TURKEY THE STORY OF AN EXTRAORDINARY TRANSITION

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18 Νοε 2013 (πριν από 3 χρόνια και 11 μήνες)

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TURKEY


THE STORY OF AN EXTRAORDINARY TRANSITION


October 2007

2

3

TURKISH ECONOMY


Factors of Extraordinary Economic Transition


Key Macroeconomic Indicators

6

FIXED INCOME MARKET

10


The Course of Interest Rates 2002
-
2007


The Course of Interest Rates 2002
-
2007
-

FTSE vs EMBI


13

ISTANBUL STOCK EXCHANGE

DERIVATIVE MARKET


Trading Volume


Breakdown of Trading Volume


MUTUAL FUND MARKET

16


Number of Fund Shareholders


Asset Size


Breakdown of Asset Size


Finans Asset Management A.S.


ETF Product Portfolio


Product Portfolio


Contact Details

20

F I N A N S A S S E T M A N A G E M E N T


National 100 Index


Volume


Market capitalisation

3

TURKISH ECONOMY

Long
-
awaited tough decisions have led to ...


Turkish

economy

has

achived

an

extraordinary

transition

over

the

past

few

years


Political

stability,

structural

reforms

and

fiscal

tightening

resulted

in



Strong

economic

growth


Disinflation

process


Improving

debt

ratios


Rising

per

capita

income


....Fundamental change in key indicators

Budget Deficit/GDP
-18%
-16%
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2000
2001
2002
2003
2004
2005
2006
2007 F
2008 F
GNP per capita
0
1000
2000
3000
4000
5000
6000
7000
8000
2000
2001
2002
2003
2004
2005
2006
2007F
2008F
US$
Net Debt/GDP
90%
78%
70%
63%
55%
45%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2001
2002
2003
2004
2005
2006
F I N A N S A S S E T M A N A G E M E N T

4

TURKISH ECONOMY

Fundamental change in key indicators (Cont’d)

Inflation
0%
10%
20%
30%
40%
50%
60%
70%
80%
2001
2002
2003
2004
2005
2006
2007F
2008F
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
2000
2001
2002
2003
2004
2005
2006
2007F
2008F
Foreign Direct Investment
US$ bn
F I N A N S A S S E T M A N A G E M E N T

5

3

TURKISH ECONOMY


Factors of Extraordinary Economic Transition


Key Macroeconomic Indicators

6

FIXED INCOME MARKET

10


The Course of Interest Rates 2002
-
2007


The Course of Interest Rates 2002
-
2007
-

FTSE vs EMBI


13

ISTANBUL STOCK EXCHANGE

DERIVATIVE MARKET


Trading Volume


Breakdown of Trading Volume


MUTUAL FUND MARKET

16


Number of Fund Shareholders


Asset Size


Breakdown of Asset Size


Finans Asset Management A.S.


ETF Product Portfolio


Product Portfolio


Contact Details

20

F I N A N S A S S E T M A N A G E M E N T


National 100 Index


Volume


Market capitalisation

6

ISTANBUL STOCK EXCHANGE

Performance 2003
-

2007

+ 448%
(43% p.a.)
+ 665%
(53% p.a.)
-
10,000
20,000
30,000
40,000
50,000
60,000
02/01/03
02/03/03
02/05/03
02/07/03
02/09/03
02/11/03
02/01/04
02/03/04
02/05/04
02/07/04
02/09/04
02/11/04
02/01/05
02/03/05
02/05/05
02/07/05
02/09/05
02/11/05
02/01/06
02/03/06
02/05/06
02/07/06
02/09/06
02/11/06
02/01/07
02/03/07
02/05/07
02/07/07
02/09/07
ISE-100
ISE-100 (Usc)
F I N A N S A S S E T M A N A G E M E N T

7

ISTANBUL STOCK EXCHANGE

Annual Average Volume 2003
-

2007

0
200
400
600
800
1000
1200
2003
2004
2005
2006
2007
US$ mn
F I N A N S A S S E T M A N A G E M E N T

8

ISTANBUL STOCK EXCHANGE

Annual Average Market Capitalisation 2003
-

2007

F I N A N S A S S E T M A N A G E M E N T

39
66
101
138
177
0
20
40
60
80
100
120
140
160
180
200
2003
2004
2005
2006
2007
US$ bn
9

3

TURKISH ECONOMY


Factors of Extraordinary Economic Transition


Key Macroeconomic Indicators

6

FIXED INCOME MARKET

10


The Course of Interest Rates 2002
-
2007


The Course of Interest Rates 2002
-
2007
-

FTSE vs EMBI


13

ISTANBUL STOCK EXCHANGE

DERIVATIVE MARKET


Trading Volume


Breakdown of Trading Volume


MUTUAL FUND MARKET

16


Number of Fund Shareholders


Asset Size


Breakdown of Asset Size


Finans Asset Management A.S.


ETF Product Portfolio


Product Portfolio


Contact Details

20

F I N A N S A S S E T M A N A G E M E N T


National 100 Index


Volume


Market capitalisation

10

The Course of Interest Rates 2002


2007

FIXED INCOME MARKET

0
10
20
30
40
50
60
70
80
90
01/01/2002
03/28/2002
06/20/2002
09/13/2002
12/11/2002
03/12/2003
06/06/2003
08/29/2003
11/24/2003
02/25/2004
05/21/2004
08/13/2004
11/09/2004
02/07/2005
05/02/2005
07/26/2005
10/19/2005
01/20/2006
04/14/2006
07/10/2006
10/03/2006
12/29/2006
03/28/2007
06/21/2007
09/14/2007
May 2006 Global
markets turmoil
Single party
government
Iraqi war
F I N A N S A S S E T M A N A G E M E N T

11

The Course of Interest Rates 2002


2007
-

FTSE vs EMBI

FIXED INCOME MARKET

0
50
100
150
200
250
300
350
400
02/01/2003
12/03/2003
14/05/2003
17/07/2003
18/09/2003
24/11/2003
05/02/2004
07/04/2004
11/06/2004
12/08/2004
15/10/2004
22/12/2004
28/02/2005
29/04/2005
01/07/2005
02/09/2005
08/11/2005
19/01/2006
24/03/2006
26/05/2006
28/07/2006
29/09/2006
06/12/2006
12/02/2007
16/04/2007
15/06/2007
16/08/2007
EMBIGLOBAL Cum Tot Ret Idx
FTSE
F I N A N S A S S E T M A N A G E M E N T

12

3

TURKISH ECONOMY


Factors of Extraordinary Economic Transition


Key Macroeconomic Indicators

6

FIXED INCOME MARKET

10


The Course of Interest Rates 2002
-
2007


The Course of Interest Rates 2002
-
2007
-

FTSE vs EMBI


13

ISTANBUL STOCK EXCHANGE

DERIVATIVE MARKET


Trading Volume


Breakdown of Trading Volume


MUTUAL FUND MARKET

16


Number of Fund Shareholders


Asset Size


Breakdown of Asset Size


Finans Asset Management A.S.


ETF Product Portfolio


Product Portfolio


Contact Details

20

F I N A N S A S S E T M A N A G E M E N T


National 100 Index


Volume


Market capitalisation

13

DERIVATIVE MARKET

Annual Trading Volume


US$ bn

* As of October 04, 2007

F I N A N S A S S E T M A N A G E M E N T

2
12
54
0
10
20
30
40
50
60
2005
2006
2007
US$ bn
14

DERIVATIVE MARKET

Breakdown of Trading Volume

2006
Equity
Indices
59%
Currencies
41%
2007
Equity
Indices
87%
Currencies
13%
F I N A N S A S S E T M A N A G E M E N T

15

3

TURKISH ECONOMY


Factors of Extraordinary Economic Transition


Key Macroeconomic Indicators

6

FIXED INCOME MARKET

10


The Course of Interest Rates 2002
-
2007


The Course of Interest Rates 2002
-
2007
-

FTSE vs EMBI


13

ISTANBUL STOCK EXCHANGE

DERIVATIVE MARKET


Trading Volume


Breakdown of Trading Volume


MUTUAL FUND MARKET

16


Number of Fund Shareholders


Asset Size


Breakdown of Asset Size


Finans Asset Management A.S.


ETF Product Portfolio


Product Portfolio


Contact Details

20

F I N A N S A S S E T M A N A G E M E N T


National 100 Index


Volume


Market capitalisation

16

Number of Fund Shareholder


MUTUAL FUND MARKET

0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2001
2002
2003
2004
2005
2006
2007
Equi ty
Fi xed Income
F I N A N S A S S E T M A N A G E M E N T

17

Asset Size


-

5,000
10,000
15,000
20,000
25,000
30,000
2000
2001
2002
2003
2004
2005
2006
Eyl-07
TRY mn
Equity
Fixed Income
MUTUAL FUND MARKET

F I N A N S A S S E T M A N A G E M E N T

18

Breakdown of Asset Size


2000
Equity,
27%
Fixed
Income,
73%
2007
Equity, 4%
Fixed
Income,
96%
MUTUAL FUND MARKET

F I N A N S A S S E T M A N A G E M E N T

19

3

TURKISH ECONOMY


Factors of Extraordinary Economic Transition


Key Macroeconomic Indicators

6

FIXED INCOME MARKET

10


The Course of Interest Rates 2002
-
2007


The Course of Interest Rates 2002
-
2007
-

FTSE vs EMBI


13

ISTANBUL STOCK EXCHANGE

DERIVATIVE MARKET


Trading Volume


Breakdown of Trading Volume


MUTUAL FUND MARKET

16


Number of Fund Shareholders


Asset Size


Breakdown of Asset Size


Finans Asset Management A.S.


ETF Product Portfolio


Product Portfolio


Contact Details

20

F I N A N S A S S E T M A N A G E M E N T


National 100 Index


Volume


Market capitalisation

20



DJIST
:

The

first

ETF

-

January

2005


provides

exposure

to

Turkey’s

20

blue
-
chip

companies


tracks

the

performance

of

Dow

Jones

Turkey

Titans

20

Index
*


NFIST
:

The

first

sector

ETF

-

December

2005



mirrors

the

performance

of

20

largest

and

most

liquid

industrial

and

service

sector

stocks

in

Turkey


tracks

the

performance

of

Non
-
financial

Istanbul

20

Index*


SMIST
:

The

first

style

ETF

-

September

2006


provides

direct

exposure

to

the

performance

of

top

25

Turkish

mid
-
size

companies


tracks

the

performance

of


Turkish

Smaller

Companies

Istanbul

25
*



GOLDIST
:

The

first

gold

ETF

in

Turkey

and

the

sixth

in

the

world



August

2006


awarded

the

second

place

in

the

category

of

“the

most

innovative

ETF”

in

NYC

in

May

2007


aims

to

reflect

the

performance

of

Gold

in

grams

and

tracks

the

international

spot

price

of

Gold

FINANS ASSET MANAGEMENT A.S.

ETF Portfolio

*

Created, maintained, disseminated by Dow Jones Indexes

F I N A N S A S S E T M A N A G E M E N T

21



FBIST
:

The

first

fixed

income

ETF

in

both

Turkey

and

Developing

Europe

-

October

2007




combines

the

advantages

of

both

mutual

funds

and

fixed

income

instruments




tracks

FTSE

Turkish

Lira

Government

Bond

Index*



FBIST

offers

investors

the

ability


To

gain

exposure

to

a

basket

of

fixed

income

securities


To

move

faster

without

a

liquidity

problem


To

track

the

performance

of

Turkish

Bonds




FINANS ASSET MANAGEMENT A.S.

New ETF Launch

*

Created, maintained, disseminated by FTSE

F I N A N S A S S E T M A N A G E M E N T

22

Product

Portfolio


QUANT
:

The

first

quantitative

investment

fund

in

Turkey

-

December

2006


Makes

its

trades

based

on

recommendations

of

a

computer

model,eliminating

the

human

factor

at

all


Offers

investors

the

complete

risk

management,

objective

analysis,

elimination

of

human
-
based

errors


EUROPEAN

EQUITY
:

The

first

foreign

fund

managed

by

a

mandate

-

October

2007



Allows

investors

to

gain

exposure

to

the

growth

in

Continental

Europe



Benefit

from

the

expertise

and

know
-
how

of

DWS,

a

member

of

Deutsche

Group



SENTEZ

FUNDS
:

The

first

funds

of

funds

in

Turkey



December

2007


the

first

equity

fund

of

funds

in

Turkey


offers

investors

direct

exposure

to

a

portfolio

of

selected

equity

funds



the

first

fixed

income

fund

of

funds

in

Turkey


offers

investors

direct

exposure

to

a

portfolio

of

selected

fixed

income

funds


FINANS ASSET MANAGEMENT A.S.

Product Portfolio

F I N A N S A S S E T M A N A G E M E N T

23



C
.

Özgür

Güneri


Phone
:

(+
90
)
-
212
-
336
-
7171


Direct: (+90)
-
212
-
354
-
7807


Email: ozgur.guneri@finansportfoy.com



www
.
finansportfoy
.
com


Finans Asset Management A.S. Contact Details

FINANS ASSET MANAGEMENT A.S.

F I N A N S A S S E T M A N A G E M E N T