{"id":77,"date":"2026-09-29T10:47:48","date_gmt":"2026-09-29T10:47:48","guid":{"rendered":"https:\/\/ondrejzaruba.info\/?p=77"},"modified":"2026-09-29T10:58:49","modified_gmt":"2026-09-29T10:58:49","slug":"provozne-ve-ztrate-odchody-placene-z-uveru-future-x-ukazuje-investorum-jiny-fond-nez-jaky-popisuji-jeho-vlastni-dokumenty","status":"publish","type":"post","link":"https:\/\/ondrejzaruba.info\/?p=77","title":{"rendered":"Provozn\u011b ve ztr\u00e1t\u011b, odchody placen\u00e9 z \u00fav\u011br\u016f. Future X ukazuje investor\u016fm jin\u00fd fond, ne\u017e jak\u00fd popisuj\u00ed jeho vlastn\u00ed dokumenty"},"content":{"rendered":"<style>\n.fx-article{font-family:Georgia,'Noto Serif',serif;color:#14181F;font-size:18px;line-height:1.65;max-width:760px;margin:0 auto}\n.fx-article h2,.fx-article table,.fx-article figcaption,.fx-article .ft,.fx-article .stat,.fx-article .box-title,.fx-article .byline,.fx-article .small,.fx-article .q li,.fx-article .sans,.fx-article .two .h{font-family:-apple-system,'Segoe UI','Noto Sans',Arial,sans-serif}\n.fx-article .perex{font-size:20px;font-weight:600;line-height:1.5}\n.fx-article .byline{font-size:13px;color:#6B7280;border-top:1px solid #E5E7EB;border-bottom:1px solid #E5E7EB;padding:10px 0;margin:0 0 24px}\n.fx-article h2{font-size:26px;font-weight:800;line-height:1.2;margin:40px 0 12px}\n.fx-article h2 .num{color:#C8102E;margin-right:8px}\n.fx-article .stats{width:100%;border-collapse:separate;border-spacing:10px 0;margin:8px -10px 28px;table-layout:fixed}\n.fx-article .stats td{background:#F6F6F4;border-top:4px solid #C8102E;padding:14px;vertical-align:top}\n.fx-article .stat .v{font-size:32px;font-weight:800;line-height:1.05}\n.fx-article .stat .l{font-size:13px;color:#4B5563;line-height:1.4;margin-top:6px}\n.fx-article figure{margin:24px 0 28px}\n.fx-article figure svg{display:block;width:100%;height:auto}\n.fx-article .ft{font-weight:700;font-size:15px;margin-bottom:8px}\n.fx-article figcaption{font-size:12.5px;color:#6B7280;margin-top:6px;line-height:1.45}\n.fx-article blockquote{margin:24px 0;padding:4px 0 4px 20px;border-left:4px solid #C8102E;font-size:19px;font-style:italic}\n.fx-article blockquote cite{display:block;font-style:normal;font-size:12.5px;color:#6B7280;margin-top:6px;font-family:Arial,sans-serif}\n.fx-article .box{background:#F6F6F4;padding:20px 24px;margin:28px 0}\n.fx-article .box.red{background:#FBEDEF;border-left:5px solid #C8102E}\n.fx-article .box.dark{background:#14181F;color:#F3F4F6}\n.fx-article .box.dark .box-title{color:#fff}\n.fx-article .box-title{font-weight:800;font-size:15px;margin-bottom:8px;text-transform:uppercase;letter-spacing:.8px}\n.fx-article table.data{width:100%;border-collapse:collapse;font-size:15px;margin:16px 0 24px}\n.fx-article table.data th{text-align:left;background:#14181F;color:#fff;padding:9px 11px}\n.fx-article table.data td{padding:9px 11px;border-bottom:1px solid #E5E7EB;vertical-align:top}\n.fx-article table.data td.hl{color:#C8102E;font-weight:700}\n.fx-article .two{width:100%;border-collapse:collapse;margin:16px 0 24px}\n.fx-article .two td{width:50%;vertical-align:top;padding:18px;font-size:16px;line-height:1.5}\n.fx-article .two td.l{background:#F6F6F4} .fx-article .two td.r{background:#FBEDEF}\n.fx-article .two .h{font-weight:800;font-size:13px;text-transform:uppercase;letter-spacing:1px;margin-bottom:8px}\n.fx-article .small{font-size:12.5px;color:#6B7280;line-height:1.5}\n.fx-article .q li{font-size:16px;margin-bottom:6px}\n@media (max-width:640px){\n .fx-article{font-size:17px}\n .fx-article .stats,.fx-article .stats tbody,.fx-article .stats tr,.fx-article .stats td,.fx-article .two,.fx-article .two tbody,.fx-article .two tr,.fx-article .two td{display:block;width:auto}\n .fx-article .stats{margin:8px 0 24px} .fx-article .stats td{margin-bottom:10px}\n .fx-article table.data{font-size:13px} .fx-article h2{font-size:22px}\n}\n<\/style>\n<div class=\"fx-article\">\n<p class=\"perex\">Fond Future X, jeho\u017e zpr\u00e1vy pro investory podepisuje investi\u010dn\u00ed \u0159editel Ond\u0159ej Z\u00e1ruba, se prezentuje jako bezpe\u010dn\u00e1 cesta k pra\u017esk\u00fdm byt\u016fm. Podle vlastn\u00edch dokument\u016f fondu, rozvah dce\u0159in\u00fdch firem a znaleck\u00fdch posudk\u016f ale od jara odch\u00e1zej\u00ed investo\u0159i, v\u00fdplaty jdou z nov\u00fdch bankovn\u00edch \u00fav\u011br\u016f a samotn\u00fd fond provozn\u011b prod\u011bl\u00e1v\u00e1. K tomu vykazuje nejni\u017e\u0161\u00ed v\u00fdnos mezi konkurenty a posudky, na kter\u00fdch stoj\u00ed cena pod\u00edl\u016f, investor\u016fm nic nezaru\u010duj\u00ed.<\/p>\n<div class=\"byline\">Redakce \u00b7 Zdroj: kreditn\u00ed anal\u00fdza a prov\u011b\u0159en\u00ed tvrzen\u00ed fondu (verze 2.0, 28. 8. 2026), dokumenty fondu k 30. 6. a 31. 7. 2026<\/div>\n<table class=\"stats\">\n<tr>\n<td class=\"stat\">\n<div class=\"v\">\u22129,3 %<\/div>\n<div class=\"l\">pod\u00edl\u016f fondu zmizelo od b\u0159ezna 2026; odliv trv\u00e1 p\u00e1t\u00fd m\u011bs\u00edc<\/div>\n<\/td>\n<td class=\"stat\">\n<div class=\"v\">293 mil.<\/div>\n<div class=\"l\">K\u010d bankovn\u00edho dluhu ve skupin\u011b. Web fondu p\u0159itom p\u00ed\u0161e: \u201enem\u00e1 \u017e\u00e1dn\u00e9 dluhy\u201c<\/div>\n<\/td>\n<td class=\"stat\">\n<div class=\"v\">3,66 %<\/div>\n<div class=\"l\">pr\u016fm\u011brn\u00fd ro\u010dn\u00ed v\u00fdnos od zalo\u017een\u00ed; slibov\u00e1no bylo 5\u20137 %<\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p>Future X Investment Community Fund je lichten\u0161tejnsk\u00fd fond, kter\u00fd p\u0159es s\u00e9rii \u010desk\u00fdch dce\u0159in\u00fdch spole\u010dnost\u00ed (tzv. SPV, tedy firem zalo\u017een\u00fdch pro jeden projekt) nakupuje nov\u00e9 byty v Praze a Brand\u00fdse nad Labem. Spravuje necelou miliardu korun a v \u010cesku ho distribuuj\u00ed Conseq a CYRRUS. Vstoupit se d\u00e1 u\u017e od 500 korun m\u011bs\u00ed\u010dn\u011b. Je to tedy produkt pro drobn\u00e9 st\u0159adatele.<\/p>\n<p>Redakce m\u00e1 k dispozici dv\u011b anal\u00fdzy, kter\u00e9 rozeb\u00edraj\u00ed dokumenty fondu: kreditn\u00ed anal\u00fdzu a samostatn\u00e9 prov\u011b\u0159en\u00ed tvrzen\u00ed ve \u010dtvrtletn\u00edch zpr\u00e1v\u00e1ch. Ob\u011b vych\u00e1zej\u00ed z pololetn\u00ed zpr\u00e1vy, v\u00fdkazu majetku, rozvah dce\u0159in\u00fdch spole\u010dnost\u00ed k 31. 7. 2026 a ze t\u0159\u00ed znaleck\u00fdch posudk\u016f. V\u00fdsledek je jednozna\u010dn\u00fd: <strong>fond nefal\u0161uje \u010d\u00edsla. Skl\u00e1d\u00e1 z nich ale p\u0159\u00edb\u011bh, kter\u00fd jeho vlastn\u00ed dokumenty nepodporuj\u00ed.<\/strong><\/p>\n<h2><span class=\"num\">01<\/span>Investo\u0159i odch\u00e1zej\u00ed. A zdaleka ne jen do kv\u011btna<\/h2>\n<p>Na konci b\u0159ezna m\u011bl fond 9,21 milionu pod\u00edlov\u00fdch list\u016f, na konci \u010dervence u\u017e jen 8,36 milionu. Ubylo 853 767 pod\u00edl\u016f, tedy v\u00edce ne\u017e dev\u011bt procent cel\u00e9ho fondu. Objem klesl z 1,096 miliardy na 996,6 milionu korun.<\/p>\n<figure>\n<div class=\"ft\">Po\u010det pod\u00edlov\u00fdch list\u016f ve fondu (mil. kus\u016f)<\/div>\n<p><svg viewBox=\"0 0 640 200\" width=\"100%\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Noto Sans\"><line x1=\"44\" y1=\"139.5\" x2=\"620\" y2=\"139.5\" stroke=\"#E5E7EB\"\/><text x=\"36\" y=\"143.5\" text-anchor=\"end\" font-size=\"11\" fill=\"#6B7280\">8,4<\/text><line x1=\"44\" y1=\"112.9\" x2=\"620\" y2=\"112.9\" stroke=\"#E5E7EB\"\/><text x=\"36\" y=\"116.9\" text-anchor=\"end\" font-size=\"11\" fill=\"#6B7280\">8,6<\/text><line x1=\"44\" y1=\"86.4\" x2=\"620\" y2=\"86.4\" stroke=\"#E5E7EB\"\/><text x=\"36\" y=\"90.4\" text-anchor=\"end\" font-size=\"11\" fill=\"#6B7280\">8,8<\/text><line x1=\"44\" y1=\"59.8\" x2=\"620\" y2=\"59.8\" stroke=\"#E5E7EB\"\/><text x=\"36\" y=\"63.8\" text-anchor=\"end\" font-size=\"11\" fill=\"#6B7280\">9,0<\/text><line x1=\"44\" y1=\"33.3\" x2=\"620\" y2=\"33.3\" stroke=\"#E5E7EB\"\/><text x=\"36\" y=\"37.3\" text-anchor=\"end\" font-size=\"11\" fill=\"#6B7280\">9,2<\/text><path d=\"M44.0,74.8 L159.2,31.6 L274.4,45.2 L389.6,55.6 L504.8,103.9 L620.0,144.9 L620.0,166 L44.0,166 Z\" fill=\"#C8102E\" opacity=\"0.08\"\/><path d=\"M44.0,74.8 L159.2,31.6 L274.4,45.2 L389.6,55.6 L504.8,103.9 L620.0,144.9\" fill=\"none\" stroke=\"#C8102E\" stroke-width=\"2.5\"\/><circle cx=\"44.0\" cy=\"74.8\" r=\"4\" fill=\"#C8102E\"\/><text x=\"44.0\" y=\"188\" text-anchor=\"middle\" font-size=\"11.5\" fill=\"#6B7280\">12\/2025<\/text><text x=\"44.0\" y=\"64.8\" text-anchor=\"start\" font-size=\"11.5\" font-weight=\"700\" fill=\"#14181F\">8,89<\/text><circle cx=\"159.2\" cy=\"31.6\" r=\"4\" fill=\"#C8102E\"\/><text x=\"159.2\" y=\"188\" text-anchor=\"middle\" font-size=\"11.5\" fill=\"#6B7280\">3\/2026<\/text><text x=\"159.2\" y=\"21.6\" text-anchor=\"middle\" font-size=\"11.5\" font-weight=\"700\" fill=\"#14181F\">9,21<\/text><circle cx=\"274.4\" cy=\"45.2\" r=\"4\" fill=\"#C8102E\"\/><text x=\"274.4\" y=\"188\" text-anchor=\"middle\" font-size=\"11.5\" fill=\"#6B7280\">4\/2026<\/text><text x=\"274.4\" y=\"35.2\" text-anchor=\"middle\" font-size=\"11.5\" font-weight=\"700\" fill=\"#14181F\">9,11<\/text><circle cx=\"389.6\" cy=\"55.6\" r=\"4\" fill=\"#C8102E\"\/><text x=\"389.6\" y=\"188\" text-anchor=\"middle\" font-size=\"11.5\" fill=\"#6B7280\">5\/2026<\/text><text x=\"389.6\" y=\"45.6\" text-anchor=\"middle\" font-size=\"11.5\" font-weight=\"700\" fill=\"#14181F\">9,03<\/text><circle cx=\"504.8\" cy=\"103.9\" r=\"4\" fill=\"#C8102E\"\/><text x=\"504.8\" y=\"188\" text-anchor=\"middle\" font-size=\"11.5\" fill=\"#6B7280\">6\/2026<\/text><text x=\"504.8\" y=\"93.9\" text-anchor=\"middle\" font-size=\"11.5\" font-weight=\"700\" fill=\"#14181F\">8,67<\/text><circle cx=\"620.0\" cy=\"144.9\" r=\"4\" fill=\"#C8102E\"\/><text x=\"620.0\" y=\"188\" text-anchor=\"middle\" font-size=\"11.5\" fill=\"#6B7280\">7\/2026<\/text><text x=\"620.0\" y=\"134.9\" text-anchor=\"end\" font-size=\"11.5\" font-weight=\"700\" fill=\"#14181F\">8,36<\/text><\/svg><figcaption>Zdroj: NAV list LAFV, t\u0159\u00edda R; kreditn\u00ed anal\u00fdza Future X v2.0<\/figcaption><\/figure>\n<p>Fond ve zpr\u00e1v\u011b za druh\u00e9 \u010dtvrtlet\u00ed poprv\u00e9 p\u0159iznal, pro\u010d. Odliv podle n\u011bj \u201esouvisel prim\u00e1rn\u011b s osobou Richarda Proch\u00e1zky\u201c, spoluzakladatele a jednatele dce\u0159in\u00fdch firem fondu. Podle zpr\u00e1vy fondu jedna z Proch\u00e1zkov\u00fdch podnikatelsk\u00fdch aktivit v oblasti kryptoaktiv zp\u016fsobila, \u017ee jej\u00ed z\u00e1kazn\u00edci \u201ep\u0159i\u0161li o v\u00fdznamnou \u010d\u00e1st jejich aktiv\u201c. Fond ho pak odvolal ze v\u0161ech funkc\u00ed.<\/p>\n<blockquote><p>\u201eTento jev byl nejv\u00fdrazn\u011bj\u0161\u00ed do kv\u011btna a souvisel prim\u00e1rn\u011b s osobou Richarda Proch\u00e1zky.\u201c<cite>Zpr\u00e1va o \u010dinnosti fondu Future X za 2. \u010dtvrtlet\u00ed 2026<\/cite><\/p><\/blockquote>\n<p>Data fondu tomu ale neodpov\u00eddaj\u00ed. Dva nejv\u011bt\u0161\u00ed odlivy p\u0159i\u0161ly a\u017e po kv\u011btnu. V \u010dervnu ode\u0161lo 4,6kr\u00e1t v\u00edc pod\u00edl\u016f ne\u017e v kv\u011btnu.<\/p>\n<figure>\n<div class=\"ft\">M\u011bs\u00ed\u010dn\u00ed \u00fabytek pod\u00edlov\u00fdch list\u016f (kusy)<\/div>\n<p><svg viewBox=\"0 0 640 250\" width=\"100%\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Noto Sans\"><line x1=\"20\" y1=\"30\" x2=\"620\" y2=\"30\" stroke=\"#1F2937\" stroke-width=\"1\"\/><rect x=\"53.8\" y=\"30\" width=\"82.5\" height=\"50.9\" fill=\"#9CA3AF\"\/><text x=\"95.0\" y=\"96.9\" text-anchor=\"middle\" font-size=\"12.5\" font-weight=\"700\" fill=\"#14181F\">\u2212102 722<\/text><text x=\"95.0\" y=\"20\" text-anchor=\"middle\" font-size=\"12.5\" fill=\"#6B7280\">duben<\/text><rect x=\"203.8\" y=\"30\" width=\"82.5\" height=\"38.8\" fill=\"#9CA3AF\"\/><text x=\"245.0\" y=\"84.8\" text-anchor=\"middle\" font-size=\"12.5\" font-weight=\"700\" fill=\"#14181F\">\u221278 438<\/text><text x=\"245.0\" y=\"20\" text-anchor=\"middle\" font-size=\"12.5\" fill=\"#6B7280\">kv\u011bten<\/text><rect x=\"353.8\" y=\"30\" width=\"82.5\" height=\"180.0\" fill=\"#C8102E\"\/><text x=\"395.0\" y=\"226.0\" text-anchor=\"middle\" font-size=\"12.5\" font-weight=\"700\" fill=\"#14181F\">\u2212363 573<\/text><text x=\"395.0\" y=\"20\" text-anchor=\"middle\" font-size=\"12.5\" fill=\"#6B7280\">\u010derven<\/text><rect x=\"503.8\" y=\"30\" width=\"82.5\" height=\"153.0\" fill=\"#C8102E\"\/><text x=\"545.0\" y=\"199.0\" text-anchor=\"middle\" font-size=\"12.5\" font-weight=\"700\" fill=\"#14181F\">\u2212309 034<\/text><text x=\"545.0\" y=\"20\" text-anchor=\"middle\" font-size=\"12.5\" fill=\"#6B7280\">\u010dervenec<\/text><\/svg><figcaption>Zdroj: NAV list LAFV. Fond m\u00e1 \u0161edes\u00e1tidenn\u00ed v\u00fdpov\u011bdn\u00ed lh\u016ftu, tak\u017ee \u010dervnov\u00e9 v\u00fdplaty byly zad\u00e1ny v dubnu a \u010dervencov\u00e9 v kv\u011btnu. Zpr\u00e1va fondu tuto mechaniku nevysv\u011btluje a neuv\u00e1d\u00ed, kolik \u017e\u00e1dost\u00ed o v\u00fdplatu je\u0161t\u011b \u010dek\u00e1.<\/figcaption><\/figure>\n<p>Fond m\u00e1 pro svou v\u011btu jistou obhajobu: kv\u016fli \u0161edes\u00e1tidenn\u00ed lh\u016ft\u011b mohly \u017e\u00e1dosti o v\u00fdplatu skute\u010dn\u011b vrcholit do kv\u011btna. Jen\u017ee spr\u00e1vce vid\u00ed frontu na dva m\u011bs\u00edce dop\u0159edu a investor ne. Kolik pen\u011bz je\u0161t\u011b \u010dek\u00e1 na v\u00fdplatu, zpr\u00e1va neuv\u00e1d\u00ed. \u010cten\u00e1\u0159 si v\u011btu \u201enejv\u00fdrazn\u011bj\u0161\u00ed do kv\u011btna\u201c p\u0159e\u010dte tak, \u017ee je po v\u0161em. \u010c\u00edsla za \u010derven a \u010dervenec ukazuj\u00ed opak.<\/p>\n<p>V\u00e1\u017en\u011bj\u0161\u00ed je ale jin\u00e1 v\u011bc. Zpr\u00e1va za prvn\u00ed \u010dtvrtlet\u00ed vy\u0161la v kv\u011btnu 2026, uprost\u0159ed t\u00e9to vlny. O odchodu spoluzakladatele ani o odlivu v n\u00ed nebylo ani slovo. M\u00edsto toho v\u011bnovala t\u0159i odstavce transparentnosti. Nav\u00edc cel\u00fd trh \u010desk\u00fdch realitn\u00edch fond\u016f v t\u00e9 dob\u011b podle anal\u00fdzy zaznamen\u00e1val siln\u00e9 p\u0159\u00edtoky. <strong>Future X ztr\u00e1cel pen\u00edze, zat\u00edmco konkurence rostla.<\/strong><\/p>\n<h2><span class=\"num\">02<\/span>Odch\u00e1zej\u00edc\u00ed se vypl\u00e1cej\u00ed z \u00fav\u011br\u016f. Zadlu\u017een\u00ed z\u016fst\u00e1v\u00e1 t\u011bm, kdo z\u016fstanou<\/h2>\n<p>Kde fond vzal pen\u00edze na v\u00fdplaty? Odpov\u011b\u010f ukazuj\u00ed rozvahy jeho dce\u0159in\u00fdch spole\u010dnost\u00ed. Dv\u011b z nich, Future X Arcus a Future X Astrid Garden, si vzaly bankovn\u00ed \u00fav\u011bry za 132,9 milionu korun a z\u00e1rove\u0148 vr\u00e1tily mate\u0159sk\u00e9mu fondu kapit\u00e1l 117,1 milionu korun.<\/p>\n<table class=\"data\">\n<tr>\n<th>Spole\u010dnost<\/th>\n<th>Vr\u00e1cen\u00fd kapit\u00e1l fondu<\/th>\n<th>Nov\u00fd bankovn\u00ed \u00fav\u011br<\/th>\n<\/tr>\n<tr>\n<td>Future X Arcus<\/td>\n<td>62,6 mil. K\u010d<\/td>\n<td>73,0 mil. K\u010d<\/td>\n<\/tr>\n<tr>\n<td>Future X Astrid Garden<\/td>\n<td>54,5 mil. K\u010d<\/td>\n<td>59,9 mil. K\u010d<\/td>\n<\/tr>\n<tr>\n<td><strong>Celkem<\/strong><\/td>\n<td class=\"hl\">117,1 mil. K\u010d<\/td>\n<td class=\"hl\">132,9 mil. K\u010d<\/td>\n<\/tr>\n<\/table>\n<p>Samo o sob\u011b to nen\u00ed nic neleg\u00e1ln\u00edho a v realitn\u00edch fondech je to b\u011b\u017en\u00e9. Pro investora to ale znamen\u00e1 jednu nep\u0159\u00edjemnou v\u011bc: <strong>ti, kdo odch\u00e1zej\u00ed, dost\u00e1vaj\u00ed pen\u00edze ze zadlu\u017een\u00ed majetku, kter\u00fd z\u016fst\u00e1v\u00e1 ostatn\u00edm.<\/strong> Kdo ve fondu z\u016fstal, nese vy\u0161\u0161\u00ed dluh, ani\u017e by se pro n\u011bj rozhodl. Anal\u00fdza v\u00fdslovn\u011b uv\u00e1d\u00ed, \u017ee p\u0159esn\u00e9 na\u010dasov\u00e1n\u00ed \u010derp\u00e1n\u00ed \u00fav\u011br\u016f a vracen\u00ed kapit\u00e1lu z ve\u0159ejn\u00fdch dat ur\u010dit nelze. Sm\u011br je ale podle n\u00ed jednozna\u010dn\u00fd.<\/p>\n<p>Je\u0161t\u011b na konci roku 2025 m\u011bla skupina podle v\u00fdro\u010dn\u00ed zpr\u00e1vy v\u00edc hotovosti ne\u017e dluh\u016f. Za sedm m\u011bs\u00edc\u016f se dostala do \u010dist\u00e9ho dluhu zhruba 80 milion\u016f korun.<\/p>\n<figure>\n<div class=\"ft\">Dluh a hotovost skupiny Future X k 31. 7. 2026 (mil. K\u010d)<\/div>\n<p><svg viewBox=\"0 0 640 142\" width=\"100%\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Noto Sans\"><text x=\"180\" y=\"18.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">Bankovn\u00ed dluh skupiny<\/text><rect x=\"190.0\" y=\"3\" width=\"329.4\" height=\"22\" fill=\"#C8102E\" rx=\"2\"\/><text x=\"527.4\" y=\"18.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">292,8 mil. K\u010d<\/text><text x=\"180\" y=\"52.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">Hotovost fondu + SPV<\/text><rect x=\"190.0\" y=\"37\" width=\"239.4\" height=\"22\" fill=\"#1F2937\" rx=\"2\"\/><text x=\"437.4\" y=\"52.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">212,8 mil. K\u010d<\/text><text x=\"180\" y=\"86.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">\u010cist\u00fd dluh<\/text><rect x=\"190.0\" y=\"71\" width=\"90.0\" height=\"22\" fill=\"#C8102E\" rx=\"2\"\/><text x=\"288.0\" y=\"86.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">80,0 mil. K\u010d<\/text><text x=\"180\" y=\"120.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">Dluh podle webu fondu<\/text><rect x=\"190.0\" y=\"105\" width=\"2.0\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"200.0\" y=\"120.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">0,0 mil. K\u010d<\/text><\/svg><figcaption>Zdroj: rozvahy SPV k 31. 7. 2026 (Future X Beta k 30. 6. 2026), v\u00fdkaz finan\u010dn\u00edho majetku fondu. Konsolidace je dopo\u010dtem anal\u00fdzy, fond ji ve zpr\u00e1v\u011b Q2 potvrdil (\u201ecelkov\u00e1 v\u00fd\u0161e dluh\u016f je men\u0161\u00ed ne\u017e 300 milion\u016f CZK\u201c).<\/figcaption><\/figure>\n<div class=\"box red\">\n<div class=\"box-title\">\u201eAktu\u00e1ln\u011b fond nem\u00e1 \u017e\u00e1dn\u00e9 dluhy\u201c<\/div>\n<p>Tuhle v\u011btu podle anal\u00fdzy uv\u00e1d\u00ed web fondu v \u010dast\u00fdch ot\u00e1zk\u00e1ch. Pololetn\u00ed zpr\u00e1va k tomu vykazuje m\u00edru zadlu\u017een\u00ed 0,00 %. Zpr\u00e1va za druh\u00e9 \u010dtvrtlet\u00ed p\u0159itom sama vyjmenov\u00e1v\u00e1 <strong>p\u011bt bankovn\u00edch \u00fav\u011br\u016f od J&amp;T Banky a UniCredit Bank<\/strong> na projektech Arcus Timber, Astrid Garden, Na Mari\u00e1nsk\u00e9 cest\u011b, Arcus City a Nov\u00e9 Mod\u0159any. Form\u00e1ln\u011b to funguje jen proto, \u017ee \u00fav\u011bry nem\u00e1 sv\u011b\u0159ensk\u00fd fond, ale jeho dce\u0159in\u00e9 firmy. Banky maj\u00ed z\u00e1stavu p\u0159\u00edmo na bytech. Investor stoj\u00ed ve front\u011b a\u017e za nimi.<\/p>\n<\/div>\n<h2><span class=\"num\">03<\/span>Fond provozn\u011b prod\u011bl\u00e1v\u00e1. Zisk vznik\u00e1 jen v posudc\u00edch<\/h2>\n<p>V\u00fdsledovka samotn\u00e9ho fondu za prvn\u00ed pololet\u00ed 2026 mluv\u00ed jasn\u011b: v\u00fdnosy 2,8 milionu, n\u00e1klady 11,4 milionu. Provozn\u00ed ztr\u00e1ta 8,6 milionu korun. V cel\u00e9m roce 2025 to bylo \u221217,1 milionu. Kladn\u00fd v\u00fdsledek, kter\u00fd investor vid\u00ed, vznik\u00e1 <strong>v\u00fdhradn\u011b p\u0159ecen\u011bn\u00edm<\/strong>, tedy t\u00edm, \u017ee znalec nap\u00ed\u0161e vy\u0161\u0161\u00ed hodnotu.<\/p>\n<figure>\n<div class=\"ft\">Hospoda\u0159en\u00ed fondu Future X, 1. pololet\u00ed 2026 (mil. K\u010d)<\/div>\n<p><svg viewBox=\"0 0 640 176\" width=\"100%\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Noto Sans\"><line x1=\"325.0\" y1=\"0\" x2=\"325.0\" y2=\"176\" stroke=\"#1F2937\" stroke-width=\"1\"\/><text x=\"0\" y=\"18.4\" text-anchor=\"start\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">V\u00fdnosy fondu<\/text><rect x=\"325.0\" y=\"3\" width=\"31.6\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"364.6\" y=\"18.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">2,8 mil.<\/text><text x=\"0\" y=\"52.4\" text-anchor=\"start\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">N\u00e1klady fondu<\/text><rect x=\"197.2\" y=\"37\" width=\"127.8\" height=\"22\" fill=\"#1F2937\" rx=\"2\"\/><text x=\"333.0\" y=\"52.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">\u221211,4 mil.<\/text><text x=\"0\" y=\"86.4\" text-anchor=\"start\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">Provozn\u00ed v\u00fdsledek<\/text><rect x=\"228.8\" y=\"71\" width=\"96.2\" height=\"22\" fill=\"#C8102E\" rx=\"2\"\/><text x=\"333.0\" y=\"86.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">\u22128,6 mil.<\/text><text x=\"0\" y=\"120.4\" text-anchor=\"start\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">P\u0159ecen\u011bn\u00ed (posudky)<\/text><rect x=\"325.0\" y=\"105\" width=\"214.2\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"547.2\" y=\"120.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">19,0 mil.<\/text><text x=\"0\" y=\"154.4\" text-anchor=\"start\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">Celkov\u00fd \u201ezisk\u201c<\/text><rect x=\"325.0\" y=\"139\" width=\"116.0\" height=\"22\" fill=\"#1F2937\" rx=\"2\"\/><text x=\"449.0\" y=\"154.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">10,3 mil.<\/text><\/svg><figcaption>Zdroj: neauditovan\u00e1 pololetn\u00ed zpr\u00e1va k 30. 6. 2026<\/figcaption><\/figure>\n<p>Na \u00farovni dce\u0159in\u00fdch firem je obraz stejn\u00fd. Dohromady vyk\u00e1zaly za b\u011b\u017en\u00e9 obdob\u00ed ztr\u00e1tu 13,6 milionu korun, kumulovan\u011b 43,3 milionu. Jedin\u00e1 ziskov\u00e1 je Future X Alpha, a to d\u00edky prodej\u016fm byt\u016f, ne d\u00edky n\u00e1jmu. Anal\u00fdza p\u0159ipou\u0161t\u00ed, \u017ee \u010d\u00e1st ztr\u00e1t jde na vrub \u00fa\u010detn\u00edch odpis\u016f, tak\u017ee provoz p\u0159ed odpisy m\u016f\u017ee b\u00fdt m\u00edrn\u011b v plusu. Ov\u011b\u0159it to ale nelze, proto\u017ee n\u00e1jemn\u00e9 fond nezve\u0159ej\u0148uje.<\/p>\n<p>Tady je jeden z nejv\u00fdmluvn\u011bj\u0161\u00edch rozpor\u016f. Zpr\u00e1va za druh\u00e9 \u010dtvrtlet\u00ed se chlub\u00ed, \u017ee projekty Arcus Timber a Na Mari\u00e1nsk\u00e9 cest\u011b jsou pln\u011b obsazen\u00e9 a obsazenost \u201epravideln\u011b atakuje 100 %\u201c. Pr\u00e1v\u011b tyto dv\u011b firmy jsou ale <strong>nejztr\u00e1tov\u011bj\u0161\u00ed v cel\u00e9 skupin\u011b<\/strong>: Future X Arcus \u22125,2 milionu, Future X Beta \u22124,4 milionu korun.<\/p>\n<h2><span class=\"num\">04<\/span>Sl\u00edbeno 5\u20137 %, dod\u00e1no 3,66 %. A zpomaluje to<\/h2>\n<p>Web fondu slibuje v\u00fdnos 5 a\u017e 7 % ro\u010dn\u011b. Zpr\u00e1va za prvn\u00ed \u010dtvrtlet\u00ed mluv\u00ed o \u201ep\u00e1smu 5 % ro\u010dn\u011b +\u201c, zpr\u00e1va za druh\u00e9 u\u017e o \u201e4\u20137 %\u201c. T\u0159i r\u016fzn\u00e9 c\u00edle za jeden rok, spodn\u00ed hranice kles\u00e1. Ani jednou se v nich nep\u00ed\u0161e, \u017ee fond c\u00edl od zalo\u017een\u00ed nepln\u00ed.<\/p>\n<figure>\n<div class=\"ft\">Sliby versus skute\u010dnost (% ro\u010dn\u011b)<\/div>\n<p><svg viewBox=\"0 0 640 210\" width=\"100%\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Noto Sans\"><text x=\"220\" y=\"18.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">C\u00edl na webu (horn\u00ed mez)<\/text><rect x=\"230.0\" y=\"3\" width=\"280.0\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"518.0\" y=\"18.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">7,00 %<\/text><text x=\"220\" y=\"52.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">C\u00edl na webu (doln\u00ed mez)<\/text><rect x=\"230.0\" y=\"37\" width=\"200.0\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"438.0\" y=\"52.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">5,00 %<\/text><text x=\"220\" y=\"86.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">C\u00edl ve zpr\u00e1v\u011b Q2 (doln\u00ed mez)<\/text><rect x=\"230.0\" y=\"71\" width=\"160.0\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"398.0\" y=\"86.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">4,00 %<\/text><text x=\"220\" y=\"120.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">Skute\u010dnost od zalo\u017een\u00ed<\/text><rect x=\"230.0\" y=\"105\" width=\"146.4\" height=\"22\" fill=\"#C8102E\" rx=\"2\"\/><text x=\"384.4\" y=\"120.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">3,66 %<\/text><text x=\"220\" y=\"154.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">Posledn\u00edch 12 m\u011bs\u00edc\u016f<\/text><rect x=\"230.0\" y=\"139\" width=\"138.4\" height=\"22\" fill=\"#C8102E\" rx=\"2\"\/><text x=\"376.4\" y=\"154.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">3,46 %<\/text><text x=\"220\" y=\"188.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">1. pololet\u00ed 2026 (anualizovan\u011b)<\/text><rect x=\"230.0\" y=\"173\" width=\"76.0\" height=\"22\" fill=\"#C8102E\" rx=\"2\"\/><text x=\"314.0\" y=\"188.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">1,90 %<\/text><\/svg><figcaption>Zdroj: web fondu, zpr\u00e1vy o \u010dinnosti Q1 a Q2\/2026, v\u00fdkonnostn\u00ed p\u0159ehled LAFV k 30. 6. 2026<\/figcaption><\/figure>\n<p>Za prvn\u00ed pololet\u00ed 2026 dostal investor 0,94 %. P\u0159ecen\u011bn\u00ed majetku p\u0159itom d\u011blalo 2,2 %. Rozd\u00edl prakticky cel\u00fd spolkly poplatky. Proti kumulativn\u00ed inflaci za roky 2021 a\u017e 2026, kterou anal\u00fdza odhaduje \u0159\u00e1dov\u011b na 38 %, investo\u0159i re\u00e1ln\u011b p\u0159i\u0161li o pen\u00edze.<\/p>\n<figure>\n<div class=\"ft\">Pr\u016fm\u011brn\u00fd ro\u010dn\u00ed v\u00fdnos od zalo\u017een\u00ed: Future X proti konkurenci (%)<\/div>\n<p><svg viewBox=\"0 0 640 312\" width=\"100%\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Noto Sans\"><text x=\"200\" y=\"18.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">Fidurock Residential<\/text><rect x=\"210.0\" y=\"3\" width=\"323.7\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"541.7\" y=\"18.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">9,52 %<\/text><text x=\"200\" y=\"52.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">MINT I. reziden\u010dn\u00ed<\/text><rect x=\"210.0\" y=\"37\" width=\"264.5\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"482.5\" y=\"52.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">7,78 %<\/text><text x=\"200\" y=\"86.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">Trigea<\/text><rect x=\"210.0\" y=\"71\" width=\"221.3\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"439.3\" y=\"86.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">6,51 %<\/text><text x=\"200\" y=\"120.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">NEMO Fund<\/text><rect x=\"210.0\" y=\"105\" width=\"198.9\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"416.9\" y=\"120.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">5,85 %<\/text><text x=\"200\" y=\"154.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">INVESTIKA<\/text><rect x=\"210.0\" y=\"139\" width=\"179.2\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"397.2\" y=\"154.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">5,27 %<\/text><text x=\"200\" y=\"188.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">ZFP realitn\u00ed fond<\/text><rect x=\"210.0\" y=\"173\" width=\"173.4\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"391.4\" y=\"188.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">5,10 %<\/text><text x=\"200\" y=\"222.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">Conseq realitn\u00ed<\/text><rect x=\"210.0\" y=\"207\" width=\"138.0\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"356.0\" y=\"222.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">4,06 %<\/text><text x=\"200\" y=\"256.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">Future X<\/text><rect x=\"210.0\" y=\"241\" width=\"124.4\" height=\"22\" fill=\"#C8102E\" rx=\"2\"\/><text x=\"342.4\" y=\"256.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">3,66 %<\/text><text x=\"200\" y=\"290.4\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">REICO Nemovitostn\u00ed<\/text><rect x=\"210.0\" y=\"275\" width=\"79.9\" height=\"22\" fill=\"#9CA3AF\" rx=\"2\"\/><text x=\"297.9\" y=\"290.4\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">2,35 %<\/text><\/svg><figcaption>Zdroj: Nemovitostn\u00ed-fondy.cz, data konkurence k roku 2025; Future X k 30. 6. 2026. Srovn\u00e1n\u00ed je orienta\u010dn\u00ed.<\/figcaption><\/figure>\n<p>Nejbli\u017e\u0161\u00edm srovn\u00e1n\u00edm je MINT I. reziden\u010dn\u00ed: prakticky stejn\u00e9 poplatky (TER 2,28 % proti 2,29 %), ale v\u00edc ne\u017e dvojn\u00e1sobn\u00fd v\u00fdnos od zalo\u017een\u00ed a \u010dty\u0159ikr\u00e1t v\u011bt\u0161\u00ed objem. Future X kombinuje n\u00edzk\u00fd v\u00fdnos, podpr\u016fm\u011brnou velikost a nadpr\u016fm\u011brn\u00e9 poplatky. Je v doln\u00ed \u010dtvrtin\u011b sv\u00e9 kategorie.<\/p>\n<h2><span class=\"num\">05<\/span>Zdra\u017een\u00ed, o kter\u00e9m investo\u0159i ve zpr\u00e1v\u00e1ch ne\u010detli<\/h2>\n<p>K 16. dubnu 2026 fond zm\u011bnil pravidla. Souhlas investor\u016f k tomu podle dokumentace nepot\u0159eboval. Ani jedna ze dvou n\u00e1sleduj\u00edc\u00edch zpr\u00e1v o \u010dinnosti o tom nenapsala ani v\u011btu.<\/p>\n<table class=\"data\">\n<tr>\n<th>Polo\u017eka<\/th>\n<th>Do 15. 4. 2026<\/th>\n<th>Od 16. 4. 2026<\/th>\n<\/tr>\n<tr>\n<td>Strop distribu\u010dn\u00edho poplatku<\/td>\n<td>1,50 % ro\u010dn\u011b<\/td>\n<td class=\"hl\">2,75 % ro\u010dn\u011b<\/td>\n<\/tr>\n<tr>\n<td>V\u00fdkonnostn\u00ed poplatek<\/td>\n<td>\u017e\u00e1dn\u00fd<\/td>\n<td class=\"hl\">5 %, bez minim\u00e1ln\u00edho v\u00fdnosu<\/td>\n<\/tr>\n<tr>\n<td>N\u00e1stroje \u0159\u00edzen\u00ed likvidity (mo\u017enost brzdit v\u00fdplaty)<\/td>\n<td>neuvedeny<\/td>\n<td class=\"hl\">dopln\u011bny<\/td>\n<\/tr>\n<\/table>\n<p>Zejm\u00e9na v\u00fdkonnostn\u00ed poplatek stoj\u00ed za pozornost. Spr\u00e1vce si bere pod\u00edl z r\u016fstu hodnoty, kter\u00fd stanov\u00ed posudky objednan\u00e9 vlastn\u00edmi dce\u0159in\u00fdmi firmami, a to d\u0159\u00edv, ne\u017e se hodnota potvrd\u00ed prodejem. Chyb\u00ed i tzv. hurdle, tedy minim\u00e1ln\u00ed v\u00fdnos, od kter\u00e9ho by se poplatek platil. Spr\u00e1vce tak m\u016f\u017ee inkasovat i za v\u00fdnos ni\u017e\u0161\u00ed, ne\u017e d\u00e1v\u00e1 \u00faro\u010den\u00fd \u00fa\u010det. A do deklarovan\u00e9ho TER 2,29 % se nepo\u010d\u00edtaj\u00ed n\u00e1klady dce\u0159in\u00fdch firem: spr\u00e1va, pron\u00e1jmy, \u00faroky a dan\u011b. Spr\u00e1vu a pron\u00e1jem podle anal\u00fdzy zaji\u0161\u0165uj\u00ed firmy spojen\u00e9 se zakladateli fondu.<\/p>\n<p>\u010casov\u00e1n\u00ed je v\u00fdmluvn\u00e9: dra\u017e\u0161\u00ed poplatky a n\u00e1stroje, kter\u00fdmi lze omezit v\u00fdplaty, fond zavedl v polovin\u011b dubna, tedy v dob\u011b, kdy investo\u0159i za\u010dali ve velk\u00e9m odch\u00e1zet.<\/p>\n<h2><span class=\"num\">06<\/span>Posudky, na kter\u00e9 se investor nem\u016f\u017ee odvolat<\/h2>\n<p>Tohle je podle kreditn\u00ed anal\u00fdzy nejz\u00e1va\u017en\u011bj\u0161\u00ed zji\u0161t\u011bn\u00ed. Fond zve\u0159ej\u0148uje znaleck\u00e9 posudky jako hlavn\u00ed d\u016fkaz, \u017ee jeho ocen\u011bn\u00ed je d\u016fv\u011bryhodn\u00e9. Podle t\u011bchto posudk\u016f se ka\u017ed\u00fd m\u011bs\u00edc stanovuje cena, za kterou drobn\u00ed investo\u0159i nakupuj\u00ed a prod\u00e1vaj\u00ed pod\u00edly. Jen\u017ee:<\/p>\n<ul>\n<li><strong>Adres\u00e1tem nen\u00ed fond ani jeho spr\u00e1vce \u010di depozit\u00e1\u0159<\/strong>, ale v\u017edy jednotliv\u00e1 dce\u0159in\u00e1 firma (Future X Arcus City, Future X Beta, Future X Energy).<\/li>\n<li><strong>\u00da\u010delem je \u201eintern\u00ed rozhodov\u00e1n\u00ed klienta\u201c<\/strong>, nikoli stanoven\u00ed hodnoty fondu.<\/li>\n<li><strong>Posudky samy zakazuj\u00ed zve\u0159ejn\u011bn\u00ed<\/strong> a vylu\u010duj\u00ed jakoukoli odpov\u011bdnost v\u016f\u010di t\u0159et\u00edm osob\u00e1m, tedy i v\u016f\u010di investor\u016fm.<\/li>\n<li><strong>Savills omezuje svou odpov\u011bdnost<\/strong> i v\u016f\u010di klientovi na 1 milion korun nebo desetin\u00e1sobek honor\u00e1\u0159e, podle toho, co je ni\u017e\u0161\u00ed.<\/li>\n<\/ul>\n<blockquote><p>\u201eNeither the whole nor any part of the Valuation Report or any reference to it may be included [in any published document].\u201c<cite>Posudek Rezidence Na Plze\u0148ce, kap. 1.14 (Posudek ani jeho \u010d\u00e1st nesm\u00ed b\u00fdt sou\u010d\u00e1st\u00ed \u017e\u00e1dn\u00e9ho zve\u0159ejn\u011bn\u00e9ho dokumentu.)<\/cite><\/p><\/blockquote>\n<p>Fond tedy jako doklad transparentnosti zve\u0159ej\u0148uje dokumenty, kter\u00e9 samy sv\u00e9 zve\u0159ejn\u011bn\u00ed zakazuj\u00ed. <strong>Investor, kter\u00fd se podle nich rozhodne, nem\u00e1 v\u016f\u010di znalci \u017e\u00e1dn\u00fd n\u00e1rok.<\/strong><\/p>\n<p>Druh\u00fd probl\u00e9m je v tom, jak znalci oce\u0148uj\u00ed. Posudky po\u010d\u00edtaj\u00ed hodnotu byt\u016f \u201ewith vacant possession\u201c, tedy jako by se pr\u00e1zdn\u00e9 prod\u00e1valy jeden po druh\u00e9m koncov\u00fdm kupc\u016fm. To je nejvy\u0161\u0161\u00ed mo\u017en\u00e1 hodnota. Fond ale ve zpr\u00e1v\u011b za prvn\u00ed \u010dtvrtlet\u00ed s\u00e1m p\u0159iznal, \u017ee v\u011bt\u0161\u00ed projekty kv\u016fli \u00fav\u011br\u016fm po bytech prodat nem\u016f\u017ee:<\/p>\n<blockquote><p>\u201eV\u011bt\u0161\u00ed projekty v na\u0161em portfoliu je v sou\u010dasn\u00e9 chv\u00edli mo\u017en\u00e9 exitovat pouze formou share dealu, kdy bychom prod\u00e1vali celou spole\u010dnost, kter\u00e1 nemovitosti vlastn\u00ed.\u201c<cite>Zpr\u00e1va o \u010dinnosti fondu Future X za 1. \u010dtvrtlet\u00ed 2026<\/cite><\/p><\/blockquote>\n<p>Prodej cel\u00e9 firmy s pronajat\u00fdmi a zastaven\u00fdmi byty se b\u011b\u017en\u011b d\u011bl\u00e1 se slevou. <strong>Hodnota fondu tak stoj\u00ed na sc\u00e9n\u00e1\u0159i prodeje, kter\u00fd fond s\u00e1m u v\u011bt\u0161\u00edch projekt\u016f vylu\u010duje.<\/strong> \u0160est dosavadn\u00edch prodej\u016f nad valuac\u00ed, kter\u00fdmi se fond chlub\u00ed, to nevyvrac\u00ed. \u0160lo o \u0161est byt\u016f z 81, vybran\u00fdch z nejstar\u0161\u00edch akvizic, prodan\u00fdch jednotliv\u011b na rostouc\u00edm trhu, tedy p\u0159esn\u011b tak, jak posudek p\u0159edpokl\u00e1d\u00e1. Skute\u010dn\u00fdm testem bude a\u017e prvn\u00ed prodej cel\u00e9ho projektu.<\/p>\n<p>K tomu p\u0159istupuje st\u00e1\u0159\u00ed posudk\u016f: <strong>47 % portfolia stoj\u00ed na ocen\u011bn\u00edch star\u0161\u00edch \u0161esti m\u011bs\u00edc\u016f<\/strong>, u Astrid Garden a Arcus Timber dev\u011bt m\u011bs\u00edc\u016f. Posudek Arcus City z \u010dervna 2026 je aktualizac\u00ed od stolu. Posledn\u00ed prohl\u00eddka prob\u011bhla o rok d\u0159\u00edv a znalec se op\u0159el o prohl\u00e1\u0161en\u00ed klienta, \u017ee se nic nezm\u011bnilo.<\/p>\n<h2><span class=\"num\">07<\/span>218 milion\u016f za byty, kter\u00e9 je\u0161t\u011b nejsou dokon\u010den\u00e9<\/h2>\n<p>V souhrnn\u00e9 tabulce portfolia, kterou fond ukazuje investor\u016fm, je druhou nejv\u011bt\u0161\u00ed polo\u017ekou projekt Rezidence Na Plze\u0148ce: 218,2 milionu korun, 17,4 % portfolia. Ty byty ale nejsou dokon\u010den\u00e9, nemaj\u00ed kolaudaci ani z\u00e1pis v katastru, pozemky pat\u0159\u00ed jin\u00e9 firm\u011b a kolaudace se pl\u00e1nuje na rok 2027.<\/p>\n<figure>\n<div class=\"ft\">Rezidence Na Plze\u0148ce: dv\u011b r\u016fzn\u00e9 hodnoty v dokumentech jednoho fondu<\/div>\n<p><svg viewBox=\"0 0 640 90\" width=\"100%\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Noto Sans\"><text x=\"180\" y=\"24.0\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">Ve zpr\u00e1v\u00e1ch o \u010dinnosti<\/text><rect x=\"190.0\" y=\"3\" width=\"341.5\" height=\"30\" fill=\"#C8102E\" rx=\"2\"\/><text x=\"539.5\" y=\"24.0\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">218,2 mil. K\u010d<\/text><text x=\"180\" y=\"66.0\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">V hodnot\u011b fondu (NAV)<\/text><rect x=\"190.0\" y=\"45\" width=\"67.1\" height=\"30\" fill=\"#1F2937\" rx=\"2\"\/><text x=\"265.1\" y=\"66.0\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">42,9 mil. K\u010d<\/text><\/svg><figcaption>Zdroj: zpr\u00e1va o \u010dinnosti Q2\/2026, zpr\u00e1va o finan\u010dn\u00edm majetku k 31. 7. 2026. Posudek (M. Cihelka MRICS, k 31. 1. 2026) je zpracov\u00e1n na tzv. zvl\u00e1\u0161tn\u00ed p\u0159edpoklad, \u017ee byty jsou u\u017e dokon\u010den\u00e9 a zapsan\u00e9 v katastru.<\/figcaption><\/figure>\n<p>Fond si tu proti\u0159e\u010d\u00ed v jedin\u00e9m dokumentu. Zpr\u00e1va za druh\u00e9 \u010dtvrtlet\u00ed p\u00ed\u0161e, \u017ee regulace mu \u201eneumo\u017e\u0148uje zapo\u010d\u00edst do hodnoty NAV n\u00e1r\u016fst hodnoty projekt\u016f ve f\u00e1zi p\u0159ed fyzick\u00fdm p\u0159evzet\u00edm nemovitost\u00ed\u201c. Souhrnn\u00e1 tabulka ve stejn\u00e9 zpr\u00e1v\u011b to p\u0159esto d\u011bl\u00e1. Podobn\u011b fond komunikuje 93 byt\u016f, i kdy\u017e 12 z nich m\u00e1 jen smlouvu o smlouv\u011b budouc\u00ed. Skute\u010dn\u011b jich vlastn\u00ed 81.<\/p>\n<p>A projekt je\u0161t\u011b nen\u00ed zaplacen\u00fd. Z 204,6 milionu fond uhradil 40,1 milionu, zb\u00fdv\u00e1 asi 164 milion\u016f do konce roku 2027. K tomu fond ohl\u00e1sil projekt v krajsk\u00e9m m\u011bst\u011b za zhruba 115 milion\u016f. <strong>Dohromady jde o 280 milion\u016f korun budouc\u00edch z\u00e1vazk\u016f, kter\u00e9 nejsou v rozvaze fondu vyk\u00e1zan\u00e9<\/strong>, zat\u00edmco hotovost fondu \u010din\u00ed 108,8 milionu.<\/p>\n<figure>\n<div class=\"ft\">Co fond je\u0161t\u011b mus\u00ed zaplatit proti tomu, co m\u00e1 k dispozici (mil. K\u010d)<\/div>\n<p><svg viewBox=\"0 0 640 90\" width=\"100%\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Noto Sans\"><text x=\"200\" y=\"24.0\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">Nesplacen\u00e9 akvizi\u010dn\u00ed z\u00e1vazky<\/text><rect x=\"210.0\" y=\"3\" width=\"317.3\" height=\"30\" fill=\"#C8102E\" rx=\"2\"\/><text x=\"535.3\" y=\"24.0\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">280,0 mil. K\u010d<\/text><text x=\"200\" y=\"66.0\" text-anchor=\"end\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"400\">Likvidita fondu<\/text><rect x=\"210.0\" y=\"45\" width=\"123.3\" height=\"30\" fill=\"#1F2937\" rx=\"2\"\/><text x=\"341.3\" y=\"66.0\" font-size=\"12.5\" fill=\"#14181F\" font-weight=\"700\">108,8 mil. K\u010d<\/text><\/svg><figcaption>Zdroj: kreditn\u00ed anal\u00fdza v2.0, kap. 6 a 10. Likvidita fondu k 31. 7. 2026 = 10,92 % hodnoty fondu p\u0159i vlastn\u00edm limitu 10 %.<\/figcaption><\/figure>\n<p>Likvidita fondu je tak jen t\u011bsn\u011b nad vlastn\u00edm minimem: 10,92 % proti limitu 10 %. Z toho 83 % le\u017e\u00ed u jedin\u00e9 banky (DZ Bank). Dal\u0161\u00ed polo\u017eka veden\u00e1 mezi finan\u010dn\u00edm majetkem, z\u00e1p\u016fj\u010dka 28,2 milionu vlastn\u00ed dce\u0159in\u00e9 firm\u011b Future X Alpha, splatn\u00e1 v prosinci 2026, nen\u00ed skute\u010dn\u00e1 hotovost. Alpha m\u00e1 na \u00fa\u010dtu 16,4 milionu, tedy ani na polovinu.<\/p>\n<h2><span class=\"num\">08<\/span>Spekulace prod\u00e1van\u00e1 jako jistota<\/h2>\n<p>Nejv\u00edc rozpor\u016f je v tom, jak fond mluv\u00ed o riziku. Statut a pololetn\u00ed zpr\u00e1va \u0159ad\u00ed fond do nejvy\u0161\u0161\u00ed rizikov\u00e9 t\u0159\u00eddy a v\u00fdslovn\u011b upozor\u0148uj\u00ed na mo\u017enost ztr\u00e1ty cel\u00e9ho vkladu. Marketing a zpr\u00e1vy o \u010dinnosti mluv\u00ed jinou \u0159e\u010d\u00ed.<\/p>\n<table class=\"data\">\n<tr>\n<th>Parametr<\/th>\n<th>Statut a pololetn\u00ed zpr\u00e1va<\/th>\n<th>Web a zpr\u00e1vy o \u010dinnosti<\/th>\n<\/tr>\n<tr>\n<td>Riziko<\/td>\n<td class=\"hl\">t\u0159\u00edda 5 z 5, spekulativn\u00ed<\/td>\n<td>\u201echceme pat\u0159it mezi nejm\u00e9n\u011b rizikov\u00e9 subjekty\u201c<\/td>\n<\/tr>\n<tr>\n<td>Doporu\u010den\u00fd horizont<\/td>\n<td class=\"hl\">10 let a v\u00edce<\/td>\n<td>3 roky (web), 5 let (zpr\u00e1vy)<\/td>\n<\/tr>\n<tr>\n<td>Ztr\u00e1ta<\/td>\n<td class=\"hl\">mo\u017enost tot\u00e1ln\u00ed ztr\u00e1ty kapit\u00e1lu<\/td>\n<td>\u201evelmi dobr\u00fd pom\u011br v\u00fdnosu a rizika\u201c<\/td>\n<\/tr>\n<tr>\n<td>Likvidita<\/td>\n<td class=\"hl\">investor mus\u00ed po\u010d\u00edtat s omezenou<\/td>\n<td>pen\u00edze zhruba do 3 m\u011bs\u00edc\u016f<\/td>\n<\/tr>\n<tr>\n<td>Dluh<\/td>\n<td>0,00 % na \u00farovni fondu<\/td>\n<td>\u201enem\u00e1 \u017e\u00e1dn\u00e9 dluhy\u201c; ve skupin\u011b 293 mil. K\u010d<\/td>\n<\/tr>\n<\/table>\n<p>Fond, kter\u00fd je podle vlastn\u00edho statutu ur\u010den spekulativn\u00edm investor\u016fm s desetilet\u00fdm horizontem, se prod\u00e1v\u00e1 od 500 korun m\u011bs\u00ed\u010dn\u011b s tvrzen\u00edm, \u017ee sta\u010d\u00ed t\u0159i roky. Do toho jednou v\u011btou ohl\u00e1sil zm\u011bnu strategie: n\u00e1kupy mimo Prahu a dokonce v N\u011bmecku, Rakousku nebo It\u00e1lii. To by do korunov\u00e9ho fondu p\u0159ineslo m\u011bnov\u00e9 riziko, kter\u00e9 dosud pop\u00edral. A p\u0159es polovinu hodnoty portfolia poch\u00e1z\u00ed od jedin\u00e9ho developera, UBM Development. Fond to pod\u00e1v\u00e1 jako v\u00fdhodu, ne jako riziko.<\/p>\n<h2>Co je naopak v po\u0159\u00e1dku<\/h2>\n<table class=\"two\">\n<tr>\n<td class=\"l\">\n<div class=\"h\">Dolo\u017eeno ve prosp\u011bch fondu<\/div>\n<p>\u010c\u00edsla ve v\u00fdkazech sed\u00ed na korunu v\u010detn\u011b posudk\u016f. Znalci (Savills CZ, Mat\u011bj Cihelka MRICS) jsou skute\u010dn\u00ed a nez\u00e1visl\u00ed a posudky neobsahuj\u00ed v\u00fdhradu o nejistot\u011b ocen\u011bn\u00ed. Fond je auditov\u00e1n nad r\u00e1mec povinnosti a nevykazuje bezprost\u0159edn\u00ed likviditn\u00ed t\u00edse\u0148. Hotovost cel\u00e9 skupiny je asi 213 milion\u016f. Konsolidovan\u00e9 zadlu\u017een\u00ed kolem 25 % je pod limitem i pod konkurenc\u00ed. Zpr\u00e1va Q2 je proti Q1 v\u00fdrazn\u011b otev\u0159en\u011bj\u0161\u00ed a p\u0159iznala dluhy i odchod spoluzakladatele.<\/td>\n<td class=\"r\">\n<div class=\"h\">Pro\u010d to nesta\u010d\u00ed<\/div>\n<p>Probl\u00e9m nen\u00ed v tom, \u017ee by fond lhal v tabulk\u00e1ch. Probl\u00e9m je v tom, co z nich vyvozuje a co zaml\u010d\u00ed. Souhrny, web a marketing se systematicky odchyluj\u00ed od detailu, a to v\u017edy ve prosp\u011bch fondu. Investor, kter\u00fd \u010dte jen to, co fond zd\u016fraz\u0148uje, dost\u00e1v\u00e1 obraz bezpe\u010dn\u00e9ho, nezadlu\u017een\u00e9ho a v\u00fdnosn\u00e9ho fondu. Vlastn\u00ed dokumenty fondu popisuj\u00ed spekulativn\u00ed, provozn\u011b ztr\u00e1tov\u00fd produkt, jeho\u017e skupina se zadlu\u017euje, v\u00fdnos je pod c\u00edlem a poplatky vy\u0161\u0161\u00ed.<\/td>\n<\/tr>\n<\/table>\n<div class=\"box dark\">\n<div class=\"box-title\">Co to znamen\u00e1 pro investora<\/div>\n<p>Riziko podle anal\u00fdzy nen\u00ed v tom, \u017ee by fond n\u00e1hle zkrachoval nebo zastavil v\u00fdplaty. Je to pomal\u00e1 eroze: rostouc\u00ed dluh, rostouc\u00ed \u00faroky, m\u00e9n\u011b investor\u016f na pokryt\u00ed stejn\u00fdch fixn\u00edch n\u00e1klad\u016f, ocen\u011bn\u00ed postaven\u00e9 na prodeji, kter\u00fd fond u velk\u00fdch projekt\u016f nem\u016f\u017ee uskute\u010dnit, a t\u00e9m\u011b\u0159 polovina portfolia na star\u00fdch posudc\u00edch. Ka\u017ed\u00e9 rozhodnut\u00ed o odchodu m\u00e1 nav\u00edc dvoum\u011bs\u00ed\u010dn\u00ed zpo\u017ed\u011bn\u00ed. Pokyn zadan\u00fd na konci z\u00e1\u0159\u00ed se vypo\u0159\u00e1d\u00e1 koncem listopadu.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Fond Future X, jeho\u017e zpr\u00e1vy pro investory podepisuje investi\u010dn\u00ed \u0159editel Ond\u0159ej Z\u00e1ruba, se prezentuje jako bezpe\u010dn\u00e1 cesta k pra\u017esk\u00fdm byt\u016fm. Podle vlastn\u00edch dokument\u016f fondu, rozvah dce\u0159in\u00fdch firem a znaleck\u00fdch posudk\u016f ale od jara odch\u00e1zej\u00ed investo\u0159i, v\u00fdplaty jdou z nov\u00fdch bankovn\u00edch \u00fav\u011br\u016f a samotn\u00fd fond provozn\u011b prod\u011bl\u00e1v\u00e1. K tomu vykazuje nejni\u017e\u0161\u00ed v\u00fdnos mezi konkurenty a posudky, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":90,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[56,57,60,3,59],"class_list":["post-77","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oz","tag-fond","tag-future-x1","tag-lichtenstejnsko","tag-ondrej-zaruba","tag-uver"],"_links":{"self":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/77","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=77"}],"version-history":[{"count":16,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/77\/revisions"}],"predecessor-version":[{"id":94,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/77\/revisions\/94"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/media\/90"}],"wp:attachment":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=77"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=77"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=77"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}