Open to opportunities

Zbigniew Budziński

@zbigniewbudziski

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Institutional portfolio manager blending macro allocation with risk-controlled equity, debt, and REIT investing.

Poland

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What I'm looking for

I’m looking for an institutional portfolio management role where I can apply a macro top-down allocation style, deliver risk-controlled cross-asset returns (equity/debt/REITs), and work in a well-governed, regulatory-comfort environment.

I’m an institutional portfolio manager with 15 years in portfolio management and analytics across equity, debt, and cross-asset strategies (including REITs), backed by 30 years of trading. I lead with a top-down, macro-driven approach to allocation, aiming to achieve investment targets with lower risk than benchmarks, competitors, or ETFs—especially through crisis periods like 2002, 2008, COVID, and 2022.

As board member/director/portfolio manager at OMEGA FIRST REIT FUND RAIF SA, I analyze global REIT markets and macro drivers, then build and recommend investment strategy and portfolio construction (listed REITs, global, long-only, total return, flexible allocation, white label). I also organize currency hedging across PLN/EUR/USD classes, manage liquidity considerations, and oversee governance areas such as AIFM, valuation, administrative and AML issues, contract negotiation, and distribution expansion beyond Poland.

My results reflect a consistent risk-first philosophy: I beat a domestic REIT competitor by 20 percentage points, ranked 12th out of 130 funds while “beating them all” with significantly lower risk (about half the standard deviation of returns, with a little over half the drawdowns), and delivered performance that outpaced available ETFs on both return and risk. Earlier, as equity fund manager for OFE Skarbiec-Emerytura, I managed the equity sleeve with tactical allocation and security selection—earning recognition from Analizy Online—and I’ve strengthened my toolkit through roles spanning macro quant analysis, trading, and operational leadership, supported by CFA and KNF investment adviser licensing.

Experience

Work history, roles, and key accomplishments

Board Member / Portfolio Manager

Omega First REIT Fund RAIF SA

May 2018 - Oct 2024 (6 years 5 months)

Analyzed the global REIT market and designed a listed-REIT, long-only total-return strategy with flexible allocation, currency hedging (PLN/EUR/USD), and liquidity controls. Beat the domestic main competitor by 20 percentage points and outperformed global, currency-hedged Refinitiv fund bases with significantly lower risk (about half the standard deviation; lower drawdowns) while avoiding a symbol

Portfolio Construction Liquidity Management AIFM Supervision Risk Management

Vice President (Budget/IT)

Omega Capital Sp. z o.o.

May 2018 - Sep 2024 (6 years 4 months)

Led budgeting, reporting, and IT functions for a holding company supporting the Omega FRF project. Supervised key operational and reporting processes to support ongoing fund/project activity.

Budgeting IT Support Reporting Cycles Communication

Independent Trader

Zbigniew Budziński - Consultancy

Jun 2008 - Dec 2017 (9 years 6 months)

Performed independent trading in equities and commodities, focusing on market analysis and execution. Operated as a self-directed trader managing day-to-day portfolio decisions.

Equities Trading Commodities Trading Market Analysis Trade Execution Risk Management

Equity Fund Manager

PTE Skarbiec-Emerytura

Mar 2002 - Sep 2008 (6 years 6 months)

Managed the equity portion of the pension fund portfolio, creating investment strategy and executing tactical allocation, sector selection, and stock selection. Achieved strong rating outcomes and delivered a major issue-prevention result by stopping an owner penalty of 6m USD (one quarter of a bank group’s yearly net earnings).

Tactical Allocation Sectors Investment Selection Crisis Period Decision Making Regulatory Knowledge (KNF)

Supervisory Board Member

Relpol

Jun 2003 - Jun 2006 (3 years)

Served on the supervisory board with a focus on corporate governance on behalf of the pension fund. Supported the CFO on exchange-rate hedging policy for an exporting business to manage FX exposures.

Corporate Governance Board Level Oversight CFO

Junior Fund Manager & Macro Quant

Skarbiec TFI

May 2000 - Mar 2002 (1 year 10 months)

Produced macro forecasts for Poland, modeled the yield curve, and monitored government bond markets across the region and the USA to support bond portfolio construction. Built quant models, including forecasting an unexpected NBP rate hike tied to an inflation spike in May 2000.

Yield Curve Modeling Government Bond Market Monitoring Fixed Income Portfolio Construction Quant Scenario Analysis (Rates Inflation)Risk Assessment

Education

Degrees, certifications, and relevant coursework

CFA Institute

Chartered Financial Analyst (CFA), Finance

Earned the Chartered Financial Analyst (CFA) designation (CFA Institute, 2005).

Polish Financial Supervision Authority (KNF)

Investment Adviser (No. 184), Investment Advising

Obtained Investment Adviser license No. 184 (KNF, 2002).

Warsaw School of Economics

Master's degree, Finance and Banking

1996 - 2000

Studied Finance and Banking at Warsaw School of Economics (SGH) and completed a master's thesis titled “Managing a portfolio of fixed coupon bonds - Investment strategies” under Prof. Sławiński.