{"id":5917,"date":"2026-10-06T13:42:06","date_gmt":"2026-10-06T13:42:06","guid":{"rendered":"https:\/\/wem.sk\/?p=5917"},"modified":"2026-10-08T16:03:40","modified_gmt":"2026-10-08T16:03:40","slug":"styri-rozlicne-ciele-jeden-standard-spravy-majetku","status":"publish","type":"post","link":"https:\/\/wem.sk\/sk\/insights\/styri-rozlicne-ciele-jeden-standard-spravy-majetku\/","title":{"rendered":"\u0160tyri rozli\u010dn\u00e9 ciele. Jeden \u0161tandard spr\u00e1vy majetku."},"content":{"rendered":"\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-1\"><strong>\u0160tyri rozli\u010dn\u00e9 ciele. <br><em>Jeden \u0161tandard spr\u00e1vy majetku.<\/em><\/strong><\/h1>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Stru\u010dn\u00fd preh\u013ead v\u00fdkonnosti WEM portf\u00f3li\u00ed v roku 2026<\/strong><\/p>\n\n\n\n<div style=\"height:7px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>WEM portf\u00f3li\u00e1, r\u00e1mec, na ktorom s\u00fa postaven\u00e9, konkr\u00e9tne situ\u00e1cie, pre ktor\u00e9 s\u00fa ur\u010den\u00e9 \u2014 a d\u00f4kaz, ako to cel\u00e9 funguje: ich v\u00fdkonnos\u0165.<\/em><\/p>\n\n\n\n<div style=\"height:55px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-2\"><strong>Wealth Effect Management <em>pr\u00edstup<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Od roku 2007 poskytujeme diskr\u00e9tnu, dlhodob\u00fa starostlivos\u0165 pre HNWI jednotlivcov a rodiny. Aby sme udr\u017eali perspekt\u00edvu \u201ekontinuity naprie\u010d gener\u00e1ciami\u201c, \u010derp\u00e1me z bohatej \u0161k\u00e1ly n\u00e1strojov: produktov, slu\u017eieb, infra\u0161trukt\u00fary. A tie\u017e zo zastre\u0161uj\u00faceho z\u00e1meru, prezieravosti, jasnosti a zrozumite\u013enosti, ktor\u00e9 to v\u0161etko riadia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3li\u00e1 tvoria jadro tejto pr\u00e1ce \u2014 jej vidite\u013en\u00fd a, pochopite\u013ene, kriticky sledovan\u00fd element. S\u00fa v\u0161ak iba jednou \u010das\u0165ou \u0161ir\u0161ej architekt\u00fary. Mnoh\u00e9 prvky tejto architekt\u00fary na prv\u00fd poh\u013ead nemusia by\u0165 zjavn\u00e9, napriek tomu s\u00fa v\u0161ak pre na\u0161u pr\u00e1cu \u00fastredn\u00e9: ot\u00e1zky cie\u013eov, obmedzen\u00ed, \u0161trukt\u00fary, jurisdikcie, n\u00e1stupn\u00edctva a riadenia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A\u017e odpovede na tieto ot\u00e1zky ur\u010duj\u00fa, ktor\u00e9 portf\u00f3li\u00e1 s\u00fa vhodn\u00e9 pre konkr\u00e9tnu situ\u00e1ciu a konkr\u00e9tneho klienta. To je tie\u017e d\u00f4vod, pre\u010do rozhovor nikdy neza\u010d\u00edname portf\u00f3liami. Portf\u00f3li\u00e1, akoko\u013evek atrakt\u00edvne, s\u00fa n\u00e1stroje. Nie s\u00fa cie\u013eom, a u\u017e v\u00f4bec nie t\u00fdm <strong>hlavn\u00fdm<\/strong> cie\u013eom \u2014 s\u00fa prostriedkom na jeho dosiahnutie.<br><br>Preto:<br><strong>Najsk\u00f4r jasnos\u0165:<\/strong> Ak\u00e9 s\u00fa ciele a obmedzenia?<strong><br><\/strong><strong>A\u017e potom nasleduj\u00fa portf\u00f3li\u00e1.<\/strong><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Ni\u017e\u0161ie n\u00e1jdete pr\u00edstup aj strat\u00e9giu, na ktor\u00fdch stoja jednotliv\u00e9 triedy na\u0161ich portf\u00f3li\u00ed, konkr\u00e9tne portf\u00f3li\u00e1 v r\u00e1mci t\u00fdchto tried \u2014 a v\u00fdsledky vybran\u00fdch portf\u00f3li\u00ed za prv\u00fdch 8 mesiacov roka 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pre \u010ditate\u013eov, ktor\u00ed chc\u00fa \u00eds\u0165 do h\u013abky, prin\u00e1\u0161a Appendix na konci \u010dl\u00e1nku kompletn\u00fd koment\u00e1r.<\/p>\n\n\n\n<div style=\"height:55px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-3\"><strong>Triedy portf\u00f3li\u00ed:<br><em>Definovan\u00e9 svoj\u00edm cie\u013eom.<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">\u0160tyri ciele, \u0161tyri triedy:<\/p>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Dynamick\u00e9:<br><em>Zameran\u00e9 na rast<\/em><\/strong><br>Portf\u00f3li\u00e1 zostaven\u00e9 pre dlhodob\u00fd rast kapit\u00e1lu. Typicky s vy\u0161\u0161ou akciovou expoz\u00edciou a zodpovedaj\u00faco vy\u0161\u0161ou toleranciou vo\u010di volatilite.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Vyv\u00e1\u017een\u00e9:<br><em>Diverzifikovan\u00fd rast<\/em><\/strong><br>Akcie a dlhopisy dr\u017ean\u00e9 spolo\u010dne, aby rast a stabilita poch\u00e1dzali z r\u00f4znych zdrojov.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Konzervat\u00edvne:<\/strong> <strong><br><em>Defenz\u00edvne<\/em><\/strong><br>Ochrana kapit\u00e1lu a predv\u00eddate\u013en\u00fd pr\u00edjem tu maj\u00fa prednos\u0165 pred zhodnoten\u00edm. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tematick\u00e9:<br><em>Oportunistick\u00e9<\/em><\/strong><br>Cielen\u00e1, \u010dasovo citliv\u00e1 a limitovan\u00e1 expoz\u00edcia vo\u010di konkr\u00e9tnemu \u0161truktur\u00e1lnemu v\u00fdvoju. Viac o WEM Opportunities n\u00e1jdete v samostatnom \u010dl\u00e1nku tu.<\/p>\n\n\n\n<div style=\"height:55px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-4\"><strong>Ka\u017ed\u00e1 trieda<br><em>pln\u00ed odli\u0161n\u00fa \u00falohu<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Rast, diverzifik\u00e1cia, ochrana, pr\u00edle\u017eitos\u0165.<\/strong><strong><br><\/strong>N\u00e1\u0161 osobn\u00fd pr\u00edstup je v\u0161ak naozaj osobn\u00fd: neexistuje \u017eiadne \u201euniverz\u00e1lne rie\u0161enie\u201c.<br>\u010co v\u0161ak zost\u00e1va rovnak\u00e9 a plat\u00ed pre v\u0161etky na\u0161e portf\u00f3li\u00e1, je \u0161tandard spr\u00e1vy:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K\u013e\u00fa\u010dov\u00e9 rozhodnutia o ka\u017edom portf\u00f3liu poch\u00e1dzaj\u00fa z n\u00e1\u0161ho Investi\u010dn\u00e9ho v\u00fdboru, ktor\u00fd je zlo\u017een\u00fd z najseniornej\u0161\u00edch \u010dlenov WEM-u. Na ka\u017ed\u00e9 portf\u00f3lio uplat\u0148ujeme priebe\u017en\u00fd doh\u013ead a pravideln\u00fa rev\u00edziu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Kon\u0161trukcia portf\u00f3lia:<br><em>Jasnos\u0165 na prvom mieste<\/em><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ka\u017ed\u00e9 portf\u00f3lio je definovan\u00e9 postupnos\u0165ou troch krokov:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Kontext:<\/strong> Podmienky na trhu, v ekonomike alebo v triede akt\u00edv, na ktor\u00e9 portf\u00f3lio reaguje. In\u00fdmi slovami: \u010co sa deje a na \u010dom sa d\u00e1 stava\u0165.<\/li>\n\n\n\n<li><strong>Pr\u00edle\u017eitos\u0165:<\/strong> Kde, v r\u00e1mci t\u00fdchto konkr\u00e9tnych podmienok, existuje mo\u017enos\u0165 zhodnotenia.<\/li>\n\n\n\n<li><strong>Strat\u00e9gia:<\/strong> Ako konkr\u00e9tne portf\u00f3lio vyu\u017e\u00edva t\u00fato pr\u00edle\u017eitos\u0165 \u2014 \u010do dr\u017e\u00ed, ako sa vyberaj\u00fa jeho poz\u00edcie, ako sa spravuje a \u010d\u00edm sa meria. Teda: ako pr\u00edle\u017eitos\u0165 vyu\u017e\u00edvame.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Takto polo\u017een\u00e9 z\u00e1klady umo\u017e\u0148uj\u00fa tri veci:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Spr\u00e1vne priradi\u0165 k potreb\u00e1m klientov konkr\u00e9tne rie\u0161enie (\u010di rie\u0161enia),<\/li>\n\n\n\n<li>pos\u00fadi\u0165 ka\u017ed\u00e9 portf\u00f3lio pod\u013ea jeho vlastn\u00fdch krit\u00e9ri\u00ed a zmysluplne ho porovna\u0165 s in\u00fdmi podobn\u00fdmi portf\u00f3liami a<\/li>\n\n\n\n<li>zmysluplne vyhodnoti\u0165 v\u00fdkonnos\u0165 portf\u00f3lia<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Hodnotenie v\u00fdkonnosti:<br><em>Ako \u010d\u00edta\u0165 v\u00fdsledky<\/em><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdkonnos\u0165 je potrebn\u00e9 vn\u00edma\u0165 v kontexte: cie\u013eov, rizika a \u010dasov\u00e9ho horizontu. \u010c\u00edsla uveden\u00e9 ni\u017e\u0161ie s\u00fa v\u00fdsekom v \u010dase: zah\u0155\u0148aj\u00fa obdobie od 31. decembra 2025 do 31. augusta 2026. S\u00fa vyjadren\u00e9 v eur\u00e1ch, pred zoh\u013eadnen\u00edm poplatkov a dan\u00ed, a ka\u017ed\u00e9 je uveden\u00e9 ved\u013ea benchmarku dan\u00e9ho portf\u00f3lia, ak ho portf\u00f3lio m\u00e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Obdobie takejto d\u013a\u017eky je malou \u010das\u0165ou trhov\u00e9ho cyklu a malou \u010das\u0165ou dlhodobej perspekt\u00edvy, s ktorou portf\u00f3li\u00e1 pre konkr\u00e9tneho klienta vyber\u00e1me a s ktorou do nich investujeme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Napriek tomu s\u00fa \u010d\u00edsla v\u00fdkonnosti relevantn\u00fdm a \u010dasto \u017eiadan\u00fdm ukazovate\u013eom.<br><a href=\"https:\/\/wem.sk\/sk\/kompetencie\/portfolia\/\" target=\"_blank\" rel=\"noreferrer noopener\">Dlhodob\u00fa v\u00fdkonnos\u0165 jednotliv\u00fdch portf\u00f3li\u00ed n\u00e1jdete v ich factsheets, tu.<br><\/a><a href=\"https:\/\/wem.sk\/sk\/kontakt\/\" target=\"_blank\" rel=\"noreferrer noopener\">S ot\u00e1zkami sa na n\u00e1s obr\u00e1\u0165te tu.<\/a><\/p>\n\n\n\n<div style=\"height:55px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-5\"><strong>Dynamick\u00e9 portf\u00f3li\u00e1:<br><em>Dlhodob\u00fd rastov\u00fd potenci\u00e1l<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Na \u010do sl\u00fa\u017eia:<\/strong><br>Dynamick\u00e9 portf\u00f3li\u00e1 s\u00fa koncipovan\u00e9 pre kapit\u00e1l, ktor\u00fd nebude potrebn\u00fd najmenej p\u00e4\u0165 rokov a ktor\u00fd dr\u017eia klienti schopn\u00ed znies\u0165 v\u00fdkyvy, ak\u00e9 so sebou prin\u00e1\u0161a akciov\u00e1 expoz\u00edcia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u010co akceptujete:<\/strong><br>\u010co pri dynamick\u00fdch portf\u00f3li\u00e1ch akceptujete, je povedan\u00e9 otvorene: vy\u0161\u0161\u00ed o\u010dak\u00e1van\u00fd v\u00fdnos v\u00fdmenou za hlb\u0161ie a dlh\u0161ie prepady. V rokoch, ke\u010f trhy klesaj\u00fa, str\u00e1caj\u00fa tieto portf\u00f3li\u00e1 viac, ako vyv\u00e1\u017een\u00e9 a konzervat\u00edvne. K\u013e\u00fa\u010dov\u00e1 je tu dlhodob\u00e1 perspekt\u00edva a dostato\u010dn\u00e1 tolerancia rizika.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong><strong>JEDNOTLIV\u00c9 DYNAMICK\u00c9 PORTF\u00d3LI\u00c1:<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-6\"><strong>WEM Equity <em>US<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>KONTEXT:<\/strong><br>Spojen\u00e9 \u0161t\u00e1ty zost\u00e1vaj\u00fa najhlb\u0161\u00edm akciov\u00fdm trhom sveta. Tento trh je z\u00e1rove\u0148 \u010doraz koncentrovanej\u0161\u00ed: podstatn\u00fa \u010das\u0165 v\u00fdnosu indexu dnes tvor\u00ed mal\u00fd po\u010det ve\u013ek\u00fdch spolo\u010dnost\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PR\u00cdLE\u017dITOS\u0164:<\/strong><br>Expoz\u00edciu mo\u017eno vytv\u00e1ra\u0165 pod\u013ea kval\u00edt jednotliv\u00fdch spolo\u010dnost\u00ed, a nie pod\u013ea ich v\u00e1hy v indexe \u2014 pri oceneniach, ktor\u00e9 e\u0161te plne neodr\u00e1\u017eaj\u00fa ich bud\u00facu ziskovos\u0165.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>STRAT\u00c9GIA:<\/strong><strong><br><\/strong>Strat\u00e9gia investuje do ve\u013ek\u00fdch americk\u00fdch spolo\u010dnost\u00ed vybran\u00fdch pod\u013ea kvality ich podnikania a schopnosti dlhodobo r\u00e1s\u0165: siln\u00e9 konkuren\u010dn\u00e9 postavenie a zisky, ktor\u00e9 m\u00f4\u017eu r\u00e1s\u0165 nad r\u00e1mec s\u00fa\u010dasn\u00fdch o\u010dak\u00e1van\u00ed trhu. V\u00fdber prebieha na \u00farovni jednotliv\u00fdch titulov, prostredn\u00edctvom fundament\u00e1lnej anal\u00fdzy, a poz\u00edcie s\u00fa rozlo\u017een\u00e9 naprie\u010d sektormi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio je akt\u00edvne spravovan\u00e9 a nie je zostaven\u00e9 pod\u013ea v\u00e1h indexu. Poz\u00edcie sa priebe\u017ene prehodnocuj\u00fa a upravuj\u00fa pod\u013ea v\u00fdvoja trhu a o\u010dak\u00e1van\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Benchmarkom v\u00fdkonnosti portf\u00f3lia je index S&amp;P 500. Cie\u013eom je prekona\u0165 ho v priebehu cel\u00e9ho trhov\u00e9ho cyklu. Zdrojom v\u00fdnosu je kapit\u00e1lov\u00e9 zhodnotenie, dividendov\u00fd pr\u00edjem a pohyby kurzu EUR\/USD.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u010cO OVPLYVNILO V\u00ddSLEDOK:<\/strong><strong><br><\/strong>Ocenenia s\u00fa napnut\u00e9 a \u00farokov\u00e9 sadzby ich u\u017e nepodporuj\u00fa. Priemern\u00e1 spolo\u010dnos\u0165 zo \u0161irok\u00e9ho americk\u00e9ho indexu tento rok v istom momente klesla zo svojho maxima pribli\u017ene o 21 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(Pozn\u00e1mka \u2014 podrobn\u00fd koment\u00e1r ku ka\u017ed\u00e9mu portf\u00f3liu n\u00e1jdete v Appendixe.)<\/em><\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-7\"><strong>WEM Equity <em>Global<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>KONTEXT:<\/strong><br>Ved\u00face postavenie v odvetv\u00ed je rozdelen\u00e9 medzi viacer\u00e9 trhy a v \u010dase sa men\u00ed. Spolo\u010dnosti, ktor\u00e9 v danom sektore ur\u010duj\u00fa \u0161tandard, s\u00fa k\u00f3tovan\u00e9 v Severnej Amerike, Eur\u00f3pe aj v \u00c1zii.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PR\u00cdLE\u017dITOS\u0164:<\/strong><br>Glob\u00e1lny mand\u00e1t roz\u0161iruje investi\u010dn\u00e9 mo\u017enosti, prin\u00e1\u0161a celosvetov\u00fa diverzifik\u00e1ciu aj primeran\u00fa expoz\u00edciu vo\u010di in\u00fdm regi\u00f3nom a umo\u017e\u0148uje posudzova\u0165 ka\u017ed\u00fa spolo\u010dnos\u0165 pod\u013ea jej vlastn\u00fdch kval\u00edt, nez\u00e1visle od trhu, na ktorom je k\u00f3tovan\u00e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>STRAT\u00c9GIA:<\/strong><br>Strat\u00e9gia investuje do ve\u013ek\u00fdch spolo\u010dnost\u00ed k\u00f3tovan\u00fdch po celom svete, vybran\u00fdch na z\u00e1klade ich konkuren\u010dn\u00e9ho postavenia a schopnosti dlhodobo r\u00e1s\u0165. V\u00fdber prebieha na \u00farovni jednotliv\u00fdch titulov, prostredn\u00edctvom fundament\u00e1lnej anal\u00fdzy, a poz\u00edcie s\u00fa rozlo\u017een\u00e9 naprie\u010d sektormi aj regi\u00f3nmi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio je akt\u00edvne spravovan\u00e9 a nie je zostaven\u00e9 pod\u013ea v\u00e1h indexu. Poz\u00edcie sa priebe\u017ene prehodnocuj\u00fa a upravuj\u00fa pod\u013ea v\u00fdvoja trhu a o\u010dak\u00e1van\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Benchmarkom v\u00fdkonnosti portf\u00f3lia je index Bloomberg World Large &amp; Mid Cap. Cie\u013eom je prekona\u0165 ho v priebehu cel\u00e9ho trhov\u00e9ho cyklu. Zdrojom v\u00fdnosu je kapit\u00e1lov\u00e9 zhodnotenie, dividendov\u00fd pr\u00edjem a pohyby mien.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u010cO OVPLYVNILO V\u00ddSLEDOK:<\/strong><br>V\u00fdznamn\u00e1 \u010das\u0165 portf\u00f3lia je investovan\u00e1 do budovania AI infra\u0161trukt\u00fary, preto jeho v\u00fdsledok kop\u00edruje tento investi\u010dn\u00fd cyklus \u2014 oboma smermi.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-8\"><strong>WEM Dynamic <em>ETF<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>KONTEXT:<\/strong><br>Vedenie among asset classes changes over time. Equities, bonds and commodities each lead in different conditions, \u2028and those conditions are seldom identified in advance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vedenie tried akt\u00edv sa v \u010dase men\u00ed. Akcie, dlhopisy aj komodity ved\u00fa za odli\u0161n\u00fdch podmienok a tie sa daj\u00fa iba zriedka rozpozna\u0165 vopred.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PR\u00cdLE\u017dITOS\u0164:<\/strong><br>Dr\u017eba viacer\u00fdch tried akt\u00edv umo\u017e\u0148uje upravova\u0165 alok\u00e1ciu pod\u013ea v\u00fdvoja podmienok, namiesto toho, aby sa portf\u00f3lio viazalo na jedin\u00fd scen\u00e1r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>STRAT\u00c9GIA:<\/strong><strong><br><\/strong>Strat\u00e9gia dr\u017e\u00ed ETF naprie\u010d akciami, dlhopismi a komoditami, vybran\u00e9 pod\u013ea sektorov a faktorov, ktor\u00e9 maj\u00fa pod\u013ea o\u010dak\u00e1van\u00ed vies\u0165. Pou\u017eitie fondov namiesto jednotliv\u00fdch titulov udr\u017eiava ka\u017ed\u00fa poz\u00edciu \u0161irok\u00fa, likvidn\u00fa a nen\u00e1kladn\u00fa na \u00fapravu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alok\u00e1cia je akt\u00edvne spravovan\u00e1 a upravovan\u00e1 pod\u013ea v\u00fdvoja trhu a ekonomick\u00fdch trendov. V\u00e1hy sa pres\u00favaj\u00fa medzi triedami akt\u00edv, nezost\u00e1vaj\u00fa fixn\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zdrojom v\u00fdnosu je kapit\u00e1lov\u00e9 zhodnotenie poz\u00edci\u00ed a pr\u00edjem z dlhopisov\u00fdch a dividendov\u00fdch titulov.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u010cO OVPLYVNILO V\u00ddSLEDOK:<\/strong><br>Zisky pri\u0161li z viacer\u00fdch zdrojov naraz. Na \u010dele bola energetika po naru\u0161en\u00ed dod\u00e1vok na Bl\u00edzkom v\u00fdchode, druh\u00e9 boli rozv\u00edjaj\u00face sa trhy; prispeli aj men\u0161ie spolo\u010dnosti a sie\u0165ov\u00e1 infra\u0161trukt\u00fara. Najslab\u0161ie boli verejn\u00e9 slu\u017eby a dlhopisy, pri\u010dom dlhopisy priniesli takmer nulov\u00fd v\u00fdnos.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-9\"><strong>Vyv\u00e1\u017een\u00e9 portf\u00f3li\u00e1:<br><em>Rast s men\u0161\u00edmi v\u00fdkyvmi<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Na \u010do sl\u00fa\u017eia:<\/strong><br>Vyv\u00e1\u017een\u00e9 portf\u00f3li\u00e1 s\u00fa koncipovan\u00e9 pre triezve zhodnocovanie kapit\u00e1lu a s\u00fa ur\u010den\u00e9 predov\u0161etk\u00fdm investorom, ktor\u00fdch by hlbok\u00fd prepad mohol tla\u010di\u0165 k rozhodnutiam, ktor\u00e9 z dlhodob\u00e9ho h\u013eadiska nemusia by\u0165 optim\u00e1lne.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u010co akceptujete:<\/strong><br>Ni\u017e\u0161\u00ed o\u010dak\u00e1van\u00fd v\u00fdnos v\u00fdmenou za men\u0161ie v\u00fdkyvy a ni\u017e\u0161iu volatilitu \u2014 a viac rovnov\u00e1hy a pokoja po\u010das zhodnocovania majetku.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-10\"><strong>WEM <em>Balanced<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>KONTEXT:<\/strong><br>Akcie a dlhopisy maj\u00fa diferencovan\u00e9 zdroje v\u00fdnosu a d\u00e1vaj\u00fa investorom mo\u017enos\u0165 dosiahnu\u0165 lep\u0161\u00ed v\u00fdnos o\u010disten\u00fd o riziko.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PR\u00cdLE\u017dITOS\u0164:<\/strong><br>Spojenie oboch tlm\u00ed pohyby portf\u00f3lia \u2014 a dlhodob\u00fa poz\u00edciu je tak jednoduch\u0161ie udr\u017ea\u0165 aj v obdobiach, ke\u010f sa triedy akt\u00edv vyv\u00edjaj\u00fa opa\u010dn\u00fdm smerom.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>STRAT\u00c9GIA:<\/strong><strong><br><\/strong>Strat\u00e9gia sp\u00e1ja kvalitn\u00e9 glob\u00e1lne akcie s dol\u00e1rov\u00fdmi dlhopismi investi\u010dn\u00e9ho stup\u0148a s vysok\u00fdm ratingom. Akcie zabezpe\u010duj\u00fa rast portf\u00f3lia, dlhopisy prin\u00e1\u0161aj\u00fa pr\u00edjem a tlmia jeho pohyby.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pomer medzi oboma zlo\u017ekami je akt\u00edvne spravovan\u00fd a upravovan\u00fd pod\u013ea v\u00fdvoja trhu a o\u010dak\u00e1van\u00ed. Benchmarkom v\u00fdkonnosti portf\u00f3lia je 50\/50 kombin\u00e1cia S&amp;P 500 a Bloomberg Euro Treasury indexu. Zdrojom v\u00fdnosu je kapit\u00e1lov\u00e9 zhodnotenie, dividendov\u00fd a kup\u00f3nov\u00fd pr\u00edjem a pohyby mien.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u010cO OVPLYVNILO V\u00ddSLEDOK:<\/strong><br>V\u00fdsledok niesli akcie, na \u010dele s polovodi\u010dov\u00fdmi spolo\u010dnos\u0165ami a dod\u00e1vate\u013emi zariaden\u00ed na v\u00fdrobu \u010dipov; energetika k tomu po naru\u0161en\u00ed dod\u00e1vok na Bl\u00edzkom v\u00fdchode pridala \u010fal\u0161ie zisky. Dlhopisy, pribli\u017ene tretina portf\u00f3lia, skon\u010dili takmer bez zmeny, ke\u010f\u017ee v\u00fdnosy dlhodob\u00fdch dlhopisov r\u00e1stli.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-11\"><strong>WEM <em>Balanced<\/em> <em>ETF<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>KONTEXT:<\/strong><br>ETF spr\u00edstupnili cel\u00e9 trhy prostredn\u00edctvom jedin\u00e9ho n\u00e1stroja. Vyv\u00e1\u017een\u00e9 portf\u00f3lio dnes mo\u017eno postavi\u0165 zo \u0161irok\u00fdch expoz\u00edci\u00ed a vyu\u017ei\u0165 to, \u017ee jednotliv\u00e9 triedy akt\u00edv maj\u00fa diferencovan\u00e9 zdroje v\u00fdnosu. Investorom to d\u00e1va mo\u017enos\u0165 dosiahnu\u0165 lep\u0161\u00ed v\u00fdnos o\u010disten\u00fd o riziko.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PR\u00cdLE\u017dITOS\u0164:<\/strong><br>Rovnov\u00e1ha medzi akciami a dlhopismi tlm\u00ed pohyby portf\u00f3lia \u2014 a dlhodob\u00fa poz\u00edciu je tak jednoduch\u0161ie udr\u017ea\u0165 aj v obdobiach, ke\u010f sa triedy akt\u00edv vyv\u00edjaj\u00fa opa\u010dn\u00fdm smerom.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>STRAT\u00c9GIA:<\/strong><strong><br><\/strong>Strat\u00e9gia kombinuje akciov\u00e9 a dlhopisov\u00e9 ETF. Akciov\u00e9 fondy prin\u00e1\u0161aj\u00fa \u0161irok\u00fa expoz\u00edciu vo\u010di ve\u013ek\u00fdm k\u00f3tovan\u00fdm spolo\u010dnostiam, dlhopisov\u00e9 fondy obsahuj\u00fa \u0161t\u00e1tny, korpor\u00e1tny a sekuritizovan\u00fd dlh. Dr\u017eba fondov namiesto jednotliv\u00fdch titulov zachov\u00e1va portf\u00f3lio \u0161irok\u00e9 na ka\u017edej \u00farovni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zlo\u017eenie portf\u00f3lia je akt\u00edvne spravovan\u00e9. Pomer medzi akciami a dlhopismi sa priebe\u017ene prehodnocuje a upravuje pod\u013ea v\u00fdvoja trhu a o\u010dak\u00e1van\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zdrojom v\u00fdnosu je kapit\u00e1lov\u00e9 zhodnotenie, dividendov\u00fd a kup\u00f3nov\u00fd pr\u00edjem a pohyby mien.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u010cO OVPLYVNILO V\u00ddSLEDOK:<\/strong><br>Cel\u00fd zisk poch\u00e1dzal z akciovej polovice, na \u010dele s ve\u013ek\u00fdmi technologick\u00fdmi spolo\u010dnos\u0165ami. Dlhopisov\u00e1 polovica skon\u010dila v strate, ke\u010f\u017ee v\u00fdnosy dlhodob\u00fdch dlhopisov vyst\u00fapili na najvy\u0161\u0161iu \u00farove\u0148 za takmer dve desa\u0165ro\u010dia a menov\u00e9 zabezpe\u010denie dol\u00e1ra vo\u010di euru pridalo \u010fal\u0161\u00ed n\u00e1klad.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-12\"><strong>WEM flagship portf\u00f3li\u00e1<\/strong><\/h1>\n\n\n\n<figure class=\"wp-block-image size-full has-custom-border\"><a href=\"https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-flagship-portfolios-in-2026.avif\" data-fancybox=\"image-5918\" style=\"display:contents\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1440\" src=\"https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-flagship-portfolios-in-2026.avif\" alt=\"\" class=\"wp-image-5918\" style=\"border-top-left-radius:0rem;border-top-right-radius:0rem;border-bottom-left-radius:0rem;border-bottom-right-radius:0rem\" srcset=\"https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-flagship-portfolios-in-2026.avif 1920w, https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-flagship-portfolios-in-2026-300x225.avif 300w, https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-flagship-portfolios-in-2026-768x576.avif 768w, https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-flagship-portfolios-in-2026-1024x768.avif 1024w, https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-flagship-portfolios-in-2026-1536x1152.avif 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em><sub>Zdroj: WEM, Bloomberg Professional Terminal; 31. 12. 2025 \u2014 31. 8. 2026. Celkov\u00fd v\u00fdnos v EUR (brutto). \u00dadaje WEM Opportunities: Software s\u00fa od 16. 2. 2026 (portf\u00f3lio uzavret\u00e9 12. 8. 2026); \u00fadaje WEM Opportunities: AI Energy Infrastructure od 1. 6. 2026.<\/sub><\/em><\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-13\"><strong>Ako si vybra\u0165 portf\u00f3lio:<\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Vych\u00e1dzame z va\u0161ich cie\u013eov a obmedzen\u00ed:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>V\u00e1\u0161 \u010dasov\u00fd horizont a potreby likvidity<\/li>\n\n\n\n<li>Tolerancia rizika a citlivos\u0165 na pokles hodnoty<\/li>\n\n\n\n<li>Riziko koncentr\u00e1cie: expoz\u00edcia vo\u010di podnikaniu, nehnute\u013enostiam alebo jedn\u00e9mu akt\u00edvu<\/li>\n\n\n\n<li>Menov\u00e9, jurisdik\u010dn\u00e9 a da\u0148ov\u00e9 aspekty<\/li>\n\n\n\n<li>Priority v oblasti v\u00e1\u0161ho dedi\u010dstva, odkazu a riadenia<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Z va\u0161ich odpoved\u00ed n\u00e1sledne vypl\u00fdva v\u00fdber konkr\u00e9tneho portf\u00f3lia (\u010di portf\u00f3li\u00ed) \u2014 a ak ich dr\u017e\u00edte viac, aj pomer medzi nimi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/wem.sk\/sk\/kompetencie\/portfolia\/\" target=\"_blank\" rel=\"noreferrer noopener\">Cel\u00fa \u0161k\u00e1lu portf\u00f3li\u00ed, vr\u00e1tane konzervat\u00edvnych, n\u00e1jdete na str\u00e1nke Portf\u00f3li\u00e1.<\/a><\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-14\"><strong><em>V\u00e1\u0161 majetok si zasl\u00fa\u017ei strat\u00e9giu <\/em>\u2014 nie produkt.<\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio je len jednou \u010das\u0165ou architekt\u00fary majetku \u2014 my v\u00e1m pom\u00e1hame navrhn\u00fa\u0165 cel\u00fd syst\u00e9m. Za\u010dnime d\u00f4vern\u00fdm rozhovorom o va\u0161ich cie\u013eoch, obmedzeniach a \u0161trukt\u00fare.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2192 <\/strong><a href=\"https:\/\/wem.sk\/sk\/kontakt\/\" data-type=\"link\" data-id=\"https:\/\/wem.sk\/sk\/kontakt\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Dohodnite si osobn\u00fd rozhovor<\/strong> <strong>TU.<\/strong><\/a><\/p>\n\n\n\n<div style=\"height:120px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2014\u2014\u2014<\/strong><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-5-xl-font-size has-blue-600-color has-text-color has-link-color wp-elements-15\">Appendix: <br><em>Koment\u00e1r k portf\u00f3li\u00e1m<\/em><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><em>T\u00e1to pr\u00edloha opisuje trhov\u00e9 podmienky roka 2026 a, portf\u00f3lio po portf\u00f3liu, a tie\u017e poz\u00edcie a sektory, ktor\u00e9 stoja za v\u00fdsledkami v tomto \u010dl\u00e1nku. Odr\u00e1\u017ea n\u00e1\u0161 poh\u013ead k 31. augustu 2026, ktor\u00fd sa m\u00f4\u017ee zmeni\u0165, a nie je odpor\u00fa\u010dan\u00edm na k\u00fapu ani predaj ak\u00e9hoko\u013evek cenn\u00e9ho papiera.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Doteraj\u0161\u00ed priebeh roka<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Od janu\u00e1ra do augusta 2026 formovali trhy tri faktory:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. \u00darokov\u00e9 sadzby zostali vysok\u00e9:<\/strong><br>Jadrov\u00e1 infl\u00e1cia v USA dosahovala 3,30 % pri cieli 2 % a Fed dr\u017eal svoju z\u00e1kladn\u00fa sadzbu v p\u00e1sme 3,50 \u2014 3,75 %. Trhy pre\u0161li od o\u010dak\u00e1vania zni\u017eovania sadzieb k o\u010dak\u00e1vaniu ich zvy\u0161ovania. V\u00fdnos desa\u0165ro\u010dn\u00fdch americk\u00fdch \u0161t\u00e1tnych dlhopisov sa pohyboval bl\u00edzko 4,73 % a v auguste dosiahol v\u00fdnos tridsa\u0165ro\u010dn\u00fdch dlhopisov 19-ro\u010dn\u00e9 maximum. Na trhu dlhopisov nebola \u017eiadna rally, ktor\u00fa by bolo mo\u017en\u00e9 zachyti\u0165, a vy\u0161\u0161ie v\u00fdnosy dlhodob\u00fdch dlhopisov tla\u010dili nadol ocenenie spolo\u010dnost\u00ed, ktor\u00fdch zisky le\u017eia \u010falej v bud\u00facnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Energetick\u00fd \u0161ok:<\/strong><strong><br><\/strong>Naru\u0161enie dod\u00e1vok na Bl\u00edzkom v\u00fdchode zdvihlo akcie energetick\u00fdch spolo\u010dnost\u00ed. Z\u00e1rove\u0148 zv\u00fd\u0161ilo n\u00e1klady na paliv\u00e1 \u2014 pre spotrebite\u013eov aj pre firmy, ktor\u00e9 s\u00fa na paliv\u00e1ch z\u00e1visl\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Investi\u010dn\u00fd cyklus AI:<\/strong><br>V\u00fddavky na v\u00fdpo\u010dtov\u00fa kapacitu a na elektrinu, ktor\u00e1 ju poh\u00e1\u0148a, na\u010falej r\u00e1stli. Kapit\u00e1lov\u00e9 v\u00fddavky najv\u00e4\u010d\u0161\u00edch platforiem smeruj\u00fa k tomu, \u017ee za jedin\u00fd rok prekro\u010dia pribli\u017ene tri \u0161tvrtiny bili\u00f3na dol\u00e1rov. Polovodi\u010dov\u00e9 firmy, dod\u00e1vatelia zariaden\u00ed na v\u00fdrobu \u010dipov a ve\u013ek\u00e9 technologick\u00e9 spolo\u010dnosti patrili k hlavn\u00fdm prispievate\u013eom v na\u0161ich dvoch vyv\u00e1\u017een\u00fdch portf\u00f3li\u00e1ch. V auguste za\u010dali trhy spochyb\u0148ova\u0165, ako dlho tieto v\u00fddavky vydr\u017eia. Akcie spolo\u010dnost\u00ed, ktor\u00e9 pre platformy buduj\u00fa elektroenergetick\u00fa infra\u0161trukt\u00faru, prudko klesli \u2014 hoci z\u00e1sobn\u00edky objedn\u00e1vok t\u00fdchto firiem dosiahli nov\u00e9 rekordy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>WEM Equity US<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">WEM Equity US je koncentrovan\u00e9 portf\u00f3lio americk\u00fdch akci\u00ed, postaven\u00e9 na kvalite pe\u0148a\u017en\u00fdch tokov spolo\u010dnost\u00ed, nie na trhovom narat\u00edve. P\u00f4sob\u00ed v bode cyklu, ke\u010f s\u00fa ocenenia napnut\u00e9 a \u00farokov\u00e9 sadzby ich u\u017e nepodporuj\u00fa. Priemern\u00fd titul \u0161irok\u00e9ho americk\u00e9ho indexu zaznamenal tento rok prepad pribli\u017ene o 21 %.<br><br>Portf\u00f3lio obsahuje spolo\u010dnosti, ktor\u00e9 umo\u017e\u0148uj\u00fa budovanie v\u00fdpo\u010dtovej a elektrickej infra\u0161trukt\u00fary alebo z neho \u0165a\u017eia v r\u00e1mci cel\u00e9ho hodnotov\u00e9ho re\u0165azca. Ide o kvalitn\u00e9 spolo\u010dnosti s cenotvornou silou a trval\u00fdmi konkuren\u010dn\u00fdmi v\u00fdhodami, vyv\u00e1\u017een\u00e9 defenz\u00edvnym jadrom, ktor\u00e9 generuje hotovos\u0165. Ich v\u00fdnosy spo\u010d\u00edvaj\u00fa na tr\u017eb\u00e1ch, ktor\u00e9 s\u00fa zmluvne dohodnut\u00e9, fyzicky obmedzen\u00e9 alebo vypl\u00e1can\u00e9 na z\u00e1klade objemu, a nie len s\u013e\u00faben\u00e9. Objem objedn\u00e1vok sved\u010d\u00ed o ich rozsahu:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Hodnota bud\u00facich tr\u017eieb vypl\u00fdvaj\u00facich zo zml\u00fav u troch popredn\u00fdch prev\u00e1dzkovate\u013eov cloudov\u00fdch slu\u017eieb dosahuje 678 mld. USD, 514 mld. USD a 496 mld. USD<\/li>\n\n\n\n<li>Objedn\u00e1vky na zariadenia na v\u00fdrobu elektrickej energie organicky vzr\u00e1stli o 88 %, pri\u010dom objem nevybaven\u00fdch objedn\u00e1vok dosahuje 176 mld. USD a 116 gigawattov turb\u00edn<\/li>\n\n\n\n<li>Tr\u017eby z v\u00fdstavby kritick\u00fdch zariaden\u00ed vzr\u00e1stli o 192 %, pri\u010dom 92 % podp\u00edsan\u00fdch nevybaven\u00fdch objedn\u00e1vok sa t\u00fdka d\u00e1tov\u00fdch centier, polovodi\u010dov\u00fdch z\u00e1vodov a z\u00e1vodov na pokro\u010dil\u00fa v\u00fdrobu<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio sa zameriava na rovnak\u00e9 oblasti rozvoja v nieko\u013ek\u00fdch smeroch: zariadenia, \u010dipy vyr\u00e1ban\u00e9 na z\u00e1kazku aj komer\u010dn\u00e9 \u010dipy a cloudov\u00e9 platformy. Dop\u013a\u0148a ho sektor energetiky a distribu\u010dnej siete, ktor\u00fd bol v minulosti podce\u0148ovan\u00fd, ako aj softv\u00e9rov\u00e9 a bezpe\u010dnostn\u00e9 podniky, ktor\u00e9 vy\u017eaduj\u00fa len mal\u00fd kapit\u00e1l a dosahuj\u00fa mar\u017ee nad 40 %. Obsahuje 22 poz\u00edci\u00ed s priemernou v\u00e1hou 4,55 %. Ide o ucelen\u00fa investi\u010dn\u00fa strat\u00e9giu zameran\u00fa na spolo\u010dnosti k\u00f3tovan\u00e9 na americk\u00fdch burz\u00e1ch, kde objem nevybaven\u00fdch objedn\u00e1vok, dod\u00e1vky elektrickej energie a objemy predaja ur\u010duj\u00fa, ako dlho vydr\u017eia pe\u0148a\u017en\u00e9 toky.<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>WEM Equity Global<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">WEM Equity Global investuje do jedn\u00e9ho z najv\u00e4\u010d\u0161\u00edch investi\u010dn\u00fdch cyklov tohto desa\u0165ro\u010dia: budovania v\u00fdpo\u010dtovej kapacity a elektrickej siete, ktor\u00e1 ju poh\u00e1\u0148a. Rob\u00ed tak prostredn\u00edctvom kvalitn\u00fdch spolo\u010dnost\u00ed so skuto\u010dnou cenovou silou, ktor\u00e9 vyva\u017euje defenz\u00edvne jadro generuj\u00face hotovos\u0165.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prev\u00e1dzkovatelia platforiem avizuj\u00fa kapit\u00e1lov\u00e9 v\u00fddavky v objeme stoviek mili\u00e1rd dol\u00e1rov ro\u010dne \u2014 a toto \u010d\u00edslo st\u00e1le rastie. Celkov\u00e9 invest\u00edcie do infra\u0161trukt\u00fary by mali bud\u00faci rok prekro\u010di\u0165 bili\u00f3n dol\u00e1rov a \u010doraz v\u00e4\u010d\u0161ia \u010das\u0165 z nich je zaviazan\u00e1 viacro\u010dn\u00fdmi zmluvami.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio zah\u0155\u0148a invest\u00edcie v nieko\u013ek\u00fdch oblastiach: v\u00fdrobcovia zariaden\u00ed, n\u00e1vrh\u00e1ri \u010dipov a cloudov\u00e9 platformy. Dop\u013a\u0148aj\u00fa ho energetick\u00e9 a distribu\u010dn\u00e9 spolo\u010dnosti, ktor\u00e9 trh pod\u013ea n\u00e1\u0161ho n\u00e1zoru st\u00e1le podce\u0148uje, ako aj softv\u00e9rov\u00e9 a bezpe\u010dnostn\u00e9 firmy, ktor\u00e9 potrebuj\u00fa m\u00e1lo kapit\u00e1lu a dosahuj\u00fa mar\u017ee nad 40 %. Portf\u00f3lio dop\u013a\u0148a mal\u00fd po\u010det rastov\u00fdch invest\u00edci\u00ed zameran\u00fdch na konkr\u00e9tne spolo\u010dnosti a defenz\u00edvna skupina pois\u0165ovn\u00ed, b\u00e1nk a telekomunika\u010dn\u00fdch spolo\u010dnost\u00ed. Jeho \u0161\u00edrka, pokr\u00fdvaj\u00faca r\u00f4zne regi\u00f3ny a cel\u00fd hodnotov\u00fd re\u0165azec, znamen\u00e1, \u017ee nie je z\u00e1visl\u00e9 od jednej krajiny ani od jednej vrstvy technol\u00f3gi\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Riziko je rovnak\u00e9 ako pr\u00edle\u017eitos\u0165. Ide o portf\u00f3lio naviazan\u00e9 na investi\u010dn\u00fd cyklus a jeho v\u00fdnosy s t\u00fdmto cyklom st\u00fapaj\u00fa aj klesaj\u00fa.<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>WEM Dynamic ETF<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">WEM Dynamic ETF je multi-asset strat\u00e9gia, ktorej alok\u00e1cia sa prisp\u00f4sobuje v\u00fdvoju podmienok. Je nastaven\u00e1 na trh, v ktorom sa okruh l\u00eddrov roz\u0161iruje, dlh\u00fd cyklus siln\u00e9ho dol\u00e1ra vykazuje zn\u00e1mky dozrievania a elektrifik\u00e1cia sa pres\u00fava z progn\u00f3z do re\u00e1lnych v\u00fddavkov.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio do konca augusta dosiahlo v\u00fdnos 12,10 % a, \u010do je nezvy\u010dajn\u00e9, aj v poslednom mesiaci pridalo 3,28 %. Oboje vysvet\u013euje \u0161\u00edrka z\u00e1beru:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Energetika<\/strong> bola najsilnej\u0161ia bola za cel\u00e9 obdobie \u2014 priamy d\u00f4sledok naru\u0161enia dod\u00e1vok na Bl\u00edzkom v\u00fdchode<\/li>\n\n\n\n<li><strong>Rozv\u00edjaj\u00face sa trhy<\/strong> priniesli druh\u00fd najsilnej\u0161\u00ed v\u00fdnos; v auguste z\u00e1rove\u0148 viedli, ke\u010f sa kapit\u00e1l pres\u00faval pre\u010d od preplnenej poz\u00edcie v americk\u00fdch technologick\u00fdch akci\u00e1ch<\/li>\n\n\n\n<li><strong>Men\u0161ie spolo\u010dnosti a sie\u0165ov\u00e1 infra\u0161trukt\u00fara<\/strong> tie\u017e v\u00fdznamne prispeli<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Dvoma najslab\u0161\u00edmi \u010das\u0165ami portf\u00f3lia boli verejn\u00e9 slu\u017eby a dlhopisy. Verejn\u00e9 slu\u017eby v auguste oslabili kv\u00f4li rovnak\u00fdm regula\u010dn\u00fdm obav\u00e1m a obav\u00e1m z \u00farokov\u00fdch sadzieb, ktor\u00e9 za\u0165a\u017eili \u0161ir\u0161\u00ed elektroenergetick\u00fd sektor. V dlhopisovej zlo\u017eke priniesli eurov\u00e9 podnikov\u00e9 dlhopisy, dol\u00e1rov\u00e9 vysokov\u00fdnosov\u00e9 dlhopisy a menovo zabezpe\u010den\u00e9 americk\u00e9 dlhopisy investi\u010dn\u00e9ho stup\u0148a (index US Aggregate) spolu takmer nulov\u00fd v\u00fdnos. Spomedzi na\u0161ich portf\u00f3li\u00ed to bolo jedin\u00e9, v ktorom bola diverzifik\u00e1cia v auguste odmenen\u00e1, a nie penalizovan\u00e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0160truktur\u00e1lne je akciov\u00e9 jadro z vyspel\u00fdch trhov menovo zabezpe\u010den\u00e9 vo\u010di euru, tak\u017ee investor z\u00edskava podkladov\u00fd akciov\u00fd v\u00fdnos bez smerovej st\u00e1vky na dol\u00e1r. Akcie z rozv\u00edjaj\u00facich sa trhov a men\u0161ie spolo\u010dnosti z vyspel\u00fdch trhov s\u00fa z\u00e1merne ponechan\u00e9 bez menov\u00e9ho zabezpe\u010denia. Obchoduj\u00fa sa s oce\u0148ovac\u00edm diskontom, hoci sa o\u010dak\u00e1va, \u017ee ich zisky porast\u00fa pribli\u017ene dvojn\u00e1sobn\u00fdm tempom oproti vyspel\u00fdm trhom.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Elektrifik\u00e1ciu portf\u00f3lio pokr\u00fdva prostredn\u00edctvom eur\u00f3pskych v\u00fdrobcov elektrotechnick\u00fdch zariaden\u00ed a regulovan\u00fdch util\u00edt. Glob\u00e1lna spotreba elektriny m\u00e1 v tomto desa\u0165ro\u010d\u00ed pod\u013ea progn\u00f3z r\u00e1s\u0165 pribli\u017ene o 50 % r\u00fdchlej\u0161ie ako v tom minulom. Portf\u00f3lio dop\u013a\u0148a vyv\u00e1\u017een\u00e1 skladba sektorov\u00fdch poz\u00edci\u00ed a dlhopisov\u00e1 alok\u00e1cia menovo zabezpe\u010den\u00e1 vo\u010di euru. Cie\u013eom je podie\u013ea\u0165 sa na roz\u0161iruj\u00facom sa trhu bez ve\u013ekej st\u00e1vky na ktor\u00fako\u013evek jednu menu.<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>WEM Balanced<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">WEM Balanced sp\u00e1ja koncentrovan\u00fa, v\u00fdskumom podlo\u017een\u00fa poz\u00edciu v jednom z najv\u00e4\u010d\u0161\u00edch s\u00fakromn\u00fdch investi\u010dn\u00fdch cyklov desa\u0165ro\u010dia s kvalitn\u00fdm pr\u00edjmov\u00fdm jadrom.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio do konca augusta dosiahlo v\u00fdnos 6,59 %, pri\u010dom jeho dve zlo\u017eky \u0165ahali opa\u010dn\u00fdmi smermi. Najsilnej\u0161ie v\u00fdnosy priniesli poz\u00edcie v polovodi\u010doch a litografii; energetika po naru\u0161en\u00ed dod\u00e1vok na Bl\u00edzkom v\u00fdchode pridala druh\u00fd zdroj ziskov.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ceny cenn\u00fdch papierov s pevn\u00fdm v\u00fdnosom, ktor\u00e9 tvoria pribli\u017ene tretinu akt\u00edv, sa takmer nezmenili. Vzh\u013eadom na to, \u017ee Feder\u00e1lny rezervn\u00fd syst\u00e9m cel\u00fd rok ponechal \u00farokov\u00e9 sadzby nezmenen\u00e9 a v\u00fdnos 30-ro\u010dn\u00fdch \u0161t\u00e1tnych dlhopisov dosiahol v auguste 19-ro\u010dn\u00e9 maximum, nedo\u0161lo k \u017eiadnemu rastu cien dlhopisov, z ktor\u00e9ho by bolo mo\u017en\u00e9 profitova\u0165. Kr\u00e1tkodob\u00e9 a strednodob\u00e9 podnikov\u00e9 dlhopisy priniesli o\u010dak\u00e1van\u00fd v\u00fdnos; dlhodob\u00e9 podnikov\u00e9 dlhopisy v\u0161ak nie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">August nechal portf\u00f3lio v podstate bez zmeny. Zisky v softv\u00e9ri a polovodi\u010doch vyv\u00e1\u017eil prudk\u00fd v\u00fdpredaj elektroenergetick\u00fdch spolo\u010dnost\u00ed naviazan\u00fdch na AI a oslabenie poz\u00edci\u00ed orientovan\u00fdch na spotrebite\u013ea, ke\u010f\u017ee r\u00e1stli n\u00e1klady na paliv\u00e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Argumentom pre toto portf\u00f3lio je samotn\u00e9 spojenie oboch zlo\u017eiek. Stoj\u00ed na piatich t\u00e9mach:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>N\u00e1stroje a materi\u00e1ly, ktor\u00e9 odvetvie nedok\u00e1\u017ee nahradi\u0165<\/li>\n\n\n\n<li>Selekt\u00edvna skupina prev\u00e1dzkovate\u013eov platforiem<\/li>\n\n\n\n<li>Fyzick\u00e9 z\u00e1klady elektroenergetiky, budov a hardv\u00e9ru<\/li>\n\n\n\n<li>Pribli\u017ene tretina portf\u00f3lia v podnikov\u00fdch dlhopisoch investi\u010dn\u00e9ho stup\u0148a naprie\u010d splatnos\u0165ami<\/li>\n\n\n\n<li>Spolo\u010dnosti, ktor\u00e9 generuj\u00fa hotovos\u0165 vo v\u00e4\u010d\u0161ine podmienok \u2014 v platobn\u00fdch slu\u017eb\u00e1ch, energetike, zdravotn\u00edctve, telekomunik\u00e1ci\u00e1ch a diskontnom maloobchode<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Prostredn\u00edctvom nich sa portf\u00f3lio dost\u00e1va k investi\u010dn\u00e9mu cyklu o jeden \u010di dva kroky sk\u00f4r v hodnotovom re\u0165azci ne\u017e najzn\u00e1mej\u0161ie technologick\u00e9 spolo\u010dnosti. Podnikov\u00e9 dlhopisy op\u00e4\u0165 vyn\u00e1\u0161aj\u00fa viac ako 5 %, bl\u00edzko 15-ro\u010dn\u00e9ho maxima, \u010do znamen\u00e1, \u017ee pr\u00edjmov\u00e1 zlo\u017eka je za \u010dakanie odme\u0148ovan\u00e1.<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>WEM Balanced ETF<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">WEM Balanced ETF be\u017e\u00ed na dvoch rovnako ve\u013ek\u00fdch motoroch: akci\u00e1ch ve\u013ek\u00fdch spolo\u010dnost\u00ed generuj\u00facich hotovos\u0165 a \u0161irokom ko\u0161i dlhopisov investi\u010dn\u00e9ho stup\u0148a, menovo zabezpe\u010den\u00fdch vo\u010di euru.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio do konca augusta dosiahlo v\u00fdnos 7,42 % a cel\u00fd pr\u00edspevok poch\u00e1dzal z akciovej polovice. Hlavn\u00fdm \u0165ah\u00fa\u0148om bola expoz\u00edcia vo\u010di ve\u013ek\u00fdm technologick\u00fdm spolo\u010dnostiam. V auguste ju podporil presun kapit\u00e1lu sp\u00e4\u0165 k najv\u00e4\u010d\u0161\u00edm AI spolo\u010dnostiam a pre\u010d od men\u0161\u00edch, zadl\u017eenej\u0161\u00edch \u010dast\u00ed tejto t\u00e9my.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dlhopisov\u00e1 polovica za toto obdobie skon\u010dila v strate, ke\u010f\u017ee v\u00fdnosy dlhodob\u00fdch dlhopisov dosiahli najvy\u0161\u0161iu \u00farove\u0148 za takmer dve desa\u0165ro\u010dia. Menov\u00e9 zabezpe\u010denie dol\u00e1rovej expoz\u00edcie pridalo \u010fal\u0161\u00ed n\u00e1klad, ke\u010f\u017ee euro oslabilo len mierne. Polovica akt\u00edv tak priniesla z\u00e1porn\u00fd v\u00fdnos v roku, ktor\u00fd inak rizikov\u00fdm akt\u00edvam prial.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na\u0161e hlavn\u00e9 stanovisko je, \u017ee tento trh poh\u00e1\u0148aj\u00fa sk\u00f4r zisky ako sentiment. Zisky spolo\u010dnost\u00ed v uplynulom roku r\u00e1stli r\u00fdchlej\u0161ie ako ceny akci\u00ed. V d\u00f4sledku toho sa celkov\u00fd trh aj jeho technologick\u00fd segment stali z h\u013eadiska historick\u00fdch ziskov mierne lacnej\u0161\u00edmi, hoci \u00farovne indexov dosiahli nov\u00e9 maxim\u00e1. U najv\u00e4\u010d\u0161\u00edch platforiem rast\u00fa tr\u017eby z cloudov\u00fdch slu\u017eieb tempom od vysok\u00fdch 20 % a\u017e po viac ako .<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Charakteristickou \u010drtou je \u0161trukt\u00fara \u2014 menovo zabezpe\u010den\u00e1 vo\u010di euru a postaven\u00e1 na dvoch motoroch. Portf\u00f3lio sa podie\u013ea na trhu \u0165ahanom ziskami a jeho dlhopisy s\u00fa z\u00e1rove\u0148 prv\u00fdkr\u00e1t za viac ako desa\u0165ro\u010die odme\u0148ovan\u00e9 za \u010dakanie. Ich podkladov\u00fd v\u00fdnos do splatnosti presahuje 5 %.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u2192 <\/strong><a href=\"https:\/\/wem.sk\/sk\/kontakt\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Ak m\u00e1te \u010fal\u0161ie ot\u00e1zky, obr\u00e1\u0165te sa na n\u00e1s TU.<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u0160tyri rozli\u010dn\u00e9 ciele. Jeden \u0161tandard spr\u00e1vy majetku. Stru\u010dn\u00fd preh\u013ead v\u00fdkonnosti WEM portf\u00f3li\u00ed v roku 2026 WEM portf\u00f3li\u00e1, r\u00e1mec, na ktorom s\u00fa postaven\u00e9, konkr\u00e9tne situ\u00e1cie, pre ktor\u00e9 s\u00fa ur\u010den\u00e9 \u2014 a d\u00f4kaz, ako to cel\u00e9 funguje: ich v\u00fdkonnos\u0165. Wealth Effect Management pr\u00edstup Od roku 2007 poskytujeme diskr\u00e9tnu, dlhodob\u00fa starostlivos\u0165 pre HNWI jednotlivcov a rodiny. Aby sme &hellip; <a href=\"https:\/\/wem.sk\/sk\/insights\/styri-rozlicne-ciele-jeden-standard-spravy-majetku\/\">Continued<\/a><\/p>\n","protected":false},"author":5,"featured_media":6024,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176,7,179],"insight_author":[189],"class_list":["post-5917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nazory-a-komentare","category-uncategorized-sk","category-wealth-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u0160tyri rozli\u010dn\u00e9 ciele. Jeden \u0161tandard spr\u00e1vy majetku. - Wealth Effect Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wem.sk\/sk\/insights\/styri-rozlicne-ciele-jeden-standard-spravy-majetku\/\" \/>\n<meta property=\"og:locale\" content=\"sk_SK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u0160tyri rozli\u010dn\u00e9 ciele. Jeden \u0161tandard spr\u00e1vy majetku. - Wealth Effect Management\" \/>\n<meta property=\"og:description\" content=\"\u0160tyri rozli\u010dn\u00e9 ciele. Jeden \u0161tandard spr\u00e1vy majetku. Stru\u010dn\u00fd preh\u013ead v\u00fdkonnosti WEM portf\u00f3li\u00ed v roku 2026 WEM portf\u00f3li\u00e1, r\u00e1mec, na ktorom s\u00fa postaven\u00e9, konkr\u00e9tne situ\u00e1cie, pre ktor\u00e9 s\u00fa ur\u010den\u00e9 \u2014 a d\u00f4kaz, ako to cel\u00e9 funguje: ich v\u00fdkonnos\u0165. 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