LHV’s pension funds crush rivals with 17.6% stock market gains in 2025
Estonian pension funds delivered strong returns in 2025, with LHV leading the stock market. The bank’s funds outperformed competitors, achieving gains of up to 17 percent. Other major providers, including Swedbank and SEB, also posted solid results for savers.
LHV dominated Estonia’s pension fund rankings last year. Its Aktiivne III fund topped stock market funds with a 17.6 percent return, well above the 8.8 percent sector average. In the second pillar, LHV’s Julge fund led with 16.6 percent, followed by Ettevõtlik (13.3 percent) and Indeks (11.4 percent). The bank attributed its success to strategic equity investments in gold, gold mining stocks, European banks, global copper producers, and traditional energy companies. To protect against currency risks, LHV also used financial instruments to hedge dollar depreciation.
Swedbank’s best-performing funds for individuals born in the 1970s and 1980s both returned 7.8 percent. SEB’s top funds delivered between 7.5 and 8 percent. Meanwhile, Luminor’s second pillar funds matched the Estonian average, with its Indeks pension fund also posting a 7.8 percent gain. Across the market, second pillar funds averaged nearly 7 percent growth for the year.
LHV’s funds stood out as the highest earners in 2025, with returns reaching as high as 17.6 percent. The results highlight the bank’s focus on commodities, energy, and banking sector investments. Other providers maintained steady growth, reflecting broader stability in Estonia’s pension fund market.
