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Prague Club of Investors / since 2024
KI Asset
Management
Students researching companies. Real capital. Decisions we can explain.
111+
Meetings
30
Analysts
47
Analyses
7
Positions
Our working language is Czech.
Board-Approved Portfolio
Portfolio snapshot
13.71%
Return since inception
Board-approved positions
Alpha vs S&P 500
3.7%
Excess Return
Sharpe Ratio
0.10
Risk-adjusted
Max Drawdown
10.4%
Peak to Trough
Volatility
107.0%
Annualized
Beta
2.00
Market Sens.
Win Rate
57.1%
Positions
S&P 500
35.9%
FTSE All-World
34.5%
EEMS (Benchmark)
28.0%
S&P 500-0.71%NASDAQ-3.06%DOW+1.68%VIX-13.23%DAX+2.09%FTSE+1.79%NIKKEI-5.54%GOLD+4.16%BRENT-8.44%BTC+2.65%EUR/USD1.1236US 10Y4.89%
Our Mission
Institutional-Grade Research.
Institutional-Grade Research.
Student-Driven Excellence.
We have worked as a team since August 2024. Since the start of 2026, we have combined company research with managing the club’s capital.
Why KI AM exists
We enable motivated students to gain real capital management experience and grow the club’s assets.
15–25 selected companies. Fundamental analysis. A long horizon. Our primary comparison is EEMS.
Invested portfolio performance
Board-approved positions since inclusion · compared with market indices
Portfolio
S&P 500
FTSE All-World
EEMS
Patience
We wait for the price to match our thesis.
Foresight
We examine the business, its market and what could change.
Discipline
We document the thesis, monitor risk and revisit assumptions.
Status / September 2026
Club capitalPortfolio allocation started in May 2026.
Committee reportingMonthly records explain portfolio changes and how the Committee voted.
Analytical teamCore analysts and contributors. At least three activities per semester.
Our process
Our investment process
From the first idea to a position we continue to follow.
1
Idea
- Screening: revenue growth, ROIC, margins and valuation multiples.
- Investment theses: Seeking Alpha, Substack and hedge fund letters.
- Field research: products, customers, employees and management.
Analyst selection →
2
Analysis
- A structured write-up of around 20 pages, including valuation.
- Presentation and peer review.
- Internal discussion of the investment thesis.
Analyst team vote →
3
Watchlist
- Monitoring of fundamentals and valuation.
- An assigned analyst follows the company.
- A candidate for portfolio investment.
Investment Committee consensus →
4
Investment
- Gradual entry according to portfolio rules.
- Portfolio monitoring and review after earnings.
- Monthly reporting.
Investment Approach
Tools of our strategy
15–25 actively selected holdings. Three complementary pillars.
Active selection, beyond ordinary ETFs
- We select and manage 15–25 companies across EM, SMID caps and equity stories. Diversification must add value, not just more holdings.
- This combination cannot be replicated with ordinary ETFs. We look for opportunities beyond expensive developed markets, including emerging markets that retail investors often avoid.
No leverage
- We do not use leverage: we do not want to increase portfolio volatility or potential drawdowns.
No currency hedging
- We address currency risk through diversification across currencies. During periods of high volatility, we monitor exchange-rate risk.
No shorts
- Short positions carry the risk of unlimited loss, margin calls and stock-borrow costs.
- The long-term rise of markets works against short positions. We see our advantage in selecting winners and spend our time there.
Target Allocation
SMID caps
Small and mid-cap companies
40%
Emerging Markets
CEE, Latin America and Asia
50%
Equity stories
Specific catalysts and special situations
10%
Long-term target weights at cost; cash allocation reflects available opportunities.
Risk framework
Risk Management
Position limits, diversification and independent thesis reviews.
With a still modest amount of capital under management and Patria being the only provider with which we could open an investment account as a registered association, we face high fees. We have therefore had to relax some of our original limits.
Position Sizing
Original: 5% at cost, trim above 10%; initial entry up to 2.5%. Proposal: 7.5% at cost, trim above 15%, remove the initial-entry cap.
Diversification
Up to 20% in one sector. A target of 15–25 portfolio companies.
Thesis review
Each 20% decline from the average purchase price prompts a review by another analyst.
Liquidity Control
Position size no greater than five times daily trading volume. Preference for dual listings.
Cash Management
More cash when valuations are high. Disciplined deployment when opportunities emerge.
Investment decisions
Original: unanimous Committee approval. Proposal: majority approval; the chair retains a veto.
Investment universe
Investment universe: undervalued, small and growing
Three pillars with specific selection criteria.
01
Small/Mid Caps
- Market capitalisation up to $25bn.
- Revenue growth above 15% CAGR.
- Flexibility in responding to change.
- A strong competitive moat.
Portfolio examples: MongoDB (MDB), Descartes (DSGX).
02
Emerging Markets
- CEE, Latin America and Asia.
- Fast growth in population and consumption.
- Less analyst coverage and potential mispricing.
- Diversification beyond developed markets.
Portfolio examples: NLB, Kaspi.kz (KSPI), dLocal (DLO). We have also analysed Bilibili (BILI).
03
Equity Stories
- Technology, geopolitical shifts and buyouts.
- Opportunities overlooked or doubted by the market.
- Asymmetric upside.
- Strong catalysts for change.
Portfolio example: Advance Auto Parts (AAP) — a business turnaround.
Exclusion Criteria
Harmful businesses
Tobacco, weapons, gambling, and companies causing significant environmental or social harm
Structurally weak sectors
Chronically low ROIC industries like airlines with structural profitability challenges
Dishonest management
Any history of accounting fraud, integrity failures, or governance red flags
For Our Analysts
Platform Perks
A shared workspace for research, portfolio monitoring and reporting.
Portfolio monitoring
Centrally refreshed prices and performance, with the data date shown.
Benchmark Comparison
Portfolio returns alongside S&P 500, FTSE All-World and EEMS.
Detailed Reports
Analyst results, portfolio breakdowns and historical data in downloadable reports.
KI AM Growth Over Time
Cumulative analyses and approved positions since inception
136
Total analyses
Top Sectors
Best performing sectors by average return
| Sector | # | Return |
|---|---|---|
| Technology | 11 | +23.9% |
| Consumer Cyclical | 13 | +19.3% |
| Industrials | 7 | +14.8% |
| Healthcare | 3 | +5.2% |
Leadership
Meet the Team
Several dozen people. One investment team.
Our investment team already brings together several dozen people, with strong interest in joining.
University provides theoretical knowledge; early professional roles build experience and working habits. At KI AM, we add practical experience in investment analysis and capital management.
Adam Kolomazník
President of the Investment Committee
CTU & WU Alumni
“Leading strategic vision and investment decisions for the Prague Club of Investors. Our mission is to provide students with real capital management experience while delivering superior risk-adjusted returns.”
LinkedIn
Tomáš Cverna
Investment Committee member
MSc studies · UGent, Belgium
“I enjoy actively helping build KI AM, which gives young talent the opportunity to deepen their knowledge of global markets and investing. I value the chance it offers them to analyse companies, discuss their conclusions and gain practical experience as a team.”
LinkedIn
Šimon Havlík
Analyst & Lead Developer
VŠE Economics Student
“Join us and gain real-world investment experience while building production-grade financial technology. Here, you'll learn equity research, portfolio management, and software development—all while managing real capital.”
LinkedInFeatured Research
Featured Research
View All Research
Student research for educational purposes only — not financial advice.
Partnerships
Potential sponsorship of the KI AM portfolio
Young investment talent
Direct contact with motivated students interested in investing: a source of candidates for partners’ junior roles and internships.
Real capital in practice
More capital for KI AM would give future analysts and portfolio managers a real track record, allowing a potential employer to assess their work before hiring.
Investment education
Support for financial literacy and the next generation of investors, with a long-term relationship with Klub investorů and its alumni.
Bring your own thesis.
We meet every Monday at 20:00. Join through the Prague Club of Investors.
Apply to Join Our working language is Czech.