The program of the Czech Investment Conference is divided into two days (11 and 12 November 2019). On the first day, each of the speakers shall introduce one particular equity investment idea to you. You will be informed about interesting tips how and where suitable investments can be searched for, and you will have an opportunity to observe how particular managers search for such investments, how they assess them and which arguments they use to reach their targets. The first Conference day will be closed with a cocktail party and informal networking. The second day will be devoted to practical workshops intended for maximum 30 participants.
8:00 - 8:50
9:00 - 9:10
9:10 - 9:40
Miron Zelina, Member of the Board, Privatbanka
Miron has been operating on capital markets more than 27 years. From 1999 to 2004 he was CEO of the brokerage house, Invest Brokers. Since 2004 he has been working for Privatbanka, first as a director of Treasury department and last six years as a member of the Board and Head of Private banking. He is responsible for Private banking, Treasury and Asset management departments. In addition, he is vice-chairman of the Executive committee of the Association of Securities Dealers and Chairman of the Council of Investment Guarantee Fund. He prefers investments based on a real cash flow (stocks, bonds).
9:40 - 10:10
Ondřej Klečka, CFA, Investment Manager, Arca Capital
Ondrej is currently an investment manager in Arca Capital. He focuses on investments in tactical opportunities (special situations across all asset classes) as well as undervalued long-term equities across the regions (mainly Europe and USA). He joined Arca group in 2017 from BCG consultancy, where he focused on advisory for Financial Institutions. Prior to that, he worked in European Central Bank, EY and Accredio. He graduated from University of Economics in Prague and is CFA charterholder. He also attended MBA program at Duke University, The Fuqua School of Business in USA.
10:10 - 10:40
Mikuláš Splítek, Portfolio Manager, Stock Small Caps
Mikuláš is a member of Erste Asset Management equity team. He manages Stock Small Caps fund, focusing on small companies in the developed markets. He had previously worked for Brokerjet ČS. He has authored lessons on investment psychology for Investicniweb.cz, and introduced a number of investment ideas for Roklen24. His strategy combines Benjamin Graham's value approach with growth investing inspired by Philip Fisher.
10:40 - 11:10
Alex Rauchenstein, MBA, CEFA, CEO, Strategic Investment Advisors Group
Born in Aarau, Switzerland, Alex holds an Executive MBA for international Wealth Management from GSIA Carnegie Mellon University and a MBA from the University of Geneva. In addition he is Chartered European Financial Analyst.
Until December 2005, he was Head of the Investment Process at Centrum Bank, a specialised Privat bank in Vaduz (Liechtenstein). In this position he was responsible for the coordination of the strategic asset allocation, sector-, fund- and stock selection process. Before joining Centrum Bank in 1999 he spent three years setting up and then managing the Eastern European Equity Fund for UBS Asset Management. Alex acquired a very solid finance education at UBS Zurich, where he started his career in 1989 with a trainee Program.
He formally joined Strategic Investment Advisors Group, as General Manager of SIA Funds AG in January 2006.
11:10 - 11:40
11:40 - 12:10
Daniel Gladiš, CFA, Vltava Fund
Dan graduated from VUT Brno. In 1993-1998 he was the director of Atlantik Financial Markets, a.s., a member of the Prague Stock Exchange, which he founded. In 1999-2004 he was the director of ABN AMRO Asset Management (Czech), a.s. In 2004, he founded the investment fund Vltava Fund SICAV. Vltava Fund is a global equity investment fund dedicated to qualified investors. Daniel Gladiš is the author of Naučte se investovat (Learn to Invest) and Akciové investice (Stock Investments).
12:10 - 12:40
Urs Marti, BBA, Director, Strategic Investment Advisors Group
Born in Zurich, he started his career at UBS in 1987 with a traditional apprenticeship and a trainee program in finance. Urs received a BBA from KSZH in 1999. Until 2003, he worked in the trading and sales departments of UBS and CSFB, and was a member of the Swiss Capital Group's start-up team.
In 2003, Urs joined Zulauf Asset Management to start a resource-related fund, which he continued to manage as a partner in a small asset management company after 2008. During this time, he was also responsible for a Uranium fund. In 2012, he founded a company to invest directly into resources and agriculture.
He joined Strategic Investment Advisors Group in April 2016.
12:40 - 13:10
Pavel Kopeček, Portfolio manager, ČSOB Asset Management
Pavel is a portfolio manager at CSOB Asset Management (KBC group) and has been with the company since 2007. His previous work experience includes the Fio financial group (now Fio banka). He started his career at CSOB AM as an analyst and a trader before becoming the sole portfolio manager of the CEE-focused funds for the whole KBC group in 2009. Since 2017 he has managed the equity portfolio of the flagship fund ČSOB Bohatstvi and in the course of 2018 he has also become the portfolio manager of the global equity fund CSOB Akciovy. He graduated from the University of Economics in Prague and is a CFA charterholder.
13:10 - 14:20
14:20 - 14:50
Patrik Hudec, CFA, Head of Fund Portfolio Management, Generali Investments CEE
Patrik Hudec, CFA is in charge of the team of fund portfolio managers managing (non)UCITS funds and funds of qualified investors in Generali Investments CEE, investiční společnost, a.s. He is also a director of the board of Generali Invest CEE plc incorporated in Ireland and a non-executive director to Generali Voluntary Pension Fund Management Company established in Serbia. Patrik holds a master degree from the Faculty of Mathematics and Physics - Charles University in Prague.
14:50 - 15:20
Jan Šumbera, CFA, Analyst, Odyssey 44
He works as an analyst at the Odyssey 44 family office, where he specializes in publicly traded Western European and US companies. Previously, he worked as an equity analyst for Patria and Česká spořitelna. He graduated from the University of Economics in Prague with a focus on National Economy and Financial Management. He successfully passed all CFA exams.
15:20 - 15:50
Miroslav Frayer, Equity Analyst, Komerční banka
Miroslav joined Komercni Banka in 2006. After eight years on a position of Senior Economist, Miroslav moved to equity research and his main current responsibility is for coverage of the Czech stock market. A significant part of his work is also general analysis of foreign stock markets and participation in asset allocation committees in the bank. Miroslav holds a master's degree in Macroeconomics and Financial Markets from the University of Economics, Prague.
15:50 - 16:20
Ján Hájek, CFA, Portfolio Manager, Top Stocks
Ján started his professional career in 1994 as an sell-side equity analyst. Later he worked as a portfolio manager and proprietary trader. He is the manager of the Top Stocks Fund since its inception in August 2006 when he started working for Erste Asset Management ČR. The Fund invests in a group of approximately 25 common stocks, regardless of their market capitalization, traded in US and Europe and selected for their long-term growth potential.
16:20 - 19:00
Cocktail party & networking
Day 2: 20 November 2018
You can choose among 5 practical workshops. However, you may take part only in three of them, because some workshops may run in parallel. Before you register in the workshops chosen by you, make sure they are not running at the same time. The admission fee for the workshops is to be paid separately. Price for one workshop is 60 EUR (including VAT).
9:00 - 10:20
Daniel Gladiš, Vltava Fund
Each investment has two basic parameters - yield and risk. Risk is the more complicated parameter of the two. It cannot be objectively defined, measured and it is subjective. Yet the understanding of the risk has a major impact on the forming of investments by each investor. The workshop will help the participants clarify their own definition of risk and give guidance on how to control it.
In Czech language
9:00 - 10:20
Probabilistic perspective on investing
Miron Zelina, Privatbanka
> Difference between investment, speculation and gambling
> Passive vs. active investing
> Does it make sense to buy shares at historic highs?
> Trading or long-term holding of shares?
> Are bonds with investment rating in Euro a good investment?
> What does a good investment actually mean?
> My experience with high-yield bonds
> Are shares really expensive?
In Czech language
10:30 - 11:50
Value Opportunities in Natural Resources Companies
Alex Rauchenstein & Urs Marti, Strategic Investment Advisors Group
Natural resources are currently one of the most visible and profound sources of value for investors. From a historical perspective, the commodity pricing in comparison to the pricing of shares is extremely low. This condition brings attractive investment opportunities. Our workshop will involve the answers for how to take advantage of such situation and why we prefer investments into companies mining the commodities to buying the commodities themselves.
In English language
12:00 - 13:20
Investment styles of value investors
Petr Čermák, Investor, investicedoakcii.cz
Value investing is a broad definition which incorporates a lot of miscellaneous investment styles. During the workshop we will look under the hood of deep value investing, qualitative value investing and activist value investing. We will describe the main differences of above mentioned styles, typical companies, which are usually purchased within each style and last but not least the most common ways how to find these investment opportunities. Everything will be demonstrated on portfolios of real value investors.
Bio Petr Čermák
In Czech language
12:00 - 13:20
Ján Hájek, Top Stocks
The workshop will offer practical tips and experiences, which the manager has gained over the years when using different valuation methods.
In Czech language