Comparison of the Return Performances of Participation and Conventional Investment Funds in Turkey

Yıl 2024, Cilt: 5 Sayı: 2, 133 - 174, 31.12.2024

Hilal Güloğlu , İbrahim Sırma

https://doi.org/10.57085/ufebud.1518937

Öz

Interest in investment funds has rapidly increased, especially after the COVID pandemic period. Investors who are seeking alternative investment instruments and relatively low in financial literacy have turned to different types of investment funds. The development and widespread adoption of mobile banking have played an important role in this, particularly. In addition to these developments, the field of participation finance in Turkey has also gained momentum rapidly. Particularly, investors who want to invest their savings but are sensitive to conventional financial instruments have turned to participation finance instruments they perceive as alternative. Nowadays, many brokerage firms provide services with investment funds catering to this audience.
This study compares 6 Participation and 18 Conventional investment funds that were continuously active during the period from July 2016 to November 2023, in terms of risk-adjusted returns before, during, and after the COVID pandemic, using different criteria. The study results indicate that participation funds can compete with conventional funds. This result demonstrates that participation funds constitute a significant alternative to conventional funds in a country like Turkey where participation finance is rapidly developing.

Anahtar Kelimeler

Investmen funds, participation investment funds, conventional investment funds

TÜRKİYE’DE KATILIM VE KONVANSİYONEL YATIRIM FONLARININ GETİRİ PERFORMANSLARININ KARŞILAŞTIRILMASI

Öz

Yatırım fonlarına ilgi özellikle COVID pandemisi döneminden sonra hızla artmıştır. Alternatif yatırım aracı arayışı içinde olan ve göreceli olarak finansal okuryazarlığı düşük olan yatırımcılar, farklı türlerdeki yatırım fonlarına yönelmişlerdir. Bunda özellikle mobil bankacılığının gelişmesi ve yaygın hale gelmesi de önemli bir rol oynamıştır. Bu gelişmelerin yanında, Türkiye’de katılım finans alanı da hızlı biçimde ivme kazanmıştır. Özellikle tasarruflarını değerlendirmek isteyen ancak konvansiyonel finans araçlarına karşı hassasiyeti olan yatırımcılar, alternatif gördükleri katılım finans araçlarına yönelmişlerdir. Günümüzde birçok aracı kurum, bu kitleye hitap eden yatırım fonlarıyla hizmet vermektedir.

Bu çalışmada Temmuz 2016–Kasım 2023 döneminde sürekli aktif olan 6 Katılım, 18 Konvansiyonel yatırım fonu, farklı kriterler kullanılarak riske göre düzeltilmiş getiri bakımından COVID pandemisi öncesi, COVID pandemisi dönemi ve sonra için karşılaştırılmıştır. Çalışma sonuçları katılım fonlarının, konvansiyonel fonlarla rekabet edebildiğini göstermektedir. Bu sonuç Türkiye gibi katılım finansmanın hızla geliştiği bir ülkede katılım fonlarının konvansiyonel fonlara önemli bir alternatif oluşturduğunu göstermektedir.

Anahtar Kelimeler

yatırım fonları, konvansiyonel fonlar, katılım fonları

Kaynakça

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