Summer reading - CFA Society Update

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WEBER SHANDWICK Mail - Summer reading - CFA Society Update
30/06/16 15:38
Gabriela Kolářová <[email protected]>
Summer reading - CFA Society Update
1 message
CFA Society Czech Republic <[email protected]>
Reply-To: [email protected]
To: [email protected]
30 June 2016 at 12:56
CFA Society Czech Republic
Newsletter #8 - Summer Edition
A word from the Board of Directors:
Dear CFA Society Members, CFA Program Candidates, Partners, and Friends,
The event season 2015/2016 comes to an end and we have already started planning the next one. In this summer issue of our
newsletter we bring you an update on our latest news and activities as well as events highlights. Moreover, we would like to
provide you with summer reading tips so you can actively enjoy the summer months ahead.
Let's first recap this busy season during which we launched our blog, became more active on social media than before and,
more importantly, for the first time we offered e.g. a live mock exam and discount prices on CFA approved calculators to our
candidates, or more opportunities for professional specialization to our members. Moreover, we have dedicated our time to the
following projects – “The Introduction and Promotion of the GIPS Standards in the Czech Republic” and “Expanding activities to
Slovakia”.
Some of the best events of the season are highlighted at the end of the newsletter. We would like to point out the second ACCA
& CFA Ladies Business Breakfast which took place on the International Women's Day as well as the discussion panel on a topic
of local importance – Chinese investments in the Czech Republic and CEE.
We hope you will enjoy reading this summer issue of our Society newsletter not only while on vacation!
Kind regards,
Gabriela Kolářová
Marek Jindra, CFA
Event Manager
President
[email protected]
[email protected]
CFA Society Czech Republic • Mobile: +420 724 724 234 • www.czechcfa.cz
On behalf of the Board of Directors of the CFA Society Czech Republic:
Marek Jindra, CFA, FCCA, ASA - President
Jan Brázda, CFA - Vice President, IT Chair, Membership Chair
Tomáš Hrbáček - University Outreach
Martin Fischer, CFA - Program Chair
Jana Jandová, CFA - Treasurer
Matěj Turek, CFA - Employer Outreach
Lubomír Vystavěl, CFA - Advocacy Chair
https://mail.google.com/mail/u/0/?ui=2&ik=b1ﬀf15eeb&view=pt&search=inbox&th=155a0f4108510046&siml=155a0f4108510046
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Interview with Jiří Voda, CFA
Michal Stupavský, CFA, the newsletter manager, brings you an interview with Jiří Voda, CFA about his work at the private
equity group Jet Investment Management. If you haven’t read it on our blog yet, you have a chance to read it now.
Jiří Voda: Naší specialitou v JET Investment Management je koupené podniky postavit zpátky na nohy, tak aby si na
sebe nejen zpětně vydělaly, ale byly silnými prosperujícími podniky v dlouhodobém horizontu.
Jiří Voda, CFA, v roce 2003 absolvoval Fakultu mezinárodních vztahů Vysoké školy ekonomické v Praze a od roku 2012 je také
držitelem titulu CFA (Chartered Financial Analyst). Od roku 2000 působil v bankovním a investičním sektoru, nejprve v
bankovní skupině UniCredit – Živnostenská banka, poté v Pioneer Investments a nakonec v Citibank, kde se zaměřoval na
spolupráci s nadnárodními a velkými lokálními korporacemi. Od roku 2014 působí v české private equity skupině Jet
Investment Management Igora Faita jako ředitel investičních projektů. Jiří zde vyhledává příležitosti k restrukturalizacím
společností, které následně i sám aktivně řídí. V současné době je například členem představenstva ve společnostech PBS
INDUSTRY a STROJÍRNY POLDI. O jeho zkušenostech ze sektoru private equity si s ním povídal Michal Stupavský, CFA.
Michal: Private equity (PE), resp. soukromý kapitál. Co by si měl úplný laik pod tímto označením představit, abychom
mu téma našeho rozhovoru více přiblížili?
Jiří: Právě naše skupina JET Investment Management (JET IM) se zaměřuje na investice v rámci PE. V praxi to znamená, že
jsme vlastníky firem, které se snažíme co nejvíce rozvíjet, tak aby prosperovali. Gros našeho byznysu vlastně spočívá
v investici do podniků, kterým se z nějakých důvodů nedaří, upadají nebo jsou dokonce v konkurzu. Naší specialitou je postavit
je zpátky na nohy, tak aby si na sebe nejen zpětně vydělaly, ale byly silnými prosperujícími podniky v dlouhodobém horizontu.
Každá z akvizic v našem portfoliu je z úplně jiného oboru, ale dohromady tvoří základní nelikvidní kapitál našeho fondu, a to
s velkým potenciálem růstu. Nejen na konci roku se samozřejmě každá z firem zpovídá majitelům a referuje o tom, jak se
podařilo naplnit plán hospodaření.
Michal: V private equity skupině Jet Investment Management působíš od minulého roku. Jaká je vaše historie a jak se
vám daří v posledních letech? Můžeš uvést nějaká konkrétní čísla vašich historických výnosů?
Jiří: V naší skupině se za poslední rok udála celá řada změn. K prvnímu červenci 2015 založili původní majitelé skupiny Jet
Investment fond a otevřeli se tak veřejnosti. Novým investorům tak de facto nabídli možnost participovat na stávajících
projektech (PBS INDUSTRY, STROJÍRNY POLDI, MSV Metal Studénka, Less &Timber, Less&Energy), což samo o sobě
přináší zajímavou výši návratnosti investice. Zároveň se skupině díky přílivu nového kapitálu otevírá příležitost k rozšiřování
našich stávajících aktivit a především nákupu zcela nových akvizic, ať už v České republice či v regionu Střední a Východní
Evropy. Do nového fondu se nakonec upsalo daleko více investorů, než jsme si původně dokázali představit, přičemž konečná
výše investice přesáhla 3 miliardy korun. Už před přechodem na fondovou strukturu dlouhodobě dosahoval Jet Investment
velmi atraktivních výnosů, téměř 50 %, a dividendový výnos v našem fondu odhadujeme na 12 – 14 % ročně, což potvrzují i
čísla za rok 2015. Zkrátka, nabídli jsme potenciálním investorům to nejcennější, co máme – své zkušenosti a znalosti s řízením
investic, navíc podpořené reálnými čísly.
Michal: Jaká je vaše investiční strategie? Na jaké investice se především zaměřujete?
Jiří: Sledujeme bedlivě všechny větší investiční příležitosti, které se v České republice objevují. Samozřejmě přitom věnujeme
zvláštní pozornost takovým investicím, které by umožnily dále rozvíjet a posilovat firmy, které v portfoliu již máme. Jednoduše
řečeno, když máme v portfoliu fabriku na zpracování dřeva, investice do závodu na výrobu nábytku by vedla k synergiím a tím
k zajímavějším výnosům pro investory fondu.
Michal: Můžeš stručně popsat praktické stránky vašeho investičního procesu od screeningu potenciálních akvizičních
kandidátů, přes proces nákupu, řízení společnosti a tvorbu, resp. zvýšení její hodnoty, až po její prodej, resp. exit?
Jiří: Každý investiční proces je vždy jedinečný. Někdy se díky upozornění externích poradců účastníme klasického tendru na
prodej společnosti, jindy se nám zase podaří dostat k jednacímu stolu přímo s majiteli, kteří chtějí, například z generačních
důvodů, svoji firmu prodat někomu, kdo ji bude dále rozvíjet. Zpravidla bývají majitelé opatrní a v rozhovorech o prodeji firmy se
dlouho oťukáváme, je to taková reálná obdoba hry v šachy, musíte promýšlet každý svůj tah. Jakmile však firmu koupíme, je již
řízení a snaha o zvyšování její hodnoty stejná – aktivní řízení, osobní účast a plné nasazení projektového manažera, který
s danou investicí přišel a který danou firmu zná nejlépe. Ale pozor, nejde o krasojízdu jednoho člověka, vše je týmová práce! Ať
už jde o projektového manažera, generálního ředitele či finančního ředitele dané firmy, všichni se konec konců zodpovídáme
investorům.
Pokračujte ve čtení na blogu CFA Society.
24 Hours with Matěj Turek, CFA
Are you curious to know what Society’s Board Members do in their daily job?
We asked Matěj Turek, Society’s Employer Outreach Chair, to share his professional credo and daily tasks with us.
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Read 24 Hours with Matěj Turek, CFA. It will soon be published on our blog.
Name: Matěj Turek, CFA
Employer and Position: Investor & Portfolio Manager, Meridon Funds
Professional Credo: “Walking forward is a series of cleverly prevented falls.”
7:00 - 9:30
My day starts around 7 a.m. with coffee and a bit of reading. Yesterday’s Financial Times, WIRED magazine or a Le Carré
novel would all do. After a quick breakfast, I usually walk two of my four kids to school. Around 9:30, I am ready for a day’s
marathon of calls, meetings and other intellectual work.
9:30 - 12:00
As portfolio manager of a global equity fund, I spend around 90 minutes a day getting updated on the market developments as
well as on the fundamental performance of the cca. 30 companies we invest in. I might also have a client or prospective client
meeting in the office or over lunch.
12:00 - 17:00
I almost never skip lunch. I love this moment in the middle of the day when I can enjoy the food as well as a chat with friends,
colleagues or business partners. And an early afternoon espresso. As we are a boutique asset manager without separate
backoffice, marketing or other similar functions, I might spend a bigger part of the afternoon on business development or even
the necessary internal paperwork.
17:00 - 20:00
The boundaries between work and family life are more fuzzy in the afternoon depending on scheduled meetings, conf calls or
social events. But on average I call it a day at around 19:30 with a brief wrap-up being the last and indispensable part of my
daily routine.
If you are interested in having your profile published please contact [email protected].
CFA Society update
Satisfaction survey
Social Networks
Every year, we ask our members and candidates to share their views on our services in a
quick survey. The survey examines the ways in which our Society can better meet their needs.
You can interact with us on
various social networks.
On June 16, we sent to our members and candidates the latest satisfaction survey.
Twitter: @CFA_cz
Currently, we have
816 followers and we can do
much better. Follow us now!
If you are a society member or a CFA program candidate, please help us by taking a few
minutes to tell us about the service that you have received so far. We greatly appreciate your
feedback and want to make sure we meet your expectations!
LinkedIn: You can
follow our new company
page.
Facebook: We are there
too, feel free to like us, we
can probably do much better
than the 545 current likes!
AGM 2016 Minutes
YouTube: You can
subscribe here to our
YouTube channel, where we
post videos of our events.
On June 2, 2016 the Annual General Meeting of the CFA Society Czech Republic took place,
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followed by the Annual Dinner for Society members.
AGM Agenda:
1. Society’s activities in 2015 and plan for 2016: information for members
2. Financial results for 2015 (voting item)
3. Amendment of Society’s bylaws (voting item)
4. Election of Board Members for a two-year term (voting item)
5. Discussion with society members and closing
If you are interested in the meeting minutes or in the current composition of the Board of
Directors, please find the documents on our website: AGM 2016
Brand Campaign
CFA Institute has launched a new global brand campaign – “A Difference That Matters” and
we are pleased to inform you that our Society will be participating in the campaign from the
beginning of the new event season.
30/06/16 15:38
CFA JobLine
For anyone considering a
new job, we would like to
point out a number of
interesting job offers that
have been posted to our
CFA JobLine website.
Our sponsors
We want to thank our
sponsors for their continuous
support.
CFA’s campaign is about creating awareness of what the Institute has to offer as well
as encouraging investment firms and investors to demand professionals with the highest
levels of competence and standards.
We encourage you to spread the word about the campaign in your company. If your
company becomes interested in participating in the campaign, we are here to support the
implementation.
Expanding activities to Slovakia
Based on the feedback we received from a survey among Slovak members we decided to
hold our first three events in Slovakia in 2014, and another three in 2015 to engage two
Slovak universities in the CFA Institute Research Challenge 2014-2015, three universities in
the CFA Institute Research Challenge 2015-2016, and to establish contact with SASS (a selfregulatory organisation associating the majority of asset management companies in Slovakia).
The Society plans to develop cooperation not only with SASS, but also with NBS, Bratislava
Stock Exchange, and ACCA. We have already established successful cooperation with
selected universities where CFA Slovak University Events have been organised and we plan
to reach out to employers in the financial sector in Slovakia.
Moreover, CFA Institute provided three-year funding for “Expanding activities to Slovakia”
(approved in January 2016), and a new Slovak working group, which will run our
activities in Slovakia, is currently being formed.
The working group has the following at its disposal:
- pre-approved CFA institute funding for the next three years
- pre-approved strategy and activity plan for the next five years
- admin and event management support from Prague
If you would like to become part of this working group, we would be very happy to
discuss your possible involvement.
University Outreach / CFA Institute Research Challenge 2015-2016
The Society has also extended its University Outreach to the Slovak Republic where CFA
Slovak University Events are regularly taking place.
Moreover, the number of teams participating in the CFA Institute Research Challenge 20152016 reached 12, representing 12 universities including 3 universities from Slovakia. The
winning team from Charles University was officially announced at our 14th CFA Society
Forecasting Dinner at the Czech National Bank and was recognised in Ekonom and on
Roklen24. The winning team represented the Czech Republic and Slovakia at the EMEA
Regional Final in Chicago, Illinois, USA in April 2016.
Get excited!
The next EMEA Regional Final, as well as the Global Final, will take place in Prague in
April 2017. We encourage you to get involved with the CFA Society and become one of
the judges at this annual global competition for students.
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If you prefer to join other industry professionals and become a mentor, an adviser, a
grader, or a judge during the local round of the CFA Institute Research Challenge, do not
hesitate to contact us.
Learn more about the Research Challenge on the CFA Institute official web page.
In April 2016 we were proud to announce the participation of the Mendel University’s Master
of Science in Finance and Investment Management Program in the CFA Institute University
Recognition Program. The presentation with a practical workshop was held at Mendel’s
University. Mendel University is the third university from the Czech Republic to have been
included in this prestigious program.
Volunteer of the Year
It’s our great pleasure to thank Martin Kažimír, the Volunteer of the Year Award recipient for
2015-2016, for his great work and contribution, which helped us to further fulfil our global
mission of leading the investment profession by promoting the highest standards of ethics,
education, and professional excellence for the ultimate benefit of society.
Martin is a CFA Program candidate Level II. Martin started volunteering for the Society in
2014 and he soon became a Manager for Slovakia. Over the last two years he has initiated
and coordinated a large number of activities for our Slovak members and candidates, ranging
from events to outreach activities. Martin's efforts have been an invaluable contribution to
Society's development in Slovakia. These efforts culminated in a pre-approved CFA Institute
funding for Slovakia for the next three years. Currently, a new Slovak working group will run
our activities in Slovakia and Martin will continue his engagement with the Society, newly as
Advocacy Manager.
As the Volunteer of the Year Martin receives:
Complimentary VIP ticket to the CFA Society Forecasting Dinner 2017
CZK 3000 voucher for dinner in a restaurant of his choice
Annual subscription of the weekly magazine Ekonom
Sporty T-shirt with society logo
We would also like to thank all of our other volunteers who have been contributing with their
work to our Society!
Without their support our Society cannot exist. As our activities increase, so does the need for
more volunteers to support our development.
If you are:
* Interested in taking up a leadership role,
* Used to show commitment and take initiative,
* Keen on helping the Society to develop further,
* Willing to represent CFA Society Czech Republic to employers, universities and other
stakeholders,
then get in touch and see the list of open volunteer positions!
If you cannot dedicate your free time to the Society’s volunteering activity, but you have a
network of industry contacts that could be of use to our volunteers (e.g., in finding speakers
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for events, for employers and sponsors outreach purposes), we will appreciate if you share
such contacts with us.
Events
Upcoming events
The event calendar for the 2016-2017 event season will be presented on the Society website by September.
Have a sneak peek of what we plan for you!
The Society is delighted to welcome Paul Smith, CEO of the CFA Institute, to its 14th Charter Awarding Ceremony
2016. Add November 15, 2016 to your calendar now!
We plan a joint workshop with AKAT on the GIPS Standards with the aim to further support introduction and
implementation of GIPS Standards by asset management companies in the Czech Republic. A local GIPS website is being
finalized these days and will soon be unveiled. Past events
Plenty of events have been held since the last newsletter update. Just to give a taste of what you might have missed:
CFA Institute Research Challenge 2015-2016
The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on
mentoring and intensive training in financial analysis. The local round of the CFA Institute Research Challenge was held on
February 3, 2016 in Prague at VŠE (The University of Economics). The target company for 2016 was Unipetrol, the
leading refinery and petrochemical group in the Czech Republic and a major player in Central and Eastern Europe.
The winning team from Charles University represented Czech Republic and Slovakia at EMEA Regional Final in
Chicago, Illinois, USA in April 2016.
See the congratulation ad published in business weekly Ekonom on February 11, 2016.
14th Annual CFA Society Forecasting Dinner 2016
"The Cold War has come and gone. Similarly, geopolitical stability has come and gone. While the signal of fundamental
value remains, has the global geopolitical noise now risen to such a level that this valuation signal has become less
valuable? The inexorable gravitational pull of value remains, but game theory has become an increasingly valuable
investment tool in navigating geopolitical gravitational waves." Brian D. Singer, CFA
We hosted Brian D. Singer, CFA, Partner and Head of Dynamic Allocation Strategies Team at William Blair, and Miroslav
Singer, Governor of the CNB, as the keynote speakers at our 14th Annual CFA Society Forecasting Dinner on Febrary 16,
2016. The event was again held under the patronage of Czech National Bank Governor Miroslav Singer in the bank’s
historic premises.
To see the photos, presentations and other info, visit the Forecasting Dinner website.
ACCA & CFA Ladies Business Breakfast
The second ACCA & CFA Ladies Business Breakfast took place on the International Women's Day. Female members of the
CFA Society Czech Republic and local ACCA had a unique opportunity to meet and listen to real life stories of successful
and inspiring women who managed to establish themselves in the world of finance. Guests in the panel discussion were
Marie Zemanová, CEO at ČSOB Pension Fund, Susan Spinner, CFA, Managing Director and co-founder of the CFA Society
Germany, Kateřina Šipková, FCCA, Member of the Global Council of ACCA. The aim of the Ladies Business Breakfast is to
inspire and give advice to women who want to balance family life with demanding work in finance and to support them in the
realisation of their personal and professional objectives.
Slovak CFA Charterholder & Candidate Mixer
Our society hosted yet another CFA Charterholder & Candidate Mixer in Slovakia. Juraj Barta, CFA, Head of Marketing and
Market Analysis at Slovenska Sporitelna, a.s., was invited to speak about trends in banking and banks in the digital world.
Live mock Exam
In May the CFA Society Czech Republic, in collaboration with Kaplan Schweser, offered a Mock Exam Live
Experience to all CFA Candidates registered for all levels of June 2016 Exam. For the first time Society’s candidates had
an opportunity to test their preparation for the CFA exam in a real exam setting.
Discussion panel on Chinese investments in the Czech Republic and CEE
CFA Institute yet again dedicated the month of May to the ‘Putting Investors First’ global campaign which is a part of the
long term initiative Future of Finance. This time we decided not to follow one of the campaign topics, but to dedicate the
next event to a topic of local importance – Chinese investments in the Czech Republic and CEE. A panel discussion on this
topic was held on May 25. The panel consisted of experts on China as well as investment professionals.
Read more about the topic in a dedicated press release.
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See our full portfolio of events in the 2015-2016 event season!
Enjoy the summer and we look forward to the start of the new season in September!
CFA Institute Global Content
Selection of latest articles from Enterprising Investor – CFA Institute’s Blog
How to Convert Your Work into Your Passion (28 June 2016)
https://blogs.cfainstitute.org/investor/2016/06/28/how-to-convert-your-work-into-your-passion/
The Vollgeld Initiative and the Future of Fractional Reserve Banking (27 June 2016)
https://blogs.cfainstitute.org/investor/2016/06/27/the-vollgeld-initiative-and-the-future-of-fractional-reserve-banking/
The Brexit Results: What Happened, What’s Next? (25 June 2016)
https://blogs.cfainstitute.org/investor/2016/06/25/the-brexit-results-what-happened-whats-next/
Did You Hear Me? Listening Is a Skill (21 June 2016)
https://blogs.cfainstitute.org/investor/2016/06/21/did-you-hear-me-listening-is-a-skill/
Three Ways to Identify Governance Risk (16 June 2016)
https://blogs.cfainstitute.org/investor/2016/06/16/three-ways-to-identify-governance-risk/
Aswath Damodaran on How to Invest Internationally (13 June 2016)
https://blogs.cfainstitute.org/investor/2016/06/13/aswath-damodaran-on-how-to-invest-internationally/
Alpha Wounds: Lack of Independent Judgment (7 June 2016)
https://blogs.cfainstitute.org/investor/2016/06/07/alpha-wounds-lack-of-independent-judgment/
Dumb Alpha: How to Build an Above Average Hedge Fund (6 June 2016)
https://blogs.cfainstitute.org/investor/2016/06/06/dumb-alpha-how-to-build-an-above-average-hedge-fund/
10 Trends in Asset Stewardship (30 May 2016)
https://blogs.cfainstitute.org/investor/2016/05/30/10-trends-in-asset-stewardship/
Economic Thinking That’s Ready for Retirement (26 May 2016)
https://blogs.cfainstitute.org/investor/2016/05/26/economic-thinking-thats-ready-for-retirement/
Generating Alpha by Exploiting Market Anomalies (26 May 2016)
https://blogs.cfainstitute.org/investor/2016/05/26/generating-alpha-by-exploiting-market-anomalies/
Wealth Management: Bringing in More Women (24 May 2016)
https://blogs.cfainstitute.org/investor/2016/05/24/wealth-management-bringing-in-more-women/
Career Management: Adapting for the Future (23 May 2016)
https://blogs.cfainstitute.org/investor/2016/05/23/career-management-adapting-for-the-future/
Keys to Social Media Success: Curiosity, Conversation, and Patience (15 May 2016)
https://blogs.cfainstitute.org/investor/2016/05/15/keys-to-social-media-success-curiosity-conversation-and-patience/
Technology, Demography, and the Future of Economic Growth (11 May 2016)
https://blogs.cfainstitute.org/investor/2016/05/11/technology-demography-and-the-future-of-economic-growth/
Latest news from the CFA Society Czech Republic
Website
Blog
Please contact us if you are interested in becoming one of our regular contributors.
Press Releases
Visit our Press Room
Stay connected
Page 7 of 8
30/06/16 15:38
Contact us: [email protected]
Tento email byl odeslán na adresu [email protected].
Odesilatelem je CFA Society Czech Republic, [email protected]
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