TLY Recorded 13.44 Billion Lira Net Outflow in July

Tera Portföy’s TLY fund recorded a net outflow of 13.44 billion lira in July 2025, while it was available for new purchases through TEFAS without required approval from Turkey’s Capital Markets Board, or SPK. Officials described how the fund was opened at a parliamentary hearing on October 14, 2026.

The July total covered the full month. Public reports do not show how much of the outflow occurred during the period when the fund was on TEFAS without approval, from July 7 to August 1.

How the fund entered TEFAS

Takasbank General Manager Yunus Arıncı said Tera Portföy applied to open the fund on July 7. The company’s disclosure on the Public Disclosure Platform referred to an SPK decision by date and number, Arıncı said, adding that Takasbank relied on that notice.

SPK Deputy Chairman Ahmet Aksu said the regulator found the fund had been opened without its approval and requested a defense from the company. He gave August 2, 2025, as the date of discovery, about a month after the fund entered TEFAS.

Arıncı said SPK notified Takasbank on August 1 that the prospectus change was not valid, after which new purchases were stopped. He said the fund reopened on August 6 with SPK approval.

July outflows and penalty

The fund’s July report showed 19 billion 988 million 857 thousand 75 lira paid to investors returning units, while new unit sales brought in 6.55 billion lira. The unit price rose 40.98% during the month, but the number of units in circulation fell 41.11%.

The report does not identify the dates of redemptions or the investors who made them. The outflow alone does not establish misconduct or investor losses, the report noted.

In a bulletin dated June 17, 2026, SPK announced an administrative fine of 4 million 435 thousand 27 lira 79 kurus against Tera Portföy. The stated reason was a prospectus change that allowed the fund to trade on TEFAS without board approval; the bulletin did not say when the fine was decided.