LHV Pensionifond S
Active Management
10%
-10%
10%
10 year net yield
2
1
7
Risk level
17.00%
0%
100%
Invests into Estonia
6838
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 31.10.2021

Biggest investments
Luminor 0.792% 03/12/249.51%
France Government 2.25% 25/10/228.83%
German Government 1.5% 04/09/228.04%
Temasek 0.5% 01/03/227.88%
Latvenergo 1.9% 10/06/227.60%
Riigi Kinnisvara 1.61% 09/06/277.18%
France Government 3% 25/04/226.76%
German Government 2% 04/01/226.07%
Romania 2.875% 28/10/244.75%
ALTUMG 1.3% 07/03/254.19%

Biggest investments in Estonia

Biggest investments in Estonia
Luminor 0.792% 03/12/249.51%
Riigi Kinnisvara 1.61% 09/06/277.18%
Eesti Energia 2.384% 22/09/230.31%

Asset Classes

The data is presented as at 31.10.2021.

Information about the fund

Information about the fund
Volume of the fund (as of 31.10.2021)33,623,100.06 €
Management companyAS LHV 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: 0,576%

Success fee: no commission

Ongoing charges (inc management fee): 0.62%

Ongoing charges are based on expenses for the last calendar year, ie 2020. Ongoing charges may vary from year to year.

October 2021: We increased our bond investments in Šiaulių bank

Romet Enok, Fund Manager

Lithuania’s Šiaulių bank declared its quarterly results to the stock exchange, showing continued growth in credit, deposit, and profits. In September, in a rare move, the company arranged a public bond issue in which LHV pension funds also participated. Our funds had already invested in Šiaulių’s subordinated bonds, which the bank sold to LHV funds in a direct transaction.

October was once again a weak month in European bond markets. Government bonds have suffered the most, with even average yields about 4% worse than at the beginning of the year. Long-term bonds have, of course, become cheaper. As we have stated in our monthly reports time and time again, we are currently altogether refraining from investing in long-term government bonds.

September 2021: We invested in Lithuanian bank bonds

Kristo Oidermaa and Romet Enok, Fund Managers

In September, we subscribed for the bonds of the Lithuanian bank Šiaulių Bankas as a new investment. Although the bank’s loan portfolio is conservatively financed with local deposits, banking regulations also require issuing this type of bond. Šiaulių Bankas’ profitability is good, and its market share in Lithuania is growing. Bond investors’ certainty is supported by a unique situation in Europe, where the bank is directly supervised by the European Central Bank and, at the same time, largely owned by the European Bank for Reconstruction and Development (EBRD). Our pension funds already own subordinated bonds of Šiaulių Bankas, issued directly to LHV funds.

August 2021: Transpordi Varahaldus redeemed bonds

Kristo Oidermaa and Romet Enok, Fund Managers

One of the fund’s direct investments ended in August when Transpordi Varahaldus redeemed its bonds before maturity. We had signed bond agreements in the spring of 2017 to finance the company’s aircraft fleet. In the meantime, the investment paid interest at a rate of 2.85% per annum, which was a better than the European bond market average over the same period.

Bond markets in Europe remained mainly negative in August, losing about half a per cent in price. In the listed bonds portfolio, we keep the risks low both in terms of interest rates and by avoiding low-rated corporate bonds.

What if inflation is not temporary?
Andres Viisemann, Head of LHV Pension Funds

October was a good month for stock markets, up 5.8% on the MSCI World Index. The S&P 500 index, which represents the shares of the largest US companies, rose by as much as 7.2%, reaching a new record level by the end of the month. The Stoxx 50 index, which tracks the shares of large European companies, rose by 5.1%. The value of emerging market companies also increased, but to a lesser extent: 1.2%.