Government bonds lead September returns

Government domestic debt securities delivered the highest monthly real return, gaining 1.40% when adjusted for the consumer price index (CPI) and 1.18% when adjusted for the domestic producer price index (PPI). On a CPI-adjusted basis, gross deposit interest rates provided investors with a 1.19% real return, while the US dollar lost 0.22%, the euro declined 0.89% and gold bullion fell 2.02%. The BIST 100 index was September’s worst-performing investment instrument, recording a real loss of 5.79%.

Performance varied across longer investment periods. Over three months, deposit interest delivered the highest CPI-adjusted real return at 4.11%, while the BIST 100 ranked last with a 9.29% loss. Over six months, deposit interest again led with a 3.15% real gain, while gold bullion recorded the largest loss at 15.73%. The annual picture was different, with gold bullion generating the highest real return at 5.30%, followed by government debt securities at 3.93% and deposit interest at 0.32%. During the same period, the euro lost 10.97%, the US dollar declined 9.26% and the BIST 100 recorded a real loss of 4.56%.