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's activity report 2022

LHV Asset Management is an alternative asset class investment fund manager, the remainder is divided depending on the company. LHV Asset Management manages seven II pillar and three III pillar funds between listed equities and bonds.

pillar pension fund and one euro fund. LHV Asset Management Listed positions are additionally diversified for risk and also offers fund management and investment services with LHV inflation protection invested in precious metals

Managed by the bank for portfolio management. instruments.

LHV Asset Management is the second largest fund manager in the Estonian market by the volume of funds managed. LHV Asset Management has more than 130 thousand active II pillar clients. The past year was difficult for most Estonian pension funds. Weakness in the stock markets reduced the returns of high equity risk funds, at the same time bond funds also lost value in the rising interest rate environment. Estonian conservative

Pension fund results funds index EPI-10 decreased by 10.8%, the general index EPI of all Estonian pension funds decreased by 8.6%.

2022 was a volatile year on all fronts. Starting in February

All Estonian II and III pillar funds were able to show positive returns for only three funds - LHV's largest actively managed uncertainty, as well as inflation that turned out to be not temporary funds M, L and XL.

and the successive interest rate hikes undertaken by central banks to curb it created a complex backdrop. Uncertainty and

Pension funds M, L and XL had returns of +2.4%, +3.6% and +2.8% respectively last year. Real estate and local companies' rapid price growth contributed the most to ensuring returns, considering the circumstances, the Estonian economy and especially the labor market generally did well.

bond positions, the year was also successful for forest investments. Selected equity positions

In Estonia, the annual GDP decline was 1.3%, employment and the overall result was mainly due to the weaker performance of Baltic equities, wage growth remained very high. Despite the nominal GDP and wage growth, purchasing power as a whole fell - Estonia as a small open economy is also much more open to significantly increased energy prices during the year, in 2022 we

Conservative funds S and XS lost 2.2% and 3.6% respectively in unit value during the year, which considering the overall performance of conservative funds was an acceptable result. More difficult

Larger stock markets, which did very well during the very low interest rate era of the last decade, when there were no alternatives to bonds and profitability was often less important than rapid growth, ended the year with a strong minus. In euros

The situation was similar among III pillar funds - the higher risk equity fund investing more in alternative asset classes fell by 12.8%, the pension fund Additional made a minimal 0.3% decline on the market, the III pillar funds with the best result, Index Plus and Green Plus fell by 14.3% and 20.0% respectively.

LHV's larger actively managed pension funds have in recent years aimed to achieve higher returns for clients, earning a total of 14.3 million EUR from all II pillar funds. The value of pension assets of M, L and XL clients increased by 36.7 million euros, with other funds the losses seen in the following boom years need to be made up for.

private equity. Building a portfolio based on alternative asset classes is undoubtedly time-consuming, but the long-term goal is to outperform competing funds focused on equities. By the end of 2022, about half of the assets of the larger funds M, L and XL, even slightly more than half in the largest pension fund L, have been invested

The goal of LHV Asset Management's largest pension funds is to ensure that regardless of what is happening in the stock markets, clients' pension assets are protected, to offer less volatile and equivalent or higher returns than index funds over a longer period, and to grow pension savers' assets faster than the state