Remarkable movements in the funds liquidated by the CMB: Thousands of investors entered or exited at the last minute

TEFAS data revealed that there have been very interesting movements recently in 113 funds seized by the Capital Markets Board for liquidation.

According to the data, the number of investors increased significantly in the last two weeks in 14 of the 20 funds with the most investors among the 113 funds that CMB started to liquidate. According to the data, investors in 14 funds found it appropriate to sell and exit and probably escaped major losses.

The fund with the highest increase in the number of investors was the stock-intensive fund of Tera Portföy, which was at the top of the agenda especially between 28 August and 17 September, when measures were taken in investment funds whose prices were thought to be excessively inflated. 107 thousand new investors came to this fund 2 weeks before the decision to liquidate it.

The fund's portfolio value reached 127 billion lira, an increase of 68 billion lira from 59 billion lira, with the newly invested amounts. The reason for the interest in this fund is mainly due to the fact that when the fund was being established and recently, unlike other Tera funds, it was communicated that BIST 30 or other large company shares would be purchased for this fund.

Thus, investors thought that they would get very good returns by investing in the fund consisting of larger and more reliable stocks. However, this fund, along with other funds, went into liquidation, disappointing investors. 31 thousand investors participated in Tera's Fourth Stock Hedge Fund before the liquidation.

SIGNIFICANT OUTPUT FROM COMPASS FUNDS

According to the data, the biggest outflow in the last two weeks was in the Pusula Portföy Equity Fund. In the last two weeks before the liquidation process, 66 thousand people came out of this fund and, in a sense, were saved from a great loss. 22 thousand people left the Pusula Portföy First Variable Fund and 12 thousand people left the Pusula Portföy Money Market Fund between 28 August and 17 September.

On the other hand, the large money movements that occurred before the default and liquidation process in Tera Portföy First Hedge Fund (TLY) drew attention to investors who exited the fund before the crisis. Changes in daily fund data in TEFAS reveal that billions of lira movements, especially in the first days of September, should be examined on an investor basis.

According to CMB, the amount, number of shares, number of investors, portfolio value and unit price information of investment funds are published daily in TEFAS. In the calculations made based on TLY's daily data, the net movement of approximately 28.4 billion TL on September 1 draws attention. On the same date, there was a net decrease in the number of investors by 469 people. When the numbers are divided mathematically, approximately 60.5 million TL emerges.

However, this does not mean that each of the 469 people drew an average of 60.5 million TL. Because the change in the number of investors is a net figure. On the same day, there may be new investors who enter the fund, make additional purchases or make partial sales.