{"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","isLhvFund":true,"pensionCampaign":true,"strategy":"**Strategy**\n\nAt least 90% of the Fund's assets are invested in investment grade bonds, money market instruments traded on a regulated market, deposits, shares or other assets of other investment funds investing mainly in the above assets and other assets. The money raised for retirement remains stable. The assets of the Fund are invested in compliance with the rating restrictions imposed on the conservative pension fund by law. The long-term preferred asset class of the fund is low-risk debt instruments.\n","strategyCampaign":"### **Loss-avoiding XS**\n- At least 80% of the XS fund assets are invested in investment-grade bonds, money market instruments traded on a regulated market, deposits, units or shares of other investment funds investing mainly in the above assets, and other assets.\n- The money accumulated for pensions in the S fund remains stable. In investing, we follow the rating restrictions imposed by legislation governing conservative pension funds. \n- The fund’s preferred long-term asset class is low-risk debt instruments.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-enok.png","name":"Romet Enok","profession":"Fund Manager at LHV","quote":"_„Bond price movements are starting to calm down with the expectation that inflation risk has been brought under control. In such an environment, bonds are once again offering returns.“_\n\n**[Market overview](#history){.arrow-bold .tab-link}**\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":2422},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":89.43,"unit":"%"},{"name":"Equity funds","value":3.85,"unit":"%"},{"name":"Money and deposits","value":6.72,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2024\n\n| Biggest investments | |\n|---|---:|\n| France Treasury Bill 25/05/2025 | 8.61% |\n| Luminor 7.75% 08/06/2027 | 7.63% |\n| Eesti Energia perpetual NC5.25 | 7.25% |\n| German Treasury Bill 19/02/2025 | 6.04% |\n| ALTUMG 1.3% 07/03/25 | 4.77% |\n| Bank Gospodarstwa Krajow 1.375% 01/06/25 | 4.33% |\n| German Treasury Bill 19/03/2025 | 4.31%|\n| France Treasury Bill 09/04/2025 | 4.30% |\n| ZKB Gold ETF | 3.85% |\n| Kojamo 0.875% 28/05/2029 | 3.83% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Luminor 7.75% 08/06/2027 | 7.63% |\n| Eesti Energia perpetual NC5.25 | 7.25% |\n| Coop Pank 5.0% 10/03/2032 | 2.87% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2024) | 11,553,754 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 40,000 units |\n| Rate of the depository’s charge | 0.0439% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,5040%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.57%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_122024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XS_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_kuuaruanne_2024_12.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_XS_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_XS_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":12,"content":"### December 2024: Increased gold allocation\n\nRomet Enok, Fund Manager\n\nWe further increased our allocation to gold investments. Gold’s nearly 30% price increase over the past year was the best performance for this asset class in more than a decade and the largest contributor to the strong performance of our XS fund. However, ongoing risks related to political uncertainty and fiscal challenges faced by governments continue to make precious metals attractive, even after such significant price gains. While the main segments of the bond market ended December in negative territory, the XS fund achieved a return of approximately +0.3%. Once again, XS was Estonia’s top-performing conservative second-pillar fund in 2024. The fund also outperformed European corporate and government bond markets.\n"},{"year":2024,"month":11,"content":"### November 2024: We increased the volume of our direct investment portfolio\n\nRomet Enok, Fund Manager\n\nLast month, we expanded our direct investment portfolio by entering into a loan agreement with Eastnine, a real estate company primarily focused on the Lithuanian and Polish markets. The loan has a three-year term, and the pension fund earns an annual interest rate of 8.5%. At the same time, Eastnine also raised new equity and secured bank loans, continuing its growth plans in the Polish commercial real estate market. Having previously held investments in Estonia, the company has now set its sights mainly on the Polish market, where assets now make up the majority of its portfolio following this major transaction.\n"},{"year":2024,"month":10,"content":"### October 2024: We sold two significant bond positions in October\n\nRomet Enok, Fund Manager\n\nIn October, we sold two significant bond positions – Volkswagen and Riigi Kinnisvara AS. Bond prices on international markets have risen significantly, especially for corporate bonds. We acquired a large volume of listed bonds in the autumn of 2022, when markets were in turmoil over rising interest rates. \nNow, with prices recovering, we are gradually reducing these positions and reallocating the proceeds into short-term bonds issued by the German and French governments. For new investments, our most likely next step will be acquiring an over-the-counter direct investment.\n"},{"year":2024,"month":9,"content":"### September 2024: Bonds continued to rise\n\nRomet Enok, Fund Manager\n\nBonds continued their upward trend in September, with nearly all major markets gaining around 1%. In the XS fund, our summer investment in Eesti Energia bonds continued its success, as the security’s price rose by more than 2% in addition to the annual interest of 7.875%. \n\nIn broader terms, the expectation that the European Central Bank will continue to cut interest rates (which means an increase in bond prices) is so widely held in the market right now that it is extremely difficult to find attractive new investment opportunities. Rather, the next likely change in the portfolio is a sale of securities.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Is maximum risk the optimal strategy?**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n","text":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n\nHowever, it is worth noting that in October, the yield on Germany’s ten-year risk-free government bonds actually rose by 0.2 percentage points instead of falling. A similar reaction occurred a month earlier in the US, when following the Federal Reserve’s decision to lower short-term interest rates by 0.5 percentage points, the yields on ten-year government bonds immediately increased by nearly 0.5 percentage points.\n\nThis suggests that markets are far from convinced that central banks have fully brought inflation under control. The problem is that although interest rates in both Europe and the United States are relatively high compared with recent inflation figures, and central banks’ monetary policies may appear rather stringent, government fiscal policy – particularly in the US – seems inexplicably lax, especially given the relatively strong economic environment.\n\n**The last decade’s stock market rally may not continue forever**\n\nUS stock markets, which have been in an upward trend for some time, remained relatively calm in October. The S&P 500 index, which tracks large US companies, gave back 1% of its earlier gains during the month, while EuroStoxx 50, which covers major European companies, lost 3.3% of its value.\n\nAn analysis of stock indices and bond markets in October revealed that markets were already pricing in higher chances of Donald Trump being re-elected compared to his opponent. Although both candidates were expected to maintain spending levels significantly exceeding revenues, which would fuel the economic environment, businesses and markets anticipated that a Trump administration would reduce restrictions that are currently hindering economic growth.\n\nThat said, Trump cannot be considered a proponent of Reagan-style free-market economics – he proudly declares tariffs to be his favourite policy tool. The anticipated tariffs are the main source of concern for the stock markets of the US’s largest trading partners.\n\nIn October, a Goldman Sachs analysis caught my attention, predicting that the S&P 500’s returns over the next decade will be significantly lower than those seen over the past ten years. Over the previous decade, the index of the largest US companies grew by 233% (including dividends), amounting to an average annual return of 13%. By contrast, Goldman Sachs analysts expect the index to grow just 34% over the next ten years, yielding an annualised return of only 3%. \n\n![Pilt](/assets/images/pension/Andrese_joonis1_2111.png){.pension-img}\n_Figure 1._ S&P 500 ten-year annualised return forecasts for 2012, 2020 and 2024. _Source: Goldman Sachs._\n\nGoldman Sachs analysts also do not rule out the possibility that the S&P 500 could be lower in ten years than it is today, projecting an annualised return ranging from −1% to +7%. This means that US stock markets could underperform the US bond market, where a ten-year bond currently offers a fixed yield of 4.3%.\n\nA Goldman Sachs equity strategist told Bloomberg in an [interview](https://www.bloomberg.com/news/articles/2024-10-21/s-p-500-s-decade-of-big-gains-is-over-goldman-strategists-say?sref=iNIjnPWx) that while the US economy is currently strong and the Federal Reserve is lowering interest rates, they expect the index to deliver a 9% total return next year. Beyond that, however, they are less optimistic due to historically high stock valuations.\n\n**When investing, consider different scenarios**\n\nNobel laureate in physics Niels Bohr once remarked, “Prediction is very difficult, especially when it’s about the future.” The Goldman Sachs analysis discussed earlier is less a warning of a bleak future that may await stock markets and more a example of how to approach risk effectively. Instead of focusing on a single figure, it is more informative to consider a range of possible outcomes.\n\nFor example, investing in a ten-year US government bond today provides near certainty that the return over the next decade will be 4.3%. By contrast, investing in US stocks could result in anything from a small loss to a return exceeding that of bonds. US government bonds are essentially risk-free, guaranteeing a fixed yield, whereas stock, which are significantly riskier, present the possibility of both gains and losses.\n\nRenowned American investor Howard Marks described in his October memo how he approaches the relationship between risk and return. For decades, investment textbooks have presented this relationship as a linear line, illustrating how taking on greater risk yields higher returns.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_2111.png){.pension-img}\n_Figure 2. The relationship between risk and return_\n\nHowever, Marks argues that this explanation is inadequate because it overlooks the growing spectrum of possible outcomes as risk increases – a good result could be far better than forecasted, and a poor result much worse. Marks not only critiques the traditional view but also proposes a solution, suggesting a more accurate graphical representation of the relationship between risk and return.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_2111.png){.pension-img}\n_Figure 3. The relationship between risk and return, as proposed by Howard Marks_\n\n**We help grow pension assets by seeking to avoid major losses** \n\nWhen we launched LHV pension funds more than 20 years ago, we set three priorities for ourselves:\n1)\tProtect the assets accumulated in LHV pension funds from losses\n2)\tPreserve the purchasing power of the assets in LHV pension funds\n3)\tAchieve returns that outperform competitors.\n\nIn doing so, we have always adhered to the principle that high long-term returns can only be achieved by avoiding significant losses.\n\nPension assets are a reserve intended for the period of life when working age has ended and regular income from employment is no longer available. A reserve, by definition, should remain intact until it is needed. This means there is a limit to how much risk it is reasonable to take when investing the assets in a reserve.\n\nRecently, I’ve received increasing feedback from colleagues that many clients’ main goal when choosing a pension fund is to maximise risk blindly. This has led me to wonder: Is this merely a sign of a prolonged period of market growth, where risks are forgotten as markets climb higher each day, or has the rapid spread of financial literacy and the popularisation of investing inadvertently or even deliberately overlooked some important, albeit less popular, concepts?\n\nAs Howard Marks notes in his [memo](https://www.oaktreecapital.com/insights/memo/ruminating-on-asset-allocation), bond yields are currently higher than they were between 2009 and 2021, which should increase their relative attractiveness compared to stocks. Meanwhile, as highlighted by Goldman Sachs, stocks are at near-absolute valuation peaks compared to historical ratios, and returns over the next ten years could be significantly lower than over the past decade. All of this should prompt us to ask: Is maximum risk always the optimal strategy?\n\nAs in many areas of life, independent thinking is valuable in investing, and excessive simplification carries risks. Rules of thumb and generalisations – such as “stock markets offer better returns than bonds” or “younger investors’ portfolios should consist entirely of stocks” – are often helpful but should not be treated as dogma.\n\nAt LHV, our investment team has always factored both risks and expected returns into the investment process. We believe markets are cyclical, with times when taking risks is rewarding and times when caution is advisable. When bonds offer solid returns and stock markets are at all-time highs – not only in absolute price terms but also relative to corporate fundamentals – it may be wise to reassess your risks and potential returns. Higher risk does not inherently guarantee high returns; rather, it implies a wider gap between potential positive and negative outcomes compared to a lower-risk investment.\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019782","strategyType":"Conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":21.21,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that the III pillar is a unique investment opportunity with a tax incentive supported by the state?**\n","id":"iii","button":{"url":"/en/pension/iii/","title":"Read more","size":"lg"}}}},"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","isLhvFund":true,"pensionCampaign":true,"strategy":"**Strategy**\n\nThe Fund's assets are mainly invested in bonds. The Fund's assets may be invested in sub-investment grade bonds. Up to 25% of the fund's assets may be invested in real estate, infrastructure, equity funds and convertible bonds. The Fund may also grant a loan. The long-term preferred asset class of the fund is listed debt instruments.\n","strategyCampaign":"### **A responsible keeper in S**\n- We invest the assets of the S fund mainly in bonds. The fund’s assets may also be invested in bonds with a credit rating below investment grade. \n- Up to 25% of the fund’s assets may be invested in real estate, items of infrastructure, equity funds and convertible bonds. \n- The fund can also be used to grant loans. The fund’s preferred long-term asset class is listed debt instruments.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-enok.png","name":"Romet Enok","profession":"Fund Manager at LHV","quote":"_„Money in seriously large amounts moves in the world in the form of bonds. In truth, a bond is nothing more than a fancy name for a loan contract: parties agree on the time when the money is disbursed, the interest rate, and the repayment.“_\n\n**[Market overview](#history){.arrow-bold .tab-link}**\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":3899},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":78.66,"unit":"%"},{"name":"Equity funds","value":4.93,"unit":"%"},{"name":"Real Estate funds","value":8.63,"unit":"%"},{"name":"Money and deposits","value":7.78,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2024\n\n| Biggest investments | |\n|---|---:|\n| Eesti Energia perpetual NC5.25 | 7.59% |\n| Luminor 7.75% 08/06/2027 | 5.99% |\n| German Treasury Bill 19/03/2025 | 5.67% |\n| France Treasury Bill 09/04/2025 | 5.66% |\n| ALTUMG 1.3% 07/03/25 | 5.17% |\n| ZKB Gold ETF | 4.93% |\n| KBC Group NV 0.625% 07/12/2031 | 3.99% |\n| Kojamo 0.875% 28/05/2029 | 3.98% |\n| EfTEN Real Estate Fund 5 | 3.97% |\n| German Treasury Bill 19/02/2025 | 3.79% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eesti Energia perpetual NC5.25 | 7.59% |\n| Luminor 7.75% 08/06/2027 | 5.99% |\n| EfTEN Real Estate Fund 5 | 3.97% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2024) | 26,322,483 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 90,000 units |\n| Rate of the depository’s charge | 0.0439% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6120%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0,68%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_122024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_S_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_S_kuuaruanne_2024_12.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_S_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_S_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":12,"content":"### December 2024: Increased real estate allocation\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nWe participated in EfTEN Real Estate Fund’s share offering on the Tallinn Stock Exchange. Building a second asset class within the fund, alongside bonds, through real estate investments has progressed well and, as of the end of the year, accounts for nearly 10% of the fund’s assets. While the main segments of the bond market ended December in negative territory, the S fund achieved a return of +0.3%. The fund also outperformed European corporate and government bond markets throughout the year. The most significant contributors to this success were our investment in physical gold and the long-term bonds of Eesti Energia, subscribed to during the summer.\n"},{"year":2024,"month":11,"content":"### November 2024: We increased the volume of our direct investment portfolio\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nLast month, we expanded our direct investment portfolio by entering into a loan agreement with Eastnine, a real estate company primarily focused on the Lithuanian and Polish markets. The loan has a three-year term, and the pension fund earns an annual interest rate of 8.5%. At the same time, Eastnine also raised new equity and secured bank loans, continuing its growth plans in the Polish commercial real estate market. Having previously held investments in Estonia, the company has now set its sights mainly on the Polish market, where assets now make up the majority of its portfolio following this major transaction.\n\nIn November, EfTEN Real Estate Fund 5, in partnership with six Estonian entrepreneurs, announced the acquisition of Tallinn’s Kristiine shopping centre, valued at €123.5 million. This marks the fund’s final investment. The centre spans 61,600 sq. m and houses 120 tenants, with the largest being Prisma and Apollo. The acquisition is financed through a combination of equity and a syndicated loan from SEB and Swedbank.\n"},{"year":2024,"month":10,"content":"### October 2024: We sold two significant bond positions in October\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nIn October, we sold two significant bond positions – Volkswagen and Riigi Kinnisvara AS. Bond prices on international markets have risen significantly, especially for corporate bonds. We acquired a large volume of listed bonds in the autumn of 2022, when markets were in turmoil over rising interest rates. With prices now recovering, we are gradually reducing these positions. \nWe also sold about a third of one of the fund’s largest investments – gold. The funds generated are being redirected into short-term German and French government bonds. For new investments, our most likely next step will be acquiring an over-the-counter direct investment. \n"},{"year":2024,"month":9,"content":"### September 2024: Bonds continued to rise\n\nKristo Oidermaa and Romet Enok, Fund Manager\n\nSeptember was another successful month for the fund’s two major investments – Eesti Energia bonds and gold. In broader terms, the expectation that the European Central Bank will continue to cut interest rates (which means an increase in bond prices) is so widely held in the market right now that it is extremely difficult to find attractive new investment opportunities. Rather, the next likely change in the portfolio is a sale of securities.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Is maximum risk the optimal strategy?**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n","text":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n\nHowever, it is worth noting that in October, the yield on Germany’s ten-year risk-free government bonds actually rose by 0.2 percentage points instead of falling. A similar reaction occurred a month earlier in the US, when following the Federal Reserve’s decision to lower short-term interest rates by 0.5 percentage points, the yields on ten-year government bonds immediately increased by nearly 0.5 percentage points.\n\nThis suggests that markets are far from convinced that central banks have fully brought inflation under control. The problem is that although interest rates in both Europe and the United States are relatively high compared with recent inflation figures, and central banks’ monetary policies may appear rather stringent, government fiscal policy – particularly in the US – seems inexplicably lax, especially given the relatively strong economic environment.\n\n**The last decade’s stock market rally may not continue forever**\n\nUS stock markets, which have been in an upward trend for some time, remained relatively calm in October. The S&P 500 index, which tracks large US companies, gave back 1% of its earlier gains during the month, while EuroStoxx 50, which covers major European companies, lost 3.3% of its value.\n\nAn analysis of stock indices and bond markets in October revealed that markets were already pricing in higher chances of Donald Trump being re-elected compared to his opponent. Although both candidates were expected to maintain spending levels significantly exceeding revenues, which would fuel the economic environment, businesses and markets anticipated that a Trump administration would reduce restrictions that are currently hindering economic growth.\n\nThat said, Trump cannot be considered a proponent of Reagan-style free-market economics – he proudly declares tariffs to be his favourite policy tool. The anticipated tariffs are the main source of concern for the stock markets of the US’s largest trading partners.\n\nIn October, a Goldman Sachs analysis caught my attention, predicting that the S&P 500’s returns over the next decade will be significantly lower than those seen over the past ten years. Over the previous decade, the index of the largest US companies grew by 233% (including dividends), amounting to an average annual return of 13%. By contrast, Goldman Sachs analysts expect the index to grow just 34% over the next ten years, yielding an annualised return of only 3%. \n\n![Pilt](/assets/images/pension/Andrese_joonis1_2111.png){.pension-img}\n_Figure 1._ S&P 500 ten-year annualised return forecasts for 2012, 2020 and 2024. _Source: Goldman Sachs._\n\nGoldman Sachs analysts also do not rule out the possibility that the S&P 500 could be lower in ten years than it is today, projecting an annualised return ranging from −1% to +7%. This means that US stock markets could underperform the US bond market, where a ten-year bond currently offers a fixed yield of 4.3%.\n\nA Goldman Sachs equity strategist told Bloomberg in an [interview](https://www.bloomberg.com/news/articles/2024-10-21/s-p-500-s-decade-of-big-gains-is-over-goldman-strategists-say?sref=iNIjnPWx) that while the US economy is currently strong and the Federal Reserve is lowering interest rates, they expect the index to deliver a 9% total return next year. Beyond that, however, they are less optimistic due to historically high stock valuations.\n\n**When investing, consider different scenarios**\n\nNobel laureate in physics Niels Bohr once remarked, “Prediction is very difficult, especially when it’s about the future.” The Goldman Sachs analysis discussed earlier is less a warning of a bleak future that may await stock markets and more a example of how to approach risk effectively. Instead of focusing on a single figure, it is more informative to consider a range of possible outcomes.\n\nFor example, investing in a ten-year US government bond today provides near certainty that the return over the next decade will be 4.3%. By contrast, investing in US stocks could result in anything from a small loss to a return exceeding that of bonds. US government bonds are essentially risk-free, guaranteeing a fixed yield, whereas stock, which are significantly riskier, present the possibility of both gains and losses.\n\nRenowned American investor Howard Marks described in his October memo how he approaches the relationship between risk and return. For decades, investment textbooks have presented this relationship as a linear line, illustrating how taking on greater risk yields higher returns.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_2111.png){.pension-img}\n_Figure 2. The relationship between risk and return_\n\nHowever, Marks argues that this explanation is inadequate because it overlooks the growing spectrum of possible outcomes as risk increases – a good result could be far better than forecasted, and a poor result much worse. Marks not only critiques the traditional view but also proposes a solution, suggesting a more accurate graphical representation of the relationship between risk and return.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_2111.png){.pension-img}\n_Figure 3. The relationship between risk and return, as proposed by Howard Marks_\n\n**We help grow pension assets by seeking to avoid major losses** \n\nWhen we launched LHV pension funds more than 20 years ago, we set three priorities for ourselves:\n1)\tProtect the assets accumulated in LHV pension funds from losses\n2)\tPreserve the purchasing power of the assets in LHV pension funds\n3)\tAchieve returns that outperform competitors.\n\nIn doing so, we have always adhered to the principle that high long-term returns can only be achieved by avoiding significant losses.\n\nPension assets are a reserve intended for the period of life when working age has ended and regular income from employment is no longer available. A reserve, by definition, should remain intact until it is needed. This means there is a limit to how much risk it is reasonable to take when investing the assets in a reserve.\n\nRecently, I’ve received increasing feedback from colleagues that many clients’ main goal when choosing a pension fund is to maximise risk blindly. This has led me to wonder: Is this merely a sign of a prolonged period of market growth, where risks are forgotten as markets climb higher each day, or has the rapid spread of financial literacy and the popularisation of investing inadvertently or even deliberately overlooked some important, albeit less popular, concepts?\n\nAs Howard Marks notes in his [memo](https://www.oaktreecapital.com/insights/memo/ruminating-on-asset-allocation), bond yields are currently higher than they were between 2009 and 2021, which should increase their relative attractiveness compared to stocks. Meanwhile, as highlighted by Goldman Sachs, stocks are at near-absolute valuation peaks compared to historical ratios, and returns over the next ten years could be significantly lower than over the past decade. All of this should prompt us to ask: Is maximum risk always the optimal strategy?\n\nAs in many areas of life, independent thinking is valuable in investing, and excessive simplification carries risks. Rules of thumb and generalisations – such as “stock markets offer better returns than bonds” or “younger investors’ portfolios should consist entirely of stocks” – are often helpful but should not be treated as dogma.\n\nAt LHV, our investment team has always factored both risks and expected returns into the investment process. We believe markets are cyclical, with times when taking risks is rewarding and times when caution is advisable. When bonds offer solid returns and stock markets are at all-time highs – not only in absolute price terms but also relative to corporate fundamentals – it may be wise to reassess your risks and potential returns. Higher risk does not inherently guarantee high returns; rather, it implies a wider gap between potential positive and negative outcomes compared to a lower-risk investment.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019824","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":2,"countryShareEe":28.17,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that the III pillar is a unique investment opportunity with a tax incentive supported by the state?**\n","id":"iii","button":{"url":"/en/pension/iii/","title":"Read more","size":"lg"}}}},"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","isLhvFund":true,"pensionCampaign":true,"strategy":"**Strategy**\n\nWhen investing in assets, the fund prefers cash-flow assets and, where possible, the local market, including less liquid private equity and real estate investments. The investments are predominantly in local currency and up to 75% of the fund's assets can be invested directly in equities. The fund's long-term preferred asset class is real estate investments.\n","strategyCampaign":"### **A stable choice in M**\n- The M fund’s investment strategy focuses on assets that generate a steady cash flow: real estate and bond investments. \n- For bond investments, we have focused on Estonian companies. This has given the fund a significantly higher rate of return over the past seven years, compared to the global bond markets.\n- M is actively managed, which is why the risks are managed and the pension saver’s money is kept safe. Our investment team makes decisions based on thorough analysis and the economic situation.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-enok.png","name":"Romet Enok","profession":"Fund Manager at LHV","quote":"_„Unstable times have shown that LHV pension fund M’s strategy has proven its worth: investments with a stable rate of return have protected and grown the assets of pension savers even in a market in decline.“_\n\n**[Market overview](#history){.arrow-bold .tab-link}**\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":5790},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":48.09,"unit":"%"},{"name":"Shares","value":6.38,"unit":"%"},{"name":"Direct real estate investment","value":5.91,"unit":"%"},{"name":"Equity funds","value":5.32,"unit":"%"},{"name":"Real Estate funds","value":18.47,"unit":"%"},{"name":"Private Equity funds","value":9.73,"unit":"%"},{"name":"Money and deposits","value":6.1,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2024\n\n| Biggest investments | |\n|---|---:|\n| Eesti Energia perpetual NC5.25 | 6.73% |\n| France Treasury Bill 25/05/2025 | 5.65% |\n| German Treasury Bill 19/02/2025 | 5.00% |\n| Luminor 7.75% 08/06/2027 | 5.00% |\n| German Treasury Bill 19/03/2025 | 3.77% |\n| ZKB Gold ETF | 3.62% |\n| EfTEN Real Estate Fund | 3.37% |\n| East Capital Real Estate Fund IV | 3.03% |\n| SG Capital Partners Fund 1 | 2.76% |\n| EfTEN Real Estate Fund 5 | 2.47% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eesti Energia perpetual NC5.25 | 6.73% |\n| Luminor 7.75% 08/06/2027 | 5.00% |\n| East Capital Real Estate Fund IV | 3.03% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2024) | 105,630,495 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 300,000 units |\n| Rate of the depository’s charge | 0.0427% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6120%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,00%.\n\n**Ongoing charges (inc management fee):** 1.09%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_122024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_M_KIID_062024.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_M_kuuaruanne_2024_12.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_M_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_M_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":12,"content":"### December 2024: Markets show signs of calming\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nFollowing November’s “Trump rally”, December saw a slight pullback, with S&P 500 ending the month down 2.5% in dollar terms. By contrast, the Euro Stoxx 50 index rose by 1.9% in euro terms, while the Emerging Markets index was nearly flat, posting -0.3% in dollar terms. Among emerging markets, Brazil was the biggest decliner, but this was offset by China, which rose by 2.6% in dollar terms. The OMX Baltic Benchmark index also increased by 1.6% for the month.\n\nAt the end of 2024, private equity funds were quite active. KJK Funds sold one of their largest investments, Don Don, a Balkan-based bakery chain, to Grupo Bimbo, a globally renowned Mexican baked-goods giant. Don Don, which began operations in 1994 in Slovenia, has steadily expanded into Croatia, Serbia, Bulgaria and several other European countries. The deal provided Grupo Bimbo with access to new markets. \n\nIn the bond portfolio, Citadele Bank announced to the stock exchange that it plans to redeem its subordinated bond issued in 2017 in January. This news fittingly concluded a year during which the fund exited several bond investments both in Estonia and across European markets.\n"},{"year":2024,"month":11,"content":"### November 2024: We increased the volume of our direct investment portfolio\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nDonald Trump’s election victory spurred a strong rally in US indices, with the S&P 500 ending November up 5.7% in dollar terms. Meanwhile, the Euro Stoxx 50 index declined by 0.4% in euro terms during the month. The emerging market index fell by 3.7% in dollar terms, largely driven by a 4.4% drop in China. The OMX Baltic Benchmark index also fell by 3% over the month.\n\nIn November, EfTEN Real Estate Fund 5, in partnership with six Estonian entrepreneurs, announced the acquisition of Tallinn’s Kristiine shopping centre, valued at €123.5 million. This marks the fund’s final investment. The centre spans 61,600 sq. m and houses 120 tenants, with the largest being Prisma and Apollo. The acquisition is financed through a combination of equity and a syndicated loan from SEB and Swedbank. \n\nLast month, we expanded our direct investment portfolio by entering into a loan agreement with Eastnine, a real estate company primarily focused on the Lithuanian and Polish markets. The loan has a three-year term, and the pension fund earns an annual interest rate of 8.5%. At the same time, Eastnine also raised new equity and secured bank loans, continuing its growth plans in the Polish commercial real estate market. Having previously held investments in Estonia, the company has now set its sights mainly on the Polish market, where assets now make up the majority of its portfolio following this major transaction.\n"},{"year":2024,"month":10,"content":"### October 2024: We sold two significant bond positions in October \n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe US S&P 500 index ended October with a return of −1% in dollar terms, while the European Euro Stoxx 50 index posted −3.3% in euro terms. The emerging markets index declined by 4.4% in dollar terms over the month, driven primarily by China, where the index fell by 6% in dollars. The wave of optimism that emerged in China in September has somewhat diminished. Meanwhile, the OMX Baltic Benchmark index rose by 3.5% over the month.\n\nOctober was a particularly active month for the EfTEN Real Estate Fund, which acquired a logistics centre and signed a contract to purchase a production and storage facility. The logistics centre in Tallinn has ELP Logistics OÜ as the anchor tenant, with a lease commitment extending for at least ten years. The production and storage facility under development in Harku municipality is being built for ICONFIT, the Baltic region’s leading producer of sports, diet and health foods. ICONFIT has also signed a long-term lease agreement with the fund, with a term of ten years.\n\nIn October, we sold two significant bond positions – Volkswagen and Riigi Kinnisvara AS. Bond prices on international markets have risen significantly, especially for corporate bonds. As a result, we are currently refraining from making new investments in this area and our next addition is likely to be an over-the-counter direct investment.\n"},{"year":2024,"month":9,"content":"### September 2024: The bond investment returned 9%\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe beginning of September was quite volatile, just as the beginning of August was; nonetheless, the major indices ended the month positively. The US S&P 500 index was up 2% in dollars and the European Euro Stoxx 50 rose 0.9% in euros. The emerging markets index was up as much as 6.4% in dollars during September. This was mainly due to China, whose index gained 23.5% in dollars as the market responded to the country’s long-awaited major government spending aimed at stimulating the economy. The Baltic OMX Baltic Benchmark index saw little change, ending the month down 0.8%.\n\nAfter a six-year investment, the Livonia fund sold its stake in the Lithuanian company Freor to the company’s management. Freor manufactures top-quality refrigeration equipment to help food retailers reduce environmental impact and energy consumption. The company was founded in 2000 and, since then, it has managed to expand operations to 55 countries.\n\nOne of the more significant direct investments in the fund’s bond portfolio came to an end when Sunly repaid its bonds. Sunly raised 13 million euros from LHV funds for renewable energy investments in 2020. In the time since, Sunly has grown so fast that its equity went up from 13 million euros four years ago to nearly 300 million euros by the end of 2023. Our bond investment yielded around 9% per annum during this period. \n\nWe continue to look for new local projects where LHV pension funds can participate in similar developmental leaps.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Is maximum risk the optimal strategy?**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n","text":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n\nHowever, it is worth noting that in October, the yield on Germany’s ten-year risk-free government bonds actually rose by 0.2 percentage points instead of falling. A similar reaction occurred a month earlier in the US, when following the Federal Reserve’s decision to lower short-term interest rates by 0.5 percentage points, the yields on ten-year government bonds immediately increased by nearly 0.5 percentage points.\n\nThis suggests that markets are far from convinced that central banks have fully brought inflation under control. The problem is that although interest rates in both Europe and the United States are relatively high compared with recent inflation figures, and central banks’ monetary policies may appear rather stringent, government fiscal policy – particularly in the US – seems inexplicably lax, especially given the relatively strong economic environment.\n\n**The last decade’s stock market rally may not continue forever**\n\nUS stock markets, which have been in an upward trend for some time, remained relatively calm in October. The S&P 500 index, which tracks large US companies, gave back 1% of its earlier gains during the month, while EuroStoxx 50, which covers major European companies, lost 3.3% of its value.\n\nAn analysis of stock indices and bond markets in October revealed that markets were already pricing in higher chances of Donald Trump being re-elected compared to his opponent. Although both candidates were expected to maintain spending levels significantly exceeding revenues, which would fuel the economic environment, businesses and markets anticipated that a Trump administration would reduce restrictions that are currently hindering economic growth.\n\nThat said, Trump cannot be considered a proponent of Reagan-style free-market economics – he proudly declares tariffs to be his favourite policy tool. The anticipated tariffs are the main source of concern for the stock markets of the US’s largest trading partners.\n\nIn October, a Goldman Sachs analysis caught my attention, predicting that the S&P 500’s returns over the next decade will be significantly lower than those seen over the past ten years. Over the previous decade, the index of the largest US companies grew by 233% (including dividends), amounting to an average annual return of 13%. By contrast, Goldman Sachs analysts expect the index to grow just 34% over the next ten years, yielding an annualised return of only 3%. \n\n![Pilt](/assets/images/pension/Andrese_joonis1_2111.png){.pension-img}\n_Figure 1._ S&P 500 ten-year annualised return forecasts for 2012, 2020 and 2024. _Source: Goldman Sachs._\n\nGoldman Sachs analysts also do not rule out the possibility that the S&P 500 could be lower in ten years than it is today, projecting an annualised return ranging from −1% to +7%. This means that US stock markets could underperform the US bond market, where a ten-year bond currently offers a fixed yield of 4.3%.\n\nA Goldman Sachs equity strategist told Bloomberg in an [interview](https://www.bloomberg.com/news/articles/2024-10-21/s-p-500-s-decade-of-big-gains-is-over-goldman-strategists-say?sref=iNIjnPWx) that while the US economy is currently strong and the Federal Reserve is lowering interest rates, they expect the index to deliver a 9% total return next year. Beyond that, however, they are less optimistic due to historically high stock valuations.\n\n**When investing, consider different scenarios**\n\nNobel laureate in physics Niels Bohr once remarked, “Prediction is very difficult, especially when it’s about the future.” The Goldman Sachs analysis discussed earlier is less a warning of a bleak future that may await stock markets and more a example of how to approach risk effectively. Instead of focusing on a single figure, it is more informative to consider a range of possible outcomes.\n\nFor example, investing in a ten-year US government bond today provides near certainty that the return over the next decade will be 4.3%. By contrast, investing in US stocks could result in anything from a small loss to a return exceeding that of bonds. US government bonds are essentially risk-free, guaranteeing a fixed yield, whereas stock, which are significantly riskier, present the possibility of both gains and losses.\n\nRenowned American investor Howard Marks described in his October memo how he approaches the relationship between risk and return. For decades, investment textbooks have presented this relationship as a linear line, illustrating how taking on greater risk yields higher returns.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_2111.png){.pension-img}\n_Figure 2. The relationship between risk and return_\n\nHowever, Marks argues that this explanation is inadequate because it overlooks the growing spectrum of possible outcomes as risk increases – a good result could be far better than forecasted, and a poor result much worse. Marks not only critiques the traditional view but also proposes a solution, suggesting a more accurate graphical representation of the relationship between risk and return.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_2111.png){.pension-img}\n_Figure 3. The relationship between risk and return, as proposed by Howard Marks_\n\n**We help grow pension assets by seeking to avoid major losses** \n\nWhen we launched LHV pension funds more than 20 years ago, we set three priorities for ourselves:\n1)\tProtect the assets accumulated in LHV pension funds from losses\n2)\tPreserve the purchasing power of the assets in LHV pension funds\n3)\tAchieve returns that outperform competitors.\n\nIn doing so, we have always adhered to the principle that high long-term returns can only be achieved by avoiding significant losses.\n\nPension assets are a reserve intended for the period of life when working age has ended and regular income from employment is no longer available. A reserve, by definition, should remain intact until it is needed. This means there is a limit to how much risk it is reasonable to take when investing the assets in a reserve.\n\nRecently, I’ve received increasing feedback from colleagues that many clients’ main goal when choosing a pension fund is to maximise risk blindly. This has led me to wonder: Is this merely a sign of a prolonged period of market growth, where risks are forgotten as markets climb higher each day, or has the rapid spread of financial literacy and the popularisation of investing inadvertently or even deliberately overlooked some important, albeit less popular, concepts?\n\nAs Howard Marks notes in his [memo](https://www.oaktreecapital.com/insights/memo/ruminating-on-asset-allocation), bond yields are currently higher than they were between 2009 and 2021, which should increase their relative attractiveness compared to stocks. Meanwhile, as highlighted by Goldman Sachs, stocks are at near-absolute valuation peaks compared to historical ratios, and returns over the next ten years could be significantly lower than over the past decade. All of this should prompt us to ask: Is maximum risk always the optimal strategy?\n\nAs in many areas of life, independent thinking is valuable in investing, and excessive simplification carries risks. Rules of thumb and generalisations – such as “stock markets offer better returns than bonds” or “younger investors’ portfolios should consist entirely of stocks” – are often helpful but should not be treated as dogma.\n\nAt LHV, our investment team has always factored both risks and expected returns into the investment process. We believe markets are cyclical, with times when taking risks is rewarding and times when caution is advisable. When bonds offer solid returns and stock markets are at all-time highs – not only in absolute price terms but also relative to corporate fundamentals – it may be wise to reassess your risks and potential returns. Higher risk does not inherently guarantee high returns; rather, it implies a wider gap between potential positive and negative outcomes compared to a lower-risk investment.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019774","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":38.91,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that LHV’s III pillar fund Aktiivne III invests in a similar way?**\n","id":"iii","button":{"url":"/en/pension/iii/fund/aktiivne","title":"See more","size":"lg"}}}},"LLK50":{"heading":"LHV Pensionifond L","id":"l","code":"l","dataMarker":"LK50","suitability":"**Suitable if**\n- you have average risk tolerance,\n- your aim is the long-term growth of your pension savings.\n","isLhvFund":true,"pensionCampaign":true,"strategy":"**Strategy**\n\nThe assets of the Fund are invested in various asset classes in both local and foreign markets. The Fund's assets may be invested extensively in unquoted instruments, which are primarily used for investing in securities issued by companies domiciled in the home market. The long-term preferred asset class of the fund is private equity investments.\n","strategyCampaign":"### **Crisis-resilient flagship L**\n- The L fund strategy is based on the principle that a prerequisite for a proper rate of return is the ability to avoid major losses. That is why we diversify this fund’s investments across several asset classes. As the proportion of equity is moderate, the fund is less exposed to stock market movements.\n- Real estate as an asset class accounts for just over 20% of the fund’s investments, providing a secure and stable cash flow in an inflationary environment. We evaluate real estate properties once per year. \n- L is actively managed, which is why the risks are managed and the pension saver’s money is kept safe. Our investment team makes decisions based on thorough analysis and the economic situation.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-oidermaa.png","name":"Kristo Oidermaa","profession":"Fund Manager at LHV","quote":"_„If the portfolio is diversified in terms of the money it invests, it is also possible to come out of crises with very few losses. Pension fund L has had a positive rate of return for 12 years in a row, already.“_\n\n**[Market overview](#history){.arrow-bold .tab-link}**\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":45741},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":6.77,"unit":"%"},{"name":"Shares","value":17.33,"unit":"%"},{"name":"Direct real estate investment","value":5.31,"unit":"%"},{"name":"Equity funds","value":11.43,"unit":"%"},{"name":"Real Estate funds","value":14.05,"unit":"%"},{"name":"Private Equity funds","value":35.18,"unit":"%"},{"name":"Money and deposits","value":9.92,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2024\n\n| Biggest investments | |\n|---|---:|\n| ZKB Gold ETF | 3.66% |\n| Investindustrial VII L.P. | 3.19% |\n| iShares Gold Producers UCITS ETF | 2.95% |\n| EfTEN Real Estate Fund | 2.70% |\n| Partners Group Direct Equity 2019 | 2.45% |\n| East Capital Baltic Property Fund III | 2.22% |\n| Ardian ASF VIII | 2.17% |\n| Usaldusfond BaltCap Private Equity Fund III | 2.10% |\n| QS Global Mid-Market Opportunities | 2.02% |\n| INVL Baltic Sea Growth Fund | 2.01% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 2.22% |\n| Usaldusfond BaltCap Private Equity Fund III | 2.10% |\n| East Capital Real Estate Fund IV | 1.67% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2024) | 850,163,801 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 1,600,000 units |\n| Rate of the depository’s charge | 0.0403% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6120%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,24%.\n\n**Ongoing charges (inc management fee):** 1.56%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_122024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_L_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_L_kuuaruanne_2024_12.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_L_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_L_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":12,"content":"### December 2024: Markets show signs of calming\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nFollowing November’s “Trump rally”, December saw a slight pullback, with S&P 500 ending the month down 2.5% in dollar terms. By contrast, the Euro Stoxx 50 index rose by 1.9% in euro terms, while the Emerging Markets index was nearly flat, posting -0.3% in dollar terms. Among emerging markets, Brazil was the biggest decliner, but this was offset by China, which rose by 2.6% in dollar terms. The OMX Baltic Benchmark index also increased by 1.6% for the month.\n\nIn December, we added new names to the portfolio, including the US company United Rentals, which specialises in construction equipment rental, and Novo Nordisk, a pharmaceutical company. The strongest contributors to returns during the month were the European banks index, which rose by approximately 5.4%, Stora Enso, which gained 6.8%, and one of our energy positions, Antero Resources, which rose by 7.2%. On the downside, our gold-related positions fell between 6% and 12%, while our energy-metals holdings declined between 9% and 14%. Throughout the year, we have been steadily diversifying our portfolios, adding high-capital-efficiency companies that are market leaders in their niches across Scandinavia and the United States alongside cyclical commodity investments.\n\nAt the end of 2024, private equity funds were quite active. KJK Funds sold one of their largest investments, Don Don, a Balkan-based bakery chain, to Grupo Bimbo, a globally renowned Mexican baked-goods giant. Don Don, which began operations in 1994 in Slovenia, has steadily expanded into Croatia, Serbia, Bulgaria and several other European countries. The deal provided Grupo Bimbo with access to new markets. \n\nIn the bond portfolio, Citadele Bank announced to the stock exchange that it plans to redeem its subordinated bond issued in 2017 in January. This news fittingly concluded a year during which the fund exited several bond investments both in Estonia and across European markets.\n"},{"year":2024,"month":11,"content":"### November 2024: We increased the volume of our direct investment portfolio\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nDonald Trump’s election victory spurred a strong rally in US indices, with the S&P 500 ending November up 5.7% in dollar terms. Meanwhile, the Euro Stoxx 50 index declined by 0.4% in euro terms during the month. The emerging market index fell by 3.7% in dollar terms, largely driven by a 4.4% drop in China. The OMX Baltic Benchmark index also fell by 3% over the month.\n\nDuring the month, we increased our position in Fortum. In November, our energy-related positions made the most positive contribution to returns, rising by 5% to 27%. On the other hand, the most negative impacts came from one of our gold positions, which fell by approximately 9%, the European banks index, which declined by around 3.2%, and our energy metals position, which dropped by approximately 6.3%. We continue to see good opportunities in the commodity sector, given the protection it provides in a challenging geopolitical environment, as well as in Scandinavian companies due to their high quality and strong competitiveness. We have also increased our exposure to US stocks in recent months and intend to increase this exposure in the future.\n\nIn November, EfTEN Real Estate Fund 5, in partnership with six Estonian entrepreneurs, announced the acquisition of Tallinn’s Kristiine shopping centre, valued at €123.5 million. This marks the fund’s final investment. The centre spans 61,600 sq. m and houses 120 tenants, with the largest being Prisma and Apollo. The acquisition is financed through a combination of equity and a syndicated loan from SEB and Swedbank. \n\nLast month, we expanded our direct investment portfolio by entering into a loan agreement with Eastnine, a real estate company primarily focused on the Lithuanian and Polish markets. The loan has a three-year term, and the pension fund earns an annual interest rate of 8.5%. At the same time, Eastnine also raised new equity and secured bank loans, continuing its growth plans in the Polish commercial real estate market. Having previously held investments in Estonia, the company has now set its sights mainly on the Polish market, where assets now make up the majority of its portfolio following this major transaction.\n"},{"year":2024,"month":10,"content":"### October 2024: Gold drives positive returns in the stock portfolio \n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe US S&P 500 index ended October with a return of −1% in dollar terms, while the European Euro Stoxx 50 index posted −3.3% in euro terms. The emerging markets index declined by 4.4% in dollar terms over the month, driven primarily by China, where the index fell by 6% in dollars. The wave of optimism that emerged in China in September has somewhat diminished. Meanwhile, the OMX Baltic Benchmark index rose by 3.5% over the month.\n\nIn October, we added the Finnish energy company Fortum to our funds, reduced our gold holdings and sold off the Finnish retail company Kesko from L and Active III. The top performers in the stock portfolio were our gold-related positions, which gained between 4.5% and 7.5%, and our European banking index fund, which increased by 3.5% in October. On the downside, our investments in energy metals dropped by 7% to 9% and our Chinese position in Alibaba declined by around 12%. \nWe continue to see good opportunities in the commodity sector, given the protection it provides in a challenging geopolitical environment, as well as in Scandinavian companies due to their high quality and strong competitiveness. We have also increased our exposure to US stocks in recent months and intend to increase this exposure in the future.\n\nOctober was a particularly active month for the EfTEN Real Estate Fund, which acquired a logistics centre and signed a contract to purchase a production and storage facility. The logistics centre in Tallinn has ELP Logistics OÜ as the anchor tenant, with a lease commitment extending for at least ten years. The production and storage facility under development in Harku municipality is being built for ICONFIT, the Baltic region’s leading producer of sports, diet and health foods. ICONFIT has also signed a long-term lease agreement with the fund, with a term of ten years.\n\nIn the bond portfolio, we realised gains on yet another major position. After selling Volkswagen bonds following their price increase in the summer and receiving a loan repayment from Sunly in September, we have now sold our long-term investment in Riigi Kinnisvara AS bonds. Bond prices on the exchanges have risen considerably, so when considering new investments, we are again looking towards direct investments. We anticipate that the next likely transaction in the portfolio will be the acquisition of a new position in an over-the-counter investment.\n"},{"year":2024,"month":9,"content":"### September 2024: The largest indices ended the month positively\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe beginning of September was quite volatile, just as the beginning of August was; nonetheless, the major indices ended the month positively. The US S&P 500 index was up 2% in dollars and the European Euro Stoxx 50 rose 0.9% in euros. The emerging markets index was up as much as 6.4% in dollars during September. This was mainly due to China, whose index gained 23.5% in dollars as the market responded to the country’s long-awaited major government spending aimed at stimulating the economy. The Baltic OMX Baltic Benchmark index saw little change, ending the month down 0.8%.\n\nAfter a six-year investment, the Livonia fund sold its stake in the Lithuanian company Freor to the company’s management. Freor manufactures top-quality refrigeration equipment to help food retailers reduce environmental impact and energy consumption. The company was founded in 2000 and, since then, it has managed to expand operations to 55 countries.\n\nIn September, we sold six investments from the stock portfolio: Siemens Healthineers, Roche Holding, GN Store Nord, Huhtamäki, Valmet and Agnico Eagle Mines. The fund did not make any new purchases.\n\nDuring the month, our energy metal positions, physical gold and Alibaba delivered the best results, reflecting more positive sentiments in the market due to the announcement that the Chinese government would increase its support to its economy. Investments in the energy sector and gold mining enterprise Barrick Gold Corp. were the biggest drags on the fund’s results in September. We still see good opportunities in the commodity sector thanks to the protection the sector offers to the investor in a difficult geopolitical environment, as well as in Nordic companies thanks to their guaranteed quality and competitiveness.\n\nOne of the more significant direct investments in the fund’s bond portfolio came to an end when Sunly repaid its bonds. Sunly raised 13 million euros from LHV funds for renewable energy investments in 2020. In the time since, Sunly has grown so fast that its equity went up from 13 million euros four years ago to nearly 300 million euros by the end of 2023. Our bond investment yielded around 9% per annum during this period. \n\nWe continue to look for new local projects where LHV pension funds can participate in similar developmental leaps.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Is maximum risk the optimal strategy?**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n","text":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n\nHowever, it is worth noting that in October, the yield on Germany’s ten-year risk-free government bonds actually rose by 0.2 percentage points instead of falling. A similar reaction occurred a month earlier in the US, when following the Federal Reserve’s decision to lower short-term interest rates by 0.5 percentage points, the yields on ten-year government bonds immediately increased by nearly 0.5 percentage points.\n\nThis suggests that markets are far from convinced that central banks have fully brought inflation under control. The problem is that although interest rates in both Europe and the United States are relatively high compared with recent inflation figures, and central banks’ monetary policies may appear rather stringent, government fiscal policy – particularly in the US – seems inexplicably lax, especially given the relatively strong economic environment.\n\n**The last decade’s stock market rally may not continue forever**\n\nUS stock markets, which have been in an upward trend for some time, remained relatively calm in October. The S&P 500 index, which tracks large US companies, gave back 1% of its earlier gains during the month, while EuroStoxx 50, which covers major European companies, lost 3.3% of its value.\n\nAn analysis of stock indices and bond markets in October revealed that markets were already pricing in higher chances of Donald Trump being re-elected compared to his opponent. Although both candidates were expected to maintain spending levels significantly exceeding revenues, which would fuel the economic environment, businesses and markets anticipated that a Trump administration would reduce restrictions that are currently hindering economic growth.\n\nThat said, Trump cannot be considered a proponent of Reagan-style free-market economics – he proudly declares tariffs to be his favourite policy tool. The anticipated tariffs are the main source of concern for the stock markets of the US’s largest trading partners.\n\nIn October, a Goldman Sachs analysis caught my attention, predicting that the S&P 500’s returns over the next decade will be significantly lower than those seen over the past ten years. Over the previous decade, the index of the largest US companies grew by 233% (including dividends), amounting to an average annual return of 13%. By contrast, Goldman Sachs analysts expect the index to grow just 34% over the next ten years, yielding an annualised return of only 3%. \n\n![Pilt](/assets/images/pension/Andrese_joonis1_2111.png){.pension-img}\n_Figure 1._ S&P 500 ten-year annualised return forecasts for 2012, 2020 and 2024. _Source: Goldman Sachs._\n\nGoldman Sachs analysts also do not rule out the possibility that the S&P 500 could be lower in ten years than it is today, projecting an annualised return ranging from −1% to +7%. This means that US stock markets could underperform the US bond market, where a ten-year bond currently offers a fixed yield of 4.3%.\n\nA Goldman Sachs equity strategist told Bloomberg in an [interview](https://www.bloomberg.com/news/articles/2024-10-21/s-p-500-s-decade-of-big-gains-is-over-goldman-strategists-say?sref=iNIjnPWx) that while the US economy is currently strong and the Federal Reserve is lowering interest rates, they expect the index to deliver a 9% total return next year. Beyond that, however, they are less optimistic due to historically high stock valuations.\n\n**When investing, consider different scenarios**\n\nNobel laureate in physics Niels Bohr once remarked, “Prediction is very difficult, especially when it’s about the future.” The Goldman Sachs analysis discussed earlier is less a warning of a bleak future that may await stock markets and more a example of how to approach risk effectively. Instead of focusing on a single figure, it is more informative to consider a range of possible outcomes.\n\nFor example, investing in a ten-year US government bond today provides near certainty that the return over the next decade will be 4.3%. By contrast, investing in US stocks could result in anything from a small loss to a return exceeding that of bonds. US government bonds are essentially risk-free, guaranteeing a fixed yield, whereas stock, which are significantly riskier, present the possibility of both gains and losses.\n\nRenowned American investor Howard Marks described in his October memo how he approaches the relationship between risk and return. For decades, investment textbooks have presented this relationship as a linear line, illustrating how taking on greater risk yields higher returns.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_2111.png){.pension-img}\n_Figure 2. The relationship between risk and return_\n\nHowever, Marks argues that this explanation is inadequate because it overlooks the growing spectrum of possible outcomes as risk increases – a good result could be far better than forecasted, and a poor result much worse. Marks not only critiques the traditional view but also proposes a solution, suggesting a more accurate graphical representation of the relationship between risk and return.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_2111.png){.pension-img}\n_Figure 3. The relationship between risk and return, as proposed by Howard Marks_\n\n**We help grow pension assets by seeking to avoid major losses** \n\nWhen we launched LHV pension funds more than 20 years ago, we set three priorities for ourselves:\n1)\tProtect the assets accumulated in LHV pension funds from losses\n2)\tPreserve the purchasing power of the assets in LHV pension funds\n3)\tAchieve returns that outperform competitors.\n\nIn doing so, we have always adhered to the principle that high long-term returns can only be achieved by avoiding significant losses.\n\nPension assets are a reserve intended for the period of life when working age has ended and regular income from employment is no longer available. A reserve, by definition, should remain intact until it is needed. This means there is a limit to how much risk it is reasonable to take when investing the assets in a reserve.\n\nRecently, I’ve received increasing feedback from colleagues that many clients’ main goal when choosing a pension fund is to maximise risk blindly. This has led me to wonder: Is this merely a sign of a prolonged period of market growth, where risks are forgotten as markets climb higher each day, or has the rapid spread of financial literacy and the popularisation of investing inadvertently or even deliberately overlooked some important, albeit less popular, concepts?\n\nAs Howard Marks notes in his [memo](https://www.oaktreecapital.com/insights/memo/ruminating-on-asset-allocation), bond yields are currently higher than they were between 2009 and 2021, which should increase their relative attractiveness compared to stocks. Meanwhile, as highlighted by Goldman Sachs, stocks are at near-absolute valuation peaks compared to historical ratios, and returns over the next ten years could be significantly lower than over the past decade. All of this should prompt us to ask: Is maximum risk always the optimal strategy?\n\nAs in many areas of life, independent thinking is valuable in investing, and excessive simplification carries risks. Rules of thumb and generalisations – such as “stock markets offer better returns than bonds” or “younger investors’ portfolios should consist entirely of stocks” – are often helpful but should not be treated as dogma.\n\nAt LHV, our investment team has always factored both risks and expected returns into the investment process. We believe markets are cyclical, with times when taking risks is rewarding and times when caution is advisable. When bonds offer solid returns and stock markets are at all-time highs – not only in absolute price terms but also relative to corporate fundamentals – it may be wise to reassess your risks and potential returns. Higher risk does not inherently guarantee high returns; rather, it implies a wider gap between potential positive and negative outcomes compared to a lower-risk investment.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019832","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":23.13,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that LHV’s III pillar fund Aktiivne III invests in a similar way?**\n","id":"iii","button":{"url":"/en/pension/iii/fund/aktiivne","title":"See more","size":"lg"}}}},"LXK75":{"heading":"LHV Pensionifond XL","id":"xl","code":"xl","dataMarker":"XLK50","suitability":"**Suitable if**\n- you are prepared to take above-average risks,\n- your aim is the long-term growth of your pension savings\n","isLhvFund":true,"pensionCampaign":true,"strategy":"**Strategy**\n\nThe Fund prefers foreign markets, more liquid and traded instruments on regulated markets when investing assets. The assets of the Fund may be invested in their entirety in equities, equity funds and other equity-like instruments. The Fund is allowed to borrow up to 10% of the Fund's assets value. The long-term preferred asset class of the fund is public equity investments.\n","strategyCampaign":"### **XL with its higher proportion of equity**\n- XL is LHV’s most quick-tempered actively managed pension fund. This means that XL invests more in equity markets than any other active LHV fund.\n- While XL is allowed to allocate all of its assets to equity markets, we prefer to diversify the fund’s investments across a number of asset classes – real estate, private equity funds, and OTC bonds. \n- XL is actively managed, which is why the risks are managed and the pension saver’s money is kept safe. Our investment team makes decisions based on thorough analysis and the economic situation. \n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-oidermaa.png","name":"Kristo Oidermaa","profession":"Fund Manager at LHV","quote":"_„We have taken a thematic approach to the composition of the XL Fund equity portfolio and have selected sectors that have always offered a good rate of return in times of high inflation.“_\n\n**[Market overview](#history){.arrow-bold .tab-link}**\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":25851},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":14.33,"unit":"%"},{"name":"Shares","value":32.42,"unit":"%"},{"name":"Direct real estate investment","value":3.74,"unit":"%"},{"name":"Equity funds","value":17.52,"unit":"%"},{"name":"Real Estate funds","value":9.82,"unit":"%"},{"name":"Private Equity funds","value":20.16,"unit":"%"},{"name":"Money and deposits","value":5.75,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2024\n\n| Biggest investments | |\n|---|---:|\n| ZKB Gold ETF | 4.61% |\n| Eesti Energia perpetual NC5.25 | 3.88% |\n| Axcel VI | 3.64% |\n| iShares Gold Producers UCITS ETF | 3.32% |\n| Fortum | 2.80% |\n| First Trust RBA American Industrial Renaissancetm | 2.64% |\n| Monte Rosa V Class J | 2.11% |\n| Investindustrial VII L.P. | 2.04% |\n| Vanguard Russell 2000 ETF | 1.96% |\n| East Capital Baltic Property Fund III | 1.95% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eesti Energia perpetual NC5.25 | 3.88% |\n| East Capital Baltic Property Fund III | 1.95% |\n| Luminor 7.75% 08/06/2027 | 1.51% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2024) | 265,629,340 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 530 000 units |\n| Rate of the depository’s charge | 0.0415% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0,6120%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** Performance fee is 20% of the positive difference between the fund's performance and the benchmark, maximum of 2% per annum of the fund's volume. Performance fee for 2021 0,28%.\n\n**Ongoing charges (inc management fee):** 1.22%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_pensionifondide_prospekt_122024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_XL_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_kuuaruanne_2024_12.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_XL_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_XL_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":12,"content":"### December 2024: Markets show signs of calming\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nFollowing November’s “Trump rally”, December saw a slight pullback, with S&P 500 ending the month down 2.5% in dollar terms. By contrast, the Euro Stoxx 50 index rose by 1.9% in euro terms, while the Emerging Markets index was nearly flat, posting -0.3% in dollar terms. Among emerging markets, Brazil was the biggest decliner, but this was offset by China, which rose by 2.6% in dollar terms. The OMX Baltic Benchmark index also increased by 1.6% for the month.\n\nIn December, we added several new names to the portfolio, including ASML, Applied Industrial Technologies, Builders FirstSource, Old Dominion Freight Line and Novo Nordisk. We also increased our holdings in United Rentals and Valaris. The top contributors to returns for the month were the European banks index (+5.4%), Stora Enso (+6.8%), Metso Corporation (+7.85%) and Antero Resources (+7.2%). The largest detractors were the US industrial companies index, which fell by 10%, our gold-related positions (-6% to -12%), our energy metals holdings (-9% to -14%) and Novo Nordisk (-19%). Throughout the year, we have been steadily diversifying our portfolios, adding high-capital-efficiency companies that are market leaders in their niches across Scandinavia and the United States alongside cyclical commodity investments.\n\nAt the end of 2024, private equity funds were quite active. One of our direct investments, Scandinavia’s leading waste management company NG Group, acquired Fortum’s recycling and waste solutions division for €800 million. As a result, NG now manages all waste streams, including hazardous waste, turning them into valuable resources. The merged entity generates annual revenues of €1.2 billion and employs 3,500 people across the Nordic region.\n\nKJK Funds sold one of their largest investments, Don Don, a Balkan-based bakery chain, to Grupo Bimbo, a globally renowned Mexican baked-goods giant. Don Don, which began operations in 1994 in Slovenia, has steadily expanded into Croatia, Serbia, Bulgaria and several other European countries. The deal provided Grupo Bimbo with access to new markets. \n\nIn the bond portfolio, Citadele Bank announced to the stock exchange that it plans to redeem its subordinated bond issued in 2017 in January. This news fittingly concluded a year during which the fund exited several bond investments both in Estonia and across European markets.\n"},{"year":2024,"month":11,"content":"### November 2024: We increased equity investments \n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nDonald Trump’s election victory spurred a strong rally in US indices, with the S&P 500 ending November up 5.7% in dollar terms. Meanwhile, the Euro Stoxx 50 index declined by 0.4% in euro terms during the month. The emerging market index fell by 3.7% in dollar terms, largely driven by a 4.4% drop in China. The OMX Baltic Benchmark index also fell by 3% over the month.\n\nDuring the month, we increased existing positions and added new ones to our portfolios. Among the existing positions, we expanded our holdings in Epiroc, Atlas Copco, Glencore, a gold miners ETF, and a US industrial companies ETF. New investments added to the portfolios included the Latin American company Mercado Libre, Emcor Group, Investor AB, energy company EQT Corp, and a US infrastructure development ETF. In November, the strongest contributors to returns were our energy-related positions, which rose by 5% to 27%, and the US industrial companies ETF, which delivered approximately 11% returns in XL and 12.75% in A3. On the other hand, the most negative impacts came from one of our gold positions, which fell by approximately 9%, the European banks index, which declined by around 3.2%, and our energy metals position, which dropped by approximately 6.3%. We continue to see good opportunities in the commodity sector, given the protection it provides in a challenging geopolitical environment, as well as in Scandinavian companies due to their high quality and strong competitiveness. We have also increased our exposure to US stocks in recent months and intend to increase this exposure in the future.\n\nIn November, EfTEN Real Estate Fund 5, in partnership with six Estonian entrepreneurs, announced the acquisition of Tallinn’s Kristiine shopping centre, valued at €123.5 million. This marks the fund’s final investment. The centre spans 61,600 sq. m and houses 120 tenants, with the largest being Prisma and Apollo. The acquisition is financed through a combination of equity and a syndicated loan from SEB and Swedbank. \n\nLast month, we expanded our direct investment portfolio by entering into a loan agreement with Eastnine, a real estate company primarily focused on the Lithuanian and Polish markets. The loan has a three-year term, and the pension fund earns an annual interest rate of 8.5%. At the same time, Eastnine also raised new equity and secured bank loans, continuing its growth plans in the Polish commercial real estate market. Having previously held investments in Estonia, the company has now set its sights mainly on the Polish market, where assets now make up the majority of its portfolio following this major transaction.\n"},{"year":2024,"month":10,"content":"### October 2024: Gold drives positive returns in the stock portfolio \n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe US S&P 500 index ended October with a return of −1% in dollar terms, while the European Euro Stoxx 50 index posted −3.3% in euro terms. The emerging markets index declined by 4.4% in dollar terms over the month, driven primarily by China, where the index fell by 6% in dollars. The wave of optimism that emerged in China in September has somewhat diminished. Meanwhile, the OMX Baltic Benchmark index rose by 3.5% over the month.\n\nIn October, we added the Finnish energy company Fortum to our funds, reduced our gold holdings and sold off the Finnish retail company Kesko from L and Active III. The top performers in the stock portfolio were our gold-related positions, which gained between 4.5% and 7.5%, and our European banking index fund, which increased by 3.5% in October. On the downside, our investments in energy metals dropped by 7% to 9% and our Chinese position in Alibaba declined by around 12%. \nWe continue to see good opportunities in the commodity sector, given the protection it provides in a challenging geopolitical environment, as well as in Scandinavian companies due to their high quality and strong competitiveness. We have also increased our exposure to US stocks in recent months and intend to increase this exposure in the future.\n\nOctober was a particularly active month for the EfTEN Real Estate Fund, which acquired a logistics centre and signed a contract to purchase a production and storage facility. The logistics centre in Tallinn has ELP Logistics OÜ as the anchor tenant, with a lease commitment extending for at least ten years. The production and storage facility under development in Harku municipality is being built for ICONFIT, the Baltic region’s leading producer of sports, diet and health foods. ICONFIT has also signed a long-term lease agreement with the fund, with a term of ten years.\n\nThe most significant change in the bond portfolio was the liquidation of our position in Volkswagen securities. This instrument, slightly more complex than standard bonds, had been in our fund for nearly a year and a half and provided returns more in line with the long-term average of stock markets. For new investments, we are currently looking outside the global exchanges and our next addition is likely to be a direct investment.\n"},{"year":2024,"month":9,"content":"### September 2024: The largest indices ended the month positively\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe beginning of September was quite volatile, just as the beginning of August was; nonetheless, the major indices ended the month positively. The US S&P 500 index was up 2% in dollars and the European Euro Stoxx 50 rose 0.9% in euros. The emerging markets index was up as much as 6.4% in dollars during September. This was mainly due to China, whose index gained 23.5% in dollars as the market responded to the country’s long-awaited major government spending aimed at stimulating the economy. The Baltic OMX Baltic Benchmark index saw little change, ending the month down 0.8%.\n\nAfter a six-year investment, the Livonia fund sold its stake in the Lithuanian company Freor to the company’s management. Freor manufactures top-quality refrigeration equipment to help food retailers reduce environmental impact and energy consumption. The company was founded in 2000 and, since then, it has managed to expand operations to 55 countries.\n\nIn September, we sold five investments from the stock portfolio: Siemens Healthineers, Roche Holding, GN Store Nord, Huhtamäki and Valmet. We also halved our position in Agnico Eagle Mines; however, we increased our energy position by buying more in Noble Corp and Valaris. \n\nDuring the month, our energy metal positions, physical gold and Alibaba delivered the best results, reflecting more positive sentiments in the market due to the announcement that the Chinese government would increase its support to its economy. Investments in the energy sector and gold mining enterprise Barrick Gold Corp. were the biggest drags on the fund’s results in September. We still see good opportunities in the commodity sector thanks to the protection the sector offers to the investor in a difficult geopolitical environment, as well as in Nordic companies thanks to their guaranteed quality and competitiveness.\n\nOne of the more significant direct investments in the fund’s bond portfolio came to an end when Sunly repaid its bonds. Sunly raised 13 million euros from LHV funds for renewable energy investments in 2020. In the time since, Sunly has grown so fast that its equity went up from 13 million euros four years ago to nearly 300 million euros by the end of 2023. Our bond investment yielded around 9% per annum during this period. \n\nWe continue to look for new local projects where LHV pension funds can participate in similar developmental leaps.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Is maximum risk the optimal strategy?**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n","text":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n\nHowever, it is worth noting that in October, the yield on Germany’s ten-year risk-free government bonds actually rose by 0.2 percentage points instead of falling. A similar reaction occurred a month earlier in the US, when following the Federal Reserve’s decision to lower short-term interest rates by 0.5 percentage points, the yields on ten-year government bonds immediately increased by nearly 0.5 percentage points.\n\nThis suggests that markets are far from convinced that central banks have fully brought inflation under control. The problem is that although interest rates in both Europe and the United States are relatively high compared with recent inflation figures, and central banks’ monetary policies may appear rather stringent, government fiscal policy – particularly in the US – seems inexplicably lax, especially given the relatively strong economic environment.\n\n**The last decade’s stock market rally may not continue forever**\n\nUS stock markets, which have been in an upward trend for some time, remained relatively calm in October. The S&P 500 index, which tracks large US companies, gave back 1% of its earlier gains during the month, while EuroStoxx 50, which covers major European companies, lost 3.3% of its value.\n\nAn analysis of stock indices and bond markets in October revealed that markets were already pricing in higher chances of Donald Trump being re-elected compared to his opponent. Although both candidates were expected to maintain spending levels significantly exceeding revenues, which would fuel the economic environment, businesses and markets anticipated that a Trump administration would reduce restrictions that are currently hindering economic growth.\n\nThat said, Trump cannot be considered a proponent of Reagan-style free-market economics – he proudly declares tariffs to be his favourite policy tool. The anticipated tariffs are the main source of concern for the stock markets of the US’s largest trading partners.\n\nIn October, a Goldman Sachs analysis caught my attention, predicting that the S&P 500’s returns over the next decade will be significantly lower than those seen over the past ten years. Over the previous decade, the index of the largest US companies grew by 233% (including dividends), amounting to an average annual return of 13%. By contrast, Goldman Sachs analysts expect the index to grow just 34% over the next ten years, yielding an annualised return of only 3%. \n\n![Pilt](/assets/images/pension/Andrese_joonis1_2111.png){.pension-img}\n_Figure 1._ S&P 500 ten-year annualised return forecasts for 2012, 2020 and 2024. _Source: Goldman Sachs._\n\nGoldman Sachs analysts also do not rule out the possibility that the S&P 500 could be lower in ten years than it is today, projecting an annualised return ranging from −1% to +7%. This means that US stock markets could underperform the US bond market, where a ten-year bond currently offers a fixed yield of 4.3%.\n\nA Goldman Sachs equity strategist told Bloomberg in an [interview](https://www.bloomberg.com/news/articles/2024-10-21/s-p-500-s-decade-of-big-gains-is-over-goldman-strategists-say?sref=iNIjnPWx) that while the US economy is currently strong and the Federal Reserve is lowering interest rates, they expect the index to deliver a 9% total return next year. Beyond that, however, they are less optimistic due to historically high stock valuations.\n\n**When investing, consider different scenarios**\n\nNobel laureate in physics Niels Bohr once remarked, “Prediction is very difficult, especially when it’s about the future.” The Goldman Sachs analysis discussed earlier is less a warning of a bleak future that may await stock markets and more a example of how to approach risk effectively. Instead of focusing on a single figure, it is more informative to consider a range of possible outcomes.\n\nFor example, investing in a ten-year US government bond today provides near certainty that the return over the next decade will be 4.3%. By contrast, investing in US stocks could result in anything from a small loss to a return exceeding that of bonds. US government bonds are essentially risk-free, guaranteeing a fixed yield, whereas stock, which are significantly riskier, present the possibility of both gains and losses.\n\nRenowned American investor Howard Marks described in his October memo how he approaches the relationship between risk and return. For decades, investment textbooks have presented this relationship as a linear line, illustrating how taking on greater risk yields higher returns.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_2111.png){.pension-img}\n_Figure 2. The relationship between risk and return_\n\nHowever, Marks argues that this explanation is inadequate because it overlooks the growing spectrum of possible outcomes as risk increases – a good result could be far better than forecasted, and a poor result much worse. Marks not only critiques the traditional view but also proposes a solution, suggesting a more accurate graphical representation of the relationship between risk and return.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_2111.png){.pension-img}\n_Figure 3. The relationship between risk and return, as proposed by Howard Marks_\n\n**We help grow pension assets by seeking to avoid major losses** \n\nWhen we launched LHV pension funds more than 20 years ago, we set three priorities for ourselves:\n1)\tProtect the assets accumulated in LHV pension funds from losses\n2)\tPreserve the purchasing power of the assets in LHV pension funds\n3)\tAchieve returns that outperform competitors.\n\nIn doing so, we have always adhered to the principle that high long-term returns can only be achieved by avoiding significant losses.\n\nPension assets are a reserve intended for the period of life when working age has ended and regular income from employment is no longer available. A reserve, by definition, should remain intact until it is needed. This means there is a limit to how much risk it is reasonable to take when investing the assets in a reserve.\n\nRecently, I’ve received increasing feedback from colleagues that many clients’ main goal when choosing a pension fund is to maximise risk blindly. This has led me to wonder: Is this merely a sign of a prolonged period of market growth, where risks are forgotten as markets climb higher each day, or has the rapid spread of financial literacy and the popularisation of investing inadvertently or even deliberately overlooked some important, albeit less popular, concepts?\n\nAs Howard Marks notes in his [memo](https://www.oaktreecapital.com/insights/memo/ruminating-on-asset-allocation), bond yields are currently higher than they were between 2009 and 2021, which should increase their relative attractiveness compared to stocks. Meanwhile, as highlighted by Goldman Sachs, stocks are at near-absolute valuation peaks compared to historical ratios, and returns over the next ten years could be significantly lower than over the past decade. All of this should prompt us to ask: Is maximum risk always the optimal strategy?\n\nAs in many areas of life, independent thinking is valuable in investing, and excessive simplification carries risks. Rules of thumb and generalisations – such as “stock markets offer better returns than bonds” or “younger investors’ portfolios should consist entirely of stocks” – are often helpful but should not be treated as dogma.\n\nAt LHV, our investment team has always factored both risks and expected returns into the investment process. We believe markets are cyclical, with times when taking risks is rewarding and times when caution is advisable. When bonds offer solid returns and stock markets are at all-time highs – not only in absolute price terms but also relative to corporate fundamentals – it may be wise to reassess your risks and potential returns. Higher risk does not inherently guarantee high returns; rather, it implies a wider gap between potential positive and negative outcomes compared to a lower-risk investment.\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019766","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":20.42,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that LHV’s III pillar fund Aktiivne III invests in a similar way?**\n","id":"iii","button":{"url":"/en/pension/iii/fund/aktiivne","title":"See more","size":"lg"}}}},"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","isLhvFund":true,"pensionCampaign":true,"strategy":"**Strategy**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nInvestments in funds investing in equities are distributed between two types of markets – developed markets and emerging markets – based on their approximate share in global gross domestic product (GDP).\n","strategyCampaign":"### **Index fund with low management fees**\n- We believe that the next growth will come from emerging markets, specifically, which is why we have allocated 38% of the fund’s investments to China, Taiwan, India, South Korea, Brazil and other emerging markets.\n- The fund’s risks are wisely diversified: investments are spread across more countries and are less dependent on the US stock market\n- The LHV index fund fee is the second most advantageous in Estonia. The annual rate of the ongoing charges is 0.32%.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-rebane.png","name":"Erko Rebane","profession":"Portfolio Manager at LHV","quote":"_„An index fund can also have a diversified strategy: investments are allocated according to the size of national economies, or GDP, rather than the size of the stock market, or market capitalisation, which would lead to a large proportion of the US stock market.“_\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":24528},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.48,"unit":"%"},{"name":"Money and deposits","value":0.52,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 27.84% |\n| AMUNDI MSCI WORLD ETF V ACC | 27.06% |\n| HSBC MSCI Emerging Markets UCITS | 25.56% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 7.08% |\n| SPDR MSCI World UCITS ETF | 6.15% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 4.30% |\n| Amundi Prime All Country World | 1.48% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2024) | 152,564,803 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 500,000 units |\n| Rate of the depository’s charge | 0.0451% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.2000%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.32%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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_2023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_prospekt_122024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_KIID_220224.pdf)\n"},{"title":"Sample portfolios","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_mudelportfell_092024.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_kuuaruanne_2024_12.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_Indeks_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109401","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that LHV’s III pillar fund Indeks III invests in a similar way?**\n","id":"iii","button":{"url":"/en/pension/iii/fund/indeks","title":"See more","size":"lg"}}}},"TUK00":{"heading":"Tuleva Maailma Võlakirjade Pensionifond","id":"tv","code":"tv","dataMarker":"TUK00","suitability":"**Suitable if**\n- you have less than 10 years till retirement,\n- you are willing to forgo higher returns in order to avoid losses.\n","strategy":"**Strategy**\n\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":1609},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bond funds","value":96.47,"unit":"%"},{"name":"Money and deposits","value":3.55,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| BlackRock BGIF - Global Government Bond Index - X2 | 24.45% |\n| BlackRock FIDF - Euro Credit Bond Index Fund - Flexible | 24.07% |\n| BlackRock FIDF - Euro Government Bond Index Fund - Flexible | 23.99% |\n| BlackRock BGIF - Euro Aggregate Bond Index Fund - X2 | 23.96% |\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:** 0.27%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.38%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600109443","strategyType":"Conservative","managementStyle":"Passive","riskLevel":4,"countryShareEe":0,"fundManager":"Tuleva"},"TUK75":{"heading":"Tuleva Maailma Aktsiate Pensionifond","id":"ta","code":"ta","dataMarker":"TUK75","suitability":"**Suitable if**\n- you are younger than 55 years,\n- you would like to earn best expected return over long term and you are not disturbed by short-term fluctuations of the market.\n","strategy":"**Strategy**\n\nThe management company employs a passive investment strategy, only investing the fund’s assets into the shares of investment funds following the said financial indices. The selection of investment funds favours passively managed and liquid euro funds with a low total cost rate and low transactions costs.\n","fundInfo":{"company":{"title":"Tuleva Fondid AS"},"investors":31964},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.09,"unit":"%"},{"name":"Money and deposits","value":0.93,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| CCF Developed World (ESG Screened) Index Fund | 29.34% |\n| BlackRock ISF - Developed World ESG Screened Index | 29.33% |\n| iShares MSCI USA ESG Screened UCITS ETF | 22.22% |\n| iShares Emerging Market Screened Equity Index Fund | 9.74% |\n| iShares MSCI Europe ESG Screened UCITS ETF | 7.68% |\n| iShares MSCI Japan ESG Screened UCITS ETF | 0.78% |\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:** 0.27%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.35%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109435","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Tuleva"},"SEK50":{"heading":"SEB pensionifond 55+","id":"seb55","code":"seb55","dataMarker":"SEK50","suitability":"**Suitable if**\n- you have more than 3 years until retirement,\n- you prefer a medium risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nFund invests up to 50% of its assets in shares, with the remainder allocated to bonds and deposits. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":38025},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":7.93,"unit":"%"},{"name":"Shares","value":2.95,"unit":"%"},{"name":"Equity funds","value":72.01,"unit":"%"},{"name":"Real Estate funds","value":8.77,"unit":"%"},{"name":"Private Equity funds","value":1.23,"unit":"%"},{"name":"Bond funds","value":2,"unit":"%"},{"name":"Money and deposits","value":5.11,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| SEB Global Exposure Fund | 24.07% |\n| SPDR S&P 500 ESG Leaders UCITS ETF | 20.94% |\n| EfTEN Real Estate Fund IV | 4.18% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 4.12% |\n| SEB Europe Exposure Fund IC | 4.10% |\n| SEB Emerging Markets Exposure Fund | 3.60% |\n| iShares MSCI USA ESG Screened UCITS ETF | 3.07% |\n| Bundesrepublik Deutschland Bundesanleihe 2.2% 15.02.2034 | 2.62% |\n| Amundi S&P Global Utilities Esg Ucits Etf | 2.54% |\n| Birdeye Timber Fund 3 Usaldusfond | 1.97% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 Usaldusfond | 1.97% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 1.93% |\n| Tallinna Sadam AS | 1.50% |\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):** 0.96%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019725","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":8.51,"fundManager":"SEB"},"SEK25":{"heading":"SEB pensionifond 60+","id":"seb60","code":"seb60","dataMarker":"SEK25","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\n\nFund mainly invests in bonds and deposits, with up to 25% invested in shares. As the fund largely invests in bonds and deposits, there may be moderate fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":2493},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":30.21,"unit":"%"},{"name":"Shares","value":2.5,"unit":"%"},{"name":"Equity funds","value":36.81,"unit":"%"},{"name":"Real Estate funds","value":11.25,"unit":"%"},{"name":"Private Equity funds","value":0.64,"unit":"%"},{"name":"Bond funds","value":15,"unit":"%"},{"name":"Money and deposits","value":3.58,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| SEB Global Exposure Fund | 12.12% |\n| iShares MSCI World ESG Screened UCITS ETF | 11.51% |\n| Republic of Estonia 4% 12.10.2032 | 9.58% |\n| SPDR S&P 500 ESG Leaders UCITS ETF | 8.02% |\n| EfTEN Real Estate Fund IV | 4.93% |\n| SEB Hybrid Capital-R EUR | 4.40% |\n| Schroder ISF EURO Corporate Bond | 3.26% |\n| PIMCO GIS Global High Yield Bond Fund | 3.21% |\n| Birdeye Timber Fund 3 Usaldusfond | 2.65% |\n| Siauliu Bankas FRN 07.10.2025 | 2.39% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Republic of Estonia 4% 12.10.2032 | 9.58% |\n| Birdeye Timber Fund 3 Usaldusfond | 2.65% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 2.28% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 1.03%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098612","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":23.82,"fundManager":"SEB"},"SEK00":{"heading":"SEB pensionifond 65+","id":"seb65","code":"seb65","dataMarker":"SEK00","suitability":"**Suitable if**\n- you have less than 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\n\nInvests at least 90% of its assets in investment grade bonds, money market instruments and deposits. Up to 10% is allowed to invest into other assets, including equities. Investment in these asset classes involves lower risks, meaning that there is little fluctuation in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":5504},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":50.05,"unit":"%"},{"name":"Equity funds","value":4.9,"unit":"%"},{"name":"Bond funds","value":41.64,"unit":"%"},{"name":"Money and deposits","value":2.4,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Index Euro Corporate Sri- UCITS ETF DR | 13.13% |\n| iShares EUR Corp Bond 1-5yr UCITS ETF EUR | 11.09% |\n| Republic of Estonia 4% 12.10.2032 | 9.33% |\n| Bundesrepublic Deutschland 0.5% 15.02.2026 | 6.03% |\n| Bundesrepublik Deutschland 0% 15.08.2031 | 5.64% |\n| Morgan Stanley Sustainable Euro Corporate Bond Fund | 5.55% |\n| Spain Government Bond 3.25% 30.04.2034 | 4.31% |\n| PIMCO GIS Euro Credit Fund | 4.24% |\n| SEB Hybrid Capital-R EUR | 4.09% |\n| iShares MSCI World ESG Screened UCITS ETF | 3.89% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Republic of Estonia 4% 12.10.2032 | 9.33% |\n| LHV Group AS FRN 03.10.2027 | 1.39% |\n| Riigi Kinnisvara 1.61% 09.06.2027 | 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:** 0.39%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.56%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019717","strategyType":"Conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":16.49,"fundManager":"SEB"},"SEK100":{"heading":"SEB pensionifond 18+","id":"seb18","code":"seb18","dataMarker":"SEK100","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a high risk fund,\n- your goal is to grow the pension assets.\n","strategy":"**Strategy**\n\nInvests up to 100% of its assets in shares. This involves high risks, resulting in big fluctuations in the value of the fund's assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":23166},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":3.63,"unit":"%"},{"name":"Shares","value":2.24,"unit":"%"},{"name":"Equity funds","value":86.23,"unit":"%"},{"name":"Real Estate funds","value":3.94,"unit":"%"},{"name":"Private Equity funds","value":1.31,"unit":"%"},{"name":"Money and deposits","value":2.67,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| SPDR S&P 500 ESG Leaders UCITS ETF | 25.49% |\n| SEB Global Exposure Fund | 22.47% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 6.71% |\n| iShares MSCI USA ESG Screened UCITS ETF | 5.52% |\n| SEB Emerging Markets Exposure Fund | 4.87% |\n| iShares MSCI USA ESG Screened UCITS ETF | 3.77% |\n| SEB Europe Exposure Fund IC | 3.34% |\n| Amundi S&P Global Utilities Esg Ucits Etf | 2.51% |\n| L&G Japan Equity UCITS ETF | 1.95% |\n| Neuberger Berman Investment Funds PLC-Neuberger Berman Global Sustainable Equity | 1.94% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 Usaldusfond | 1.26% |\n| Tallinna Sadam AS | 0.80% |\n| Enefit Green AS | 0.75% |\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:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.92%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001699","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":6,"countryShareEe":5.65,"fundManager":"SEB"},"SWK99":{"heading":"Swedbank pensionifond indeks 1990–99 sündinutele","id":"swed_90-99","code":"swed_90-99","dataMarker":"SWK99","suitability":"**Suitable if**\n- you were born in the 90s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n\nThe Fund is established as a lifecycle fund with so called passive investment strategy, meaning that the assets of the Fund are invested into financial instruments that track global indices and the Management Company reduces the ratio of instruments carrying equity risk in the Fund´s assets over time pursuant to the conditions and prospectus of the Fund.\nThe proportion of investments with equity risk will only ever vary from the indicated level by max. 2%. The remainder is invested in bonds, other debt instruments, deposits and other assets.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":58952},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":99.6,"unit":"%"},{"name":"Money and deposits","value":0.36,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| Apple | 4.90% |\n| Nvidia | 4.37% |\n| Microsoft | 4.35% |\n| Amazon.com | 2.50% |\n| Meta Platforms | 1.71% |\n| Alphabet A | 1.68% |\n| Eli Lilly | 1.19% |\n| Berkshire Hathaway B | 1.12% |\n| Broadcom | 1.07% |\n| JPMorgan Chase | 1.04% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.31%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109393","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank"},"SWK75":{"heading":"Swedbank pensionifond 1980–89 sündinutele","id":"k4","code":"k4","dataMarker":"SWK75","suitability":"**Suitable if**\n- you were born in the 80s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level changes over time. When you are younger, you can take more risks and invest in equities. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably. \n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":54328},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":1.91,"unit":"%"},{"name":"Shares","value":71.22,"unit":"%"},{"name":"Equity funds","value":13.87,"unit":"%"},{"name":"Real Estate funds","value":6.11,"unit":"%"},{"name":"Private Equity funds","value":2.19,"unit":"%"},{"name":"Money and deposits","value":4.93,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| Globalfond A | 4.29% |\n| Apple | 3.47% |\n| Amundi MSCI EM ex China ESG ETF | 3.14% |\n| Microsoft | 2.97% |\n| Nvidia | 2.91% |\n| Access Edge Japan A | 2.82% |\n| Xtrackers MSCI Japan ESG UCITS ETF | 2.45% |\n| Amazon.com | 1.40% |\n| Meta Platforms | 1.33% |\n| Alphabet C | 1.26% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II AS | 1.21% |\n| East Capital Baltic Property Fund III | 0.90% |\n| EfTEN Real Estate Fund 5 usaldusfond | 0.65% |\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:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.77%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103248","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":8.58,"fundManager":"Swedbank"},"SWK50":{"heading":"Swedbank pensionifond 1970–79 sündinutele","id":"k3","code":"k3","dataMarker":"SWK50","suitability":"**Suitable if**\n- you were born in the 70s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level of equities changes over time. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":65942},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":3.21,"unit":"%"},{"name":"Shares","value":68.16,"unit":"%"},{"name":"Equity funds","value":12.12,"unit":"%"},{"name":"Real Estate funds","value":9.47,"unit":"%"},{"name":"Private Equity funds","value":2.12,"unit":"%"},{"name":"Money and deposits","value":5.1,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| Globalfond A | 4.34% |\n| Apple | 3.35% |\n| Microsoft | 2.87% |\n| Nvidia | 2.82% |\n| EfTEN Kinnisvarafond II AS | 2.73% |\n| Access Edge Japan A | 2.67% |\n| Xtrackers MSCI Japan ESG UCITS ETF | 2.39% |\n| East Capital Baltic Property Fund III | 1.91% |\n| Amundi MSCI EM ex China ESG ETF | 1.85% |\n| Amazon.com | 1.36% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eften Kinnisvarafond II | 2.73% |\n| East Capital Baltic Property Fund III | 1.91% |\n| Lumi Retal Property Fund | 1.01% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.79%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019758","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":11.54,"fundManager":"Swedbank"},"SWK25":{"heading":"Swedbank pensionifond 1960–69 sündinutele","id":"k2","code":"k2","dataMarker":"SWK25","suitability":"**Suitable if**\n- you were born in the 60s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n\nA unique life-cycle fund where the risk level changes automatically over time. The closer you get to retirement, the lower the proportion of equities and the higher the proportion of bonds. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":22610},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":46.4,"unit":"%"},{"name":"Shares","value":18.36,"unit":"%"},{"name":"Equity funds","value":9.52,"unit":"%"},{"name":"Real Estate funds","value":11.55,"unit":"%"},{"name":"Private Equity funds","value":0.51,"unit":"%"},{"name":"Bond funds","value":11.58,"unit":"%"},{"name":"Money and deposits","value":2.37,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| Corporate Bond Europe High Yield A | 5.96% |\n| iShares EUR High Yield Corp Bond ESG UCITS ETF | 5.62% |\n| Amundi S&P 500 Climate Net Zero Ambition Pab Ucits | 4.87% |\n| EfTEN Kinnisvarafond II AS | 3.67% |\n| East Capital Baltic Property Fund III | 2.05% |\n| Birdeye Capital Timber Fund 2 | 1.59% |\n| Amundi MSCI EM ex China ESG ETF | 1.57% |\n| Ignitis 2.000% 300521 | 1.21% |\n| Luminor Bank VAR 260923 | 1.17% |\n| Globalfond A | 1.15% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 3.67% |\n| East Capital Baltic Property Fund III | 2.05% |\n| Birdeye Capital Timber Fund 2 | 1.59% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.77%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2023 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600019741","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":16.68,"fundManager":"Swedbank"},"SWK00":{"heading":"Swedbank Pensionifond Konservatiivne","id":"k1","code":"k1","dataMarker":"SWK00","suitability":"**Suitable if**\n- your retirement age is close;\n- you want to maintain the money you have already collected;\n- you are looking for a low-risk fund.\n","strategy":"**Strategy**\n\nAt least 80% of the fund’s assets are invested in bonds, money market instruments, and deposits. The rest is invested in equities, real estate, and other authorised assets. The fund unit price does not fluctuate significantly over a shorter period. It is not a life-cycle fund. The fund invests sustainably.\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":5327},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":85.95,"unit":"%"},{"name":"Real Estate funds","value":12.29,"unit":"%"},{"name":"Money and deposits","value":2.52,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| East Capital Baltic Property Fund III | 9.32% |\n| Luminor Bank VAR 270608 | 2.81% |\n| Altum 1.300% 250307 | 2.59% |\n| France Government 0.500% 260525 | 2.51% |\n| French Republic Government 0.000% 260225 | 2.50% |\n| Netherlands Government 0.750% 270715 | 2.49% |\n| French Government 2.500% 260924 | 2.39% |\n| Italy Government 4.500% 260301 | 2.17% |\n| Italy Government 3.450% 270715 | 2.12% |\n| Italy Government 0.500% 260201 | 2.01% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| East Capital Baltic Property Fund III | 9.32% |\n| Luminor Bank VAR 241203 | 2.81% |\n| Birdeye Capital Timber Fund 2 | 1.81% |\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):** 0.47%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600019733","strategyType":"Conservative","managementStyle":"Active","riskLevel":3,"countryShareEe":21.7,"fundManager":"Swedbank"},"SIK75":{"heading":"SEB pensionifond indeks","id":"eindeks","code":"sik","dataMarker":"SIK75","suitability":"**Suitable if**\n- you have more than five years until retirement,\n- you prefer a medium risk fund,\n- your goal is to mirror securities markets.\n","strategy":"**Strategy**\n\nInvests up to 100% of its assets in equities, by implementing a passive investment strategy and mirroring securities markets. Investing in equities involves high risks, resulting in big fluctuations in the value of the fund’s assets.\n","fundInfo":{"company":{"title":"AS SEB Varahaldus"},"investors":32413},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.71,"unit":"%"},{"name":"Money and deposits","value":0.28,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| SPDR S&P 500 ESG Leaders UCITS ETF | 28.67% |\n| SEB Global Exposure Fund | 28.41% |\n| L&G US Equity UCITS ETF | 18.51% |\n| SEB Europe Exposure Fund IC | 11.16% |\n| iShares MSCI EM IMI ESG Screened UCITS ETF | 7.54% |\n| L&G Japan Equity UCITS ETF | 5.42% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.33%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600109427","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"SEB"},"NPK00":{"heading":"Luminor 61-65 pensionifond","id":"lumi61-65","code":"lumi61-65","dataMarker":"NPK00","suitability":"**Suitable if**\n- your saving period is less than 3 years,\n- you would rather protect your pension assets instead of focusing on the growth.\n","strategy":"**Strategy**\n\nInvests a maximum of 10% of the fund's assets in shares and similar risk-bearing assets. At times of high interest rates, the fund may invest most of its assets in deposits to avoid setbacks on the bond markets.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":2752},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":27.04,"unit":"%"},{"name":"Equity funds","value":4.69,"unit":"%"},{"name":"Bond funds","value":62.22,"unit":"%"},{"name":"Money and deposits","value":6.06,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade | 22.03% |\n| iShares EUR Corporate Bond ESG | 19.73% |\n| Robeco Euro Credit Bond Fund | 13.94% |\n| Latvia 3.875 | 5.21% |\n| Estonian Eurobond 0,125 | 3.97% |\n| iShares eb.rexx Government | 3.71% |\n| EPSO-G 3.117% | 3.36% |\n| Siauliu bankas 1.047 | 2.70% |\n| LATVEN 2.42 | 2.30% |\n| iShares Core MSCI World UCITS ETF | 1.94% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Estonian Eurobond | 3.97% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.70%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.87%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"konservatiivne","isin":"EE3600098455","strategyType":"Conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":3.97,"fundManager":"Luminor"},"NPK25":{"heading":"Luminor 56+ pensionifond","id":"lumi56","code":"lumi56","dataMarker":"NPK25","suitability":"**Suitable if**\n- your saving period is more than 3 years,\n- you want to grow your pension assets, but do not want to take the risk of significant decreases in the price of the accumulated assets.\n","strategy":"**Strategy**\n\nInvests a maximum of 30% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":984},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":16.38,"unit":"%"},{"name":"Equity funds","value":24.55,"unit":"%"},{"name":"Real Estate funds","value":4.12,"unit":"%"},{"name":"Private Equity funds","value":0.47,"unit":"%"},{"name":"Bond funds","value":48.21,"unit":"%"},{"name":"Money and deposits","value":6.28,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares Euro Investment Grade | 15.13% |\n| Robeco Euro Credit Bond Fund | 7.66% |\n| Screened Index Fund (IE) Inst Acc | 5.91% |\n| iShares Developed World Index | 5.74% |\n| SPDR Bloomberg Barclays Euro | 5.40% |\n| iShares EUR Corporate Bond ESG | 4.81% |\n| BNPP Easy JPM ESG EMBI Global | 4.80% |\n| Debt - Hard Currency Fund EUR I2 | 4.41% |\n| iShares North America Index Fund | 4.31% |\n| EFTEN Kinnisvarafond II AS | 4.12% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 4.12% |\n| KS Livonia Partners Fund II AIF | 0.47% |\n| ESTONIA 3.25 01/17/2034 | 0.29% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.19%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098448","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":4.88,"fundManager":"Luminor"},"NPK75":{"heading":"Luminor 16-50 pensionifond","id":"lumi16-50","code":"lumi16-50","dataMarker":"NPK75","suitability":"**Suitable if**\n- your saving period is more than 20 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve potentially high return on assets in the longer run despite short-term fluctuations in prices.\n","strategy":"**Strategy**\n\nInvests a maximum of 100% of fund assets in equity and assets with similar risk. The rest is invested in bonds, deposits or similar instruments. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":13446},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":95.65,"unit":"%"},{"name":"Real Estate funds","value":1.07,"unit":"%"},{"name":"Private Equity funds","value":0.44,"unit":"%"},{"name":"Bond funds","value":2.07,"unit":"%"},{"name":"Money and deposits","value":0.77,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares Developed World ESG | 20.47% |\n| iShares Developed World Index Fund | 20.46% |\n| iShares North America Index Fund | 17.97% |\n| iShares Core MSCI World UCITS ETF | 17.25% |\n| iShares Core MSCI EM IMI UCITS ETF | 4.82% |\n| iShares Europe Equity Index Fund | 4.59% |\n| iShares Emerging Markets Index Fund | 4.54% |\n| Amundi Nasdaq-100 II-ETF A | 4.13% |\n| iShares Japan Index Fund | 1.42% |\n| EFTEN Kinnisvarafond II AS | 1.01% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EfTEN Kinnisvarafond II AS | 1.01% |\n| KS Livonia Partners Fund II AIF | 0.44% |\n| EfTEN Real Estate Fund | 0.06% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.18%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600103503","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":5,"countryShareEe":1.51,"fundManager":"Luminor"},"NPK50":{"heading":"Luminor 50-56 pensionifond","id":"lumi50-56","code":"lumi50-56","dataMarker":"NPK50","suitability":"**Suitable if**\n- your saving period is more than 10 years,\n- you tolerate a short-term decrease in the value of assets well,\n- your goal is to achieve a somewhat higher return on assets regardless of short-term price fluctuations.\n","strategy":"**Strategy**\n\nInvests a maximum of 60% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":10292},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Bonds","value":8.25,"unit":"%"},{"name":"Equity funds","value":53.57,"unit":"%"},{"name":"Real Estate funds","value":6.68,"unit":"%"},{"name":"Private Equity funds","value":0.72,"unit":"%"},{"name":"Bond funds","value":26.28,"unit":"%"},{"name":"Money and deposits","value":4.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| iShares Developed World Index | 11.98% |\n| Screened Index Fund (IE) Inst Acc | 11.97% |\n| iShares North America Index Fund | 9.73% |\n| iShares Core MSCI World UCITS | 9.11% |\n| iShares EUR Corporate Bond ESG | 5.43% |\n| iShares Euro Investment Grade | 5.13% |\n| EFTEN Kinnisvarafond II AS | 5.08% |\n| Robeco Euro Credit Bond Fund | 5.01% |\n| BNPP Easy JPM ESG EMBI Global | 2.98% |\n| iShares Europe Equity Index Fund | 2.57% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| EFTEN Kinnisvarafond II AS | 5.08% |\n| EfTEN Real Estate Fund | 1.60% |\n| Estonian Eurobond | 0.88% |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.93%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** 20% per annum on any increase in the fund's rate of return over the annual increase of Estonian social security pension contribution since the end date of previous calendar year.\n\n**Ongoing charges (inc management fee):** 1.23%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600098430","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":4,"countryShareEe":8.67,"fundManager":"Luminor"},"NIK100":{"heading":"Luminor Indeks Pensionifond","id":"jatkusuutlik","code":"jatkusuutlik","dataMarker":"NIK100","suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate possible short-term fluctuations in the value of the assets well in order to earn a potentially higher than average return in the long term.\n","strategy":"**Strategy**\n\nThe fund’s assets are invested in equity funds and other similar instruments. The equity risk is maintained at around 100% regardless of the situation on financial markets. The fund invests globally. The fund may invest in different industries and regions and assets denominated in different currencies.\n","fundInfo":{"company":{"title":"Luminor Pensions Estonia AS"},"investors":204},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":91.1,"unit":"%"},{"name":"Money and deposits","value":8.9,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi MSCI World SRI C NZ | 23.12% |\n| iShares MSCI World SRI UCITS | 21.19% |\n| World Socially Responsible UCITS | 21.13% |\n| BNP Paribas Easy MSCI World SRI | 16.73% |\n| iShares MSCI EM SRI UCITS ETF | 8.93% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.49%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001806","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor"},"SPT30":{"heading":"Luminor Tulevik 55+ Pensionifond","id":"intress-pluss","code":"lum_int","dataMarker":"SPT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is more than 3 years long,\n- you want to increase your pension assets, but do not want to take risks at the price of significant decrease in the value of collected assets.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0.89%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109369, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.89%\n\n**Ongoing charges (inc management fee):** 1.34%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109369","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LHT75":{"heading":"LHV Pensionifond Aktiivne III","id":"aktiivne","code":"aktiivne","dataMarker":"LHT75","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have medium risk tolerance,\n- you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money tax-effectively after reaching retirement age.\n","strategy":"**Strategy**\nThe Fund prefers to invest its assets in foreign markets, in more liquid instruments and in instruments traded on regulated markets. The Fund’s assets may be invested in shares, equity funds and other equity-like instruments. In addition to the above, the Fund’s assets may also be invested in bonds, money market instruments, deposits, units or shares in other investment funds, real estate, derivative instruments, securities whose underlying asset is a precious metal or a commodity or whose price depends on a precious metal or a commodity, and other assets. The Fund can also be used to borrow and lend. The Management Company may borrow up to 25% of the value of the Fund’s assets on the Fund’s account, which also allows for investing more than 100% of the value of the Fund’s assets, up to 125% of the value of the Fund’s assets, in equity risk instruments.\n","isLhvFund":true,"costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.89%"},"fundInfo":{"date":"30.09.2020","capacity":"18,195,533.69 €","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Debt instruments","value":29.47,"unit":"%"},{"name":"Shares","value":30.16,"unit":"%"},{"name":"Equity funds","value":19.7,"unit":"%"},{"name":"Real Estate funds","value":11.12,"unit":"%"},{"name":"Private Equity funds","value":3.25,"unit":"%"},{"name":"Money and deposits","value":6.3,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2024\n\n| Biggest investments | |\n|---|---:|\n| ZKB Gold ETF | 4,49% |\n| Eesti Energia perpetual NC5.25 | 3.94% |\n| iShares Gold Producers UCITS ETF | 3.18% |\n| France Treasury Bill 25/05/2025 | 3.16% |\n| German Treasury Bill 19/03/2025 | 3.16% |\n| First Trust RBA American Industrial Renaissancetm | 3.10% |\n| EfTEN Real Estate Fund | 2.81% |\n| Fortum | 2.71% |\n| BNP Paribas 2.5% 31/03/2032 | 2.52% |\n| East Capital Baltic Property Fund III | 1.95% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Eesti Energia perpetual NC5.25 | 3.94% |\n| East Capital Baltic Property Fund III | 1.95% |\n| BIGBANK 7.5% 16/05/2032 | 1.92% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2024) | 31,494,819 € |\n| Management company | LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0439%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.89%\n\n**Ongoing charges (inc management fee):** 1.19%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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_Aktiivne_III_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_vabatahtlike_pensionifondide_prospekt_18122024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Aktiivne_III_KIID_022024.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Aktiivne_III_kuuaruanne_2024_12.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_Aktiivne_III_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_taiendav_pensionifond_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"history","title":"Fund’s fortunes","type":"listofarticles","content":[{"year":2024,"month":12,"content":"### November 2024: We increased the volume of our direct investment portfolio\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nFollowing November’s “Trump rally”, December saw a slight pullback, with S&P 500 ending the month down 2.5% in dollar terms. By contrast, the Euro Stoxx 50 index rose by 1.9% in euro terms, while the Emerging Markets index was nearly flat, posting -0.3% in dollar terms. Among emerging markets, Brazil was the biggest decliner, but this was offset by China, which rose by 2.6% in dollar terms. The OMX Baltic Benchmark index also increased by 1.6% for the month.\n\nIn December, we added several new names to the portfolio, including ASML, Applied Industrial Technologies, Builders FirstSource, Old Dominion Freight Line and Novo Nordisk. We also increased our holdings in United Rentals and Valaris. The top contributors to returns for the month were the European banks index (+5.4%), Stora Enso (+6.8%), Metso Corporation (+7.85%) and Antero Resources (+7.2%). The largest detractors were the US industrial companies index, which fell by 10%, our gold-related positions (-6% to -12%), our energy metals holdings (-9% to -14%) and Novo Nordisk (-19%). Throughout the year, we have been steadily diversifying our portfolios, adding high-capital-efficiency companies that are market leaders in their niches across Scandinavia and the United States alongside cyclical commodity investments.\n\nAt the end of 2024, private equity funds were quite active. KJK Funds sold one of their largest investments, Don Don, a Balkan-based bakery chain, to Grupo Bimbo, a globally renowned Mexican baked-goods giant. Don Don, which began operations in 1994 in Slovenia, has steadily expanded into Croatia, Serbia, Bulgaria and several other European countries. The deal provided Grupo Bimbo with access to new markets. \n\nIn the bond portfolio, Citadele Bank announced to the stock exchange that it plans to redeem its subordinated bond issued in 2017 in January. This news fittingly concluded a year during which the fund exited several bond investments both in Estonia and across European markets.\n"},{"year":2024,"month":11,"content":"### November 2024: We increased the volume of our direct investment portfolio\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nDonald Trump’s election victory spurred a strong rally in US indices, with the S&P 500 ending November up 5.7% in dollar terms. Meanwhile, the Euro Stoxx 50 index declined by 0.4% in euro terms during the month. The emerging market index fell by 3.7% in dollar terms, largely driven by a 4.4% drop in China. The OMX Baltic Benchmark index also fell by 3% over the month.\n\nDuring the month, we increased existing positions and added new ones to our portfolios. Among the existing positions, we expanded our holdings in Epiroc, Atlas Copco, Glencore, a gold miners ETF, and a US industrial companies ETF. New investments added to the portfolios included the Latin American company Mercado Libre, Emcor Group, Investor AB, energy company EQT Corp, and a US infrastructure development ETF. In November, the strongest contributors to returns were our energy-related positions, which rose by 5% to 27%, and the US industrial companies ETF, which delivered approximately 11% returns in XL and 12.75% in A3. On the other hand, the most negative impacts came from one of our gold positions, which fell by approximately 9%, the European banks index, which declined by around 3.2%, and our energy metals position, which dropped by approximately 6.3%. We continue to see good opportunities in the commodity sector, given the protection it provides in a challenging geopolitical environment, as well as in Scandinavian companies due to their high quality and strong competitiveness. We have also increased our exposure to US stocks in recent months and intend to increase this exposure in the future.\n\nIn November, EfTEN Real Estate Fund 5, in partnership with six Estonian entrepreneurs, announced the acquisition of Tallinn’s Kristiine shopping centre, valued at €123.5 million. This marks the fund’s final investment. The centre spans 61,600 sq. m and houses 120 tenants, with the largest being Prisma and Apollo. The acquisition is financed through a combination of equity and a syndicated loan from SEB and Swedbank. \n\nLast month, we expanded our direct investment portfolio by entering into a loan agreement with Eastnine, a real estate company primarily focused on the Lithuanian and Polish markets. The loan has a three-year term, and the pension fund earns an annual interest rate of 8.5%. At the same time, Eastnine also raised new equity and secured bank loans, continuing its growth plans in the Polish commercial real estate market. Having previously held investments in Estonia, the company has now set its sights mainly on the Polish market, where assets now make up the majority of its portfolio following this major transaction.\n"},{"year":2024,"month":10,"content":"### October 2024: Gold drives positive returns in the stock portfolio\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe US S&P 500 index ended October with a return of −1% in dollar terms, while the European Euro Stoxx 50 index posted −3.3% in euro terms. The emerging markets index declined by 4.4% in dollar terms over the month, driven primarily by China, where the index fell by 6% in dollars. The wave of optimism that emerged in China in September has somewhat diminished. Meanwhile, the OMX Baltic Benchmark index rose by 3.5% over the month.\n\nIn October, we added the Finnish energy company Fortum to our funds, reduced our gold holdings and sold off the Finnish retail company Kesko from L and Active III. The top performers in the stock portfolio were our gold-related positions, which gained between 4.5% and 7.5%, and our European banking index fund, which increased by 3.5% in October.\nOn the downside, our investments in energy metals dropped by 7% to 9% and our Chinese position in Alibaba declined by around 12%. We continue to see good opportunities in the commodity sector, given the protection it provides in a challenging geopolitical environment, as well as in Scandinavian companies due to their high quality and strong competitiveness. We have also increased our exposure to US stocks in recent months and intend to increase this exposure in the future.\n\nOctober was a particularly active month for the EfTEN Real Estate Fund, which acquired a logistics centre and signed a contract to purchase a production and storage facility. The logistics centre in Tallinn has ELP Logistics OÜ as the anchor tenant, with a lease commitment extending for at least ten years. The production and storage facility under development in Harku municipality is being built for ICONFIT, the Baltic region’s leading producer of sports, diet and health foods. ICONFIT has also signed a long-term lease agreement with the fund, with a term of ten years. \n\nThe most significant change in the bond portfolio was the liquidation of our position in Volkswagen securities. This instrument, slightly more complex than standard bonds, had been in our fund for nearly a year and a half and provided returns more in line with the long-term average of stock markets. For new investments, we are currently looking outside the global exchanges and our next addition is likely to be a direct investment.\n"},{"year":2024,"month":9,"content":"### September 2024: The largest indices ended the month positively\n\nKristo Oidermaa and Romet Enok, Fund Managers\n\nThe beginning of September was quite volatile, just as the beginning of August was; nonetheless, the major indices ended the month positively. The US S&P 500 index was up 2% in dollars and the European Euro Stoxx 50 rose 0.9% in euros. The emerging markets index was up as much as 6.4% in dollars during September. This was mainly due to China, whose index gained 23.5% in dollars as the market responded to the country’s long-awaited major government spending aimed at stimulating the economy. The Baltic OMX Baltic Benchmark index saw little change, ending the month down 0.8%.\n\nIn September, we sold five investments from the stock portfolio: Siemens Healthineers, Roche Holding, GN Store Nord, Huhtamäki and Valmet. We also halved our position in Agnico Eagle Mines; however, we increased our energy position by buying more in Noble Corp and Valaris. \n\nDuring the month, our energy metal positions, physical gold and Alibaba delivered the best results, reflecting more positive sentiments in the market due to the announcement that the Chinese government would increase its support to its economy. Investments in the energy sector and gold mining enterprise Barrick Gold Corp. were the biggest drags on the fund’s results in September. \n\nWe still see good opportunities in the commodity sector thanks to the protection the sector offers to the investor in a difficult geopolitical environment, as well as in Nordic companies thanks to their guaranteed quality and competitiveness. September was a successful month for the fund’s bond portfolio thanks to our large investment in Eesti Energia securities. In addition to the annual interest rate of 7.875%, the price of the bonds has gone up by approximately 5% since our purchase this July. \n\nWe will continue to make bond investments only if their risk and return prospects are comparable to or better than equity investments.\n"}]},{"id":"market","title":"Market overview","content":[{"type":"singlearticle","column":"center","picture":"/pension/viisemann-turuylevaade.png","title":"**Is maximum risk the optimal strategy?**\n*Andres Viisemann, Head of LHV Pension Funds*\n","preview":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n","text":"October was a relatively calm month in the securities markets. On 17 October, the European Central Bank lowered its short-term interest rates by 0.25 percentage points. Since the decision was widely anticipated and already priced into stock markets, it elicited little reaction from participants. \n\nHowever, it is worth noting that in October, the yield on Germany’s ten-year risk-free government bonds actually rose by 0.2 percentage points instead of falling. A similar reaction occurred a month earlier in the US, when following the Federal Reserve’s decision to lower short-term interest rates by 0.5 percentage points, the yields on ten-year government bonds immediately increased by nearly 0.5 percentage points.\n\nThis suggests that markets are far from convinced that central banks have fully brought inflation under control. The problem is that although interest rates in both Europe and the United States are relatively high compared with recent inflation figures, and central banks’ monetary policies may appear rather stringent, government fiscal policy – particularly in the US – seems inexplicably lax, especially given the relatively strong economic environment.\n\n**The last decade’s stock market rally may not continue forever**\n\nUS stock markets, which have been in an upward trend for some time, remained relatively calm in October. The S&P 500 index, which tracks large US companies, gave back 1% of its earlier gains during the month, while EuroStoxx 50, which covers major European companies, lost 3.3% of its value.\n\nAn analysis of stock indices and bond markets in October revealed that markets were already pricing in higher chances of Donald Trump being re-elected compared to his opponent. Although both candidates were expected to maintain spending levels significantly exceeding revenues, which would fuel the economic environment, businesses and markets anticipated that a Trump administration would reduce restrictions that are currently hindering economic growth.\n\nThat said, Trump cannot be considered a proponent of Reagan-style free-market economics – he proudly declares tariffs to be his favourite policy tool. The anticipated tariffs are the main source of concern for the stock markets of the US’s largest trading partners.\n\nIn October, a Goldman Sachs analysis caught my attention, predicting that the S&P 500’s returns over the next decade will be significantly lower than those seen over the past ten years. Over the previous decade, the index of the largest US companies grew by 233% (including dividends), amounting to an average annual return of 13%. By contrast, Goldman Sachs analysts expect the index to grow just 34% over the next ten years, yielding an annualised return of only 3%. \n\n![Pilt](/assets/images/pension/Andrese_joonis1_2111.png){.pension-img}\n_Figure 1._ S&P 500 ten-year annualised return forecasts for 2012, 2020 and 2024. _Source: Goldman Sachs._\n\nGoldman Sachs analysts also do not rule out the possibility that the S&P 500 could be lower in ten years than it is today, projecting an annualised return ranging from −1% to +7%. This means that US stock markets could underperform the US bond market, where a ten-year bond currently offers a fixed yield of 4.3%.\n\nA Goldman Sachs equity strategist told Bloomberg in an [interview](https://www.bloomberg.com/news/articles/2024-10-21/s-p-500-s-decade-of-big-gains-is-over-goldman-strategists-say?sref=iNIjnPWx) that while the US economy is currently strong and the Federal Reserve is lowering interest rates, they expect the index to deliver a 9% total return next year. Beyond that, however, they are less optimistic due to historically high stock valuations.\n\n**When investing, consider different scenarios**\n\nNobel laureate in physics Niels Bohr once remarked, “Prediction is very difficult, especially when it’s about the future.” The Goldman Sachs analysis discussed earlier is less a warning of a bleak future that may await stock markets and more a example of how to approach risk effectively. Instead of focusing on a single figure, it is more informative to consider a range of possible outcomes.\n\nFor example, investing in a ten-year US government bond today provides near certainty that the return over the next decade will be 4.3%. By contrast, investing in US stocks could result in anything from a small loss to a return exceeding that of bonds. US government bonds are essentially risk-free, guaranteeing a fixed yield, whereas stock, which are significantly riskier, present the possibility of both gains and losses.\n\nRenowned American investor Howard Marks described in his October memo how he approaches the relationship between risk and return. For decades, investment textbooks have presented this relationship as a linear line, illustrating how taking on greater risk yields higher returns.\n\n![Pilt](/assets/images/pension/Andrese_joonis2_2111.png){.pension-img}\n_Figure 2. The relationship between risk and return_\n\nHowever, Marks argues that this explanation is inadequate because it overlooks the growing spectrum of possible outcomes as risk increases – a good result could be far better than forecasted, and a poor result much worse. Marks not only critiques the traditional view but also proposes a solution, suggesting a more accurate graphical representation of the relationship between risk and return.\n\n![Pilt](/assets/images/pension/Andrese_joonis3_2111.png){.pension-img}\n_Figure 3. The relationship between risk and return, as proposed by Howard Marks_\n\n**We help grow pension assets by seeking to avoid major losses** \n\nWhen we launched LHV pension funds more than 20 years ago, we set three priorities for ourselves:\n1)\tProtect the assets accumulated in LHV pension funds from losses\n2)\tPreserve the purchasing power of the assets in LHV pension funds\n3)\tAchieve returns that outperform competitors.\n\nIn doing so, we have always adhered to the principle that high long-term returns can only be achieved by avoiding significant losses.\n\nPension assets are a reserve intended for the period of life when working age has ended and regular income from employment is no longer available. A reserve, by definition, should remain intact until it is needed. This means there is a limit to how much risk it is reasonable to take when investing the assets in a reserve.\n\nRecently, I’ve received increasing feedback from colleagues that many clients’ main goal when choosing a pension fund is to maximise risk blindly. This has led me to wonder: Is this merely a sign of a prolonged period of market growth, where risks are forgotten as markets climb higher each day, or has the rapid spread of financial literacy and the popularisation of investing inadvertently or even deliberately overlooked some important, albeit less popular, concepts?\n\nAs Howard Marks notes in his [memo](https://www.oaktreecapital.com/insights/memo/ruminating-on-asset-allocation), bond yields are currently higher than they were between 2009 and 2021, which should increase their relative attractiveness compared to stocks. Meanwhile, as highlighted by Goldman Sachs, stocks are at near-absolute valuation peaks compared to historical ratios, and returns over the next ten years could be significantly lower than over the past decade. All of this should prompt us to ask: Is maximum risk always the optimal strategy?\n\nAs in many areas of life, independent thinking is valuable in investing, and excessive simplification carries risks. Rules of thumb and generalisations – such as “stock markets offer better returns than bonds” or “younger investors’ portfolios should consist entirely of stocks” – are often helpful but should not be treated as dogma.\n\nAt LHV, our investment team has always factored both risks and expected returns into the investment process. We believe markets are cyclical, with times when taking risks is rewarding and times when caution is advisable. When bonds offer solid returns and stock markets are at all-time highs – not only in absolute price terms but also relative to corporate fundamentals – it may be wise to reassess your risks and potential returns. Higher risk does not inherently guarantee high returns; rather, it implies a wider gap between potential positive and negative outcomes compared to a lower-risk investment.\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Aktiivne III","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600010294, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600010294","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":15.32,"fundManager":"LHV","minSumInEurWhenBuying":6.39,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"LIT100":{"heading":"LHV Pensionifond Indeks III","id":"indeks","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","isLhvFund":true,"strategy":"**Strategy**\n\nThe fund invests all of its assets in equity index-following investment funds and the fund manager does not actively change the fund’s risk level. The share of assets invested in equities is kept close to 100% of the fund’s size. Whenever the proportion of money in the fund exceeds 2% then it is invested within five working days.\n\nFund investments in shares are divided into two market types, based on the approximate size of the world’s economies: developed and emerging.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.2%"},"fundInfo":{"date":"30.09.2020","capacity":"8,094,598.17 €","pocket":"468,750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":96.28,"unit":"%"},{"name":"Money and deposits","value":3.72,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi Prime Global UCITS ETF | 26.87% |\n| HSBC MSCI Emerging Markets UCITS | 26.75% |\n| AMUNDI MSCI WORLD ETF V ACC | 25.27% |\n| iShares Core MSCI Emerging Markets IMI UCITS ETF | 5.78% |\n| SPDR MSCI World UCITS ETF | 5.33% |\n| Amundi Prime All Country World | 3.22% |\n| db x-trackers MSCI Emerging Markets Index UCITS | 3.05% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2024) | 70,956,379 € |\n| Management company | LHV Varahaldus |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0451%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.2%\n\n**Ongoing charges (inc management fee):** 0.37%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2023. 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_III_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_vabatahtlike_pensionifondide_prospekt_18122024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_III_KIID_220224.pdf)\n"},{"title":"Models","type":"markdown","column":"left","content":"- [Sample portfolio (in Estonian)](/assets/files/pension/LHV_Pensionifond_Indeks_III_mudelportfell_092024.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_III_kuuaruanne_2024_12.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_Indeks_III_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Indeks_Pluss_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Indeks III","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600109419, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% 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 III samba pensionifond 18+","id":"seb-iii-18+","code":"seb-iii-18+","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":"0.95%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600074076, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.95%\n\n**Ongoing charges (inc management fee):** 1.18%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600074076","strategyType":null,"managementStyle":"Active","riskLevel":6,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SET35":{"heading":"SEB III samba pensionifond 65+","id":"seb-iii-65+","code":"seb-iii-65+","dataMarker":"SET35","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have at least 3 years until retirement,\n- you prefer a low-risk fund,\n- your goal is to maintain the pension assets.\n","strategy":"**Strategy**\nThe fund mainly invests in bonds and deposits, with up to 25% invested in shares. As the fund invests in shares, bonds and deposits in an equal amount, moderate fluctuations in the value of the fund's assets may occur.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0.85%"},"fundInfo":{"company":{"title":"SEB Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600008934, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.85%\n\n**Ongoing charges (inc management fee):** 1.09%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600008934","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"SEB","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":4,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NPT100":{"heading":"Luminor Tulevik 16-50 Pensionifond","id":"aktsiad100","code":"Lu_100","dataMarker":"NPT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- your saving period is over 10 years long,\n- you tolerate potential short-term decrease,\n- your goal is to achieve potential above average return on assets in the long term despite short-term fluctuation in prices.\n","strategy":"**Strategy**\nFund may invest all funds in equity and assets with similar risk. If necessary, depending on the market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0.99%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600098422, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.99%\n\n**Ongoing charges (inc management fee):** 1.19%\n\n*Ongoing charges are based on expenses for the last calendar year, ie 2022. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600098422","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":5,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT30":{"heading":"Swedbank Pensionifond V30","id":"swedv1","code":"v1","dataMarker":"SWT30","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver,\n- you are a saver with moderate risk tolerance,\n- your objective is to achieve a stable increase in assets over a longer savings period (at least 5 years).\n","strategy":"**Strategy**\nUp to 30% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0.95%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600007530, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.95%\n\n**Ongoing charges (inc management fee):** 0.95%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600007530","strategyType":null,"managementStyle":"Active","riskLevel":3,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT60":{"heading":"Swedbank Pensionifond V60","id":"swedv2","code":"v2","dataMarker":"SWT60","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance and are aware of opportunities and risks related to equities,\n- your objective is to increase assets as much as possible over a long or medium savings period (at least 7 years).\n","strategy":"**Strategy**\nUp to 60% of the fund’s assets are invested in equity risk instruments; the rest are invested in bonds, money market instruments, deposits, real estate and other assets.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1.05%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071031, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.05%\n\n**Ongoing charges (inc management fee):** 1.05%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071031","strategyType":null,"managementStyle":"Active","riskLevel":4,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWT100":{"heading":"Swedbank Pensionifond V100","id":"swedv3","code":"v3","dataMarker":"SWT100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years).\n","strategy":"**Strategy**\nUp to 100% of the Fund's assets may be invested in instruments with equity risk. The Funds’ assets are, *inter alia*, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"1.15%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600071049, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 1.15%\n\n**Ongoing charges (inc management fee):** 1.15%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600071049","strategyType":null,"managementStyle":"Active","riskLevel":5,"countryShareEe":32.12534,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV100":{"heading":"Swedbank Pensionifond V100 indeks (exit restricted)","id":"swedv100","code":"v100","dataMarker":"SWV100","securityId":88317,"active":true,"suitability":"**Suitable if**\n- you are with a high risk tolerance experienced investor,\n- your objective is to increase assets as much as possible over a long savings period (at least 10 years),\n- you want to save for retirement and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you are prepared to invest 100% in equities and who prefer to do it predominantly via a pension fund that invests in indices.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are predominantly invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The Funds’ assets are, inter alia, invested through other investment funds.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600109484,IK: Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600109484","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"TUV100":{"heading":"Tuleva III Samba Pensionifond","id":"tuv100","code":"tuv100","dataMarker":"TUV100","securityId":null,"active":null,"suitability":"**Suitable if**\n- you are younger than 55 (for people who are 55 or over, the fund is suitable in combination with a bond fund or bank deposit),\n- and you want to achieve the best possible rate of return, and you are not staggered by short-term fluctuations of the market.\n","strategy":"**Strategy**\nThe assets of the fund are only invested in units of investment funds that follow the MSCI All-Country World Index (MSCI ACWI), its subindices, or indices with a similar composition of underlying assets.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.23%"},"fundInfo":{"company":{"title":"Tuleva Fondid AS","link":null},"depository":{"title":"AS Swedbank","url":"https://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001707, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.23%\n\n**Ongoing charges (inc management fee):** 0.33%\n\n*The ongoing charges figure is an estimate based on the current management fee and the 2022 level of all other recognized costs. Ongoing charges may vary from year to year.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% 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","isLhvFund":true,"pensionCampaign":true,"strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n","strategyCampaign":"### **The only green fund in Estonia**\n- The first, and in terms of its essence, so far the only fund in the Estonian pension market that invests in the green transition trend\n- Half of the portfolio is invested in funds that follow the principles of sustainability or involve environmental topics\n- All individual investments are environmentally based, i.e., they are related to renewable energy, energy efficiency, water technology, pollution reduction, management, environmental support activities, and responsible forestry and agriculture.\n","spotlight":{"img":"/assets/images/pension/campaign/tsitaat-maenpaa.png","name":"Jani Mäenpää","profession":"Portfolio Manager at LHV","quote":"_„The LHV Roheline is the only pension fund in the Estonian pension market that invests directly in sustainability trends and companies for whom sustainable development is a revenue, not an expense.“_\n"},"fundInfo":{"company":{"title":"LHV Varahaldus"},"investors":3954},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":12.98,"unit":"%"},{"name":"Direct real estate investment","value":0.98,"unit":"%"},{"name":"Equity funds","value":63.34,"unit":"%"},{"name":"Real Estate funds","value":2.21,"unit":"%"},{"name":"Private Equity funds","value":3.95,"unit":"%"},{"name":"Money and deposits","value":16.54,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2024\n\n| Biggest investments | |\n|---|---:|\n| Global X Copper Miners ETF | 13.43% |\n| Invesco Solar ETF | 11.65% |\n| Global X Lithium and Battery Tech | 8.48% |\n| L and G Battery Value-Chain UCITS | 8.13% |\n| iShares Global Clean Energy ET | 7.28% |\n| First Trust NASDAQ Clean Edge Green Energy Index Fund ETF | 5.43% |\n| iShares Electric Vehicles and Driving Technology UCITS | 4.11% |\n| First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund ETF | 3.99% |\n| QCP PE Fund III | 3.95% |\n| Tesla | 2.26% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 2.21% |\n| Sopruse157 omanikulaen | 0.58% |\n| Hepsor | 0.43% |\n"}]},{"id":"info","title":"Information about the fund","content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2024) | 30,095,968 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 225,000 units |\n| Rate of the depository’s charge | 0.0439% (paid by LHV) |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.4067%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.81%\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_052023.pdf)\n"},{"title":"Prospectus","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_prospekt_122024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_KIID_21052024.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_kuuaruanne_2024_12.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_Roheline_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n"}]},{"id":"sustainability","title":"Sustainability‐related disclosures","content":[{"type":"markdown","column":"left","content":"- [Sustainability information (in Estonian)](/assets/files/pension/Jatkusuutlikkuse_alane_info_LHV_Pensionifond_Roheline.pdf)\n- [Periodic report (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_ESG_lisa_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001723","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":6,"countryShareEe":3.62,"fundManager":"LHV","campaign":{"upsell":{"title":"## **Did you know that LHV’s III pillar fund Roheline III invests in a similar way?**\n","id":"iii","button":{"url":"/en/pension/iii/fund/roheline","title":"See more","size":"lg"}}}},"LRT100":{"heading":"LHV Pensionifond Roheline III","id":"roheline","code":"rohelinepluss","dataMarker":"LRT100","securityId":189345,"suitability":"**Suitable if**\n- you are partial to thinking green,\n- you would like to invest your pension funds in an environmentally friendly and sustainable manner.\n","isLhvFund":true,"strategy":"**Strategy**\n\nThe fund's assets are invested in accordance with the principle that investments must be responsible, environmentally friendly, green, ethical, sustainable, anti-climate change, resource-efficient or have a lower greenhouse gas footprint than other investment opportunities.\n\nRoheline III will be allowed to take on a higher degree of concentration risk, as well as to invest in asset classes in which it was not previously allowed to invest. For example, Roheline III can now invest up to a quarter of the Fund’s assets in green transition-related precious metals and raw materials.\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0,49%"},"fundInfo":{"date":"30.09.2020","capacity":"7,003,906.73 €","pocket":"468,750 units","company":{"title":"LHV Varahaldus","link":null},"depository":{"title":"AS SEB Pank","url":"https://www.seb.ee/en/contacts","fee":"0,06%"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n","accordion":[{"id":"assets","title":"Current assets","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":21.74,"unit":"%"},{"name":"Equity funds","value":62.46,"unit":"%"},{"name":"Real Estate funds","value":2.03,"unit":"%"},{"name":"Private Equity funds","value":3.71,"unit":"%"},{"name":"Money and deposits","value":10.07,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.12.2024\n\n| Biggest investments | |\n|---|---:|\n| Global X Copper Miners ETF | 14.32% |\n| Invesco Solar ETF | 10.19% |\n| L and G Battery Value-Chain UCITS | 9.41% |\n| Global X Lithium and Battery Tech | 7.65% |\n| iShares Global Clean Energy ET | 6.40% |\n| First Trust NASDAQ Clean Edge Green Energy Index Fund ETF | 5.85% |\n| Cie de Saint-Gobain | 4.34% |\n| First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund ETF | 4.30% |\n| QCP PE Fund III | 3.71% |\n| iShares Electric Vehicles and Driving Technology UCITS | 3.68% |\n"},{"title":"Biggest investments in Estonia","type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| Birdeye Timber Fund 3 | 2.03% |\n"}]},{"id":"info","title":"Information about the fund","active":true,"content":[{"title":"Information about the fund","type":"markdown","column":"left","content":"| Information about the fund | |\n|---|--:|\n| Volume of the fund (as of 31.12.2024) | 6,416,447 € |\n| Management company | LHV Varahaldus |\n| Equity in the fund | 0 units |\n| Depository | [AS SEB Pank](https://www.seb.ee/en/contacts) |\n"}]},{"id":"expenses","title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Rate of the depository’s charge:** 0.0439%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.49%\n\n**Ongoing charges (inc management fee):** 1.01%\n\n*The ongoing charges have been estimated, based on the expected total of charges. The annual report of the fund provides details of the paid fees for each year.*\n"}]},{"id":"documents","title":"Documents","content":[{"title":"Terms and Conditions","type":"markdown","column":"left","content":"- [Terms and conditions (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_III_tingimused.pdf)\n"},{"title":"Prospects","type":"markdown","column":"left","content":"- [Prospectus (in Estonian)](/assets/files/pension/LHV_vabatahtlike_pensionifondide_prospekt_18122024.pdf)\n- [Key Investor Information (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_III_KIID_220224.pdf)\n"},{"title":"Reports","type":"markdown","column":"right","content":"- [Investment report (31 December 2024) (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_III_kuuaruanne_2024_12.pdf)\n- [Annual report for 2023 (in Estonian)](/assets/files/pension/PF_Roheline_III_aastaaruanne_2023.pdf)\n- [Annual report for 2022 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_aruanne_2022.pdf)\n- [Annual report for 2021 (in Estonian)](/assets/files/pension/LHV_pensionifond_Roheline_Pluss_aruanne_2021.pdf)\n"},{"title":"Other documents","type":"markdown","column":"right","content":"- [Responsible Investment Policy](/assets/files/pension/Responsible_Investment_Policy_2023.pdf)\n"}]},{"id":"sustainability","title":"Sustainability‐related disclosures","content":[{"type":"markdown","column":"left","content":"- [Sustainability information (in Estonian)](/assets/files/pension/Jatkusuutlikkuse_alane_info_LHV_Pensionifond_Roheline.pdf)\n- [Periodic report (in Estonian)](/assets/files/pension/LHV_Pensionifond_Roheline_ESG_lisa_2023.pdf)\n- [Statement on principal adverse impacts of investment decisions on sustainability factors (in Estonian)](/assets/files/pension/LHV_Pensionifond_PAI_raport.pdf)\n"}]},{"id":"payments","title":"Payment details","content":[{"title":"LHV Pensionifond Roheline III","type":"markdown","column":"left","content":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - LHV Pank AS\nEE961700017004379157 - Luminor Bank AS\nEE141010220263146225 - SEB Pank AS\nEE362200221067235244 - Swedbank AS\n\n**Explanation**\n30101119828, EE3600001764, IK:Your ID Code\n\n**Amount**\nAmount invested in euros\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001764","strategyType":null,"managementStyle":"Active","riskLevel":6,"countryShareEe":2.03,"fundManager":"LHV","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV30":{"heading":"Swedbank Pensionifond V30 indeks (exit restricted)","id":"swedv30","code":"v30indeks","dataMarker":"SWV30","securityId":204900,"active":true,"suitability":"**Suitable if**\n- you are a conservative or elderly saver with moderate risk tolerance,\n- your goal is asset stability and long-term growth (min. 5 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 30% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 30% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001749, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001749","strategyType":null,"managementStyle":"Passive","riskLevel":4,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWV60":{"heading":"Swedbank Pensionifond V60 indeks (exit restricted)","id":"swedv60","code":"v60indeks","dataMarker":"SWV60","securityId":204901,"active":true,"suitability":"**Suitable if**\n- you have a relatively high risk tolerance,\n- your goal is a higher growth of assets in the medium or long term (min. 7 years),\n- you want to save for retirement, and you do not mind the age restriction (55 years) on withdrawing money from the fund or the fact that the units of the fund may only be switched to funds subject to the same or more stringent rules,\n- you want to invest up to 60% in equities and prefer to do so through a pension fund that predominantly invests in the index.\n","strategy":"**Strategy**\nUp to 60% of the Fund’s assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.).\n","costs":{"entraceFee":"0%","exitFee":"0%","managementFee":"0.29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":34382},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001731, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001731","strategyType":null,"managementStyle":"Passive","riskLevel":5,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"NIT100":{"heading":"Luminor Jätkusuutlik Tulevik 50-55 Indeks Pensionifond","id":"jatkusuutlik-taiendav","code":"jatkusuutlik-taiendav","dataMarker":"NIT100","securityId":213281,"active":true,"suitability":"**Suitable if**\n- you have more than 10 years left until retirement,\n- you tolerate a short-term decrease in the value of assets well.\n","strategy":"**Strategy**\nFund invests a maximum of 20% of fund assets in equity and assets with similar risk. The rest is invested either in bonds, deposits or similar instruments. This creates a situation where the higher and lower risk markets balance each other and help achieve the goal with moderate risk. If necessary, depending on market situation, the fund may invest 100% of its assets in bonds or deposits to ensure retention of assets in turbulent times.\n","costs":{"entraceFee":"0%","exitFee":"0.25%","managementFee":"0.25%"},"fundInfo":{"company":{"title":"Luminor Pensions Estonia AS","link":null},"depository":{"title":"AS SEB Pank","url":"http://www.seb.ee/kontaktid"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE961700017004379157 - *Luminor Bank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\n\n**Explanation**\n30101119828, EE3600001798, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0,25%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.25%\n\n**Ongoing charges (inc management fee):** 0.54%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001798","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Luminor","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":1,"transactionDaysForSell":3,"transactionDaysForExchange":3},"SWI100":{"heading":"Swedbank III Samba Pensionifond Indeks","id":"swi100","code":"SWI100","dataMarker":"SWI100","securityId":218897,"active":true,"suitability":"**Suitable if**\n- you want your pension money to follow the movement of global stock markets,\n- your goal is higher asset growth over a longer time horizon (at least 10 years),\n- you are ready that the value of your assets may fluctuate more.\n","strategy":"**Strategy**\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.)\n","costs":{"entraceFee":"0%","exitFee":"1%","managementFee":"0.29%"},"fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS","link":null},"depository":{"title":"Swedbank AS","url":"hhttps://www.swedbank.ee/about/about/branches/official"},"investors":0},"transaction":"**Recipient**\nAS Pensionikeskus\n\n**Account**\nEE547700771002908125 - *LHV Pank AS*\nEE141010220263146225 - *SEB Pank AS*\nEE362200221067235244 - *Swedbank AS*\nEE961700017004379157 - *Luminor Bank AS*\n\n**Explanation**\n30101119828, EE3600001822, IK:Your ID Code\n\n**Amount**\nAmount invested in euros.\n","accordion":[{"id":"expenses","active":true,"title":"Expenses","content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 1%\n"},{"title":null,"type":"markdown","column":"right","content":"**Management fee:** 0.29%\n\n**Ongoing charges (inc management fee):** 0.29%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]},{"id":"disbursements","title":"Disbursements","content":[{"title":"Disbursements","type":"markdown","column":"left","content":"**Pension agreement**\n\nThe state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.\n\n[See more at Pensionikeskus.ee](http://www.pensionikeskus.ee)\n\n**Resale of shares**\n\nAfter reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 22%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.\n\n**The third pillar savings can also be bequeathed**\n\nThe heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.\nIncome tax of 22% applies to cash withdrawals.\n"}]}],"strategyKey":null,"isin":"EE3600001822","strategyType":null,"managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank","minSumInEurWhenBuying":0,"decimalPlacesInNumberOfShares":3,"decimalPlacesInPrice":4,"transactionDaysForBuy":0,"transactionDaysForSell":1,"transactionDaysForExchange":3},"SWK100":{"heading":"Swedbank Pensionifond Indeks","id":"swk100","code":"SWK100","dataMarker":"SWK100","suitability":"**Suitable if**\n- you have at least 10 more years of pension saving ahead of you;\n- you have a relatively high risk tolerance;\n- you want to accumulate in an index fund.\n","strategy":"**Strategy**\n\nThe Fund is established as an investment fund with so called passive investment policy, which means that the assets of the Fund are invested in other investment funds tracking global equity indices of developed countries. Up to 100% of the Fund's assets may be invested in instruments with equity risk, and the Management Company shall not react to changes in the composition of such indices. The investment of the assets of the Fund shall take into consideration the ESG (environmental, social, governance) factors or principles of other fields of responsible and sustainable policy (environment, climate, working conditions, company management, etc.)\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":16406},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Equity funds","value":99.53,"unit":"%"},{"name":"Money and deposits","value":0.48,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi MSCI World SRI Climate Net Zero Ambition | 24.64% |\n| UBS Lux Fund Solutions - MSCI | 24.30% |\n| iShares MSCI World SRI UCITS E | 18.58% |\n| Access Global A | 18.17% |\n| Access Edge Global A | 13.84% |\n"},{"title":null,"type":"markdown","column":"left","content":"Fund doesn´t make any investments in Estonia\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.29%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.30%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001814","strategyType":"Non-conservative","managementStyle":"Passive","riskLevel":6,"countryShareEe":0,"fundManager":"Swedbank"},"swk09":{"heading":"Swedbank pensionifond 2000-09 sündinutele","id":"swk09","code":"swk09","dataMarker":"swk09","suitability":"**Suitable if**\n- you were born in the 00s;\n- you want the fund’s risk level to change with your age;\n- you want to never have to worry about switching funds again.\n","strategy":"**Strategy**\n","fundInfo":{"company":{"title":"Swedbank Investeerimisfondid AS"},"investors":5499},"accordion":[{"id":"assets","title":"Current asset allocation","active":true,"content":[{"title":"Asset Classes","type":"piechart","column":"right","content":[{"name":"Shares","value":4.15,"unit":"%"},{"name":"Equity funds","value":94.06,"unit":"%"},{"name":"Real Estate funds","value":0.7,"unit":"%"},{"name":"Private Equity funds","value":0.49,"unit":"%"},{"name":"Money and deposits","value":0.65,"unit":"%"}]},{"title":"Biggest investments","type":"markdown","column":"left","content":"The data is presented as at 31.08.2024\n\n| Biggest investments | |\n|---|---:|\n| Amundi S&P 500 Climate Net Zero Ambition Pab Ucits | 15.12% |\n| Amundi MSCI World SRI Climate Net Zero Ambition | 14.70% |\n| UBS Lux Fund Solutions - MSCI | 13.97% |\n| Amundi MSCI World ESG Leaders UCITS ETF | 13.95% |\n| Access Edge Global A | 13.30% |\n| Globalfond A | 8.89% |\n| Xtrackers MSCI Japan ESG UCITS ETF | 5.20% |\n| Amundi MSCI EM ex China ESG ETF | 4.87% |\n| Access USA A | 1.81% |\n| Transition Energy A | 1.29% |\n"},{"title":null,"type":"markdown","column":"left","content":"| Biggest investments in Estonia | |\n|---|---:|\n| TKM Grupp | 0.74% |\n| LHV Group AS | 0.73% |\n| Enefit Green | 0.65% |\n"}]},{"id":"expenses","title":"Expenses","active":true,"content":[{"title":null,"type":"markdown","column":"left","content":"**Entry fee:** 0%\n\n**Exit fee:** 0%\n\n**Management fee:** 0.53%\n"},{"title":null,"type":"markdown","column":"right","content":"**Success fee:** no commission\n\n**Ongoing charges (inc management fee):** 0.83%\n\n*Ongoing fees are given as estimates based on forecasted total fees.*\n"}]}],"strategyKey":"mittekonservatiivne","isin":"EE3600001848","strategyType":"Non-conservative","managementStyle":"Active","riskLevel":6,"countryShareEe":3.44,"fundManager":"Swedbank"}}<meta name="robots" content="noindex">