Funds in Liquidation

Liquidation means the assets in the fund portfolio are sold, the cash raised is transferred to investors in proportion to their units and the fund is wound up. Under SPK bulletin 2026/61, T.C. Ziraat Bankası A.Ş. and T. İş Bankası A.Ş. carry out the liquidation of these funds. The glossary entry “Liquidation (fund liquidation)” explains the term in detail.

In bulletin 2026/60 dated September 17, 2026, SPK decided to liquidate funds of the A1 Capital, Atlas, Bulls, Hedef, Pardus, Pusula, and Tera portfolio management companies; the list of funds to be liquidated was updated to 131 funds by bulletin 2026/61 published the same day. Bulletin 2026/75 of October 26, 2026 also took the remaining funds of the Tera and Pusula portfolio management companies into liquidation; 13 of them are investment funds added to the table, bringing the list to 144 funds. The code, title, founder and last price of each closed fund are in the table above. These funds are also referred to as “failed” or “closed” funds; the wording used in the SPK decisions is that the funds be liquidated.

Enter the fund code in the “Fund code” box at the top of the page and press “Check”; the result shows whether the fund is on the SPK list, its item number, its founder and the bank carrying out its liquidation. The SPK bulletin lists funds by title; the codes of the 131 funds on the 2026/61 list match the list of liquidated funds in KAP’s announcement of September 18, 2026. SPK’s announcement on voluntary refund accounts of October 1, 2026 also lists these 131 funds under the same codes. Bulletin 2026/75 does not name individual funds, so the codes of the 13 funds it liquidates were taken from the KAP fund list by founder (Tera and Pusula).

Yes. Under SPK bulletin 2026/75 dated October 26, 2026, the capital markets activities of the Tera and Pusula portfolio management companies were temporarily suspended under article 97(1) of Capital Markets Law No. 6362, and the investment funds, real estate investment funds and venture capital investment funds they founded, other than those whose liquidation was decided by the Board decisions of September 17, 2026, are also to be liquidated. To carry out the liquidation, SPK appointed T. İş Bankası A.Ş. for the Tera funds and T.C. Ziraat Bankası A.Ş. for the Pusula funds. According to the KAP fund list, this covers 13 investment funds (TMV, TRJ, FSU, TMM, TRU, MLK, PA2, PBE, PBR, PDE, PHE, PUK, and PKL), which are in the table above. According to KAP, Tera Portföy’s 6 real estate investment funds (Birinci, İkinci, Üçüncü, Birinci Proje, Çatı Katılım, and Konut Alfa Katılım) and 5 venture capital investment funds (Birinci, DRV Teknoloji, Ludus Ventures, Game Invest, and Tech Invest Teknoloji) and Pusula Portföy’s one real estate investment fund (Evim Hazır) and one venture capital investment fund (Birinci) are also in scope; they are sold only to qualified investors and are not in the table. The bulletin does not state the liquidation procedure for these funds; it has not been announced yet. The funds liquidated by the September 17, 2026 decisions keep their current procedure.

According to the last portfolio reports dated September 30, 2026, the stocks held by the most funds in liquidation are YKBNK, AKBNK, and EKGYO. The table shows how many funds hold each stock and its weight in each fund’s portfolio.

Under SPK bulletin 2026/61, the portfolio is sold at a frequency set by the liquidating bank and the cash raised is transferred to investor accounts in proportion to their units in periods set by the bank. The maximum liquidation period is 6 months. Under SPK bulletin 2026/67 dated September 30, 2026, an interim payment will also be made in the funds of the Atlas, Pusula, and Tera portfolio management companies, while the funds of the A1 Capital, Bulls, Hedef, and Pardus portfolio management companies will be liquidated in a set order. The questions below explain both procedures. For the funds of the Tera and Pusula portfolio management companies liquidated by bulletin 2026/75 of October 26, 2026, the liquidation procedure has not been announced yet.

Law No. 7596 on Certain Investment Funds Whose Liquidation Has Been Decided, published in the Official Gazette of October 27, 2026, applies to the funds SPK ordered into liquidation by its decisions of September 17, 2026 whose liquidation is not yet complete, with effect from September 17, 2026. If a fund’s cash does not cover the value of its units at the price of the day before the liquidation decision, payments are based on the net investment amount: the Central Registry (MKK) indexes each of the investor’s inflows to and outflows from the fund to the liquidation date by the average of the CPI and domestic PPI changes and deducts outflows first in, first out. In funds SPK designates, an interim payment of up to TRY 1M per fund may be made to each investor; if cash falls short, SPK may pay starting from the smallest net investment amount or set a minimum amount paid to everyone. The portfolio management company is primarily liable for assets unlawfully taken out of a fund, and if they cannot be collected from it, the persons SPK identifies are personally liable; the TMSF pursues these as public receivables and keeps collected amounts in a separate recovery account for each fund, to be paid only to that fund’s investors. Persons SPK finds to have committed acts such as market fraud receive no payment from these funds’ liquidation or recovery accounts. The law only refers to funds ordered into liquidation by the decisions of September 17, 2026; the Tera and Pusula funds taken into liquidation by bulletin 2026/75 of October 26, 2026 fall outside that definition.

Under SPK bulletin 2026/67 dated September 30, 2026, in the funds founded by the Atlas, Pusula, and Tera portfolio management companies, all unitholders whose reconciliation is complete will receive an interim payment offset against the final amount they are entitled to at the end of the liquidation. The interim payment to each investor, separately for each fund, will not exceed TRY 1M and will be applied starting with money market funds. According to the SPK announcement of October 1, 2026, the interim payment will be calculated on the net investment amount that the Central Registry (MKK) sets based on the reconciliation results: investors with a net investment amount below TRY 1M receive that amount and those with TRY 1M or more receive at most TRY 1M. No units will be redeemed against the interim payment; the units will be redeemed with the final liquidation payments. Under Law No. 7596, except in money market funds, the interim payment also cannot exceed the value of the units in the investor’s account at the end of the previous day. Under SPK bulletin 2026/76 dated October 27, 2026, the liquidation of these funds has begun. In funds other than money market funds, payments start with the fund whose distributable cash covers the largest share of its interim payment obligation. The interim payment cannot exceed the net investment amount calculated without indexation or TRY 1M per fund; if a fund’s cash is not enough for all interim payments, it also cannot exceed the value of the units (as of 16 September 2026 for money market funds, and as of the end of the day before the payment is calculated for other funds). If the cash is not enough, SPK may approve paying the smallest amounts first or paying all unitholders the same minimum amount. If a fund’s cash covers the value of all units at the end of the day before the liquidation decision, a final payment is made directly instead of an interim payment. For the funds of the Tera and Pusula portfolio management companies liquidated by bulletin 2026/75 of October 26, 2026, the liquidation procedure has not been announced yet.

Under SPK bulletin 2026/67 dated September 30, 2026, the funds founded by the A1 Capital, Bulls, Hedef, and Pardus portfolio management companies will be liquidated starting with the funds whose titles contain “money market” (para piyasası), from the fund with the most investors to the fund with the fewest. The funds of the Hedef portfolio management company were brought under this procedure by SPK bulletin 2026/70 dated October 16, 2026.

According to the SPK announcement of October 22, 2026, having placed a sell order on TEFAS or having a record in the system does not by itself mean the settlement is complete; settlement is complete only when cash reaches the investor’s account and the unit holding is removed. Orders whose settlement is not complete, particularly those waiting in the share blockage sub-account (PBLK), will be included in the liquidation and treated on equal terms with other unitholders on the amounts raised. Transactions whose settlement is complete are not affected. Law No. 7596 likewise treats holders of orders sent to TEFAS on or before September 17, 2026 that were not executed because of the fund’s default or missing price, and whose units were blocked, as unitholders subject to the liquidation.

Under SPK bulletin 2026/77 dated October 27, 2026, all operating licences and the authorisation certificate of the brokerage Tera Yatırım Menkul Değerler A.Ş. were revoked, and SPK decided that its investors be compensated and the firm be gradually liquidated. According to the notice of the Investor Compensation Center (YTM) dated October 28, 2026, compensation covers claims arising from the brokerage failing to pay cash or deliver capital markets instruments it held or managed on behalf of investors. YTM will announce a list of creditors, investors may object within 30 days of the announcement, and compensation payments will be made within 3 months after the list is announced; the application form will be published separately on the YTM website (www.ytm.gov.tr). This is separate from the liquidation of the funds founded by Tera Portföy Yönetimi A.Ş.: payments in those funds are made by the liquidating banks under Law No. 7596 and SPK’s liquidation decisions.

According to the SPK announcement of September 28, 2026, orders sent to TEFAS on or before September 16, 2026 were processed normally; orders sent to TEFAS on September 17, 2026 were cancelled by TEFAS and their holders will be paid from the liquidation balance in proportion to their units in the fund. According to the same announcement, orders sent to TEFAS on or before September 16, 2026 but not executed because of the fund’s default or failure to publish a price are also within the scope of the liquidation.

Bulletin 2026/61 set the maximum liquidation period at 3 months from the liquidation announcement date; bulletin 2026/62 dated September 20, 2026 extended it to 6 months. The Board may extend this period. According to the SPK announcement of September 21, 2026, only the period changed and the other provisions of the relevant article remain in force; the 6-month period does not mean the liquidation must take 6 months, and it may finish earlier depending on conditions. Bulletin 2026/75 does not set a separate period for the funds it liquidates.

The liquidation balance is the amount raised as the fund’s assets are turned into cash during the liquidation and distributed to unitholders in proportion to their units. According to the SPK announcement of September 28, 2026, holders of orders sent to TEFAS on September 17, 2026 and cancelled will also be paid from this balance in proportion to their units in the fund.

Under SPK bulletin 2026/60, the TEFAS-traded funds founded by 7 portfolio management companies were closed on TEFAS for both buying and selling on September 17, 2026; under bulletin 2026/61, from that date no buy or redemption orders can be executed through channels outside TEFAS either for the funds whose liquidation was decided. The most recent SPK source on this page is dated October 27, 2026; all steps are listed in date order in the “Latest developments” tab.

According to the SPK announcement of October 1, 2026, for those who made excessive gains from unit sales before the liquidation decision in the funds taken into liquidation and wish to return those gains to the relevant fund voluntarily, “Voluntary Refund Accounts” were opened at Birleşik Fon Bankası in the name of the Savings Deposit Insurance Fund (TMSF), separately for each fund. Amounts deposited in these accounts will be included only in the liquidation assets of the relevant fund, cannot be transferred to another fund or account, and will be transferred to the banks carrying out the liquidation (T.C. Ziraat Bankası A.Ş. and T. İş Bankası A.Ş.) to be used in payments to unitholders. The account details are listed with the fund codes in the SPK announcement. Law No. 7596 gave this refund a legal basis: those who redeemed their units before the liquidation date may voluntarily return the return exceeding their inflows indexed to the average of the CPI and domestic PPI changes to the accounts SPK announces.

According to the SPK announcement of October 1, 2026, funds that are not in liquidation but whose trading on TEFAS and on channels outside TEFAS was halted by the Board decisions of September 17, 2026 may reopen for buying and/or selling simultaneously on all distribution channels once the liquidation is completed; the founding portfolio management company will set the reopening date and the trading principles. Among these funds, those that carried out capital market transactions with the funds in liquidation may be reopened for buying and selling on all distribution channels by the bank carrying out the liquidation without waiting for the liquidation to be completed. Use the box at the top of the page to check whether a fund is on the liquidation list. The funds of the Tera and Pusula portfolio management companies in this situation were taken into liquidation by bulletin 2026/75 of October 26, 2026.