{"id":206727,"date":"2026-09-08T09:12:15","date_gmt":"2026-09-08T09:12:15","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/206727\/"},"modified":"2026-09-08T09:12:15","modified_gmt":"2026-09-08T09:12:15","slug":"investori-z-pfc-na-burzach-vydelavaji-miliardy-i-diky-tezari-zlata","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/206727\/","title":{"rendered":"Investo\u0159i z\u00a0PFC na burz\u00e1ch vyd\u011bl\u00e1vaj\u00ed miliardy. I\u00a0d\u00edky t\u011b\u017ea\u0159i zlata"},"content":{"rendered":"

\u010cesk\u00e1 investi\u010dn\u00ed skupina Pale Fire Capital (PFC), jej\u00edmi\u017e hlavn\u00edmi tv\u00e1\u0159emi jsou Jan Barta a\u00a0Du\u0161an \u0160enkypl, je aktivn\u00ed nejen v\u00a0private equity (n\u00e1kup a\u00a0prodej firem), ale dlouhodob\u011b aktivn\u011b obchoduje i\u00a0na sv\u011btov\u00fdch burz\u00e1ch.<\/p>\n

Pod skupinu PFC spad\u00e1 i\u00a0investi\u010dn\u00ed spole\u010dnost, kter\u00e1 meziro\u010dn\u011b v\u00fdrazn\u011b zv\u00fd\u0161ila objem sv\u00fdch investic do akci\u00ed a\u00a0dal\u0161\u00edch burzovn\u00edch instrument\u016f na 65,9\u00a0miliardy korun, a\u00a0pat\u0159\u00ed tak k\u00a0nejv\u011bt\u0161\u00edm investi\u010dn\u00edm vehikl\u016fm v\u00a0\u010cesku. <\/p>\n

Sou\u010d\u00e1st\u00ed t\u00e9to \u010d\u00e1stky je i\u00a0finan\u010dn\u00ed p\u00e1ka, tj. kombinace marginov\u00e9ho financov\u00e1n\u00ed (pen\u00edze vyp\u016fj\u010den\u00e9 od brokera) a\u00a0shortov\u00e1n\u00ed akci\u00ed (vyp\u016fj\u010den\u00e9 a\u00a0n\u00e1sledn\u011b prodan\u00e9 tituly, kter\u00e9 fond mus\u00ed \u010dasem koupit zp\u011bt). Pr\u00e1ce s\u00a0ciz\u00edm kapit\u00e1lem je mezi aktivn\u00edmi investory b\u011b\u017en\u00e1 praxe, u\u00a0PFC ale jde o\u00a0\u0159\u00e1dov\u011b miliardy korun, tak\u017ee re\u00e1ln\u00e1 vlastn\u00ed expozice fondu na burz\u00e1ch je v\u00fdrazn\u011b ni\u017e\u0161\u00ed ne\u017e uv\u00e1d\u011bn\u00fdch 66\u00a0miliard.<\/p>\n

Samotn\u00fd Barta ani spole\u010dnost Pale Fire Capital necht\u011bj\u00ed ke sv\u00fdm burzovn\u00edm obchod\u016fm nic dod\u00e1vat. \u201eV\u0161echny podstatn\u00e9 informace o\u00a0spole\u010dnosti jsou ve ve\u0159ejn\u00fdch dokumentech a\u00a0nad jejich r\u00e1mec v\u00edce detail\u016f neposkytujeme, vn\u00edm\u00e1me je jako intern\u00ed,\u201c uvedla mluv\u010d\u00ed PFC Al\u017eb\u011bta Pl\u00edvov\u00e1.<\/p>\n

O rok d\u0159\u00edve m\u011bla PFC ve sv\u00e9 investi\u010dn\u00ed spole\u010dnosti zainvestov\u00e1no 37,5\u00a0miliardy korun, meziro\u010dn\u011b tedy objem v\u00fdrazn\u011b narostl. T\u011bchto 65,9\u00a0miliardy korun spravuje Investi\u010dn\u00ed spole\u010dnost PFC ve t\u0159ech podfondech: Core, nejv\u011bt\u0161\u00ed Growth a\u00a0Friends & Family. Investi\u010dn\u00ed spole\u010dnost PFC je stoprocentn\u011b vlastn\u011bna investi\u010dn\u00ed skupinou Pale Fire Capital, ale to automaticky neznamen\u00e1, \u017ee j\u00ed spravovan\u00e9 prost\u0159edky rovn\u011b\u017e pat\u0159\u00ed.<\/p>\n

Jak funguje shortov\u00e1n\u00edProdej nakr\u00e1tko neboli shortov\u00e1n\u00ed funguje na opa\u010dn\u00e9m principu ne\u017e klasick\u00fd n\u00e1kup akci\u00ed. V\u00a0tomto p\u0159\u00edpad\u011b s\u00e1z\u00ed obchoduj\u00edc\u00ed na pokles.Od brokera si \u201evyp\u016fj\u010d\u00ed\u201c akcie a mus\u00ed je do n\u011bjak\u00e9 doby vr\u00e1tit.Prodej nakr\u00e1tko tedy spo\u010d\u00edv\u00e1 v\u00a0tom, \u017ee si investor \u201ezap\u016fj\u010d\u00ed\u201c 1000\u00a0akci\u00ed nap\u0159\u00edklad za 100\u00a0milion\u016f dolar\u016f. Tuto tis\u00edcovku akci\u00ed okam\u017eit\u011b prod\u00e1 a douf\u00e1, \u017ee jejich cena spadne. Pokud cena spadne, nakoup\u00ed zp\u011bt 1000\u00a0akci\u00ed t\u0159eba jen za 50\u00a0milion\u016f dolar\u016f, brokerovi t\u011bchto 1000\u00a0akci\u00ed vr\u00e1t\u00ed a jeho zisk z\u00a0t\u00e9to operace \u010din\u00ed 50\u00a0milion\u016f dolar\u016f (nepo\u010d\u00edt\u00e1me poplatky).Shortov\u00e1n\u00ed je proti klasick\u00e9mu n\u00e1kupu akci\u00ed v\u00edce rizikov\u00e9. Zat\u00edmco p\u0159i b\u011b\u017en\u00e9m obchodov\u00e1n\u00ed m\u016f\u017ee investor p\u0159ij\u00edt \u201epouze\u201c o\u00a0vklad, u\u00a0kr\u00e1tk\u00e9ho prodeje se m\u016f\u017ee shorta\u0159 dostat do z\u00e1poru. M\u016f\u017ee se toti\u017e st\u00e1t, \u017ee akcie neklesnou, ale naopak pos\u00edl\u00ed\u2026 Pokud by 1000\u00a0akci\u00ed musel shorta\u0159 nakupovat zp\u011bt za 150\u00a0milion\u016f dolar\u016f, pak na t\u00e9to operaci trat\u00ed 50\u00a0milion\u016f dolar\u016f.Enormn\u00ed zisk<\/p>\n

Podle informac\u00ed Seznam Zpr\u00e1v nicm\u00e9n\u011b v\u00fdznamnou \u010d\u00e1st spravovan\u00e9ho majetku vlastn\u00ed p\u0159\u00edmo Jan Barta jako soukrom\u00fd investor ve fondu. Tedy nikoliv prost\u0159ednictv\u00edm vlastnick\u00e9ho pod\u00edlu v\u00a0Investi\u010dn\u00ed spole\u010dnosti PFC. Barta na burz\u00e1ch za\u010d\u00ednal u\u017e jako teenager, a\u00a0prvn\u00ed velk\u00e9 pen\u00edze vyd\u011blal na obchodov\u00e1n\u00ed s\u00a0internetov\u00fdmi dom\u00e9nami, p\u0159i\u010dem\u017e je z\u00e1rove\u0148 hlavn\u00edm investi\u010dn\u00edm strat\u00e9gem fondu.<\/p>\n

<\/a><\/p>\n

O v\u00fd\u0161i jeho osobn\u00edho majetku leccos vypov\u00edd\u00e1 zaplacen\u00e1 da\u0148 za rok 2023.\u00a0Jak s\u00e1m Barta loni uvedl, jednalo se o\u00a0\u010d\u00e1stku ve v\u00fd\u0161i 1,71\u00a0miliardy korun, co\u017e jej posunulo do des\u00edtky nejv\u011bt\u0161\u00edch pl\u00e1tc\u016f dan\u011b z\u00a0p\u0159\u00edjmu fyzick\u00fdch, ale rovn\u011b\u017e i\u00a0pr\u00e1vnick\u00fdch osob. \u201e\u010c\u00e1stka je spr\u00e1vn\u00e1. Vznikla z\u00a0kapit\u00e1lov\u00fdch v\u00fdnos\u016f a\u00a0dividend,\u201c uvedl loni pro Seznam Zpr\u00e1vy k\u00a0v\u00fd\u0161i odveden\u00e9 dan\u011b Jan Barta, kter\u00fd je z\u00e1rove\u0148 velk\u00fdm filantropem. Kapit\u00e1lov\u00e9 v\u00fdnosy p\u0159itom podle n\u011bj poch\u00e1zely pr\u00e1v\u011b z\u00a0burzovn\u00edch obchod\u016f.<\/p>\n

Takto vysok\u00e1 da\u0148 p\u0159itom odpov\u00edd\u00e1 zdaniteln\u00fdm p\u0159\u00edjm\u016fm zhruba 7,4\u00a0miliardy korun. Tyto finan\u010dn\u00ed prost\u0159edky tedy Barta v\u00a0roce 2023\u00a0vyd\u011blal na sv\u00fdch burzovn\u00edch obchodech.<\/p>\n

Pozice v\u00a0USA i\u00a0Evrop\u011b<\/p>\n

PFC je aktivn\u00edm investorem, kter\u00fd na burz\u00e1ch prod\u00e1v\u00e1 a\u00a0nakupuje pom\u011brn\u011b \u010dasto. Podle nejnov\u011bj\u0161\u00edch regulatorn\u00edch ozn\u00e1men\u00ed pro americk\u00e9ho regul\u00e1tora SEC m\u011bla PFC otev\u0159eno des\u00edtky pozic v\u00a0hodnot\u011b 1,4\u00a0miliardy dolar\u016f (29\u00a0miliard korun). Mezi nejv\u00fdznamn\u011bj\u0161\u00ed pozice pat\u0159\u00ed slevov\u00fd port\u00e1l Groupon, kter\u00fd se sna\u017e\u00ed o\u017eivit Du\u0161an \u0160enkypl, d\u00e1le t\u011b\u017ea\u0159 B2Gold Corp., internetov\u00e1 a\u00a0technologick\u00e1 firma Ziff Davis, distributor ban\u00e1n\u016f Dole, v\u00fdukov\u00fd server Coursera nebo \u010d\u00ednsk\u00e9 internetov\u00e9 tr\u017ei\u0161t\u011b Alibaba.<\/p>\n

<\/a><\/p>\n

Portfolio vykazovan\u00e9 pro americkou SEC v\u0161ak tvo\u0159\u00ed pouze akcie obchodovan\u00e9 na americk\u00fdch burz\u00e1ch. Barta v\u00a0rozhovorech \u010dasto uv\u00e1d\u00ed, \u017ee krom\u011b toho m\u00e1 velk\u00e9 pozice i\u00a0na evropsk\u00fdch burz\u00e1ch, nap\u0159\u00edklad v\u00a0telekomunika\u010dn\u00edch firm\u00e1ch.<\/p>\n

Pale Fire Capital letos v\u00a0\u010dervnu uvedla, \u017ee celkov\u00e1 hodnota spravovan\u00e9ho majetku skupiny, kterou vedle private equity aktivit tvo\u0159\u00ed i\u00a0investi\u010dn\u00ed fond, aktu\u00e1ln\u011b dosahuje dvou miliard eur, tedy zhruba 48\u00a0miliard korun (na private equity investice samotn\u00e9 p\u0159itom p\u0159ipadalo n\u011bco p\u0159es 10\u00a0miliard korun).<\/p>\n

Rozd\u00edl mezi majetkem zainvestovan\u00fdm na burz\u00e1ch ke konci lo\u0148sk\u00e9ho roku (65,9\u00a0miliardy) a\u00a0aktu\u00e1ln\u00ed hodnotou spravovan\u00e9ho majetku, kterou PFC uvedla letos v\u00a0\u010dervnu (zhruba 40\u00a0miliard), tak z\u0159ejm\u011b z\u00a0velk\u00e9 \u010d\u00e1sti tvo\u0159\u00ed obchodov\u00e1n\u00ed na p\u00e1ku; \u010d\u00e1ste\u010dn\u011b ale m\u016f\u017ee j\u00edt i\u00a0o to, \u017ee jde o\u00a0\u00fadaje k\u00a0r\u016fzn\u00fdm dat\u016fm, mezi nimi\u017e fond mohl d\u00e1le zhodnotit majetek investor\u016f.<\/p>\n

Skupinu, kter\u00e1 letos oslavila deset let od sv\u00e9ho zalo\u017een\u00ed, vlastn\u00ed Jan Barta a\u00a0Du\u0161an \u0160enkypl (shodn\u011b po 39\u00a0procentech), David Hol\u00fd (20\u00a0procent) a\u00a0drobn\u00e9 pod\u00edly maj\u00ed Ji\u0159\u00ed Ponrt a\u00a0Petr Kraj\u00ed\u010dek.<\/p>\n

\u010cesk\u00e1 elita\u00a0\u2013 \u017deb\u0159\u00ed\u010dek nejhodnotn\u011bj\u0161\u00edch firem \u010ceska<\/p>\n

\u010cesk\u00e1 elita 2025<\/a>.\u00a0Klikn\u011bte na banner n\u00ed\u017ee a\u00a0projd\u011bte si po\u0159ad\u00ed nejhodnotn\u011bj\u0161\u00edch firem \u010ceska. Dal\u0161\u00edm kliknut\u00edm na \u0159\u00e1dek v\u00a0tabulce nebo na interaktivn\u00ed grafiku m\u016f\u017eete zjistit podrobnosti o\u00a0firm\u011b.<\/p>\n

Odborn\u00fdm garantem\u00a0\u017eeb\u0159\u00ed\u010dku TOP 100\u00a0\u010cesk\u00e9 elity je spole\u010dnost Deloitte<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"\u010cesk\u00e1 investi\u010dn\u00ed skupina Pale Fire Capital (PFC), jej\u00edmi\u017e hlavn\u00edmi tv\u00e1\u0159emi jsou Jan Barta a\u00a0Du\u0161an \u0160enkypl, je aktivn\u00ed nejen…\n","protected":false},"author":2,"featured_media":206728,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[412,623,67,68,7890,7889,7472],"class_list":["post-206727","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-akcie","tag-burza","tag-business","tag-byznys","tag-dusan-senkypl","tag-jan-barta","tag-pale-fire-capital"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117234653155647997","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/206727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=206727"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/206727\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/206728"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=206727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=206727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=206727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}