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POSITIV MAN
How has your investment strategy changed
over the past two to three years?
We have become more disciplined. Money has
become more expensive, investors are more cautious,
and transactions have to make sense on their own
merits. It is no longer enough to believe that market
growth will cover mistakes. We focus far more on
cash flow, operating costs, technical condition,
and the ability of an asset to perform even under more
challenging conditions.
Where do you currently see the greatest untapped
potential in the Czech Republic?
In regional cities and in older apartment buildings
that have not been professionally managed for a long
time. Not every regional property is a good
investment, but with the right selection, there are
interesting opportunities to be found. It is often not
about a fashionable address, but about the combination
of price, yield, and the specific improvements that can
be made to the property.
Does it make more sense to invest in older buildings
or in new developments?
Both can make sense, but we are stronger when
it comes to older, fully functioning apartment buildings.
With those, we are better able to identify value, risks,
and room for improvement. A new development may
be attractive, but it is usually far more dependent
on development processes, permits, construction,
and the sales market.
How quickly can an investor in Tandem expect
returns?
Tandem OPF is more of a boutique fund. We are not
trying to turn it into a mass-market product. It is suitable
for investors seeking longer-term exposure to residential
real estate, who do not want to deal with property
management themselves and understand that value
is created over time. On the other hand, it is not
a product for someone expecting quick speculation,
immediate liquidity, or guaranteed returns without risk.
Why is entry into the fund set at higher investment
levels?
It is a qualified investors’ fund. We see investors
more as partners and want to work with people who
understand the nature of this investment, its time
horizon, and its risks. We ourselves have also invested
significantly in the fund – it is our own “skin in the game”.
Of the fund’s assets, which exceed CZK 1 billion
in value, roughly one third consists of the founders’
capital. Tandem OPF is a boutique fund for a limited
circle of partners. We are also preparing a more
accessible product, but that is a topic for another time.
Do you think about money differently now than you
did at the start of your career?
Earlier in life, people tend to focus more on returns.
Over time, they pay more attention to risk, control,
and the quality of decision-making. Money is not just
a tool for growth, but also a responsibility – especially
when you are working not only with your own capital,
but with investors’ capital as well.
What advice would you give to someone who wants
to build wealth systematically?
Do not try to become wealthy through a single decision.
Wealth is built through a combination of discipline, time,
and the ability to avoid major mistakes. It is important
to understand what you are investing in, to have realistic
expectations, and to use common sense. Sometimes
a simple calculation is enough to uncover a risk that
may look sophisticated in a presentation but makes no
economic sense in reality.
What is your personal definition of a good
investment beyond the numbers?
A good investment is one I understand, where
I can clearly define the risks, and where I know why
it should still work even if the market does not move
in the ideal direction. Numbers are important, but they
are not enough on their own. What matters is logic,
control over risk, and the ability to actively influence
the outcome.
The fund is a qualified investor fund pursuant to Act
No. 240/2013 Coll. Its shareholder may only be
a qualified investor within the meaning of Section
272 of this Act. The value of an investment in the fund
may fall as well as rise, and the return of the originally
invested amount is not guaranteed. The fund’s past
performance does not guarantee the same or higher
performance in the future.
Tomáš Schmied is a promoter and member
of the investment commiee of the Tandem OPF
fund. He specialises in residenal real estate,
acquisions, project management, and corporate
transformaon. He gained experience, among other
places, within the CE Industries group, where he
parcipated in building the holding and expanding
its operaons across Central and South-Eastern
Europe. At Tandem OPF, he focuses on idenfying
investment opportunies, enhancing property value,
and the strategic development of the fund.
It’s no longer enough to trust market
growth to cover mistakes. We focus
on cash ow, operang costs, technical
condion, and resilience under pressure.