Offering diversification and better risk management of the portfolio, the alternative investments play an ever-growing role in the portfolios of modern investors. Although improving, Czech market is still relatively lacking when it comes to the variety / diversity of the alternative assets available to qualified investors. What is available is limited predominantly to (currently very expensive) real estate, to a smaller extent then to exotic assets like vintage alcohol, cars or art. The common denominator of these investments is the illiquidity of these investments and thus the long holding horizons required of investors.
The goal of the investment company Sirius is to broaden the investment universe of qualified investors by offering them access to alternative assets which:
are available to investors around the world
have reasonable liquidity
have attractive risk-reward ration
do not fluctuate with the financial markets
We believe that such alternative assets are a perfect complement for the portfolios of qualified investors and that sheer number of the alternative asset classes and the peculiarities of these assets effectively preclude individual Czech investors from gaining access to them and from managing their risk. We believe that in the following years the value will be much harder to find in the traditional assets (stocks, bonds) and that alternative assets will rise as a share of investors’ portfolios. That is why we founded Sirius.
How we do what we do
We are a fund of (small) funds
The assets in which we invest cannot be managed from Czech Republic, only from a country where those assets originate. That is, however, only a necessary (and not a sufficient) condition for a successful management of such assets. Using database systems, attending conferences and utilizing an ever-broadening network of contacts in the alternative investment industry permits us to not only identify the assets meeting the criteria described above but also managers that specialize in these assets. That is, however, just the first step in our due diligence.
Not all managers are, obviously, good ones
To navigate the potentially treacherous waters of the alternative investment universe and to find a manager that does his job well requires detailed due diligence of tens of them. This due diligence process is even more important considering the fact that we specialize in smaller funds where internal architecture, processes etc. cannot be assumed to be comparable with those found in multi-billion global asset managers. Smaller size and the potential problems resulting therefrom are balanced by potential for better risk-reward than that found in big funds.
Diligence process
Our diligence process includes, inter alia, the check of the robustness of the investment process and subsequent processes (valuation etc.), background checks of key people, references from other investors, third parties and service providers (valuation agents, administrators etc.) and always includes personal visit wherever it may be in the world. The output of this process is the written comprehensive investment report submitted to and then voted on by the investment committee.
Investing is not the end of it
Timing the exit from any given position is at least as important as getting the pre-investment due diligence right. Funds typically go through lifecycle stages, impacting, especially for funds that are successful (and thus attract capital), risk-reward. We thus continually monitor each position in the portfolio, process which includes regular annual personal visits. We are please to hear from number of funds in our portfolio that we are often “the most demanding” investor they have.
Investing with Sirius
Because
Broadens your investment universe by providing access to a more colorful assortment of global alternative assets which complement your existing portfolios.
Because
Lets you access investments that are detached from the financial markets and have reasonable risk-reward ratio.
Because
Entrusts part of your investments to a respected and experienced investment team with tens of year of combined investment experience.
Because
Aligns interests as managers invest their own money alongside yours.
Sirius is an asset manager which:
We believe,
that both alternative and traditional assets have their place in modern portfolios of investors and that true value will be much harder to find in the coming years than what was the case in the past.
We know,
that more asset classes exist than what is currently available to Czech qualified investors and we want to provide these investors with access to them.
We are
more flexible and more personal than other, mainly institutional asset managers.
Sirius Investments Reserva is the first and the most diversified sub-fund open to qualified investors managed by Sirius investment company. Reserva offers exposure to carefully selected hedge fund strategies with a lower risk profile. The aim is to achieve a stable absolute return comparable with a portfolio of bonds, although independently of the market environment.
Sirius Investments Reserva is
A diversified fund of smaller foreign hedge funds with less risky strategies (e.g. long/short equity).
Portfolio with no overlap with other sub-funds at the level of underlying hedge funds.
A portfolio with a low sensitivity to the direction of financial markets.
Reserva offers the combination of the following parameters
Minimal link to the developments of the financial markets
The 4th quarter of 2023 marked the move of Reserva away from the class of assets that we call "true alternatives", i.e. fully off-market assets (e.g. catastrophic insurance, factoring receivables, litigation finance etc.) which had historically predominated in the Reserve's portfolio.
From 2024, Sirius Reserva invests mainly in less risky market strategies with low volatility of monthly returns (e.g. market-neutral long/short equity, liquid credit strategies), the return of which does not depend on the direction of financial markets.
High degree of diversification
Sirius Investments Reserva is the most diversified sub-fund managed by Sirius investment company. The portfolio is diversified by number of hedge funds (between 20-25) and by number of different strategies.
Reasonable liquidity
Due to favourable liquidity of underlying assets, Reserva has a typical exit liquidity of two months. The specific subscription and redemptions terms are stipulated in the statute and its amendments.
Hedging of FX risk
Sub-fund offers CZK share class that is fully hedged against the currency risk and EUR or USD share classes for those investors who seek EUR or USD exposure.
Target Return
The target return of Reserva sub-fund is 4-6% p.a. in CZK. The sub-fund does not use any financial leverage at the first level of its assets.
RESERVA Performance (share class CZK A) as of
Summary of performance
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Historical performance of class CZK A investment shares
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Historical performance is also available in the current monthly report
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Other documents and important information
Subscription documents
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Instructions
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Presentations and Marketing Materials
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Other documents
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Alpha
Sub-fund introduction
Sirius Investments Alpha is the largest sub-fund open to qualified investors managed by Sirius investment company. Alpha represents a more concentrated portfolio of hedge funds with relatively higher risk profile.
Sirius Investments Alpha is
A more concentrated fund of smaller foreign hedge funds with riskier strategies (e.g. commodities).
Portfolio with no overlap with other sub-funds at the level of underlying hedge funds.
A portfolio with a low (but not necessarily zero) sensitivity to the direction of the financial markets.
Alpha offers the following combination of parameters
Low link to the development of the financial markets
The Sirius Alpha sub-fund invests into a portfolio of smaller hedge funds with narrowly-focused and volume-limited market strategies with low (but not necessarily zero) net exposure to the direction of the financial markets. In contrast to the sub-fund Reserva, riskier strategies (e.g. commodity strategies, non-zero long/short equity strategies) are more heavily represented in sub-fund Alpha.
Reasonable degree of diversification
The Alpha sub-fund's portfolio contains roughly 10-15 hedge funds, making it more diversified than Activist and less diversified than Reserva. Since the weight of one fund can be up to 10%, this allows us to concentrate on strategies for which we think the current market environment is most suitable.
Higher liquidity
Alpha has a typical exit liquidity of two months. The specific subscription and redemptions terms are stipulated in the statute and its amendments.
Hedging of FX risk
Sub-fund offers CZK share class that is fully hedged against the currency risk and EUR or USD share classes for those investors who seek EUR or USD exposure.
Target Return
The target return of Alpha sub-fund is 6-8% p.a. in CZK. The sub-fund does not use any financial leverage at the first level of its assets.
ALPHA Performance (share class CZK X) as of
Summary of performance
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Historical performance of class CZK X investment shares
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Historical performance is also available in the current monthly report
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Other documents and important information
Subscription documents
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Instructions
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Presentations and Marketing Materials
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Other documents
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Danube
Subfund Introduction
Sirius Investments Danube was second subfund created and managed by Sirius investment company. It is now closed to new investors. It is a portfolio of real-estate-backed loans with low LTV and target net return to investors of 8% p.a. The valuation is quarterly. Subfund does not employ financial leverage.
DANUBE Performance (share class EUR) as of
Summary of performance
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Historical quarterly performance
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Historical performance is also available in the current quarterly report
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Other documents and important information
Subscription documents
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Instructions
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Other documents
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Activist
Subfund Introduction
Over the course of years, Sirius investment team has analyzed hundreds of investment opportunities, mainly small hedge funds. The regular access of our investment team to the global network of hedge funds often yields opportunities which, while attractive, cannot be included in RESERVA or ALPHA because of these subfunds’ insistence on market uncorrelation. The corollary is that good part of the investment universe is deliberately ignored and that good returns (and, obviously, good risk) is left, so to speak, “on the table”.
It is in our latest subfund, Sirius Investments Activist, where we remove this uncorrelation (“detachedness”) constraint.
Activist is a concentrated portfolio
with potentially high degree of directionality (i.e., with potentially high net exposure),
consisting, to a non-negligible degree, of single name stocks (i.e., it is not just a fund of funds) sourced predominantly from the Sirius network of managers,
with opportunistic approach to hedging of FX risks (i.e., it can have open FX positions).
Activist offers the following combination of parameters
Unique sourcing
Sirius Activist invests not only in small hedge funds (just like Reserva or Alpha do) but also in individual (co-)investment opportunities generated by the hedge fund network Sirius created over last years. These individual investment opportunities may not comply with the mandate or the limits of these hedge funds. Owing to our good relations with these hedge funds, mostly stemming from investments of Reserva or Alpha in them, we have access to investments unknown to even sophisticated Czech investors.
Dynamism
Sirius Activist is the most dynamic among the subfunds managed by the investment company Sirius. Unlike Reserva or Apha, it is bound by neither the requirement of FX hedging nor the requirement of uncorrelation. It has three main pillars:
1. Long activism. These are investments into hedge funds with concentrated long portfolios; these managers can, through activism (active general assembly participations, consultations, board membership, interaction with management etc.), increase the value of companies in their portfolio. It is an application, on the public financial markets, of approach equivalent to that of private equity funds.
2. Individual opportunities. These are single name (mainly stock) short- to medium-term investments in companies.
3. Tactical / thematical allocation („long“ or „short“). These are investments in hedge funds that are suitable for the current / expected market environment and are used to express Sirius views on the future.
Diversification and liquidity
Though less diversified than Sirius Alpha or Sirius Reserva, Sirius Activist is still well diversified, with 10-15 positions (some funds, some individual instruments) at any given time. The fund part of the portfolio is further diversified since each hedge fund typically has tens or hundreds of positions.
Typical liquidity is 3 months. Concrete conditions for redemptions and subscriptions are in the Statute and its addenda.
Target return
For the next 12 months subfund Activist targets net return to investors of more than 10% p.a. At the first level of its assets, subfund does not employ financial leverage.
ACTIVIST Performance (share class CZK T) as of
Summary of performance
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Historical performance
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Historical performance is also available in the current monthly report
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Other documents and important information
Subscription documents
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Instructions
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Presentations and Marketing Materials
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Other documents
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Distressed
Subfund Introduction
DISTRESSED Performance (share class EUR) as of
Summary of performance
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Historical quarterly performance
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Historical performance is also available in the current quarterly report
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Other documents and important information
Subscription documents
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Instructions
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Presentations and marketing materials
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Other documents
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For investors
Oversight
The Czech National Bank is the regulatory authority for investment companies in the Czech Republic. It granted a license to Sirius Investment Company on June 12, 2019. Sirius Investment Company was entered into the Commercial registry on September 05, 2019.
Administrator
QI investiční společnost, a.s. from Conseq group serves as the administrator for the investment company. Conseq group is the largest non-bank asset manager in the Czech Republic and represents several hundred investment funds (both foreign and domestic) on the Czech market. The main function of the administrator is the correct calculation of the net asset value (NAV) of the individual subfunds managed by the investment company.
Custodian
Ceska Sporitelna, a.s. is the custodian for the fund. The role of the custodian is, inter alia, to make sure that (i) individual subfunds managed by the investment company own the assets upon which the calculation of their net asset value is based, (ii) no limits are breached. Ceska Sporitelna is one of the largest banks in the Czech republic and is a subsidiary of Erste Group, Vienna.
Shareholder Registrar
QI investiční společnost, a.s. from Conseq group serves as the shareholder registrar for the investment company. The main function of the Shareholder Registrar is to process subscriptions to and redemptions from the subfunds and to keep record of all the shareholders in the fund.
Important documents
Invitations
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Minutes
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Notices
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Other
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Hedge Fund Select
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Genesis
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Elnath Fund
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Important Notice
The securities issued by a qualified investors’ fund are for Qualified Investors only. Qualified Investor is a person who has made a declaration that he/she is aware of the risks associated with investing in qualified investors’ fund and whose initial investment in such a fund is at least
a] EUR 125 000 or
b] CZK 1 000 000
provided that such an investment in a qualified investors’ fund is suitable for such a person (where suitability is determined on the basis of the investment questionnaire).
The content of this website is intended for informational purposes only and exploration of potential interest among qualified investors. It provides only a brief overview of the structure of the fund and does not substitute for its statute. All parameters listed and all investment ideas are only indicative. The content of this website does not replace expert advice on financial instruments or complete information about risks.
This is not an offer or invitation to buy or sell financial instruments. Neither return on nor return of the investment in any of the subfunds managed by Sirius investment company is secured or guaranteed. For further information contact us at info@siriusis.cz.
Career
Career opportunities at investment company Sirius
We currently don’t have any job openings
That said, if you are an investment analyst or other investment professional, you can send us your CV and cover letter anytime at info@siriusis.cz. Thank you.
Martin has built a 20 year career in the area of asset management. Before founding Sirius Investments, he was the CEO for the largest Czech asset manager, the Investment Company of Ceska Sporitelna (ISCS). Before that, Martin was the Chief Investment Officer of the asset management arm of ING Group in the Czech Republic. In 2014, Martin founded the “Czech Farmland Fund” the first fund in the Czech Republic focused on the alternative asset class of farmland.
Chief Investment Officer Member of the Board Partner
John has more than 25 years in international investment experience. Prior to joining Sirius Investments as the Chief Investment Officer, John worked for several Prague-based wealthy families on their alternative investment strategies and consulted with them on corporate finance. Before that, John was a founding partner in the London-based hedge fund MT Thaler for 7 years. Previously, John headed the Central and Eastern European fixed income desk for Commerzbank and the bond and equity trading desks for ING Prague. John has received an investment management certificate from the UK regulatory authority and is a member of the CFA Society.
Chief Operating Officer Member of the Board Partner
Martin has over 10 years of experience as a financial market analyst; until 2014 he was the Head of Financial Market analysis for Ceska Sporitelna group. The team Martin led was responsible for recommendations to the traders of the Ceska Sporitelna and for the Portfolio Managers of the ISCS. Also, his work was used as a basis of strategic decisions made within Erste Bank Group, the parent company of Ceska Sporitelna. Since 2014, he’s also been running his independent macroeconomic consultancy.
Sylva has worked for the last 15 years in a financial advisory firm working with private clients investing in international markets & providing excellent customer service.
Martin během studia získával zkušenosti ve společnostech VIG Re a Citibank v oblastech zajištění katastrofických rizik a faktoringu. Těmto strategiím se věnuje i v Sirius Investments. Je absolventem oboru financí na VŠE a oboru finanční matematika na Matematicko-fyzikální fakultě UK. Momentálně se připravuje na kvalifikaci CFA.
Před posílením analytických kapacit Sirius Investments pracoval Michal ve Frankfurtu nad Mohanem v investiční bance MainFirst Bank jako akciový analytik, kde se podílel na vývoji finančních modelů a na fundamentálních analýzách jednotlivých společností. Michal úspěšně složil zkoušku CFA Level I a v minulosti se jako vedoucí týmu umístil na 2. místě CFA Research Challenge v regionu Evropy, Afriky a Blízkého východu. Michal vystudoval obor financí se zaměřením na finanční trhy a investice na ESF MU v Brně. Část studia strávil v zahraničí na Aténské univerzitě ekonomie a obchodu.
Pavel started his career as Credit Analyst in BNP Paribas, where he oversaw diverse portfolio of corporate clients. At Sirius his focus is twofold: first, he analyses alternative funds in litigation finance, municipal bonds and direct debt sectors; second, he is in charge of liquidity analysis (forecasting, planning), hedging, NAV calculation and other middle-office analytical tasks. Pavel graduated with a Master’s degree in Banking and Finance from Charles University in Prague.
After the graduation from University, Eliska went for the first work experience to Germany and to the United Kingdom. After the return, she worked as office and event manager. At Sirius, she is responsible for the flow of the documents, communication with investors and suppliers and, last but not least, for making the office a pleasant place and for ensuring that things run smoothly.
Before joining Sirius at the beginning of 2020, Jan has gained experience at Debt Capital Markets desk of Česká spořitelna, top-tier Czech bank and, before that, at Aakon Capital, Prague-based family office. He holds Master's degree in Banking, Insurance and Financial Engineering from University of Economics in Prague.
