This paper presents evidence that a possessive anaphor svůj in Czech can be interpreted either as a bound variable (which is unproblematic) or as a covaluated pronoun. The distinction between bound variables and covaluated expressions surfaces in Czech sentences with the focus sensitive particle jen/pouze (which corresponds to the famous only in English), but disappears in the VP ellipsis contexts. This is a bit puzzling, because the VP ellipsis and only are both contexts where the distinction between bound variables and covaluated pronouns can be detected, at least in English.