{"id":73,"date":"2026-09-29T09:30:42","date_gmt":"2026-09-29T09:30:42","guid":{"rendered":"https:\/\/ondrejzaruba.info\/?p=73"},"modified":"2026-09-29T09:30:42","modified_gmt":"2026-09-29T09:30:42","slug":"cisla-sedi-pribeh-ne-co-investorum-future-x-nerikaji-zpravy-fondu","status":"publish","type":"post","link":"https:\/\/ondrejzaruba.info\/?p=73","title":{"rendered":"\u010c\u00edsla sed\u00ed, p\u0159\u00edb\u011bh ne. Co investor\u016fm Future X ne\u0159\u00edkaj\u00ed zpr\u00e1vy fondu"},"content":{"rendered":"

Realitn\u00ed fond Future X, jeho\u017e investi\u010dn\u00edm \u0159editelem je Ond\u0159ej Z\u00e1ruba, p\u0159edkl\u00e1d\u00e1 investor\u016fm p\u0159esn\u00e1 \u010d\u00edsla. Podrobn\u00e9 prov\u011b\u0159en\u00ed jeho dvou leto\u0161n\u00edch \u010dtvrtletn\u00edch zpr\u00e1v ale ukazuje, \u017ee z\u00e1v\u011bry, kter\u00e9 z nich fond vyvozuje, jsou pro n\u011bj v\u00fdrazn\u011b p\u0159\u00edzniv\u011bj\u0161\u00ed, ne\u017e data dovoluj\u00ed. A n\u011bkter\u00e9 podstatn\u00e9 v\u011bci ve zpr\u00e1v\u00e1ch nejsou v\u016fbec.<\/strong><\/h2>\n

Future X Investment Community Fund (ISIN LI0523708464) je lichten\u0161tejnsk\u00fd sv\u011b\u0159ensk\u00fd fond, kter\u00fd p\u0159es dce\u0159in\u00e9 spole\u010dnosti nakupuje nov\u00e9 byty hlavn\u011b v Praze a pronaj\u00edm\u00e1 je. Redakce m\u00e1 k dispozici analytick\u00e9 prov\u011b\u0159en\u00ed jeho zpr\u00e1v o \u010dinnosti za prvn\u00ed a druh\u00e9 \u010dtvrtlet\u00ed 2026. Autor ka\u017ed\u00e9 tvrzen\u00ed porovnal s pololetn\u00ed zpr\u00e1vou, rozvahami dce\u0159in\u00fdch firem, v\u00fdkazem majetku, t\u0159emi znaleck\u00fdmi posudky a zakl\u00e1dac\u00edmi dokumenty fondu.<\/p>\n

Z\u00e1v\u011br prov\u011b\u0159en\u00ed: \u0161est v\u011bcn\u011b neobhajiteln\u00fdch tvrzen\u00ed, sedm zav\u00e1d\u011bj\u00edc\u00edch r\u00e1mov\u00e1n\u00ed a p\u011bt podstatn\u00fdch opomenut\u00ed.<\/strong> Z\u00e1rove\u0148 plat\u00ed d\u016fle\u017eit\u00e1 v\u00fdhrada: nejde o fal\u0161ov\u00e1n\u00ed dat. Tabulky sed\u00ed na korunu, znalci jsou skute\u010dn\u00ed a nez\u00e1visl\u00ed. Probl\u00e9m je v tom, jak fond sv\u00e1 \u010d\u00edsla vykl\u00e1d\u00e1 a co vynech\u00e1v\u00e1.<\/strong><\/p>\n

Portfolio, kter\u00e9 fond nevlastn\u00ed<\/strong><\/p>\n

Fond investor\u016fm prezentuje realitn\u00ed portfolio v hodnot\u011b zhruba 1,25 miliardy korun. Druhou nejv\u011bt\u0161\u00ed polo\u017ekou je v n\u011bm projekt Rezidence Na Plze\u0148ce, veden\u00fd na 218,2 milionu korun, tedy 17,4 % portfolia.<\/p>\n

H\u00e1\u010dek: ty byty zat\u00edm neexistuj\u00ed.<\/strong> Nejsou dokon\u010den\u00e9, nemaj\u00ed kolaudaci ani z\u00e1pis v katastru a pozemky pat\u0159\u00ed jin\u00e9 firm\u011b. Kolaudace se pl\u00e1nuje na rok 2027. Znaleck\u00fd posudek je proto zpracovan\u00fd na tzv. zvl\u00e1\u0161tn\u00ed p\u0159edpoklad, tedy s t\u00edm, \u017ee byty u\u017e hotov\u00e9 jsou. V hodnot\u011b fondu, za kterou investo\u0159i skute\u010dn\u011b nakupuj\u00ed a prod\u00e1vaj\u00ed pod\u00edly (NAV), je tent\u00fd\u017e projekt veden jen na 42,9 milionu korun, tedy v zaplacen\u00fdch z\u00e1loh\u00e1ch.<\/p>\n

Fond si tu proti\u0159e\u010d\u00ed s\u00e1m. Ve stejn\u00e9 zpr\u00e1v\u011b p\u00ed\u0161e, \u017ee mu regulace nedovoluje zapo\u010d\u00edtat r\u016fst hodnoty projekt\u016f p\u0159ed p\u0159evzet\u00edm nemovitost\u00ed. Souhrnn\u00e1 tabulka to ale d\u011bl\u00e1.<\/p>\n

Podobn\u00e9 je to s po\u010dtem byt\u016f. Fond komunikuje 93 byt\u016f, 12 z nich je ale jen ve f\u00e1zi smlouvy o smlouv\u011b budouc\u00ed kupn\u00ed.<\/strong> Skute\u010dn\u011b jich vlastn\u00ed 81.<\/p>\n

\u201eFond nem\u00e1 \u017e\u00e1dn\u00e9 dluhy“<\/strong><\/h2>\n

Na webu fondu v \u010dast\u00fdch ot\u00e1zk\u00e1ch podle prov\u011b\u0159en\u00ed stoj\u00ed: \u201eAktu\u00e1ln\u011b fond nem\u00e1 \u017e\u00e1dn\u00e9 dluhy.“ Zpr\u00e1va za druh\u00e9 \u010dtvrtlet\u00ed p\u0159itom poprv\u00e9 otev\u0159en\u011b vyjmenov\u00e1v\u00e1 p\u011bt bankovn\u00edch \u00fav\u011br\u016f od J&T Banky a UniCredit Bank<\/strong>, celkem necel\u00fdch 300 milion\u016f korun.<\/p>\n

Oboj\u00ed m\u016f\u017ee b\u00fdt form\u00e1ln\u011b \u201epravda“ jen d\u00edky tomu, \u017ee \u00fav\u011bry maj\u00ed dce\u0159in\u00e9 spole\u010dnosti, ne samotn\u00fd fond. Pro investora je to ale stejn\u00e9 riziko: p\u011bt z deseti projekt\u016f je zastaven\u00fdch bance.<\/strong><\/p>\n

Bezpe\u010dn\u00fd, nebo spekulativn\u00ed?<\/strong><\/p>\n

Zpr\u00e1va za prvn\u00ed \u010dtvrtlet\u00ed mluv\u00ed o ambici pat\u0159it \u201emezi nejm\u00e9n\u011b rizikov\u00e9 subjekty“ na trhu. Vlastn\u00ed dokumenty fondu ho p\u0159itom \u0159ad\u00ed do nejvy\u0161\u0161\u00ed rizikov\u00e9 t\u0159\u00eddy 5 z 5<\/strong>, pro spekulativn\u00ed investory p\u0159ipraven\u00e9 i na tot\u00e1ln\u00ed ztr\u00e1tu kapit\u00e1lu.<\/p>\n

C\u00edl v\u00fdnosu se posouv\u00e1 dol\u016f<\/strong><\/h2>\n

Fond na webu slibuje 5 a\u017e 7 % ro\u010dn\u011b. Zpr\u00e1va Q1 p\u00ed\u0161e o \u201ep\u00e1smu 5 % ro\u010dn\u011b +“, zpr\u00e1va Q2 u\u017e o \u201e4\u20137 %“. Skute\u010dn\u00fd pr\u016fm\u011brn\u00fd ro\u010dn\u00ed v\u00fdnos od zalo\u017een\u00ed je 3,66 %<\/strong>. T\u0159i r\u016fzn\u00e9 c\u00edle za jeden rok, ani jednou se zm\u00ednkou, \u017ee se nepln\u00ed.<\/p>\n

Tot\u00e9\u017e plat\u00ed pro \u201ezisk 18 %“ z prodan\u00fdch nemovitost\u00ed. Po p\u0159epo\u010dtu na roky dr\u017een\u00ed a po ode\u010dten\u00ed n\u00e1klad\u016f fondu vych\u00e1z\u00ed kolem 3,4 % ro\u010dn\u011b, tedy p\u0159esn\u011b ta pr\u016fm\u011brn\u00e1 v\u00fdkonnost, kter\u00e1 c\u00edl nespl\u0148uje.<\/p>\n

Dra\u017e\u0161\u00ed poplatky, o kter\u00fdch zpr\u00e1vy ml\u010d\u00ed<\/strong><\/h2>\n

Za nejz\u00e1va\u017en\u011bj\u0161\u00ed opomenut\u00ed prov\u011b\u0159en\u00ed pova\u017euje zm\u011bnu poplatk\u016f k 16. dubnu 2026:<\/p>\n

    \n
  • strop distribu\u010dn\u00edho poplatku vzrostl z 1,5 % na 2,75 % ro\u010dn\u011b<\/strong>,<\/li>\n
  • nov\u011b p\u0159ibyl v\u00fdkonnostn\u00ed poplatek 5 %<\/strong>, a to bez minim\u00e1ln\u00ed hranice v\u00fdnosu (hurdle), od kter\u00e9 by se platil,<\/li>\n
  • fond si doplnil n\u00e1stroje pro omezen\u00ed odkup\u016f.<\/li>\n<\/ul>\n

    Ani jedna ze dvou \u010dtvrtletn\u00edch zpr\u00e1v o tom nep\u00ed\u0161e, p\u0159esto\u017ee ob\u011b obsahuj\u00ed pas\u00e1\u017ee o transparentnosti.<\/strong><\/p>\n

    Byty jsou likvidn\u00ed. Jen\u017ee ne ty ve fondu<\/strong><\/h2>\n

    Fond tvrd\u00ed, \u017ee byty jsou snadno prodejn\u00e9, a proto je jeho ocen\u011bn\u00ed spolehliv\u00e9. O odstavec d\u00e1l ale s\u00e1m p\u0159izn\u00e1v\u00e1, \u017ee v\u011bt\u0161\u00ed projekty kv\u016fli bankovn\u00edm \u00fav\u011br\u016fm prodat po bytech nelze. Jedinou cestou je prodat celou firmu, kter\u00e1 je vlastn\u00ed. Takov\u00fd prodej je v\u00fdrazn\u011b pomalej\u0161\u00ed a obvykle se d\u011bl\u00e1 se slevou.<\/p>\n

    Znaleck\u00e9 posudky p\u0159itom oce\u0148uj\u00ed byty pr\u00e1v\u011b jako by se prod\u00e1valy jednotliv\u011b voln\u00fdm kupc\u016fm. Hodnota fondu tedy stoj\u00ed na sc\u00e9n\u00e1\u0159i, kter\u00fd fond u v\u011bt\u0161\u00edch projekt\u016f s\u00e1m vylu\u010duje.<\/p>\n

    Jako d\u016fkaz spolehlivosti ocen\u011bn\u00ed fond uv\u00e1d\u00ed, \u017ee v\u0161echny prodeje prob\u011bhly nad valuac\u00ed. Jde ale o \u0161est byt\u016f z 81, fond si s\u00e1m vybral nejstar\u0161\u00ed akvizice a v\u0161echno se prod\u00e1valo na rostouc\u00edm trhu.<\/p>\n

    Posudky, na kter\u00e9 se investor nem\u016f\u017ee odvolat<\/strong><\/h2>\n

    Fond zve\u0159ej\u0148uje znaleck\u00e9 posudky jako hlavn\u00ed d\u016fkaz sv\u00e9 transparentnosti. Prov\u011b\u0159en\u00ed upozor\u0148uje, \u017ee jsou adresovan\u00e9 dce\u0159in\u00fdm firm\u00e1m, jejich \u00fa\u010delem je \u201eintern\u00ed rozhodov\u00e1n\u00ed klienta“ a samy v\u00fdslovn\u011b zakazuj\u00ed zve\u0159ejn\u011bn\u00ed a pou\u017eit\u00ed t\u0159et\u00ed stranou<\/strong>. Znalec vylu\u010duje jakoukoli odpov\u011bdnost v\u016f\u010di investor\u016fm a svou odpov\u011bdnost v\u016f\u010di klientovi omezuje na 1 milion korun. Investor, kter\u00fd se podle posudku rozhodne, z n\u011bj nem\u00e1 \u017e\u00e1dn\u00fd n\u00e1rok.<\/p>\n

    Dal\u0161\u00ed nevy\u0159\u010den\u00e9 v\u011bci<\/strong><\/h2>\n
      \n
    • Koncentrace:<\/strong> p\u0159es polovinu hodnoty portfolia poch\u00e1z\u00ed od jedin\u00e9ho developera, UBM Development. Fond to prezentuje jako v\u00fdhodu, ne jako riziko.<\/li>\n
    • Zm\u011bna strategie:<\/strong> fond jednou v\u011btou ohl\u00e1sil n\u00e1kupy mimo Prahu a v dal\u0161\u00ed zpr\u00e1v\u011b i v N\u011bmecku, Rakousku nebo It\u00e1lii. To by do korunov\u00e9ho fondu p\u0159ineslo m\u011bnov\u00e9 riziko, kter\u00e9 dosud pop\u00edral.<\/li>\n
    • Odliv pen\u011bz:<\/strong> fond p\u00ed\u0161e, \u017ee odchody investor\u016f byly \u201enejv\u00fdrazn\u011bj\u0161\u00ed do kv\u011btna“. Podle v\u00fdkazu ale nejv\u011bt\u0161\u00ed odlivy p\u0159i\u0161ly v \u010dervnu a \u010dervenci, \u010derven byl 4,6\u00d7 v\u011bt\u0161\u00ed ne\u017e kv\u011bten. Vysv\u011btlen\u00ed existuje (\u0161edes\u00e1tidenn\u00ed v\u00fdpov\u011bdn\u00ed lh\u016fta), zpr\u00e1va ho ale neuv\u00e1d\u00ed a nep\u00ed\u0161e, kolik \u017e\u00e1dost\u00ed o v\u00fdplatu je\u0161t\u011b \u010dek\u00e1.<\/li>\n
    • Chyb\u00ed z\u00e1kladn\u00ed \u010d\u00edsla:<\/strong> zpr\u00e1vy neobsahuj\u00ed v\u00fdsledovku, v\u00fd\u0161i n\u00e1jemn\u00e9ho ani hotovost fondu. Dva projekty, o kter\u00fdch fond p\u00ed\u0161e, \u017ee jsou pln\u011b obsazen\u00e9, pat\u0159\u00ed k nejztr\u00e1tov\u011bj\u0161\u00edm ve skupin\u011b.<\/li>\n<\/ul>\n

      Co fond d\u011bl\u00e1 dob\u0159e<\/strong><\/h2>\n

      Pro f\u00e9rovost: \u010d\u00edsla sed\u00ed na korunu v\u010detn\u011b posudk\u016f, znalci jsou nez\u00e1visl\u00ed, audit fond d\u011bl\u00e1 nad r\u00e1mec povinnosti a zpr\u00e1va Q2 je proti Q1 v\u00fdrazn\u011b otev\u0159en\u011bj\u0161\u00ed, v\u010detn\u011b p\u0159izn\u00e1n\u00ed dluh\u016f a odchodu spoluzakladatele. Detail po jednotliv\u00fdch bytech je nad standardem \u010desk\u00fdch realitn\u00edch fond\u016f.<\/p>\n

      Co to znamen\u00e1 pro investora<\/strong><\/h2>\n

      Stru\u010dn\u011b: data jsou pravdiv\u00e1, ale obraz, kter\u00fd z nich fond skl\u00e1d\u00e1, je hez\u010d\u00ed ne\u017e skute\u010dnost.<\/strong> Investor, kter\u00fd \u010dte jen souhrny a web, si m\u016f\u017ee odn\u00e9st dojem bezpe\u010dn\u00e9ho, nezadlu\u017een\u00e9ho fondu s v\u00fdnosem 5\u20137 % a p\u011btilet\u00fdm horizontem. Podle vlastn\u00edch dokument\u016f fondu jde o nejrizikov\u011bj\u0161\u00ed kategorii s doporu\u010den\u00fdm horizontem deset let, zadlu\u017een\u00fdmi projekty, v\u00fdnosem pod c\u00edlem a nov\u011b vy\u0161\u0161\u00edmi poplatky.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Realitn\u00ed fond Future X, jeho\u017e investi\u010dn\u00edm \u0159editelem je Ond\u0159ej Z\u00e1ruba, p\u0159edkl\u00e1d\u00e1 investor\u016fm p\u0159esn\u00e1 \u010d\u00edsla. Podrobn\u00e9 prov\u011b\u0159en\u00ed jeho dvou leto\u0161n\u00edch \u010dtvrtletn\u00edch zpr\u00e1v ale ukazuje, \u017ee z\u00e1v\u011bry, kter\u00e9 z nich fond vyvozuje, jsou pro n\u011bj v\u00fdrazn\u011b p\u0159\u00edzniv\u011bj\u0161\u00ed, ne\u017e data dovoluj\u00ed. A n\u011bkter\u00e9 podstatn\u00e9 v\u011bci ve zpr\u00e1v\u00e1ch nejsou v\u016fbec. Future X Investment Community Fund (ISIN LI0523708464) je lichten\u0161tejnsk\u00fd […]<\/p>\n","protected":false},"author":1,"featured_media":74,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[56,7,3],"class_list":["post-73","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oz","tag-fond","tag-future-x","tag-ondrej-zaruba"],"_links":{"self":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/73","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=73"}],"version-history":[{"count":2,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/73\/revisions"}],"predecessor-version":[{"id":76,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/73\/revisions\/76"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/media\/74"}],"wp:attachment":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=73"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=73"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=73"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}