The J&T ARCH INVESTMENTS fund for qualified investors closed the second quarter of 2022 with an asset volume exceeding the psychologically important frontier of EUR 1 billion (CZK 25.26 billion), thereby definitively confirming its position among the largest funds for qualified investors in the Czech Republic and Slovakia. Over the past 12 months, it has achieved appreciation per share of 9.4% and 7.2% in the cases of the Czech crown and euro share classes, respectively.
In the second quarter of this year, the Fund's performance was affected especially by the consequences of high prices and the general uncertainty prevailing in the energy market. The crown share class thus appreciated by 0.97% to CZK 1.2056 per share while the euro share class declined for the first time ever (by−0.33%) and closed the quarter at EUR 1.1786 per share. The performance difference between the crown and euro share classes is due to the persistent difference between interest rates denominated in Czech crowns and euro.
"Although the current returns lag our long-term expectations, it is important to judge these in a broader context. Since the beginning of this year, equity indices and equity funds have been in strong – and often double-digit – decline. By comparison, our fund’s performance still looks relatively favorable," says Adam Tomis, Investment Director at J&T and Member of the Investment Committee of J&T ARCH INVESTMENTS, in assessing the quarter.
In the second quarter, J&T ARCH INVESTMENTS participated through JTFG FUND I in an investment round D into the Rohlik Group and made an additional investment in the energy sector as JTFG FUND I acquired 850,000 shares of the energy giant ČEZ. The Fund's performance was negatively impacted by a revaluation of its stake in Sandberg Private Equity 2 Fund, which means of its sole investment, the TERNO real estate company.