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About us

We are proud of our work and our results. They inspire us to take on new challenges in the future. As Slovakia’s oldest asset management company , IAD Investments has been providing financial services in Central European countries since 1991.

We have built a portfolio of strong products and offer our clients mutual fund investment management, savings programs and IAD Wealth Management. Our clients include investors from many European countries. We sell financial products through a network of financial intermediaries and by working with major international financial institutions.

We are a member of SASS (Slovak Association of Asset Management Companies), AKAT ČR (Association for Capital Market of the Czech Republic) and AOCP (Association of Securities Dealers). The high quality and professionalism of our fund management is regularly recognized in prestigious financial product competitions such as Zlatá minca (Gold Coin), Fincentrum & Forbes, Top Fund Slovakia and World finance investment management awards.

About us

Company Details

Management

Company history

IAD’s Documents

Frequently asked questions

Company Details

The emergence of

The emergence of

1991

Total activity

Total assets under management

Employees

Number of employees

48

Growth

Standard mutual funds

10

Real estate

Special real estate funds

2

Luggage

Special funds of qualified investors

3

Member

Membership of interest associations

SASS, AKAT ČR, AOCP

Earth

Activities abroad

Czech Republic

Extract from the commercial register

Licence granted by the Financial Market Authority

Ocenenia IAD Investments

Management

Ing. Vladimír Bencz

Chairman of the Board

Peter Lukáč

Member of the Board of Directors

Mgr. Vladimír Bolek

Member of the Board of Directors

Ing. Lenka Vargová

Chief Operating Officer

Michal Orlovský

Mgr. Michal Orlovský

Director of Wealth Management

Mgr. Marek Adamec

Director for External Networks

Mgr. Michal Ďurica, CFA

Portfolio Manager

Ing. Róbert Bučič

Portfolio Manager

Roman Vitásek, CFA

Portfolio Manager

Ing. Simona Bajerová

Head of Investment Management Department – Back Office

Ing. Rita Markuseková

Head of Accounting and Finance Department

Jana Murková

Head of the Client Centre

Supervisory board

Ing. Róbert Bartek

Chairman of the Board

Ing. Vanda Vránska

Member of the Supervisory Board

Ing. Miroslav Vester

Member of the Supervisory Board

Company history

2024

At the beginning of February 2024, Prvý realitný fond acquired, through its real estate company LOGIS RUGVICA d.o.o., a plot of land with an area of approximately 9,7 hectares, intended for development in the Sveta Helena area near Zagreb, the capital of Croatia, thus successfully launching IAD on the Croatian market.

IAD successfully completed the acquisition of HB Reavis Investment Management S.à r.l., the general partner — the managing body of the HB Reavis Real Estate Investment Fund and its sub-fund HB Reavis IRF, which thus became a subsidiary of IAD and its name was changed to IAD Investments Management S.à r.l. (IAD IM) as well as the name of the fund to IAD Investments Fund and its sub-fund to IAD IRF.

The volume of assets under management by IAD increased to 2,63 billion euros.

For the management of Prvý realitný fond, IAD received the CIJ Awards Slovakia 2024 award in the category of Best Real Estate Property Fund Management of the Year. In the Zlatá minca competition, Prvý realitný fond won 1st place in the real estate funds category and the Zaistený – IAD depozitné konto mutual fund took 1st place in the money funds category. The Korunový realitný fond won the Top Fund Slovakia 2023 award in the real estate funds category.

2023

In 2023, the fund Prvý realitný fond acquired the Pribinova 19 office building in its real estate portfolio, which is part of the Eurovea City waterfront district in Bratislava, as well as land intended for construction in Triblavina (Bernolákovo) near Bratislava. With the purchase of almost 270,000 m2 of land intended for the construction of logistics project west of the Hungarian capital Budapest, IAD actively entered the Hungarian development market in addition to the already existing logistics project.

IAD funds received several awards in 2023: Prvý realitný fond won the 1st place again in the Zlatá minca competition in September 2023 in the category Real estate funds, Korunový realitný fond received the Top Fund Slovakia 2022 award in February 2023 in the category Fund with the best return and risk in 2022 among Real estate funds and alternative investment funds.

IAD reached 2 billion EUR in assets under management.

2022

IAD Investments decided to expand its operations and became a shareholder in the Supplementary retirement annuity insurance company STABILITA d.d.s. by acquiring a share of 44.69 %, thereby entering the market of supplementary pension savings.

The fund Prvý realitný fond has once again expanded its portfolio with a logistics center with an administrative building in the Pharos location near the Bratislava airport.

In October 2022, IAD launched a new savings program ETF Sporenie, which offers a choice of 3 investment strategies made up of exchange-traded funds (ETFs) from major international fund managers.

Also in 2022, IAD funds received an award in the Zlatá minca 2022 competition, where the Prvý realitný fond won 1st place in the real estate funds category, fund Zaistený-IAD depozitné konto also won 1st place in the money funds and short-term investment funds category, Global Index was ranked 2nd place in the fund of funds category and 1.PF Slnko in 2nd place in the bond fund category.

Two new funds have been added to the offer of special funds for qualified investors.

2021

In 2021, IAD Investments celebrated the company’s 30th anniversary. On this occasion, a new visual identity of the company was introduced, including the logo, website design, IAD ONLINE and the new IAD Mobile application.

The real estate fund Prvý realitný fond has expanded its portfolio by land intended for the construction of a logistics center with a leasable area of approx. 75,000 m2 near the Polish city of Wroclaw.

The funds Prvý realitný fond, Zaistený-IAD depozitné konto, Growth Opportunities, Global Index and 1. PF Slnko were awarded and won two gold and three silver coins in the Zlatá Minca 2020 competition.

The Top Fund Slovakia award was won by the mutual fund Korunový realitný fond in the category – Fund with the best return and risk in the category of real estate funds and alternative investment funds.

2020

The constant search for investment opportunities and the situation with the coronavirus pandemic did not prevent IAD Investments from completing the transaction of the year, namely the acquisition of the modern D48 office building in Warsaw, Poland. D48 is another valuable asset that geographically diversifies the real estate portfolio and the First Real Estate Fund has entered the most liquid market in Central Europe.

2024

At the beginning of February 2024, Prvý realitný fond acquired, through its real estate company LOGIS RUGVICA d.o.o., a plot of land with an area of ​​approximately 9,7 hectares, intended for development in the Sveta Helena area near Zagreb, the capital of Croatia, thus successfully launching IAD on the Croatian market.

IAD successfully completed the acquisition of HB Reavis Investment Management S.à r.l., the general partner — the managing body of the HB Reavis Real Estate Investment Fund and its sub-fund HB Reavis IRF, which thus became a subsidiary of IAD and its name was changed to IAD Investments Management S.à r.l. (IAD IM) as well as the name of the fund to IAD Investments Fund and its sub-fund to IAD IRF.

The volume of assets under management by IAD increased to 2,63 billion euros.

For the management of Prvý realitný fond, IAD received the CIJ Awards Slovakia 2024 award in the category of Best Real Estate Property Fund Management of the Year. In the Zlatá minca competition, Prvý realitný fond won 1st place in the real estate funds category and the Zaistený – IAD depozitné konto mutual fund took 1st place in the money funds category. The Korunový realitný fond won the Top Fund Slovakia 2023 award in the real estate funds category.

2019

A new savings program IAD SPORENIE has been added to our product range. IAD SPORENIE is designed for everyone who wants to save e.g. for retirement or for education of children and it offers a choice of 6 investment strategies according to the level of risk the client is willing to take.

In November, IAD Investments exceeded the magical 1 billion EUR in asset management.

2018

In December the mutual fund portfolio went through two planned changes. Due to higher efficiency of mutual funds’ management and similar investment strategies the mutual fund Bond Dynamic merged into 1.PF Slnko and the mutual fund EURO Cash dlhopisový merged into EURO Bond.

In November the real estate mutual fund Prvý realitný fond expanded its current real estate portfolio with new office building in Bratislava – STEINERKA Business Center.

Since July an upgraded version of IAD ONLINE is available for clients. The IAD ONLINE service provides insight into clients’ investments and the possibility of one-time transfer or regular transfers of shares.

In April the  real estate fund Prvý realitný fond successfully entered the Hungarian real estate market with the acquisition of the South Base logistics complex in Budapest.

2017

In 2017 the mutual fund portfolio went through several changes. Due to the higher efficiency of mutual funds’ management and similar investment strategies Kapital and Optimal funds merged into the Growth Opportunities fund in September and KD Prosperita fund merged with KD RUSSIA fund in November.

In January a new special real estate mutual fund Korunový realitný fond was added to our mutual funds portfolio, which allows our shareholders to invest in the Czech koruna.

IAD Investments Mutual Funds won prestigious awards in financial products competition – Fincentrum & FORBES Investment of the Year 2017. The EURO Cash dlhopisový fund ranked 1st in the Bond Fund category and also became the Investment of the Year 2017.

2016

In December 2016, two important properties, OC Laugaricio in Trenčín and Twin City A at Mlynské Nivy in Bratislava, were added to the portfolio of Prvý realitný fondu, o.p.f..

In October, IAD Investments, správ.spol., a.s. celebrated its 25th anniversary and launched a new website.

In September 2016, National Bank of Slovakia in its decision No. ODT-6972/2016-3 of 18/7/2016, effective from 19/7/2016, approved a merger of mutual funds CREO, o.p.f., IAD Investments, správ. spol., a.s. and Growth Opportunities, o.p.f., IAD Investments, správ. spol., a.s., which took place on 12/9/2016.

In April, we started active cooperation with the first bank, OTP Banka Slovensko, which started to offer Prvý realitný fond, o.p.f., of IAD Investments to its clients via its branch network.

In March, the 1. PF Slnko mutual fund paid out dividends to its shareholders again. The dividend amount (gross) was calculated at EUR 0.001603712 per unit. The total dividends paid out in 2016 for 2015 amounted to EUR 122 394.28.

2015

In September, IAD Investments introduced its new mobile application, IAD MTA. The application allows users to track their assets, view investment appreciation graphs and transaction history in mutual funds managed or distributed by IAD Investments.

Mutual funds of IAD Investments won several awards for 2015: two in the Zlatá minca competition and on in the Top Fond Slovakia competition, organised by SASS and MAFRA. Our Prvý realitný fond defended its win in the Real Estate Funds category and ZAISTENÝ – IAD depozitné konto placed second in the Monetary and Short-Term Investment Funds category in the Zlatá minca competition.

2014

IAD took over management of six mutual funds and saving programs from Alico Funds Central Europe.

A second foreign property, River Garden I office building in Prague, was added to Prvý realitný fond’s portfolio.

As in the previous years, the funds of IAD Investments won several prestigious awards in various financial competitions.

2013

In October, mutual funds defended their wins in the Zlatá minca 2013 competition. Prvý realitný fond and Zaistený – IAD depozitné konto were awarded gold and 1. PF Slnko, a bond mutual fund, was awarded silver.

In October, Prvý realitný fond entered the foreign real estate market. It acquired its first foreign property, a logistic park in Ostrava in the Czech Republic, in its portfolio.

In May, NBS approved the first special fund for qualified investors: IAD Energy Fund, o.p.f., IAD Investments, správ. spol., a.s.

2012

In December, Fond krátkodobých investícií (FKI) merged with a fund with a similar investment strategy and focus, Zaistený-IAD depozitné konto (ZDK).

In October, we won three prestigious awards in the Zlatá minca 2012 competition. Prvý realitný fond won gold in the Real Estate Funds category and IAD depozitné konto won gold in the Monetary and Short-Term Investment Funds category. Bond Dynamic won silver in the Bond Funds category.

In September, the new CREO mutual fund was launched, first of its kind on the Slovak and Czech market.

In February, IAD – Protected Equity 1 placed second in the TOP Fond Slovakia 2012 competition in the Best Risk to Performance Ratio, Other Funds category; Bond Dynamic was the best-selling mutual fund in the Bond Funds category.

Based on TREND’s data published in June 2012, we placed second in the category of domestic asset management companies in terms of net sales.

2011

Celebrating the 20th anniversary of the company’s establishment.

Three saving programs launched in summer: PROFIT and TOP LIFE in Slovakia and ZFProfit in the Czech Republic.

In December, ALLIANZ Asset Management’s funds were acquired. The portfolio was expanded with the acquired company’s funds: Bond Dynamic, o.p.f., Fond krátkodobých investícií, o.p.f., Growth Opportunities, o.p.f., Protected Equity 1, o.p.f., Protected Equity 2, o.p.f.

2010

Active offering of Prvý realitný fond in the Czech Republic.

The IAD ONLINE account expanded its functionality with unique active home banking, including standing orders and pay requests. Applies to all funds.

2009

Acquisition of KD Investments, a Slovenian company.

Two new funds – KD Prosperita and KD RUSSIA.

2008

In December, the Sprint, o.p.f. mutual fund merged with the Kapital, o.p.f. fund.

A change of name to IAD Investments, správ. spol., a.s. in July.

In February, the Európa, o.p.f. mutual fund merged with the 1. PF Slnko, o.p.f. fund due to identical investment strategy.

2007

Management of a new fund, Zaistený – IAD Depozitné konto, o.p.f.

Mid-year expansion of the sales network using branches of OTP Banka Slovensko, a.s.

In summer, OTP Asset Management, a.s. merged with Investičná a Dôchodková, správ. spol., a.s.

Takeover of management of the Sprint, o.p.f. and Európa, o.p.f. mutual funds from the original asset manager, OTP Asset Management, a.s.

2006

At the end of the year, we obtained a licence to manage Prvý realitný fond, š.p.f., the first-ever Slovak real estate investment fund.

2005

The Financial Market Authority extended our licence with client portfolio management, advisory, custody and unit certificate management.

As a result of a merger of Sympatia-Pohoda, d.s.s., a.s. with ING, d.s.s., a.s. as at 31/12/2005, IaD became a shareholder of the merged ING, d.s.s., a.s.

2004

In December, a move of the registered office to new premises at Malý trh 2/A in Bratislava.

In August, our company as the only asset management company operating on the Slovak market established Sympatia-Pohoda, d.s.s., a.s., a pension fund management company, together with other shareholders.

2002

As a result of new strategy, the original name AGROINVEST, správ. spol., a.s. was changed to Investičná a Dôchodková, správ. spol., a.s.

2001

Pro Partners, a financial holding, acquired a 100% share in AGROINVEST, an asset management company, from Poľnobanka, a.s.

2000

Transformation of the company.

The 1.PF Slnko fund was transformed from closed-end to open-end mutual fund.

1993

Establishment of the 1. PF Slnko mutual fund, which the company has managed to this day.

1991

Poľnobanka, a.s., established an asset management company with its original name AGROINVEST investičná a. s.

IAD’s Documents

Organisational structure Validity from 1. 1. 2026
IAD Investments licence granted by the Financial Market Authority Validity from 2. 1. 2001
Confirmation of membership in the Association of Management Companies of Slovakia Validity from 25. 4. 2001
MIFID – European directive regulating activity on markets in financial instruments Validity from 30. 12. 2011

Financial statements

Financial statements

IAD Investments filed the individual financial statements as of 31.12.2025 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2025
Financial statements

IAD Investments filed the individual financial statements as of 31.12.2024 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2024
Financial statements

IAD Investments filed the individual financial statements as of 31.12.2023 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2023
Financial statements

IAD Investments filed the individual financial statements as of 31.12.2022 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2022
Financial statements

IAD Investments filed the individual financial statements as of 31.12.2021 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2021
Financial statements

IAD Investments filed the individual financial statements as of 31.12.2020 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2020
Financial statements

IAD Investments filed the individual financial statements as of 31.12.2019 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2019
Financial statements

IAD Investments filed the individual financial statements as of 31.12.2018 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2018
Financial statements

IAD Investments filed the individual financial statements as of 31.12.2017 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2017
Financial statements

IAD Investments filed the individual financial statements as of 31.12.2016 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2016
Financial statements

IAD Investments filed the individual financial statements as of 31.12.2025 in the register according to Act No. 431/2002 Coll. on Accounting, as amended (§ 23d (5)).

Year 2015
Financial statements Year 2014
Financial statements Year 2013
Financial statements Year 2012

Annual reports

IAD Investments Annual Report Year 2024
IAD Investments Annual Report Year 2023
IAD Investments Annual Report Year 2022
IAD Investments Annual Report Year 2021
IAD Investments Annual Report Year 2020
IAD Investments Annual Report Year 2019
IAD Investments Annual Report Year 2018
IAD Investments Annual Report Year 2017

Frequently asked questions

What is a mutual fund?

A mutual fund consists of assets, i.e. securities, funds, bonds and other tangible values. A fund’s assets are owned by investors and their ownership rights are expressed by unit certificates. An unlimited number of people can invest in a mutual fund. Every investor has a share in the fund, by which the investor participates in all the fund’s investments and returns.

A mutual fund does not have legal personality. Its assets are not a part of the asset management company’s assets.

What is a unit certificate?

A unit certificate is a security that expresses the ownership of a share in the fund’s assets.

What happens to my money after I invest it in a fund?

After your invested amount has been credited to the fund’s account, you acquire the fund’s unit certificates. Their number depends on the fund’s exchange rate on the investment execution day. For example, if you invest EUR 100 and the fund’s exchange rate on that day is EUR 0.100000, your investment acquires 1 000 unit certificates of this fund.

How do I determine the current value of my assets in the fund?

The current value of your assets is determined by multiplying the number of unit certificates and the current value of one unit of the fund.

For example: As at 1 September 2016, the current value of one unit of the 1.PF Slnko, o.p.f. mutual fund is EUR 0.036638. You own 10 000 units. The current value of your assets as at 1 September 2016 is 0.036638 x 10 000 = EUR 366.38.

The current unit value can be found on our website – FUND PERFORMANCE. The number of your purchased units can be found in your IAD ONLINE, in an annual shareholder account statement or you can obtain information in person at the IAD Investments Client Centre.

Is my money in the fund fixed for a period of time like a term deposit?

No, a shareholder may redeem unit certificates at any time. Investments are not limited by time in any way. It is good if a shareholder follows our recommended minimum investment horizon.

What is the optimum period of investment in the mutual funds of IAD Investments, správ. spol., a.s.?

The recommended investment horizon depends on the investment focus of the particular fund. In principle, the more risky securities in the fund’s portfolio, the longer the recommended investment horizon. A longer investment period reduces potential losses caused by a decrease in the value of securities.

Investment horizons are not fixed and it is up to each investor to choose the investment period. The company cannot prescribe how long investors have to keep their investments in a fund. A mutual fund’s investment horizon is set to deliver the expected return with a specific investment strategy. It is very likely in standard market and economic conditions.

What is a mutual fund’s performance?

A fund’s performance is a percentage change in one unit of the net value of the mutual fund’s assets compared to the previous period. The period is usually 12 months. The appreciation is expressed as a percentage change over the relevant period. A period of one year is abbreviated as p.a. (from Latin per annum – per year).

Can I lose the entire amount invested in a mutual fund?

The distribution of investments in a large number of securities in our funds prevents the risk that the client could lose the entire invested amount. The purpose of investing in mutual funds is professional asset management with the objective to generate the expected return in the recommended time horizon.

How much can I invest in mutual funds?

You can invest any amount in our mutual funds. The only limitation is the minimum initial investment and the minimum subsequent investment. The minimum investment in both cases amounts to EUR 20 and applies to all funds.

Does an investment involve entry fees?

The investment is associated with a so-called entry fee, by which the amount you invest will be reduced. The amount of the fee depends on the size of the investment and the specific mutual fund.

Information on entry fees is published in each of our fund’s summary of basic information and in the mutual fund’s sales prospectus.

What should I do to redeem my unit certificates?

You can request redemption of your units at any time in the following ways:

  • Please send the completed Application for Payment of Units form with a certified signature on the form by post or hand deliver to the registered office of the Company.
  • If you have set up secure PLUS access in IAD ONLINE, you can complete the Application for Redemption of Units online and submit it to us via the system.
  • Visit the IAD Investments client centre in Bratislava in person and make an application directly with an IAD Investments employee.

We will send you the funds for the units to the bank account designated by you.

Can I donate unit certificates?

Unit certificates can be donated by executing a donation agreement with officially certified signatures. The original or an officially certified copy of the donation agreement delivered to the registered office of IAD Investments, správ. spol., a.s., Malý trh 2/A, 811 08 Bratislava, is a final document enabling the transfer of unit certificates to a donee.

Is it possible to inherit unit certificates?

Yes, inheritance of units is possible. The management company carries out the inheritance (transfer) of units to the heir (transferee) on the basis of the form Order for registration of transfer of units, where the transferee (heir) of the unit requests the change of the unit holder and is obliged to attach, e.g., a final order of the competent court in the inheritance proceedings, a certificate of the competent notary authorised by the court on inheritance, a final order of the competent court in other related proceedings. If the form is completed without the presence of an authorised officer of IAD Investments, the signatures on the form must be notarised and must be delivered to the registered office of IAD Investments. If the heirs are not already registered as unitholders with IAD Investments, they must also enclose a completed Application for Registration of Unitholder and Issue of Units form.

Yes, the legal act of inheritance of units must be in writing as a result of the Inheritance Proceedings. The original or an officially certified copy delivered to the registered office of IAD Investments, správ. spol., a.s., Malý trh 2/A, 811 08 Bratislava, is the legal document for the transfer of the Units to the legal heir.

Why are the fund prices published on different dates, and why do some of the funds still have the same unit price? It doesn't seem to be updated every day.

We do not set the net asset value of the fund, and thus the price of one unit, for all our funds in the same time interval. For some funds it is daily, for others on a weekly or monthly basis.

Due to the inconsistency of the valuation interval, we update unit prices every business day after 6 pm. In the case of funds that are valued every business day, the value changes every day. For other funds, the last known value is published until the date on which these funds were valued.

For this reason, it may seem outwardly that the unit prices are not updated daily. However, for the sake of clarity, for each fund we state the date for which the unit price was valid.

Are the activities of IAD Investments, správ. spol., a.s. subject to control?

Collective investment and the overall activity on the financial markets is defined by the strict legislative framework of the Slovak Republic and the directives of the European Commission. In addition, we are subject to self-regulation by the Slovak Association of Asset Management Companies.

Only the management company may dispose of the assets in the mutual funds, and only in the context of Act on Collective Investment No. 203/2011 Coll. The control activity over compliance with the law is primarily carried out by the depositary – currently Slovenská sporiteľňa, a.s. The management company may not make any transactions with the funds’ assets without the depositary’s consent. The National Bank of Slovakia (NBS), as a state administration body for the capital market area with appropriate powers, may also control and interfere in the activities of management companies.

What if the asset management company goes bankrupt?

Assets in mutual funds are separated from assets of the asset management company. The NBS and the depository oversee the activities of the asset management company to prevent the management of assets that could damage the shareholders.

If the asset management company goes bankrupt, the NBS will appoint a new asset manager to manage its mutual funds.

NOTICE. This material is a marketing communication. Before making any investment decision, please read the sales prospectus, statute and document with key information for investors of IAD Investments správ, spol., a.s. (hereinafter referred to as “IAD”) in the Slovak language at the headquarters of IAD, at sales points, at the headquarters of the depository or at www.iad.sk. For more information, contact your financial intermediary or www.iad.sk.

The value of an investment in a mutual fund may also decrease and there is no guarantee of a return on the amount originally invested. There is also a risk associated with investing in mutual funds. In accordance with the mutual fund statutes, the proportion of securities issued by states and international organisations, as listed in the appendix to each mutual fund statute, may exceed 35% of the value of the assets in the fund, which may be as high as 100%. IAD is obliged to redeem the Prvý realitný fond and the Korunový realitný fond unit trust units immediately, but no later than within the extended period of 12 months. The assets in the Prvý realitný fond are invested, under the terms of a special law, mainly in real estate, including fixtures and fittings, for the purpose of their management and sale, in participations in real estate companies and in liquid financial assets whose economic substance implies a close link with the real estate market. The Korunový realitný fond has at least 85% of its assets continuously invested in units of the Prvý realitný fond.