Strategie alokace kapitálu dlouhodobých institucionálních investorů a potenciální zřízení českého státního investičního fondu

This thesis examines the investment strategies of long-term institutional investors and the structural factors that determine them. The theoretical section defines key concepts and traces the evolution of investment theory from Modern Portfolio Theory and the Capital Asset Pricing Model to Asset-Liability Management and Liability-Driven Investing, with particular attention to David Swensen's Yale Model, which has profoundly shaped modern institutional asset allocation. The comparative section analyses five types of long-term institutional investors – insurance companies, university endowments, public pension funds, family offices, and sovereign wealth funds – and identifies the structural determinants of their differing investment behaviour: liability structure, investment horizon, regulatory environment, fund size, and capital source. The final section applies these findings to a conceptual design of a Czech sovereign wealth fund. The analysis demonstrates that the Czech Republic lacks the conditions for establishing a large-scale commodity-based fund of the Norwegian type; however, realistic financing sources exist, most notably revenues from state-owned enterprises and state asset dividends. The proposed model combines features of an intergenerational savings fund and a fiscal stabilisation mechanism, adopting a hybrid investment strategy inspired by the Norwegian and Canadian approaches, with emphasis on institutional independence, transparent governance, and a long-term investment horizon.