{"id":3446,"date":"2025-08-12T20:26:18","date_gmt":"2025-08-12T18:26:18","guid":{"rendered":"https:\/\/stalo-se.cz\/?p=3446"},"modified":"2025-08-12T20:26:19","modified_gmt":"2025-08-12T18:26:19","slug":"value-vs-growth-jak-vyvazit-akciove-portfolio-napric-investicnimi-styly","status":"publish","type":"post","link":"https:\/\/stalo-se.cz\/?p=3446","title":{"rendered":"Value vs. Growth: Jak vyv\u00e1\u017eit akciov\u00e9 portfolio nap\u0159\u00ed\u010d investi\u010dn\u00edmi styly"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Dv\u011b investi\u010dn\u00ed filozofie, dv\u011b cesty k v\u00fdnosu<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ve sv\u011bt\u011b akciov\u00fdch investic se \u010dasto setk\u00e1te se dv\u011bma z\u00e1kladn\u00edmi styly:&nbsp;<em>value<\/em>&nbsp;(hodnotov\u00e9) a&nbsp;<em>growth<\/em>&nbsp;(r\u016fstov\u00e9) akcie. Ka\u017ed\u00fd z nich se op\u00edr\u00e1 o odli\u0161n\u00e9 p\u0159edpoklady a p\u0159\u00edstupy k ocen\u011bn\u00ed firem. Zat\u00edmco r\u016fstov\u00e9 akcie s\u00e1z\u00ed na expanzi tr\u017eeb a zisk\u016f v budoucnu, hodnotov\u00e9 akcie l\u00e1kaj\u00ed investory n\u00edzk\u00fdmi ocen\u011bn\u00edmi vzhledem k aktu\u00e1ln\u00edm fundament\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Volba mezi nimi p\u0159itom nen\u00ed jen ot\u00e1zkou filozofie. Historie ukazuje, \u017ee v r\u016fzn\u00fdch f\u00e1z\u00edch ekonomick\u00e9ho cyklu se ka\u017ed\u00fd styl chov\u00e1 odli\u0161n\u011b \u2014 co\u017e m\u00e1 z\u00e1sadn\u00ed dopady na v\u00fdkonnost a volatilitu portfolia.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Historick\u00e1 v\u00fdkonnost nap\u0159\u00ed\u010d cykly<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">V obdob\u00ed siln\u00e9ho hospod\u00e1\u0159sk\u00e9ho r\u016fstu, kdy se zvy\u0161uje chu\u0165 riskovat a \u00farokov\u00e9 sazby z\u016fst\u00e1vaj\u00ed n\u00edzk\u00e9, zpravidla dominuj\u00ed r\u016fstov\u00e9 akcie. Technologick\u00fd sektor a dal\u0161\u00ed inovativn\u00ed odv\u011btv\u00ed \u010dasto zaznamen\u00e1vaj\u00ed dynamick\u00e9 zisky, co\u017e t\u00e1hne ceny vzh\u016fru.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Naopak b\u011bhem reces\u00ed nebo obdob\u00ed s rostouc\u00edmi sazbami z\u00edsk\u00e1vaj\u00ed na atraktivit\u011b hodnotov\u00e9 tituly. Ty b\u00fdvaj\u00ed zastoupeny v defenzivn\u011bj\u0161\u00edch sektorech, jako je energetika, finance nebo pr\u016fmysl, a jejich ni\u017e\u0161\u00ed ocen\u011bn\u00ed poskytuje ur\u010ditou m\u00edru ochrany proti pokles\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nap\u0159\u00edklad po splasknut\u00ed dot-com bubliny v roce 2000 za\u017eily hodnotov\u00e9 akcie n\u011bkolikalet\u00e9 obdob\u00ed nadv\u00fdkonnosti. Opa\u010dn\u00fd obr\u00e1zek jsme vid\u011bli mezi lety 2010\u20132020, kdy trh dominoval r\u016fstov\u00fdm gigant\u016fm jako Apple, Amazon nebo Tesla.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Sektorov\u00e1 expozice a jej\u00ed dopady<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ka\u017ed\u00fd investi\u010dn\u00ed styl nese i sektorovou specifiku. R\u016fstov\u00e9 akcie se siln\u011b soust\u0159ed\u00ed na technologii, zdravotnictv\u00ed a spot\u0159ebitelsk\u00e9 slu\u017eby. Hodnotov\u00e9 strategie naopak kladou d\u016fraz na sektory jako pr\u016fmysl, finance, energie nebo utility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To znamen\u00e1, \u017ee investice \u010dist\u011b do jednoho stylu nev\u011bdomky vede tak\u00e9 k sektorov\u00e9mu zkreslen\u00ed. To m\u016f\u017ee b\u00fdt v\u00fdhodn\u00e9 v p\u0159\u00edzniv\u00e9m tr\u017en\u00edm prost\u0159ed\u00ed, ale z\u00e1rove\u0148 zvy\u0161uje citlivost portfolia v\u016f\u010di specifick\u00fdm makroekonomick\u00fdm \u0161ok\u016fm.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Diverzifikace styl\u016f jako tlumi\u010d volatility<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Zahrnut\u00ed obou styl\u016f do portfolia je jednou z cest, jak zm\u00edrnit v\u00fdkyvy a p\u0159isp\u011bt ke stabiln\u011bj\u0161\u00edm v\u00fdnos\u016fm v del\u0161\u00edm horizontu. Kombinac\u00ed r\u016fstov\u00fdch a hodnotov\u00fdch titul\u016f se investor p\u0159irozen\u011b vystavuje r\u016fzn\u00fdm segment\u016fm trhu, \u010d\u00edm\u017e rozkl\u00e1d\u00e1 riziko. V\u00fdhodou je, \u017ee diverzifikace mezi styly nevy\u017eaduje slo\u017eit\u00e9 strategie \u2013&nbsp;<a href=\"https:\/\/www.home.saxo\/cs-cz\/learn\/guides\/equities\/growth-stocks-what-they-are-and-why-you-should-care\"><u><strong>kliknut\u00edm se dozv\u00edte<\/strong><\/u><\/a>, jak r\u016fstov\u00e9 akcie funguj\u00ed a pro\u010d jejich spr\u00e1vn\u00e9 za\u0159azen\u00ed do portfolia hraje kl\u00ed\u010dovou roli b\u011bhem r\u016fzn\u00fdch f\u00e1z\u00ed trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Studie americk\u00fdch trh\u016f ukazuj\u00ed, \u017ee vyv\u00e1\u017een\u00e1 strategie s pod\u00edlem 50\/50 mezi stylem&nbsp;<em>growth<\/em>&nbsp;a&nbsp;<em>value<\/em>&nbsp;dosahuje dlouhodob\u011b srovnateln\u00e9ho v\u00fdnosu jako \u010dist\u00e9 r\u016fstov\u00e9 portfolio, ale s ni\u017e\u0161\u00ed volatilitou.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Praktick\u00e9 c\u00edlen\u00ed a rebalancov\u00e1n\u00ed<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159i sestavov\u00e1n\u00ed portfolia lze alokaci mezi r\u016fst a hodnotu p\u0159izp\u016fsobit osobn\u00edmu investi\u010dn\u00edmu profilu. Konzervativn\u00ed investor m\u016f\u017ee preferovat v\u011bt\u0161\u00ed pod\u00edl hodnotov\u00fdch akci\u00ed pro jejich stabilitu, zat\u00edmco dynami\u010dt\u011bj\u0161\u00ed investor m\u016f\u017ee kl\u00e1st d\u016fraz na r\u016fstov\u00e9 p\u0159\u00edle\u017eitosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u016fle\u017eitou sou\u010d\u00e1st\u00ed stylov\u00e9 diverzifikace je pravideln\u00e9&nbsp;<strong>rebalancov\u00e1n\u00ed<\/strong>, tedy n\u00e1vrat k c\u00edlov\u00fdm vah\u00e1m v p\u0159edem stanoven\u00fdch intervalech (nap\u0159. \u010dtvrtletn\u011b \u010di ro\u010dn\u011b). Rebalancov\u00e1n\u00ed pom\u00e1h\u00e1 udr\u017eet riziko pod kontrolou a umo\u017e\u0148uje p\u0159irozen\u011b realizovat zisky z p\u0159ece\u0148ovan\u00fdch aktiv.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Vyu\u017eit\u00ed online n\u00e1stroj\u016f pro sestaven\u00ed portfolia<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Pro ilustraci lze pou\u017e\u00edt bezplatn\u00e9 n\u00e1stroje, jako je Morningstar X-Ray nebo \u201eStyle Box\u201c od spole\u010dnosti MSCI. Tyto n\u00e1stroje umo\u017e\u0148uj\u00ed vizu\u00e1ln\u011b analyzovat rozlo\u017een\u00ed portfolia mezi r\u016fstov\u00e9 a hodnotov\u00e9 akcie podle velikosti firem a investi\u010dn\u00edho stylu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nap\u0159\u00edklad investor m\u016f\u017ee zadat sv\u00e9 pozice do n\u00e1stroje a zjistit, \u017ee i kdy\u017e zam\u00fd\u0161lel rovnov\u00e1hu, jeho portfolio je siln\u011b koncentrov\u00e1no do&nbsp;<em>large-cap growth<\/em>. Na z\u00e1klad\u011b t\u00e9to zp\u011btn\u00e9 vazby m\u016f\u017ee upravit pozice \u2013 t\u0159eba p\u0159id\u00e1n\u00edm ETF zam\u011b\u0159en\u00e9ho na hodnotov\u00e9 akcie st\u0159edn\u00ed velikosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Existuj\u00ed tak\u00e9 konkr\u00e9tn\u00ed ETF produkty, kter\u00e9 sleduj\u00ed p\u0159\u00edslu\u0161n\u00e9 indexy. Nap\u0159\u00edklad Vanguard Value ETF (VTV) \u010di iShares S&amp;P 500 Growth ETF (IVW) mohou slou\u017eit jako stavebn\u00ed kameny pro jednoduchou stylovou diverzifikaci.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dv\u011b investi\u010dn\u00ed filozofie, dv\u011b cesty k v\u00fdnosu Ve sv\u011bt\u011b akciov\u00fdch investic se \u010dasto setk\u00e1te se&hellip;<\/p>\n","protected":false},"author":1,"featured_media":3447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-3446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"amp_enabled":false,"_links":{"self":[{"href":"https:\/\/stalo-se.cz\/index.php?rest_route=\/wp\/v2\/posts\/3446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stalo-se.cz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stalo-se.cz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stalo-se.cz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stalo-se.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3446"}],"version-history":[{"count":1,"href":"https:\/\/stalo-se.cz\/index.php?rest_route=\/wp\/v2\/posts\/3446\/revisions"}],"predecessor-version":[{"id":3448,"href":"https:\/\/stalo-se.cz\/index.php?rest_route=\/wp\/v2\/posts\/3446\/revisions\/3448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stalo-se.cz\/index.php?rest_route=\/wp\/v2\/media\/3447"}],"wp:attachment":[{"href":"https:\/\/stalo-se.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stalo-se.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stalo-se.cz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}