Page 93 - BES2016_ING

Individual Pension System 2016 Progress Report

Risk Analysis

2.9 Pension Mutual Funds and
State Contribution Funds Data

List of Pension Mutual Funds and State Contribution Funds and their data as of 2016 year-end can be found at the
following address; http://www.egm.org.tr/bes2016gr/bes2016_fondata.xlsx
http://www.egm.org.tr/bes2016gr/bes2016_hesaplamayontemleri.pdf

Markets’ Indexes Used for Fund Groups

T.13 T.12 Liquid Funds (LQD) BIST - KYD Bond Indices 91 Days
State Contribution Funds (SC) BIST - KYD Bond Indices All
Flexible Funds ( FLX) Weighted Average Return of Related Fund Group
Stock Funds (STC) BIST - 100
Gov’t Bonds and Bills (TL) (GTL) BIST - KYD Bond Indices All
Standard Funds (STD) BIST - KYD Bond Indices All
10% BIST - KYD O/N Indices Gross
Gov’t Bonds and Bills (FX) (GFX) 60% BIST - KYD DIBS Indices USD - TL
30% BIST - KYD DIBS Indices EUR - TL
Precious Metal (PM) BIST - KYD Gold Price Indices (W.A.)

Abbreviations

Pension Companies FNS: Cigna Finans Emk. ve Hyt A.Ş. MET: Metlife Emek. ve Hayat A.Ş.
GRN: Garanti Emk. ve Hyt A.Ş. KTE: Katılım Emek. ve Hayat A.Ş.
AEG: Aegon Emk. ve Hyt. A.Ş. AVI: Avivasa Emek. ve Hayat A.Ş. GRP: Groupama Emk. A.Ş. VKF: Vakıf Emek. A.Ş.
ALY: Allianz Yaşam ve Emk. A.Ş. AXA: Axa Hayat ve Emek. A.Ş. HLK: Halk Hyt ve Emk. A.Ş. ZRT: Ziraat Hayat ve Emek. A.Ş.
ALZ: Allianz Hayat ve Emek. A.Ş. CRD: BNP Paribas Cardif Emk. A.Ş. NNE: NN Hayat ve Emek. A.Ş. BES: Bireysel Emeklilik Sistemi
AND: Anadolu Hayat Emek. A.Ş. ERG: Ergo Emk. ve Hayat A.Ş.
ASY: Asya Emek. ve Hayat A.Ş. FBA: Fiba Emek. ve Hayat A.Ş.

Fund Groups

SC: State Contribution Fund Group FLX: Flexible Fund Group

STC: Stocks Fund Group PM: Precious Metal Fund Group

GTL: Gov’t Bonds and Bills (TL) Fund Group GFX: Gov’t Bonds and Bills (FX) Fund Group

LQD: Liquid Fund Group STD: Standard Fund Group

Disclaimer for the Analysis of Pension Mutual Funds and State Contribution Funds

Pension Mutual Funds and State Contribution funds are managed by portfolio managers in the portfolio management
companies. Even though the success of the fund depends directly on the performance of the fund manager, this report
compares the performance of the funds within a given period rather than that of the fund managers. Since the calculations
are based on historical data, the results cannot be regarded as indicators for the following year’s performance and it
neither reflects the change of management nor measures the skills of managers. Pension mutual funds have long term
investment strategy. Therefore, assessing the future performance of the pension mutual funds and State Contribution funds
by analyzing the performance of the year 2016 may not lead to exact results.

There are several generally accepted methods that can be utilized in assessing the performance of pension mutualfunds.
However, since each method differs in terms of the perspective, it is not justifiable to compare only the results. In this
report, some of the generally-accepted methods are used and the outputs are assessed to inform the reader.

91 Pension Mutual Funds and State Contribution Funds