{"id":3721,"date":"2026-10-02T10:21:22","date_gmt":"2026-10-02T07:21:22","guid":{"rendered":"https:\/\/baytutumlu.com\/?p=3721"},"modified":"2026-10-02T10:21:24","modified_gmt":"2026-10-02T07:21:24","slug":"eylul-2026-sonu-portfoy-durumu","status":"publish","type":"post","link":"https:\/\/baytutumlu.com\/index.php\/2026\/10\/02\/eylul-2026-sonu-portfoy-durumu\/","title":{"rendered":"Eyl\u00fcl 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 99 ay, hedefime ula\u015fal\u0131 ise 36 ay ge\u00e7mi\u015f. Temmuzu bir tersine d\u00f6n\u00fc\u015f, a\u011fustosu ise bir telafi ay\u0131 diye tan\u0131mlam\u0131\u015ft\u0131m. Eyl\u00fcl uzun y\u0131llard\u0131r g\u00f6rmedi\u011fimiz kadar sert bir d\u00fczeltme ay\u0131 oldu. A\u011fustos sonunda 14.334 seviyesinden devrald\u0131\u011f\u0131m\u0131z BIST 100, 9 Eyl\u00fcl&#8217;de 14.673 ile ay zirvesini g\u00f6rd\u00fc. Fon piyasas\u0131nda ortaya \u00e7\u0131kan likidite sorunuyla 16 Eyl\u00fcl&#8217;de tek g\u00fcnde %5,54 geriledi ve ay\u0131n son i\u015flem g\u00fcn\u00fc olan 30 Eyl\u00fcl&#8217;de 11.947 seviyesinden kapatt\u0131. Yani endeks ayl\u0131k bazda %16,65 de\u011fer kaybetti. Bu, 2008 krizinden bu yana ya\u015fanan en sert ayl\u0131k d\u00fc\u015f\u00fc\u015f. Endeks 11 May\u0131s&#8217;taki 15.133 rekorunun da %20&#8217;den fazla alt\u0131na inerek ay\u0131 piyasas\u0131na girdi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Ki\u015fisel Hayat<\/strong><\/h2>\n\n\n\n<p>Global geli\u015fmelere ge\u00e7meden \u00f6nce ki\u015fisel taraftan biraz bahsedeyim. Eyl\u00fcl ay\u0131yla birlikte okullar a\u00e7\u0131ld\u0131 ve sonbahar rutini ba\u015flad\u0131. Bu y\u0131l sanki havalar biraz erken so\u011fudu gibi hissediyorum 1 hafta boyunca ya\u011fmur ya\u011fmas\u0131n\u0131n da etkisi olabilir tabi. Bu vesileyle ben de salonda \u00e7al\u0131\u015fmaya ek olarak hava m\u00fcsait olduk\u00e7a g\u00fcn i\u00e7i y\u00fcr\u00fcy\u00fc\u015flere ba\u015flad\u0131m. Frederic Gros&#8217;un y\u00fcr\u00fcmenin Felsefesi kitab\u0131n\u0131 okuduktan sonra y\u00fcr\u00fcy\u00fc\u015fe kar\u015f\u0131 bak\u0131\u015f a\u00e7\u0131m de\u011fi\u015fti, okuman\u0131z\u0131 tavsiye ederim.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"889\" height=\"763\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-092109.png?resize=889%2C763&#038;ssl=1\" alt=\"\" class=\"wp-image-3722\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-092109.png?w=889&amp;ssl=1 889w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-092109.png?resize=300%2C257&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-092109.png?resize=768%2C659&amp;ssl=1 768w\" sizes=\"auto, (max-width: 889px) 100vw, 889px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>\u0130\u00e7erik taraf\u0131nda ise \u00fcretime devam ettim. Eyl\u00fcl ay\u0131nda Finansal \u00d6zg\u00fcrl\u00fck Kul\u00fcb\u00fc podcastinde 2 b\u00f6l\u00fcm \u00e7ektik. Bir tanesinde siyah ku\u011fu olaylar\u0131n\u0131 anlatmaya \u00e7al\u0131\u015ft\u0131k. Di\u011ferinde ise sermaye tahsisi kararlar\u0131ndan temett\u00fc ve hisse geri al\u0131m\u0131ndan hangisinin daha iyi oldu\u011funu irdeledik. A\u015fa\u011f\u0131daki linklerden ula\u015fabilirsiniz.<\/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: Gelece\u011fi Tahmin Etmeyi B\u0131rak\u0131p Krizlere Dayan\u0131kl\u0131 Portf\u00f6y Kurman\u0131n Yollar\u0131 | F\u00d6K #52\" 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\/4wwXtE1tOIB0c7RLhYlwTE?si=0JT9dBHcTA2mLnZOSVlMHA&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: Hangisi Daha K\u00e2rl\u0131: Temett\u00fc m\u00fc, Hisse Geri Al\u0131m\u0131 m\u0131? | F\u00d6K #53\" 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\/5RWRGa93t2DuIVtW5aU8tZ?si=rlydqXJjSW6StrlvcFWztg&amp;utm_source=oembed\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Ayr\u0131ca patreon taraf\u0131nda da i\u00e7eriklere devam ettim. Eyl\u00fcl ay\u0131nda \u00c7elebi ve Mavi \u015firketlerinin detayl\u0131 temel analizlerini yapt\u0131\u011f\u0131m yat\u0131r\u0131m tezlerini yay\u0131nlad\u0131m. Ayr\u0131ca DOCO ve ANHYT \u015firketlerinin de g\u00fcncel durumlar\u0131n\u0131 inceledim. Bunun yan\u0131nda hesab\u0131m \u00fczerinden ula\u015fabilece\u011finiz 24 dersten olu\u015fan &#8220;Bilan\u00e7o ve Finansal Tablo Okuma E\u011fitimi&#8221; de yay\u0131na girdi. A\u015fa\u011f\u0131daki linkten detaylar\u0131na ula\u015fabilirsiniz.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.patreon.com\/collection\/2397816\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/2026-09-30-bilano-okuma-eitimi-promo-card.png?resize=1024%2C576&#038;ssl=1\" alt=\"\" class=\"wp-image-3723\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/2026-09-30-bilano-okuma-eitimi-promo-card.png?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/2026-09-30-bilano-okuma-eitimi-promo-card.png?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/2026-09-30-bilano-okuma-eitimi-promo-card.png?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/2026-09-30-bilano-okuma-eitimi-promo-card.png?w=1200&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/a><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Jeopolitik Geli\u015fmeler<\/strong><\/h2>\n\n\n\n<p>\u015eimdi g\u00fcncel geli\u015fmelere d\u00f6nelim. A\u011fustosu Ortado\u011fu&#8217;da yeniden artan bir gerilimle kapatm\u0131\u015ft\u0131k, eyl\u00fclde bu gerilim t\u0131rmand\u0131. Ay\u0131n ilk g\u00fcnlerinde ABD ile \u0130ran aras\u0131nda kar\u015f\u0131l\u0131kl\u0131 hava sald\u0131r\u0131lar\u0131 ya\u015fand\u0131 ve \u0130ran Devrim Muhaf\u0131zlar\u0131 \u00dcrd\u00fcn&#8217;deki bir Amerikan \u00fcss\u00fcn\u00fc balistik f\u00fczelerle hedef ald\u0131. 8 Eyl\u00fcl&#8217;de Yemen&#8217;deki Husiler, Suudi Aramco&#8217;nun \u00fclkenin g\u00fcneyindeki enerji tesislerine insans\u0131z hava ara\u00e7lar\u0131 ve f\u00fczelerle sald\u0131rd\u0131. 10 Eyl\u00fcl&#8217;de ise tanker sald\u0131r\u0131lar\u0131n\u0131n artmas\u0131 ve H\u00fcrm\u00fcz&#8217;deki gemi trafi\u011finin belirgin bi\u00e7imde azalmas\u0131yla Brent 106 dolar\u0131n \u00fczerine \u00e7\u0131karak ay\u0131n zirvesini g\u00f6rd\u00fc.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"759\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100736.png?resize=1024%2C759&#038;ssl=1\" alt=\"\" class=\"wp-image-3724\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100736.png?resize=1024%2C759&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100736.png?resize=300%2C222&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100736.png?resize=768%2C569&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100736.png?resize=1536%2C1139&amp;ssl=1 1536w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100736.png?w=1609&amp;ssl=1 1609w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Ay\u0131n ikinci yar\u0131s\u0131nda petrol biraz solukland\u0131 ve 22 Eyl\u00fcl&#8217;de 95 dolar civar\u0131na geriledi. Ay sonuna do\u011fru ABD Ba\u015fkan\u0131 Trump&#8217;\u0131n \u0130ran&#8217;\u0131n 7 maddelik bar\u0131\u015f \u00f6nerisini reddetti\u011fine ili\u015fkin haberlerle fiyat yeniden 99 dolara yakla\u015ft\u0131. Brent ay\u0131 97,5 dolardan kapatt\u0131. A\u011fustos sonundaki 90,4 dolara g\u00f6re yakla\u015f\u0131k %8&#8217;lik bir art\u0131\u015f var, ay i\u00e7inde ise 90 ile 106 dolar aras\u0131nda 16 dolarl\u0131k bir sal\u0131n\u0131m g\u00f6rd\u00fck. Ge\u00e7en ay petrolde kal\u0131c\u0131 bir y\u00f6n de\u011fil, jeopolitik ba\u015fl\u0131klara ba\u011fl\u0131 bir sal\u0131n\u0131m rejimi oldu\u011funu yazm\u0131\u015ft\u0131m. Enerji ithalat\u00e7\u0131s\u0131 bir \u00fclke olarak bizim i\u00e7in bu tablo hem cari a\u00e7\u0131k hem de enflasyon taraf\u0131nda ek bir y\u00fck anlam\u0131na geliyor. Piyasan\u0131n g\u00f6z\u00fc \u015fimdi 4 Ekim&#8217;deki OPEC+ toplant\u0131s\u0131nda.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Yurti\u00e7i Piyasalar<\/strong><\/h2>\n\n\n\n<p>T\u00fcrkiye&#8217;ye d\u00f6necek olursak, eyl\u00fcl\u00fcn as\u0131l hikayesi fon piyasas\u0131nda ya\u015fand\u0131 ve arka plan\u0131 birka\u00e7 aya uzan\u0131yor. Son iki y\u0131lda baz\u0131 portf\u00f6y y\u00f6netim \u015firketlerinin fonlar\u0131 \u00e7ok h\u0131zl\u0131 b\u00fcy\u00fcm\u00fc\u015ft\u00fc. Pusula Portf\u00f6y a\u011fustos sonunda yakla\u015f\u0131k 13 milyar dolar, Tera grubu ise yakla\u015f\u0131k 14 milyar dolar b\u00fcy\u00fckl\u00fc\u011f\u00fcnde varl\u0131k y\u00f6netiyordu. 28 A\u011fustos&#8217;ta SPK, serbest fonlar\u0131n hisse senetlerindeki yo\u011funla\u015fmas\u0131na s\u0131n\u0131r getiren yeni kurallar yay\u0131mlad\u0131 ve s\u0131n\u0131r\u0131 a\u015fan pozisyonlar\u0131n y\u0131l sonuna kadar kademeli olarak azalt\u0131lmas\u0131n\u0131 istedi. Eyl\u00fcl\u00fcn ilk yar\u0131s\u0131nda ise Tera Yat\u0131r\u0131m&#8217;\u0131n Pusula Finans Holding&#8217;i devralma g\u00f6r\u00fc\u015fmeleri g\u00fcndemdeydi.<\/p>\n\n\n\n<p>15 Eyl\u00fcl&#8217;de Pusula Portf\u00f6y, baz\u0131 fonlar\u0131nda kat\u0131lma pay\u0131 iade \u00f6demelerinde temerr\u00fct olu\u015ftu\u011funu a\u00e7\u0131klad\u0131. Ertesi g\u00fcn ayn\u0131 tablo Tera Portf\u00f6y&#8217;\u00fcn iki fonunda da ortaya \u00e7\u0131kt\u0131. Tera&#8217;n\u0131n sonradan yapt\u0131\u011f\u0131 a\u00e7\u0131klamaya g\u00f6re k\u0131sa s\u00fcrede gelen iade talimatlar\u0131 yakla\u015f\u0131k 300 milyar liraya ula\u015fm\u0131\u015ft\u0131. Fon yat\u0131r\u0131mc\u0131lar\u0131n\u0131n ayn\u0131 anda \u00e7\u0131kmak istemesi, fonlar\u0131n portf\u00f6ylerindeki hisseleri satma bask\u0131s\u0131yla birle\u015fti. 16 Eyl\u00fcl&#8217;de BIST 100 %5,54 d\u00fc\u015f\u00fc\u015fle 13.122 puandan kapatt\u0131 ve devre kesici \u00e7al\u0131\u015ft\u0131. Ayn\u0131 g\u00fcn bankac\u0131l\u0131k endeksi %6,38, holding endeksi ise %6,48 geriledi.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"406\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-093520.png?resize=1024%2C406&#038;ssl=1\" alt=\"\" class=\"wp-image-3725\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-093520.png?resize=1024%2C406&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-093520.png?resize=300%2C119&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-093520.png?resize=768%2C305&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-093520.png?w=1442&amp;ssl=1 1442w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>17 Eyl\u00fcl sabah\u0131, piyasalar a\u00e7\u0131lmadan \u00f6nce Hazine ve Maliye Bakan\u0131 Mehmet \u015eim\u015fek ba\u015fkanl\u0131\u011f\u0131nda Finansal \u0130stikrar Komitesi topland\u0131. Komite sorunun fon piyasas\u0131n\u0131n belirli bir b\u00f6l\u00fcm\u00fcnde yo\u011funla\u015ft\u0131\u011f\u0131n\u0131, ge\u00e7ici ve y\u00f6netilebilir nitelikte oldu\u011funu, Borsa \u0130stanbul&#8217;un i\u015fleyi\u015fine ili\u015fkin yap\u0131sal bir risk bulunmad\u0131\u011f\u0131n\u0131 a\u00e7\u0131klad\u0131. TCMB taraf\u0131nda ihale miktarlar\u0131n\u0131n art\u0131r\u0131lmas\u0131 ve bankalar\u0131n teminatlar\u0131na uygulanan iskontonun d\u00fc\u015f\u00fcr\u00fclmesi gibi likidite ad\u0131mlar\u0131 duyuruldu. SPK ise yedi portf\u00f6y y\u00f6netim \u015firketine ait 130&#8217;u a\u015fk\u0131n fonu i\u015fleme kapatarak tasfiyesine karar verdi. Tasfiye s\u00fcrecini \u0130\u015f Bankas\u0131 ve Ziraat Bankas\u0131 y\u00fcr\u00fct\u00fcyor, haberlere g\u00f6re 500 binden fazla yat\u0131r\u0131mc\u0131 bu s\u00fcre\u00e7ten do\u011frudan etkileniyor.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"406\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-093542.png?resize=1024%2C406&#038;ssl=1\" alt=\"\" class=\"wp-image-3726\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-093542.png?resize=1024%2C406&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-093542.png?resize=300%2C119&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-093542.png?resize=768%2C305&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-093542.png?w=1444&amp;ssl=1 1444w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Endeks 17 Eyl\u00fcl&#8217;de yakla\u015f\u0131k %2,9 toparland\u0131 ama bu toparlanma kal\u0131c\u0131 olmad\u0131. \u0130stanbul Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131&#8217;n\u0131n sermaye piyasas\u0131ndaki manip\u00fclatif i\u015flemlere y\u00f6nelik soru\u015fturmas\u0131 ay boyunca dalgalar halinde geni\u015fledi. 30 Eyl\u00fcl itibar\u0131yla soru\u015fturmada 56 ki\u015fi tutuklanm\u0131\u015f durumda ve 26 hisse senedindeki i\u015flemler inceleniyor, ancak bu hisselerin listesi kamuoyuyla payla\u015f\u0131lmad\u0131. Ayl\u0131k kay\u0131p TL baz\u0131nda %16,65. BIST 30 ise yakla\u015f\u0131k %9,9 d\u00fc\u015f\u00fc\u015fle endeksin belirgin bi\u00e7imde \u00fczerinde kald\u0131. T\u00fcm \u015firketleri kapsayan BIST T\u00fcm endeksi %20 geriledi. Yani sat\u0131\u015f\u0131n merkezinde b\u00fcy\u00fck \u015firketlerden \u00e7ok k\u00fc\u00e7\u00fck ve orta \u00f6l\u00e7ekli hisseler vard\u0131.<\/p>\n\n\n\n<p>Risk primi de bu tablodan pay\u0131n\u0131 ald\u0131. T\u00fcrkiye&#8217;nin 5 y\u0131ll\u0131k CDS&#8217;i a\u011fustos sonundaki 206 baz puandan 28 Eyl\u00fcl&#8217;de 251 baz puana \u00e7\u0131kt\u0131 ve may\u0131stan bu yana en y\u00fcksek seviyeyi g\u00f6rd\u00fc. Yani a\u011fustosta konu\u015ftu\u011fumuz risk primi d\u00fc\u015f\u00fc\u015f\u00fcn\u00fcn tamam\u0131 bir ayda geri al\u0131nd\u0131.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"507\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/HTmj7oqXIAA97Pb.jpg?resize=1024%2C507&#038;ssl=1\" alt=\"\" class=\"wp-image-3727\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/HTmj7oqXIAA97Pb.jpg?resize=1024%2C507&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/HTmj7oqXIAA97Pb.jpg?resize=300%2C149&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/HTmj7oqXIAA97Pb.jpg?resize=768%2C380&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/HTmj7oqXIAA97Pb.jpg?resize=1536%2C760&amp;ssl=1 1536w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/HTmj7oqXIAA97Pb.jpg?w=1600&amp;ssl=1 1600w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Bu tablodan kendi ad\u0131ma \u00e7\u0131kard\u0131\u011f\u0131m \u00fc\u00e7 ders var. Birincisi likidite uyumsuzlu\u011fu. Birka\u00e7 g\u00fcn i\u00e7inde iade s\u00f6z\u00fc veren bir fon, k\u0131sa s\u00fcrede nakde d\u00f6nemeyecek varl\u0131klarda yo\u011funla\u015ft\u0131\u011f\u0131nda sakin d\u00f6nemde bir sorun g\u00f6r\u00fcnm\u00fcyor. Herkes ayn\u0131 anda \u00e7\u0131kmak istedi\u011finde ise fon \u00f6demeleri kar\u015f\u0131layam\u0131yor. \u0130kincisi ge\u00e7mi\u015f getirinin cazibesi. K\u0131sa s\u00fcrede ola\u011fan d\u0131\u015f\u0131 getiri sa\u011flayan bir \u00fcr\u00fcn\u00fcn arkas\u0131nda ne oldu\u011funu sormak, getirinin kendisinden daha \u00f6nemli.<\/p>\n\n\n\n<p>Eyl\u00fcl ay\u0131nda hep k\u00f6t\u00fc geli\u015fmeler olmad\u0131 tabi. Bist30 da Bist100&#8217;de endeks de\u011fi\u015fiklikleri ger\u00e7ekle\u015fti ve spek\u00fclatif hisseler endekslerden \u00e7\u0131karken temeli sa\u011flam ve k\u00f6kl\u00fc \u015firketlerin girdi\u011fini g\u00f6rd\u00fck. Bu da asl\u0131nda endeksi tekrar nispeten yat\u0131r\u0131m performans\u0131n\u0131 kar\u015f\u0131la\u015ft\u0131rabilece\u011fimiz bir enstr\u00fcmana d\u00f6n\u00fc\u015ft\u00fcrmek ad\u0131na yap\u0131lm\u0131\u015f bir ad\u0131m oldu.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"786\" height=\"1024\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-094015.png?resize=786%2C1024&#038;ssl=1\" alt=\"\" class=\"wp-image-3728\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-094015.png?resize=786%2C1024&amp;ssl=1 786w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-094015.png?resize=230%2C300&amp;ssl=1 230w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-094015.png?resize=768%2C1001&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-094015.png?w=941&amp;ssl=1 941w\" sizes=\"auto, (max-width: 786px) 100vw, 786px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>TCMB taraf\u0131nda 10 Eyl\u00fcl&#8217;deki PPK toplant\u0131s\u0131nda politika faizi beklentilere paralel olarak %37&#8217;de sabit tutuldu. Gecelik bor\u00e7 verme %40, gecelik bor\u00e7lanma ise %35,5 seviyesinde korundu. Kurul s\u0131k\u0131 para politikas\u0131 duru\u015funun fiyat istikrar\u0131 sa\u011flanana kadar s\u00fcrece\u011fini yineledi ve bir sonraki ad\u0131m i\u00e7in taahh\u00fctte bulunmad\u0131. Ge\u00e7en ay ilk indirim beklentimi eyl\u00fclden ekime do\u011fru esnetti\u011fimi yazm\u0131\u015ft\u0131m. Bug\u00fcnk\u00fc tabloda bu beklentiyi korumak zor. Fed faiz art\u0131rd\u0131, petrol 100 dolar civar\u0131nda, CDS y\u00fckseldi ve fon krizi finansal istikrar\u0131 g\u00fcndemin ilk s\u0131ras\u0131na ta\u015f\u0131d\u0131. Bu ko\u015fullarda TCMB&#8217;nin \u00f6nceli\u011fi bir s\u00fcre daha likiditeyi ve kuru y\u00f6netmek olabilir. Ben de ilk indirimi y\u0131l sonuna do\u011fru beklemeyi daha ger\u00e7ek\u00e7i buluyorum.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Ki\u015fisel Portf\u00f6y<\/strong><\/h2>\n\n\n\n<p>\u015eimdi portf\u00f6ydeki \u015firketlerle ilgili eyl\u00fcl 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<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"735\" height=\"457\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-091456.png?resize=735%2C457&#038;ssl=1\" alt=\"\" class=\"wp-image-3729\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-091456.png?w=735&amp;ssl=1 735w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-091456.png?resize=300%2C187&amp;ssl=1 300w\" sizes=\"auto, (max-width: 735px) 100vw, 735px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>TUPRS<\/strong><\/h3>\n\n\n\n<p>T\u00fcpra\u015f bu ay endeksin \u00e7ok \u00fczerinde kald\u0131 ama o da d\u00fc\u015f\u00fc\u015ften pay\u0131n\u0131 ald\u0131. Rafineri marjlar\u0131 \u00e7ok y\u00fcksek seyretmeye devam ediyor. 3. \u00e7eyrekte muhtemelen net rafineri marjlar\u0131n\u0131n 2. \u00e7eyre\u011fin \u00fczerinde olu\u015ftu\u011funu g\u00f6rmeye devam edece\u011fiz.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"532\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-01-100438.png?resize=1024%2C532&#038;ssl=1\" alt=\"\" class=\"wp-image-3730\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-01-100438.png?resize=1024%2C532&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-01-100438.png?resize=300%2C156&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-01-100438.png?resize=768%2C399&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-01-100438.png?w=1154&amp;ssl=1 1154w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>1 Eyl\u00fcl&#8217;de Ko\u00e7 Holding ve dolayl\u0131 ana orta\u011f\u0131 Temel Ticaret, T\u00fcpra\u015f sermayesinin yakla\u015f\u0131k %0,83&#8217;\u00fcn\u00fc temsil eden paylar\u0131 pay ba\u015f\u0131na 384,50 TL fiyatla Merrill Lynch International&#8217;a satma karar\u0131 ald\u0131. Sat\u0131\u015f 3 Eyl\u00fcl&#8217;de toptan al\u0131\u015f sat\u0131\u015f pazar\u0131nda ger\u00e7ekle\u015fti ve takas\u0131 7 Eyl\u00fcl&#8217;de tamamland\u0131. Bu i\u015flemle Ko\u00e7 grubunun T\u00fcpra\u015f&#8217;taki toplam pay\u0131 %50,1&#8217;e indi, halka a\u00e7\u0131kl\u0131k oran\u0131 ise %49,7&#8217;ye y\u00fckseldi. Ayr\u0131ca 1 Eyl\u00fcl&#8217;de T\u00fcpra\u015f, %99,2 oran\u0131nda sahibi oldu\u011fu ba\u011fl\u0131 ortakl\u0131\u011f\u0131 Entek Elektrik&#8217;in 2,5 milyar TL&#8217;lik nakdi sermaye art\u0131r\u0131m\u0131na kat\u0131ld\u0131 ve yakla\u015f\u0131k 2,48 milyar TL \u00f6dedi.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>CVKMD<\/strong><\/h3>\n\n\n\n<p>CVK Madencilik eyl\u00fclde portf\u00f6y\u00fcm\u00fcn en zay\u0131f halkas\u0131 oldu. Hisse 16,76&#8217;dan 12,11&#8217;e indi, yani yakla\u015f\u0131k %27,7 de\u011fer kaybetti ve ay\u0131 neredeyse en d\u00fc\u015f\u00fck seviyesinden kapatt\u0131. Bu d\u00fc\u015f\u00fc\u015f\u00fc tek bir \u015firket haberiyle a\u00e7\u0131klamak bence m\u00fcmk\u00fcn de\u011fil. Ons alt\u0131n ay i\u00e7inde %6,6 geriledi ve genel piyasadaki sat\u0131\u015f bask\u0131s\u0131 k\u00fc\u00e7\u00fck ve orta \u00f6l\u00e7ekli hisselerde \u00e7ok daha sert hissedildi. Bu \u015firkette a\u015fa\u011f\u0131 ve yukar\u0131 fiyat hareketleri sert olabiliyor. Ben \u00e7ok uzun vadeli bir yat\u0131r\u0131mc\u0131 oldu\u011fum i\u00e7in fiyat hareketleri beni ilgilendirmiyor, operasyonlar\u0131 takip ediyorum.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"407\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-094653.png?resize=1024%2C407&#038;ssl=1\" alt=\"\" class=\"wp-image-3731\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-094653.png?resize=1024%2C407&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-094653.png?resize=300%2C119&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-094653.png?resize=768%2C305&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-094653.png?w=1437&amp;ssl=1 1437w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Operasyon taraf\u0131nda ise bekledi\u011fim ad\u0131m geldi. 24 Eyl\u00fcl&#8217;de \u015firket, Sar\u0131alan Alt\u0131n \u0130\u015fletmesi&#8217;nde deneme \u00fcretiminin ba\u015far\u0131yla tamamland\u0131\u011f\u0131n\u0131 ve tam kapasite \u00fcretime ge\u00e7ildi\u011fini a\u00e7\u0131klad\u0131. \u015eubatta ba\u015flayan deneme \u00fcretimi d\u00f6neminde 15 Eyl\u00fcl&#8217;e kadar toplam 14.450 ons alt\u0131n i\u00e7eren konsantre \u00fcretilmi\u015f. Trafigura \u00f6n \u00f6demesi ve bedelli sermaye art\u0131r\u0131m\u0131yla finansman\u0131 sa\u011flanan projenin \u00fcretim a\u015famas\u0131na ge\u00e7mesi tezimin \u00e7ekirde\u011finde duruyordu. Bundan sonra bakaca\u011f\u0131m \u015fey tam kapasitedeki \u00fcretim miktar\u0131n\u0131n ve maliyetlerin \u00e7eyrek bilan\u00e7olar\u0131na nas\u0131l yans\u0131yaca\u011f\u0131.<\/p>\n\n\n\n<p>Y\u00f6netim kurulu ba\u015fkan\u0131 H\u00fcseyin \u00c7evik ay i\u00e7inde d\u00f6rt ayr\u0131 bildirimle borsadan pay ald\u0131. Al\u0131m tutarlar\u0131 \u015firketin b\u00fcy\u00fckl\u00fc\u011f\u00fcne g\u00f6re k\u00fc\u00e7\u00fck ama ana hissedar\u0131n d\u00fc\u015f\u00fc\u015fte sat\u0131c\u0131 de\u011fil al\u0131c\u0131 tarafta olmas\u0131 benim i\u00e7in anlaml\u0131.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>GLYHO<\/strong><\/h3>\n\n\n\n<p>Global Yat\u0131r\u0131m Holding eyl\u00fcl\u00fc yakla\u015f\u0131k %5 d\u00fc\u015f\u00fc\u015fle, 16,55&#8217;ten 15,73&#8217;e inerek kapatt\u0131. Ay i\u00e7inde 14,64 dibini g\u00f6rd\u00fc. Endeksin %16,65 geriledi\u011fi bir ayda bu belirgin bir pozitif ayr\u0131\u015fma.<\/p>\n\n\n\n<p>16 Eyl\u00fcl&#8217;de a\u00e7\u0131klanan a\u011fustos yolcu istatistikleri g\u00fc\u00e7l\u00fc geldi. Konsolide gemi say\u0131s\u0131 y\u0131ll\u0131k %9, konsolide yolcu hareketleri ise %13 artt\u0131. Konsolide olmayan limanlar dahil a\u011fustosta toplam 641 gemi ve 2.166.169 yolcu a\u011f\u0131rlanm\u0131\u015f. Temmuz doluluk oran\u0131 ise konsolide bazda %115 seviyesinde ger\u00e7ekle\u015fmi\u015f. Temmuzda gemi say\u0131s\u0131ndaki art\u0131\u015f %2, yolcu art\u0131\u015f\u0131 %6 seviyesindeydi. Yani a\u011fustosta ivme yeniden h\u0131zland\u0131.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1013\" height=\"563\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-09-17-091922.png?resize=1013%2C563&#038;ssl=1\" alt=\"\" class=\"wp-image-3733\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-09-17-091922.png?w=1013&amp;ssl=1 1013w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-09-17-091922.png?resize=300%2C167&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-09-17-091922.png?resize=768%2C427&amp;ssl=1 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Y\u00f6netim kurulu ba\u015fkan\u0131 Mehmet Kutman&#8217;\u0131n al\u0131mlar\u0131 s\u00fcrd\u00fc. \u00d6rne\u011fin 16 Eyl\u00fcl&#8217;de 16,00 TL&#8217;den 250 bin nominal pay ald\u0131 ve birlikte hareket etti\u011fi taraflarla toplam pay\u0131 %36,36&#8217;ya \u00e7\u0131kt\u0131. 21 Eyl\u00fcl&#8217;de ise Hollanda merkezli Leonidsport B.V., ortalama 15,22 TL fiyattan yapt\u0131\u011f\u0131 al\u0131mla \u015firketteki pay\u0131n\u0131 %3&#8217;\u00fcn \u00fczerine ta\u015f\u0131d\u0131. Yabanc\u0131 ilgisinin artmas\u0131n\u0131n da olumlu oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyorum.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>ISMEN<\/strong><\/h3>\n\n\n\n<p>\u0130\u015f Yat\u0131r\u0131m ay i\u00e7inde 37,38 seviyesini g\u00f6rd\u00fckten sonra ikinci yar\u0131da geriledi ve ay\u0131 29,62 ile en d\u00fc\u015f\u00fck seviyesinden kapatt\u0131. Ayl\u0131k kay\u0131p %10,8. Bence fon krizi, arac\u0131 kurum ve portf\u00f6y y\u00f6netimi taraf\u0131na y\u00f6nelik alg\u0131y\u0131 da olumsuz etkiledi. Fakat burada bir ters etki ya\u015fanabilece\u011fi kanaatindeyim. Orta e k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli arac\u0131 kurumlara ve py\u015f&#8217;lere g\u00fcvenin azalmas\u0131 sekt\u00f6r\u00fcn b\u00fcy\u00fcklerine do\u011fru bir ak\u0131\u015f olmas\u0131na sebep olabilir. Dolay\u0131s\u0131yla bu t\u00fcr d\u00f6nemler g\u00fc\u00e7l\u00fc sermayeli ve k\u00f6kl\u00fc bir gruba ba\u011fl\u0131 arac\u0131 kurumlar i\u00e7in pazar pay\u0131 f\u0131rsat\u0131 da yaratabilir.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"410\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-095124.png?resize=1024%2C410&#038;ssl=1\" alt=\"\" class=\"wp-image-3734\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-095124.png?resize=1024%2C410&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-095124.png?resize=300%2C120&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-095124.png?resize=768%2C307&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-095124.png?w=1432&amp;ssl=1 1432w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>A\u011fustosta tezimin faiz indirim d\u00f6ng\u00fcs\u00fcne ba\u011fl\u0131 oldu\u011funu ve takvimin uzad\u0131\u011f\u0131n\u0131 yazm\u0131\u015ft\u0131m. Eyl\u00fclde Fed faiz art\u0131rd\u0131, TCMB&#8217;nin indirime ba\u015flamas\u0131 zorla\u015ft\u0131 ve sekt\u00f6r ciddi bir g\u00fcven s\u0131nav\u0131ndan ge\u00e7ti. \u00dc\u00e7\u00fcnc\u00fc \u00e7eyrek bilan\u00e7osu \u00f6n\u00fcm\u00fczdeki haftalarda gelecek.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Eurobond Port\u00f6y\u00fc<\/strong><\/h2>\n\n\n\n<p>T\u00fcrkiye&#8217;nin 5 y\u0131ll\u0131k CDS&#8217;i a\u011fustos sonundaki 206 baz puandan 251 baz puana \u00e7\u0131kt\u0131, yani a\u011fustostaki iyile\u015fmenin tamam\u0131 geri al\u0131nd\u0131. Haberlere g\u00f6re y\u00fckseli\u015fin ana sebebi fon krizinin yaratt\u0131\u011f\u0131 g\u00fcven kayb\u0131. Buna ABD&#8217;de 10 y\u0131ll\u0131k tahvil faizinin %5,3 seviyesine \u00e7\u0131karak 2002&#8217;den bu yana en y\u00fcksek seviyeyi g\u00f6rmesi de eklendi. K\u00fcresel faizlerin bu kadar yukar\u0131da olmas\u0131 geli\u015fen piyasa tahvillerinin fiyatlar\u0131 \u00fczerinde bask\u0131 anlam\u0131na geliyor. CDS&#8217;teki bu hareketin eurobond fiyatlar\u0131na da yans\u0131mas\u0131 olas\u0131.<\/p>\n\n\n\n<p>Bu ay toplamd 950 $ kupon geliri elde ettim. \u015eimdilik nakit olarak tutmay\u0131 tercih ediyorum.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"349\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-091507.png?resize=943%2C349&#038;ssl=1\" alt=\"\" class=\"wp-image-3735\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-091507.png?w=943&amp;ssl=1 943w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-091507.png?resize=300%2C111&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-091507.png?resize=768%2C284&amp;ssl=1 768w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>ABD Portf\u00f6y\u00fc<\/strong><\/h2>\n\n\n\n<p>Yurt d\u0131\u015f\u0131nda eyl\u00fcl\u00fcn ana ba\u015fl\u0131\u011f\u0131 Fed oldu. Jackson Hole&#8217;daki \u015fahin konu\u015fmayla masaya gelen faiz art\u0131r\u0131m\u0131 16 Eyl\u00fcl&#8217;deki toplant\u0131da ger\u00e7ekle\u015fti. Fed politika faizini 25 baz puan art\u0131rarak %3,75 ile %4 aral\u0131\u011f\u0131na \u00e7ekti. Bu 2023&#8217;ten bu yana ilk faiz art\u0131r\u0131m\u0131 ve karar oy birli\u011fiyle al\u0131nd\u0131. Ba\u015fkan Kevin Warsh enflasyonun \u00e7ok y\u00fcksek oldu\u011funu ve \u00e7ok uzun s\u00fcredir y\u00fcksek kald\u0131\u011f\u0131n\u0131 s\u00f6yledi. \u00dcyelerin projeksiyonlar\u0131nda medyan beklenti y\u0131l sonuna kadar 25 baz puanl\u0131k bir art\u0131\u015f daha yap\u0131lmas\u0131 y\u00f6n\u00fcnde. ABD 10 y\u0131ll\u0131k tahvil faizi de ay i\u00e7inde %5,3&#8217;\u00fc a\u015ft\u0131.<\/p>\n\n\n\n<p>Endekslerde tablo ayr\u0131\u015ft\u0131. S&amp;P 500 eyl\u00fcl\u00fc %0,4 d\u00fc\u015f\u00fc\u015fle 7.652&#8217;den kapatt\u0131, Dow Jones %4,3 geriledi, teknoloji a\u011f\u0131rl\u0131kl\u0131 Nasdaq ise %1,9 y\u00fckseldi. Y\u00fcksek faiz ortam\u0131nda yat\u0131r\u0131mc\u0131lar yine b\u00fcy\u00fcme hikayesi olan teknoloji \u015firketlerini tercih etti gibi g\u00f6r\u00fcn\u00fcyor.<\/p>\n\n\n\n<p>Kendi portf\u00f6y\u00fcmde eyl\u00fcl ay\u0131nda herhangi bir al\u0131m ya da sat\u0131m yapmad\u0131m. Ay i\u00e7inde VOO, SPYG ve HD pozisyonlar\u0131mdan temett\u00fc ald\u0131m. Bunlar \u015fimdilik nakit olarak durmaya devam ediyor.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"552\" height=\"183\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-095526.png?resize=552%2C183&#038;ssl=1\" alt=\"\" class=\"wp-image-3736\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-095526.png?w=552&amp;ssl=1 552w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-095526.png?resize=300%2C99&amp;ssl=1 300w\" sizes=\"auto, (max-width: 552px) 100vw, 552px\" data-recalc-dims=\"1\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><strong>Bitcoin<\/strong><\/h2>\n\n\n\n<p>Bitcoin ise bu tablonun d\u0131\u015f\u0131nda kald\u0131 ve 78900 bin dolardan 83700 dolara, yani yakla\u015f\u0131k %6 y\u00fckselerek ay\u0131 tamamlad\u0131. Ay i\u00e7inde 75000 ile 87400 dolar aras\u0131nda dalgaland\u0131. Haziranda 58 bin dolara kadar inen fiyat \u00fc\u00e7 ayda 84 bin dolara \u00e7\u0131kt\u0131 ama Ekim 2025&#8217;teki 126 bin dolarl\u0131k zirveden hala uza\u011f\u0131z.<\/p>\n\n\n\n<p>Ben yine bu ay da d\u00fczenli al\u0131mlar\u0131m\u0131 s\u00fcrd\u00fcrd\u00fcm. Portf\u00f6y\u00fcmdeki BTC a\u011f\u0131rl\u0131\u011f\u0131 %4&#8217;\u00fc ge\u00e7mi\u015f durumda.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"157\" height=\"161\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-095821.png?resize=157%2C161&#038;ssl=1\" alt=\"\" class=\"wp-image-3737\" data-recalc-dims=\"1\"\/><\/figure><\/div>\n\n\n<p>Toparlayacak olursam,<\/p>\n\n\n\n<p>BIST 100&#8217;\u00fcn TL baz\u0131nda %16,65 geriledi\u011fi eyl\u00fcl ay\u0131nda hisse senedi portf\u00f6y\u00fcm %7.8, toplam portf\u00f6y\u00fcm ise TL baz\u0131nda %2.93 geriledi. Dolar baz\u0131nda kay\u0131p ise %4.69 oldu. Portf\u00f6y\u00fcmdeki 11 \u015firketin 9&#8217;u endeksten daha az kaybettirdi. B\u00f6yle zamanlarda dengeli ve defansif bir portf\u00f6ye sahip olmak sizi \u00e7alkant\u0131lardan koruyabiliyor.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"736\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100310.png?resize=1024%2C736&#038;ssl=1\" alt=\"\" class=\"wp-image-3738\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100310.png?resize=1024%2C736&amp;ssl=1 1024w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100310.png?resize=300%2C216&amp;ssl=1 300w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100310.png?resize=768%2C552&amp;ssl=1 768w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100310.png?w=1069&amp;ssl=1 1069w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Benim i\u00e7in \u00f6nemli olan yine bu hareketlerin ge\u00e7ici mi kal\u0131c\u0131 m\u0131 oldu\u011funu ay\u0131rt etmek. Bu ayki d\u00fc\u015f\u00fc\u015f\u00fcn kayna\u011f\u0131 \u015firketlerimin bilan\u00e7olar\u0131 de\u011fil, piyasan\u0131n yap\u0131s\u0131nda ortaya \u00e7\u0131kan bir g\u00fcven sorunu. CVK&#8217;da Sar\u0131alan tam kapasite \u00fcretime ge\u00e7ti, Global&#8217;de yolcu say\u0131lar\u0131 yeniden h\u0131zland\u0131. Fiyat hareketlerini de\u011fil, \u015firketlerimizin faaliyetlerini takip etmenin daha do\u011fru oldu\u011fu zamanlardan ge\u00e7iyoruz.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"327\" height=\"307\" src=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100346.png?resize=327%2C307&#038;ssl=1\" alt=\"\" class=\"wp-image-3739\" srcset=\"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100346.png?w=327&amp;ssl=1 327w, https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2026\/10\/Ekran-goruntusu-2026-10-02-100346.png?resize=300%2C282&amp;ssl=1 300w\" sizes=\"auto, (max-width: 327px) 100vw, 327px\" data-recalc-dims=\"1\" \/><\/figure><\/div>\n\n\n<p>Bu t\u00fcr aylar bana Epiktetos&#8217;un kontrol ikilemini hat\u0131rlat\u0131yor. Fon y\u00f6neticilerinin kararlar\u0131n\u0131, soru\u015fturmalar\u0131n seyrini, Fed&#8217;in faiz karar\u0131n\u0131 ya da H\u00fcrm\u00fcz&#8217;deki gemi trafi\u011fini kontrol edemiyorum. Kontrol edebildi\u011fim \u015feyler belli. Neye sahip oldu\u011fumu bilmek, birikimimi tek bir \u00fcr\u00fcne ya da tek bir y\u00f6neticiye ba\u011flamamak ve fiyatlar d\u00fc\u015ft\u00fc\u011f\u00fcnde plan\u0131m\u0131n d\u0131\u015f\u0131na \u00e7\u0131kmamak. 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","protected":false},"excerpt":{"rendered":"<p>Herkese selamlar. Yeni bir ay\u0131n daha sonuna geldik. Finansal \u00f6zg\u00fcrl\u00fck yolculu\u011funa ba\u015flayal\u0131 tam 99 ay, hedefime ula\u015fal\u0131 ise 36 ay ge\u00e7mi\u015f. Temmuzu bir tersine d\u00f6n\u00fc\u015f,&#8230;<\/p>\n","protected":false},"author":2,"featured_media":3740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"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-3721","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\/10\/Eylul-2026-Sonu-Portfoy-Durumu-Kapak.png?fit=1200%2C630&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\/3721","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=3721"}],"version-history":[{"count":1,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3721\/revisions"}],"predecessor-version":[{"id":3741,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3721\/revisions\/3741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media\/3740"}],"wp:attachment":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}