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LHV Pensionifond XS

10 year net yield
Risk level
Invests into Estonia
Fund investors

Suitable if

  • you have less than 3 years left until retirement,
  • you have low risk tolerance,
  • your aim is to preserve your savings and avoid losses
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Loss-avoiding XS

  • 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.
  • 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.
  • The fund’s preferred long-term asset class is low-risk debt instruments.

Romet Enok

Fund Manager at LHV

„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.“

Market overview

Biggest investments

The data is presented as at 30.04.2024

Biggest investments
Luminor 7.75% 08/06/20277.43%
Riigi Kinnisvara 1.61% 09/06/276.62%
ZKB Gold ETF5.84%
France Treasury Bill 30/10/20245.65%
ALTUMG 1.3% 07/03/254.38%
German Treasury Bill 1% 15/08/20244.11%
German Treasury Bill 19/06/244.09%
Bank Gospodarstwa Krajow 1.375% 01/06/254.05%
Kojamo 0.875% 28/05/20293.36%
Glencore 1.25% 01/03/20333.24%

Biggest investments in Estonia

Biggest investments in Estonia
Luminor 7.75% 08/06/20277.43%
Riigi Kinnisvara 1.61% 09/06/276.62%
Coop Pank 5.0% 10/03/20322.80%

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)12,152,622.32 €
Management companyLHV Varahaldus
Equity in the fund40,000 units
Rate of the depository’s charge0.0451% (paid by LHV)
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Management fee: 0,5040%

Success fee: no commission

Ongoing charges (inc management fee): 0.57%

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

April 2024: Gold continued its extraordinary rise

Romet Enok, Fund Manager

The extraordinary appreciation of gold continued in April as the price of gold increased by over 6% in euros, yielding nearly 15% since the beginning of the year. As another significant event, the Baltic Horizon Fund made a new redemption payment. On schedule, company has redeemed almost a third of the bond issue of last May, and the next payment should be made in July at the latest. Until then, the bond returns Euribor + 8% to the fund every year.

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

Romet Enok, Fund Manager

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

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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