{"id":3643,"date":"2026-06-05T11:21:48","date_gmt":"2026-06-05T08:21:48","guid":{"rendered":"https:\/\/baytutumlu.com\/?p=3643"},"modified":"2026-06-05T11:21:51","modified_gmt":"2026-06-05T08:21:51","slug":"mayis-2026-sonu-portfoy-durumu","status":"publish","type":"post","link":"https:\/\/baytutumlu.com\/index.php\/2026\/06\/05\/mayis-2026-sonu-portfoy-durumu\/","title":{"rendered":"May\u0131s 2026 Sonu Portf\u00f6y Durumu"},"content":{"rendered":"\n<p>Herkese selamlar. Yeni bir ay\u0131n daha sonuna geldik. Finansal \u00f6zg\u00fcrl\u00fck yolculu\u011funa ba\u015flayal\u0131 tam 95 ay, hedefime ula\u015fal\u0131 ise 32 ay ge\u00e7mi\u015f. Ge\u00e7en ay nisan\u0131 tek kelimeyle rekor ay\u0131 diye tan\u0131mlam\u0131\u015ft\u0131m. May\u0131s ise tam tersi, geri veri\u015f ay\u0131 oldu. Nisan sonunda 14.442 seviyesinden devrald\u0131\u011f\u0131m\u0131z BIST 100, may\u0131s i\u00e7inde 11 May\u0131s&#8217;ta 15.204 puanla yeni bir tarihi zirve g\u00f6rd\u00fc, sonra sat\u0131\u015fla kar\u015f\u0131la\u015ft\u0131 ve bayram \u00f6ncesi son i\u015flem g\u00fcn\u00fc olan 26 May\u0131s&#8217;ta 13.663 seviyesinden kapand\u0131. Yani sava\u015f \u00e7\u00f6z\u00fcme yakla\u015f\u0131rken endeks ayl\u0131k bazda yakla\u015f\u0131k y\u00fczde 5,4 geriledi. Bu \u00e7eli\u015fkili tabloyu yaz\u0131n\u0131n ilerleyen k\u0131sm\u0131nda a\u00e7aca\u011f\u0131m.<\/p>\n\n\n\n<p>Global geli\u015fmelere ge\u00e7meden \u00f6nce ki\u015fisel taraftan biraz bahsedeyim.\u00a0May\u0131s ay\u0131n\u0131n \u00f6nemli bir k\u0131sm\u0131 bayram tatiliyle ge\u00e7ti. Tatilde ekstra bir plan yapmad\u0131k. Aile ziyaretlerinin d\u0131\u015f\u0131nda \u00e7o\u011funlukla evde dinlenerek ge\u00e7irdik. Bu s\u00fcre\u00e7te ben de yat\u0131r\u0131mc\u0131 psikolojisiyle ilgili birka\u00e7 video payla\u015ft\u0131m. A\u015fa\u011f\u0131dan izleyebilirsiniz.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.patreon.com\/posts\/borsada-en-bazen-158943271?utm_medium=clipboard_copy&amp;utm_source=copyLink&amp;utm_campaign=postshare_creator&amp;utm_content=join_link\">https:\/\/www.patreon.com\/posts\/borsada-en-bazen-158943271?utm_medium=clipboard_copy&amp;utm_source=copyLink&amp;utm_campaign=postshare_creator&amp;utm_content=join_link<\/a><br><a href=\"https:\/\/www.patreon.com\/posts\/kriz-gunlerinde-158923620?utm_medium=clipboard_copy&amp;utm_source=copyLink&amp;utm_campaign=postshare_creator&amp;utm_content=join_link\">https:\/\/www.patreon.com\/posts\/kriz-gunlerinde-158923620?utm_medium=clipboard_copy&amp;utm_source=copyLink&amp;utm_campaign=postshare_creator&amp;utm_content=join_link<\/a><br><\/p>\n\n\n\n<p>Patreon taraf\u0131nda \u015firket i\u00e7eriklerine de devam ediyorum. Finansal \u00f6zg\u00fcrl\u00fck serisi kapsam\u0131nda Lean  FIRE konulu yeni bir video haz\u0131rlad\u0131m. Takip etti\u011fim \u015firketlerin bilan\u00e7o analizlerini yay\u0131nlamaya devam ettim. Bunun d\u0131\u015f\u0131nda G\u00fcrsel Turizm ve R\u00f6nesans Gayrimenkul yat\u0131r\u0131m tezlerini haz\u0131rlay\u0131p videolar\u0131n\u0131 payla\u015ft\u0131m. Merak edenler ve incelemek isteyenler i\u00e7in hesab\u0131m\u0131n linkini payla\u015f\u0131yorum.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.patreon.com\/collection\/1561592\" target=\"_blank\" rel=\"noreferrer noopener\">Bay Tutumlu Yat\u0131r\u0131m Tezleri Ar\u015fiv<\/a><\/p>\n\n\n\n<p>Haftal\u0131k b\u00fcltenlere de devam ediyorum tabi. Bunun yan\u0131nda Finansal \u00d6zg\u00fcrl\u00fck Kul\u00fcb\u00fc podcast\u2019inde de iki yeni b\u00f6l\u00fcm yay\u0131na girdi. \u0130lki bitcoin \u00e7al\u0131\u015fma prensipleri ikincisi ise tasarruf ve harcama sanat\u0131 hakk\u0131nda. Dileyenler a\u015fa\u011f\u0131dan linklere ula\u015fabilir.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-spotify wp-block-embed-spotify wp-embed-aspect-21-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Spotify Embed: Ba\u015far\u0131l\u0131 Bir Portf\u00f6y Tesad\u00fcfen Olu\u015fmaz: Ba\u015ftan Sona Bitcoin | F\u00d6K #44\" style=\"border-radius: 12px\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\" src=\"https:\/\/open.spotify.com\/embed\/episode\/44IR36tWiD1VFdbuGAintH?si=LFY0dYcJTHGhvSrlDqOFQw&amp;utm_source=oembed\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-spotify wp-block-embed-spotify wp-embed-aspect-21-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Spotify Embed: Tasarruf ve Harcama Sanat\u0131 | F\u00d6K #45\" style=\"border-radius: 12px\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\" src=\"https:\/\/open.spotify.com\/embed\/episode\/4ye4TEJnDdcZuIsIdA7EwT?si=LpSsNY9eQum5oVgBFFNXgQ&amp;utm_source=oembed\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>Jeopolitik Geli\u015fmeler<\/strong><\/p>\n\n\n\n<p>\u015eimdi g\u00fcncel geli\u015fmelere d\u00f6nelim. Nisan ay\u0131 \u0130ran sava\u015f\u0131n\u0131n deniz ablukas\u0131yla ge\u00e7mi\u015fti. May\u0131s ise diplomasinin \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 ay oldu. Pakistan arabuluculu\u011funda y\u00fcr\u00fcyen m\u00fczakereler ay boyunca h\u0131zland\u0131. ABD cephesinden anla\u015fmaya \u00e7ok yakla\u015f\u0131ld\u0131\u011f\u0131na dair pe\u015f pe\u015fe a\u00e7\u0131klamalar geldi, \u0130ran taraf\u0131 kesin mutabakata var\u0131ld\u0131\u011f\u0131n\u0131 yalanlasa da piyasalar bu a\u00e7\u0131klamalar\u0131 olumlu okumay\u0131 tercih etti. Ay ortas\u0131nda k\u0131sa s\u00fcreli bir t\u0131rmanma korkusu ya\u015fand\u0131, ancak ay sonuna do\u011fru yumu\u015fama bask\u0131n \u00e7\u0131kt\u0131.<\/p>\n\n\n\n<p>En kritik geli\u015fme ABD donanmas\u0131n\u0131n 13 Nisan&#8217;da ba\u015flatt\u0131\u011f\u0131 \u0130ran limanlar\u0131 ablukas\u0131n\u0131 29 May\u0131s&#8217;ta sonland\u0131rmas\u0131 oldu. Bununla birlikte H\u00fcrm\u00fcz Bo\u011faz\u0131&#8217;n\u0131n yeniden a\u00e7\u0131lmas\u0131 fiyatlamaya girmeye ba\u015flad\u0131. Trump kal\u0131c\u0131 ate\u015fkesin ko\u015fulu olarak T\u00fcrkiye, Suudi Arabistan ve Katar gibi b\u00f6lge \u00fclkelerinin \u0130brahim Anla\u015fmalar\u0131&#8217;n\u0131 imzalamas\u0131n\u0131 masaya koydu. L\u00fcbnan cephesinde 17 Nisan&#8217;da y\u00fcr\u00fcrl\u00fc\u011fe giren ate\u015fkes ise 17 May\u0131s itibar\u0131yla 45 g\u00fcn uzat\u0131ld\u0131.<\/p>\n\n\n\n<p>Bu tablonun en somut yans\u0131mas\u0131 petrolde oldu. Nisan\u0131 111 dolar civar\u0131nda kapatan Brent, may\u0131sta 113,60 ile 89,70 dolar aras\u0131nda dalgalanarak ay\u0131 91 dolar civar\u0131ndan tamamlad\u0131. Yani ayl\u0131k bazda yakla\u015f\u0131k y\u00fczde 17&#8217;lik sert bir d\u00fc\u015f\u00fc\u015f geldi. H\u00fcrm\u00fcz&#8217;\u00fcn a\u00e7\u0131lma ihtimali, deniz trafi\u011finin normalle\u015fme beklentisi ve risk priminin erimesi enerji fiyatlar\u0131n\u0131 a\u015fa\u011f\u0131 \u00e7ekti. Petroldeki bu gerileme asl\u0131nda T\u00fcrkiye i\u00e7in iyi haber, \u00e7\u00fcnk\u00fc nisan enflasyonunu yukar\u0131 \u00e7eken ana kalem petrol kaynakl\u0131yd\u0131.<\/p>\n\n\n\n<p>Bir parantez de bayram tatiline a\u00e7mak laz\u0131m. Borsa \u0130stanbul 27-30 May\u0131s aras\u0131nda Kurban Bayram\u0131 nedeniyle kapal\u0131yd\u0131, 26 May\u0131s arifede yar\u0131m g\u00fcn i\u015flem g\u00f6rd\u00fck. \u0130\u015fin enteresan taraf\u0131, bar\u0131\u015f temett\u00fcs\u00fc dedi\u011fimiz as\u0131l rallinin bizim kapal\u0131 oldu\u011fumuz o hafta ya\u015fanmas\u0131. K\u00fcresel \u00e7apta petrol y\u00fczde 10&#8217;a yak\u0131n geriledi, borsalar rekor k\u0131rd\u0131. Biz tatildeyken olu\u015fan bu hareket 1 Haziran a\u00e7\u0131l\u0131\u015f\u0131na sarkt\u0131. Dolay\u0131s\u0131yla may\u0131s kapan\u0131\u015f\u0131n\u0131n zay\u0131f g\u00f6r\u00fcnmesi biraz da takvimden kaynaklan\u0131yor.<\/p>\n\n\n\n<p><strong>Yurti\u00e7i Piyasalar<\/strong><\/p>\n\n\n\n<p>T\u00fcrkiye&#8217;ye d\u00f6necek olursak, BIST 100 nisandaki mini rallinin ard\u0131ndan may\u0131sta kar sat\u0131\u015flar\u0131na maruz kald\u0131. Endeks ay i\u00e7inde 15.204 ile tarihi zirvesini tazeledi, fakat bu seviyeden gelen sat\u0131\u015flarla 13.663&#8217;e kadar geri \u00e7ekildi. Ayl\u0131k kapan\u0131\u015f TL baz\u0131nda yakla\u015f\u0131k y\u00fczde 5,4 d\u00fc\u015f\u00fc\u015f, dolar baz\u0131nda ise yakla\u015f\u0131k y\u00fczde 6,8 kay\u0131p anlam\u0131na geliyor. Dolar kurunun 45,19&#8217;dan 45,88&#8217;e gelmesi, yani liran\u0131n bir miktar de\u011fer kaybetmesi dolar bazl\u0131 getiriyi daha da a\u015fa\u011f\u0131 \u00e7ekti. BIST 30 ise y\u00fczde 6,7 ile endeksten biraz daha sert d\u00fc\u015ft\u00fc. Nisanda d\u00fcnyan\u0131n en \u00e7ok kazand\u0131ran borsalar\u0131 aras\u0131ndayd\u0131k, may\u0131sta bunun bedelini \u00f6dedik diyebilirim.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"408\" data-id=\"3649\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.41.51.png?resize=1024%2C408&#038;ssl=1\" alt=\"\" class=\"wp-image-3649\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.41.51.png?resize=1024%2C408&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.41.51.png?resize=300%2C120&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.41.51.png?resize=768%2C306&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.41.51.png?resize=1536%2C612&amp;ssl=1 1536w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.41.51.png?resize=2048%2C816&amp;ssl=1 2048w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.41.51.png?resize=600%2C239&amp;ssl=1 600w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<p>Burada nisanda yazd\u0131\u011f\u0131m bir \u015feyin alt\u0131n\u0131 tekrar \u00e7izmek istiyorum. Ki\u015filer kendilerini endeksle de\u011fil d\u00f6viz veya enflasyon gibi bir enstr\u00fcmanla k\u0131yaslamal\u0131. Endeksin i\u00e7eri\u011fi sabit de\u011fil, birka\u00e7 spek\u00fclatif hisse baz\u0131 aylar endeksi s\u0131rtl\u0131yor, sonra geri veriyor. May\u0131staki sert geri \u00e7ekilme de b\u00fcy\u00fck \u00f6l\u00e7\u00fcde nisanda a\u015f\u0131r\u0131 \u015fi\u015fen taraflar\u0131n d\u00fczeltmesiydi. Ben volatiliteye odaklanmak yerine uzun vadeli plana bak\u0131yorum.<\/p>\n\n\n\n<p>TCMB taraf\u0131nda may\u0131sta bir PPK toplant\u0131s\u0131 yoktu. Bir sonraki faiz karar\u0131 11 Haziran&#8217;da gelecek. Bunun yerine 14 May\u0131s&#8217;ta Ba\u015fkan Karahan&#8217;\u0131n sunumuyla Enflasyon Raporu 2026-II yay\u0131nland\u0131. Politika faizi nisandaki kararla y\u00fczde 37&#8217;de duruyor. Petroldeki d\u00fc\u015f\u00fc\u015fle birlikte dezenflasyon hikayesinin tekrar fiyatlanmaya ba\u015flad\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz. Buna ra\u011fmen ilk faiz indirimi beklentimi koruyorum, muhtemelen sonbahar aylar\u0131nda gelecek. Bir not olarak, SPK a\u00e7\u0131\u011fa sat\u0131\u015f yasa\u011f\u0131n\u0131 12 Haziran&#8217;a kadar uzatt\u0131.<\/p>\n\n\n\n<p>Nisan enflasyonu petrol \u015fokuyla ayl\u0131k y\u00fczde 4,18 gelmi\u015fti. May\u0131s enflasyonu ise bu yaz\u0131y\u0131 yazd\u0131\u011f\u0131m sabah a\u00e7\u0131kland\u0131 ve ayl\u0131k y\u00fczde 1,71, y\u0131ll\u0131k y\u00fczde 32,61 oldu. Petroldeki gev\u015femenin etkisiyle ayl\u0131k man\u015fette ciddi bir rahatlama g\u00f6rd\u00fck. Baz etkisiyle y\u0131ll\u0131k oran bir miktar yukar\u0131 gelse de ayl\u0131k e\u011filim olumlu.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"603\" data-id=\"3650\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.43.34.png?resize=1024%2C603&#038;ssl=1\" alt=\"\" class=\"wp-image-3650\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.43.34.png?resize=1024%2C603&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.43.34.png?resize=300%2C177&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.43.34.png?resize=768%2C453&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.43.34.png?resize=1536%2C905&amp;ssl=1 1536w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.43.34.png?resize=600%2C354&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.43.34.png?w=1836&amp;ssl=1 1836w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<p><strong>Ki\u015fisel Portf\u00f6y<\/strong><\/p>\n\n\n\n<p>May\u0131s ay\u0131nda portf\u00f6y\u00fcmde \u00f6nemli bir hareket yapmad\u0131m. Ge\u00e7en ay TRCAS \u015firketini portf\u00f6y\u00fcme eklemi\u015ftim. Bu ay ise birka\u00e7 \u00f6deme yapmam gerekmesinden dolay\u0131 baz\u0131 \u015firketlerden %3-5 aral\u0131\u011f\u0131nda sat\u0131\u015flar ger\u00e7ekle\u015ftirdi. Bu sat\u0131\u015flar toplam a\u011f\u0131rl\u0131klar\u0131 pek fazla de\u011fi\u015ftirmedi\u011fi i\u00e7in tek tek yazma gere\u011fi duymuyorum.<br>Bunun d\u0131\u015f\u0131nda d\u00fczenli BTC al\u0131m\u0131na devam ettim. Eurobond kuponlar\u0131n\u0131 ise tahvil fiyatlamalar\u0131ndaki rahatlamay\u0131 bekleyerek nakit pozisyonunda tuttum. Bu t\u00fcr kriz d\u00f6nemlerinde sakin kalmak ve uzun vadeli plana sad\u0131k kalmak en do\u011fru strateji.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.40.png?resize=1024%2C583&#038;ssl=1\" alt=\"\" class=\"wp-image-3644\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.40.png?resize=1024%2C583&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.40.png?resize=300%2C171&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.40.png?resize=768%2C437&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.40.png?resize=600%2C341&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.40.png?w=1434&amp;ssl=1 1434w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>\u015eimdi portf\u00f6ydeki \u015firketlerle ilgili nisan ay\u0131 geli\u015fmelerine bakal\u0131m. T\u00fcm \u015firketleri yazmayaca\u011f\u0131m, sadece \u00f6nemli geli\u015fme olanlar\u0131 payla\u015fmay\u0131 d\u00fc\u015f\u00fcn\u00fcyorum.<\/p>\n\n\n\n<p><strong>TUPRS<\/strong><\/p>\n\n\n\n<p>T\u00fcpra\u015f may\u0131sta a\u00e7\u0131klad\u0131\u011f\u0131 1\u00c726 bilan\u00e7osuyla beni yan\u0131ltmad\u0131. \u00c7eyreklik sat\u0131\u015flar y\u0131ll\u0131k y\u00fczde 24 art\u0131\u015fla 258 milyar TL&#8217;ye, FAV\u00d6K ayn\u0131 oranda art\u0131\u015fla yakla\u015f\u0131k 15,8 milyar TL&#8217;ye \u00e7\u0131kt\u0131. Ana ortakl\u0131k net kar\u0131 ise 127 milyon TL&#8217;den 3,7 milyar TL&#8217;ye y\u00fckseldi. Nisanda s\u00f6yledi\u011fim gibi H\u00fcrm\u00fcz krizinin tam etkisini bu \u00e7eyrekte g\u00f6rmedik, \u00e7\u00fcnk\u00fc kriz \u015fubat sonunda ba\u015flam\u0131\u015ft\u0131. As\u0131l tablo ikinci \u00e7eyrek bilan\u00e7osunda netle\u015fecek. May\u0131sta de\u011fi\u015fen ana parametre petrol\u00fcn 111 dolardan 91 dolara gerilemesi ve H\u00fcrm\u00fcz&#8217;\u00fcn a\u00e7\u0131lma ihtimali. Bu, k\u00fcresel ham petrol tedarik riskini azaltmas\u0131 a\u00e7\u0131s\u0131ndan olumlu. Di\u011fer taraftan ham petroldeki d\u00fc\u015f\u00fc\u015f rafineri marjlar\u0131 i\u00e7in iki ucu keskin bir b\u0131\u00e7ak. Crack marjlar\u0131n\u0131n seyrini ikinci \u00e7eyrekte yak\u0131ndan izleyece\u011fim. Y\u00f6netimin muhafazakar 2026 hedeflerinin hala a\u015f\u0131labilir g\u00f6r\u00fcnd\u00fc\u011f\u00fcn\u00fc d\u00fc\u015f\u00fcn\u00fcyorum. <\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-3 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"500\" data-id=\"3651\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.50.00.png?resize=1024%2C500&#038;ssl=1\" alt=\"\" class=\"wp-image-3651\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.50.00.png?resize=1024%2C500&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.50.00.png?resize=300%2C147&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.50.00.png?resize=768%2C375&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.50.00.png?resize=1536%2C750&amp;ssl=1 1536w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.50.00.png?resize=2048%2C1000&amp;ssl=1 2048w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.50.00.png?resize=600%2C293&amp;ssl=1 600w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<p><strong>GLYHO<\/strong><\/p>\n\n\n\n<p>Global Yat\u0131r\u0131m Holding cephesinde may\u0131s hareketli ge\u00e7ti. 1\u00c726&#8217;da sat\u0131\u015flar yatay kalsa da FAV\u00d6K y\u0131ll\u0131k y\u00fczde 21 art\u0131\u015fla 3 milyar TL&#8217;yi a\u015ft\u0131, ana ortakl\u0131k net kar\u0131 y\u00fczde 23 art\u0131\u015fla 709 milyon TL&#8217;ye \u00e7\u0131kt\u0131. Operasyonel taraf g\u00fc\u00e7l\u00fc.<\/p>\n\n\n\n<p>14 May\u0131s&#8217;taki ola\u011fan genel kurulda 2025 y\u0131l\u0131 kar da\u011f\u0131t\u0131m\u0131 onayland\u0131. \u015eirket toplam br\u00fct 200 milyon TL nakit temett\u00fc da\u011f\u0131tacak, 1 TL nominal paya net 0,087 TL d\u00fc\u015f\u00fcyor. \u00d6deme en ge\u00e7 31 Aral\u0131k 2026&#8217;ya kadar yap\u0131lacak, tarih i\u00e7in y\u00f6netim yetkilendirildi. Sembolik de olsa temett\u00fc da\u011f\u0131t\u0131lmas\u0131 benim i\u00e7in olumlu bir sinyal.<\/p>\n\n\n\n<p>20 May\u0131s&#8217;ta nisan yolcu istatistikleri a\u00e7\u0131kland\u0131. Burada nisandaki g\u00fc\u00e7l\u00fc tabloya g\u00f6re bir miktar yava\u015flama var. Konsolide gemi say\u0131s\u0131 ge\u00e7en y\u0131lla paralel kal\u0131rken, konsolide yolcu hareketleri y\u0131ll\u0131k y\u00fczde 5 darald\u0131. \u015eirket bunu Akdeniz&#8217;de k\u0131\u015f sezonunun beklenenden uzun s\u00fcrmesine, olumsuz hava ko\u015fullar\u0131na ve baz\u0131 sefer program de\u011fi\u015fikliklerine ba\u011fl\u0131yor. Orta Do\u011fu geli\u015fmelerinin etkisinin s\u0131n\u0131rl\u0131 ve ge\u00e7ici oldu\u011funu vurguluyorlar. Mart doluluk oran\u0131 y\u00fczde 107 seviyesinde ger\u00e7ekle\u015fmi\u015f. Konsolide olmayan limanlar dahil nisanda toplam 702 gemi ve yakla\u015f\u0131k 1,8 milyon yolcu a\u011f\u0131rlanm\u0131\u015f. Tek ayl\u0131k veriye fazla anlam y\u00fcklemiyorum, ama Akdeniz sezonunu ve sava\u015f ortam\u0131n\u0131n kruvaziyer trafi\u011fine etkisini takip listemin ba\u015f\u0131nda tutmaya devam ediyorum.<\/p>\n\n\n\n<p>\u015eirket may\u0131sta da geri al\u0131m program\u0131n\u0131 neredeyse her g\u00fcn s\u00fcrd\u00fcrd\u00fc. Y\u00f6netim kurulu ba\u015fkan\u0131 Mehmet Kutman&#8217;\u0131n ki\u015fisel al\u0131mlar\u0131 da devam etti. Bu arada 14 may\u0131sta genel kurula kat\u0131ld\u0131m ve bir\u00e7ok yat\u0131r\u0131mc\u0131yla tan\u0131\u015fma f\u0131rsat\u0131 buldum. YKB Mehmet bey g\u00fczel bir sunum yapt\u0131 ve \u015firketin gelecek planlar\u0131 hakk\u0131nda somut ve olduk\u00e7a iddial\u0131 rakamlar verdi. Ben de bunun \u00fczerine \u015firket hakk\u0131nda detayl\u0131 bir video \u00e7ekmi\u015ftim, a\u015fa\u011f\u0131dan izleyebilirsiniz.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.patreon.com\/posts\/glyho-temel-ve-158761353?utm_medium=clipboard_copy&amp;utm_source=copyLink&amp;utm_campaign=postshare_creator&amp;utm_content=join_link\">https:\/\/www.patreon.com\/posts\/glyho-temel-ve-158761353?utm_medium=clipboard_copy&amp;utm_source=copyLink&amp;utm_campaign=postshare_creator&amp;utm_content=join_link<\/a><\/p>\n\n\n\n<p><strong>TRGYO<\/strong><\/p>\n\n\n\n<p>Torunlar GYO may\u0131sta a\u00e7\u0131klad\u0131\u011f\u0131 bilan\u00e7oyla tezimi destekledi. 1\u00c726&#8217;da sat\u0131\u015flar y\u0131ll\u0131k y\u00fczde 40 art\u0131\u015fla 3,4 milyar TL&#8217;ye, FAV\u00d6K y\u00fczde 62 art\u0131\u015fla 2,5 milyar TL&#8217;ye, net kar y\u00fczde 64 art\u0131\u015fla 1,6 milyar TL&#8217;ye \u00e7\u0131kt\u0131. Faiz indirim d\u00f6ng\u00fcs\u00fcn\u00fcn duraklat\u0131lm\u0131\u015f olmas\u0131 GYO&#8217;lar i\u00e7in k\u0131sa vadeli negatif, ama kira geliri kanal\u0131 g\u00fc\u00e7l\u00fc olan \u015firketler bu s\u00fcre\u00e7te pozitif ayr\u0131\u015f\u0131yor. \u015eirketin 5 y\u0131ll\u0131k net nakit yarat\u0131m plan\u0131 yat\u0131r\u0131m tezimin \u00e7ekirde\u011fi olmaya devam ediyor.<\/p>\n\n\n\n<p><strong>TATGD<\/strong><\/p>\n\n\n\n<p>Tat G\u0131da i\u00e7in bekledi\u011fim teyit geldi. Ge\u00e7en sene son \u00e7eyrek sonras\u0131 verilen g\u00fc\u00e7l\u00fc beklentiler 1\u00c726 bilan\u00e7osunda do\u011fruland\u0131. \u015eirket bir \u00f6nceki y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011findeki 103 milyon TL zarardan 116 milyon TL kara d\u00f6nd\u00fc. FAV\u00d6K de eksiden 200 milyon TL art\u0131ya ge\u00e7ti. Sat\u0131\u015flar yatay seyretti, as\u0131l iyile\u015fme marjlarda oldu. 6 May\u0131s&#8217;ta yat\u0131r\u0131mc\u0131 sunumu yay\u0131nland\u0131. Sal\u00e7a segmentindeki konsolidasyon ve maliyet kontrol\u00fc orta vadeli teman\u0131n itici g\u00fcc\u00fc olmaya devam ediyor.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-4 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"376\" data-id=\"3654\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.56.24.png?resize=1024%2C376&#038;ssl=1\" alt=\"\" class=\"wp-image-3654\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.56.24.png?resize=1024%2C376&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.56.24.png?resize=300%2C110&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.56.24.png?resize=768%2C282&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.56.24.png?resize=1536%2C564&amp;ssl=1 1536w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.56.24.png?resize=600%2C220&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.56.24.png?w=1934&amp;ssl=1 1934w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<p><strong>TRCAS<\/strong><\/p>\n\n\n\n<p>Nisanda portf\u00f6y\u00fcme ekledi\u011fim Turcas i\u00e7in ilk bilan\u00e7o d\u00f6nemi oldu ve g\u00fczel ba\u015flad\u0131. \u015eirket bir \u00f6nceki y\u0131l\u0131n 29 milyon TL zarar\u0131ndan 772 milyon TL ana ortakl\u0131k net kar\u0131na d\u00f6nd\u00fc. Turcas bir holding oldu\u011fu i\u00e7in tek ba\u015f\u0131na FAV\u00d6K negatif g\u00f6r\u00fcn\u00fcyor, ama esas kar Shell &amp; Turcas ve RWE &amp; Turcas gibi \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenen i\u015ftiraklerden geliyor, bu normal. 11 May\u0131sta \u015firket 2026 y\u0131l\u0131na ili\u015fkin i\u015ftiraklerden beklenen nakit giri\u015fi \u00f6ng\u00f6r\u00fclerini payla\u015ft\u0131. Yeni pozisyon olarak takibe devam ediyorum.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-5 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"675\" data-id=\"3653\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.55.39.png?resize=1024%2C675&#038;ssl=1\" alt=\"\" class=\"wp-image-3653\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.55.39.png?resize=1024%2C675&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.55.39.png?resize=300%2C198&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.55.39.png?resize=768%2C507&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.55.39.png?resize=1536%2C1013&amp;ssl=1 1536w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.55.39.png?resize=600%2C396&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.55.39.png?w=1880&amp;ssl=1 1880w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<p><br><strong>ISMEN<\/strong><\/p>\n\n\n\n<p>\u0130\u015f Yat\u0131r\u0131m taraf\u0131nda 1\u00c726 zay\u0131f ge\u00e7ti. Ana ortakl\u0131k net kar\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011findeki 1,49 milyar TL&#8217;den 846 milyon TL&#8217;ye, yani yakla\u015f\u0131k y\u00fczde 43 geriledi. FAV\u00d6K de d\u00fc\u015ft\u00fc. Bu asl\u0131nda nisanda \u00f6ng\u00f6rd\u00fc\u011f\u00fcm bir tabloydu. Faiz indirim d\u00f6ng\u00fcs\u00fcn\u00fcn duraksam\u0131\u015f olmas\u0131 ve mart ay\u0131ndaki margin call dalgas\u0131 kredili i\u015flem hacimlerini bask\u0131lad\u0131. \u0130\u015flem hacimlerinde kademeli normalle\u015fme bekliyorum, ama arac\u0131 kurum karl\u0131l\u0131\u011f\u0131n\u0131n toparlanmas\u0131 i\u00e7in risk i\u015ftah\u0131n\u0131n kal\u0131c\u0131 d\u00f6nmesi gerekiyor. Uzun vadeli hikayede bozulma i\u00e7in pazar pay\u0131 kayb\u0131n\u0131 dikkatle izliyorum, konjonkt\u00fcr \u015firketin aleyhine \u00e7al\u0131\u015f\u0131yor.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-6 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"290\" data-id=\"3655\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.58.07.png?resize=1024%2C290&#038;ssl=1\" alt=\"\" class=\"wp-image-3655\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.58.07.png?resize=1024%2C290&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.58.07.png?resize=300%2C85&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.58.07.png?resize=768%2C217&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.58.07.png?resize=1536%2C435&amp;ssl=1 1536w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.58.07.png?resize=600%2C170&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-06-05-10.58.07.png?w=1668&amp;ssl=1 1668w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<p><strong>CVKMD<\/strong><\/p>\n\n\n\n<p>CVK Madencilik i\u00e7in 1\u00c726 s\u00f6n\u00fck ge\u00e7ti, ama bu bekledi\u011fim bir \u015feydi. \u0130lk konsantre cevher sat\u0131\u015f\u0131 3 Nisan&#8217;da ba\u015flad\u0131, dolay\u0131s\u0131yla bu \u00e7eyrek finansallar\u0131nda \u00fcretimin ticari d\u00f6ng\u00fcye girmesinin etkisini hen\u00fcz g\u00f6rmedik. \u00c7eyreklik sat\u0131\u015flar 907 milyon TL&#8217;den 712 milyon TL&#8217;ye geriledi, net kar d\u00fc\u015ft\u00fc, FAV\u00d6K ise yatay kald\u0131. Operasyonel kar ivmelenmesini ikinci \u00e7eyrekten itibaren g\u00f6rmeye ba\u015flamay\u0131 bekliyorum.<\/p>\n\n\n\n<p>Bu ay bir de olumsuz bir geli\u015fme ya\u015fand\u0131. 8 May\u0131s&#8217;ta \u015firket, ba\u011fl\u0131 ortakl\u0131\u011f\u0131 Orta Truva Madencilik&#8217;e ait TV Tower projesinin \u00c7ED s\u00fcrecine dair bir a\u00e7\u0131klama yapt\u0131. \u00c7anakkale&#8217;deki sahalar i\u00e7in aral\u0131k ay\u0131nda yap\u0131lan \u00c7ED ba\u015fvurusu, Devlet Su \u0130\u015fleri&#8217;nin \u00e7evresel s\u00fcrd\u00fcr\u00fclebilirlik de\u011ferlendirmesi sonras\u0131 Bakanl\u0131k taraf\u0131ndan sonland\u0131r\u0131ld\u0131. \u015eirket dosyay\u0131 revize edip yeniden ba\u015fvuru yapmay\u0131 planl\u0131yor. TV Tower benim orta ve uzun vadeli takip listemdeydi, bu s\u00fcre\u00e7 projeyi bir miktar geciktirebilir. Sar\u0131alan kapasite art\u0131\u015f\u0131 ve ana operasyonun istikrar\u0131 as\u0131l oda\u011f\u0131m olmaya devam ediyor.<\/p>\n\n\n\n<p>Yenipazar taraf\u0131nda ise i\u015fler ilerliyor. Yozgattaki sahada m\u00fchendislik i\u015fleri i\u00e7in alt y\u00fcklenicilerle s\u00f6zle\u015fmeler imzaland\u0131.<\/p>\n\n\n\n<p><strong>ANSGR<\/strong><\/p>\n\n\n\n<p>Anadolu Sigorta 1\u00c726 finansallar\u0131n\u0131 nisan sonunda a\u00e7\u0131klam\u0131\u015ft\u0131, dolay\u0131s\u0131yla ge\u00e7en ay de\u011finmi\u015ftim. May\u0131sta \u00f6ne \u00e7\u0131kan ayr\u0131 bir geli\u015fme olmad\u0131. Y\u00fcksek faiz ortam\u0131 sigorta \u015firketlerinin teknik olmayan gelirini desteklemeye devam ediyor. Petroldeki gev\u015feme ve dezenflasyon hikayesinin tekrar fiyatlanmas\u0131 finans kesimi i\u00e7in olumlu. Portf\u00f6y de\u011feri ile piyasa de\u011feri aras\u0131ndaki iskontonun kapanmas\u0131n\u0131 beklemeye devam ediyorum.<\/p>\n\n\n\n<p><strong>Eurobond Portf\u00f6y\u00fc<\/strong><\/p>\n\n\n\n<p>Eurobond portf\u00f6y\u00fcnde nisan ay\u0131nda pozisyon de\u011fi\u015fikli\u011fi yapmad\u0131m. Bu ay yakla\u015f\u0131k 423 dolar kupon geliri elde ettim. T\u00fcrkiye\u2019nin 5 y\u0131ll\u0131k CDS\u2019i 239 baz puana kadar geriledi. Eurobond spreadlerinde paralel bir rahatlama g\u00f6r\u00fcyoruz. Kuponlar\u0131 halihaz\u0131rda nakit olarak biriktirmeye devam ediyorum.<br>Petroldeki d\u00fc\u015f\u00fc\u015f, sava\u015f\u0131n \u00e7\u00f6z\u00fcme yakla\u015fmas\u0131 ve dezenflasyon beklentisinin geri d\u00f6nmesi T\u00fcrkiye risk primi a\u00e7\u0131s\u0131ndan olumlu bir kombinasyon. Kuponlar\u0131 halihaz\u0131rda nakit olarak biriktirmeye devam ediyorum.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-7 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"517\" data-id=\"3657\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HKBvAj4WgAAvOVk.jpeg?resize=1024%2C517&#038;ssl=1\" alt=\"\" class=\"wp-image-3657\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HKBvAj4WgAAvOVk.jpeg?resize=1024%2C517&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HKBvAj4WgAAvOVk.jpeg?resize=300%2C151&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HKBvAj4WgAAvOVk.jpeg?resize=768%2C388&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HKBvAj4WgAAvOVk.jpeg?resize=600%2C303&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HKBvAj4WgAAvOVk.jpeg?w=1315&amp;ssl=1 1315w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-8 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"331\" data-id=\"3656\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.54-1.png?resize=1024%2C331&#038;ssl=1\" alt=\"\" class=\"wp-image-3656\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.54-1.png?resize=1024%2C331&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.54-1.png?resize=300%2C97&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.54-1.png?resize=768%2C248&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.54-1.png?resize=1536%2C496&amp;ssl=1 1536w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.54-1.png?resize=600%2C194&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.00.54-1.png?w=1956&amp;ssl=1 1956w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<p><strong>ABD Portf\u00f6y\u00fc<\/strong><\/p>\n\n\n\n<p>ABD taraf\u0131nda may\u0131s k\u00fcresel risk i\u015ftah\u0131 a\u00e7\u0131s\u0131ndan g\u00fc\u00e7l\u00fc bir ay oldu. Bar\u0131\u015f s\u00fcrecinin ilerlemesi ve petroldeki sert d\u00fc\u015f\u00fc\u015f, \u00f6zellikle bizim bayram tatilinde oldu\u011fumuz haftada ABD borsalar\u0131na rekor seviyeler getirdi. Risk i\u015ftah\u0131 yapay zeka temas\u0131 ve teknoloji \u015firketlerinin g\u00fc\u00e7l\u00fc bilan\u00e7olar\u0131yla canl\u0131 kalmaya devam ediyor. Uzun vadeli bir yat\u0131r\u0131mc\u0131 olarak d\u00fczenli VOO al\u0131mlar\u0131ma devam ediyorum. SPYG fonundaki dolar baz\u0131nda getirim %100&#8217;\u00fc ge\u00e7mi\u015f, d\u00fczenli al\u0131m yapt\u0131\u011f\u0131m halde VOO da benzer bir getiriye do\u011fru ilerliyor. Buradaki yat\u0131r\u0131mlardan memnunum fakat ABD borsalar\u0131nda bir yapay zeka balonu olup olmad\u0131\u011f\u0131n\u0131 hen\u00fcz bilemiyoruz. Shiller CAPE rasyosu 41&#8217;li rakamlara geldi. En son internet balonunda 44 ile zirveyi g\u00f6rm\u00fc\u015ft\u00fc. O y\u00fczden biraz temkinli ilerliyorum.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-9 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"882\" height=\"641\" data-id=\"3658\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HJyeOFKXMAAfJuE.png?resize=882%2C641&#038;ssl=1\" alt=\"\" class=\"wp-image-3658\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HJyeOFKXMAAfJuE.png?w=882&amp;ssl=1 882w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HJyeOFKXMAAfJuE.png?resize=300%2C218&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HJyeOFKXMAAfJuE.png?resize=768%2C558&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/HJyeOFKXMAAfJuE.png?resize=600%2C436&amp;ssl=1 600w\" sizes=\"auto, (max-width: 882px) 100vw, 882px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-10 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1010\" height=\"348\" data-id=\"3659\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.01.59-1.png?resize=1010%2C348&#038;ssl=1\" alt=\"\" class=\"wp-image-3659\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.01.59-1.png?w=1010&amp;ssl=1 1010w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.01.59-1.png?resize=300%2C103&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.01.59-1.png?resize=768%2C265&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.01.59-1.png?resize=600%2C207&amp;ssl=1 600w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<p>Toparlayacak olursam,<\/p>\n\n\n\n<p>BIST 100&#8217;\u00fcn TL baz\u0131nda yakla\u015f\u0131k y\u00fczde 5,4 geriledi\u011fi may\u0131s ay\u0131nda toplam portf\u00f6y\u00fcm TL baz\u0131nda %0.21 artt\u0131. Dolar baz\u0131nda ise %1.21 d\u00fc\u015f\u00fc\u015f ya\u015fad\u0131k. Nisandaki rekor rallinin ard\u0131ndan may\u0131s bir nefes alma ve d\u00fczeltme ay\u0131yd\u0131. \u0130\u015fin paradoksu, sava\u015f fiilen \u00e7\u00f6z\u00fcme do\u011fru giderken ve petrol sert d\u00fc\u015ferken endeksin geri \u00e7ekilmesi. Bunun iki nedeni var. Birincisi nisandaki y\u00fckseli\u015fin tabana yay\u0131lmam\u0131\u015f, birka\u00e7 \u015fi\u015fen hisseye dayal\u0131 olmas\u0131. \u0130kincisi bar\u0131\u015f temett\u00fcs\u00fc rallisinin biz tatildeyken k\u00fcresel piyasalarda ya\u015fanmas\u0131. Yani may\u0131s kapan\u0131\u015f\u0131 zay\u0131f g\u00f6r\u00fcnse de altta tablo asl\u0131nda d\u00fczeliyor.<\/p>\n\n\n\n<p>Bu ay benim i\u00e7in as\u0131l olay piyasa fiyatlamas\u0131ndan \u00e7ok bilan\u00e7olard\u0131. Portf\u00f6y\u00fcmde net bir ayr\u0131\u015fma g\u00f6rd\u00fcm. T\u00fcpra\u015f, Torunlar, Global ve Turcas gibi rafineri, gayrimenkul ve holding taraf\u0131 g\u00fc\u00e7l\u00fc geldi, Tat G\u0131da kara d\u00f6nd\u00fc. Buna kar\u015f\u0131l\u0131k arac\u0131 kurum, in\u015faat ve madencilik taraf\u0131nda \u0130\u015f Yat\u0131r\u0131m, Kalekim ve CVK konjonkt\u00fcrel bask\u0131yla zay\u0131f bir \u00e7eyrek ge\u00e7irdi. Reysa\u015f ise nakit d\u0131\u015f\u0131 baz etkisiyle k\u00f6t\u00fc g\u00f6r\u00fcnse de operasyonel olarak g\u00fc\u00e7l\u00fcyd\u00fc. Benim i\u00e7in \u00f6nemli olan, zay\u0131f \u00e7eyrek ge\u00e7iren \u015firketlerin sorunlar\u0131n\u0131n ge\u00e7ici konjonkt\u00fcr m\u00fc yoksa kal\u0131c\u0131 tez bozulmas\u0131 m\u0131 oldu\u011funu ay\u0131rt etmek. \u015eu an i\u00e7in tezlerimin temelinde bir bozulma g\u00f6rm\u00fcyorum.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-11 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"899\" data-id=\"3661\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.04.54-1.png?resize=1024%2C899&#038;ssl=1\" alt=\"\" class=\"wp-image-3661\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.04.54-1.png?resize=1024%2C899&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.04.54-1.png?resize=300%2C263&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.04.54-1.png?resize=768%2C674&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.04.54-1.png?resize=600%2C527&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.04.54-1.png?w=1078&amp;ssl=1 1078w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-12 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"659\" data-id=\"3660\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.03.26-1.png?resize=1024%2C659&#038;ssl=1\" alt=\"\" class=\"wp-image-3660\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.03.26-1.png?resize=1024%2C659&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.03.26-1.png?resize=300%2C193&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.03.26-1.png?resize=768%2C494&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.03.26-1.png?resize=1536%2C989&amp;ssl=1 1536w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.03.26-1.png?resize=600%2C386&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Ekran-Resmi-2026-05-31-21.03.26-1.png?w=1768&amp;ssl=1 1768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n<\/figure>\n\n\n\n<p>Bu t\u00fcr d\u00f6nemler bir \u015feyi tekrar \u00f6\u011fretiyor. Krizler ve volatilite, so\u011fukkanl\u0131 kalan ve uzun vadeli plana sad\u0131k kalan yat\u0131r\u0131mc\u0131y\u0131 \u00f6d\u00fcllendiriyor. Bir ay rekor k\u0131r\u0131p ertesi ay geri vermek borsan\u0131n do\u011fas\u0131nda var. Portf\u00f6y\u00fcmdeki \u015firketlerin b\u00fcy\u00fck \u00e7o\u011funlu\u011fu g\u00fc\u00e7l\u00fc bilan\u00e7olara, rekabet avantajlar\u0131na ve sa\u011flam y\u00f6netime sahip. G\u00fcr\u00fclt\u00fcye tak\u0131lmadan yoluma devam ediyorum.<\/p>\n\n\n\n<p>Okudu\u011funuz i\u00e7in te\u015fekk\u00fcr ederim.<\/p>\n\n\n\n<p>Bay Tutumlu<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Herkese selamlar. Yeni bir ay\u0131n daha sonuna geldik. Finansal \u00f6zg\u00fcrl\u00fck yolculu\u011funa ba\u015flayal\u0131 tam 95 ay, hedefime ula\u015fal\u0131 ise 32 ay ge\u00e7mi\u015f. Ge\u00e7en ay nisan\u0131 tek&#8230;<\/p>\n","protected":false},"author":2,"featured_media":3663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[34],"tags":[46],"class_list":["post-3643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-portfoy","tag-portfoy-durumu","entry","double"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/06\/Gemini_Generated_Image_3tq5kl3tq5kl3tq5-scaled.png?fit=2560%2C1429&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/comments?post=3643"}],"version-history":[{"count":3,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3643\/revisions"}],"predecessor-version":[{"id":3664,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3643\/revisions\/3664"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media\/3663"}],"wp:attachment":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}