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THF participation-share redemptions went into default

Tera Portföy filed two notices with KAP on the evening of 16 September: at 20.28 for the money-market fund TP2 and at 20.35 for the equity fund THF, each saying unit-redemption payments had gone into default. The next morning the Capital Markets Board halted TEFAS trading in the funds of seven managers, Tera among them.

Economics & Markets··Midday
Editorial illustration of a stuck metal cash drawer with plain envelopes inside and a clerk's hands paused above it on an Istanbul back-office desk.

Two filings, seven minutes apart

A filing lodged with Turkey's public disclosure platform at 20.35 on 16 September said unit-redemption payments on Tera Portföy Hisse Senedi (TL) Fonu had gone into default. Seven minutes earlier, at 20.28, the same wording had been used for the money-market fund TP2.[1], [2]

The founder said the necessary measures were being taken, that reconciliations with brokers on the fund accounts and the liquidity management process were continuing, and that investors would keep being informed. Those words are the company's own.[1]

A default means a payment due after a sell order was not made on time; it is not a failure of the fund and does not void anyone's units. In practice the holder is not written off, but does not know when the cash arrives.[3]

The next morning the Board halted TEFAS trading

On the morning of 17 September the Capital Markets Board's bulletin 2026/60 closed to buying and selling every TEFAS-traded fund of seven portfolio managers, Tera among them, and sent the 130 funds it names into liquidation by a method the Board will determine.[4]

What is closed is the trading of those funds on the platform, not the companies' operations. The decision's narrow effect today is that no new buying or selling can go through TEFAS; the method and payment timetable for the liquidation have not been announced.[4]

What changed today for a holder

A matter that began with two companies' own filings had, within a day, become a platform-wide regulatory measure.[4], [1]

The open questions are not the founder's to answer. The Board will announce the liquidation method and the payment timetable, and no date was given for when the reconciliations and liquidity work named in the filings conclude.[4], [1]

References

  1. News sourceKamuyu Aydınlatma PlatformuAn equity fund missed its redemption payments↩1↩2↩3↩4
  2. News sourceKamuyu Aydınlatma PlatformuTera Portföy money-market fund unit-redemption default filing↩
  3. News sourceForInvestTwo Tera funds, TP2 and THF, missed redemption payments↩
  4. News sourceSermaye Piyasası KuruluCMB closes seven houses' TEFAS funds and orders named funds into liquidation↩1↩2↩3↩4
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