Insignis TFI

What Insignis TFI does

Insignis Towarzystwo Funduszy Inwestycyjnych S.A. (Insignis TFI) is an independent, privately held Polish investment fund management company headquartered at ul. Królewska 18, Warsaw, operating under a KNF license granted on April 19, 2016. The firm manages two closed-end investment funds: Insignis FIZ, a market-neutral long/short equity fund investing in liquid Polish-listed stocks and using short-selling and derivatives for hedging, launched in June 2015; and Insignis Long FIZ, an actively managed unhedged long-only Polish equity fund benchmarked against the WIG index with 70%-130% equity exposure via derivatives, launched June 30, 2023. Both products are built on fundamental analysis of Polish-listed companies and are distributed exclusively through direct private placement to fewer than 150 designated persons per issuance, with no third-party intermediaries.

Insignis TFI employs a direct-to-client go-to-market model in which investors have direct contact with portfolio managers including CEO Grzegorz Witkowski (formerly of E&Y, PZU, Nordea OFE, Trigon TFI) and fund manager Ryszard Miodoński (joined from Noble Funds TFI in December 2021). The firm's revenue model combines a 2% annual management fee — described as below-market because no distribution commissions are paid — with a performance/success fee. Insignis FIZ has been closed to new investors since June 2017 at approximately 380M PLN AUM to protect existing investor returns, posting 24/24 positive rolling 3-year returns including a +6.3% result in the 2022 bear market versus WIG -17.1%.

The company's operating infrastructure relies on a small set of third-party providers: Deutsche Bank Polska S.A. as Depository Bank, Vistra as transfer agent platform, and Nazwa.pl as website host. The firm is independently owned with no disclosed parent or external private equity backing, maintains KRS registration 0000560487, and operates with a 1-10 employee headcount from a single Warsaw headquarters.

Name

Insignis TFI

Legal name

Insignis Towarzystwo Funduszy Inwestycyjnych Spółka Akcyjna

Website

https://insignistfi.pl

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Insignis TFI is an independent, KNF-licensed Polish investment fund manager operating from Warsaw. It runs Insignis FIZ, a market-neutral long/short closed-end fund, and Insignis Long FIZ, a long-only Polish equity fund, distributed via direct private placement to fewer than 150 designated persons per issuance.

Ownership category

akta.pro rank

Product category

Investment Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Securities and Commodity Contracts Intermediation and Brokerage (5231)

akta.pro primary industry

Market-Neutral Equity Long/Short (FSAHAAAD)

Keywords

• Investment fund management
• Closed-end equity funds
• Long short equity strategy
• Polish equity investing
• Private placement funds

Headquarters

HQ city

Warszawa

HQ country

Poland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management fees: Annual management fee of 2% of assets under management, structured at below-market rates due to absence of distribution costs from intermediaries.
2. Performance/success fees: Success fee tied to investment performance, in addition to the base management fee.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Insignis TFI manages two closed-end investment funds (Insignis FIZ and Insignis Long FIZ) that invest in Polish-listed equities using fundamental analysis. Insignis FIZ employs a market-neutral long/short equity strategy with short-selling and derivatives for hedging, while Insignis Long FIZ uses an unhedged long-only strategy with potential 70%-130% equity exposure. Fund certificates are distributed exclusively through private placement to fewer than 150 designated persons per issuance, with no third-party distribution intermediaries.

Product overview

Insignis TFI operates as an independent investment fund management company offering two closed-end investment funds. The core portfolio consists of Insignis FIZ, a market-neutral long/short equity fund that utilizes short-selling for hedging, and Insignis Long FIZ, an actively managed Polish equity fund that maintains unhedged long positions with potential leverage. Both funds focus on fundamental analysis of Polish-listed companies and are distributed through direct investor relationships without intermediaries.

Differentiator

Problem solved

Functional benefit

Brands

• Insignis FIZ: Market-neutral closed-end investment fund using long/short equity strategy focused on Polish stocks listed on Warsaw Stock Exchange. Fund has delivered +58.9% total return since inception (June 2015 to June 2026) while maintaining limited correlation with market conditions.
• Insignis Long FIZ

Products and services

• Insignis FIZ (Insignis Fundusz Inwestycyjny Zamknięty) Market-neutral closed-end investment fund employing a long/short equity strategy with short-selling and derivatives used for hedging. Invests in liquid Polish-listed equities selected through fundamental analysis, targeting positive absolute returns independent of broad market direction with lower volatility than traditional equity products. Distributed via private placement (fewer than 150 designated persons per issuance) to high-net-worth Polish investors; fund closed to new investors since June 2017.
• Insignis Long FIZ (Insignis Long Fundusz Inwestycyjny Zamknięty) Closed-end Polish equity fund investing entirely in shares of companies listed on the Warsaw Stock Exchange (or foreign exchanges with majority business activity in Poland). Actively managed long-only strategy, not hedged via short-selling, with potential equity allocation of 70%-130% of net asset value through derivatives for leverage. Benchmarked against the WIG index and distributed via private placement to high-net-worth Polish investors.

Quantifiable outcome

• Insignis FIZ achieved +58.9% cumulative return from June 2015 to June 2026, with 24/24 positive annual returns over rolling 3-year periods including 2022 bear market (+6.3% vs WIG -17.1%)
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and supporting.

• Deutsche Bank Polska S.A.coreOthersDeutsche Bank Polska S.A. serves as the Depository Bank (Bank Depozytariusz) for Insignis funds. Located at Aleja Armii Ludowej 26, 00-609 Warsaw. Provides custodian services for fund assets under Polish regulatory requirements for investment fund operations.
• VistrasupportingOthersVistra provides the internet service platform (transferagent.vistra.com/Insignis/) for fund participants to access valuation information and account management. Secure access with individual identifier and password provided to certificate holders.
• Nazwa.plsupportingTechnology or IntegrationNazwa.pl provides hosting services for the company's website (www.nazwa.pl/). Server logs are collected and processed including user IP addresses for website security and administration purposes.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• BPS TFI: Polish TFI affiliated with Bank Polskiej Spółdzielczości, offering equity and bond funds to retail and institutional clients. Comparable as a domestic Polish asset manager with similar regulatory and distribution profile.
• Quercus TFI: Polish boutique investment fund company known for long/short and absolute-return equity strategies on the Warsaw Stock Exchange. Most directly comparable to Insignis TFI in product strategy (market-neutral equity) and boutique positioning within the Polish TFI landscape.
• Skarbiec TFI: Polish TFI running active equity strategies with a strong emphasis on Polish listed equities, including long-biased and absolute-return vehicles. Comparable as a domestic equity specialist serving Polish high-net-worth and institutional clients.
• Investors TFI: Polish TFI managing equity, bond, and mixed funds for retail and institutional clients in Poland. Comparable as a domestic active manager in the Polish open- and closed-end fund space.
• Noble Funds TFI: Polish TFI offering equity and mixed-asset funds; former employer of Insignis portfolio manager Ryszard Miodoński. Comparable as a Polish asset manager competing for similar domestic investor mandates.
• Trigon TFI: Polish TFI focused on Polish and Central European equities; previously managed the Insignis FIZ strategy before it migrated to Insignis TFI. Highly comparable on strategy, market focus, and target investor base.
• Altus TFI: Polish TFI with active equity and alternative-strategy offerings aimed at retail and HNW Polish investors. Comparable as a domestic active manager with similar distribution channels and investor type.
• AgioFunds TFI: Polish TFI offering a range of equity and balanced funds to retail and institutional investors. Comparable in scale and product scope as a domestic Polish asset manager.
• Esaliens TFI: Polish TFI (formerly Legg Mason TFI) running diversified Polish and CEE equity and bond strategies. Comparable as a mid-sized Polish asset manager with institutional and retail offerings.

Broad incumbents

• PZU TFI: Largest Polish TFI by AUM, subsidiary of PZU Group, offering broad equity, bond, and mixed-asset funds. Comparable as the dominant Polish asset manager but materially larger and more diversified than Insignis TFI.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/insignis-tfi

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Insignis TFI