According to CMB’s notice dated 13/05/2015 and numbered 12233903-335.99-436; Yapı Kredi Asset Management’s portfolio management and investment advisory license dated 13/05/2015 and numbered PYŞ/PY.17-YD.9/391, replaced its portfolio management license dated 08/03/2007 and numbered PYŞ/PY/25-20, and investment consultancy license dated 08/03/2007 and numbered PYŞ/YD/10.

Funds Quarterly 2010 Q3

In the third quarter of 2010, worries about the European debt crisis and the signs of slowdown in US economy lost its strength and the possibility of a double dip recession became weaker. Global markets had a positive atmosphere and momentum with the help of positive developments like the growing perception that the debt problems of European economies were not as critical as expected.

2010 Detail

Funds Quarterly 2010 Q2

Regardless of country and region, macroeconomic coverage should necessarily include four basic topics: economic growth, inflation, current account, budget and indebtedness. The importance of these basic step analyses increases during crisis times or during a cruise on so-called "unchartered waters" with unknown questions and answers. As quoted from our Funds Quarterly 1Q10

2010 Detail

Funds Quarterly 2010 Q1

The oscillating pattern of macro indicators seems to continue in the first quarter of 2010 with favorable and unfavorable data releases following each other. Yet, it should be noted that, the resilience of the macro side increased considerably compared to previous quarters. The US GDP growth, for example, reached 5.6% in the last 3-month period of 2009.

2010 Detail

Funds Quarterly 2009 Q4

The first decade of the 21st century witnessed the "rise of the emerging markets" that heavily increased their weight in the world economy recently. The share of these countries in total world GDP had been at around 15% during 80s and 90s. This figure had later increased to 20% during the first years of the new century and will probably climb above 25% in the next decade. Developed markets, on the other hand, lost some ground, as their share in the world economy recently standing at 53%, significantly down from 70% by the end of 80s and 60% during early 2000s.

2009 Detail

Funds Quarterly 2009 Q3

One should take all the above-mentioned factors into account when estimating Turkish markets’ possible course in the forthcoming months. We prefer to be on the positive side, and estimate that it could be quite expensive to remain on the sidelines. On the fixed income side, the main drive stemmed from Turkish Central Bank's rate cuts since November 2008, when the simple O/N rate was at 16.75%.

2009 Detail

Funds Quarterly 2009 Q2

As we stated in our Funds Quarterly 2009-Q1 report; throughout 2008, emerging markets were categorized according to their ability of overcoming the effects of increasing commodity prices and a stable domestic demand. Hence commodity exporters were favored.

2009 Detail

Funds Quarterly 2009 Q1

As the global markets became victims of a widespread turmoil in 2008, Turkey was by no means an exception. Turkey’s USD based MSCI equity index lost 63% of its value throughout 2008. This performance was only better than Russia, India, and Greece. Other peer countries such as Brazil and Poland displayed a decline of 58% and 56% in their indices.

2009 Detail