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LHV World Equities Fund

Net Asset Value
9.9450 EUR
Issue Price
9.9450 EUR
Redemption Price
9.8456 EUR
Fund volume**
3,207,329 EUR
Today
-1.14%
   YTD
7.18%
     1 y
-11.50%
     3 y*
5.39%
     5 y*
3.28%
* 3 and 5 years annualised

Error

Geographic division**

Europe (ex Baltics)
48.72%
Cash
20.20%
USA
9.74%
Asia
9.73%
Baltics
7.86%
Japan
3.75%

Sectoral division**

Industrials
30.85%
Cash
20.20%
Regional Funds
14.63%
Materials
12.04%
Financials
9.44%
Consumer Discretionary
8.25%
Consumer Staples
2.00%

10 largest investments**

iShares MSCI China ETF
6.43%
Banco Santander
5.93%
KION Group
4.81%
Tallinna Sadam
4.65%
WisdomTree Japan Hedged Equity
3.75%
Talgo
3.67%
TE Connectivity
3.52%
Intesa Sanpaolo
3.51%
Stora Enso
3.45%
Halliburton Co
3.39%

News

Fund Strategy


The LHV World Equities Fund invests in equity markets around the world. The fund’s portfolio is spread across developed markets (e.g. Western Europe, the US, Japan) as well as emerging markets (e.g. Asia, Latin America, Eastern Europe).

The fund is suitable for investors interested in long-term equity investment opportunities.

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Fund Manager’s Comments

In March, after a strong start to the year, we saw some profit taking in our investments. We used this correction for increasing our existing investments and adding new positions. Fund unit value fell by 0.4% in March, but ended the first quarter with a solid 9.3% gain. Positive news in the global economy came from China, where the industrial activity made a rebound. Stabilization of growth in the Chinese economy is positive for our Asian and European investments to whom China is a key growth market. Looking forward, we still see good risk-reward in emerging markets equities that are trading with a discount to the more matured markets. We are more positive on emerging markets after the recent news that the US Federal Reserve will probably not hike interest rates in 2019. In March, the Federal Reserve announced that as the uncertainty in the economy remains high, they are willing to postpone the interest rate hikes that were expected in the beginning of the year. According the BofA Merrill Lynch, shorting European equities is right now the most crowded trade in the market. We believe that most of the bad news in Europe are already in the stock prices. Very negative positioning of the consensus could cause a strong buying interest if we do see some signs of improvement in the European economy. The weakness in the European economy is currently mainly related to the export industries. According to purchase managers survey, 80% of European economic sectors are still in growth phase, meaning growth is indeed low but relatively broad. LHV World Equities Fund positions are diversified between 24 different investments. In March, we added to the fund Danish stone wool producer Rockwool shares that gain from long-term more energy efficient construction trends. The Fund also holds a relatively sizable cash positions which we plan to use for adding positions from a more nervous market environment at the lower prices.

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Monthly returns of the fund

  2014 2015 2016 2017 2018 2019
01 -0.19% +2.49% -7.68% +0.05% +3.37% +7.74%
02 +1.16% +7.75% -2.29% +2.14% -1.84% +2.16%
03 -3.94% +1.54% +4.33% +4.23% -0.60% -0.43%
04 -2.98% -1.78% -1.34% +2.60% +1.62% +4.64%
05 +4.69% +1.70% +2.06% +0.58% -0.87%
06 +0.35% -1.85% -6.27% -1.18% -1.78%
07 -4.79% +2.71% +5.84% -0.07% +0.91%
08 +0.28% -4.73% +1.95% +0.24% -0.46%
09 -1.28% -4.00% -0.29% +3.14% -0.21%
10 +0.91% +6.40% +1.24% +2.04% -6.19%
11 +3.42% +4.49% +2.09% -1.76% -0.85%
12 -2.15% -3.15% +4.03% +1.04% -7.38%
Year -4.87% +11.21% +2.73% +13.66% -13.82%

Management company:
AS LHV Varahaldus
Tartu mnt 2, 10145 Tallinn
+372 6 800 400, info@lhv.ee

The management company does not own fund units.

Management Board: Mihkel Oja and Joel Kukemelk

Fund Manager: Mikk Taras
Fund unit:
Nominal value: 10 euros
ISIN: EE3600092417
Registrar: AS LHV Pank


Launched: 13 February 2008
Type: UCITS IV
Fees:
Issue Fee 0%
Management Fee 2%
Redemption Fee (LHV Bank) 1%

Depositary:
AS SEB Pank
Tornimäe 2, 15010 Tallinn
+372 665 5100, info@seb.ee

** Details are given on 30.04.2019