{"id":1014,"date":"2026-09-24T20:30:40","date_gmt":"2026-09-24T17:30:40","guid":{"rendered":"https:\/\/sigorta.nesiblog.com\/?p=1014"},"modified":"2026-09-24T20:30:40","modified_gmt":"2026-09-24T17:30:40","slug":"fon-piyasalarindaki-durum-bes-fonlarinda-likidite-sorununa-yol-acmadi","status":"publish","type":"post","link":"https:\/\/sigorta.nesiblog.com\/?p=1014","title":{"rendered":"Fon piyasalar\u0131ndaki durum\u00a0BES fonlar\u0131nda likidite\u00a0sorununa yol a\u00e7mad\u0131"},"content":{"rendered":"<h4 class=\"wp-block-heading\"><strong>TSB Ba\u015fkan\u0131 Ya\u015far, bug\u00fcne kadar emeklilik fonlar\u0131nda herhangi bir likidite sorunu olmad\u0131\u011f\u0131n\u0131 belirterek, \u201c\u015eu ana kadar ald\u0131\u011f\u0131m\u0131z bilgiler, BES kat\u0131l\u0131mc\u0131lar\u0131nda ola\u011fan d\u0131\u015f\u0131 bir davran\u0131\u015f veya sistemden ayr\u0131lma talebi olu\u015fmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor\u201d dedi.<\/strong><\/h4>\n<p class=\"wp-block-paragraph\">Sermaye Piyasas\u0131 Kurulunun (SPK), ge\u00e7en hafta yapt\u0131\u011f\u0131 duyuruyla Tera, Pusula, Hedef, Atlas, A1, Pardus ve Bulls Portf\u00f6y Y\u00f6netimi A\u015e\u2019den olu\u015fan 7 portf\u00f6y y\u00f6netim \u015firketinin kurucusu oldu\u011fu ve kat\u0131lma paylar\u0131 T\u00fcrkiye Elektronik Fon Al\u0131m Sat\u0131m Platformu\u2019nda (TEFAS) i\u015flem g\u00f6ren t\u00fcm yat\u0131r\u0131m fonlar\u0131 i\u015fleme kapat\u0131l\u0131rken, bu \u015firketlere ait 131 yat\u0131r\u0131m fonu tasfiye edildi.<\/p>\n<p class=\"wp-block-paragraph\">S\u00f6z konusu geli\u015fmelerin ard\u0131ndan g\u00f6zler emeklilik fonlar\u0131na da \u00e7evrildi. Bu ba\u011flamda, risk alt\u0131nda fon bulunup bulunmad\u0131\u011f\u0131 ve s\u00fcrecin Bireysel Emeklilik Sistemi (BES) kat\u0131l\u0131mc\u0131lar\u0131n\u0131n birikimlerine bir yans\u0131mas\u0131 olup olmayaca\u011f\u0131 merak konusu oldu.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"740\" height=\"415\" src=\"https:\/\/sigortamedya.com.tr\/wp-content\/uploads\/2026\/09\/BESS.webp\" alt=\"\" class=\"wp-image-132370\" \/><\/figure>\n<h4 class=\"wp-block-heading\"><strong>\u201cAceleci karar almaya yol\u00a0a\u00e7acak bir tablo g\u00f6rm\u00fcyoruz\u201d<\/strong><\/h4>\n<p class=\"wp-block-paragraph\"><strong>TSB Ba\u015fkan\u0131 Ahmet Ya\u015far, <\/strong>sermaye piyasalar\u0131nda son d\u00f6nemde ya\u015fanan geli\u015fmeleri yak\u0131ndan takip ettiklerini belirterek, yat\u0131r\u0131m fonlar\u0131 ile emeklilik yat\u0131r\u0131m fonlar\u0131n\u0131n birbirinden ayr\u0131 yap\u0131lar oldu\u011funa dikkati \u00e7ekti.<\/p>\n<p class=\"wp-block-paragraph\">Emeklilik yat\u0131r\u0131m fonlar\u0131n\u0131n teknik ve hukuki yap\u0131lar\u0131 ile tabi olduklar\u0131 g\u00f6zetim ve denetim mekanizmalar\u0131 bak\u0131m\u0131ndan g\u00fc\u00e7l\u00fc koruma mekanizmalar\u0131na sahip olduklar\u0131n\u0131n alt\u0131n\u0131 \u00e7izen Ya\u015far, \u201cBug\u00fcne kadar ya\u015fanan s\u00fcre\u00e7te emeklilik fonlar\u0131m\u0131zda herhangi bir likidite sorunu ortaya \u00e7\u0131kmad\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz. Bu tablo, BES\u2019in uzun vadeli tasarruf sistemi olarak sahip oldu\u011fu sa\u011flam yap\u0131y\u0131 bir kez daha ortaya koyuyor\u201d diye konu\u015ftu.<\/p>\n<p class=\"wp-block-paragraph\">Ya\u015far, emeklilik fonlar\u0131n\u0131n kurucular\u0131n\u0131n emeklilik \u015firketleri oldu\u011funu, 18 milyonu a\u015fan BES kat\u0131l\u0131mc\u0131s\u0131n\u0131n tasarruflar\u0131n\u0131n ise profesyonel portf\u00f6y y\u00f6netim \u015firketleri taraf\u0131ndan y\u00f6netildi\u011fini an\u0131msatarak, \u201cBurada \u00f6nemli bir ba\u015fka g\u00f6sterge de yakla\u015f\u0131k 400 emeklilik fonunun 353\u2019\u00fcn\u00fcn bankalar\u0131n sahibi oldu\u011fu portf\u00f6y y\u00f6netim \u015firketleri taraf\u0131ndan y\u00f6netiliyor olmas\u0131. Dolay\u0131s\u0131yla bug\u00fcn itibar\u0131yla BES kat\u0131l\u0131mc\u0131lar\u0131m\u0131z a\u00e7\u0131s\u0131ndan aceleci karar almaya yol a\u00e7acak bir tablo g\u00f6rm\u00fcyoruz\u201d a\u00e7\u0131klamas\u0131n\u0131 yapt\u0131.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"855\" height=\"481\" src=\"https:\/\/sigortamedya.com.tr\/wp-content\/uploads\/2026\/09\/BESSS-855x481.webp\" alt=\"\" class=\"wp-image-132371\" \/><\/figure>\n<h4 class=\"wp-block-heading\"><strong>\u201cBES fon b\u00fcy\u00fckl\u00fcklerinde k\u0131sa\u00a0s\u00fcrede yeniden art\u0131\u015f kaydedildi\u201d<\/strong><\/h4>\n<p class=\"wp-block-paragraph\">Piyasalarda ya\u015fanan dalgalanman\u0131n emeklilik yat\u0131r\u0131m fonlar\u0131na etkisinin s\u0131n\u0131rl\u0131 ve k\u0131sa s\u00fcreli kald\u0131\u011f\u0131n\u0131 g\u00f6rd\u00fcklerini belirten Ya\u015far, bunun en \u00f6nemli nedenlerinden birinin BES fonlar\u0131n\u0131n farkl\u0131 varl\u0131k s\u0131n\u0131flar\u0131na yay\u0131lan \u00e7e\u015fitlendirilmi\u015f portf\u00f6y yap\u0131s\u0131 oldu\u011funu vurgulad\u0131.<\/p>\n<p class=\"wp-block-paragraph\">Ya\u015far, Borsa \u0130stanbul\u2019daki k\u0131sa vadeli dalgalanmalara ra\u011fmen emeklilik yat\u0131r\u0131m fonlar\u0131nda belirgin ve kal\u0131c\u0131 bir olumsuz etki g\u00f6zlenmedi\u011fine dikkati \u00e7ekerek, \u201cFon b\u00fcy\u00fckl\u00fcklerinde k\u0131sa s\u00fcrede yeniden art\u0131\u015f kaydedildi. BES\u2019i zaten g\u00fcnl\u00fck veya haftal\u0131k piyasa hareketleri \u00fczerinden de\u011ferlendirmemek gerekiyor. Bu sistemin temel \u00f6zelli\u011fi uzun vadeli tasarruf olmas\u0131d\u0131r\u201d \u015feklinde konu\u015ftu.<\/p>\n<p class=\"wp-block-paragraph\">SPK taraf\u0131ndan tasfiye edilen yat\u0131r\u0131m fonlar\u0131n\u0131n i\u00e7indeki en b\u00fcy\u00fck pay\u0131n serbest fon t\u00fcr\u00fc oldu\u011funun g\u00f6r\u00fcld\u00fc\u011f\u00fcn\u00fc dile getiren Ya\u015far, BES fonlar\u0131nda risk limitleri ve varl\u0131k yo\u011funla\u015fmalar\u0131 farkl\u0131 olan bu fon t\u00fcr\u00fcn\u00fcn bulunmad\u0131\u011f\u0131n\u0131 belirtti.<\/p>\n<p class=\"wp-block-paragraph\">Ahmet Ya\u015far, BES kat\u0131l\u0131mc\u0131lar\u0131n\u0131n s\u00f6z konusu geli\u015fmelere y\u00f6nelik ilk tepkilerine de de\u011finerek, \u201cSekt\u00f6r\u00fcm\u00fczle yak\u0131n temas i\u00e7erisindeyiz. \u015eu ana kadar ald\u0131\u011f\u0131m\u0131z bilgiler, geli\u015fmeler nedeniyle BES kat\u0131l\u0131mc\u0131lar\u0131nda ola\u011fan d\u0131\u015f\u0131 bir davran\u0131\u015f veya sistemden ayr\u0131lma talebi olu\u015fmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Elbette piyasa dalgalanmalar\u0131 \u00f6zellikle hisse senetlerine yat\u0131r\u0131m yapan emeklilik fonlar\u0131n\u0131n k\u0131sa d\u00f6nemli getirilerinde etkili olabilir. Ancak BES\u2019e uzun vadeli perspektiften bakt\u0131\u011f\u0131m\u0131zda farkl\u0131 bir tablo g\u00f6r\u00fcyoruz\u201d ifadelerini kulland\u0131.<\/p>\n<h4 class=\"wp-block-heading\"><strong>Kat\u0131l\u0131mc\u0131lar uzun vadeli\u00a0tasarruf hedeflerini\u00a0dikkate almal\u0131<\/strong><\/h4>\n<p class=\"wp-block-paragraph\">Takasbank\u2019\u0131n 21 Eyl\u00fcl itibar\u0131yla emeklilik yat\u0131r\u0131m fonlar\u0131na ili\u015fkin verilerini aktaran Ya\u015far, ba\u015fl\u0131ca varl\u0131k gruplar\u0131n\u0131n da\u011f\u0131l\u0131m\u0131nda (toplam y\u00fczde 94) k\u0131ymetli madenlerin y\u00fczde 38, hisse senedinin y\u00fczde 16, kamu bor\u00e7lanma ara\u00e7lar\u0131n\u0131n y\u00fczde 14, fon kat\u0131lma paylar\u0131\/ters repo ve repo i\u015flemlerinin y\u00fczde 6, di\u011fer alternatif yat\u0131r\u0131m ara\u00e7lar\u0131n\u0131n ise y\u00fczde 20 paya sahip oldu\u011funu bildirdi.<\/p>\n<p class=\"wp-block-paragraph\">Ya\u015far, \u201cBu dengeli da\u011f\u0131l\u0131m, borsa dalgalanmalar\u0131n\u0131n toplam fon b\u00fcy\u00fckl\u00fc\u011f\u00fcne zarar vermesini engellemektedir. Bu nedenle kat\u0131l\u0131mc\u0131lar\u0131m\u0131z\u0131n k\u0131sa vadeli piyasa hareketlerinden ziyade kendi risk profillerini ve uzun vadeli tasarruf hedeflerini dikkate almalar\u0131n\u0131n daha do\u011fru oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyoruz\u201d dedi.<\/p>\n<h4 class=\"wp-block-heading\"><strong>\u201cSekt\u00f6r\u00fcm\u00fcz\u00fcn u\u011fra\u015flar\u0131 sonucu\u00a0devreye al\u0131nan Fon G\u00f6zetim\u00a0Platformu\u2019nu \u00f6nemsiyoruz\u201d<\/strong><\/h4>\n<p class=\"wp-block-paragraph\">Ya\u015far, BES fonlar\u0131na y\u00f6nelik denetim mekanizmalar\u0131n\u0131n \u00f6nemine dikkati \u00e7ekerek, BES\u2019i di\u011fer yat\u0131r\u0131m fonlar\u0131ndan ay\u0131ran en \u00f6nemli unsurlardan birinin de g\u00fc\u00e7l\u00fc ve \u00e7ok katmanl\u0131 g\u00f6zetim yap\u0131s\u0131 oldu\u011funu dile getirdi.<\/p>\n<p class=\"wp-block-paragraph\">Emeklilik fonlar\u0131n\u0131n uzun vadeli emeklilik tasarruflar\u0131n\u0131 y\u00f6netmesi nedeniyle denetim ve takiplerinin de buna uygun \u015fekilde ger\u00e7ekle\u015ftirildi\u011fini belirten Ya\u015far, SPK ve Takasbank\u2019\u0131n yan\u0131 s\u0131ra Sigortac\u0131l\u0131k ve \u00d6zel Emeklilik D\u00fczenleme ve Denetleme Kurumunun (SEDDK) ve Emeklilik G\u00f6zetim Merkezinin (EGM) de sistemin g\u00f6zetiminde rol ald\u0131\u011f\u0131n\u0131 anlatt\u0131.<\/p>\n<p class=\"wp-block-paragraph\">Ya\u015far, bu kapsamda Fon G\u00f6zetim Platformu\u2019na de\u011finerek, \u201c\u00d6zellikle sekt\u00f6r\u00fcm\u00fcz\u00fcn uzun u\u011fra\u015flar\u0131 sonucunda devreye al\u0131nan Fon G\u00f6zetim Platformu\u2019nu \u00e7ok \u00f6nemsiyoruz. Entegre veri payla\u015f\u0131m\u0131 sayesinde fonlar\u0131n izlenebilirli\u011fini art\u0131ran bu yap\u0131, olas\u0131 hata ve suistimallerin erken tespit edilmesine katk\u0131 sa\u011fl\u0131yor. Son ya\u015fanan geli\u015fmeler bize bir kez daha g\u00f6steriyor ki finansal sistemlerde g\u00fcven sadece iyi d\u00fczenlemelerle de\u011fil, etkin g\u00f6zetim, \u015feffafl\u0131k ve zaman\u0131nda m\u00fcdahaleyle korunabilir.\u201d de\u011ferlendirmesinde bulundu.<\/p>\n<p class=\"wp-block-paragraph\">Emeklilik fonlar\u0131n\u0131n tercih edilmesinin temel avantajlar\u0131na ili\u015fkin Ya\u015far, \u015fu ifadeleri kulland\u0131: \u201cBES\u2019in temel g\u00fcc\u00fc 3 noktada toplan\u0131yor, uzun vadeli tasarruf disiplini, geni\u015fleyen fon \u00e7e\u015fitlili\u011fi ve devlet katk\u0131s\u0131. Yat\u0131r\u0131m fonlar\u0131 toplu para ile fon al\u0131m\u0131 a\u011f\u0131rl\u0131kl\u0131 bir yap\u0131 g\u00f6sterirken, BES\u2019in uzun vadeli ve d\u00fczenli katk\u0131 pay\u0131 \u00f6demeleriyle b\u00fcy\u00fcmesi, sistemi bu t\u00fcr piyasa riskleri kar\u015f\u0131s\u0131nda farkl\u0131la\u015ft\u0131ran \u00f6nemli unsurlardan biridir. Emeklilik yat\u0131r\u0131m fonlar\u0131 s\u0131k\u0131 bi\u00e7imde g\u00f6zetilen yap\u0131lar\u0131yla kat\u0131l\u0131mc\u0131lara farkl\u0131 risk ve getiri tercihlerine g\u00f6re yat\u0131r\u0131m yapabilme imkan\u0131 sunuyor. \u00dcstelik son d\u00f6nemde fon \u00e7e\u015fitlili\u011finin ciddi bi\u00e7imde artmas\u0131 kat\u0131l\u0131mc\u0131lar\u0131m\u0131z\u0131n birikimlerini kendi tercihlerine g\u00f6re daha etkin y\u00f6netmelerine imkan veriyor. Buna bir de y\u00fczde 20 devlet katk\u0131s\u0131n\u0131 ekledi\u011fimizde BES\u2019in uzun vadeli tasarruf a\u00e7\u0131s\u0131ndan sahip oldu\u011fu avantaj daha net ortaya \u00e7\u0131k\u0131yor. Burada vatanda\u015f\u0131m\u0131za verece\u011fimiz mesaj \u00e7ok a\u00e7\u0131k, BES uzun vadeli bir tasarruf sistemidir. G\u00fcnl\u00fck piyasa hareketleri kar\u015f\u0131s\u0131nda sistemin sa\u011flaml\u0131\u011f\u0131n\u0131, g\u00fc\u00e7l\u00fc g\u00f6zetim mekanizmalar\u0131n\u0131 ve uzun vadeli yap\u0131s\u0131n\u0131 birlikte de\u011ferlendirmek gerekir. Bug\u00fcnk\u00fc veriler bize BES\u2019te sistemik bir sorun veya likidite problemi olmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Kat\u0131l\u0131mc\u0131lar\u0131m\u0131z\u0131n tasarruflar\u0131n\u0131 g\u00fcvenle b\u00fcy\u00fctebilecekleri g\u00fc\u00e7l\u00fc bir sistemi daha da geli\u015ftirmeye devam edece\u011fiz.\u201d<\/p>\n<h4 class=\"wp-block-heading\"><strong>Toplam fon b\u00fcy\u00fckl\u00fc\u011f\u00fc 2.6 trilyon liray\u0131 a\u015ft\u0131\u00a0<\/strong><\/h4>\n<p class=\"wp-block-paragraph\">EGM verilerine g\u00f6re, 21 Eyl\u00fcl itibar\u0131yla BES ve OKS\u2019de toplam fon b\u00fcy\u00fckl\u00fc\u011f\u00fc 2 trilyon 621 milyar 854,9 milyon liraya ula\u015f\u0131rken, toplam kat\u0131l\u0131mc\u0131 say\u0131s\u0131 18 milyon 278 bin 778 olarak kay\u0131tlara ge\u00e7ti.<\/p>\n<p class=\"wp-block-paragraph\">\n<div class=\"twitter-share\"><a href=\"https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Fsigortamedya.com.tr%2Ffon-piyasalarindaki-durum-bes-fonlarinda-likidite-sorununa-yol-acmadi%2F&amp;via=sigortamedya\" class=\"twitter-share-button\">Tweet<\/a><\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"<p>TSB Ba\u015fkan\u0131 Ya\u015far, bug\u00fcne kadar emeklilik fonlar\u0131nda herhangi bir likidite sorunu olmad\u0131\u011f\u0131n\u0131 belirterek, \u201c\u015eu ana kadar ald\u0131\u011f\u0131m\u0131z bilgiler, BES kat\u0131l\u0131mc\u0131lar\u0131nda ola\u011fan d\u0131\u015f\u0131 bir davran\u0131\u015f veya sistemden ayr\u0131lma talebi olu\u015fmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor\u201d dedi. Sermaye Piyasas\u0131 Kurulunun (SPK), ge\u00e7en hafta yapt\u0131\u011f\u0131 duyuruyla Tera,<\/p>\n","protected":false},"author":1,"featured_media":1015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-genel"],"_links":{"self":[{"href":"https:\/\/sigorta.nesiblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sigorta.nesiblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sigorta.nesiblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sigorta.nesiblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sigorta.nesiblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1014"}],"version-history":[{"count":0,"href":"https:\/\/sigorta.nesiblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sigorta.nesiblog.com\/index.php?rest_route=\/wp\/v2\/media\/1015"}],"wp:attachment":[{"href":"https:\/\/sigorta.nesiblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sigorta.nesiblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sigorta.nesiblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}