{"id":6795,"date":"2023-11-05T15:37:01","date_gmt":"2023-11-05T13:37:01","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=6795"},"modified":"2024-08-18T17:02:47","modified_gmt":"2024-08-18T15:02:47","slug":"fondovani-viii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=6795","title":{"rendered":"Fondov\u00e1n\u00ed \u2013 VIII."},"content":{"rendered":"

\u00a0\u00a0 Uplynul\u00fdch deset m\u011bs\u00edc\u016f roku 2023 vykreslilo na \u00fa\u010dtu investi\u010dn\u00edho fondu Quantical<\/a><\/strong><\/span> velmi slu\u0161n\u00e1 \u010d\u00edsla. K\u0159ivka equity fondu ne\u00fanavn\u011b roste a p\u0159\u00e1l bych si, aby tento trend nepolevil. Cht\u011bl bych se s odstupem n\u011bjak\u00e9ho \u010dasu pod\u011blit s investory, p\u0159\u00edpadn\u00fdmi z\u00e1jemci o vstup do fondu nebo jen s t\u011bmi, co n\u00e1s pouze sleduj\u00ed, o z\u00e1kladn\u00ed parametry na\u0161\u00ed investi\u010dn\u00ed \u010dinnosti a p\u0159in\u00e9st zjednodu\u0161en\u00fd obr\u00e1zek o na\u0161em fungov\u00e1n\u00ed od za\u010d\u00e1tku roku 2023. Velmi kr\u00e1tk\u00e9 shrnut\u00ed nebude nyn\u00ed obsahovat popisy konkr\u00e9tn\u00edch obchod\u016f a bude pouze jednoduchou prezentac\u00ed na\u0161i tradingov\u00e9 aktivity.<\/span><\/p>\n

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1.1.2023 \u2013 31.10.2023 \u00a0\u00a0\u00a0<\/strong><\/span><\/h1>\n

\u00a0\u00a0 V\u00fdkonnost investi\u010dn\u00edho fondu spole\u010dn\u011b s\u00a0grafick\u00fdmi v\u00fdstupy jsou po\u0159\u00edzeny z\u00a0reportu ze sekce PortfolioAnalyst<\/strong> na\u0161eho brokera Interactive Brokers<\/strong>. Ve star\u0161\u00edm \u010dl\u00e1nku Obchodn\u00ed den\u00edk a Tradingov\u00fd v\u00fdkon<\/a><\/strong><\/span> jsem popisoval, jak si lze v\u00a0t\u00e9to sekci Management Account\/PortfolioAnalyst vyrobit takov\u00fd report spole\u010dn\u011b s\u00a0nejr\u016fzn\u011bj\u0161\u00edmi grafick\u00fdmi zobrazen\u00edmi a s\u00a0benchmarky podle vlastn\u00edho v\u00fdb\u011bru. Takto vygenerovan\u00fd report m\u00e1 skute\u010dn\u011b profesion\u00e1ln\u00ed vzhled, t\u011b\u017eko bych asi n\u011bco tak komplexn\u00edho vytv\u00e1\u0159el v n\u011bjak\u00e9m vlastn\u00ed excelu. Upozor\u0148uji pouze, \u017ee se jedn\u00e1 o v\u00fdkonnost obchodn\u00edch operac\u00ed fondu<\/strong>, tedy tento n\u00e1sleduj\u00edc\u00ed p\u0159ehled zobrazuje na\u0161i tradingovou v\u00fdkonnost, v tomto v\u00fdsledku tak nejsou zapo\u010d\u00edt\u00e1ny administrativn\u00ed n\u00e1klady fondu, tedy polo\u017eky, kter\u00e9 jsou spojeny s provozem fondu a jsou hrazeny nikoliv z obchodn\u00edho \u00fa\u010dtu Interactive Brokers. Zobrazen\u00e9 v\u00fdsledky tak sice zahrnuj\u00ed poplatky za data, poplatky za proveden\u00e9 obchody, p\u0159ijat\u00e9 \u00faroky z voln\u00e9 hotovosti a p\u0159\u00edpadn\u011b dal\u0161\u00ed poplatky, kter\u00e9 si n\u00e1\u0161 broker \u00fa\u010dtuje,\u00a0 ale z nazna\u010den\u00e9 logiky plyne, \u017ee v t\u00e9to v\u00fdkonnosti nejsou zahrnuty<\/strong> nap\u0159\u00edklad poplatky za spr\u00e1vu fondu<\/strong> a dal\u0161\u00ed periodick\u00e9 n\u00e1klady<\/strong> na \u00fa\u010detn\u00ed a jin\u00e9 souvisej\u00edc\u00ed slu\u017eby (datov\u00e9 slu\u017eby, slu\u017eby spojen\u00e9 s AML servisem, licen\u010dn\u00ed listovac\u00ed poplatek \u010cNB, poplatek za LEI number atd…), bez kter\u00fdch nelze fond provozovat. Existenci t\u011bchto n\u00e1klad\u016f nelze ignorovat a p\u0159esto\u017ee jsou rovnom\u011brn\u011b rozlo\u017eeny do cel\u00e9ho \u00fa\u010detn\u00edho obdob\u00ed, propisuj\u00ed se do celkov\u00e9 v\u00fdkonnosti, kterou vid\u00ed v m\u011bs\u00ed\u010dn\u00edch reportech na\u0161i investo\u0159i. Souhrnn\u00e9 zobrazen\u00ed<\/strong> obchodn\u00edho v\u00fdkonu za obdob\u00ed 1.1.2023 \u2013 31.10.2023<\/strong> lze vy\u010d\u00edst ze z\u00e1kladn\u00edho panelu vygenerovan\u00e9ho reportu na\u0161eho brokera pro toto obdob\u00ed z n\u00e1sleduj\u00edc\u00edho obr\u00e1zku:<\/span><\/p>\n

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\u00a0\u00a0 \u010cist\u00fd obchodn\u00ed v\u00fdkon<\/strong> ze v\u0161ech obchodn\u00edch operac\u00ed fondu od za\u010d\u00e1tku leto\u0161n\u00edho roku \u010din\u00ed +19.04%<\/span><\/strong><\/span>. N\u00e1\u0161 \u00fakol s n\u00e1zvem \u201eporazit inflaci, v\u0161echny spo\u0159\u00edc\u00ed \u00fa\u010dty a term\u00ednovan\u00e9 vklady<\/em>\u201c se zat\u00edm da\u0159\u00ed napl\u0148ovat. V duchu p\u0159edchoz\u00edch \u010dl\u00e1nk\u016f o v\u00fdkonnosti investi\u010dn\u00edho fondu se pak pokou\u0161\u00edm srovn\u00e1vat na\u0161i tradingovou v\u00fdkonnost s akciov\u00fdm indexem S&P 500 (ticker SPX), proto\u017ee alokace v\u0161ech aktiv fondu je sm\u011brov\u00e1na prozat\u00edm pouze na americk\u00fd trh:<\/span><\/p>\n

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\u00a0 \u00a0Pro p\u0159edstavu, jak si v\u00fdkonnost fondu<\/strong> a zvolen\u00fd benchmark<\/strong> \u2013 akciov\u00fd index S&P 500<\/strong> vede ve srovn\u00e1n\u00ed je\u0161t\u011b s n\u011bkter\u00fdm se sv\u011btov\u00fdch akciov\u00fdch index\u016f <\/strong>– zvolil jsem pro toto porovn\u00e1n\u00ed op\u011bt, stejn\u011b jako v minul\u00fdch \u010dl\u00e1nc\u00edch o \u010dinnosti fondu, akciov\u00fd index MCSI Word Index<\/strong> s tickerem MXWO. Srovn\u00e1n\u00ed t\u011bchto dvou benchmark\u016f s v\u00fdkonem fondu p\u0159in\u00e1\u0161\u00ed n\u00ed\u017ee uveden\u00fd obr\u00e1zek:<\/span><\/p>\n

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\u00a0 \u00a0Akciov\u00e9 indexy ve sledovan\u00e9m obdob\u00ed por\u00e1\u017e\u00edme. Z obr\u00e1zku vypl\u00fdv\u00e1, \u017ee v\u00fdkonnost fondu od za\u010d\u00e1tku roku p\u0159edv\u00e1d\u00ed klidn\u011bj\u0161\u00ed pr\u016fb\u011bh, ne\u017e byl cenov\u00fd v\u00fdvoj obou sledovan\u00fdch srovn\u00e1vac\u00edch entit, co\u017e je tak\u00e9 jednou ze z\u00e1kladn\u00edch vlastnost\u00ed equity k\u0159ivky, kter\u00e9 bychom cht\u011bli dos\u00e1hnout, tedy sn\u00ed\u017een\u00ed jej\u00ed volatility. Zaj\u00edmav\u00fd pohled na srovn\u00e1n\u00ed v\u00fdkonnosti pozic fondu se srovn\u00e1vac\u00edmi indexy od za\u010d\u00e1tku roku nab\u00edz\u00ed jejich denn\u00ed histogram:<\/span><\/p>\n

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\u00a0\u00a0 Trojice sloupc\u016f<\/strong> zobrazuj\u00ed denn\u00ed v\u00fdkonnost<\/strong> v\u0161ech obchodn\u00edch pozic fondu (modr\u00e9 sloupce) spole\u010dn\u011b s denn\u00edm v\u00fdkonem SPX (zelen\u00e9 sloupce) a s denn\u00ed v\u00fdkonnost\u00ed MXWO (\u017elut\u00e9 sloupce). Z obr\u00e1zku vypl\u00fdv\u00e1 setrv\u00e1vaj\u00edc\u00ed trend chov\u00e1n\u00ed po\u0159\u00edzen\u00fdch pozic, kter\u00fd jsem popisoval ji\u017e v \u010dl\u00e1nku Fondov\u00e1n\u00ed \u2013 V.<\/a><\/strong><\/span>, tedy situace, kdy v p\u0159\u00edpad\u011b, \u017ee v\u0161echny pozice fondu vykazuj\u00ed denn\u00ed ztr\u00e1tu (modr\u00e9 sloupce), nen\u00ed tato ztr\u00e1ta vy\u0161\u0161\u00ed ne\u017e ztr\u00e1ta, kterou vykazuj\u00ed zvolen\u00e9 benchmarky (ztr\u00e1tov\u00e9 sloupce pod \u00farovn\u00ed 0.00%). Naopak, pokud trhy, m\u011b\u0159en\u00e9 t\u011bmito benchmarky rostou, neda\u0159\u00ed se pozic\u00edm fondu tyto hodnoty p\u0159ekonat, ale vykazuj\u00ed ni\u017e\u0161\u00ed v\u00fdkonnost (sloupce profit\u016f nad \u00farovn\u00ed 0.00%). Vypad\u00e1 to tedy, \u017ee fond vykazuje vy\u0161\u0161\u00ed odolnost pro \u010dasy, kdy se trh\u016fm neda\u0159\u00ed, v euforick\u00fdch \u010dasech ale pozice fondu tuto euforii pln\u011b nesd\u00edl\u00ed. Tuto skute\u010dnost p\u0159i\u010d\u00edt\u00e1m zapojen\u00edm dluhopisov\u00e9 slo\u017eky (jako nekorelovan\u00e9ho aktiva k ostatn\u00edm pozic\u00edm) do obchod\u016f fondu, kter\u00e1 p\u0159inesla \u201euklidn\u011bn\u00ed\u201c v\u00fdvoje ekvity k\u0159ivky fondu. Anal\u00fdza risku<\/strong> z reportu za sledovan\u00e9 obdob\u00ed od za\u010d\u00e1tku roku 2023 je pak na obr\u00e1zku n\u00ed\u017ee:<\/span><\/p>\n

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\u00a0 \u00a0<\/span>Nebudu popisovat v\u0161echny jednotliv\u00e9 ukazatele pom\u011b\u0159uj\u00edc\u00ed v\u00fdkon fondu s v\u00fdkonnost\u00ed benchmark\u016f, upozorn\u00edm pouze na t\u00e9m\u011b\u0159 p\u011btinov\u00fd maxim\u00e1ln\u00ed drawdown\u00a0<\/strong>ve v\u00fd\u0161i 2.14% (1)<\/span><\/strong> oproti v\u00edce ne\u017e desetiprocentn\u00edm drawdown\u016fm na porovn\u00e1vac\u00edch indexech ve sledovan\u00e9m obdob\u00ed. Snaha o sn\u00ed\u017een\u00ed volatility portfolia se projevila v\u00edce ne\u017e o polovinu men\u0161\u00ed standardn\u00ed odchylkou<\/strong> cenov\u00e9ho v\u00fdvoje fondu ve v\u00fd\u0161i 0.37% (3)<\/span><\/strong>, toto je patrn\u00e9 ze samotn\u00e9ho pohledu na obr\u00e1zek equity k\u0159ivky v textu v\u00fd\u0161e, kter\u00e1 nen\u00ed tak rozt\u0159esen\u00e1, jako cenov\u00e9 pr\u016fb\u011bhy benchmark\u016f. Pokud se ve sledovan\u00e9m obdob\u00ed dostavil propad hodnoty fondu<\/strong>, tak jeho n\u00e1vrat na p\u016fvodn\u00ed hodnoty trval nejd\u00e9le \u0161est dn\u016f \u2013 \u0159\u00e1dek Recovery (2)<\/span><\/strong>, kde\u017eto porovn\u00e1van\u00e9 indexy na p\u0159ekon\u00e1n\u00ed nejvy\u0161\u0161\u00edch hodnot za sledovan\u00e9 obdob\u00ed st\u00e1le \u010dekaj\u00ed – \u00fadaj Ongoing v \u0159\u00e1dku Recovery.<\/span><\/p>\n

\u00a0\u00a0 Pokud bych cht\u011bl graficky zn\u00e1zornit, jak\u00fd v\u00fdkon p\u0159edv\u00e1d\u011bly jednotliv\u00e9 t\u0159\u00eddy aktiv v\u00a0pr\u016fb\u011bhu sledovan\u00e9ho obdob\u00ed, mohu m\u00edt pro toto zobrazen\u00ed v\u00a0reportu k\u00a0dispozici n\u00ed\u017ee uveden\u00fd obr\u00e1zek:<\/span><\/p>\n

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\u00a0\u00a0 Zcela jednozna\u010dn\u011b se na v\u00fdkonu pod\u00edlely akcie, akciov\u00e9 indexy a opce na tyto podklady (Equities). Zv\u00fd\u0161en\u00e9 vyu\u017e\u00edv\u00e1n\u00ed syntetick\u00fdch pozic nam\u00edsto fyzick\u00e9ho dr\u017een\u00ed akci\u00ed nebo akciov\u00e9ho indexu a zapojen\u00ed dluhopisov\u00e9 slo\u017eky do portfolia opc\u00ed pak p\u0159in\u00e1\u0161\u00ed obr\u00e1zek o p\u0159\u00edsp\u011bvku jednotliv\u00fdch typ\u016f n\u00e1stroj\u016f k\u00a0celkov\u00e9mu v\u00fdkonu fondu takto:<\/span><\/p>\n

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\u00a0 Kuri\u00f3zn\u00ed na tomto zobrazen\u00ed z reportu je, \u017ee sou\u010det jednotliv\u00fdch p\u0159\u00edsp\u011bvk\u016f neodpov\u00edd\u00e1 celkov\u00e9mu v\u00fdkonu, ale je m\u00edrn\u011b ni\u017e\u0161\u00ed, pro\u010d tomu tak je, jsem ale nezjistil :c). D\u00e1le pak mohu v reportu nahl\u00e9dnout na \u010dasov\u00e9 rozlo\u017een\u00ed v\u00fdkonnosti jednotliv\u00fdch typ\u016f kontrakt\u016f (Long nebo Short), kter\u00e9 je zobrazeno n\u00ed\u017ee:<\/span><\/p>\n

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\u00a0\u00a0 Symetrick\u00fd tvar na obou stran\u00e1ch grafu (pod a nad nulovou osou) znamen\u00e1, \u017ee ka\u017ed\u00fd pokles v\u00fdkonu n\u011bkter\u00e9 z\u00a0pozic Long nebo Short je kompenzov\u00e1n v\u00fdkonem opa\u010dn\u00e9 pozice, celkov\u00e1 v\u00fdkonnost portfolia je tak zalo\u017eena na celkov\u00e9m rozd\u00edlu v\u00fdkon\u016f t\u011bchto pozic.<\/span><\/p>\n

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\u00a0 Co si mohu z \u010d\u00edsel a obr\u00e1zk\u016f odn\u00e9st? <\/span>P\u0159edev\u0161\u00edm pozn\u00e1n\u00ed, co to znamen\u00e1 provozovat investi\u010dn\u00ed fond a jak\u00e9 n\u00e1strahy stoj\u00ed p\u0159ed spr\u00e1vci sv\u011b\u0159en\u00fdch pen\u011bz, kte\u0159\u00ed tento fond provozuj\u00ed. Mnohokr\u00e1t jsem \u010delil dotaz\u016fm, jak\u00e9 to je, pokud obchoduji s prost\u0159edky fondu, co si tom mysl\u00edm a jak\u00e9 z toho m\u00e1m pocity. V\u011bt\u0161inou jsou tyto dotazy polo\u017eeny osobami nebo subjekty, kter\u00e9 hodlaj\u00ed takovou \u010dinnost provozovat nebo ji ji\u017e provozuj\u00ed. Odpov\u011b\u010f je vcelku jednoduch\u00e1 \u2013 je to n\u00e1ro\u010dn\u00e9 a je to n\u00e1kladn\u00e9 a oba tyto pocity souvisej\u00ed s objemem pen\u011bz, kter\u00fd m\u00e1te ve spr\u00e1v\u011b. \u010c\u00edm v\u00edce m\u00e1te k dispozici pen\u011bz, t\u00edm je obt\u00ed\u017en\u011bj\u0161\u00ed je vysoce zhodnocovat, na druhou stranu dosahujete velmi zna\u010dn\u00e9 \u00faspory n\u00e1klad\u016f na provoz fondu. Jsme prozat\u00edm velmi mal\u00fd investi\u010dn\u00ed fond a s jeho provozem jsou spojeny n\u00e1klady, kter\u00e9 mus\u00edte vynalo\u017eit, ani\u017e by byl proveden jedin\u00fd obchod. V\u0161echny n\u00e1klady se odraz\u00ed ve v\u00fdkonnosti fondu a p\u0159en\u00e1\u0161\u00ed se do profitability proveden\u00fdch obchod\u016f, tak\u017ee pokud jste dnes vyd\u011blali pouze +125 USD na n\u011bjak\u00e9m obchodu, tak to znamen\u00e1, \u017ee m\u00e1te pro dan\u00fd m\u011bs\u00edc zaplaceny pouze z\u00e1kladn\u00ed data pro akcie a akciov\u00e9 opce, kter\u00e1 V\u00e1m broker m\u011bs\u00ed\u010dn\u011b \u00fa\u010dtuje a investor\u016fm tak tento obchod nic nep\u0159in\u00e1\u0161\u00ed, stejn\u011b to je s v\u011bt\u0161inou ostatn\u00edch n\u00e1klad\u016f, kter\u00e9 v\u016fbec nesouvis\u00ed s velikost\u00ed spravovan\u00fdch prost\u0159edk\u016f. Tento poplatek za z\u00e1kladn\u00ed akciov\u00e1 data tak nap\u0159\u00edklad plat\u00edte stejn\u011b bez ohledu na to, jestli m\u00e1te ve spr\u00e1v\u011b deset milion\u016f nebo jednu miliardu, v prvn\u00edm p\u0159\u00edpad\u011b ale p\u0159edstavuj\u00ed ston\u00e1sobn\u011b vy\u0161\u0161\u00ed procento ze spravovan\u00fdch prost\u0159edk\u016f ne\u017e v p\u0159\u00edpad\u011b druh\u00e9m (p\u0159esto\u017ee je tit\u011brn\u00e9). \u201eV\u00fdhoda z velikosti\u201c je pak v t\u00e9to \u010dinnosti zcela z\u00e1sadn\u00ed a moje rada by pak m\u011bla zn\u00edt, pokud m\u00e1te z\u00e1jem spravovat ciz\u00ed prost\u0159edky v investi\u010dn\u00edm fondu, promyslete nejd\u0159\u00edve tuto str\u00e1nku v\u011bci, tedy p\u0159ed t\u00edm, ne\u017e se do n\u011b\u010deho takov\u00e9ho pust\u00edte. Mus\u00edte pak p\u0159ipustit, \u017ee pokud spravovan\u00fdch prost\u0159edk\u016f nebude mnoho, budete muset d\u011blat opravdu bezchybn\u00e9 a profitabiln\u00ed obchody, abyste p\u0159inesli v\u00fdsledky, kter\u00e9 investory uspokoj\u00ed. Celou tuto \u00favahu pak pom\u011b\u0159te s aktu\u00e1ln\u00ed nab\u00eddkou bezrizikov\u00fdch investic spojen\u00fdch nap\u0159\u00edklad s vysoce \u00faro\u010den\u00fdmi a t\u00e9m\u011b\u0159 bezpe\u010dn\u00fdmi bankovn\u00edmi produkty, po kter\u00fdch budou va\u0161i investo\u0159i bezpochyby po\u0161ilh\u00e1vat a pom\u011b\u0159ovat je s v\u00fdkonnost\u00ed, kterou jim budete doru\u010dovat vy svou prac\u00ed ve sv\u00e9m fondu. Mo\u017en\u00e1 je toto zamy\u0161len\u00ed ji\u017e nudn\u00e9 a st\u00e1le jej opakuji a zd\u016fraz\u0148uji v napsan\u00fdch \u010dl\u00e1nc\u00edch, emailov\u00fdch odpov\u011bd\u00edch, v diskuzn\u00edch f\u00f3rech nebo na soci\u00e1ln\u00edch s\u00edt\u00edch, opakov\u00e1n\u00ed je ale matka moudrosti, tak\u017ee v t\u00e9to \u010dinnosti nehodl\u00e1m polevovat :c). \u00a0<\/span><\/p>\n

\u00a0\u00a0 Dosa\u017een\u00fd v\u00fdsledek p\u0159ij\u00edm\u00e1me s pokorou. Za pou\u017eit\u00ed zobecn\u011bl\u00e9ho investi\u010dn\u00edho disclaimeru \u201eminul\u00e9 v\u00fdsledky nejsou z\u00e1rukou v\u00fdsledk\u016f budouc\u00edch\u201c jsou pro n\u00e1s tyto v\u00fdsledky v\u00fdzvou, abychom zajistili jejich d\u016fstojn\u00e9 pokra\u010dov\u00e1n\u00ed a p\u0159edpokl\u00e1d\u00e1m, \u017ee si toto p\u0159ej\u00ed na\u0161i investo\u0159i. Aktu\u00e1ln\u011b se proto zab\u00fdv\u00e1me ot\u00e1zkou, jak vylep\u0161it investi\u010dn\u00ed komfort a p\u0159izp\u016fsobit \u010dinnost fondu pot\u0159eb\u00e1m investor\u016f. V t\u00e9to souvislosti postupujeme ve dvou hlavn\u00edch rovin\u00e1ch, v prvn\u00ed rovin\u011b chyst\u00e1me zcela p\u0159ed\u011blat u\u017eivatelsk\u00e9 rozhran\u00ed fondu, kde budou investo\u0159i m\u00edt v\u011bt\u0161\u00ed komfort a p\u0159ehled o stavu sv\u00e9 investice a dokumentace souvisej\u00edc\u00ed s vlastn\u00ed investic\u00ed. Programov\u00e1n\u00ed tohoto syst\u00e9mu ale nen\u00ed \u017e\u00e1dnou kr\u00e1tkodobou z\u00e1le\u017eitost\u00ed, proto si netrouf\u00e1m odhadnout, v jak\u00e9m \u010dasov\u00e9m r\u00e1mci se n\u00e1m poda\u0159\u00ed toto spustit.<\/span><\/p>\n

\u00a0\u00a0 Druh\u00e1 rovina \u00favah souvis\u00ed s dotazy potenci\u00e1ln\u00edch nov\u00fdch investor\u016f, kde st\u00e1le \u010dast\u011bji nyn\u00ed \u0159e\u0161\u00edme ot\u00e1zku m\u011bny a m\u011bnov\u00e9ho zaji\u0161t\u011bn\u00ed. Aktu\u00e1ln\u011b je fond Quantical fondem, kter\u00fd vede sv\u00e9 investice v americk\u00fdch dolarech a nakl\u00e1d\u00e1 s investicemi pouze v t\u00e9to m\u011bn\u011b. P\u0159istupuj\u00edc\u00ed investor tak mus\u00ed sm\u011bnit sv\u00e9 prost\u0159edky v \u010desk\u00fdch korun\u00e1ch na americk\u00e9 dolary a v t\u00e9to m\u011bn\u011b je pak tato jeho investice vedena. Proto\u017ee se vlo\u017een\u00e1 investice v korun\u00e1ch zam\u011bnila za dolarovou investici za ur\u010dit\u00fd kurz, jednozna\u010dn\u011b je pro takov\u00e9ho \u010desk\u00e9ho investora aktu\u00e1ln\u00ed ot\u00e1zka m\u011bnov\u00e9ho rizika. Je pak jasn\u00e9, \u017ee tento investor se m\u016f\u017ee vlastn\u00edmi silami n\u011bjak m\u011bnov\u011b zajistit, mysl\u00edm si ale, \u017ee to nen\u00ed patrn\u011b nic b\u011b\u017en\u00e9ho. Na\u0161e my\u0161lenka je nyn\u00ed takov\u00e1, \u017ee bychom vedli \u00fa\u010det fondu tak\u00e9 v CZK, a to bu\u010f zcela nebo bychom podle pot\u0159eby vedli \u00fa\u010dty jak v CZK tak v USD. Znamenalo by to, \u017ee pokud investor vlo\u017e\u00ed do fondu s Base Currency v \u010desk\u00fdch korun\u00e1ch prost\u0159edky v korun\u00e1ch, nebudou trp\u011bt m\u011bnov\u00fdm rizikem, p\u0159esto\u017ee fond obchoduje na americk\u00fdch trz\u00edch a s instrumenty denominovan\u00fdmi v USD, toto m\u011bnov\u00e9 riziko bychom ve fondu zajistili m\u011bnov\u00fdm deriv\u00e1tem. Mus\u00edme ale tuto p\u0159\u00edpadnou zm\u011bnu z\u00e1kladn\u00ed m\u011bny fondu konzultovat s aktu\u00e1ln\u00edmi investory, kte\u0159\u00ed vlo\u017eili do fondu prost\u0159edky v americk\u00fdch dolarech, pokud bychom toti\u017e spustili tuto zm\u011bnu na v\u0161echny prost\u0159edky fondu, uzamkli bychom jejich st\u00e1vaj\u00edc\u00ed dolarov\u00e9 investice do na\u0161eho fondu do kurzu USD\/CZK platn\u00e9ho pro den t\u00e9to budouc\u00ed zm\u011bny. Toto v\u0161ak nemus\u00ed b\u00fdt pro n\u011bkter\u00e9 z nich v\u00fdhodn\u00e9, proto\u017ee ka\u017ed\u00fd investor vstoupil do fondu v jin\u00fd \u010das a za jin\u00fd kurz, uzam\u010den\u00ed kurzu by pak pro n\u011bkter\u00e9 mohlo b\u00fdt nev\u00fdhodou. Realizace t\u00e9to my\u0161lenky je tak aktu\u00e1ln\u00ed zejm\u00e9na pro nov\u00e9 z\u00e1jemce o vstup do fondu, kte\u0159\u00ed tyto m\u011bnov\u00e9 obavy p\u0159i rozhovorech deklaruj\u00ed. P\u0159iv\u00edtal bych pak ur\u010dit\u011b diskuzi na toto t\u00e9ma \u010di jakoukoliv i drobnou p\u0159ipom\u00ednku, toto nap\u0159\u00edklad ve vl\u00e1kn\u011b k tomuto \u010dl\u00e1nku<\/a><\/strong><\/span> v diskuzn\u00edm f\u00f3ru nebo na m\u016fj email :c)<\/span><\/p>\n

\u00a0 \u00a0Koment\u00e1\u0159e a p\u0159\u00edsp\u011bvky k tomuto \u010dl\u00e1nku pros\u00edm sm\u011brujte do Diskuzn\u00edho f\u00f3ra do tohoto vl\u00e1kna<\/a><\/strong><\/span> :c)\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 Uplynul\u00fdch deset m\u011bs\u00edc\u016f roku 2023 vykreslilo na \u00fa\u010dtu investi\u010dn\u00edho fondu Quantical velmi slu\u0161n\u00e1 \u010d\u00edsla. K\u0159ivka equity fondu ne\u00fanavn\u011b roste a p\u0159\u00e1l bych si, aby tento trend nepolevil. Cht\u011bl bych se s odstupem n\u011bjak\u00e9ho \u010dasu pod\u011blit s investory, p\u0159\u00edpadn\u00fdmi z\u00e1jemci o vstup do fondu nebo jen s t\u011bmi, co n\u00e1s Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":6798,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[62],"tags":[58],"class_list":["post-6795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investicni-fond","tag-investicni-fond"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2023\/11\/main.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1LB","jetpack-related-posts":[{"id":5803,"url":"https:\/\/dobretrejdy.com\/?p=5803","url_meta":{"origin":6795,"position":0},"title":"Fondov\u00e1n\u00ed \u2013 III.","author":"dobretrejdy :c)","date":"5.6.2022","format":false,"excerpt":"\u00a0\u00a0 \u201eNic nen\u00ed star\u0161\u00edho ne\u017e v\u010derej\u0161\u00ed noviny\u201c by mohlo b\u00fdt \u00favodn\u00edm bonmotem k \u010dl\u00e1nku, ve kter\u00e9m bych cht\u011bl velmi kr\u00e1tce rekapitulovat p\u016flro\u010dn\u00ed fungov\u00e1n\u00ed investi\u010dn\u00edho fondu Quantical. Z pohledu v\u00fdkonnosti pak za dal\u0161\u00edho p\u016fl roku ji\u017e bude tento \u010dl\u00e1nek zcela jist\u011b \u201emimo m\u00edsu\u201c, proto\u017ee se do n\u011bj prom\u00edtnou dal\u0161\u00ed proveden\u00e9 budouc\u00ed\u2026","rel":"","context":"V \u201eInvesti\u010dn\u00ed fond\u201c","block_context":{"text":"Investi\u010dn\u00ed fond","link":"https:\/\/dobretrejdy.com\/?cat=62"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/06\/SPX1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/06\/SPX1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/06\/SPX1.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/06\/SPX1.jpg?resize=700%2C400 2x"},"classes":[]},{"id":6393,"url":"https:\/\/dobretrejdy.com\/?p=6393","url_meta":{"origin":6795,"position":1},"title":"Fondov\u00e1n\u00ed \u2013 VI.","author":"dobretrejdy :c)","date":"27.5.2023","format":false,"excerpt":"\u00a0\u00a0 Oddechnut\u00edm si od problematiky dluhopis\u016f v aktu\u00e1ln\u011b publikovan\u00e9m seri\u00e1lu o t\u011bchto typech cenn\u00fdch pap\u00edr\u016f by mohlo b\u00fdt mal\u00e9 ohl\u00e9dnut\u00ed za posledn\u00edmi v\u00fdsledky p\u0159i spr\u00e1v\u011b prost\u0159edk\u016f pro investi\u010dn\u00ed fond Quantical \u010di vyhodnocen\u00ed \u010dinnosti p\u0159i spr\u00e1v\u011b portfolia op\u010dn\u00edho podfondu BH Securities. V \u010dl\u00e1nku Fondov\u00e1n\u00ed V. jsem bilancoval v\u00fdsledky investi\u010dn\u00edho fondu Quantical\u2026","rel":"","context":"V \u201eInvesti\u010dn\u00ed fond\u201c","block_context":{"text":"Investi\u010dn\u00ed fond","link":"https:\/\/dobretrejdy.com\/?cat=62"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/05\/CR1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/05\/CR1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/05\/CR1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":6742,"url":"https:\/\/dobretrejdy.com\/?p=6742","url_meta":{"origin":6795,"position":2},"title":"Dluhopisy \u2013 XIII.","author":"dobretrejdy :c)","date":"28.10.2023","format":false,"excerpt":"\u00a0\u00a0 Poznat a pochopit dluhopisov\u00fd trh, porozum\u011bt z\u00e1kladn\u00edm princip\u016fm spojen\u00fdch s nakl\u00e1d\u00e1n\u00ed s dluhopisy a zjednodu\u0161en\u00fd vhled do mo\u017enost\u00ed, jak je u sv\u00e9ho brokera nakoupit a co to m\u016f\u017ee pro m\u011b znamenat, bylo p\u0159edm\u011btem p\u0159edchoz\u00edch \u010dl\u00e1nk\u016f. Nabyt\u00e9 poznatky pak mohu aplikovat na zapojen\u00ed dluhopis\u016f do sv\u00e9ho obchodov\u00e1n\u00ed a nemus\u00ed to\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":6079,"url":"https:\/\/dobretrejdy.com\/?p=6079","url_meta":{"origin":6795,"position":3},"title":"Fondov\u00e1n\u00ed – V.","author":"dobretrejdy :c)","date":"8.1.2023","format":false,"excerpt":"\u00a0 \u00a0V\u011bd\u011bl jsem, \u017ee toto bude kl\u00ed\u010dov\u00fd \u010dl\u00e1nek o provozov\u00e1n\u00ed investi\u010dn\u00edho fondu Quantical. Pokud jsme za\u010dali s prvn\u00edmi obchody na sklonku roku 2021, nemohlo b\u00fdt vyhodnocen\u00ed investi\u010dn\u00ed \u010dinnosti k 31.12.2021 (slab\u00e9 dva m\u011bs\u00edce provozu) nijak vypov\u00eddaj\u00edc\u00ed. Nicm\u00e9n\u011b absolvov\u00e1n\u00ed pln\u00e9ho kalend\u00e1\u0159n\u00edho roku 2022 v plnohodnotn\u00e9m obchodn\u00edm zat\u00ed\u017een\u00ed ji\u017e samoz\u0159ejm\u011b bilancov\u00e1n\u00ed vy\u017eaduje,\u2026","rel":"","context":"V \u201eInvesti\u010dn\u00ed fond\u201c","block_context":{"text":"Investi\u010dn\u00ed fond","link":"https:\/\/dobretrejdy.com\/?cat=62"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/01\/SPX.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/01\/SPX.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/01\/SPX.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/01\/SPX.jpg?resize=700%2C400 2x"},"classes":[]},{"id":7351,"url":"https:\/\/dobretrejdy.com\/?p=7351","url_meta":{"origin":6795,"position":4},"title":"Miln\u00edk \u2013 V.","author":"dobretrejdy :c)","date":"1.11.2024","format":false,"excerpt":"\u00a0\u00a0 Vlo\u017een\u00ed oddechov\u00e9ho \u010dl\u00e1nku mezi n\u00e1ro\u010dn\u011bj\u0161\u00ed texty o dluhopisech a dluhopisov\u00fdch a \u00farokov\u00fdch deriv\u00e1tech nem\u00e1 v\u00fdznamn\u011bj\u0161\u00edho d\u016fvodu, tak\u017ee n\u00e1zev \u010dl\u00e1nku \u201emiln\u00edk\u201c jsem pou\u017eil jako synonymum pro p\u0159ijet\u00ed jak\u00e9hosi pomysln\u00e9ho oddechov\u00e9ho \u010dasu a nem\u00e1 s\u00a0existenc\u00ed n\u011bjak\u00e9 v\u00fdznamn\u00e9 \u017eivotn\u00ed nebo tradingov\u00e9 ud\u00e1losti t\u00e9m\u011b\u0159 \u017e\u00e1dnou souvislost. Napadlo m\u011b pouze n\u011bkolik mal\u00fdch podt\u00e9mat, kter\u00e9\u2026","rel":"","context":"V \u201eHaraburd\u00ed\u201c","block_context":{"text":"Haraburd\u00ed","link":"https:\/\/dobretrejdy.com\/?cat=1"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/11\/Q2.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/11\/Q2.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/11\/Q2.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2024\/11\/Q2.jpg?resize=700%2C400 2x"},"classes":[]},{"id":5910,"url":"https:\/\/dobretrejdy.com\/?p=5910","url_meta":{"origin":6795,"position":5},"title":"Fondov\u00e1n\u00ed \u2013 IV.","author":"dobretrejdy :c)","date":"30.10.2022","format":false,"excerpt":"\u00a0\u00a0 Profesn\u00ed sm\u011b\u0159ov\u00e1n\u00ed m\u016f\u017ee n\u011bkdy p\u0159in\u00e9st zaj\u00edmav\u00e9 v\u00fdzvy, zejm\u00e9na pokud jde o pohyb v prost\u0159ed\u00ed, kter\u00e9 by mohlo b\u00fdt va\u0161emu kon\u00e1n\u00ed vlastn\u00ed. Spolupr\u00e1ce s finan\u010dn\u00ed instituc\u00ed je pro m\u011b, jako pro \u010dlov\u011bka, kter\u00fd t\u00e9m\u011b\u0159 permanentn\u011b po mnoho let prov\u00e1d\u00ed individu\u00e1ln\u00ed obchodn\u00ed rozhodnut\u00ed, velk\u00fd posun v my\u0161len\u00ed a rozhodov\u00e1n\u00ed, kter\u00e9 je\u2026","rel":"","context":"V \u201eInvesti\u010dn\u00ed fond\u201c","block_context":{"text":"Investi\u010dn\u00ed fond","link":"https:\/\/dobretrejdy.com\/?cat=62"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6795"}],"version-history":[{"count":18,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6795\/revisions"}],"predecessor-version":[{"id":7324,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6795\/revisions\/7324"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/6798"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}