{"id":30675,"date":"2026-03-19T03:04:37","date_gmt":"2026-03-19T03:04:37","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/bnyden-geoff-yu-volatilite-ortaminda-daha-guclu-korunma-hedging-ile-em-asya-pasifik-hisseleri-kuresel-olcekte-elde-tutulmasi-en-uygun-varlik-sinifi-olmaya-devam-ediyor\/"},"modified":"2026-03-19T03:04:37","modified_gmt":"2026-03-19T03:04:37","slug":"bnyden-geoff-yu-volatilite-ortaminda-daha-guclu-korunma-hedging-ile-em-asya-pasifik-hisseleri-kuresel-olcekte-elde-tutulmasi-en-uygun-varlik-sinifi-olmaya-devam-ediyor","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/bnyden-geoff-yu-volatilite-ortaminda-daha-guclu-korunma-hedging-ile-em-asya-pasifik-hisseleri-kuresel-olcekte-elde-tutulmasi-en-uygun-varlik-sinifi-olmaya-devam-ediyor\/","title":{"rendered":"BNY\u2019den Geoff Yu: Volatilite ortam\u0131nda daha g\u00fc\u00e7l\u00fc korunma (hedging) ile EM Asya-Pasifik hisseleri k\u00fcresel \u00f6l\u00e7ekte elde tutulmas\u0131 en uygun varl\u0131k s\u0131n\u0131f\u0131 olmaya devam ediyor"},"content":{"rendered":"APAC\u2019ta (Asya-Pasifik) hisse senedi piyasalar\u0131 son iki haftada en b\u00fcy\u00fck dalgalanmalardan baz\u0131lar\u0131n\u0131 g\u00f6rd\u00fc. \u00c7at\u0131\u015fma \u00f6ncesinde teknoloji ve k\u00fcresel yapay zek\u00e2 (AI) sekt\u00f6r\u00fcne y\u00fcksek a\u011f\u0131rl\u0131k veren piyasalarda risk daha y\u00fcksek. Etkilenen sekt\u00f6rlerde arz riski s\u00fcr\u00fcyor; buna, \u00fcretimde kullan\u0131lan helyuma (\u00f6zellikle \u00e7ip \u00fcretiminde kritik bir gaz) ba\u011f\u0131ml\u0131 yar\u0131 iletkenler de dahil.\n\nFitch\u2019e g\u00f6re G\u00fcney Kore ge\u00e7en y\u0131l helyum ithalat\u0131n\u0131n yakla\u015f\u0131k %65\u2019ini Katar\u2019dan sa\u011flad\u0131; Japonya ise pazartesi g\u00fcn\u00fc mevcut stok (rezerv) seviyesini kamuoyuna a\u00e7\u0131klad\u0131. EM APAC (geli\u015fen piyasa Asya-Pasifik) k\u00fcresel \u00f6l\u00e7ekte en g\u00fc\u00e7l\u00fc tutulan hisse b\u00f6lgesi olmaya devam ederken, b\u00f6lgedeki geli\u015fmi\u015f piyasalar da k\u00fcresel benzerlerine k\u0131yasla daha iyi tutuluyor.\n\n

Apac Allocation Outlook<\/h3>\nSon d\u00fczeltmeden \u00f6nce bile ABD varl\u0131klar\u0131na maruziyet g\u00f6rece d\u00fc\u015f\u00fck oldu\u011fu i\u00e7in APAC tahsislerini art\u0131rmak m\u00fcmk\u00fcn. \u00c7in\u2019de talep, baz etkisi (ge\u00e7en y\u0131l\u0131n zay\u0131f\/ g\u00fc\u00e7l\u00fc seviyelerinin y\u0131ll\u0131k kar\u015f\u0131la\u015ft\u0131rmay\u0131 etkilemesi) ve ek te\u015fviklerle toparlanabilir; ancak Ulusal Halk Kongresi\u2019ndeki b\u00fcy\u00fcme hedefleri beklentileri a\u015fmad\u0131.\n\nK\u0131sa vadede hedge oranlar\u0131n\u0131n (portf\u00f6y riskini azaltmak i\u00e7in kullan\u0131lan koruma d\u00fczeyi) y\u00fcksek kalmas\u0131 bekleniyor. Artan enerji maliyetleri Asya\u2019n\u0131n \u00f6demeler dengesini (\u00fclkenin d\u0131\u015f d\u00fcnya ile yapt\u0131\u011f\u0131 mal-hizmet ticareti ve sermaye ak\u0131mlar\u0131 dengesi) zay\u0131flatabilir; k\u00fcreselde k\u0131sa vadeli tahvil faizlerinin y\u00fckselmesi de geleneksel fonlama kaynaklar\u0131ndan sermaye geri d\u00f6n\u00fc\u015f\u00fc (repatriation) talebini azaltabilir.\n\nEM APAC hisselerinin son dalgalanmalara ra\u011fmen dayan\u0131kl\u0131l\u0131k g\u00f6stererek portf\u00f6ylerde temel bir pozisyon olmaya devam etti\u011fini g\u00f6r\u00fcyoruz. \u00d6rne\u011fin MSCI Emerging Markets Asia Endeksi, bu y\u0131l bir\u00e7ok geli\u015fmi\u015f piyasa benzerine k\u0131yasla daha iyi tutunarak yat\u0131r\u0131mc\u0131 g\u00fcveninin s\u00fcrd\u00fc\u011f\u00fcne i\u015faret etti. Bu g\u00f6r\u00fcn\u00fcm, b\u00f6lgenin b\u00fcy\u00fcme potansiyeline maruziyeti koruma yakla\u015f\u0131m\u0131m\u0131z\u0131 destekliyor.\n\nBuna kar\u015f\u0131n sekt\u00f6r bazl\u0131 riskleri \u00f6zellikle yar\u0131 iletkenlerde aktif bi\u00e7imde y\u00f6netiyoruz; bu alan 2025\u2019te helyum kaynakl\u0131 tedarik zinciri (\u00fcretim ve sevkiyat\u0131n t\u00fcm a\u015famalar\u0131) endi\u015feleri ya\u015fam\u0131\u015ft\u0131. G\u00fcney Kore ve Tayvan gibi teknoloji a\u011f\u0131rl\u0131\u011f\u0131 y\u00fcksek piyasalardaki pozisyonlar\u0131m\u0131z\u0131 korumak i\u00e7in Taiwan Semiconductor Manufacturing Company gibi \u00f6nemli hisselerde put opsiyonu (fiyat d\u00fc\u015ferse de\u011fer kazanan, zararlar\u0131 s\u0131n\u0131rlamaya yarayan t\u00fcrev s\u00f6zle\u015fme) al\u0131yoruz. Bu, tedarikteki olas\u0131 yeni aksakl\u0131klar\u0131n \u00fcretim ve k\u00e2rl\u0131l\u0131\u011f\u0131 etkilemesi durumunda a\u015fa\u011f\u0131 y\u00f6nl\u00fc zarar\u0131 s\u0131n\u0131rlayan net bir koruma sa\u011flar.\n\n

Portfolio Hedging Approach<\/h3>\nYat\u0131r\u0131mda kalma gerek\u00e7esi, \u00c7in\u2019in talebi desteklemeye d\u00f6n\u00fck son ad\u0131mlar\u0131yla g\u00fc\u00e7leniyor. 2026\u2019n\u0131n ilk \u00e7eyre\u011finde \u00c7in PMI verilerinin 50\u2019nin \u00fczerinde dengelendi\u011fini g\u00f6rd\u00fck; PMI (Sat\u0131n Alma Y\u00f6neticileri Endeksi) 50\u2019nin \u00fczerindeyse ekonomik faaliyette geni\u015flemeye i\u015faret eder. Pekin ayr\u0131ca ilave mali destek sinyali verdi. Bu unsurlar, k\u00fcresel e\u011filimlerden ba\u011f\u0131ms\u0131z olarak t\u00fcm APAC b\u00f6lgesi i\u00e7in olumlu, b\u00f6lgeye \u00f6zg\u00fc bir itici g\u00fc\u00e7 (idiosyncratic driver: b\u00f6lgeye \u00f6zel etken) yarat\u0131yor.\n\nAyn\u0131 zamanda daha y\u00fcksek hedge oranlar\u0131n\u0131 gerektiren geni\u015f makroekonomik bask\u0131lar\u0131 da g\u00f6z ard\u0131 etmiyoruz. Brent petrol\u00fc varil ba\u015f\u0131na 92 dolar civar\u0131nda kalmaya devam ediyor; Brent, Avrupa-Akdeniz bazl\u0131 k\u00fcresel petrol fiyat g\u00f6stergesidir. Bu seviye, enerjide d\u0131\u015fa ba\u011f\u0131ml\u0131 Asya ekonomilerinin \u00f6demeler dengesini bask\u0131l\u0131yor. Kal\u0131c\u0131 y\u00fcksek enerji maliyeti \u015firket k\u00e2r marjlar\u0131n\u0131 a\u015f\u0131nd\u0131rabilir ve b\u00f6lge para birimlerini zay\u0131flatabilir.\n\nBu nedenle temel uzun (long) pozisyonlar\u0131m\u0131z\u0131 korurken, portf\u00f6y\u00fc daha geni\u015f risklere kar\u015f\u0131 hedge ediyoruz. Geni\u015f b\u00f6lgesel endekslerde put spread (put opsiyonunu al\u0131p daha d\u00fc\u015f\u00fck kullan\u0131m fiyatl\u0131 put sat\u0131larak maliyeti d\u00fc\u015f\u00fcren, s\u0131n\u0131rl\u0131 koruma sa\u011flayan strateji) kullanarak, enerji maliyetleri ve y\u00fcksek k\u00fcresel faizlerin tetikleyebilece\u011fi d\u00fc\u015f\u00fc\u015fe kar\u015f\u0131 koruma al\u0131yoruz. ABD 2 y\u0131ll\u0131k tahvil faizinin sabit kalmas\u0131 da sermayenin Asya\u2019ya y\u00f6nelme iste\u011fini azalt\u0131yor; bu y\u00fczden \u00f6n\u00fcm\u00fczdeki haftalarda bu portf\u00f6y korumalar\u0131n\u0131 gerekli g\u00f6r\u00fcyoruz.\n

\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n – Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"

APAC borsalar\u0131nda sert dalga: teknoloji\/AI a\u011f\u0131rl\u0131\u011f\u0131 riski b\u00fcy\u00fct\u00fcyor. Helyum tedariki yar\u0131 iletkenleri s\u0131k\u0131\u015ft\u0131rabilir. EM APAC g\u00fc\u00e7l\u00fc kal\u0131rken, \u00c7in te\u015fviki destek; enerji ve faiz bask\u0131s\u0131na kar\u015f\u0131 put hedge \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-30675","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/30675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=30675"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/30675\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=30675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=30675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=30675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}