Monthly and compounded returns of stocks were calculated by using the closing prices on the last trading day of each month. Compounded returns are calculated with the following assumptions:
- the dividend received during the month is reinvested to buy back the concerning stock at the closing price at the end of the month,
- pre-emptive rights are exercised in case the price of the stock exceeds its subscription price.
The prices of new shares (shares that are not entitled to dividends from previous year’s net profits) were not taken into account in the calculation of returns.
The abbreviations used in the tables and the definitions of the terms are indicated below.
HAF/ÝÝF : Initial public offering or first trading price.
PRICE : The closing price of a stock with a nominal value of TL 1,000/TRY 1 on the last trading day of the month unless stated otherwise. If the stock is not traded during the month, it is the last closing price of the stock.
MONTHLY RETURN : The monthly return of a stock is calculated according to the following formula. US Dollar based monthly returns are calculated by adjusting the TL/TRY based returns according to monthly devaluation rate of US Dollar.
Gi : Return for the month “i” Fi : The closing price the stock on the last trading day of the month “i” BDL : The number of rights issues received during the month BDZ : The number of bonus issues received during the month R : The price for exercising rights (i.e. subscription price) T : The amount of net dividends received during the month for a stock with a nominal value of TL 1,000/TRY 1 F i-1 : The closing price of a stock on the last trading day of the month “i-1”
COMPOUNDED RETURN : This shows the value of a stock that is sold and bought at the end of each month relative to its value at the beginning period and is calculated according to the following formula. In calculation of US Dollar based compounded returns, US Dollar based monthly returns are used.
BGn : The compounded return for the month “n” BGi : The compounded return for the month “i” Gi : Return for the month “i” n : The number of periods (months)
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