{"id":3983,"date":"2026-02-20T22:49:53","date_gmt":"2026-02-20T19:49:53","guid":{"rendered":"https:\/\/tasarrufdelileri.wordpress.com\/?p=3983"},"modified":"2026-03-07T18:40:48","modified_gmt":"2026-03-07T15:40:48","slug":"nereye-kadar-serbest","status":"publish","type":"post","link":"https:\/\/fonanalizi.com\/?p=3983","title":{"rendered":"Nereye kadar serbest?"},"content":{"rendered":"\n

Son yaz\u0131m\u0131n \u00fczerinden bir hayli zaman ge\u00e7mi\u015f. Youtube kanal\u0131mdaki son videonun \u00fczerinden de.<\/p>\n\n\n\n

\u0130nsan sevdi\u011fi \u015feylerden uzak kal\u0131nca, hayat\u0131nda onlara verdi\u011fi yerin b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc daha net fark ediyor. Benim fark\u0131ndal\u0131\u011f\u0131m da buna benziyor son bir ka\u00e7 y\u0131l \u00f6zelinde.<\/p>\n\n\n\n

Herhangi bir yoldan veya yolculuktan ayr\u0131lm\u0131\u015f olman\u0131z, oradaki rutinin ak\u0131\u015f\u0131na engel de\u011fil elbette. Hayat da devam ediyor sizin d\u0131\u015f\u0131n\u0131zda, yolculuk da…<\/p>\n\n\n\n

Serbest Fon Tart\u0131\u015fmalar\u0131<\/em><\/h3>\n\n\n\n

Yat\u0131r\u0131m fonlar\u0131n\u0131n yolculu\u011fu ba\u015f d\u00f6nd\u00fcr\u00fcc\u00fc bir s\u00fcratle devam ediyor.<\/p>\n\n\n\n

19 \u015eubat piyasa kapan\u0131\u015f\u0131na g\u00f6re<\/strong> yat\u0131r\u0131m fonu sekt\u00f6r b\u00fcy\u00fckl\u00fc\u011f\u00fc 9.2 Trilyon TL<\/strong>‘ye yakla\u015fm\u0131\u015f durumda. En \u00f6nemli yat\u0131r\u0131mc\u0131 tercihlerinden biri de serbest fonlar oldu son d\u00f6nemde. \u0130mkans\u0131z getirilerin g\u00fcnl\u00fck sohbetlere konu oldu\u011fu, d\u00f6nemsel getirilerin 5 haneli rakamlara yakla\u015ft\u0131\u011f\u0131 \u00fctopik bir evrene d\u00f6n\u00fc\u015ft\u00fc serbest fonlar…<\/p>\n\n\n\n

SPK<\/strong>, elbette serbest fonlar\u0131 di\u011fer \u015femsiye fon t\u00fcrlerinden ay\u0131r\u0131rken, ad\u0131 \u00fczerinde ‘bir serbesti’<\/strong> \u00f6n g\u00f6rd\u00fc\u011f\u00fc i\u00e7in dahil etti bu fonlar\u0131 hayat\u0131m\u0131za. Hatta 2024 y\u0131l\u0131 Yat\u0131r\u0131mc\u0131 Bilgilendirme Kitap\u00e7\u0131\u011f\u0131nda ‘Serbest Fonlar\u0131n \u00e7al\u0131\u015fma mant\u0131\u011f\u0131n\u0131’ aynen \u015fu \u015fekilde tarif etmi\u015f:<\/p>\n\n\n\n

“Serbest fonlar III-52.1 say\u0131l\u0131 Yat\u0131r\u0131m Fonlar\u0131na \u0130li\u015fkin Esaslar Tebli\u011fi<\/strong>\u2019nin 17 ila 24\u2019\u00fcnc\u00fc maddelerinde yer alan fon portf\u00f6y\u00fcne al\u0131nacak varl\u0131klara ili\u015fkin oransal s\u0131n\u0131rlamalara ve di\u011fer \u015fartlara tabi olmaks\u0131z\u0131n fon izahnamesinde belirtilen yat\u0131r\u0131m stratejisi ve limitleri
dahilinde yat\u0131r\u0131m yapabilirler.”<\/em><\/p>\n\n\n\n

Buradaki kilit s\u00f6zc\u00fck ‘oransal s\u0131n\u0131rlama’<\/strong><\/p>\n\n\n\n

Bu s\u0131n\u0131rlama ile ‘aman yumurtalar\u0131 tek sepete koymay\u0131n’ minvalinden bir ‘yo\u011funla\u015fma’ <\/strong>riskinden ka\u00e7\u0131n\u0131lm\u0131\u015f.<\/p>\n\n\n\n

Yine SPK’n\u0131n tan\u0131mlamalar\u0131na g\u00f6re bu fonlar “de\u011fi\u015fken bir portf\u00f6y yap\u0131s\u0131na sahip olacak \u015fekilde, konvansiyonel yat\u0131r\u0131m fonlar\u0131ndaki portf\u00f6y s\u0131n\u0131rlamalar\u0131 \u00e7er\u00e7evesinde y\u00f6netilme zorunlulu\u011fu bulunmayan <\/strong>bir fon t\u00fcr\u00fc”.<\/em><\/p>\n\n\n\n

SPK “serbest fon” olgusunu b\u00fcy\u00fck oranda ald\u0131\u011f\u0131 riskin fark\u0131nda olan bir yat\u0131r\u0131mc\u0131 grubuyla yan yana g\u00f6rme arzusunda: ‘nitelikli yat\u0131r\u0131mc\u0131’<\/strong><\/p>\n\n\n\n

Bu tan\u0131m\u0131n bir de somutla\u015fm\u0131\u015f say\u0131sal ifadesi vard\u0131 ki, nitelikli yat\u0131r\u0131mc\u0131 tan\u0131m\u0131 zihinlerde uzun bir s\u00fcre, 1 milyon TL varl\u0131k bakiyesi sahibi olma durumuydu. Bu rakam tam 12 y\u0131l \u00f6nce belirlenmi\u015f, uzun bir s\u00fcre de g\u00fcncellenmemi\u015fti. <\/p>\n\n\n\n

Temmuz 2013’te yay\u0131nanan III-37.1 Say\u0131l\u0131 Tebli\u011f ile 1 Milyon TL kriteri ilk kez duyuruldu ve bu kapsamda “Profesyonel M\u00fc\u015fteri” ve “Nitelikli Yat\u0131r\u0131mc\u0131”<\/strong> ayr\u0131m\u0131 netle\u015ftirildi.<\/p>\n\n\n\n

Ancak bu alt varl\u0131k limiti o kadar uzun s\u00fcre ‘ayn\u0131’<\/strong> kald\u0131 ki, son d\u00f6nemde tart\u0131\u015ft\u0131\u011f\u0131m\u0131z yap\u0131sal sorunlar\u0131n kayna\u011f\u0131 da olduk\u00e7a uzun s\u00fcre alan bu ‘ayn\u0131l\u0131k’ oldu.<\/p>\n\n\n\n

2013 Temmuz’unda 1 Milyon TL olarak duyurulan alt s\u0131n\u0131r ile 1,92 USDTRY kuruyla “520 bin Amerikan Dolar\u0131’ <\/strong>al\u0131nabiliyordu. Nitelikli Yat\u0131r\u0131mc\u0131 tan\u0131m\u0131n\u0131n 1 milyonluk alt s\u0131n\u0131r\u0131, 19 Aral\u0131k 2025 tarihli SPK B\u00fclteni ile g\u00fcncellenmeden sadece bir g\u00fcn \u00f6nce ise<\/em><\/strong>, ayn\u0131 1 milyon TL ile 42,65 USDTRY kurundan sadece 23.446 USD <\/strong>alabilirdiniz.<\/p>\n\n\n\n

Bug\u00fcnlerde devam eden “serbest fon”<\/strong> tart\u0131\u015fmas\u0131n\u0131n yap\u0131sal arka plan\u0131nda bu ‘ge\u00e7 g\u00fcncellemenin yaratt\u0131\u011f\u0131’ <\/strong>kafa kar\u0131\u015f\u0131kl\u0131\u011f\u0131 yat\u0131yor.<\/p>\n\n\n\n

B\u00fcltenlere bu ak\u015fam d\u00fc\u015fen yeni habere g\u00f6re SPK, serbest fonlar\u0131n i\u00e7ine al\u0131nabilecek \u015firket paylar\u0131na s\u0131n\u0131rlama getirecek. \u0130lgili kurumlara g\u00f6nderilen taslak bilgilendirmeden, yat\u0131r\u0131mc\u0131y\u0131 korumak ad\u0131na ‘s\u0131n\u0131rlar’<\/strong> getiriliyor fon y\u00f6netiminde.<\/p>\n\n\n\n

\u0130\u015fin bu k\u0131sm\u0131nda g\u00f6r\u00fc\u015f ayr\u0131l\u0131klar\u0131 olacakt\u0131r.<\/p>\n\n\n\n

Bir kesim bunun serbest fon tan\u0131m\u0131n\u0131n i\u00e7ini bo\u015faltan bir k\u0131s\u0131tlama oldu\u011funu dile getirerek ‘kar\u015f\u0131s\u0131nda’<\/strong> olacak, bir kesim de \u00f6zellikle son zamanlarda \u00e7ok h\u0131zl\u0131 y\u00fckselip ard\u0131ndan \u00e7ok sert d\u00fc\u015fen ve \u00f6zellikle portf\u00f6ylerinde ta\u015f\u0131d\u0131klar\u0131 ‘organik’ pay senetleri nedeniyle tart\u0131\u015fma yaratan, dillerden d\u00fc\u015fmeyen baz\u0131 fonlar nedeniyle ‘karar\u0131 destekleyen’<\/strong> tarafta olacak.<\/p>\n\n\n\n

Bundan sonra ne olacak?<\/em><\/h3>\n\n\n\n

Detaylar a\u00e7\u0131kland\u0131k\u00e7a g\u00f6recek, daha iyi yorum yapabilece\u011fiz.<\/p>\n\n\n\n

Elbette t\u00fcm bu geli\u015fmeleri, bu sayfalarda bol bol da inceleyece\u011fiz. <\/p>\n\n\n\n

O zamana kadar -e\u011fer yat\u0131r\u0131m fonu ile ilgileniyorsan\u0131z-<\/strong> sizler de bu tart\u0131\u015fman\u0131n i\u00e7inde olacaks\u0131n\u0131z.<\/p>\n\n\n\n

Evet serbest de, nereye kadar serbest?<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

Sa\u011fl\u0131kla kal\u0131n…<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Son yaz\u0131m\u0131n \u00fczerinden bir hayli zaman ge\u00e7mi\u015f. Youtube kanal\u0131mdaki son videonun \u00fczerinden de. \u0130nsan sevdi\u011fi \u015feylerden uzak kal\u0131nca, hayat\u0131nda onlara verdi\u011fi yerin b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc daha net fark ediyor. Benim fark\u0131ndal\u0131\u011f\u0131m da…<\/p>\n","protected":false},"author":1,"featured_media":4187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-genel"],"_links":{"self":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts\/3983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3983"}],"version-history":[{"count":2,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts\/3983\/revisions"}],"predecessor-version":[{"id":4186,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/posts\/3983\/revisions\/4186"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=\/wp\/v2\/media\/4187"}],"wp:attachment":[{"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fonanalizi.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}