Barış ERKAYA / EXCHANGE ANALYSIS
We are living in confusing days for stock market investors. Not for dividend or growth investors, of course. For those who intend to make a profit with hit-and-run. Rumors vary. The sessions, in which the Futures and Options Exchange turned the sports market into a seesaw, created sharp rises that cannot be explained with logic in the banking stocks, which have been rising since the end of July but locked to the ceiling in the past few weeks, forcing leveraged short positions to collateral problems, this time it reversed and turned to the bottom of the same. started to push long positions with stocks. Of course, this image was not very useful in terms of the image that the stock market is not a playground but an investment place. Because everyone knew that speculation and manipulation were separated from each other, that one was beneficial for the markets, while the other was a form of action that had to be intervened by the regulatory authorities. It was certain that the sessions, in which the futures market disrupted the long-term investment spot market, would also leave bad memories in terms of attracting new investors to the stock market.
UNSEEN DEVELOPMENTS
The said brokerage house responded to the criticisms focused on one brokerage house on a website, and the brokerage house said that they only mediated the transactions of one investor, that they were not involved in manipulation, that the customer in question was not a private customer, and that the brokerage house did not engage in the same transactions with more than 10 other brokerage houses. announced that he did.
We said; We live in interesting days. Even this statement stands before us as an interesting statement that summarizes what is going on these days.
The stock market was a place where many famous speculators or manipulators roamed in the 1998-2003 period, the financial literacy of individual investors was much, much less than it is today, but even at that time we do not know for sure from which brokerage houses these speculators or manipulators traded, but only hearsay. We remember that we are We stock-finance For journalists, much of this information was just gossip. But today, we live in times when the name of a well-known stock market speculator can be clearly pronounced. In the background of this, there may be the CMB’s pressure on the actors of the extraordinary trading days experienced behind closed doors, as well as the discomfort felt by the institutions from the secured positions.
LEAVING THE HEALTHIEST TO THE PROFESSIONAL
So, what should those who do not have in-depth technical or basic stock market knowledge do when the market is like this?
We give the answer to this question by transferring it from experts whenever we find the opportunity. Leaving the business to professional investors, sitting back and watching the events from time to time may mean a little less return, but less risk and a more stress-free life. When we say professional investors, of course, we are talking about mutual funds or BES funds when it comes to evaluating your BES savings.
So, let’s take a closer look at the funds that protect their investors or make a lot of money by taking the right positions in the recent movements.
LEVERAGED FUND IS AT THE TOP
The first remarkable performance we encountered while examining mutual funds was actually a surprise. Exchange It is seen that the mutual fund, which provides an overwhelming return advantage against other funds from July 27, 2022, when the movement in Istanbul started to accelerate, to Friday, September 16, 2022, is a leveraged free umbrella fund. The return of Inveo Portfolio’s Statistical Arbitrage Hedge Special Fund, including fluctuations, was 472 percent. In other words, it increased an investment of 100 TL to 572 TL. However, another noteworthy point is that this fund has only one investor, according to TEFAS data. So it’s a dedicated fund.
WINNING TWICE OF THE INDEX
The fund that comes closest to this fund is Hedef Portfolio’s Compass Equity Hedge Fund. Deniz Portfolio’s CC Equity Hedge Special Fund followed this fund with a return of 119 percent, with a return of 97 percent. Azimut Portfolio’s Equity Hedge Hedge Fund yielded 85.5 percent, Azimut Portfolio Res Hedge Private Fund 82 percent, Tera Portfolio First Hedge Fund 81 percent, and Hedef Portfolio Mavi Equity Hedge Fund 80 percent. These funds are the funds that provide approximately twice the return of BIST-100 in just 1.5 months.
But of course, since many of these funds are stock-intensive funds, they also appeal to investors with a higher risk profile. In addition, some of these funds are not publicly traded and are sold exclusively to a certain investor mass, that is, funds that do not accept new investors.
WINNERS IN BOTH RISE AND DROPS
Now let’s do a slightly more conservative analysis. For example, which funds were the most profitable in 27 July – 12 September 2022, when Borsa Istanbul rose rapidly, and even more so towards its last days, but which managed to provide returns to its investors in the 12-16 September 2022 period, when the stock market fell sharply with the right strategy? ?
When we examine the two periods together, Azimut Portfolio Res Hedge Special Fund is at the top of the funds that earn the most when the stock market rises and falls, and provides the highest return in terms of compound returns. This fund, which earned 82 percent while the stock market was rising, managed to not lose nominally in the period when the stock market fell.
This fund is followed by Inveo Portfolio’s Everest Hedge Fund. This fund, which provided a return of around 55 percent while the stock market was rising, managed to provide a 6 percent return when the stock market was falling. These funds were followed by the A1 Portfolio First Hedge Fund, which earned 58 percent when the stock market was rising and 1 percent when the stock market was falling, and Marmara Capital Equity Hedge Fund, which earned 42 percent when the stock market rose and 7 percent when the stock market fell. Other funds in the list are Marmara Capital Equity (TL) Fund, Global Menkul Ada Hedge Fund, Global Menkul Boğaziçi Hedge Fund, Tacirler Portfolio KG Hedge Special Fund, Global Menkul Nehir Hedge Fund, respectively. You can view data on other funds in our tables.
GAVE SHARE-BASED FUNDS
In fact, these fluctuations in the stock market, maybe we forget, but they also affect the individual retirement future of people. Of course, in the long run, patience always wins in the end, but it is certain that an investor who has the right to change portfolios 6 times a year and wants to use this right will be very confused when he sees these irrational fluctuations in the stock market, at least when using one of these rights. For this reason, we also investigated the performance of BES funds in the same period. Anadolu Hayat Emeklilik’s İşbank Participation Index Pension Investment Fund was the fund that yielded the highest yield in the last 1.5 months. Of course, the rapid rise of İşbank C shares, even though they fell a little later, had an effect on this. First Equity Fund of Cigna Sağlık ve Emeklilik ranked second and Anadolu Hayat Emeklilik’s Equity Group Pension Fund ranked third. The number of pension funds that could yield higher returns than the BIST-100 index was only 12.
