J&T ARCH INVESTMENTS, a fund for qualified investors, closed the year 2023 with assets under management of CZK 55.08 billion (EUR 2.23 billion), becoming the largest fund in the Czech Republic and Slovakia. Last year, the Fund earned return of 19% and 14.98%, respectively, for the crown- and euro-denominated growth classes.
The year 2023 brought the Fund’s best ever results in its 3.5-year history. The crown-denominated growth class closed the year at a value of CZK 1.5034 per share, up by 4.50% quarter on quarter, while the euro-denominated class closed the year at EUR 1.3719 per share, up by 3.84% quarter on quarter.[1].
“Our largest investment in the J&T ALLIANCE fund, whose performance remained at a possible quarterly high, contributed to the excellent quarterly results, but other portfolio investments also performed well. In particular, I would point to our stake in MONETA Money Bank (Moneta) and the minority stakes we co-own with J&T Banka in Rohlik Group (Rohlik) and Petrus Advisers Special Situations Fund (Petrus),” comments Adam Tomis, member of the Investment Committee of J&T ARCH, about the results.
The appreciation at the end of the final quarter of last year of the dividend share classes newly issued in March was practically identical to that of the growth share classes. The increase was 4.50% to CZK 1,125.87 for the crown-denominated class and 3.85% to EUR 55.01 for the euro-denominated class.
Primary subscription of new investment shares in the fourth quarter totaled CZK 5 billion (approximately EUR 202 million) and the volume of the Fund’s assets under management as of 31 December 2023, after taking this quarter into account, thus reached the aforementioned CZK 55.08 billion (i.e., EUR 2.23 billion).
Please refer to the letter to investors for details of the Fund’s performance.
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1 The difference in appreciation between the crown-denominated and euro-denominated investment share classes is due to the difference between interest rates denominated in Czech crowns and in euro and the hedging derivative contracts, which are closed always at the beginning of the quarter.