received into local projects or stock markets.\n\nA considerable portion of the total assets of the fund have been placed in highly-rated short-term liquid bonds. Firstly, it protects against the current situation and secondly, it enables new investments to be made as soon as attractive possibilities occur.\n"},{"year":2020,"month":1,"content":"### January 2020 – We made a new private equity investment\n\nKristo Oidermaa, Fund Manager\n\n2020 began with quite a negative tone on global stock markets, with the stock exchanges of both developed and developing countries remaining mainly in negative territory in January. The rate of return of the Euro Stoxx 50 Index, which combines the largest companies of the euro zone, came to –2,7%, while the stock markets of almost all major powers decreased. Only the Finnish Stock Exchange was able to provide a surprise with its 2.2% rise. The index value of global developing markets decreased by a total of 4.7% during the month, with the biggest declines seen in China as well as in many Latin American countries. The stock markets of the Baltic Republics did not go along with the negative mood and the Tallinn Stock Exchange index rose by a total of 4.6%. The rate of return of the Vilnius Stock Exchange was 3.1%, and the Riga Stock Exchange rose by a modest 0.5%.\n\nIn January, LHV Pensionifond L made an investment into the Quilvest Private Equity Fund of Funds. Established in 1888, Quilvest has already been engaged in private capital investments for 45 years and manages assets in excess of 32 billion euros. Quilvest fund has its own unique investment strategy: the plan is to place 50% of the portfolio in high quality private capital funds in North America, Europe and Asia, with 50% of the portfolio to be used for direct investments into companies.\n\nIn January, one of the most successful company purchases in Estonia was finally completed when BaltCap and the management board of the company sold the auto24 environment to the international private capital company Apax. LHV’s pension funds were repaid the loans taken during the transaction to purchase the company: the funds earned 3% a year from the bonds, which were an alternative to a bank loan, and 12% from the capital loan. Prior to the final date of redemption, a premium was added which further increased the total return for pension collectors. Active pension funds offer such financing all over the world and in Estonia we can see the funds playing the same role in the future in terms of promoting the economy and earning income for savers.\n\nŠiaulių bankas announced that they have concluded a contract in order to purchase a loan portfolio from the Lithuanian branch of Danske Bank. The 125 million euro portfolio, mainly consisting of home loans, is related to private banking clients. In order to finance its growth, Šiaulių issued subordinated bonds for LHV pension funds at the end of December in the amount of 20 million euros and at an interest rate of 6.15%.\n"},{"year":2019,"month":12,"content":"### December 2019 – The stock markets of developing countries capped off a successful year\n\nKristo Oidermaa, Fund Manager\n\nA familiar trend continued on the global stock markets in December, which mainly left the stock markets of developed as well as developing countries in positive territory. The Euro Stoxx 50 stock index, which represents the 50 largest listed companies in the Eurozone, rose by 1.2% in December, with the best performance coming from the Helsinki Stock Exchange, which rose by 4.1%. The Japanese stock index rose during the month by 1.6% when measured in the local currency, but only by 0.3% when measured in euros.\n\nDecember turned out to be an especially strong month for the stock markets of developing countries, with the MSCI Emerging Markets index rising by 7.2%. In comparison, the results for Baltic stock exchanges were more reserved: The Tallinn and Vilnius stock exchange indexes rose by 1.2% and 0.4%, respectively, while the Riga stock exchange fell by 0.8%.\n\nPartners Group, a private capital fund with a global reach, which is a part of Pension Fund L, made a new investment in December, acquiring a majority holding in the US company EyeCare Partners. The company was established in 2015 and is now one of the largest optometry companies in the United States, employing over 5000 people. EyeCare Partners has grown quickly and will continue to focus on offering the best possible service to patients, expanding its network of clinics, and performing takeover transactions.\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n\nOver the past few years we have made similar investments in the bonds of Coop Pank and Citadele Banka. By doing so we have created a new asset class in the funds; one that generates over 6% in interest annually.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Stock markets sailed into unknown waters**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n","text":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n\nThe more modest recession of January was followed by a stronger sell-off In February: in the second half of the month, the spreading of coronavirus outside China began to abruptly cool the economic optimism of market participants. Capital, which had moved into shares last year based on the belief that the loose fiscal policy of central banks would be able to provide stimulus, was now suddenly seeking a way out, as central banks are unable to resolve the problems caused by the virus.\n\nThe Stoxx 600 Index, which gathers the shares of European companies, fell by 8.5% in fear of a new recession, and the S&P 500 index, which includes the biggest US companies, lost 8.4% of its value (7.7% measures in euros). As we have preferred to keep the equity risk low over the past few years when it comes to managing pension assets, and have focused on OTC transactions when searching for a rate of return, the fall of stock markets was reflected much more modestly in the value of LHV’s pension fund units. To see how things have turned out for Estonian pension funds, one can take a closer look at the website of [AS Pensionikeskus](https://www.pensionikeskus.ee/en/statistics/ii-pillar/nav-of-funded-pension/).\n\n**A “white swan” instead of a “black swan”?**\n\n[In his article](https://www.project-syndicate.org/commentary/white-swan-risks-2020-by-nouriel-roubini-2020-02), published in Project Syndicate on 17 February, Nouriel Roubini described risks that clearly exist, but which are being deliberately ignored by investors. He defined these risks as “white swans” as opposed to “black swans”, described by Nassim Nicholas Taleb, i.e. events and risks that we cannot or are even unable to imagine.\n\nIt has seemed to me, for a longer period of time already, that investors expect central banks to ensure them a risk-free and prosperous future regardless of whether or not the economy grows or companies generate profit. The beginning of this year can serve as a wake-up call of sorts, bringing us out of our dream world: in essence, it is impossible to spend indefinitely and live on credit.\n\nTherefore, LHV pension funds remain carefully positioned in terms of the outlook for the near future. We are focusing on private equity investments, Baltic commercial property, and financing projects.\n\nThe fall of the stock market was used in February to increase the positions open to gold. We view this as an insurance policy, given an environment where central banks and governments are attempting to speed up inflation and real interest rates may remain negative for a longer period of time.\n\nHowever, just as the mood on the stock markets tends to become too perky from time to time, at some point unexpected negative events may cause the opposite to occur. The positions of the funds provide sufficient liquidity in short-term high-rated bonds to ensure that we can grasp attractive possibilities emerging in the event of the further decline of the stock markets.\n\n**We are turning the funds towards higher rates of return**\n\nIn accordance with the Investment Funds Act, adopted in December 2018, LHV has slightly adjusted the investment strategies of pension funds during the last year. At the same time, we have tried to make sure that there is no change in the reciprocal comparable levels of risk between funds.\n\nWhile LHV pension funds followed a similar investment strategy in the past, and differed from one another only by risk level, then over the past year we have redesigned the strategies of our pension funds in such a way that, at the moment, funds M, L and XL are able to almost completely avoid bonds offering a negative rate of return. We are slowly exiting this segment, and in February we also took advantage of the continued rise in price of listed bonds to sell.\n\nPension fund M is focussed on bonds offering a high rate of return and cash-flow generating real estate. At the same time, attention is paid primarily to the local market. Pension fund XL is committed to international markets, where we currently prefer a selection of private equity funds; however, we are also ready to invest in liquid assets in the event that the price level becomes more attractive. LHV’s largest pension fund, L, is active on both local as well as international markets, combining the strategies of the M and XL funds.\n\nStarting from autumn 2019, these three funds have, in essence, been free to place the sum of their assets into equities and real estate.\n\nThe investments of pension fund XS, the lowest risk pension fund at LHV, are 90% restricted to bonds with an investment-grade credit rating, while 10% of the fund’s value can be invested in real estate, related securities or riskier bonds. Pension fund S, which previously invested solely in bonds, may now place up to 25% into investments bearing an equity risk and there are no rating restrictions on the investments in bonds.\n\nWe at LHV are convinced that the long-term growth of an investment depends primarily on the cash flow provided by the project or enterprise. Companies that are profitable, and whose profit-generating ability is more stable, hold up better in complicated circumstances than those with a weaker cash flow, which are dependent upon the trust and sentiment of creditors.\n\nWe are committed to beating the growth of social tax revenues set as the target by the government, which in turn can be compared to the nominal economic growth of the Estonian economy. However, one of my very own investment principles has always been that in order to achieve a long-term rate of return, we must avoid huge losses. I believe that the economy is cyclical in nature and not all moments are equally good for investing. Tough times are followed by better times, and we need to work and struggle in the name of results.\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019832","strategyType":"Progressive","managementStyle":"Active","riskLevel":3,"countryShareEe":33.56,"fundManager":"LHV"},"LXK75":{"heading":"LHV Pensionifond XL","id":"xl","code":"xl","dataMarker":"XLK50","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are prepared to take above-average risks,\n- your aim is the long-term growth of your pension savings.\n","strategy":"**Strategy**\nThe Fund prefers foreign markets, more liquid and traded instruments on regulated markets when investing assets. The assets of the Fund may be invested in their entirety in equities, equity funds and other equity-like instruments. The Fund is allowed to borrow up to 10% of the Fund's assets value. The long-term preferred asset class of the fund is public equity investments.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":34376},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":55.08,"unit":"%"},{"name":"Shares","value":15.08,"unit":"%"},{"name":"Equity funds","value":7.41,"unit":"%"},{"name":"Real Estate funds","value":10.72,"unit":"%"},{"name":"Private Equity funds","value":9.16,"unit":"%"},{"name":"Money and deposits","value":2.55,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.49% |\n| EfTEN Kinnisvarafond | 3.28% |\n| TRIGON - New Europe Fund D | 3.22% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.77% |\n| France Government 2.25% 25/10/22 | 2.42% |\n| East Capital Baltic Property Fund III | 2.40% |\n| East Capital Baltic Property Fund II | 2.17% |\n| Berkshire Hathaway 0.25% 17/01/21 | 2.11% |\n| BNP Paribas 0.75% 11/11/22 | 1.99% |\n| JP Morgan 1.375% 16/09/21 | 1.92% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 1.5% 18/10/21 | 3.49% |\n| EfTEN Kinnisvarafond | 3.28% |\n| Riigi Kinnisvara 1.61% 09/06/27 | 2.77% |\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 29.02.2020) | 195,163,670.05 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 500 000 units |\n| Rate of the depository’s charge | 0,0564% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.60%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 0.98%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_tingimused_02092019.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (29 February 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2020_02.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2017.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":2,"content":"### February 2020 – We supplemented the private equity investment portfolio\n\nKristo Oidermaa, Fund Manager\n\nIn February, global stock markets experienced a sharp decline, caused by fears of the spread of the coronavirus and the accompanying slowdown of economic growth. The index, which gathers together the 50 biggest publicly traded companies in the Eurozone, decreased by 8.5% over the month, with France and Germany being among the biggest losers. The Japanese stock exchange index dropped by 8%, measured in euros.\n\nThe global index of developing markets dropped by 5.3% in February and Latin-American countries were hit significantly harder than Asian countries. At the same time, the Chinese stock index recovered from a decline in January and remained slightly positive in February. This time even the Baltic stock markets went along with the overall decline: The rate of return of the Vilnius Stock Exchange was −6.3% and the Tallinn Stock Exchange fell by 5.3% over the month. The decline of the Riga Stock Exchange was notably smaller at 2.7%.\n\nWe added the Pictet Monte Rosa private equity fund of funds as a new investment to Pension Fund XL’s portfolio. This is a private bank and an asset management company with a very long history, founded in 1805 in Switzerland. Pictet has assets under management worth nearly EUR 519 billion, including EUR 12 billion in private equity investments. The investment focus of the fund of funds is global; however, the fund primarily places money in different types of private equity funds in North America, Europe and Asia.\n\nBond markets acted as expected in the climate of fear: European government loan markets offered a gain of approx. 0.5%, while the market for weaker companies lost more than 2%. A considerable portion of the total assets of the fund have been placed in highly-rated short-term liquid bonds. Firstly, it protects against the current situation and secondly, it enables new investments to be made as soon as attractive possibilities occur.\n"},{"year":2020,"month":1,"content":"### January 2020 – The first year of operation of rental houses was a success\n\nKristo Oidermaa, Fund Manager\n\n2020 began with quite a negative tone on global stock markets, with the stock exchanges of both developed and developing countries remaining mainly in negative territory in January. The rate of return of the Euro Stoxx 50 Index, which combines the largest companies of the euro zone, came to –2,7%, while the stock markets of almost all major powers decreased. Only the Finnish Stock Exchange was able to provide a surprise with its 2.2% rise. The stock markets of the Baltic Republics did not go along with the negative mood and the Tallinn Stock Exchange index rose by a total of 4.6%. The rate of return of the Vilnius Stock Exchange was 3.1%, and the Riga Stock Exchange rose by a modest 0.5%.\n\nIn January, the results of the first year of operation of LHV pension fund owned rental houses in Northern Tallinn were revealed, which one can definitely be satisfied with. The first residents moved into the apartments on Manufaktuuri Street in May, with all 127 apartments having found tenants by the end of 2019. The real estate valuation performed at the end of the year increased the value of the buildings significantly. Together with the rental income earned during the eight month period, the apartment houses provided unit holders of the pension fund with a decent rate of return. We are currently applying for a construction permit for the next series of rental apartment buildings, with a total of 164 apartments, planned for the Uus Mustamäe Quarter of Tallinn, with completion expected to take place by the end of 2021.\n\nŠiaulių bankas announced that they have concluded a contract in order to purchase a loan portfolio from the Lithuanian branch of Danske Bank. The 125 million euro portfolio, mainly consisting of home loans, is related to private banking clients. In order to finance its growth, Šiaulių issued subordinated bonds for LHV pension funds at the end of December in the amount of 20 million euros and at an interest rate of 6.15%.\n"},{"year":2019,"month":12,"content":"### December 2019 – We made a new investment in the Trigon share fund\n\nKristo Oidermaa, Fund Manager\n\nA familiar trend continued on the global stock markets in December, which mainly left the stock markets of developed as well as developing countries in positive territory. The Euro Stoxx 50 stock index, which represents the 50 largest listed companies in the Eurozone, rose by 1.2% in December, with the best performance coming from the Helsinki Stock Exchange, which rose by 4.1%. The Japanese stock index rose during the month by 1.6% when measured in the local currency, but only by 0.3% when measured in euros.\n\nDecember turned out to be an especially strong month for the stock markets of developing countries, with the MSCI Emerging Markets index rising by 7.2%. In comparison, the results for Baltic stock exchanges were more reserved: The Tallinn and Vilnius stock exchange indexes rose by 1.2% and 0.4%, respectively, while the Riga stock exchange fell by 0.8%.\n\nIn December, Pension Fund XL made a new investment in the Trigon New Europe Fund. The Fund invests in shares listed on the stock exchanges of new European Union Member States and candidate countries. The Fund’s portfolio consists of an average of 30-40 shares with an emphasis on the stock exchanges of Poland, the Czech Republic, Hungary, Romania and Slovenia. In terms of sectors, the largest investments are made in the shares of companies operating in the banking, consumer goods and energy sectors.\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n\nOver the past few years we have made similar investments in the bonds of Coop Pank and Citadele Banka. By doing so we have created a new asset class in the funds; one that generates over 6% in interest annually.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Stock markets sailed into unknown waters**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n","text":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n\nThe more modest recession of January was followed by a stronger sell-off In February: in the second half of the month, the spreading of coronavirus outside China began to abruptly cool the economic optimism of market participants. Capital, which had moved into shares last year based on the belief that the loose fiscal policy of central banks would be able to provide stimulus, was now suddenly seeking a way out, as central banks are unable to resolve the problems caused by the virus.\n\nThe Stoxx 600 Index, which gathers the shares of European companies, fell by 8.5% in fear of a new recession, and the S&P 500 index, which includes the biggest US companies, lost 8.4% of its value (7.7% measures in euros). As we have preferred to keep the equity risk low over the past few years when it comes to managing pension assets, and have focused on OTC transactions when searching for a rate of return, the fall of stock markets was reflected much more modestly in the value of LHV’s pension fund units. To see how things have turned out for Estonian pension funds, one can take a closer look at the website of [AS Pensionikeskus](https://www.pensionikeskus.ee/en/statistics/ii-pillar/nav-of-funded-pension/).\n\n**A “white swan” instead of a “black swan”?**\n\n[In his article](https://www.project-syndicate.org/commentary/white-swan-risks-2020-by-nouriel-roubini-2020-02), published in Project Syndicate on 17 February, Nouriel Roubini described risks that clearly exist, but which are being deliberately ignored by investors. He defined these risks as “white swans” as opposed to “black swans”, described by Nassim Nicholas Taleb, i.e. events and risks that we cannot or are even unable to imagine.\n\nIt has seemed to me, for a longer period of time already, that investors expect central banks to ensure them a risk-free and prosperous future regardless of whether or not the economy grows or companies generate profit. The beginning of this year can serve as a wake-up call of sorts, bringing us out of our dream world: in essence, it is impossible to spend indefinitely and live on credit.\n\nTherefore, LHV pension funds remain carefully positioned in terms of the outlook for the near future. We are focusing on private equity investments, Baltic commercial property, and financing projects.\n\nThe fall of the stock market was used in February to increase the positions open to gold. We view this as an insurance policy, given an environment where central banks and governments are attempting to speed up inflation and real interest rates may remain negative for a longer period of time.\n\nHowever, just as the mood on the stock markets tends to become too perky from time to time, at some point unexpected negative events may cause the opposite to occur. The positions of the funds provide sufficient liquidity in short-term high-rated bonds to ensure that we can grasp attractive possibilities emerging in the event of the further decline of the stock markets.\n\n**We are turning the funds towards higher rates of return**\n\nIn accordance with the Investment Funds Act, adopted in December 2018, LHV has slightly adjusted the investment strategies of pension funds during the last year. At the same time, we have tried to make sure that there is no change in the reciprocal comparable levels of risk between funds.\n\nWhile LHV pension funds followed a similar investment strategy in the past, and differed from one another only by risk level, then over the past year we have redesigned the strategies of our pension funds in such a way that, at the moment, funds M, L and XL are able to almost completely avoid bonds offering a negative rate of return. We are slowly exiting this segment, and in February we also took advantage of the continued rise in price of listed bonds to sell.\n\nPension fund M is focussed on bonds offering a high rate of return and cash-flow generating real estate. At the same time, attention is paid primarily to the local market. Pension fund XL is committed to international markets, where we currently prefer a selection of private equity funds; however, we are also ready to invest in liquid assets in the event that the price level becomes more attractive. LHV’s largest pension fund, L, is active on both local as well as international markets, combining the strategies of the M and XL funds.\n\nStarting from autumn 2019, these three funds have, in essence, been free to place the sum of their assets into equities and real estate.\n\nThe investments of pension fund XS, the lowest risk pension fund at LHV, are 90% restricted to bonds with an investment-grade credit rating, while 10% of the fund’s value can be invested in real estate, related securities or riskier bonds. Pension fund S, which previously invested solely in bonds, may now place up to 25% into investments bearing an equity risk and there are no rating restrictions on the investments in bonds.\n\nWe at LHV are convinced that the long-term growth of an investment depends primarily on the cash flow provided by the project or enterprise. Companies that are profitable, and whose profit-generating ability is more stable, hold up better in complicated circumstances than those with a weaker cash flow, which are dependent upon the trust and sentiment of creditors.\n\nWe are committed to beating the growth of social tax revenues set as the target by the government, which in turn can be compared to the nominal economic growth of the Estonian economy. However, one of my very own investment principles has always been that in order to achieve a long-term rate of return, we must avoid huge losses. I believe that the economy is cyclical in nature and not all moments are equally good for investing. Tough times are followed by better times, and we need to work and struggle in the name of results.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600019766","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":30.55,"fundManager":"LHV"},"LIK75":{"heading":"LHV Pensionifond Indeks","id":"indeks","code":"lik","dataMarker":"LIK75","suitability":"**Suitable if**\n- you want to invest in financial markets on a continuous basis,\n- you wish to grow your pension pillar at the lowest possible costs,\n- you have prior personal investment experience.\n","strategy":"**Strategy**\nWe invest broadly in equity and real estate funds. When investing, we prefer funds that are exchange traded (ETF), have a low cost rate, hold physical assets (not synthetic), are cost effective, liquid and follow the base index. Up to 75% of the fund’s assets have been invested in equity funds, the rest in real estate funds. We invest in equity funds both in developed, emerging as well as frontier markets, based on global GDP distribution. Whenever the proportion of money in the fund exceeds 2%, it is invested within five working days.\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":6170},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":72.48,"unit":"%"},{"name":"Real Estate funds","value":26.79,"unit":"%"},{"name":"Money and deposits","value":0.73,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Lyxor Core MSCI World DR UCITS | 27.33% |\n| Amundi Index FTSE EPRA Nareit Global UCITS ETF | 26.79% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 13.40% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 10.58% |\n| iShares Core MSCI World UCITS | 8.15% |\n| HSBC MSCI WORLD UCITS ETF | 7.40% |\n| db x-trackers MSCI World Index UCITS ETFF | 2.51% |\n| iShares MSCI Frontier 100 ETF | 2.07% |\n| Vanguard FTSE Emerging Markets UCITS ETF | 1.04% |\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 29.02.2020) | 26,004,197.94 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 550 000 units |\n| Rate of the depository’s charge | 0,0564% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.39%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.63%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_tingimused-2018-01-02.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_prospekt-2018-01-02.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_09_2019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (29 February 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2020_02.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2017.pdf)\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109401","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV"},"TUK00":{"heading":"Tuleva Maailma Võlakirjade Pensionifond","id":"tv","code":"tv","dataMarker":"TUK00","suitability":"**Suitable if**\n- you have less than 10 years till retirement,\n- you are willing to forgo higher returns in order to avoid losses.\n","strategy":"**Strategy**\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":2391},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":96.77,"unit":"%"},{"name":"Money and deposits","value":3.28,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - Global Government Bond Index - X2 | 25.17% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 24.13% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 23.92% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 23.55% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.49%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600109443","strategyType":"Conservative","managementStyle":"Passive","riskLevel":3,"countryShareEe":0,"fundManager":"Tuleva"},"TUK75":{"heading":"Tuleva Maailma Aktsiate Pensionifond","id":"ta","code":"ta","dataMarker":"TUK75","suitability":"**Suitable if**\n- you are younger than 55 years,\n- you would like to earn best expected return over long term and you are not disturbed by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":15324},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":75.05,"unit":"%"},{"name":"Bond funds","value":23.78,"unit":"%"},{"name":"Money and deposits","value":1.21,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| BlackRock ISF - Developed World Index | 28.21% |\n| BlackRock BGIF - World Equity Index - X2 | 27.30% |\n| BlackRock BGIF - Global Government Bond Index - X2 | 23.78% |\n| BlackRock ISF - Developed World ex Tobacco | 10.82% |\n| BlackRock ISF - Emerging Markets Index | 8.73% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.34%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.46%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109435","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva"},"SEK50":{"heading":"SEB Progressiivne Pensionifond","id":"progressiivne","code":"progressiivne","dataMarker":"SEK50","suitability":"**Suitable if**\n- you have more than 3 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nFund invests up to 50% of its assets in shares, with the remainder allocated to bonds and deposits. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":90186},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":22.35,"unit":"%"},{"name":"Shares","value":2.01,"unit":"%"},{"name":"Equity funds","value":41.83,"unit":"%"},{"name":"Real Estate funds","value":2.97,"unit":"%"},{"name":"Private Equity funds","value":1.07,"unit":"%"},{"name":"Bond funds","value":28.81,"unit":"%"},{"name":"Money and deposits","value":0.95,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 14.53% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 12.27% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 9.50% |\n| iShares Core S&P 500 UCITS ETF | 7.31% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 3.78% |\n| iShares Core EUR Corp Bond UCITS ETF EUR | 5.76% |\n| SEB Sustainability Global Index Fund | 5.13% |\n| SEB Ethical Global Index Fund | 5.11% |\n| Robeco QI Global Dynamic Duration | 3.10% |\n| Lyxor Core STOXX Europe 600 DE ETF | 2.38% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 2.01% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 1.97% |\n| EfTEN Real Estate Fund IV | 1.23% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.94%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019725","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":8.78,"fundManager":"SEB"},"SEK25":{"heading":"SEB Optimaalne Pensionifond","id":"optimaalne","code":"optimaalne","dataMarker":"SEK25","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nFund mainly invests in bonds and deposits, with up to 25% invested in shares. As the fund largely invests in bonds and deposits, there may be moderate fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":6032},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":33.14,"unit":"%"},{"name":"Shares","value":1.83,"unit":"%"},{"name":"Equity funds","value":15.9,"unit":"%"},{"name":"Real Estate funds","value":2.8,"unit":"%"},{"name":"Private Equity funds","value":0.49,"unit":"%"},{"name":"Bond funds","value":43.29,"unit":"%"},{"name":"Money and deposits","value":2.56,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 12.94% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 9.14% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 7.38% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 5.35% |\n| PIMCO Funds Global Investors Series PLC - Global Investment Grade Credit Fund | 5.30% |\n| Robeco QI Global Dynamic Duration | 4.51% |\n| iShares Core S&P 500 UCITS ETF | 4.18% |\n| Goldman Sachs Global Credit Portfolio (Hedged) I | 3.58% |\n| iShares Core S&P 500 UCITS ETF | 3.41% |\n| SEB Fund 4 Short Bond Fund Euro | 2.87% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Sadam AS | 1.83% |\n| Luminor Bank Estonia 1,5% 18.10.2021 | 1.81% |\n| EfTEN Real Estate Fund IV | 1.13% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.94%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098612","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":8,"fundManager":"SEB"},"SEK00":{"heading":"SEB Konservatiivne Pensionifond","id":"konservatiivne","code":"konservatiivne","dataMarker":"SEK00","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nInvests at least 90% of its assets in investment grade bonds, money market instruments and deposits. Up to 10% is allowed to invest into other assets, including equities. Investment in these asset classes involves lower risks, meaning that there is little fluctuation in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":11765},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":44.43,"unit":"%"},{"name":"Equity funds","value":7.54,"unit":"%"},{"name":"Bond funds","value":47.08,"unit":"%"},{"name":"Money and deposits","value":0.96,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Bundesrepublic Deutschland 0% 15.02.2030 | 18.13% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR Dist | 15.90% |\n| iShares Core EUR Corp Bond UCITS ETF EUR (Dist) | 8.37% |\n| UBS ETF-Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF | 8.18% |\n| iShares EUR Corporate Bond Large Cap UCITS ETF | 7.88% |\n| Bundesrepublic Deutschland 3% 04.07.2020 | 5.33% |\n| Bundesrepublic Deutschland 1.5% 15.02.2023 | 4.41% |\n| Lithuanian Government Bond 0.7% 27.05.2020 | 3.43% |\n| iShares Core MSCI World UCITS ETF | 2.87% |\n| iShares Euro Ultrashort Bond UCITS ETF | 2.74% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank Estonia 1,5% 18.10.2021 | 2.05% |\n| Elering 0.875% 03.05.2023 | 1.05% |\n| Baltic Horizon Fund 4.25% 08.05.2023 | 0.39% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.39%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.49%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":3.82,"fundManager":"SEB"},"SEK100":{"heading":"SEB Pensionifond 100","id":"sek100","code":"sek100","dataMarker":"SEK100","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a high risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nInvests up to 100% of its assets in shares. This involves high risks, resulting in big fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":371},"accordion":[{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.96%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600001699","strategyType":"Aggressive","managementStyle":"Active","riskLevel":5,"countryShareEe":"-","fundManager":"SEB"},"SWK99":{"heading":"Swedbank Pensionifond K1990-1999 indeks","id":"k9099","code":"k99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born between 1990 and 1999,\n- you don’t want to change funds yourself during the savings period (although you can still do so if you need to),\n- you prefer the risk profile of the fund to change automatically.\n","strategy":"**Strategy**\nThe Fund is established as a lifecycle fund with so called passive investment strategy, meaning that the assets of the Fund are invested into financial instruments that track global indices and the Management Company reduces the ratio of instruments carrying equity risk in the Fund´s assets over time pursuant to the conditions and prospectus of the Fund.\nThe proportion of investments with equity risk will only ever vary from the indicated level by max. 2%. The remainder is invested in bonds, other debt instruments, deposits and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":11823},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":96.43,"unit":"%"},{"name":"Money and deposits","value":3.6,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global Ucits ETF DR | 23.48% |\n| LYXOR Core MSCI World | 20.19% |\n| SPDR MSCI World Ucits ETF | 20.18% |\n| Access Global | 16.30% |\n| HSBC MSCI World UCITS ETF | 16.28% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.41%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.47%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109393","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank Pensionifond K100","id":"k4","code":"k4","dataMarker":"SWK75","suitability":"**Suitable if**\n- your age is up to 44 years,\n- you are a pension saver with relatively high risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\nUp to 75% of the fund’s assets are invested in equity-risk instruments, with up to 50% permitted to be invested directly in equities. The rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":109861},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":17.16,"unit":"%"},{"name":"Shares","value":47.06,"unit":"%"},{"name":"Equity funds","value":26.6,"unit":"%"},{"name":"Real Estate funds","value":4.35,"unit":"%"},{"name":"Private Equity funds","value":0.7,"unit":"%"},{"name":"Bond funds","value":2.78,"unit":"%"},{"name":"Money and deposits","value":4.17,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 16.94% |\n| Access Europa A | 6.75% |\n| Vanguard Long-Term Treasury ETF | 2.78% |\n| Eften Kinnisvarafond II aktsia | 1.51% |\n| Apple | 1.33% |\n| iShares Gold Producers UCITS ETF | 1.25% |\n| Lithuania 0.000% 210131 | 1.03% |\n| Microsoft | 1.02% |\n| East Capital Baltic Property III | 1.02% |\n| Luminor Bank 1.500% 211018 | 1.02% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 1.51% |\n| East Capital Baltic Property III | 1.02% |\n| Luminor Bank 1.500% 211018 | 1.02% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.54%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.70%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103248","strategyType":"Aggressive","managementStyle":"Active","riskLevel":5,"countryShareEe":8.14,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank Pensionifond K60","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with higher than average risk tolerance who is aware of the main features and risks of securities,\n- your objective is to grow your pension assets as much as possible over a longer savings period (more than 10 years).\n","strategy":"**Strategy**\nUp to 50% of the fund’s assets are invested in equity-risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":138274},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":42.6,"unit":"%"},{"name":"Shares","value":28.35,"unit":"%"},{"name":"Equity funds","value":16.55,"unit":"%"},{"name":"Real Estate funds","value":5.65,"unit":"%"},{"name":"Private Equity funds","value":0.89,"unit":"%"},{"name":"Bond funds","value":4.73,"unit":"%"},{"name":"Money and deposits","value":3.95,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 8.51% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 2.82% |\n| Vanguard Long-Term Treasury ETF | 2.72% |\n| Eften Kinnisvarafond II aktsia | 2.26% |\n| Spain Government 0.750% 210730 | 2.04% |\n| Amundi 12 M | 2.00% |\n| Lithuania 2.100% 210828 | 1.70% |\n| Access Europa A | 1.64% |\n| Luminor Bank 1.500% 211018 | 1.53% |\n| Lithuania 3.400% 201003 | 1.51% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 2.26% |\n| Luminor Bank 1.500% 211018 | 1.53% |\n| East Capital Baltic Property III | 1.44% |\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:** 0.54%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.67%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"progressiivne","isin":"EE3600019758","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":12.37,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank Pensionifond K30","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- your age is between 55 to 62 years,\n- you are a pension saver with moderate risk tolerance,\n- your objective is to achieve stable growth in your pension assets over a medium savings period (at least seven years).\n","strategy":"**Strategy**\nUp to 25% of the fund’s assets are invested in equity-risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":43996},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":68.82,"unit":"%"},{"name":"Shares","value":0.49,"unit":"%"},{"name":"Equity funds","value":17.73,"unit":"%"},{"name":"Real Estate funds","value":6.94,"unit":"%"},{"name":"Private Equity funds","value":1.2,"unit":"%"},{"name":"Bond funds","value":1.68,"unit":"%"},{"name":"Money and deposits","value":4.84,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Spain Government 0.750% 210730 | 4.10% |\n| Amundi ETF MSCI Europe UCITS | 3.63% |\n| UBS ETF-MSCI Emerging Markets UCITS ETF | 3.46% |\n| Vanguard S&P 500 ETF | 3.29% |\n| Spain Government 0.050% 210131 | 3.28% |\n| Eften Kinnisvarafond II aktsia | 3.06% |\n| Luminor Bank 1.375% 221021 | 3.05% |\n| S&P 500 SPDR | 2.92% |\n| Luminor Bank 1.500% 211018 | 2.65% |\n| Lithuania 2.100% 210828 | 2.54% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II aktsia | 3.06% |\n| Luminor Bank 1.375% 221021 | 3.05% |\n| Luminor Bank 1.500% 211018 | 2.65% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.54%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.65%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600019741","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":19.76,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond K10","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your age is 63 years or above,\n- you are a pension saver with low risk tolerance,\n- your objective is to grow your pension assets in the short term (less than three years).\n","strategy":"**Strategy**\n100% of the fund’s assets are invested in bonds, money market instruments, deposits, real estate and other assets without equity risk.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":10492},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":80.94,"unit":"%"},{"name":"Real Estate funds","value":5.37,"unit":"%"},{"name":"Bond funds","value":2.87,"unit":"%"},{"name":"Money and deposits","value":11,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Luminor Bank 1.500% 211018 | 5.07% |\n| East Capital Baltic Property Fund III | 4.64% |\n| Luminor Bank 1.375% 221021 | 3.75% |\n| Lithuania Government 0.300% 210504 | 3.68% |\n| Lithuania Government 0.400% 230816 | 2.53% |\n| Eesti Energia 2.384% 230922 | 2.36% |\n| Spain Government 0.050% 210131 | 2.20% |\n| French Government 0.000% 220225 | 1.92% |\n| Poland Government International 0.500% 211220 | 1.78% |\n| Lithuania 2.100% 210828 | 1.77% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank 1.500% 211018 | 5,07% |\n| East Capital Baltic Property Fund III | 4,64% |\n| Luminor Bank 1.375% 221021 | 3,75% |\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 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":22.09,"fundManager":"Swedbank"},"SEK75":{"heading":"SEB Energiline Pensionifond","id":"energiline","code":"energiline","dataMarker":"SEK75","suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nFund up to 75% of its assets in shares, with the remainder allocated to bonds and deposits. Investing mainly in shares involves higher risks, resulting in bigger fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":36133},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":17.64,"unit":"%"},{"name":"Shares","value":1.31,"unit":"%"},{"name":"Equity funds","value":66.27,"unit":"%"},{"name":"Real Estate funds","value":2.19,"unit":"%"},{"name":"Private Equity funds","value":0.32,"unit":"%"},{"name":"Bond funds","value":11.39,"unit":"%"},{"name":"Money and deposits","value":0.88,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| iShares Core MSCI World UCITS ETF | 15.17% |\n| iShares Core S&P 500 UCITS ETF | 12.10% |\n| SEB Sustainability Global Index Fund | 7.69% |\n| SEB Ethical Global Index Fund C | 7.46% |\n| Bundesrepublic Deutschland 2% 15.08.2023 | 5.88% |\n| Bundesrepublic Deutschland 0% 15.02.2030 | 5.14% |\n| Amundi Index MSCI World UCITS ETF DR | 4.73% |\n| Xtrackers MSCI World UCITS ETF | 4.34% |\n| Amundi MSCI Emerging Markets ETF | 3.93% |\n| PIMCO Funds Gloval Investors Series PLC-Global Investment Grade Credit Fund | 2.73% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor Bank Estonia 1,5% 18.10.2021 | 1.41% |\n| Tallinna Sadam AS | 1.31% |\n| EfTEN Real Estate Fund IV | 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:** 0.72%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.92%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103297","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":5.24,"fundManager":"SEB"},"LEK75":{"heading":"LHV Pensionifond Eesti","id":"eesti","code":"eesti","dataMarker":"LEK75","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you want to link your pension with the Estonian economy,\n- you also have investments in other regions.\n","strategy":"**Strategy**\nThe assets of the Fund shall be invested up to 100% in Estonia and in instruments related to Estonia, if possible and upon finding suitable instruments. At the same time, the proportion of Estonian-related instruments in the Fund is at least 50% of the value of the Fund’s assets. The assets of the Fund may be fully invested in the equity markets. In addition, the Fund is authorized to borrow up to 10%. The Fund’s long-term preferred asset class is investments related to Estonia.\n\n
\n\n[LHV Pension Fund Eesti and LHV Pension Fund L will merge on 2 September 2020.](https://fp.lhv.ee/news/newsView?locale=et&newsId=5519799)\n","fundInfo":{"company":{"title":"AS LHV Varahaldus"},"investors":143},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":41.55,"unit":"%"},{"name":"Shares","value":28.77,"unit":"%"},{"name":"Real Estate funds","value":18.97,"unit":"%"},{"name":"Private Equity funds","value":0.32,"unit":"%"},{"name":"Money and deposits","value":10.38,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Tallinna Kaubamaja | 4.48% |\n| EfTEN Kinnisvarafond II | 4.36% |\n| Birdeye Timber Fund | 4.36% |\n| Tallink Grupp | 4.11% |\n| Tallinna Sadam | 4.09% |\n| Eesti Energia 2.384% 22/09/23 | 3.97% |\n| Birdeye Timber Fund 2 | 3.96% |\n| Luminor 1.5% 18/10/21 | 3.77% |\n| Baltic Horizon Fund 4.25% 08/05/23 | 3.73% |\n| HSBC Holdings Plc 04/12/21 | 3.71% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Tallinna Kaubamaja | 4.48% |\n| EfTEN Kinnisvarafond II | 4.36% |\n| Birdeye Timber Fund | 4.36% |\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 29.02.2020) | 2,713,747.80 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 2,690,184.87 units |\n| Rate of the depository’s charge | 0,0564% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.60%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.26%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_tingimused_02092019.pdf)\n- [Information to unit-holders (in Estonian)](/assets/files/pension/Osakuomanikele_antav_teave_LHV_Pensionifond_Eesti.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_02092019.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Eesti_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (29 February 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_Eesti_kuuaruanne_2020_02.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Eesti_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_pensionifond_Eesti_aruanne_2018.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":2,"content":"### February 2020 – Even the Baltics could not escape the global stock exchange panic\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nSimilar to the rest of the world, the pressure to sell also hit the stock markets of the Baltic republics in February. The Vilnius Stock Exchange was hit the hardest, with the index dropping by 6.3% in a month. Also the Tallinn Stock Exchange Index declined notably and ended the month of February with a loss of 5.3%.\n\nAt the end of the month, the public company Tallink and its major shareholder Infortar announced the signing of a Memorandum of Understanding with the City of Tallinn for the reconstruction of the Tallinn City Hall. The size of investment is nearly EUR 300 million. According to the vision, the City Hall plot will be developed into a conference centre together with a passenger port, hotel, business centre and recreational facilities. Tallink plans to transfer the vessels operating on the Tallinn-Helsinki route from Tallinn’s Old City Harbour to the new passenger port. The management board for the Port of Tallinn estimates that the works will last from seven to ten years and, therefore, the impact of the plan on the financial results of the Port of Tallinn will be minor in the coming years.\n"},{"year":2020,"month":1,"content":"### January 2020 – One of the most successful company purchases in Estonia was completed\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\n2020 began with a rather negative tone on global stock markets, although the stock exchanges of the Baltic Republics did not follow the downward trend. Tallinn Stock Exchange index rose in January by 4.6%, with the Vilnius and Riga Stock Exchanges yielding a rate of return of 3.1% and 0.5%, respectively.\n\nIn January, Tallinna Kaubamaja Grupp, which belongs to the LHV Pensionifond Eesti portfolio, announced their economic results for 2019. The company increased its sales revenue compared to 2018 by 5.3%, reaching more than 717 million euros. The company managed to increase its net profit by 2.3% (to more than 31 million euros). In his comments, the company’s CEO highlighted the fact that sales grew steadily throughout the year and that successful campaigns (led by Osturalli) also had a positive impact on sales.\n\nThe Port of Tallinn also announced information regarding total cargo volume and the number of passengers in 2019. The ports owned by the Port of Tallinn were visited by 1893 ships and the number of passengers increased to a record of 10.6 million people. In contrast, cargo volume decreased by 3.3% mostly due to the decrease in the volume of liquid bulk.\n\nIn January, one of the most successful company purchases in Estonia was finally completed when BaltCap and the management board of the company sold the auto24 environment to the international private capital company Apax. LHV’s pension funds were repaid the loans taken during the transaction to purchase the company: the funds earned 3% a year from the bonds, which were an alternative to a bank loan, and 12% from the capital loan. Prior to the final date of redemption, a premium was added which further increased the total return for pension collectors. Active pension funds offer such financing all over the world and in Estonia we can see the funds playing the same role in the future in terms of promoting the economy and earning income for savers.\n"},{"year":2019,"month":12,"content":"### December 2019 – Poor start for Coop Pank shares\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nIn December, the stock markets of the Baltic Republics were left behind when it came to the global stock market rally, with their returns being somewhat more modest. The Tallinn and Vilnius stock exchange indexes rose during the month by 1.2% and 0.4%, respectively, while the Riga stock exchange fell by 0.8%.\n\nDuring the month, the shares of Coop Pank began trading on the Tallinn Stock Exchange, being offered to investors at the price of 1.15 €. The bank raised 31.3 million euros from new investors, which is slightly less than the 37 million euros it was seeking. Demand was also lower than expected on the stock exchange: the stock closed its first trading day with a share price of 1.095 €. Since then, Coop Pank's share price has fallen even further, settling at a price of 1.07 € on the last trading day of 2019, representing a loss of 7% for investors who took part in the initial public offering. In comparison: Shares of the Port of Tallinn, which were listed on the Tallinn Stock Exchange in the summer of 2018, rose by 14.7% on the first day of trading.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Stock markets sailed into unknown waters**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n","text":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n\nThe more modest recession of January was followed by a stronger sell-off In February: in the second half of the month, the spreading of coronavirus outside China began to abruptly cool the economic optimism of market participants. Capital, which had moved into shares last year based on the belief that the loose fiscal policy of central banks would be able to provide stimulus, was now suddenly seeking a way out, as central banks are unable to resolve the problems caused by the virus.\n\nThe Stoxx 600 Index, which gathers the shares of European companies, fell by 8.5% in fear of a new recession, and the S&P 500 index, which includes the biggest US companies, lost 8.4% of its value (7.7% measures in euros). As we have preferred to keep the equity risk low over the past few years when it comes to managing pension assets, and have focused on OTC transactions when searching for a rate of return, the fall of stock markets was reflected much more modestly in the value of LHV’s pension fund units. To see how things have turned out for Estonian pension funds, one can take a closer look at the website of [AS Pensionikeskus](https://www.pensionikeskus.ee/en/statistics/ii-pillar/nav-of-funded-pension/).\n\n**A “white swan” instead of a “black swan”?**\n\n[In his article](https://www.project-syndicate.org/commentary/white-swan-risks-2020-by-nouriel-roubini-2020-02), published in Project Syndicate on 17 February, Nouriel Roubini described risks that clearly exist, but which are being deliberately ignored by investors. He defined these risks as “white swans” as opposed to “black swans”, described by Nassim Nicholas Taleb, i.e. events and risks that we cannot or are even unable to imagine.\n\nIt has seemed to me, for a longer period of time already, that investors expect central banks to ensure them a risk-free and prosperous future regardless of whether or not the economy grows or companies generate profit. The beginning of this year can serve as a wake-up call of sorts, bringing us out of our dream world: in essence, it is impossible to spend indefinitely and live on credit.\n\nTherefore, LHV pension funds remain carefully positioned in terms of the outlook for the near future. We are focusing on private equity investments, Baltic commercial property, and financing projects.\n\nThe fall of the stock market was used in February to increase the positions open to gold. We view this as an insurance policy, given an environment where central banks and governments are attempting to speed up inflation and real interest rates may remain negative for a longer period of time.\n\nHowever, just as the mood on the stock markets tends to become too perky from time to time, at some point unexpected negative events may cause the opposite to occur. The positions of the funds provide sufficient liquidity in short-term high-rated bonds to ensure that we can grasp attractive possibilities emerging in the event of the further decline of the stock markets.\n\n**We are turning the funds towards higher rates of return**\n\nIn accordance with the Investment Funds Act, adopted in December 2018, LHV has slightly adjusted the investment strategies of pension funds during the last year. At the same time, we have tried to make sure that there is no change in the reciprocal comparable levels of risk between funds.\n\nWhile LHV pension funds followed a similar investment strategy in the past, and differed from one another only by risk level, then over the past year we have redesigned the strategies of our pension funds in such a way that, at the moment, funds M, L and XL are able to almost completely avoid bonds offering a negative rate of return. We are slowly exiting this segment, and in February we also took advantage of the continued rise in price of listed bonds to sell.\n\nPension fund M is focussed on bonds offering a high rate of return and cash-flow generating real estate. At the same time, attention is paid primarily to the local market. Pension fund XL is committed to international markets, where we currently prefer a selection of private equity funds; however, we are also ready to invest in liquid assets in the event that the price level becomes more attractive. LHV’s largest pension fund, L, is active on both local as well as international markets, combining the strategies of the M and XL funds.\n\nStarting from autumn 2019, these three funds have, in essence, been free to place the sum of their assets into equities and real estate.\n\nThe investments of pension fund XS, the lowest risk pension fund at LHV, are 90% restricted to bonds with an investment-grade credit rating, while 10% of the fund’s value can be invested in real estate, related securities or riskier bonds. Pension fund S, which previously invested solely in bonds, may now place up to 25% into investments bearing an equity risk and there are no rating restrictions on the investments in bonds.\n\nWe at LHV are convinced that the long-term growth of an investment depends primarily on the cash flow provided by the project or enterprise. Companies that are profitable, and whose profit-generating ability is more stable, hold up better in complicated circumstances than those with a weaker cash flow, which are dependent upon the trust and sentiment of creditors.\n\nWe are committed to beating the growth of social tax revenues set as the target by the government, which in turn can be compared to the nominal economic growth of the Estonian economy. However, one of my very own investment principles has always been that in order to achieve a long-term rate of return, we must avoid huge losses. I believe that the economy is cyclical in nature and not all moments are equally good for investing. Tough times are followed by better times, and we need to work and struggle in the name of results.\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109476","strategyType":"Aggressive","managementStyle":"Active","riskLevel":3,"countryShareEe":66.32,"fundManager":"LHV"},"SIK75":{"heading":"SEB Pensionifond Indeks 100","id":"eindeks","code":"sik","dataMarker":"SIK75","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a medium risk fund,\n- your goal is to mirror securities markets.\n","strategy":"**Strategy**\nInvests up to 100% of its assets in equities, by implementing a passive investment strategy and mirroring securities markets. Investing in equities involves high risks, resulting in big fluctuations in the value of the fund’s assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":6584},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.14,"unit":"%"},{"name":"Money and deposits","value":0.87,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Vanguard S&P 500 UCITS ETF | 27.72% |\n| iShares Core S&P 500 UCITS ETF | 21.06% |\n| Lyxor Core STOXX Europe 600 DE ETF | 18.37% |\n| UBS ETF - MSCI Emerging Markets UCITS ETF | 8.08% |\n| Xtrackers Nikkei 225 UCITS ETF | 7.01% |\n| Amundi MSCI Emerging Markets UCITS ETF | 4.27% |\n| UBS ETF-MSCI Canada UCITS ETF | 3.54% |\n| iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc | 3.43% |\n| Xtrackers MSCI USA UCITS ETF | 2.81% |\n| SOURCE S&P 500 UCITS ETF | 2.61% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.4%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600109427","strategyType":"Aggressive","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"SEB"},"NPK00":{"heading":"Luminor C Pensionifond","id":"c","code":"c","dataMarker":"NPK00","suitability":"**Suitable if**\n- your saving period is less than 3 years,\n- you would rather protect your pension assets instead of focusing on the growth.\n","strategy":"**Strategy**\nInvests a maximum of 10% of the fund's assets in shares and similar risk-bearing assets. At times of high interest rates, the fund may invest most of its assets in deposits to avoid setbacks on the bond markets.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":4693},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":6.13,"unit":"%"},{"name":"Bond funds","value":91.7,"unit":"%"},{"name":"Money and deposits","value":2.18,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Nordea 2 - US Corporate Enhanced Bd Fd | 9.82% |\n| Xtrackers USD Corporate Bond UCITS ETF | 9.73% |\n| Nordea 1 - US Corporate Bond Fund | 9.66% |\n| Nordea Pro Euro Bond I Growth | 7.97% |\n| Nordea Corporate Bond I Growth | 7.53% |\n| iShares Core Euro Government Bond UCITS ETF | 7.40% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 7.26% |\n| iShares Euro Corporate Bond Interest Rate Hedged | 5.99% |\n| Nordea Euro Medium Term Bond Growth | 5.75% |\n| iShares Core MSCI World UCITS ETF | 4.47% |\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:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.97%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":0,"fundManager":"Luminor"},"NPK25":{"heading":"Luminor B Pensionifond","id":"b","code":"b","dataMarker":"NPK25","suitability":"**Suitable if**\n- your saving period is more than 3 years,\n- you want to grow your pension assets, but do not want to take the risk of significant decreases in the price of the accumulated assets.\n","strategy":"**Strategy**\nInvests a maximum of 30% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":2539},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":25.76,"unit":"%"},{"name":"Real Estate funds","value":4.61,"unit":"%"},{"name":"Bond funds","value":67.08,"unit":"%"},{"name":"Money and deposits","value":2.56,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 7.89% |\n| Nordea 1 - US Corporate Bond Fund | 7.93% |\n| Nordea Emerging Market Bond Fund Growth | 7.04% |\n| SPDR Barclays Euro Government Bond UCITS ETF | 6.18% |\n| Nordea 2 - Emerging Mkt Hard Ccy Bond Fd | 5.51% |\n| iShares Core Euro Government Bond UCITS ETF | 5.36% |\n| EfTEN Kinnisvarafond II AS | 4.61% |\n| iShares Euro Corporate Bond Large Cap UCITS ETF | 4.06% |\n| Nordea Euro Bond I Growth | 3.99% |\n| iShares Core MSCI World UCITS ETF | 3.64% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.61% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.94%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.55%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"tasakaalustatud","isin":"EE3600098448","strategyType":"Balanced","managementStyle":"Active","riskLevel":3,"countryShareEe":4.61,"fundManager":"Luminor"},"NPK75":{"heading":"Luminor A Pluss Pensionifond","id":"apluss","code":"A pluss","dataMarker":"NPK75","suitability":"**Suitable if**\n- your saving period is more than 20 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve potentially high return on assets in the longer run despite short-term fluctuations in prices.\n","strategy":"**Strategy**\nInvests a maximum of 100% of fund assets in equity and assets with similar risk. The rest is invested in bonds, deposits or similar instruments. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":9452},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":89.3,"unit":"%"},{"name":"Real Estate funds","value":2.83,"unit":"%"},{"name":"Bond funds","value":3.17,"unit":"%"},{"name":"Money and deposits","value":4.7,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| iShares MSCI North America UCITS ETF | 7.85% |\n| iShares Core MSCI World UCITS ETF | 7.75% |\n| Nordea 1 - Global Stars Equity Fund | 7.39% |\n| RBC Funds - Global Equity Focus Fund | 6.85% |\n| iShares S&P 500 ETF | 6.36% |\n| Robeco Emerging Markets Equities Class I EUR | 6.30% |\n| Nordea 1 - Emerging Stars Equity Fund | 5.74% |\n| iShares MSCI Europe UCITS ETF DIST | 5.65% |\n| Nordea 1 - Global Small Cap Fund | 5.32% |\n| Hermes Global Emerging Markets Fund | 5.25% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 2.67% |\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:** 0.94%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.62%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"agressiivne","isin":"EE3600103503","strategyType":"Aggressive","managementStyle":"Active","riskLevel":4,"countryShareEe":2.83,"fundManager":"Luminor"},"NPK50":{"heading":"Luminor A Pensionifond","id":"A","code":"A","dataMarker":"NPK50","suitability":"**Suitable if**\n- your saving period is more than 10 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve a somewhat higher return on assets regardless of short-term price fluctuations.\n","strategy":"**Strategy**\nInvests a maximum of 60% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":27490},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":49.8,"unit":"%"},{"name":"Real Estate funds","value":4.36,"unit":"%"},{"name":"Bond funds","value":43.21,"unit":"%"},{"name":"Money and deposits","value":2.62,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|---:|\n| Xtrackers USD Corporate Bond UCITS ETF | 6.94% |\n| iShares Core Euro Government Bond UCITS ETF | 5.95% |\n| Nordea 1 - Emerging Stars Equity Fund | 5.32% |\n| Nordea 2 - Emerging Mkt Hard Ccy Bond Fd | 4.91% |\n| Nordea 1 - US Corporate Bond Fund | 4.84% |\n| iShares Core MSCI World UCITS ETF | 4.81% |\n| iShares MSCI Europe UCITS ETF | 4.74% |\n| Nordea 1 . Global Small Cap Fund | 4.57% |\n| iShares MSCI North America UCITS ETF | 4.54% |\n| Nordea 1 - Global Stars Equity Fund | 3.78% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.25% |\n| EfTEN Kinnisvarafond AS | 1.11% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.94%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the cumulative increase of Estonian social security pension contribution as of 31.08.2019.\n\n**Ongoing charges (inc management fee):** 1.58%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"progressiivne","isin":"EE3600098430","strategyType":"Progressive","managementStyle":"Active","riskLevel":4,"countryShareEe":4.36,"fundManager":"Luminor"},"SPT30":{"heading":"Luminor Intress Pluss Pensionifond","id":"intress-pluss","code":"lum_int","dataMarker":"SPT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is more than 3 years long,\n- you want to increase your pension assets, but do not want to take risks at the price of significant decrease in the value of collected assets.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"1%","exitFee":"1%","managementFee":"1,2%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600109369, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.2%\n\n**Ongoing charges (inc management fee):** 1.84%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Täiendav Pensionifond","id":"taiendav","code":"lhv_iii","dataMarker":"LHT75","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have medium risk tolerance,\n- you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money tax-effectively after reaching the age of 55.\n","strategy":"**Strategy**\nThe fund makes significant investments in equity markets: to ensure maximum growth, the proportion of equity markets is kept close to 75% of the value of the fund’s assets. The proportion of equity markets may also be higher – up to 95% – or lower (in recent years close to 40%), if considered reasonable by the fund manager.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"date":"29.02.2020","capacity":"15,711,341.46 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600010294, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":53.15,"unit":"%"},{"name":"Shares","value":16,"unit":"%"},{"name":"Equity funds","value":7.04,"unit":"%"},{"name":"Real Estate funds","value":14.95,"unit":"%"},{"name":"Private Equity funds","value":4.54,"unit":"%"},{"name":"Bond funds","value":0.13,"unit":"%"},{"name":"Money and deposits","value":4.2,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020.\n\n| Biggest investments | |\n|---|--:|\n| EfTEN Kinnisvarafond | 5.38% |\n| Luminor 1.5% 18/10/21 | 3.80% |\n| East Capital Baltic Property Fund III | 3.41% |\n| East Capital Baltic Property Fund II | 2.58% |\n| Citadele banka 6.25% 06/12/2026 | 2.44% |\n| China Development Bank 0.375% 16/11/21 | 1.98% |\n| HSBC Holdings Plc 04/12/21 | 1.90% |\n| GECINA 30/06/22 | 1.85% |\n| SAP 13/03/21 | 1.85% |\n| TOTAL 03/19/20 | 1.85% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond | 5.38% |\n| Luminor 1.5% 18/10/21 | 3.80% |\n| East Capital Baltic Property Fund III | 3.41% |\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 29.02.2020) | 16,230,483.03 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n\n**Rate of the depository’s charge:** 0,0564%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.36%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_tingimused_2017-06-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Taiendav_Pensionifond_KIID.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (29 February 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_taiendav_kuuaruanne_2020_02.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2017.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2020,"month":2,"content":"### February 2020 – Coronavirus has rocked the stock markets\n\nRomet Enok, Fund Manager\n\nIn February, global stock markets experienced a sharp decline, caused by fears of the spread of the coronavirus and the accompanying slowdown of economic growth. The index, which gathers together the 50 biggest publicly traded companies in the Eurozone, decreased by 8.5% over the month, with France and Germany being among the biggest losers. The Japanese stock exchange index dropped by 8%, measured in euros.\n\nThe global index of developing markets dropped by 5.3% in February and Latin-American countries were hit significantly harder than Asian countries. At the same time, the Chinese stock index recovered from a decline in January and remained slightly positive in February. This time even the Baltic stock markets went along with the overall decline: The rate of return of the Vilnius Stock Exchange was −6.3% and the Tallinn Stock Exchange fell by 5.3% over the month. The decline of the Riga Stock Exchange was notably smaller at 2.7%.\n\nIn February, Lithuanian tour operator Novaturas published its annual results for 2019. The company’s sales revenue decreased by only 1.2% in comparison with 2018; however, net profit decreased by a total of 57%. Due to strong competition, the number of passengers also declined by 4% over the year. This year, the market is expected to recover and Novaturas forecasts a 2–3% increase in the number of passengers. Given the weak performance of the Vilnius Stock Exchange, the company’s share price dropped more than 30% over the month.\n\nBond markets acted as expected in the climate of fear: European government loan markets offered a gain of approx. 0.5%, while the market for weaker companies lost more than 2%. A considerable portion of the total assets of the fund have been placed in highly-rated short-term liquid bonds. Firstly, it protects against the current situation and secondly, it enables new investments to be made as soon as attractive possibilities occur.\n"},{"year":2020,"month":1,"content":"### January 2020 – Corona virus led to a collapse in the shares of car manufacturers\n\nRomet Enok, Fund Manager\n\n2020 began with quite a negative tone on global stock markets, with the stock exchanges of both developed and developing countries remaining mainly in negative territory in January. The rate of return of the Euro Stoxx 50 Index, which combines the largest companies of the euro zone, came to –2,7%, while the stock markets of almost all major powers decreased. Only the Finnish Stock Exchange was able to provide a surprise with its 2.2% rise. The index value of global developing markets decreased by a total of 4.7% during the month, with the biggest declines seen in China as well as in many Latin American countries. The stock markets of the Baltic Republics did not go along with the negative mood and the Tallinn Stock Exchange index rose by a total of 4.6%. The rate of return of the Vilnius Stock Exchange was 3.1%, and the Riga Stock Exchange rose by a modest 0.5%.\n\nThe rate of return of LHV Pensionifond Täiendav was negatively affected in January by the major German automobile manufacturers Daimler and Volkswagen, the shares of which fell by 16% and 13%, respectively, during the month. In both cases, the reason for the decline can be attributed to investors' fears of a decrease in car sales because of the corona virus. China is the fastest growing market for both Mercedes and Volkswagen. The shares of the Finnish fuel seller Neste gave a good result for pension funds, rising by more than 15% thanks to strong quarterly results.\n\nŠiaulių bankas announced that they have concluded a contract in order to purchase a loan portfolio from the Lithuanian branch of Danske Bank. The 125 million euro portfolio, mainly consisting of home loans, is related to private banking clients. In order to finance its growth, Šiaulių issued subordinated bonds for LHV pension funds at the end of December in the amount of 20 million euros and at an interest rate of 6.15%.\n"},{"year":2019,"month":12,"content":"### December 2019 – The Fund’s rate of return was supported by financial and gold industry companies\n\nRomet Enok, Fund Manager\n\nA familiar trend continued on the global stock markets in December, which mainly left the stock markets of developed as well as developing countries in positive territory. The Euro Stoxx 50 stock index, which represents the 50 largest listed companies in the Eurozone, rose by 1.2% in December, with the best performance coming from the Helsinki Stock Exchange, which rose by 4.1%. The Japanese stock index rose during the month by 1.6% when measured in the local currency, but only by 0.3% when measured in euros.\n\nDecember turned out to be an especially strong month for the stock markets of developing countries, with the MSCI Emerging Markets index rising by 7.2%. In comparison, the results for Baltic stock exchanges were more reserved: The Tallinn and Vilnius stock exchange indexes rose by 1.2% and 0.4%, respectively, while the Riga stock exchange fell by 0.8%.\n\nIn December, the performance of the Pension Fund Täiendav was supported by investments made in the European banking sector in October, which began to yield good results. Regardless of the money laundering accusations limiting the company, Swedbank had a return of 12.4% on shares during the month. The share price of Banco Santander, which operates in Spain and Latin America, rose by 5.6% in December. The large US gold and copper mining company Barrick Gold Corp also demonstrated good performance, rising by 8.2%.\n\nAt the end of December we reached an agreement with Šiaulių Bankas, the fourth largest bank in Lithuania, on the basis of which LHV’s pension funds invested in the company’s long-term bonds. The annual interest rate on the bonds is 6.15%, the final term is in ten years, and the bank reserves the right to repay these prior to the deadline in December 2024.\n\nŠiaulių Bankas has since grown in such a manner that it serves 7-8% of the Lithuanian banking market. The bank’s biggest shareholder remains the European Bank for Reconstruction and Development (EBRD), which holds more than 25% of its shares. Long-term bonds help to fulfil the bank’s capital requirements, thereby allowing them to grow their loan portfolio.\n\nOver the past few years we have made similar investments in the bonds of Coop Pank and Citadele Banka. By doing so we have created a new asset class in the funds; one that generates over 6% in interest annually.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Stock markets sailed into unknown waters**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n","text":"While 2019 surpassed expectations in terms of corporate profits on stock markets, this year, profit growth may once again be disappointing. International trade was already at a standstill prior to the spread of the coronavirus, and even the global economy was expected to slow down to some extent.\n\nThe more modest recession of January was followed by a stronger sell-off In February: in the second half of the month, the spreading of coronavirus outside China began to abruptly cool the economic optimism of market participants. Capital, which had moved into shares last year based on the belief that the loose fiscal policy of central banks would be able to provide stimulus, was now suddenly seeking a way out, as central banks are unable to resolve the problems caused by the virus.\n\nThe Stoxx 600 Index, which gathers the shares of European companies, fell by 8.5% in fear of a new recession, and the S&P 500 index, which includes the biggest US companies, lost 8.4% of its value (7.7% measures in euros). As we have preferred to keep the equity risk low over the past few years when it comes to managing pension assets, and have focused on OTC transactions when searching for a rate of return, the fall of stock markets was reflected much more modestly in the value of LHV’s pension fund units. To see how things have turned out for Estonian pension funds, one can take a closer look at the website of [AS Pensionikeskus](https://www.pensionikeskus.ee/en/statistics/ii-pillar/nav-of-funded-pension/).\n\n**A “white swan” instead of a “black swan”?**\n\n[In his article](https://www.project-syndicate.org/commentary/white-swan-risks-2020-by-nouriel-roubini-2020-02), published in Project Syndicate on 17 February, Nouriel Roubini described risks that clearly exist, but which are being deliberately ignored by investors. He defined these risks as “white swans” as opposed to “black swans”, described by Nassim Nicholas Taleb, i.e. events and risks that we cannot or are even unable to imagine.\n\nIt has seemed to me, for a longer period of time already, that investors expect central banks to ensure them a risk-free and prosperous future regardless of whether or not the economy grows or companies generate profit. The beginning of this year can serve as a wake-up call of sorts, bringing us out of our dream world: in essence, it is impossible to spend indefinitely and live on credit.\n\nTherefore, LHV pension funds remain carefully positioned in terms of the outlook for the near future. We are focusing on private equity investments, Baltic commercial property, and financing projects.\n\nThe fall of the stock market was used in February to increase the positions open to gold. We view this as an insurance policy, given an environment where central banks and governments are attempting to speed up inflation and real interest rates may remain negative for a longer period of time.\n\nHowever, just as the mood on the stock markets tends to become too perky from time to time, at some point unexpected negative events may cause the opposite to occur. The positions of the funds provide sufficient liquidity in short-term high-rated bonds to ensure that we can grasp attractive possibilities emerging in the event of the further decline of the stock markets.\n\n**We are turning the funds towards higher rates of return**\n\nIn accordance with the Investment Funds Act, adopted in December 2018, LHV has slightly adjusted the investment strategies of pension funds during the last year. At the same time, we have tried to make sure that there is no change in the reciprocal comparable levels of risk between funds.\n\nWhile LHV pension funds followed a similar investment strategy in the past, and differed from one another only by risk level, then over the past year we have redesigned the strategies of our pension funds in such a way that, at the moment, funds M, L and XL are able to almost completely avoid bonds offering a negative rate of return. We are slowly exiting this segment, and in February we also took advantage of the continued rise in price of listed bonds to sell.\n\nPension fund M is focussed on bonds offering a high rate of return and cash-flow generating real estate. At the same time, attention is paid primarily to the local market. Pension fund XL is committed to international markets, where we currently prefer a selection of private equity funds; however, we are also ready to invest in liquid assets in the event that the price level becomes more attractive. LHV’s largest pension fund, L, is active on both local as well as international markets, combining the strategies of the M and XL funds.\n\nStarting from autumn 2019, these three funds have, in essence, been free to place the sum of their assets into equities and real estate.\n\nThe investments of pension fund XS, the lowest risk pension fund at LHV, are 90% restricted to bonds with an investment-grade credit rating, while 10% of the fund’s value can be invested in real estate, related securities or riskier bonds. Pension fund S, which previously invested solely in bonds, may now place up to 25% into investments bearing an equity risk and there are no rating restrictions on the investments in bonds.\n\nWe at LHV are convinced that the long-term growth of an investment depends primarily on the cash flow provided by the project or enterprise. Companies that are profitable, and whose profit-generating ability is more stable, hold up better in complicated circumstances than those with a weaker cash flow, which are dependent upon the trust and sentiment of creditors.\n\nWe are committed to beating the growth of social tax revenues set as the target by the government, which in turn can be compared to the nominal economic growth of the Estonian economy. However, one of my very own investment principles has always been that in order to achieve a long-term rate of return, we must avoid huge losses. I believe that the economy is cyclical in nature and not all moments are equally good for investing. Tough times are followed by better times, and we need to work and struggle in the name of results.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Täiendav Pensionifond","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\nEE961700017004379157 - Luminor Bank AS\n\n**Explanation**\n30101119828, EE3600010294, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":24.42,"fundManager":"LHV","minSumInEurWhenBuying":6.39,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LIT100":{"heading":"LHV Pensionifond Indeks Pluss","id":"indeks-pluss","code":"lhv_lit","dataMarker":"LIT100","securityId":147612,"suitability":"**Suitable if**\n- you are prepared to tolerate the risks arising from potentially significant fluctuations in equity markets,\n- you have previous investment experience.\n","strategy":"**Strategy**\nThe fund invests all of its assets in equity markets and the fund manager does not actively change the fund’s risk level. The fund’s assets are invested in index-following investment funds. The share of assets invested in equities is kept close to 100% of the fund’s volume. Whenever the proportion of money in the fund exceeds 2%, it is invested within five working days.\n\nNo particular indices are followed in investing the assets of the fund. Investments in funds investing in equities are distributed between three types of markets – developed markets, emerging markets and frontier markets – based on their approximate share in global gross domestic product (GDP).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.39%"},"fundInfo":{"date":"29.02.2020","capacity":"2,979,140.43 €","pocket":"468 750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/eng/contact/contact","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600109419, IK: Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.57,"unit":"%"},{"name":"Money and deposits","value":0.43,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 29.02.2020\n\n| Biggest investments | |\n|---|--:|\n| Lyxor Core MSCI World DR UCITS | 26.93% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 19.64% |\n| iShares Core MSCI World UCITS | 15.94% |\n| HSBC MSCI WORLD UCITS ETF | 14.82% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 14.13% |\n| db x-trackers MSCI World Index UCITS ETF | 5.46% |\n| iShares MSCI Frontier 100 ETF | 2.65% |\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 29.02.2020) | 5,191,430.05 € |\n| Management company | AS LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0,0564%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.39%\n\n**Ongoing charges (inc management fee):** 0.75%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_tingimused-2017-09-13.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_prospekt_060818.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_KIID.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_mudelportfell_09_2019.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (29 February 2020) (in Estonian)](/assets/files/pension/LHV_pensionifond_LIT100_kuuaruanne_2020_02.pdf)\n- [Annual report for 2019 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2019.pdf)\n- [Annual report for 2018 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2018.pdf)\n- [Annual report for 2017 (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_Pluss_aruanne_2017.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks Pluss","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\nEE961700017004379157 - Luminor Bank AS\n\n**Explanation**\n30101119828, EE3600109419, IK: Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109419","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET100":{"heading":"SEB Aktiivne Pensionifond","id":"aktiivne","code":"seb_akt","dataMarker":"SET100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have more than 5 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\nThe fund invests up to 100% of the assets in shares. Investing mainly in shares involves higher risks, resulting in big fluctuations in the value of the fund's assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1.5%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600074076, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.78%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET35":{"heading":"SEB Tasakaalukas Pensionifond","id":"tasakaalukas","code":"seb_tas","dataMarker":"SET35","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have at least 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nThe fund mainly invests in bonds and deposits, with up to 50% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600008934, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1%\n\n**Ongoing charges (inc management fee):** 1.27%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Aktsiad 100 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"**Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"1%","exitFee":"1%","managementFee":"1,5%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600098422, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 1%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.5%\n\n**Ongoing charges (inc management fee):** 2.12%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2019. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"**Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0,95%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600007530, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.95%\n\n**Ongoing charges (inc management fee):** 1.21%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"**Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,05%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600071031, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.05%\n\n**Ongoing charges (inc management fee):** 1.31%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"**Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1,15%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600071049, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.15%\n\n**Ongoing charges (inc management fee):** 1.43%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600109484, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.90%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109484","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":30,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.3%"},"fundInfo":{"company":{"title":"Tuleva Fondid AS","link":null},"depository":{"title":"AS Swedbank","url":"https://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001707, IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.3%\n\n**Ongoing charges (inc management fee):** 0.49%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2019 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nFund shares can always be sold, in which case income tax applies. After turning 55, but not before five years have passed from the initial investment, disbursements are taxed a rate of 10%.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 20% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001707","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LRK100":{"heading":"LHV Pensionifond Roheline","id":"roheline","code":"roheline","dataMarker":"LRK100","suitability":"**Suitable if**\n- you have more than 15 years left until retirement,\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","strategy":"**Strategy**\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":0},"accordion":[{"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 17.03.2020) | 500 000 € |\n| Management company | AS LHV Varahaldus |\n| Equity in the fund | 781 250 units |\n| Rate of the depository’s charge | 0,0564% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/eng/contact/contact) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.4067%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.85%\n\n*The ongoing charges figure is an estimate based on the current management fee and estimated total fees. Ongoing charges may vary from year to year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_tingimused.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_prospekt.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_KIID.pdf)\n"}]}],"strategyKey":"agressiivne","isin":"EE3600001723","strategyType":"Aggressive","managementStyle":"Active","riskLevel":5,"countryShareEe":0,"fundManager":"LHV"}}