LHV Pensionifond XL

Active Management
10 year net yield
Risk level
Invests into Estonia
Fund investors

Suitable if

  • you have more than 15 years left until retirement,
  • you are prepared to take above-average risks,
  • your aim is the long-term growth of your pension savings.
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The 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.

From beginning
Current year
Current month
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
France Government 2.25% 25/10/229.75%
German Treasury Bill 21/09/20224.79%
ZKB Gold ETF3.90%
Axcel VI2.77%
iShares Gold Producers UCITS ETF2.77%
Lyxor EURO STOXX Banks DR UCITS2.64%
Usaldusfond EfTEN Real Estate Fund 42.57%
East Capital Baltic Property Fund III2.48%
EfTEN Kinnisvarafond2.27%
Monte Rosa V Class J2.20%

Biggest investments in Estonia

Biggest investments in Estonia
East Capital Baltic Property Fund III2.48%
EfTEN Kinnisvarafond2.27%
Lumi Kodud Aiandi omanikulaen2.08%

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)198,133,810.03 €
Management companyLHV Varahaldus
Equity in the fund530 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: 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%.

Ongoing charges (inc management fee): 1,28%

The ongoing charges figure is an estimate based on the current management fee and the 2021 level of all other recognized costs. Ongoing charges may vary from year to year.

August 2022: In a falling stock market, the energy sector proved strong

Kristo Oidermaa and Romet Enok, Fund Managers

In August, world markets were predominantly pessimistic. The MSCI World Index, the US S&P 500, and the Japanese Nikkei Index fell 2.8%, 2.9% and 1.5% over the month in euros, respectively. The European stock exchanges went through a steeper decline last month, with the Euro Stoxx 50 index falling by 5.1%. Emerging markets were a contrast to this, as the MSCI Emerging Markets index rose by 1.5% in euros over the last month. The performance of local stock exchanges was mixed: while the Tallinn and Vilnius stock markets grew by 2.4% and 1.9%, respectively, the Riga stock market declined by 4.5%.

Domestic venture capital fund Superangel sold its first investment. Nordigen, an open banking company founded in Latvia, was sold to GoCardless, a company established in the United Kingdom. The Superangel fund invested in Nordigen in early 2020, and the fund’s portfolio still includes more than 40 companies.

In equity positions, precious metals investments showed signs of weakness. Investments were strong, however, in the energy sector, which forms the second cornerstone of our equity investments.

The fund’s listed stock investments remain in the commodity sector, with a focus on precious metals, energy, energy metals, renewable materials (wood) and various links in the related value chains. We believe that in an environment of rapid inflation, equity investments in the commodity sector will help us maintain and increase the purchasing power of our capital.

July 2022: We invested in Rimac, an electric hypercar manufacturer

Kristo Oidermaa and Romet Enok, Fund Managers

Stock markets mostly recovered in July. Measured in euros, the MSCI World index, the US stock market index, the S&P 500, and the Nasdaq Composite index, which tracks the technology sector, rose 10.7%, 12.2%, and 15.5%, respectively. Measured in euros, the Japanese Nikkei index fell 10.2%, while the European Euro Stoxx 50 index and the MSCI Emerging Markets index rose 7.4% and 2.1%, respectively. The local Baltic markets fluctuated: while the Riga and Vilnius stock markets rose by 0.6% and 1.1% respectively during the month, the Tallinn stock market fell by 1.2%.

We have added a new direct investment to the portfolio of over-the-counter investments: Rimac Automobili, a manufacturer of electric hypercars and high-capacity electric batteries. Founded in Croatia in 2009, the company owns brands such as Bugatti, which was acquired last November, in addition to Rimac. What makes the company unique is its focus segments of hypercars and supercars. Rimac manufactures electric batteries and other components for both Rimac’s own vehicle model and Bugatti, as well as car manufacturers such as Koenigsegg, Pininfarina, Aston Martin, and Porsche.

LHV pension funds L and XL invested in Rimac Automobili in cooperation with the private capital company Investindustrial, which offered this investment opportunity to its fund investors. In addition to Investindustrial, Rimac’s leading investors include Porsche, Softbank, Hyundai, and Goldman Sachs. In June, the car manufacturer raised 500 million euros of new capital in its Series D investment round, as a result of which the value of the company rose to more than 2 billion euros. Rimac will use the new capital to finance growth and development.

In July, the fund’s investments in listed shares recovered from the previous month’s decline. Shares in US and European energy and copper mining companies rose the most. The share prices of Nordic listed companies also rose after several months. Against the background of a general rise in the markets, we saw a decline in investments related to precious metals.

Our fund’s key investments remain in commodity-related shares, which have weathered this year’s market declines well. In July, we bought more shares in copper mining companies for the fund. Any level of economic activity reveals a deficit in the copper market, which comes from low capital investments and the continuing electrification trend.

June 2022: We invested in the new venture capital fund Plural

Kristo Oidermaa and Romet Enok, Fund Managers

In June, we saw a larger decline in stock markets. The MSCI World Index, the US S&P 500, the Japanese Nikkei Index and the European Euro Stoxx 50 fell 6.4%, 6.2%, 6.2% and 8.8% over the month in euros, respectively. The situation was no different in emerging markets, and the MSCI Emerging Markets index fell by 4.9% in June, measured in euros.

The Baltic markets were more modest. The Tallinn and Vilnius stock markets fell by 3.2% and 3.4%, respectively. The Riga stock market was an exception, growing by 7.2%.

We added the venture capital fund Plural 2022 as a new investment to the OTC investment portfolio. It is a fund founded by Taavet Hinrikus, Sten Tamkivi, Ian Hogarth and Khaled Helioui, experienced founders and investors in start-ups, whose focus is on start-ups with a global growth plan, operating mainly in Europe. What makes Plural unique is that only those who have first-hand experience in founding and developing start-ups can become investment managers and leaders. The size of the fund is 250 million euros and it has invested in 14 start-ups so far.

June was a negative month for listed equity investments, ending the worst half-year for equity markets in decades. Due to the decrease in economic activity, stock investments related to the commodity sector, which had better withstood market fluctuations in the first half of the year, fell the most in June. Equity investments in other industries were also under pressure.

In June, we acquired shares in US natural gas companies Range Resources and Antero Resources due to weakness in the energy sector. On the back of the continued electrification trend, we acquired shares in copper miner Freeport McMoran and the Global X Copper Miners ETF.

In our opinion, the structural deficit of commodities has not disappeared. Commodities have generally provided a good hedge against high inflation, because companies in the sector earn high profits, pay generous dividends and have low debt burdens. With limited supply, commodity companies are among the most interesting industries in the stock market right now.

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%.