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LHV Pensionifond S

10 year net yield
Risk level
Invests into Estonia
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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A responsible keeper in S

  • 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.
  • Up to 25% of the fund’s assets may be invested in real estate, items of infrastructure, equity funds and convertible bonds.
  • The fund can also be used to grant loans. The fund’s preferred long-term asset class is listed debt instruments.

Romet Enok

Fund Manager at LHV

„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.“

Market overview

Biggest investments

The data is presented as at 30.04.2024

Biggest investments
Riigi Kinnisvara 1.61% 09/06/278.53%
ZKB Gold ETF5.92%
Luminor 7.75% 08/06/20275.71%
France Treasury Bill 30/10/20245.55%
German Treasury Bill 19/06/244.92%
ALTUMG 1.3% 07/03/254.65%
Glencore 1.25% 01/03/20333.62%
KBC Group NV 0.625% 07/12/20313.55%
German Treasury Bill 1% 15/08/20243.53%
Kojamo 0.875% 28/05/20293.42%

Biggest investments in Estonia

Biggest investments in Estonia
Riigi Kinnisvara 1.61% 09/06/278.53%
Luminor 7.75% 08/06/20275.71%
Coop Pank 5.0% 10/03/20323.13%

Asset Classes

The data is presented as at 30.04.2024.

Information about the fund

Information about the fund
Volume of the fund (as of 30.04.2024)28,287,637.03 €
Management companyLHV Varahaldus
Equity in the fund90,000 units
Rate of the depository’s charge0.0451% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 0,6120%

Success fee: no commission

Ongoing charges (inc management fee): 0,68%

Ongoing charges are based on expenses for the last calendar year, ie 2023. Ongoing charges may vary from year to year.

April 2024: We are growing our other asset classes in addition to bonds

Kristo Oidermaa and Romet Enok, Fund Manager

The fund made one new investment during the month, acquiring units of the real estate fund SG Capital. The investment company, operating in Riga and its surrounding area, already has a portfolio and a significant history.

The share of real estate and gold in fund S has reached nearly a tenth of the fund’s assets. If we find attractive opportunities, we will increase the share of other asset classes besides bonds.

March 2024: Gold made a noticeable contribution to the fund’s performance

Kristo Oidermaa and Romet Enok, Fund Managers

March was a very strong month on the gold market, where the price of this precious metal rose by more than 8% in euros. We acquired gold for the fund in January 2022. A little more than two years later, the price of gold has risen by 20%, significantly contributing to the fund’s performance.

Although the main asset class of the fund is high-rated euro bonds, we are constantly looking for attractive opportunities elsewhere, including in the first quarter of this year. At a time when the European bond market as a whole remained in the red, the fund benefitted from investments such as gold and the rising bonds of both Luminor Bank and the Finnish residential real estate company Kojamo.

February 2024: The fund’s portfolio has defied the fall in bond markets

Kristo Oidermaa and Romet Enok, Fund Manager

All major segments of European bond markets remained in the red in February. Both corporate and government securities fell by around 1% on average, while our portfolio securities showed a slight increase. The situation is the same in the summary of the first two months of the year: the markets were slightly more than 1% in the red, and our fund was marginally positive.

Interestingly, low-risk securities – such as Luminor Bank international bonds and the Finnish rental apartment business Kojamo – have contributed most to our performance. In addition, physical gold, the portfolio’s main non-bond market investment, has performed strongly. The rise in gold prices has continued and even accelerated after the end of the month.

In a complex environment, it pays to spread risks
Andres Viisemann, Head of LHV Pension Funds

Stock prices continued to rise in March. The S&P 500 index, which tracks the value of large US companies, rose 3.1%, and its European equivalent, the Stoxx50 index, rose 4.3%. Markets expect both the US and European central banks to cut interest rates this year – the only question is when and by how much.

Did you know that the III pillar is a unique investment opportunity with a tax incentive supported by the state?

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