LHV Pensionifond S

Active Management
10%
-10%
10%
10 year net yield
2
1
7
Risk level
25.44%
0%
100%
Invests into Estonia
5297
Fund investors

Suitable if

  • you have 2–5 years left until retirement age,
  • you have low risk tolerance,
  • your aim is the preservation and modest growth of your pension savings.
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Strategy

The 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.

Performance
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Current year
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The Fund's return is expressed as the net yield after deduction of all fees.

Biggest investments

The data is presented as at 31.08.2022

Biggest investments
German Treasury Bill 14/12/20229.80%
German Treasury Bill 21/09/20228.79%
Riigi Kinnisvara 1.61% 09/06/278.14%
Luminor 0.792% 03/12/247.24%
Romania 2.875% 28/10/245.13%
ZKB Gold ETF4.54%
German Government 1.5% 04/09/224.49%
ALTUMG 1.3% 07/03/254.44%
France Government 2.25% 25/10/223.75%
KBC Group NV 0.625% 07/12/20313.13%

Biggest investments in Estonia

Biggest investments in Estonia
Riigi Kinnisvara 1.61% 09/06/278.14%
Luminor 0.792% 03/12/247.24%
Coop Pank 5.0% 10/03/20323.09%

Asset Classes

The data is presented as at 31.08.2022.

Information about the fund

Information about the fund
Volume of the fund (as of 31.08.2022)29,574,880.30 €
Management companyLHV Varahaldus
Equity in the fund120 000 units
Rate of the depository’s charge0,0576% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 0,6240%

Success fee: no commission

Ongoing charges (inc management fee): 0,64%

Ongoing charges are based on expenses for the last calendar year, ie 2021. Ongoing charges may vary from year to year.

August 2022: We brought Latvenergo’s depreciated bond back into to the fund

Kristo Oidermaa and Romet Enok, Fund Manager

We acquired bonds from the Latvian state energy company Latvenergo to reintroduce to the fund. For many years the company had been one of the biggest investments in our portfolio (until we repaid the bond at the beginning of June). Since the price of the company’s other publicly traded bond had been falling significantly, we used the money from the repayment to bring Latvenergo back into our portfolio. With continued uncertainty in the financial markets, there is great value in being able to take advantage of opportunities as they present themselves.

July 2022: Two new bond investments

Kristo Oidermaa and Romet Enok, Fund Manager

In July, we made a new investment in a local company and one in international markets.

As regards financing the projects of Estonian companies, we finalised a deal with Perton Ehitus to finance a development project of apartment buildings. Perton Ehitus sold bonds to LHV pension funds for the development of Kotzebue Park in the Kalamaja district in Tallinn for three years. The interest rate is 8.5% per annum and the bond is secured by a mortgage.

We acquired and added bonds from the large Finnish real estate company, Kojamo, to the fund’s portfolio from the international stock market. Kojamo has a long standing history in the Finnish housing market, and develops and owns apartments in Helsinki and elsewhere in the country. Kojamo’s largest shareholders are Finnish pension funds and trade unions, Kojamo shares are traded on the Helsinki stock exchange.

We work actively to analyse local projects and find opportunities in international bond markets. Focusing on both the local and international markets and comparing them, gives us an advantage over those who only engage in one of the two.

June 2022: We subscribed to Coop Pank bonds

Kristo Oidermaa and Romet Enok, Fund Managers

In June, one of the fund’s largest investments reached maturity when the Latvian state energy company Latvenergo redeemed its bonds.

We are focused on shorter-term bonds. First, these have protected the fund’s long-term bonds from the recent price drop, and second, this strategy now allows the money to be invested in new projects at a higher interest rate.

We therefore subscribed to the subordinated bonds of Coop Pank last month. The interest on the instruments is 10% per annum and the bank will have the first redemption right after five years. These are securities that in terms of complexity are closer to bank equity than deposits. LHV pension funds were the largest investor in the private placement.

Investing in an inflationary environment
Andres Viisemann, Head of LHV Pension Funds

After a surprisingly substantial rise in July, the world’s largest stock markets were in decline again in August. The S&P 500 index, which tracks the value of the largest US companies, lost 2.9% of its value measured in euros last month, while the Japanese Nikkei index fell by 1.5%.