New development in the fund crisis: Payment plans were changed in 31 funds

Following the fund crisis in the capital markets, a new decision was taken regarding Hedef Portföy Yönetimi's funds in the liquidation process.

In its statement to investors, Hedef Portföy Yönetimi A.Ş. shared the details of the decision of the Capital Markets Board (CMB) dated October 15, 2026 and numbered 70/1821.

The decision in question was published in the CMB bulletin numbered 2026/70 dated October 16, 2026.

INTERMEDIATE PAYMENT APPLICATION HAS BEEN REMOVED

With the new decision of the CMB, 31 funds of Hedef Portföy in the liquidation process were excluded from the previously determined interim payment mechanism.

According to the company's statement, the funds in question were removed from the interim payment application established by the CMB's decision numbered 64/1775 dated September 30, 2026.

Instead, it was decided to apply the ordinary liquidation principles determined in decision no. 64/1770.

With this change, before payments can be made to investors, the assets in the fund portfolios will need to be converted into cash and the distributable amount will be finalized.

ZİRAAT BANK WILL CARRY OUT THE LIQUIDATION

In line with the decision of the CMB, the liquidation transactions are carried out by the Republic of Turkey, which is authorized as the portfolio custodian. Ziraat Bankası A.Ş. It will be carried out by.

Priority will be given to money market funds in the liquidation process.

According to the order determined by the board, transactions will start from the fund with the highest number of investors and proceed to the fund with the lowest number of investors.

Hedef Portfolio Management also stated that it will provide the necessary support to complete the process as soon as possible, taking into account the interests of the investors.

HOW WILL INVESTORS BE PAID?

According to the new method, the assets in the fund portfolios will be converted into cash, taking into account market conditions.

Investor interests, market depth and liquidity conditions will be taken into account in sales transactions.

The distributable balance that will arise after the conversion to cash is completed will be calculated in proportion to the participation shares held by investors.

The determined amounts will be transferred to the individual custody accounts of investors whose reconciliation procedures are completed.

PAYMENT DATE NOT YET CERTAIN

In Hedef Portföy's statement, no exact date was given for the payments to investors.

It was reported that the payment schedule will be determined according to how quickly the assets in the fund portfolios can be converted into cash and when the accounts will be finalized.

For this reason, there may be differences between funds in terms of payment date and amount that can be distributed to investors.

Switching to the ordinary liquidation process does not mean that investors will get back the full amount they invested. The final payment will be determined according to the distributable balance at the end of the liquidation.

31 FUNDS ARE UNDER THE SCOPE OF ORDINARY LIQUIDATION

The codes of the 31 funds to which the new payment method will be applied are as follows:

HLR, HEH, HAT, HKM, HIM, HPL, HDH, HBV, HDA, HVA, HMK, HGH, HGJ, HPI, HFI, HPP, HIN, HKP, KSA, HPF, HMV, FNT, NFK, HYV, HPH, HKJ, HVB, HVC, DUH, HDK, HPZ.

WHAT WILL HAPPEN TO THE OTHER FUNDS THAT HAVE BEEN SUSPENDED IN TEFAS?

Hedef Portföy stated that the developments regarding its other funds, which are not included in the scope of liquidation but whose transactions in the Turkish Electronic Fund Purchase and Sale Platform (TEFAS) have been suspended, will be announced separately in line with the decisions to be taken by the CMB.

It was stated that after the completion of the liquidation process, the funds remaining outside the liquidation are expected to be reopened for transaction at TEFAS.

However, a schedule has not yet been announced as to when these funds will start trading again.

'PRIORITY IS IN MONEY MARKET FUNDS'

The following statements were made in Hedef Portfolio Management's statement:

Liquidation transactions are carried out by T.R., the portfolio custodian authorized by the CMB. Ziraat Bankası A.Ş. It will be carried out by. According to the Board's decision, liquidation will be carried out, starting from money market funds and proceeding from the fund with the highest number of investors to the fund with the lowest.

The company stated that the developments will be announced to investors through official communication channels after the payment amounts and schedule are finalized.