2024 - A Good Year for AKRO’s Funds

In terms of performance, 2024 was a good year for AKRO's Funds. Expectations of falling interest rates, better than expected economic news, and excitement around Artificial Intelligence propelled equity markets higher. Units in our New Economies Fund saw their value rise 20.9%, helped by strong performances from investments in companies including Nexxen (digital advertising), Taiwan Semiconductor (semiconductors), Foxconn (electronics) and Pluss 500 (trading platform).

The former CS Funds also did well. Excluding the court case related reserve, the value of the Global Share Fund rose a whopping 26.7 %, helped by a significant investment in Nvidia (AI related technology). The Progressive Fund rose 12.1 % while the Balanced Fund 11.0 %. Because of these gains, both the Global and Progressive funds now have a small positive NAV even including the court case related reserve.

However, it is sobering to reflect: Almost 3 decades after the former CS funds were defrauded, after multiple acts of maladministration by officials, more than 50 000 investors in these funds still haven't received either an apology or compensation from the Czech State.

It is your Fund Managers belief that the Czech Republic will never have a thriving capital market unless investor protection is improved and state institutions are held accountable for their actions.

Jeremy Monk

Investment Director,

AKRO investiční společnost, a.s.

Prague

E-mail: monk@akro.cz

Disclaimer

This article does not constitute investment advice or a recommendation to buy or sell any security.