{"id":3666,"date":"2026-07-01T14:50:03","date_gmt":"2026-07-01T11:50:03","guid":{"rendered":"https:\/\/baytutumlu.com\/?p=3666"},"modified":"2026-07-01T14:50:11","modified_gmt":"2026-07-01T11:50:11","slug":"haziran-2026-sonu-portfoy-durumu","status":"publish","type":"post","link":"https:\/\/baytutumlu.com\/index.php\/2026\/07\/01\/haziran-2026-sonu-portfoy-durumu\/","title":{"rendered":"Haziran 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 96 ay, hedefime ula\u015fal\u0131 ise 33 ay ge\u00e7mi\u015f. Ge\u00e7en ay may\u0131s\u0131 geri veri\u015f ay\u0131 diye tan\u0131mlam\u0131\u015ft\u0131m. Haziran ise tam anlam\u0131yla bir ayr\u0131\u015fma ay\u0131 oldu. May\u0131s sonunda 13.663 seviyesinden devrald\u0131\u011f\u0131m\u0131z BIST 100, haziran i\u00e7inde 14.876 puana kadar toparland\u0131 ve ay\u0131 14.107 seviyesinden kapatt\u0131. Yani sava\u015f fiilen \u00e7\u00f6z\u00fcme ba\u011flan\u0131rken endeks ayl\u0131k bazda yakla\u015f\u0131k y\u00fczde 3,25 de\u011fer kazand\u0131. Ama bu ay\u0131n as\u0131l hikayesi yurt i\u00e7inde de\u011fil, yurt d\u0131\u015f\u0131nda ya\u015fand\u0131. Onu da 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. Yaz rutinim oturdu. Salonda haftada en az 3 kez antrenman ve havalar\u0131n iyice \u0131s\u0131nmas\u0131yla haftada 2 g\u00fcnl\u00fck y\u00fczme devam ediyor. <\/p>\n\n\n\n<p>\u0130\u00e7erik taraf\u0131nda ise \u00fcretime devam ettim. Patreon&#8217;da finansal \u00f6zg\u00fcrl\u00fck serisi kapsam\u0131nda yeni bir video haz\u0131rlad\u0131m ve takip etti\u011fim \u015firketlerin yat\u0131r\u0131m tezlerini yay\u0131nlamay\u0131 s\u00fcrd\u00fcrd\u00fcm. 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\">Bay Tutumlu Yat\u0131r\u0131m Tezleri Ar\u015fiv<\/a><\/p>\n\n\n\n<p>Haftal\u0131k b\u00fcltenlere de devam ediyorum tabi. Finansal \u00d6zg\u00fcrl\u00fck Kul\u00fcb\u00fc podcast&#8217;inde de yeni b\u00f6l\u00fcmler yay\u0131na girdi. \u0130lk b\u00f6l\u00fcm balonlar\u0131n anatomisi hakk\u0131ndayd\u0131. Ta g\u00fcney denizi balonuyla ba\u015flay\u0131p g\u00fcn\u00fcm\u00fcze uzanan bir b\u00f6l\u00fcm oldu. <\/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: Yanl\u0131\u015f Hisseler De\u011fil, A\u00e7g\u00f6zl\u00fcl\u00fck Bat\u0131r\u0131r | F\u00d6K #46\" 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\/02DxtAuUJxbtcbQSA2uuQw?si=bJB7-TG_TFChxzpcpEdjuA&amp;utm_source=oembed\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>\u0130kinci b\u00f6l\u00fcm ise yapay zeka \u00e7a\u011f\u0131nda meslek se\u00e7imi hakk\u0131nda idi. Lise ve \u00fcniversite tercihlerinin yap\u0131ld\u0131\u011f\u0131 bu d\u00f6nemde faydal\u0131 olabilece\u011fin d\u00fc\u015f\u00fcn\u00fcyorum.<\/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: Yapay Zek\u00e2 \u00c7a\u011f\u0131nda Meslek Se\u00e7imi ve Yeni D\u00fcnyada \u0130\u015fsiz Kalmamak | F\u00d6K #47\" 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\/7HiQY0k3e3ReAsh4L3fRN1?si=-2C9FOFGTqObXjvrLPTB-g&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. May\u0131s diplomasinin \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 bir ayd\u0131, haziran ise anla\u015fman\u0131n b\u00fcy\u00fck \u00f6l\u00e7\u00fcde \u00e7\u00f6z\u00fcld\u00fc\u011f\u00fc ama bunu yaparken k\u00fc\u00e7\u00fck bir t\u0131rmanma korkusu da ya\u015fatt\u0131\u011f\u0131 bir ay oldu. ABD donanmas\u0131n\u0131n may\u0131s sonunda kald\u0131rd\u0131\u011f\u0131 liman ablukas\u0131n\u0131n ard\u0131ndan s\u00fcre\u00e7 yumu\u015famaya devam ediyordu. Ancak ay\u0131n ilk yar\u0131s\u0131nda i\u015fler k\u0131sa s\u00fcreli\u011fine gerildi. 10 Haziran&#8217;da Umman a\u00e7\u0131klar\u0131nda d\u00fc\u015f\u00fcr\u00fclen bir helikopterin ard\u0131ndan ABD, H\u00fcrm\u00fcz yak\u0131nlar\u0131ndaki \u0130ran hava savunma ve radar mevzilerini vurdu. \u0130ran da \u0130srail&#8217;in L\u00fcbnan&#8217;daki sald\u0131r\u0131lar\u0131n\u0131 s\u00fcrd\u00fcrmesi halinde \u00e7at\u0131\u015fmaya d\u00f6nece\u011fini a\u00e7\u0131klad\u0131. Bu haberlerle Brent k\u0131sa s\u00fcreli\u011fine tekrar 91 dolara s\u0131\u00e7rad\u0131.<\/p>\n\n\n\n<p>Sonras\u0131nda diplomasi bask\u0131n \u00e7\u0131kt\u0131. Pakistan hatt\u0131nda y\u00fcr\u00fcyen m\u00fczakereler 14 maddelik bir mutabakat zapt\u0131na ba\u011fland\u0131. Anla\u015fma 60 g\u00fcnl\u00fck bir m\u00fczakere s\u00fcreci \u00f6ng\u00f6r\u00fcyor, bu s\u00fcre boyunca H\u00fcrm\u00fcz Bo\u011faz\u0131&#8217;ndan ge\u00e7i\u015f \u00fccretsiz olacak ve trafi\u011fin 30 g\u00fcn i\u00e7inde tam kapasiteye \u00e7\u0131kar\u0131lmas\u0131 hedefleniyor. N\u00fckleer dosya gibi daha karma\u015f\u0131k ba\u015fl\u0131klar ileri bir tarihe b\u0131rak\u0131ld\u0131. Trump G7 zirvesinde bo\u011faz\u0131n yeniden a\u00e7\u0131laca\u011f\u0131n\u0131 ve ge\u00e7i\u015flerin \u00fccretsiz olaca\u011f\u0131n\u0131 duyurdu. Ay sonuna do\u011fru bo\u011faz fiilen a\u00e7\u0131ld\u0131, ABD Enerji Bakanl\u0131\u011f\u0131 son 24 saatte yakla\u015f\u0131k 20 milyon varil ham petrol\u00fcn H\u00fcrm\u00fcz&#8217;den \u00e7\u0131kt\u0131\u011f\u0131n\u0131 a\u00e7\u0131klad\u0131. G\u00fcnlerce bo\u011fazda mahsur kalan tankerler tek tek yola koyuldu. Ay biterken taraflar Doha&#8217;da teknik g\u00f6r\u00fc\u015fmelere haz\u0131rlan\u0131yordu.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"334\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image.png?resize=1024%2C334&#038;ssl=1\" alt=\"\" class=\"wp-image-3667\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image.png?resize=1024%2C334&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image.png?resize=300%2C98&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image.png?resize=768%2C251&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image.png?resize=600%2C196&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image.png?w=1445&amp;ssl=1 1445w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Bu tablonun en somut yans\u0131mas\u0131 yine petrolde oldu. May\u0131s\u0131 91 dolar civar\u0131nda kapatan Brent, haziranda 10 Haziran&#8217;daki t\u0131rmanmayla k\u0131sa s\u00fcre 92 dolara dokunduktan sonra sert bi\u00e7imde geri \u00e7ekildi ve ay\u0131 73 dolar civar\u0131ndan tamamlad\u0131. Yani ayl\u0131k bazda yakla\u015f\u0131k y\u00fczde 20&#8217;lik bir d\u00fc\u015f\u00fc\u015f geldi ve fiyat, sava\u015f\u0131n ba\u015flad\u0131\u011f\u0131 28 \u015eubat \u00f6ncesindeki seviyelere d\u00f6nd\u00fc. H\u00fcrm\u00fcz&#8217;\u00fcn a\u00e7\u0131lmas\u0131, arz fazlas\u0131 beklentisi ve risk priminin erimesi bu d\u00fc\u015f\u00fc\u015f\u00fcn ana nedenleri. Petroldeki bu gerileme T\u00fcrkiye i\u00e7in do\u011frudan iyi haber, \u00e7\u00fcnk\u00fc nisan enflasyonunu yukar\u0131 \u00e7eken ana kalem petrol kaynakl\u0131yd\u0131 ve bu bask\u0131 art\u0131k h\u0131zla geri al\u0131n\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 may\u0131staki kar sat\u0131\u015flar\u0131n\u0131n ard\u0131ndan haziranda toparland\u0131. Endeks ay i\u00e7inde 14.876 ile yeni bir zirve denemesi yapt\u0131, alt tarafta ise 13.567 seviyesine kadar d\u00fc\u015ft\u00fc ve ay\u0131 14.107 seviyesinden kapatt\u0131. Ayl\u0131k kapan\u0131\u015f TL baz\u0131nda yakla\u015f\u0131k y\u00fczde 3,25 y\u00fckseli\u015f anlam\u0131na geliyor. Dolar baz\u0131nda getiri ise yakla\u015f\u0131k y\u00fczde 1,5 civar\u0131nda. BIST 30 ise yakla\u015f\u0131k y\u00fczde 5,5 ile endeksin belirgin bi\u00e7imde \u00fczerinde performans g\u00f6sterdi. Bu ayki y\u00fckseli\u015fi b\u00fcy\u00fck \u00f6l\u00e7\u00fcde bankalar ve b\u00fcy\u00fck sanayi hisseleri s\u0131rtlad\u0131, yani y\u00fckseli\u015f may\u0131sa g\u00f6re daha sa\u011fl\u0131kl\u0131 bir tabana yay\u0131ld\u0131.<\/p>\n\n\n\n<p>Burada dikkat \u00e7eken bir nokta, ay sonuna do\u011fru b\u00fcy\u00fck \u00e7apl\u0131 bir yabanc\u0131 sat\u0131\u015f\u0131n gelmesiydi. Bank of America gibi kurumlar\u0131n BIST 30 taraf\u0131nda yo\u011funla\u015fan sat\u0131\u015flar\u0131 endeksin son g\u00fcnlerde soluklanmas\u0131na neden oldu. Yine de ayl\u0131k tabloda Borsa \u0130stanbul, geli\u015fen piyasa endekslerinden pozitif ayr\u0131\u015ft\u0131. Petrol\u00fcn gerilemesi cari a\u00e7\u0131k g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc iyile\u015ftiriyor, g\u00fc\u00e7l\u00fc TL politikas\u0131 ve y\u00fcksek reel getiri swap kaynakl\u0131 yabanc\u0131 giri\u015fini destekliyor. Her zamanki notumu tekrar d\u00fc\u015feyim. Ki\u015filer kendilerini endeksle de\u011fil d\u00f6viz veya enflasyon gibi bir enstr\u00fcmanla k\u0131yaslamal\u0131, \u00e7\u00fcnk\u00fc endeksin i\u00e7eri\u011fi sabit de\u011fil ve birka\u00e7 hisse baz\u0131 aylar tabloyu tek ba\u015f\u0131na \u015fekillendiriyor.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"370\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-1.png?resize=1024%2C370&#038;ssl=1\" alt=\"\" class=\"wp-image-3668\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-1.png?resize=1024%2C370&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-1.png?resize=300%2C108&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-1.png?resize=768%2C278&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-1.png?resize=600%2C217&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-1.png?w=1439&amp;ssl=1 1439w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>TCMB taraf\u0131nda 11 Haziran&#8217;daki PPK toplant\u0131s\u0131nda politika faizi beklentilere paralel y\u00fczde 37&#8217;de sabit tutuldu. Gecelik bor\u00e7 verme y\u00fczde 40, gecelik bor\u00e7lanma ise y\u00fczde 35,5 seviyesinde korundu. Karar metninde nisanda enerji fiyatlar\u0131yla y\u00fckselen enflasyonun ana e\u011filiminin may\u0131sta bir miktar geriledi\u011fi vurguland\u0131. Yine de jeopolitik belirsizlik kaynakl\u0131 enerji oynakl\u0131\u011f\u0131na dikkat \u00e7ekildi ve gerekmesi halinde para politikas\u0131n\u0131n s\u0131k\u0131la\u015ft\u0131r\u0131labilece\u011fi mesaj\u0131 korundu. Petroldeki sert d\u00fc\u015f\u00fc\u015fle birlikte dezenflasyon hikayesinin yeniden fiyatland\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz. \u0130lk faiz indirimi beklentimi koruyorum, bu muhtemelen sonbahar aylar\u0131nda gelecek.<\/p>\n\n\n\n<p>Enflasyon taraf\u0131nda haziran verisi bu sat\u0131rlar\u0131 yazd\u0131\u011f\u0131m s\u0131rada hen\u00fcz a\u00e7\u0131klanmam\u0131\u015ft\u0131, T\u00dc\u0130K rakam\u0131 3 Temmuz&#8217;da gelecek. Petroldeki gerilemenin etkisiyle ayl\u0131k man\u015fette %1&#8217;in alt\u0131nda ve may\u0131sa g\u00f6re belirgin bir rahatlama g\u00f6rmeyi bekliyorum. Baz etkisiyle y\u0131ll\u0131k oranda oynama olsa da ayl\u0131k e\u011filimin olumlu tarafta kalmas\u0131 olas\u0131 g\u00f6r\u00fcn\u00fcyor. <\/p>\n\n\n\n<p><strong>Ki\u015fisel Portf\u00f6y<\/strong><\/p>\n\n\n\n<p>Haziran ay\u0131nda portf\u00f6y\u00fcmde k\u00f6kl\u00fc bir hareket yapmad\u0131m. Ge\u00e7en ay baz\u0131 \u00f6demeler i\u00e7in ufak sat\u0131\u015flar yapm\u0131\u015ft\u0131m, bu ay portf\u00f6y\u00fcn genel da\u011f\u0131l\u0131m\u0131n\u0131 koruyarak ilerledim. Bunun d\u0131\u015f\u0131nda d\u00fczenli BTC al\u0131m\u0131na devam ettim. Eurobond kuponlar\u0131n\u0131 ise nakit pozisyonunda tutmay\u0131 s\u00fcrd\u00fcrd\u00fcm. Bu t\u00fcr ay i\u00e7inde sert dalgalanmalar\u0131n ya\u015fand\u0131\u011f\u0131 d\u00f6nemlerde so\u011fukkanl\u0131 kalmak ve uzun vadeli plana sad\u0131k kalmak en do\u011fru strateji.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"787\" height=\"435\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-2.png?resize=787%2C435&#038;ssl=1\" alt=\"\" class=\"wp-image-3669\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-2.png?w=787&amp;ssl=1 787w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-2.png?resize=300%2C166&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-2.png?resize=768%2C424&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-2.png?resize=600%2C332&amp;ssl=1 600w\" sizes=\"auto, (max-width: 787px) 100vw, 787px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>\u015eimdi portf\u00f6ydeki \u015firketlerle ilgili haziran 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. Bu ay bilan\u00e7o d\u00f6nemi geride kald\u0131\u011f\u0131 i\u00e7in a\u011f\u0131rl\u0131k daha \u00e7ok operasyonel geli\u015fmeler ve fiyat hareketlerinde.<\/p>\n\n\n\n<p><strong>GLYHO<\/strong><\/p>\n\n\n\n<p>Global Yat\u0131r\u0131m Holding bu ay portf\u00f6y\u00fcm\u00fcn a\u00e7\u0131k ara y\u0131ld\u0131z\u0131 oldu, hisse haziranda yakla\u015f\u0131k y\u00fczde 16 de\u011fer kazand\u0131. Geli\u015fmeler de bu performans\u0131 destekledi. 17 Haziran&#8217;da a\u00e7\u0131klanan may\u0131s yolcu istatistiklerinde nisandaki yava\u015flaman\u0131n telafi edildi\u011fini g\u00f6rd\u00fck. Konsolide gemi say\u0131s\u0131 y\u0131ll\u0131k y\u00fczde 2, konsolide yolcu hareketleri ise y\u00fczde 4 artt\u0131. Konsolide olmayan limanlar dahil may\u0131sta toplam 684 gemi ve yakla\u015f\u0131k 1,86 milyon yolcu a\u011f\u0131rlanm\u0131\u015f. Nisandaki daralman\u0131n ge\u00e7ici oldu\u011fu y\u00f6n\u00fcndeki y\u00f6netim beklentisi do\u011frulanm\u0131\u015f oldu.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"tr\" dir=\"ltr\"><a href=\"https:\/\/x.com\/hashtag\/GLYHO?src=hash&amp;ref_src=twsrc%5Etfw\">#GLYHO<\/a><br>May\u0131s ay\u0131 trafik verileri yay\u0131nland\u0131. Ge\u00e7ti\u011fimiz y\u0131la g\u00f6re yolcu say\u0131s\u0131nda %4 b\u00fcy\u00fcme var. Yolcu say\u0131s\u0131 konsolide limanlar i\u00e7in 1.478 milyon, t\u00fcm limanlar dahil edildi\u011finde 1,86 milyona ula\u015ft\u0131. <a href=\"https:\/\/t.co\/u3eRdhVaii\">pic.twitter.com\/u3eRdhVaii<\/a><\/p>&mdash; Bay Tutumlu (@BayTutumlu) <a href=\"https:\/\/x.com\/BayTutumlu\/status\/2067487568015278348?ref_src=twsrc%5Etfw\">June 18, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>As\u0131l heyecan verici taraf liman portf\u00f6y\u00fcndeki b\u00fcy\u00fcmeydi. 3 Haziran&#8217;da GPH, \u0130spanya&#8217;n\u0131n Ferrol Kruvaziyer Liman\u0131 i\u00e7in 30 y\u0131ll\u0131k i\u015fletme imtiyaz\u0131n\u0131 resmen kazand\u0131\u011f\u0131n\u0131 duyurdu. 11 Haziran&#8217;da ise St. Vincent ve Grenadinler h\u00fck\u00fcmetiyle bir kruvaziyer liman\u0131n\u0131n geli\u015ftirilmesi i\u00e7in m\u00fcnhas\u0131r m\u00fczakere anla\u015fmas\u0131 imzaland\u0131. Buras\u0131 G\u00fcneydo\u011fu Karayipler&#8217;de, Barbados ve Saint Lucia gibi g\u00fc\u00e7l\u00fc destinasyonlara yak\u0131n stratejik bir nokta ve halihaz\u0131rda y\u0131lda yakla\u015f\u0131k 200 bin yolcuya hizmet veriyor. Benim tezimde Karayipler ve Atlantik&#8217;teki \u00e7e\u015fitlendirmenin Akdeniz ve sava\u015f riskini tamponlad\u0131\u011f\u0131n\u0131 hep vurgulam\u0131\u015ft\u0131m, bu iki ad\u0131m tam da o taraf\u0131 g\u00fc\u00e7lendiriyor. Ayr\u0131ca 15 Haziran&#8217;da y\u00fczde 100 ba\u011fl\u0131 ortakl\u0131k Ardus&#8217;un Denizli&#8217;deki S\u00fcmerpark Evleri projesinin ikinci etab\u0131 i\u00e7in kat kar\u015f\u0131l\u0131\u011f\u0131 in\u015faat s\u00f6zle\u015fmesi imzalad\u0131\u011f\u0131n\u0131 \u00f6\u011frendik, gayrimenkul taraf\u0131 da yava\u015f yava\u015f de\u011fer \u00fcretmeye devam ediyor.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"tr\" dir=\"ltr\"><a href=\"https:\/\/x.com\/hashtag\/GLYHO?src=hash&amp;ref_src=twsrc%5Etfw\">#GLYHO<\/a> <br>Ba\u011fl\u0131 ortakl\u0131\u011f\u0131m\u0131z gph St. Vincent ve Grenadinler liman\u0131 i\u015fletmesi  i\u00e7in \u00f6n anla\u015fma imzalam\u0131\u015f. <br>Buras\u0131 Karayipler cruise g\u00fczergah\u0131nda ve y\u0131lda yakla\u015f\u0131k 200 bin yolcu a\u011f\u0131rlan\u0131yor. <a href=\"https:\/\/t.co\/W6aggLhVH6\">pic.twitter.com\/W6aggLhVH6<\/a><\/p>&mdash; Bay Tutumlu (@BayTutumlu) <a href=\"https:\/\/x.com\/BayTutumlu\/status\/2065361012149149796?ref_src=twsrc%5Etfw\">June 12, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u015eirket haziranda 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. Bar\u0131\u015f s\u00fcrecinin ilerlemesi, petrol\u00fcn d\u00fc\u015fmesi ve Akdeniz trafi\u011finin normalle\u015fmesi kruvaziyer taraf\u0131 i\u00e7in \u00fc\u00e7 ayr\u0131 olumlu r\u00fczgar demek. Takip listemin ba\u015f\u0131nda tutmaya devam ediyorum.<\/p>\n\n\n\n<p><strong>TUPRS<\/strong><\/p>\n\n\n\n<p>T\u00fcpra\u015f i\u00e7in bu ay\u0131n en kritik konusu petroldeki sert d\u00fc\u015f\u00fc\u015ft\u00fc. Brent&#8217;in 91 dolardan 73 dolara gerilemesi ve H\u00fcrm\u00fcz&#8217;\u00fcn yeniden a\u00e7\u0131lmas\u0131 iki y\u00f6nl\u00fc bir tablo \u00e7iziyor. Bir yandan sekt\u00f6r i\u00e7in ham petrol tedarik riskinin ortadan kalkmas\u0131 ve girdi maliyetinin d\u00fc\u015fmesi olumlu. Di\u011fer yandan ham petroldeki h\u0131zl\u0131 d\u00fc\u015f\u00fc\u015f, rafineri marjlar\u0131 ve stok de\u011ferlemesi a\u00e7\u0131s\u0131ndan iki ucu keskin bir b\u0131\u00e7ak. Hisse haziranda yakla\u015f\u0131k y\u00fczde 7 geriledi, bu geri \u00e7ekilmenin b\u00fcy\u00fck b\u00f6l\u00fcm\u00fc petroldeki d\u00fc\u015f\u00fc\u015f\u00fcn marjlara etkisine dair tedirginlikten kaynaklan\u0131yor.<\/p>\n\n\n\n<p>Nisandan beri s\u00f6yledi\u011fim gibi H\u00fcrm\u00fcz krizinin tam etkisi ilk \u00e7eyrek bilan\u00e7osunda g\u00f6r\u00fcnmemi\u015fti \u00e7\u00fcnk\u00fc kriz \u015fubat sonunda ba\u015flam\u0131\u015ft\u0131. As\u0131l tablo ikinci \u00e7eyrek bilan\u00e7osunda netle\u015fecek, \u00e7\u00fcnk\u00fc kriz de, bo\u011faz\u0131n kapal\u0131 kald\u0131\u011f\u0131 d\u00f6nem de, petrol\u00fcn 110 dolardan 73 dolara inen b\u00fct\u00fcn yolculu\u011fu da bu \u00e7eyre\u011fe denk geldi. Crack marjlar\u0131 hala y\u00fcksek seyrediyor, yak\u0131ndan izleyece\u011fim. Y\u00f6netimin muhafazakar 2026 hedeflerinin h\u00e2l\u00e2 ge\u00e7ilebilir oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyorum.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"355\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-3.png?resize=1024%2C355&#038;ssl=1\" alt=\"\" class=\"wp-image-3670\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-3.png?resize=1024%2C355&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-3.png?resize=300%2C104&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-3.png?resize=768%2C266&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-3.png?resize=600%2C208&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-3.png?w=1207&amp;ssl=1 1207w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p><strong>TRGYO<\/strong><\/p>\n\n\n\n<p>Torunlar GYO haziranda pozitif ayr\u0131\u015fan di\u011fer hissem oldu, yakla\u015f\u0131k y\u00fczde 8 de\u011fer kazand\u0131. Faiz indirim d\u00f6ng\u00fcs\u00fcn\u00fcn duraksam\u0131\u015f olmas\u0131 GYO&#8217;lar i\u00e7in k\u0131sa vadeli bir olumsuzluk, ancak petroldeki d\u00fc\u015f\u00fc\u015f ve dezenflasyonun geri d\u00f6nmesiyle faiz indirim beklentisi de yeniden canlan\u0131yor. Kira geliri kanal\u0131 g\u00fc\u00e7l\u00fc olan \u015firketler bu s\u00fcre\u00e7te pozitif ayr\u0131\u015fmaya devam ediyor. \u015eirketin 5 y\u0131ll\u0131k net nakit yarat\u0131m plan\u0131 yat\u0131r\u0131m tezimin \u00e7ekirde\u011fi olmay\u0131 s\u00fcrd\u00fcr\u00fcyor.<\/p>\n\n\n\n<p><strong>ANSGR<\/strong><\/p>\n\n\n\n<p>Anadolu Sigorta bu ay yatay bir seyir izledi. \u00d6ne \u00e7\u0131kan ayr\u0131 bir \u015firket geli\u015fmesi olmad\u0131. Y\u00fcksek faiz ortam\u0131 sigorta \u015firketlerinin teknik olmayan gelirini desteklemeye devam ediyor. Petroldeki gev\u015feme ve dezenflasyonun tekrar fiyatlanmas\u0131 finans kesimi i\u00e7in genel olarak olumlu bir zemin. Portf\u00f6y de\u011feri ile piyasa de\u011feri aras\u0131ndaki iskontonun kapanmas\u0131n\u0131 beklemeye devam ediyorum.<\/p>\n\n\n\n<p><strong>ISMEN<\/strong><\/p>\n\n\n\n<p>\u0130\u015f Yat\u0131r\u0131m taraf\u0131nda zay\u0131f ilk \u00e7eyrek tablosu fiyata yans\u0131maya devam etti, hisse haziranda yakla\u015f\u0131k y\u00fczde 4 geriledi. Faiz indirim d\u00f6ng\u00fcs\u00fcn\u00fcn duraksam\u0131\u015f olmas\u0131 ve risk i\u015ftah\u0131n\u0131n kal\u0131c\u0131 bi\u00e7imde geri d\u00f6nmemesi arac\u0131 kurum karl\u0131l\u0131\u011f\u0131 i\u00e7in bask\u0131 unsuru olmay\u0131 s\u00fcrd\u00fcr\u00fcyor. Ay sonuna do\u011fru k\u00fcresel tarafta ya\u015fanan sert teknoloji sat\u0131\u015f\u0131n\u0131n risk i\u015ftah\u0131n\u0131 tekrar bozmas\u0131, k\u0131sa vadede kredili i\u015flem hacimlerindeki toparlanmay\u0131 geciktirebilir. Pazar pay\u0131 taraf\u0131n\u0131 dikkatle izliyorum, konjonkt\u00fcr \u015fu an \u015firketin aleyhine \u00e7al\u0131\u015f\u0131yor.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"451\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-4.png?resize=1024%2C451&#038;ssl=1\" alt=\"\" class=\"wp-image-3671\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-4.png?resize=1024%2C451&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-4.png?resize=300%2C132&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-4.png?resize=768%2C338&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-4.png?resize=600%2C264&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-4.png?w=1094&amp;ssl=1 1094w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p><strong>TATGD<\/strong><\/p>\n\n\n\n<p>Tat G\u0131da ilk \u00e7eyrekte kara d\u00f6nm\u00fc\u015ft\u00fc, haziranda hisse yakla\u015f\u0131k y\u00fczde 4 geriledi ama bu daha \u00e7ok genel piyasa hareketiyle ilgili. G\u0131da taraf\u0131nda \u00f6ne \u00e7\u0131kan yeni bir geli\u015fme olmad\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<p><strong>TRCAS<\/strong><\/p>\n\n\n\n<p>Nisanda ekledi\u011fim Turcas i\u00e7in haziranda \u00f6nemli bir \u015firket geli\u015fmesi ya\u015fanmad\u0131. Shell&#8217;den 8 milyon dolar imtiyazl\u0131 temett\u00fc ald\u0131k. Turcas bir holding oldu\u011fu i\u00e7in de\u011feri b\u00fcy\u00fck \u00f6l\u00e7\u00fcde Shell &amp; Turcas ve RWE &amp; Turcas gibi \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenen i\u015ftiraklerden geliyor.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"tr\" dir=\"ltr\"><a href=\"https:\/\/x.com\/hashtag\/TRCAS?src=hash&amp;ref_src=twsrc%5Etfw\">#TRCAS<\/a> Bu y\u0131lki imtiyazl\u0131 temett\u00fcm\u00fcz geldi. 8 milyon dolar. 29 haziranda \u015firket hesab\u0131na ge\u00e7ecek. Yat\u0131r\u0131mc\u0131lar\u0131na hay\u0131rl\u0131 olsun:) <a href=\"https:\/\/t.co\/sbB4qLD63F\">https:\/\/t.co\/sbB4qLD63F<\/a> <a href=\"https:\/\/t.co\/IaimyixNxK\">pic.twitter.com\/IaimyixNxK<\/a><\/p>&mdash; Bay Tutumlu (@BayTutumlu) <a href=\"https:\/\/x.com\/BayTutumlu\/status\/2069687993632190806?ref_src=twsrc%5Etfw\">June 24, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p><strong>CVKMD<\/strong><\/p>\n\n\n\n<p>CVK Madencilik bu ay portf\u00f6y\u00fcm\u00fcn en zay\u0131f halkas\u0131yd\u0131, hisse yakla\u015f\u0131k y\u00fczde 16 de\u011fer kaybetti. Burada iki etken var. Birincisi, ilk \u00e7eyrek finansallar\u0131n\u0131n s\u00f6n\u00fck ge\u00e7mesi ve \u00fcretimin ticari d\u00f6ng\u00fcye girmesinin etkisinin hen\u00fcz rakamlara yans\u0131mam\u0131\u015f olmas\u0131. Konsantre cevher sat\u0131\u015f\u0131 3 Nisan&#8217;da ba\u015flad\u0131\u011f\u0131 i\u00e7in operasyonel kar ivmelenmesini as\u0131l ikinci \u00e7eyrekten itibaren g\u00f6rmeyi bekliyorum. \u0130kincisi ve bu ay daha belirleyici olan\u0131, alt\u0131n fiyat\u0131ndaki sert d\u00fc\u015f\u00fc\u015f. Fed&#8217;in \u015fahin d\u00f6n\u00fc\u015f\u00fc ve faiz art\u0131r\u0131m\u0131 beklentileriyle alt\u0131n haziranda 2008&#8217;den bu yana en k\u00f6t\u00fc ay\u0131n\u0131 ya\u015fad\u0131 ve 4.050 dolar seviyelerine geriledi. Bir alt\u0131n \u00fcreticisi i\u00e7in bu do\u011frudan bir r\u00fczgar demek. Operasyonun oturmas\u0131 ve Sar\u0131alan kapasite art\u0131\u015f\u0131 as\u0131l oda\u011f\u0131m olmaya devam ediyor, ama alt\u0131n taraf\u0131ndaki bu bask\u0131y\u0131 da hesaba katmak laz\u0131m.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"331\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-5.png?resize=1024%2C331&#038;ssl=1\" alt=\"\" class=\"wp-image-3672\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-5.png?resize=1024%2C331&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-5.png?resize=300%2C97&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-5.png?resize=768%2C249&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-5.png?resize=600%2C194&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-5.png?w=1449&amp;ssl=1 1449w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p><strong>Eurobond Portf\u00f6y\u00fc<\/strong><\/p>\n\n\n\n<p>Eurobond portf\u00f6y\u00fcnde haziranda pozisyon de\u011fi\u015fikli\u011fi yapmad\u0131m. Bu ay hi\u00e7 kupon almad\u0131m. T\u00fcrkiye&#8217;nin 5 y\u0131ll\u0131k CDS&#8217;i haziranda 225 baz puana kadar geriledi, bu 26 \u015eubat&#8217;tan yani sava\u015f \u00f6ncesinden bu yana g\u00f6r\u00fclen en d\u00fc\u015f\u00fck seviye. Petroldeki d\u00fc\u015f\u00fc\u015f, sava\u015f\u0131n \u00e7\u00f6z\u00fcme ba\u011flanmas\u0131 ve dezenflasyon beklentisinin geri d\u00f6nmesi T\u00fcrkiye risk primi a\u00e7\u0131s\u0131ndan olduk\u00e7a olumlu bir kombinasyon olu\u015fturuyor. Eurobond spreadlerinde de paralel bir rahatlama g\u00f6r\u00fcyoruz. Kuponlar\u0131 halihaz\u0131rda nakit olarak biriktirmeye devam ediyorum.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"327\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-6.png?resize=1024%2C327&#038;ssl=1\" alt=\"\" class=\"wp-image-3673\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-6.png?resize=1024%2C327&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-6.png?resize=300%2C96&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-6.png?resize=768%2C246&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-6.png?resize=600%2C192&amp;ssl=1 600w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-6.png?w=1076&amp;ssl=1 1076w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p><strong>ABD Portf\u00f6y\u00fc<\/strong><\/p>\n\n\n\n<p>Bu ay\u0131n as\u0131l hikayesi i\u015fte burada. Ge\u00e7en ay ABD borsalar\u0131ndaki yapay zeka temas\u0131na dair temkinli oldu\u011fumu, Shiller CAPE rasyosunun 41 seviyesine gelmesinin beni tedirgin etti\u011fini yazm\u0131\u015ft\u0131m. Haziranda bu tedirginlik somutla\u015fmaya ba\u015flad\u0131. Yat\u0131r\u0131mc\u0131lar b\u00fcy\u00fck teknoloji \u015firketlerinin devasa yapay zeka harcamalar\u0131ndan ne zaman ve nas\u0131l getiri sa\u011flayaca\u011f\u0131n\u0131 sorgulamaya ba\u015flad\u0131. Sonu\u00e7 sert oldu. Microsoft haziranda yakla\u015f\u0131k y\u00fczde 17 de\u011fer kaybederek 2000 y\u0131l\u0131ndaki dot-com balonundan bu yana en k\u00f6t\u00fc ay\u0131n\u0131 ya\u015fad\u0131, Oracle ise y\u00fczde 35 gibi bir d\u00fc\u015f\u00fc\u015fle 1990&#8217;dan beri en k\u00f6t\u00fc performans\u0131n\u0131 sergiledi. Ay sonuna do\u011fru yar\u0131 iletken taraf\u0131nda da panik sat\u0131\u015flar\u0131 geldi, \u00e7ip endeksi bir g\u00fcnde y\u00fczde 8 d\u00fc\u015ft\u00fc, G\u00fcney Kore borsas\u0131 rekor seviyesinden bir g\u00fcnde y\u00fczde 10 geri \u00e7ekildi.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"552\" height=\"185\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-10.png?resize=552%2C185&#038;ssl=1\" alt=\"\" class=\"wp-image-3677\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-10.png?w=552&amp;ssl=1 552w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-10.png?resize=300%2C101&amp;ssl=1 300w\" sizes=\"auto, (max-width: 552px) 100vw, 552px\" data-recalc-dims=\"1\" \/><\/figure><\/div>\n\n\n<p>Endeks taraf\u0131nda S&amp;P 500 haziran\u0131 yakla\u015f\u0131k y\u00fczde 1 d\u00fc\u015f\u00fc\u015fle, teknoloji a\u011f\u0131rl\u0131kl\u0131 Nasdaq ise yakla\u015f\u0131k y\u00fczde 2,8 kay\u0131pla kapatt\u0131. \u0130lgin\u00e7 olan \u015fu, ayl\u0131k d\u00fc\u015f\u00fc\u015fe ra\u011fmen mart dip seviyelerinden bu yana toparlanma o kadar g\u00fc\u00e7l\u00fcyd\u00fc ki her iki endeks de son alt\u0131 y\u0131l\u0131n en iyi \u00e7eyre\u011fini geride b\u0131rakt\u0131. Yani balon uyar\u0131s\u0131 yap\u0131lan tema hem \u00e7eyre\u011fin kahraman\u0131 hem de ay sonunun g\u00fcnah ke\u00e7isi oldu. Bir ba\u015fka dikkat \u00e7ekici nokta, yat\u0131r\u0131mc\u0131lar\u0131n teknolojiden finans, sa\u011fl\u0131k ve sanayiye rotasyon yapmas\u0131yla Dow Jones&#8217;un haziranda y\u00fckselmesiydi. Yeni Fed Ba\u015fkan\u0131 Kevin Warsh d\u00f6neminde para politikas\u0131n\u0131n daha \u015fahin okunmas\u0131 ve y\u0131l i\u00e7inde faiz indirimi yerine art\u0131k faiz art\u0131r\u0131m\u0131 ihtimalinin fiyatlanmas\u0131 bu tablonun arka plan\u0131nda duruyor.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"953\" height=\"855\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-7.png?resize=953%2C855&#038;ssl=1\" alt=\"\" class=\"wp-image-3674\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-7.png?w=953&amp;ssl=1 953w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-7.png?resize=300%2C269&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-7.png?resize=768%2C689&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-7.png?resize=600%2C538&amp;ssl=1 600w\" sizes=\"auto, (max-width: 953px) 100vw, 953px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Ben uzun vadeli bir yat\u0131r\u0131mc\u0131 olarak d\u00fczenli VOO al\u0131mlar\u0131ma devam ediyorum. Ancak burada bir ayr\u0131nt\u0131n\u0131n alt\u0131n\u0131 \u00e7izmek isterim. B\u00fcy\u00fcme a\u011f\u0131rl\u0131kl\u0131 SPYG fonum, teknoloji yo\u011funlu\u011fu nedeniyle bu ay VOO&#8217;ya k\u0131yasla daha sert geri \u00e7ekildi. Ge\u00e7en ay dile getirdi\u011fim temkinli duru\u015fun neden \u00f6nemli oldu\u011funu haziran net bi\u00e7imde g\u00f6sterdi. De\u011ferlemelerin bu kadar gerildi\u011fi bir ortamda balonun ne zaman ve nas\u0131l s\u00f6nece\u011fini kimse tam olarak bilemez, o y\u00fczden ben pozisyon b\u00fcy\u00fctmek yerine d\u00fczenli ve \u00f6l\u00e7\u00fcl\u00fc al\u0131mla ilerlemeyi tercih ediyorum.<\/p>\n\n\n\n<p>Bitcoin taraf\u0131nda da tablo sertti. Ekim 2025&#8217;teki 126 bin dolarl\u0131k zirveden gelen d\u00fc\u015f\u00fc\u015f haziranda h\u0131zland\u0131 ve fiyat 58 bin dolar civar\u0131na, yani son 21 ay\u0131n en d\u00fc\u015f\u00fck seviyesine geriledi. ABD&#8217;de listelenen spot Bitcoin ETF&#8217;lerinden haziranda 4 milyar dolar\u0131n \u00fczerinde \u00e7\u0131k\u0131\u015f ya\u015fand\u0131, bu da fonlar\u0131n kurulu\u015fundan bu yana g\u00f6r\u00fclen en y\u00fcksek \u00e7\u0131k\u0131\u015f oldu. Fed&#8217;in \u015fahin tonu ve faiz art\u0131r\u0131m\u0131 beklentileri riskli varl\u0131klar\u0131n hepsini birden vurdu. Ben d\u00fczenli ve k\u00fc\u00e7\u00fck tutarl\u0131 BTC al\u0131m\u0131ma devam ettim. Bu t\u00fcr sert d\u00fc\u015f\u00fc\u015fler benim gibi maliyet ortalamas\u0131 yapan ve on y\u0131ll\u0131k ufku olan biri i\u00e7in asl\u0131nda pozisyonu ucuzlatan d\u00f6nemler, o y\u00fczden panik de\u011fil disiplin gerektiriyor.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"675\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-8.png?resize=930%2C675&#038;ssl=1\" alt=\"\" class=\"wp-image-3675\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-8.png?w=930&amp;ssl=1 930w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-8.png?resize=300%2C218&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-8.png?resize=768%2C557&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/07\/image-8.png?resize=600%2C435&amp;ssl=1 600w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" data-recalc-dims=\"1\" \/><\/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 3,25 kazand\u0131\u011f\u0131 haziran ay\u0131nda toplam portf\u00f6y\u00fcm TL baz\u0131nda 0,7, dolar baz\u0131nda ise %2,47 d\u00fc\u015ft\u00fc. Bu ay\u0131n karakteri ba\u015ftan sona ayr\u0131\u015fmayd\u0131. Yurt i\u00e7inde bar\u0131\u015f temett\u00fcs\u00fc, petroldeki \u00e7\u00f6k\u00fc\u015f ve dezenflasyonun geri d\u00f6nmesi Borsa \u0130stanbul&#8217;u geli\u015fen piyasalardan pozitif ay\u0131rd\u0131. Buna kar\u015f\u0131l\u0131k yurt d\u0131\u015f\u0131nda aylard\u0131r konu\u015fulan yapay zeka balonu ilk kez ger\u00e7ek bir d\u00fczeltmeye d\u00f6nd\u00fc, teknoloji hisseleri, alt\u0131n ve Bitcoin ayn\u0131 anda sat\u0131\u015f g\u00f6rd\u00fc.<\/p>\n\n\n\n<p>Portf\u00f6y\u00fcm\u00fcn i\u00e7inde de ayn\u0131 ayr\u0131\u015fmay\u0131 ya\u015fad\u0131m. Global Yat\u0131r\u0131m ve Torunlar gibi kruvaziyer liman ve gayrimenkul taraf\u0131 g\u00fc\u00e7l\u00fc geldi, buna kar\u015f\u0131l\u0131k petrole duyarl\u0131 T\u00fcpra\u015f ve alt\u0131na duyarl\u0131 CVK konjonkt\u00fcrel bask\u0131yla geri \u00e7ekildi. Benim i\u00e7in \u00f6nemli olan bu geri \u00e7ekilmelerin ge\u00e7ici konjonkt\u00fcr m\u00fc yoksa kal\u0131c\u0131 bir tez bozulmas\u0131 m\u0131 oldu\u011funu ay\u0131rt etmek. T\u00fcpra\u015f&#8217;ta petrol volatilitesi ge\u00e7ici, tezi bozan bir \u015fey de\u011fil. CVK&#8217;da alt\u0131n r\u00fczgar\u0131 ge\u00e7ici ama operasyonun oturmas\u0131n\u0131 g\u00f6rmem gerekiyor. Global&#8217;de ise tez tam tersine g\u00fc\u00e7lendi. \u015eu an i\u00e7in portf\u00f6y\u00fcmdeki hi\u00e7bir \u015firkette temel bir bozulma g\u00f6rm\u00fcyorum.<\/p>\n\n\n\n<p>Bu t\u00fcr aylar bana hep ayn\u0131 \u015feyi hat\u0131rlat\u0131yor. Piyasan\u0131n bir taraf\u0131 rekor k\u0131rarken ba\u015fka bir k\u00f6\u015fesi \u00e7\u00f6k\u00fcyorsa, \u00f6nemli olan g\u00fcr\u00fclt\u00fcye de\u011fil sahip oldu\u011fun \u015firketlerin ve varl\u0131klar\u0131n ger\u00e7ek de\u011ferine bakmak. 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. Volatiliteye 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\n\n\n<p>Bu yaz\u0131da payla\u015f\u0131lanlar ki\u015fisel g\u00f6r\u00fc\u015flerimdir ve yat\u0131r\u0131m tavsiyesi de\u011fildir.<\/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 96 ay, hedefime ula\u015fal\u0131 ise 33 ay ge\u00e7mi\u015f. Ge\u00e7en ay may\u0131s\u0131 geri&#8230;<\/p>\n","protected":false},"author":2,"featured_media":3678,"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-3666","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\/07\/Gemini_Generated_Image_ggxqmqggxqmqggxq-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\/3666","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=3666"}],"version-history":[{"count":1,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3666\/revisions"}],"predecessor-version":[{"id":3679,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3666\/revisions\/3679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media\/3678"}],"wp:attachment":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}