{"id":6084,"date":"2026-10-12T09:17:28","date_gmt":"2026-10-12T09:17:28","guid":{"rendered":"https:\/\/wem.sk\/?p=6084"},"modified":"2026-10-12T12:26:18","modified_gmt":"2026-10-12T12:26:18","slug":"otvorene-drzane-uzavrete-prilezitosti-rozpoznane-a-vyuzite","status":"publish","type":"post","link":"https:\/\/wem.sk\/sk\/insights\/otvorene-drzane-uzavrete-prilezitosti-rozpoznane-a-vyuzite\/","title":{"rendered":"Otvoren\u00e9. Dr\u017ean\u00e9. Uzavret\u00e9. Pr\u00edle\u017eitosti: rozpoznan\u00e9 a vyu\u017eit\u00e9."},"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>Otvoren\u00e9. Dr\u017ean\u00e9. Uzavret\u00e9.<br><em>Pr\u00edle\u017eitosti: rozpoznan\u00e9 a vyu\u017eit\u00e9.<\/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><strong>Stru\u010dn\u00fd preh\u013ead v\u00fdkonnosti WEM Opportunities v roku 2026<\/strong><\/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><em>WEM Opportunities, ich miesto v \u0161ir\u0161ej strat\u00e9gii a alok\u00e1cii, sp\u00f4sob, ak\u00fdm k nim pristupujeme \u2014 a ako to cel\u00e9 funguje v praxi: tri tematick\u00e9 portf\u00f3li\u00e1 v roku 2026, ka\u017ed\u00e9 v inej f\u00e1ze.<\/em><\/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>\u0160tvrt\u00fd cie\u013e:<br><em>Pr\u00edle\u017eitos\u0165<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">V sprievodnom \u010dl\u00e1nku o portf\u00f3li\u00e1ch WEM v roku 2026 (\u2192 <a href=\"https:\/\/wem.sk\/sk\/insights\/styri-rozlicne-ciele-jeden-standard-spravy-majetku\/\" target=\"_blank\" rel=\"noreferrer noopener\">pozrite si ho TU<\/a>) sme op\u00edsali, ako s\u00fa na\u0161e portf\u00f3li\u00e1 usporiadan\u00e9:<br>\u0160tyri triedy. Ka\u017ed\u00e1 s jednou \u0161pecifickou \u00falohou, ktor\u00fa m\u00e1 plni\u0165.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br>Tri z nich \u2014 dynamick\u00e9, vyv\u00e1\u017een\u00e9 a konzervat\u00edvne \u2014 pokr\u00fdvaj\u00fa dlhodob\u00e9 ciele klienta: rast, diverzifik\u00e1ciu a ochranu. S\u00fa koncipovan\u00e9 tak, aby sa dr\u017eali naprie\u010d trhov\u00fdmi cyklami, a ich spr\u00e1vna kombin\u00e1cia vo v\u00e4\u010d\u0161ine pr\u00edpadov predstavuje zdrav\u00fd pr\u00edstup k spr\u00e1ve majetku. Pritom je na tomto mieste potrebn\u00e9 zopakova\u0165 n\u00e1\u0161 dlhodob\u00fd pr\u00edstup: najprv klient a strat\u00e9gia, a\u017e potom rie\u0161enia (vr\u00e1tane portf\u00f3li\u00ed).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0160tvrt\u00e1 trieda je tematick\u00e1 \u2014 a funguje na inom princ\u00edpe. Jej portf\u00f3li\u00e1, WEM Opportunities, poskytuj\u00fa cielen\u00fa, \u010dasovo citliv\u00fa a limitovan\u00fa expoz\u00edciu vo\u010di konkr\u00e9tnemu \u0161truktur\u00e1lnemu v\u00fdvoju: zmene v ekonomike, ktor\u00fa mo\u017eno zadefinova\u0165, nastavi\u0165 sa na \u0148u a pri ktorej mo\u017eno \u010dasom aj pos\u00fadi\u0165, \u017ee sa u\u017e vy\u010derpala.<br><br>Vo v\u0161eobecnosti teda plat\u00ed, \u017ee WEM Opportunities maj\u00fa existuj\u00facu architekt\u00faru spr\u00e1vy majetku obohati\u0165 a doplni\u0165 \u2014 nie nahradi\u0165.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento \u010dl\u00e1nok preto opisuje, kde maj\u00fa WEM Opportunities svoje miesto a ako sa zostavuj\u00fa, otv\u00e1raj\u00fa a uzatv\u00e1raj\u00fa, a potom sleduje tri z nich po\u010das 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>Kde maj\u00fa WEM Opportunities svoje miesto: <em>Popri jadre.<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Komplexn\u00fd pr\u00edstup k spr\u00e1ve majetku, ktor\u00fd zast\u00e1vame, stoj\u00ed na troch pilieroch:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Strategick\u00fd rast a pr\u00edstup k pr\u00edle\u017eitostiam<\/li>\n\n\n\n<li>Ochrana kapit\u00e1lu a obrana pred rizikom<\/li>\n\n\n\n<li>Odkaz a medzigenera\u010dn\u00e9 \u0161trukt\u00farovanie<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">WEM Opportunities spadaj\u00fa do prv\u00e9ho z nich: ako pr\u00edle\u017eitos\u0165 z\u00edska\u0165 expoz\u00edciu vo\u010di v\u00fdvoju, k\u00fdm e\u0161te prebieha. Nech s\u00fa akoko\u013evek atrakt\u00edvne, nemaj\u00fa by\u0165 z\u00e1kladn\u00fdm kame\u0148om dlhodobej strat\u00e9gie. Z defin\u00edcie pon\u00fakaj\u00fa limitovan\u00fa, \u010dasovo citliv\u00fa expoz\u00edciu \u2014 a tomu zodpoved\u00e1 aj ich najvy\u0161\u0161\u00ed stupe\u0148 rizika.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WEM Opportunities sa teda dr\u017eia popri jadre alok\u00e1cie, a to v obmedzenom pomere k nemu. Koncentr\u00e1ciu, ktor\u00e1 s nimi prich\u00e1dza, tak nesie len \u010das\u0165 majetku.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br>Ke\u010f ide o tak\u00e9ho pr\u00edle\u017eitosti, dodr\u017eiavame rovnak\u00e9 poradie rozhovoru ako s ka\u017ed\u00fdm klientom:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aj pri tak\u00fdchto investi\u010dn\u00fdch pr\u00edle\u017eitostiach preto zost\u00e1va postupnos\u0165 rozhovoru rovnak\u00e1:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Najprv preh\u013eadnos\u0165:<\/strong> Ak\u00e9 s\u00fa ciele a obmedzenia?<br><strong>A\u017e potom \u00fastredn\u00e9 rie\u0161enia.<\/strong> (Vr\u00e1tane portf\u00f3li\u00ed, spr\u00e1vy rodinn\u00e9ho majetku a \u010fal\u0161\u00edch, pod\u013ea potreby.)<br><strong>Pr\u00edle\u017eitosti nakoniec. A v primeranom pomere.<\/strong><\/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>Kon\u0161trukcia WEM Opportunities:<br><em>\u010cas je integr\u00e1lnou s\u00fa\u010das\u0165ou t\u00e9zy<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Ka\u017ed\u00e9 portf\u00f3lio WEM Opportunities je definovan\u00e9 postupnos\u0165ou rovnak\u00fdch troch krokov, ako ka\u017ed\u00e9 in\u00e9 WEM portf\u00f3lio:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Kontext:<\/strong> V\u00fdvoj na trhu, v ekonomike alebo v sektore, na ktor\u00fd portf\u00f3lio reaguje. In\u00fdmi slovami: \u010co sa men\u00ed a na \u010dom sa d\u00e1 stava\u0165.<\/li>\n\n\n\n<li><strong>Pr\u00edle\u017eitos\u0165:<\/strong> Kde v r\u00e1mci tohto konkr\u00e9tneho v\u00fdvoja existuje mo\u017enos\u0165 zhodnotenia.<\/li>\n\n\n\n<li><strong>Strat\u00e9gia:<\/strong> Ako konkr\u00e9tne portf\u00f3lio t\u00fato pr\u00edle\u017eitos\u0165 sleduje \u2014 \u010do dr\u017e\u00ed, ako sa vyberaj\u00fa jeho poz\u00edcie a ako sa spravuje. \u010ci\u017ee: ako pr\u00edle\u017eitos\u0165 vyu\u017e\u00edvame.<br><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u010co je pri WEM Opportunities odli\u0161n\u00e9, je ten rozhoduj\u00faci prvok: <strong>\u010das<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dlhodob\u00e9 portf\u00f3lio je koncipovan\u00e9 tak, aby sa dr\u017ealo naprie\u010d trhov\u00fdmi cyklami. Ka\u017ed\u00e9 portf\u00f3lio WEM Opportunities reaguje na konkr\u00e9tny v\u00fdvoj a to, ako dlho sa dr\u017e\u00ed, ur\u010duje t\u00e9za, na ktorej stoj\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>\u017divotn\u00fd cyklus WEM Opportunities:<br><em>Rozpoznan\u00e9, otvoren\u00e9, dr\u017ean\u00e9, uzavret\u00e9<\/em><\/strong><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ka\u017ed\u00e9 portf\u00f3lio WEM Opportunities sa za\u010d\u00edna t\u00e9zou: \u0161truktur\u00e1lnym v\u00fdvojom, s n\u00edm spojen\u00fdm investi\u010dn\u00fdm potenci\u00e1lom a spolo\u010dnos\u0165ami, ktor\u00e9 maj\u00fa predpoklady z neho profitova\u0165. Rozhodnutia o otvoren\u00ed, dr\u017ean\u00ed a uzavret\u00ed ka\u017ed\u00e9ho portf\u00f3lia WEM Opportunities poch\u00e1dzaj\u00fa z n\u00e1\u0161ho Investi\u010dn\u00e9ho v\u00fdboru \u2014 rovnako ako v\u0161etky k\u013e\u00fa\u010dov\u00e9 rozhodnutia o na\u0161ich portf\u00f3li\u00e1ch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ako dlho sa portf\u00f3lio WEM Opportunities dr\u017e\u00ed, ur\u010duje jeho t\u00e9za \u2014 nie kalend\u00e1r. Tri portf\u00f3li\u00e1 tomto \u010dl\u00e1nku dobre ukazuj\u00fa, ako r\u00f4zne m\u00f4\u017ee vyzera\u0165 t\u00e1to \u0161k\u00e1la:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>WEM Opportunities: Emerging Markets<\/strong> je otvoren\u00e9 od roku 2021 \u2014 preto\u017ee v\u00fdvoj, na ktor\u00fd reaguje, je dlhodob\u00fd.<\/li>\n\n\n\n<li><strong>WEM Opportunities: Software<\/strong> bolo otvoren\u00e9 vo febru\u00e1ri 2026 po tom, \u010do ocenenia naprie\u010d softv\u00e9rov\u00fdm sektorom klesli, a uzavret\u00e9 v auguste 2026.<\/li>\n\n\n\n<li><strong>WEM Opportunities: AI Energy Infrastructure<\/strong> bolo otvoren\u00e9 v j\u00fani 2026 a vzh\u013eadom na to, ako sa s\u00favisiaca situ\u00e1cia vyv\u00edja, zost\u00e1va otvoren\u00e9 aj v \u010dase publikovania (okt\u00f3ber 2026).<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><br>K\u013e\u00fa\u010dov\u00fd tu je pritom jeden aspekt:<br>Samotn\u00e1 pozornos\u0165 e\u0161te z t\u00e9my nerob\u00ed pr\u00edle\u017eitos\u0165. Ako sme nap\u00edsali v na\u0161om najno,&#8230;.v\u0161om v\u00fdro\u010dnom liste: \u201e\u010c\u00edm viac nad\u0161enia sa v niektorom sektore objavuje, t\u00fdm opatrnej\u0161\u00ed mus\u00edme by\u0165.\u201c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dve z troch portf\u00f3li\u00ed v tomto \u010dl\u00e1nku sa t\u00fdkaj\u00fa AI ekonomiky:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>WEM Opportunities: Software bolo otvoren\u00e9 po tom, \u010do ocenenia v jeho sektore klesli.<\/li>\n\n\n\n<li>WEM Opportunities: AI Energy Infrastructure sa zameriava na elektrinu, ktor\u00fa t\u00e1to technol\u00f3gia potrebuje \u2014 teda na t\u00fa \u010das\u0165 rozvoja AI, o ktorej sa hovor\u00ed menej ne\u017e o samotn\u00fdch \u010dipoch, no ktor\u00e1 v s\u00fa\u010dasnosti tento rozvoj obmedzuje viac.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\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. Pri WEM Opportunities ur\u010duje \u010dasov\u00fd horizont t\u00e9za ka\u017ed\u00e9ho portf\u00f3lia, preto sa tri obdobia v tomto \u010dl\u00e1nku l\u00ed\u0161ia:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pri <strong>WEM Opportunities: Emerging Markets<\/strong> ide o obdobie od 31. decembra 2025 do 31. augusta 2026.&nbsp;<\/li>\n\n\n\n<li><strong>WEM Opportunities: Software<\/strong> zobrazujeme od jeho spustenia 16. febru\u00e1ra 2026 do uzavretia 12. augusta 2026.<\/li>\n\n\n\n<li><strong>WEM Opportunities: AI Energy Infrastructure<\/strong> zobrazujeme od jeho spustenia v j\u00fani 2026 do 31. augusta 2026.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u010c\u00edsla s\u00fa vyjadren\u00e9 v eur\u00e1ch, pred zoh\u013eadnen\u00edm poplatkov a dan\u00ed. Pri dvoch z troch portf\u00f3li\u00ed je hist\u00f3ria v\u00fdkonnosti krat\u0161ia ako rok, tak\u017ee zatia\u013e ide sk\u00f4r o prv\u00fd n\u00e1h\u013ead ne\u017e o track record.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><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.<\/a><br><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>Tematick\u00e9 portf\u00f3li\u00e1:<br><em>WEM Opportunities<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Na \u010do sl\u00fa\u017eia:<\/strong><br>Cielen\u00e1, \u010dasovo citliv\u00e1 a limitovan\u00e1 expoz\u00edcia vo\u010di konkr\u00e9tnemu \u0161truktur\u00e1lnemu v\u00fdvoju. Dr\u017eia sa popri jadre alok\u00e1cie, a to tak dlho, k\u00fdm plat\u00ed t\u00e9za, na ktorej stoja.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u010co akceptujete:<\/strong><br>Koncentr\u00e1ciu v jednej t\u00e9me, spolu s volatilitou a rizikom na\u010dasovania, ktor\u00e9 k nej patria. T\u00e9za m\u00f4\u017ee ma\u0165 o v\u00fdvoji pravdu \u2014 a cena ju napriek tomu m\u00f4\u017ee dobehn\u00fa\u0165 a\u017e nesk\u00f4r. Preto sa ka\u017ed\u00e9 portf\u00f3lio WEM Opportunities dr\u017e\u00ed v primeranom pomere \u2014 v tej \u010dasti majetku, ktor\u00e1 je na tak\u00e9to riziko vy\u010dlenen\u00e1.<\/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 WEM OPPORTUNITIES:<\/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 Opportunities: <em>Emerging Markets<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>KONTEXT:<\/strong><br>V\u00e4\u010d\u0161ina svetovej popul\u00e1cie a zna\u010dn\u00e1 \u010das\u0165 jej rastu sa nach\u00e1dza na trhoch, ktor\u00e9 tvoria len mal\u00fd podiel glob\u00e1lnych akciov\u00fdch indexov. Tento rozdiel sa zmen\u0161uje len pozvo\u013ena.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PR\u00cdLE\u017dITOS\u0164:<\/strong><br>Invest\u00edcia priamo na t\u00fdchto trhoch prin\u00e1\u0161a expoz\u00edciu vo\u010di tomuto potenci\u00e1lne vy\u0161\u0161iemu rastu pri jeho zdroji \u2014 v krajin\u00e1ch s odli\u0161n\u00fdm ekonomick\u00fdm prostred\u00edm a v spolo\u010dnostiach, ktor\u00e9 dr\u017e\u00ed menej investorov.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>STRAT\u00c9GIA:<\/strong><strong><br><\/strong>Strat\u00e9gia investuje do verejne obchodovan\u00fdch spolo\u010dnost\u00ed na rozv\u00edjaj\u00facich sa a hrani\u010dn\u00fdch trhoch, vybran\u00fdch pod\u013ea rastu, ktor\u00fd \u0161ir\u0161\u00ed trh rozpozn\u00e1va pomal\u0161ie. V\u00fdber prebieha na \u00farovni jednotliv\u00fdch titulov, prostredn\u00edctvom fundament\u00e1lnej anal\u00fdzy, a poz\u00edcie s\u00fa rozlo\u017een\u00e9 naprie\u010d krajinami aj sektormi tak, aby v\u00fdsledok neur\u010doval jeden trh.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio je akt\u00edvne spravovan\u00e9. 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\">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>Predov\u0161etk\u00fdm tri hlavn\u00e9 t\u00e9my: Prvou je supercyklus v oblasti v\u00fdpo\u010dtov\u00e9ho v\u00fdkonu a hardv\u00e9ru pre umel\u00fa inteligenciu, kde viacer\u00e9 rozv\u00edjaj\u00face sa ekonomiky vyr\u00e1baj\u00fa komponenty, na ktor\u00fdch je tento priemysel z\u00e1visl\u00fd. Druhou je prehodnotenie ve\u013ek\u00fdch softv\u00e9rov\u00fdch platforiem generuj\u00facich hotovos\u0165, ktor\u00fdch trhov\u00e9 ocenenie odr\u00e1\u017ea roky skepticizmu, a nie aktu\u00e1lne fundament\u00e1lne ukazovatele. Tretia t\u00e9ma prin\u00e1\u0161a rovnov\u00e1hu prostredn\u00edctvom \u0161truktur\u00e1lneho rastu a kvalitn\u00fdch v\u00fdnosov: popredn\u00e1 region\u00e1lna banka s dvojcifern\u00fdm rastom \u00faverov, rentabilitou hmotn\u00e9ho vlastn\u00e9ho kapit\u00e1lu v rozmedz\u00ed stredn\u00fdch desiatok percent a vysokou, dobre krytou dividendou; dominantn\u00e1 spolo\u010dnos\u0165 v sektore spotrebn\u00e9ho tovaru; a \u0161pi\u010dkov\u00fd v\u00fdrobca expanduj\u00faci na exportn\u00e9 trhy.<\/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 Opportunities: <em>Software<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>KONTEXT:<\/strong><br>Za\u010diatkom roka 2026 klesli ocenenia naprie\u010d cel\u00fdm softv\u00e9rov\u00fdm sektorom, ke\u010f trhy zva\u017eovali, ktor\u00e9 firmy n\u00e1stup AI vytla\u010d\u00ed. Precenenie zasiahlo aj spolo\u010dnosti, od ktor\u00fdch z\u00e1vis\u00ed samotn\u00e1 AI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PR\u00cdLE\u017dITOS\u0164:<\/strong><br>Spolo\u010dnosti, na ktor\u00fdch stoj\u00ed AI v podnikoch, teda firmy z oblasti cloud computingu, kybernetickej bezpe\u010dnosti a n\u00e1vrhu polovodi\u010dov, bolo mo\u017en\u00e9 vlastni\u0165 pri oceneniach, ktor\u00e9 neodr\u00e1\u017eali ich postavenie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>STRAT\u00c9GIA:<\/strong><strong><br><\/strong>Strat\u00e9gia investovala do koncentrovanej skupiny kvalitn\u00fdch verejne obchodovan\u00fdch spolo\u010dnost\u00ed, ktor\u00e9 tvoria chrbticu zav\u00e1dzania AI v podnikoch: AI platformy, kybernetick\u00e1 bezpe\u010dnos\u0165, cloudov\u00e1 infra\u0161trukt\u00fara, technol\u00f3gie pre verejn\u00fa spr\u00e1vu a softv\u00e9r na n\u00e1vrh polovodi\u010dov. V\u00fdber sa riadil vlastn\u00fdm frameworkom \u201eAI Resilience\u201c, ktor\u00fd uprednost\u0148uje firmy, ktor\u00e9 v\u010faka svojmu konkuren\u010dn\u00e9mu postaveniu rozvoj AI umo\u017e\u0148uj\u00fa, namiesto toho, aby ich AI vytla\u010dila.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio bolo akt\u00edvne spravovan\u00e9 a vysoko koncentrovan\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zdrojom v\u00fdnosu bolo kapit\u00e1lov\u00e9 zhodnotenie, vr\u00e1tane o\u017eivenia ocenen\u00ed, a pohyby mien.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u010cO OVPLYVNILO V\u00ddSLEDOK:<\/strong><br>Najv\u00fdraznej\u0161ie prispela kybernetick\u00e1 bezpe\u010dnos\u0165: dve poz\u00edcie prudko vzr\u00e1stli zo svojich febru\u00e1rov\u00fdch min\u00edm. Portf\u00f3lio sme uzavreli 12. augusta: podhodnotenie, kv\u00f4li ktor\u00e9mu sme ho otvorili, sa z ve\u013ekej \u010dasti napravilo a kr\u00e1tkodob\u00e9 rizik\u00e1 sa zv\u00fd\u0161ili. N\u00e1\u0161 poh\u013ead na samotn\u00e9 spolo\u010dnosti sa nezmenil.<\/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 Opportunities: <em>AI Energy Infrastructure<\/em><\/strong><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>KONTEXT:<\/strong><br>Hlavn\u00e9 obmedzenie rozvoja AI sa pres\u00fava z v\u00fdpo\u010dtov\u00e9ho v\u00fdkonu na energetick\u00fa infra\u0161trukt\u00faru, ktor\u00e1 ho m\u00e1 nap\u00e1ja\u0165. Jej v\u00fdstavba trv\u00e1 roky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PR\u00cdLE\u017dITOS\u0164:<\/strong><br>Spolo\u010dnosti, ktor\u00e9 t\u00fato infra\u0161trukt\u00faru dod\u00e1vaj\u00fa, maj\u00fa \u0165a\u017eko replikovate\u013en\u00e9 postavenie a ich knihy objedn\u00e1vok siahaj\u00fa \u010faleko za s\u00fa\u010dasn\u00fd cyklus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>STRAT\u00c9GIA:<\/strong><strong><br><\/strong>Strat\u00e9gia investuje do verejne obchodovan\u00fdch spolo\u010dnost\u00ed p\u00f4sobiacich naprie\u010d jednotliv\u00fdmi vrstvami v\u00fdstavby: dod\u00e1vka paliva, kontrahovan\u00e1 v\u00fdroba elektriny, budovanie siet\u00ed, prenosov\u00e9 a distribu\u010dn\u00e9 zariadenia a infra\u0161trukt\u00fara vn\u00fatri d\u00e1tov\u00fdch centier. Tieto vrstvy benefituj\u00fa z fyzick\u00fdch obmedzen\u00ed dod\u00e1vok, viacro\u010dn\u00fdch kn\u00edh objedn\u00e1vok a podp\u00edsan\u00fdch zml\u00fav s hyperscalermi, ktor\u00e9 poskytuj\u00fa vidite\u013enos\u0165 do roku 2030.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portf\u00f3lio dr\u017e\u00ed v ka\u017edom okamihu desa\u0165 poz\u00edci\u00ed. V\u00fdber titulov riadi vlastn\u00fd kompozitn\u00fd framework ukotven\u00fd na objeme nevybaven\u00fdch objedn\u00e1vok ako hlavnom predstihovom indik\u00e1tore, doplnen\u00fd o region\u00e1lne upraven\u00fa vrstvu pre expoz\u00edciu vo\u010di frontom na pripojenie do siete.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cie\u013eom portf\u00f3lia je dlhodob\u00e9 kapit\u00e1lov\u00e9 zhodnotenie \u2014 dosahovan\u00e9 vyv\u00e1\u017een\u00edm zaveden\u00fdch spolo\u010dnost\u00ed generuj\u00facich hotovos\u0165 a spolo\u010dnost\u00ed, ktor\u00fdch rast z\u00e1vis\u00ed od samotnej v\u00fdstavby.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u010cO OVPLYVNILO V\u00ddSLEDOK:<\/strong><br>V\u00fdsledok od spustenia, zobrazen\u00fd v grafe ni\u017e\u0161ie, vykres\u013euje poz\u00edciu portf\u00f3lia priaznivej\u0161ie, ne\u017e v skuto\u010dnosti je. Samotn\u00fd august st\u00e1l portf\u00f3lio 8,27 %, ke\u010f investori za\u010dali spochyb\u0148ova\u0165, ako dlho bud\u00fa najv\u00e4\u010d\u0161ie cloudov\u00e9 spolo\u010dnosti svoje v\u00fddavky udr\u017eiava\u0165. T\u00e9za, na ktorej portf\u00f3lio stoj\u00ed, sa nezmenila.<\/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>WEM Opportunities<\/strong><\/h1>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-Opportunities-in-2026-1.avif\" data-fancybox=\"image-6051\" style=\"display:contents\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1440\" src=\"https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-Opportunities-in-2026-1.avif\" alt=\"\" class=\"wp-image-6051\" srcset=\"https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-Opportunities-in-2026-1.avif 1920w, https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-Opportunities-in-2026-1-300x225.avif 300w, https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-Opportunities-in-2026-1-768x576.avif 768w, https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-Opportunities-in-2026-1-1024x768.avif 1024w, https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/WEM-Opportunities-in-2026-1-1536x1152.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<p class=\"wp-block-paragraph\">Graf, ktor\u00fd zdie\u013eame so sprievodn\u00fdm \u010dl\u00e1nkom, zobrazuje ved\u013ea seba portf\u00f3li\u00e1 tejto kampane. Pri troch portf\u00f3li\u00e1ch WEM Opportunities sa obdobia l\u00ed\u0161ia, preto m\u00e1 zmysel \u010d\u00edta\u0165 ka\u017ed\u00fd v\u00fdsledok samostatne \u2014 a vo vz\u0165ahu k f\u00e1ze, v ktorej sa dan\u00e9 portf\u00f3lio nach\u00e1dza:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>WEM Opportunities: Emerging Markets zost\u00e1va otvoren\u00e9, preto\u017ee v\u00fdvoj, na ktor\u00fd reaguje, je dlhodob\u00fd.<\/li>\n\n\n\n<li>WEM Opportunities: Software bolo uzavret\u00e9, ke\u010f sa pr\u00edle\u017eitos\u0165, pre ktor\u00fa bolo otvoren\u00e9, z ve\u013ekej \u010dasti vyu\u017eila.<\/li>\n\n\n\n<li>A WEM Opportunities: AI Energy Infrastructure dr\u017e\u00edme aj po n\u00e1ro\u010dnom auguste, preto\u017ee na\u0161a t\u00e9za zost\u00e1va nezmenen\u00e1.<\/li>\n<\/ul>\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>Ako pos\u00fadi\u0165 <em>WEM Opportunities<\/em> v r\u00e1mci va\u0161ej alok\u00e1cie:<\/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 s\u00favislosti<\/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\">Jadro alok\u00e1cie vypl\u00fdva z odpoved\u00ed. Ak m\u00e1 portf\u00f3lio WEM Opportunities vo va\u0161ej alok\u00e1cii miesto, dr\u017e\u00ed sa popri jadre, a to v obmedzenom pomere.<\/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 WEM portf\u00f3li\u00ed 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-11\"><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:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u2192 <a href=\"https:\/\/wem.sk\/sk\/insights\/styri-rozlicne-ciele-jeden-standard-spravy-majetku\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pre\u010d\u00edtajte si aj sprievodn\u00fd \u010dl\u00e1nok: \u0160tyri rozli\u010dn\u00e9 ciele. Jeden \u0161tandard spr\u00e1vy majetku.<\/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-12\">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, portf\u00f3lio po portf\u00f3liu, poz\u00edcie, sektory a trhov\u00e9 podmienky, ktor\u00e9 stoja za v\u00fdsledkami v tomto \u010dl\u00e1nku. Odr\u00e1\u017ea n\u00e1\u0161 poh\u013ead k 31. augustu 2026 (pri WEM Opportunities: Software k jeho uzavretiu 12. augusta 2026), ktor\u00fd sa m\u00f4\u017ee zmeni\u0165. Zmienky o jednotliv\u00fdch spolo\u010dnostiach sl\u00fa\u017eia len na ilustr\u00e1ciu a ni\u010d z uveden\u00e9ho nie je odpor\u00fa\u010dan\u00edm na k\u00fapu ani predaj ak\u00e9hoko\u013evek cenn\u00e9ho papiera. \u0160ir\u0161ie trhov\u00e9 podmienky roka 2026 opisuje Appendix n\u00e1\u0161ho sprievodn\u00e9ho \u010dl\u00e1nku.<\/em><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>WEM Opportunities: <em>Emerging Markets<\/em><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">WEM Opportunities: Emerging Markets m\u00e1 \u0161trukt\u00faru typu \u201ebarbell\u201c. Pribli\u017ene 3\/5 portf\u00f3lia tvor\u00ed n\u00edzkon\u00e1kladov\u00e9, \u0161iroko diverzifikovan\u00e9 jadro naprie\u010d rozvojov\u00fdm svetom. Zvy\u0161ok je s\u00fastreden\u00fd v satelite troch pozorovate\u013en\u00fdch t\u00e9m:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cyklus v\u00fdpo\u010dtovej techniky a AI hardv\u00e9ru:<\/strong> Nieko\u013eko rozv\u00edjaj\u00facich sa ekonom\u00edk vyr\u00e1ba komponenty, od ktor\u00fdch toto odvetvie z\u00e1vis\u00ed.<\/li>\n\n\n\n<li><strong>Precenenie ve\u013ek\u00fdch softv\u00e9rov\u00fdch platforiem:<\/strong> Ide o firmy generuj\u00face hotovos\u0165, ktor\u00e9 sa st\u00e1le obchoduj\u00fa pri oceneniach odr\u00e1\u017eaj\u00facich roky skepsy, a nie ich s\u00fa\u010dasn\u00e9 fundamenty.<\/li>\n\n\n\n<li><strong>\u0160truktur\u00e1lny rast a kvalitn\u00fd pr\u00edjem,<\/strong> ktor\u00e9 portf\u00f3liu dod\u00e1vaj\u00fa rovnov\u00e1hu. Patria sem:\n<ul class=\"wp-block-list\">\n<li>Popredn\u00e1 region\u00e1lna banka s dvojcifern\u00fdm rastom \u00faverov, n\u00e1vratnos\u0165ou hmotn\u00e9ho vlastn\u00e9ho kapit\u00e1lu okolo 15 % a vysokou, dobre krytou dividendou<\/li>\n\n\n\n<li>Firma z oblasti tovaru ka\u017edodennej spotreby s dominantn\u00fdm postaven\u00edm na trhu<\/li>\n\n\n\n<li>V\u00fdrobca, ktor\u00fd expanduje na exportn\u00e9 trhy<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Investi\u010dn\u00fdm argumentom je n\u00e1kladovo efekt\u00edvny pr\u00edstup na rozv\u00edjaj\u00face sa trhy, ktor\u00e9 sa obchoduj\u00fa s pretrv\u00e1vaj\u00facim oce\u0148ovac\u00edm diskontom vo\u010di svojim n\u00e1protivkom z vyspel\u00fdch trhov. T\u00e9my s\u00fa u\u017e vidite\u013en\u00e9 v tr\u017eb\u00e1ch a z\u00e1sobn\u00edkoch objedn\u00e1vok, a nie v progn\u00f3zach.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>WEM Opportunities<\/strong><\/strong>: <em>Software<\/em><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">WEM Opportunities: Software sme uzavreli 12. augusta 2026, po obdob\u00ed silnej v\u00fdkonnosti. Strat\u00e9gia bola spusten\u00e1 v polovici febru\u00e1ra ako z\u00e1merne koncentrovan\u00e1, kontrari\u00e1nska poz\u00edcia, po v\u00fdpredaji softv\u00e9rov\u00fdch akci\u00ed za\u010diatkom roka. V\u00fdber titulov sa riadil frameworkom \u201eAI Resilience\u201c, ktor\u00fd uprednost\u0148uje firmy, ktor\u00e9 zav\u00e1dzanie AI v podnikoch potrebuje, pred t\u00fdmi, ktor\u00e9 vytl\u00e1\u010da.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Od spustenia po uzavretie dosiahlo portf\u00f3lio hrub\u00fd v\u00fdnos 47 % v eur\u00e1ch, \u010d\u00edm za rovnak\u00e9 obdobie prekonalo \u0161ir\u0161\u00ed softv\u00e9rov\u00fd trh, meran\u00fd ETF iShares Expanded Tech-Software Sector. Najv\u00fdraznej\u0161ie prispela kybernetick\u00e1 bezpe\u010dnos\u0165: akcie Palo Alto Networks aj CrowdStrike sa od svojich febru\u00e1rov\u00fdch min\u00edm prudko precenili smerom nahor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozhodnutie realizova\u0165 zisky odr\u00e1\u017ea to, \u017ee sa p\u00f4vodn\u00e9 chybn\u00e9 ocenenie vyrovnalo, a nie zmenu n\u00e1\u0161ho poh\u013eadu na spolo\u010dnosti. Anom\u00e1liu v ocenen\u00ed, na ktorej vyu\u017eitie bola strat\u00e9gia postaven\u00e1, u\u017e trh z ve\u013ekej \u010dasti precenil. Medi\u00e1nov\u00e9 o\u010dak\u00e1van\u00e9 v\u00fdnosy naprie\u010d \u0161ir\u0161\u00edm softv\u00e9rov\u00fdm univerzom navy\u0161e v predch\u00e1dzaj\u00facich t\u00fd\u017ed\u0148och v\u00fdrazne klesli. Z\u00e1rove\u0148 vzr\u00e1stli kr\u00e1tkodob\u00e9 rizik\u00e1 poklesu, zatia\u013e \u010do dlhodobej\u0161ia neistota o tom, ako AI naru\u0161\u00ed softv\u00e9rov\u00fd sektor, zost\u00e1va zv\u00fd\u0161en\u00e1 a \u010dasom sa kumuluje. V sektore na\u010falej vid\u00edme selekt\u00edvne neefekt\u00edvnosti a rad\u0161ej ich vyu\u017e\u00edvame v r\u00e1mci v\u00e4\u010d\u0161ieho, diverzifikovanej\u0161ieho portf\u00f3lia.<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>WEM Opportunities<\/strong><\/strong>: <em>AI Energy Infrastructure<\/em><\/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 WEM Opportunities: AI Energy Infrastructure je \u0161pecializovan\u00e1 strat\u00e9gia zameran\u00e1 na elektrifik\u00e1ciu AI. Vlastn\u00ed spolo\u010dnosti, ktor\u00e9 vyr\u00e1baj\u00fa elektrinu a stavaj\u00fa fyzick\u00fa infra\u0161trukt\u00faru, od ktorej z\u00e1vis\u00ed budovanie AI \u2014 namiesto st\u00e1vky na to, ktor\u00fd softv\u00e9r alebo \u010dip zv\u00ed\u0165az\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Od spustenia do konca augusta dosiahlo portf\u00f3lio v\u00fdnos 32,80 %, hoci toto \u010d\u00edslo dnes vykres\u013euje jeho poz\u00edciu priaznivej\u0161ie, ne\u017e v skuto\u010dnosti je. Samotn\u00fd august st\u00e1l portf\u00f3lio 8,27 %. Akcie stavebn\u00fdch dod\u00e1vate\u013eov a v\u00fdrobcov zariaden\u00ed v portf\u00f3liu klesli o 10 a\u017e 27 %, ke\u010f trh za\u010dal spochyb\u0148ova\u0165, \u010di s\u00fa kapit\u00e1lov\u00e9 v\u00fddavky hyperscalerov udr\u017eate\u013en\u00e9. Tri okolnosti \u2014 hoci sa fundamenty vyv\u00edjali opa\u010dn\u00fdm smerom \u2014 spolo\u010dne stla\u010dili hodnotu, ktor\u00fa investori pripisuj\u00fa dlhodobo nevybaven\u00fdm objedn\u00e1vkam:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Spr\u00e1va o nezverejnenom dlhu hyperscalerov<\/li>\n\n\n\n<li>Slab\u0161ie ne\u017e o\u010dak\u00e1van\u00e9 tr\u017eby, ktor\u00e9 zverejnili ve\u013ek\u00ed AI v\u00fdvoj\u00e1ri&nbsp;<\/li>\n\n\n\n<li>V\u00fdnosy dlhodob\u00fdch dlhopisov na 19-ro\u010dnom maxime<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Dod\u00e1vatelia hl\u00e1sili rekordn\u00fd objem nevybaven\u00fdch objedn\u00e1vok, rast tr\u017eieb nad 40 % a roz\u0161iruj\u00face sa mar\u017ee \u2014 a trh ich napriek tomu pred\u00e1val, preto\u017ee ich v\u00fdh\u013ead mierne zaostal za konsenzom. N\u00e1klady na paliv\u00e1, vy\u0161\u0161ie od naru\u0161enia dod\u00e1vok na Bl\u00edzkom v\u00fdchode, sa u\u017e premietaj\u00fa do ich n\u00e1kladovej \u0161trukt\u00fary. Poz\u00edcie vo v\u00fdrobe elektriny a poz\u00edcia v oblasti chladenia za mesiac posilnili, a preto portf\u00f3lio kleslo v\u00fdrazne menej ne\u017e jeho najslab\u0161ie tituly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Z\u00e1kladn\u00e1 t\u00e9za sa nezmenila. Stoj\u00ed na troch veciach:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Viacro\u010dn\u00fd \u0161ok v dopyte po elektrine<\/li>\n\n\n\n<li>Strana ponuky, ktor\u00e1 nedok\u00e1\u017ee reagova\u0165 r\u00fdchlo \u2014 dodacie lehoty sie\u0165ov\u00fdch zariaden\u00ed presahuj\u00fa tri roky<\/li>\n\n\n\n<li>Rekordn\u00fd objem uzatvoren\u00fdch z\u00e1kaziek a zmluvy o n\u00e1kupe elektrickej energie s platnos\u0165ou a\u017e 20 rokov<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Pod\u013ea n\u00e1\u0161ho n\u00e1zoru spolu d\u00e1vaj\u00fa strat\u00e9gii tak\u00fa vidite\u013enos\u0165 do bud\u00facnosti a d\u013a\u017eku trvania, ak\u00fa portf\u00f3lio v\u00fdpo\u010dtov\u00fdch spolo\u010dnost\u00ed, meran\u00e9 v \u0161tvr\u0165rokoch, nem\u00e1.<br><\/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<\/strong> <strong>TU.<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2192 <a href=\"https:\/\/wem.sk\/sk\/insights\/styri-rozlicne-ciele-jeden-standard-spravy-majetku\/\" target=\"_blank\" rel=\"noreferrer noopener\">Podrobn\u00fd poh\u013ead na doteraj\u0161iu v\u00fdkonnos\u0165 WEM flagship portf\u00f3li\u00ed v roku 2026 n\u00e1jdete tu.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Otvoren\u00e9. Dr\u017ean\u00e9. Uzavret\u00e9.Pr\u00edle\u017eitosti: rozpoznan\u00e9 a vyu\u017eit\u00e9. Stru\u010dn\u00fd preh\u013ead v\u00fdkonnosti WEM Opportunities v roku 2026 WEM Opportunities, ich miesto v \u0161ir\u0161ej strat\u00e9gii a alok\u00e1cii, sp\u00f4sob, ak\u00fdm k nim pristupujeme \u2014 a ako to cel\u00e9 funguje v praxi: tri tematick\u00e9 portf\u00f3li\u00e1 v roku 2026, ka\u017ed\u00e9 v inej f\u00e1ze. \u0160tvrt\u00fd cie\u013e:Pr\u00edle\u017eitos\u0165 V sprievodnom \u010dl\u00e1nku o portf\u00f3li\u00e1ch WEM v &hellip; <a href=\"https:\/\/wem.sk\/sk\/insights\/otvorene-drzane-uzavrete-prilezitosti-rozpoznane-a-vyuzite\/\">Continued<\/a><\/p>\n","protected":false},"author":5,"featured_media":6023,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176,181,22,179],"insight_author":[189,188],"class_list":["post-6084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nazory-a-komentare","category-nezaradene","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>Otvoren\u00e9. Dr\u017ean\u00e9. Uzavret\u00e9. Pr\u00edle\u017eitosti: rozpoznan\u00e9 a vyu\u017eit\u00e9. - 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\/otvorene-drzane-uzavrete-prilezitosti-rozpoznane-a-vyuzite\/\" \/>\n<meta property=\"og:locale\" content=\"sk_SK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Otvoren\u00e9. Dr\u017ean\u00e9. Uzavret\u00e9. Pr\u00edle\u017eitosti: rozpoznan\u00e9 a vyu\u017eit\u00e9. - Wealth Effect Management\" \/>\n<meta property=\"og:description\" content=\"Otvoren\u00e9. Dr\u017ean\u00e9. Uzavret\u00e9.Pr\u00edle\u017eitosti: rozpoznan\u00e9 a vyu\u017eit\u00e9. Stru\u010dn\u00fd preh\u013ead v\u00fdkonnosti WEM Opportunities v roku 2026 WEM Opportunities, ich miesto v \u0161ir\u0161ej strat\u00e9gii a alok\u00e1cii, sp\u00f4sob, ak\u00fdm k nim pristupujeme \u2014 a ako to cel\u00e9 funguje v praxi: tri tematick\u00e9 portf\u00f3li\u00e1 v roku 2026, ka\u017ed\u00e9 v inej f\u00e1ze. \u0160tvrt\u00fd cie\u013e:Pr\u00edle\u017eitos\u0165 V sprievodnom \u010dl\u00e1nku o portf\u00f3li\u00e1ch WEM v &hellip; Continued\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wem.sk\/sk\/insights\/otvorene-drzane-uzavrete-prilezitosti-rozpoznane-a-vyuzite\/\" \/>\n<meta property=\"og:site_name\" content=\"Wealth Effect Management\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-12T09:17:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-12T12:26:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wem.sk\/wp-content\/uploads\/2026\/10\/BLOG-Header-\u2014-WEM-Opportunities-in-2026-og.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marek Hlavenka\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Autor\" \/>\n\t<meta name=\"twitter:data1\" content=\"Marek Hlavenka\" \/>\n\t<meta name=\"twitter:label2\" content=\"Predpokladan\u00fd \u010das \u010d\u00edtania\" \/>\n\t<meta name=\"twitter:data2\" content=\"17 min\u00fat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/wem.sk\\\/sk\\\/insights\\\/otvorene-drzane-uzavrete-prilezitosti-rozpoznane-a-vyuzite\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/wem.sk\\\/sk\\\/insights\\\/otvorene-drzane-uzavrete-prilezitosti-rozpoznane-a-vyuzite\\\/\"},\"author\":{\"name\":\"Marek Hlavenka\",\"@id\":\"https:\\\/\\\/wem.sk\\\/sk\\\/#\\\/schema\\\/person\\\/1b4122ceef2fc26f4e49491a11fcbfec\"},\"headline\":\"Otvoren\u00e9. 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