{"id":25990,"date":"2025-12-29T14:55:04","date_gmt":"2025-12-29T13:55:04","guid":{"rendered":"https:\/\/veritasinfo.org\/?p=25990"},"modified":"2025-12-29T14:55:04","modified_gmt":"2025-12-29T13:55:04","slug":"penzijski-stedni-fond-manji-pad-nego-na-globalnim-trzistima-i-najnize-historijski-propisane-naknade","status":"publish","type":"post","link":"https:\/\/veritasinfo.org\/?p=25990&lang=sr","title":{"rendered":"Penzijski \u0161tedni fond: Manji pad nego na globalnim tr\u017ei\u0161tima i najni\u017ee historijski propisane naknade"},"content":{"rendered":"<p>Pri\u0161tina, 29. decembar 2025. 14:49<\/p>\n<p>Tokom izjava datih danas u prostorijama Fonda, generalni direktor Adrian Zali i predsjednik Upravnog odbora Emanuel Bajra govorili su o padu na finansijskim tr\u017ei\u0161tima nakon uvo\u0111enja tarifa predsjednika Trumpa, dugoro\u010dnoj investicijskoj strategiji, raspodjeli rizika po starosnim grupama, kao i institucionalnim naporima za odr\u017eavanje performansi, smanjenje tarifa i odr\u017eivo upravljanje imovinom doprinosnika.<\/p>\n<p>Generalni direktor Fonda za penzijsku \u0161tednju Kosova, Adrian Zali, govorio je o padu na tr\u017ei\u0161tima tokom aprila, kada je predsjednik Trump uveo tarife, nagla\u0161avaju\u0107i da su, dok su tr\u017ei\u0161ta pala do 20%, fond pao za oko 7%.<\/p>\n<p>\u201eOvo je podjela rizika za \u0161pekulacije prema starosnim grupama, \u0161to zna\u010di da neko mo\u017ee preuzeti ve\u0107i rizik zbog mla\u0111e dobi i du\u017eeg sta\u017ea u instituciji, dok je za one koji su blizu penzije rizik 0%. Historijski gledano, finansijska tr\u017ei\u0161ta su po prirodi nepredvidiva, \u0161to zna\u010di da se javlja nepredvi\u0111ena naknada i naravno da tr\u017ei\u0161ta reaguju protiv nje, kao \u0161to su reagovala u martu, aprilu. Ali vremenom, kada gledamo dugoro\u010dno, ovo je uvijek na\u0161a investiciona strategija. Ne investiramo za narednu godinu; na\u0161a strategija je 5 godina, ako pogledate strategiju koju smo objavili na web stranici, to je ne\u0161to \u0161to smo sistematizirali kao takvo\u201c, naglasio je Zalli.<\/p>\n<p>Emanuel Bajra, predsjednik Upravnog odbora Fonda za penzijsku \u0161tednju Kosova, podijelio je s javno\u0161\u0107u neke detalje o izazovima i radu institucije koju vodi, isti\u010du\u0107i pote\u0161ko\u0107e poslovanja u ekosistemu s izuzetno pasivnim mandatima, ali i napore za odr\u017eavanje odr\u017eivih performansi i upravljanja. Predsjedavaju\u0107i Upravnog odbora Fonda za penzijsku \u0161tednju Kosova pokazuje izazove s kojima se ova institucija suo\u010dava<\/p>\n<p>\u201eAko ste primijetili naknade, imamo smanjenje naknada, pove\u0107anje imovine i dobre performanse, odnosno to je kombinacija koja je vrlo dobro ura\u0111ena, borba protiv inflacije, borba protiv neizvjesnosti, borba protiv osje\u0107aja da kosovski doprinosnik zaslu\u017euje bolje. Tako\u0111er vjerujem da smo u pogledu investicijskih naknada 0,30%, dok su operativne 0,47%, odnosno historijski najni\u017ee koje su ikada postojale, uz vrlo fokusirano upravljanje bud\u017eetom, ne samo odbora, ve\u0107 i menad\u017eerskog tima fokusiranog na performanse. Kao institucija, historijski gledano nosimo te mandate i to imamo kao obavezu, ali ponekad moramo iza\u0107i iz svoje ko\u017ee, tako da, kao \u0161to sam ranije rekao, vrlo je te\u0161ko djelovati s ekosistemom u kojem ste pozicionirani s izuzetno pasivnim mandatima, dok ste cijelo vrijeme zabrinuti da ta pasivnost, mo\u017eda uz neke male taktike, mo\u017ee posti\u0107i dinamiku i to je rezultat\u201c, naglasio je Bajra.<\/p>\n<p>Predstavnici Fonda za penzijsku \u0161tednju Kosova naglasili su da su fluktuacije na finansijskim tr\u017ei\u0161tima, uzrokovane nepredvidivim globalnim faktorima, tako\u0111er uticale na investicije fonda, ali sa znatno manjim padom u pore\u0111enju sa me\u0111unarodnim tr\u017ei\u0161tima.<\/p>\n<p>Podvukli su da investicijska strategija Fonda ostaje dugoro\u010dno orijentisana, sa pa\u017eljivim upravljanjem rizikom prema starosnim grupama, smanjenjem naknada na istorijski nivo i kontinuiranim fokusom na za\u0161titu i pove\u0107anje \u0161tednje doprinosnika, uprkos ekonomskim izazovima i globalnim neizvjesnostima.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pri\u0161tina, 29. decembar 2025. 14:49 Tokom izjava datih danas u prostorijama Fonda, generalni direktor Adrian Zali i predsjednik Upravnog odbora Emanuel Bajra govorili su o<\/p>\n","protected":false},"author":6,"featured_media":25988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-25990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-drustvo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Penzijski \u0161tedni fond: Manji pad nego na globalnim tr\u017ei\u0161tima i najni\u017ee historijski propisane naknade -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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