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LHV Pensionifond Aktiivne III

Active Management
10%
-10%
10%
10 year net yield
10%
-10%
10%
5 year net yield
10%
-10%
10%
3 year net yield
10%
-10%
10%
2 year net yield

Suitable if

  • you have medium risk tolerance,
  • you are aware of investment risks and wish to make long-term investments in a supplementary funded pension, with the aim of using the accumulated money tax-effectively after reaching retirement age.

Details for making a payment in the fund

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Number of units
Acquisition price
Unit NAV
Profit/loss %
Profit/loss €
Total value

Strategy
The Fund prefers to invest its assets in foreign markets, in more liquid instruments and in instruments traded on regulated markets. The Fund’s assets may be invested in shares, equity funds and other equity-like instruments. In addition to the above, the Fund’s assets may also be invested in bonds, money market instruments, deposits, units or shares in other investment funds, real estate, derivative instruments, securities whose underlying asset is a precious metal or a commodity or whose price depends on a precious metal or a commodity, and other assets. The Fund can also be used to borrow and lend. The Management Company may borrow up to 25% of the value of the Fund’s assets on the Fund’s account, which also allows for investing more than 100% of the value of the Fund’s assets, up to 125% of the value of the Fund’s assets, in equity risk instruments.

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Biggest investments

The data is presented as at 31.12.2023

Biggest investments
German Treasury Bill 19/06/246.99%
France Government 2.25% 25/05/20246.82%
German Treasury Bill 16/10/20246.58%
France Treasury Bill 30/10/20244.93%
ZKB Gold ETF4.07%
AMUNDI EURO STOXX BANKS UCITS ETF3.37%
German Treasury Bill 1% 15/08/20243.34%
iShares Gold Producers UCITS ETF3.26%
EfTEN Real Estate Fund2.97%
Luminor 7.25% 16/01/20262.78%

Biggest investments in Estonia

Biggest investments in Estonia
Luminor 7.25% 16/01/20262.78%
East Capital Baltic Property Fund III2.11%
BIGBANK 7.5% 16/05/20322.08%

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)29,889,093.82 €
Management companyLHV Varahaldus
DepositoryAS SEB Pank

Entry fee: 0%

Exit fee: 0%

Rate of the depository’s charge: 0.0439%

Management fee: 0.89%

Ongoing charges (inc management fee): 1.19%

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

April 2024: Baltic Horizon Fund continued to redeem bonds

Kristo Oidermaa and Romet Enok, Fund Managers

April was a negative month for developed markets. The US S&P 500 index fell by 4.2% in dollars and the European Euro Stoxx 50 fell by 2.4% in euros. One of the few developed economies to remain in the positive was the UK, growing by 2.4% in British pounds.

Overall, emerging markets remained flat, with the MSCI EM index up 0.3% in dollars during the month. Latin American stock markets were on a downturn, while China, where a very negative mood has prevailed for almost a year, rose by 6.5% in dollars over the month. The OMX Baltic Benchmark index gained approximately 1.4% in euros during the month.

During the month, we sold our positions in the Finnish forestry company UPM-Kymmene in all portfolios. Among the equity positions, the best performers in April were precious and energy metals, which gained between 5% and 8%, as well as European banks, which gained around 3.7%. The fund’s energy positions fell the most during the month, falling by 6% to 11%. We see good future opportunities in the commodity sector, where there is still structural undersupply.

Baltic Horizon Fund redeemed another portion of its bonds as planned. The company has already redeemed almost a third of the 42 million euros worth of securities issued last May. The next and currently last early redemption payment is scheduled for July at the latest. After that, the original bond issue of 42 million euros will decrease to 22 million euros. The interest on the bond is Euribor + 8% plus early redemption fees.

March 2024: Gold and energy metals made strong contributions

Kristo Oidermaa and Romet Enok, Fund Managers

Markets continued to rise in March, albeit at a slower pace than in previous months. The US S&P 500 index increased by 3.1% in dollars, and the European Euro Stoxx 50 rose by 4.3% in euros. Emerging markets gained 2.2% in dollars over the month, with China, the largest player on the market, slowing to 0.9% from the previous month. In contrast, the OMX Baltic Benchmark index fell by 2.5% in euros during the month.

In March, we increased our positions in the energy sector, where we see good opportunities due to underinvestment. During the month, gold and energy metal positions made the most significant contribution to the fund’s performance among equity positions, having increased between 6% and 24%.

Looking ahead, we still see good potential in our mineral investments, supported by structural undersupply in the sector.

February 2024: Stock markets continue their strong rise

Kristo Oidermaa and Romet Enok, Fund Managers

In February, stock markets remained on the upswing. The US S&P 500 index increased by 5.2% in dollars, and the European Euro Stoxx 50 rose by 5% in euros. The same trend was observed in emerging markets: the MSCI EM index rose by 4.6% in dollars during the month. The growth was driven predominately by China, which rose 8.4% in dollar terms during the month after prolonged declines. The OMX Baltic Benchmark index ended February with a small decline of –1.3%.

No major transactions were made in the stock portfolios during the month. The most significant contributors to the return in our portfolios were the European banks index, which rose by approximately 3%, and the Swedish company Lifco, which gained approximately 8% in value. The return was driven down by investments in precious metals, which decreased in the range of 4% to 12%. We continue to see good potential in the portfolio’s mineral positions, supported by structural undersupply in the sector.

In February, the East Capital Real Estate fund announced that it was acquiring a logistics park in Tänassilma, near Tallinn, with approximately 40,000 square meters of leasable area. The value of the transaction is 42 million euros, making it the largest transaction ever on the Estonian logistics buildings market. The complex has ten tenants, including DSV Estonia AS and Humana Sorteerimiskeskus OÜ. The logistics park is the fund’s tenth and latest asset.

Baltic Horizon Fund announced a large long-term loan agreement in Lithuania. The transaction means that the company has secured a large portion of the funds to repay the obligation assumed by the bonds issued in May 2023. The company already paid back the first tranche of bonds last year, and the money raised now brings the company considerably closer to paying back the next tranche. The fund has earned an interest of Euribor +8% on the bonds, plus premium payments for earlier redemptions.

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.

LHV Pensionifond Aktiivne III

Recipient
AS Pensionikeskus

Account
EE547700771002908125 - LHV Pank AS
EE961700017004379157 - Luminor Bank AS
EE141010220263146225 - SEB Pank AS
EE362200221067235244 - Swedbank AS

Explanation
30101119828, EE3600010294, IK:Your ID Code

Amount
Amount invested in euros.

Disbursements

Pension agreement

The state does not tax payments from the 3rd pension pillar if you have concluded an insurance contract under which regular pension payments will be made to you for the rest of your life.

See more at Pensionikeskus.ee

Resale of shares

After reaching the age of 55 (if you started making Pillar III contributions before 2021), but not before five years have elapsed from the initial investment, the income tax on disbursements is 10%. If you have joined the third pillar before 2021 and want to take out what you have collected before the age of 55, the income tax is 20%. Those who have joined the third pillar from 2021 can withdraw money from the third pillar at a more favorable income tax rate (10%) if there is less than 5 years until retirement age.

The third pillar savings can also be bequeathed

The heir can then decide what to do with the inherited assets—whether to transfer them to their pension account or to withdraw the amount in cash.
Income tax of 20% applies to cash withdrawals.

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