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LHV World Equities Fund

Net Asset Value
10.2638 EUR
Issue Price
10.2638 EUR
Redemption Price
10.1612 EUR
Fund volume**
3,222,694 EUR
Today
0.14%
   YTD
10.61%
     1 y
0.08%
     3 y*
5.05%
     5 y*
5.84%
* 3 and 5 years annualised

Error

Geographic division**

Europe (ex Baltics)
48.36%
Cash
21.33%
USA
12.54%
Asia
8.17%
Baltics
7.07%
Japan
2.52%

Sectoral division**

Industrials
28.00%
Cash
21.33%
Materials
14.98%
Regional Funds
11.05%
Financials
7.50%
Health Care
6.50%
Consumer Discretionary
5.94%
Consumer Staples
4.69%

10 largest investments**

Barrick Gold Corp
5.93%
Banco Santander
4.89%
Stora Enso
4.60%
UPM-Kymmene
4.46%
Halliburton
4.30%
Tallinna Sadam
4.27%
Thales
4.26%
iShares MSCI China ETF
4.22%
Siemens Healthineers
4.18%
Alibaba Group Holding
3.96%

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 the latter part of the summer our positions were mostly affected by the trade dispute between the US and China, which has a direct but limited impact to our investments. In August, fund lost 1.4% of its value. During the month we continued to invest in value stocks that have been sold to unreasonably low levels due to macroeconomic risks. We find Scandinavian stock markets to be attractive places where to pick high quality single stocks with 4-5% dividend yield. In the fear of cyclical risks, many strong enterprises have been sold below their fair value. In August we increased the share of Finnish foresting positions which are well exposed to the long term trend towards recyclable materials. The fund has invested in Stora Enso, UPM Kymmene, Metsa Board, Valmet and Ponssee stocks which are all positioned in different parts in the value chain. In total, approximately fifth of funds’ assets are invested in Finnish stock market. We are actively looking for investment opportunities from Swedish and Danish market, in which we have met with several companies over the last months. We have invested in one of the Scandinavian leading confectionary producer from Sweden – Cloetta with a less cyclical business model compared to Finnish industrial enterprises. From Danish market we like kitchen furniture producer TCM Group which is aggressively gaining market share and has free cash flow yield around 10%. Mentioned companies are fairly small in size but we believe for that reason they have been overseen by many investors and therefore, they are way less overcrowded than several bigger companies that are trading at high price levels. In total we are holding 25 different investments with an average dividend yield of 4%. In September we took advantage of the selling pressure and reduced the cash levels from 25% to 16%.

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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% -7.51%
06 +0.35% -1.85% -6.27% -1.18% -1.78% +4.09%
07 -4.79% +2.71% +5.84% -0.07% +0.91% -0.85%
08 +0.28% -4.73% +1.95% +0.24% -0.46% -1.39%
09 -1.28% -4.00% -0.29% +3.14% -0.21% +2.10%
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 30.09.2019