![](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/04\/chris-hohn.jpeg\")
Foto: Profimedia.cz<\/p>\nMana\u017eer\u016fm hedgeov\u00fdch fond\u016f se v\u00a0lo\u0148sk\u00fdch turbulentn\u00edch \u010dasech celn\u00edch v\u00e1lek, kter\u00e9 vyhla\u0161oval a\u00a0vz\u00e1p\u011bt\u00ed odvol\u00e1val americk\u00fd prezident Donald Trump, da\u0159ilo. P\u011btadvacet nejlep\u0161\u00edch loni vyd\u011blalo podle propo\u010dt\u016f Institutional Investor rekordn\u00edch 36,65\u00a0miliardy dolar\u016f (nyn\u00ed 777\u00a0miliard korun), kdy\u017e v\u00a0roce 2024\u00a0to bylo \u201ejen\u201c okolo t\u0159iceti miliard dolar\u016f.<\/p>\n
Padl tak rekord z\u00a0roku 2020, kdy si nejlep\u0161\u00ed hedgeov\u00ed mana\u017ee\u0159i p\u0159i\u0161li na 31,7\u00a0miliardy dolar\u016f. Jde o\u00a0nejvy\u0161\u0161\u00ed \u010d\u00e1stku za posledn\u00edch p\u011btadvacet let, co Institutional Investor zve\u0159ej\u0148uje seznam nejv\u00edce vyd\u011bl\u00e1vaj\u00edc\u00edch hedgeov\u00fdch mana\u017eer\u016f neboli takzvan\u00fd The Rich List. V\u00a0pr\u016fm\u011bru si jeden mana\u017eer z\u00a0prvn\u00ed p\u011btadvac\u00edtky p\u0159i\u0161el na 1,4\u00a0miliardy dolar\u016f (34,3\u00a0miliardy K\u010d).<\/p>\n
Nejlep\u0161\u00ed v\u00fdsledek za \u0161estn\u00e1ct let<\/p>\n
Jen pro p\u0159edstavu: P\u0159\u00edjmy p\u011btadvac\u00edtky nejlep\u0161\u00edch investor\u016f by sta\u010dily na pokryt\u00ed schodk\u016f \u010desk\u00e9ho st\u00e1tn\u00edho rozpo\u010dtu na v\u00edce ne\u017e dva roky. P\u0159\u00edjmy pro mana\u017eery se podle Institutional Investor skl\u00e1daj\u00ed z\u00a0poplatk\u016f za spr\u00e1vu fond\u016f, ale z\u00e1rove\u0148 i\u00a0ze zhodnocen\u00ed vlastn\u00edch pen\u011bz, kter\u00e9 vlo\u017eili do sv\u00fdch fond\u016f.<\/p>\n
Hedgeovou elitu k\u00a0cest\u011b k\u00a0zisk\u016fm nezastavily krom\u011b Trumpov\u00fdch celn\u00edch zmatk\u016f ani nap\u011bt\u00ed na Bl\u00edzk\u00e9m v\u00fdchod\u011b, pokra\u010duj\u00edc\u00ed rusk\u00e1 invaze na Ukrajin\u011b \u010di nejistota ohledn\u011b politiky nejv\u011bt\u0161\u00edch centr\u00e1ln\u00edch bank sv\u011bta v\u00a0\u010dele s\u00a0americk\u00fdm Fedem. Naopak hedgeov\u00e9 fondy vyu\u017eily zv\u00fd\u0161en\u00e9 kol\u00edsavosti na finan\u010dn\u00edch a\u00a0komoditn\u00edch trz\u00edch k\u00a0vysok\u00fdm zisk\u016fm.<\/p>\n
\u201eZejm\u00e9na v\u00a0reakci na ozn\u00e1men\u00ed Donalda Trumpa trhy prudce reagovaly. Nap\u0159\u00edklad extr\u00e9mn\u00ed byly pohyby po ohl\u00e1\u0161en\u00ed a\u00a0n\u00e1sledn\u00e9m ru\u0161en\u00ed cel na hlavn\u00ed obchodn\u00ed partnery loni v\u00a0dubnu,\u201c l\u00ed\u010d\u00ed portfolio mana\u017eer spole\u010dnosti Cyrrus Tom\u00e1\u0161 Pfeiler s\u00a0t\u00edm, \u017ee cenov\u00e9 v\u00fdkyvy se \u201eneomezovaly na akcie, ale v\u00fdznamn\u011b kol\u00edsaly i\u00a0ceny vl\u00e1dn\u00edch dluhopis\u016f\u201c.<\/p>\n
Hedgeov\u00e9 fondy jako celek zhodnotily podle Hedge Fund Research pen\u00edze investor\u016f o\u00a0zhruba 12,6\u00a0procenta, co\u017e je nejlep\u0161\u00ed v\u00fdsledek od roku 2009.\u00a0P\u0159esto nep\u0159ekonaly v\u00fdkonnost americk\u00fdch akci\u00ed, kter\u00e9 pos\u00edlily podle indexu S&P 500\u00a0o\u00a0t\u00e9m\u011b\u0159 osmn\u00e1ct procent v\u010detn\u011b dividend.<\/p>\n
Foto: Profimedia.cz<\/p>\n
Nejv\u00edce si loni z\u00a0hedgeov\u00fdch investor\u016f polep\u0161il britsk\u00fd mana\u017eer Chris Hohn.<\/p>\n
Da\u0159ilo se p\u0159itom fond\u016fm, kter\u00e9 investuj\u00ed podle r\u016fzn\u00fdch strategi\u00ed. Vyd\u011bl\u00e1valy tak fondy spekuluj\u00edc\u00ed na pohyb m\u011bn \u010di \u00farokov\u00fdch sazeb i\u00a0fondy, kter\u00e9 investuj\u00ed do akci\u00ed. \u201eRok 2025\u00a0byl rokem, kdy ka\u017ed\u00fd vyhr\u00e1l. Ka\u017ed\u00fd si zde n\u011bco na\u0161el, co\u017e je skute\u010dn\u011b vz\u00e1cn\u00e9,\u201c komentoval lo\u0148sk\u00fd v\u00fdvoj pro agenturu Bloomberg Alexis Maubourquet, investi\u010dn\u00ed \u0159editel hedgeov\u00e9ho fondu ADAPT Investment Managers.<\/p>\n
Nejv\u00edce se loni da\u0159ilo britsk\u00e9mu mana\u017eerovi Chrisu Hohnovi , kter\u00fd \u0159\u00edd\u00ed spole\u010dnost TCI Fund Management. P\u0159i\u0161el si na 4,9\u00a0miliardy dolar\u016f, co\u017e je v\u00a0korun\u00e1ch \u010d\u00e1stka p\u0159es sto miliard. Hohn se dostal na vrchol \u017eeb\u0159\u00ed\u010dku podruh\u00e9 za posledn\u00ed t\u0159i roky.<\/p>\n
Na sv\u00e9 si p\u0159i\u0161li rovn\u011b\u017e klienti Hohnova hedgeov\u00e9ho fondu, kter\u00fdm zhodnotil jejich pen\u00edze o\u00a027,8\u00a0procenta. Fond nyn\u00ed spravuje v\u00edce ne\u017e 77\u00a0miliard dolar\u016f.<\/p>\n
Na druh\u00e9m m\u00edst\u011b se um\u00edstil proslul\u00fd hedgeov\u00fd mana\u017eer Steven Cohen, kter\u00fd loni vyd\u011blal \u010dty\u0159i miliardy dolar\u016f, \u010d\u00edm\u017e vyrovnal sv\u016fj d\u0159\u00edv\u011bj\u0161\u00ed rekord. Majitel newyorsk\u00e9ho baseballov\u00e9ho klubu New York Mets dok\u00e1zal v\u00a0bou\u0159liv\u00fdch dob\u00e1ch p\u0159in\u00e9st klient\u016fm zisk ve v\u00fd\u0161i 17,5\u00a0procenta. Jeho firma Point 72\u00a0spravuje v\u00edce ne\u017e 45,7\u00a0miliardy dolar\u016f.<\/p>\n
Zp\u011bt na v\u00fdslun\u00ed<\/p>\n
Cohen tak za\u017e\u00edv\u00e1 neuv\u011b\u0159iteln\u00fd comeback, proto\u017ee v\u00a0roce 2013\u00a0musel zav\u0159\u00edt svou investi\u010dn\u00ed firmu SAC Capital Advisors a\u00a0zaplatit pokutu 1,8\u00a0miliardy dolar\u016f za to, \u017ee jeho zam\u011bstnanci zneu\u017e\u00edvali neve\u0159ejn\u00e9 informace p\u0159i burzovn\u00edch obchodech. Cohen ale odm\u00edtl, \u017ee by se s\u00e1m n\u011b\u010deho dopustil. Nicm\u00e9n\u011b Point 72\u00a0nemohl \u0159adu let spravovat pen\u00edze klient\u016f a\u00a0z\u00e1jemc\u016fm zven\u010d\u00ed se otev\u0159el a\u017e v\u00a0roce 2018.<\/p>\n
Trojkou se pak stal \u0161\u00e9f spole\u010dnosti Millennium Management Israel Englander, kter\u00fd vyd\u011blal 3,5\u00a0miliardy dolar\u016f. Englander se meziro\u010dn\u011b propadl z\u00a0prvn\u00edho m\u00edsta. Loni jeho fond zhodnotil pen\u00edze investor\u016f o\u00a010,5\u00a0procenta, \u010d\u00edm\u017e zaostal za sv\u00fdm dlouhodob\u00fdm pr\u016fm\u011brem od zalo\u017een\u00ed v\u00a0roce 1989\u00a0ve v\u00fd\u0161i okolo \u010dtrn\u00e1cti procent.<\/p>\n
Co je hedgeov\u00fd fond<\/p>\n
Jde o\u00a0fond, kter\u00fd podl\u00e9h\u00e1 men\u0161\u00ed regulaci a\u00a0za cenu vy\u0161\u0161\u00edho rizika nab\u00edz\u00ed vy\u0161\u0161\u00ed zisky oproti pod\u00edlov\u00fdm fond\u016fm, ale m\u016f\u017ee rovn\u011b\u017e skon\u010dit ve vysok\u00e9 ztr\u00e1t\u011b. Sna\u017e\u00ed se p\u0159in\u00e1\u0161et v\u00fdnosy i\u00a0v dob\u011b, kdy finan\u010dn\u00ed trhy padaj\u00ed. Oproti pod\u00edlov\u00fdm fond\u016fm vyu\u017e\u00edv\u00e1 finan\u010dn\u00ed p\u00e1ku, kdy si na investice p\u016fj\u010d\u00ed pen\u00edze, nebo s\u00e1z\u00ed na propad cen akci\u00ed, komodit nebo nap\u0159\u00edklad dluhopis\u016f. Poplatky za spr\u00e1vu hedgeov\u00e9ho fondu jsou vy\u0161\u0161\u00ed ne\u017e u\u00a0klasick\u00e9ho fondu a\u00a0jejich transparentnost je ni\u017e\u0161\u00ed.<\/p>\n
Za zakladatele modern\u00edch hedgeov\u00fdch fond\u016f je pova\u017eov\u00e1n Alfred Winslow Jones, b\u00fdval\u00fd redaktor magaz\u00ednu Fortune. Prvn\u00ed fond rozjel v\u00a0roce 1949, p\u0159i\u010dem\u017e vyu\u017e\u00edval finan\u010dn\u00ed p\u00e1ku i\u00a0spekulace na propad akci\u00ed. Pen\u00edze spravoval investor\u016fm a\u017e do za\u010d\u00e1tku 70.\u00a0let.<\/p>\n
V leto\u0161n\u00edm roce ale zat\u00edm drav\u00e9 fondy \u017e\u00e1dn\u00e9 velk\u00e9 \u017en\u011b neza\u017e\u00edvaj\u00ed a\u00a0podle n\u011bkolika makl\u00e9\u0159sk\u00fdch spole\u010dnost\u00ed z\u00a0Wall Street zaznamenaly minul\u00fd m\u011bs\u00edc nejhor\u0161\u00ed m\u011bs\u00ed\u010dn\u00ed propady za v\u00edce ne\u017e \u010dty\u0159i roky, proto\u017ee volatilita trhu vyvolan\u00e1 v\u00e1lkou v\u00a0\u00cdr\u00e1nu zas\u00e1hla akciov\u00e9 trhy a\u00a0nep\u0159\u00edzniv\u011b dopadla na jejich v\u00fdkonnost, uvedla agentura Reuters. \u0158ada fond\u016f v\u00a0b\u0159eznu za\u017eila v\u00fdrazn\u00e9 ztr\u00e1ty, kter\u00e9 smazaly \u010d\u00e1st \u010di ve\u0161ker\u00e9 zisky za p\u0159edchoz\u00ed dva m\u011bs\u00edce.<\/p>\n","protected":false},"excerpt":{"rendered":"Mana\u017eer\u016fm hedgeov\u00fdch fond\u016f se v\u00a0lo\u0148sk\u00fdch turbulentn\u00edch \u010dasech celn\u00edch v\u00e1lek, kter\u00e9 vyhla\u0161oval a\u00a0vz\u00e1p\u011bt\u00ed odvol\u00e1val americk\u00fd prezident Donald Trump, da\u0159ilo.…\n","protected":false},"author":2,"featured_media":48143,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[18068,623,67,68,2736,212,12118,18131,69,643,18132],"class_list":{"0":"post-48142","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-bill-ackman","9":"tag-burza","10":"tag-business","11":"tag-byznys","12":"tag-celni-valka","13":"tag-donald-trump","14":"tag-fed-federalni-rezervni-system","15":"tag-hedge-fondy","16":"tag-investice","17":"tag-new-york-stock-exchange-nyse","18":"tag-steven-cohen"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116364218555935246","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/48142","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=48142"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/48142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/48143"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=48142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=48142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=48142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}