Tera Portfolio Management changed the return default in two funds, the unit share value calculation frequency and return periods in six hedge funds.

While a default occurred in the participation share refund payments in two of the investment funds founded by Tera Portföy Yönetimi A.Ş., the unit share value calculation frequency and refund periods were changed in six hedge funds. The company announced the situation to the public with notifications made to the Public Disclosure Platform (KAP) on September 16, 2026.

The funds that experienced default were Tera Portföy Stock (TL) Fund and Tera Portföy Money Market (TL) Fund. In the KAP statement, it was stated that "There has been a default in the participation fee refund payments of the Tera Portföy Stock (TL) Fund (Stock Intensive Fund), of which we are the founder. Reconciliations and liquidity management process with the intermediary institutions with which transactions are carried out on the relevant fund account are continuing. Necessary measures regarding the issue are being taken carefully, and our investors will continue to be informed about the developments." A notification with the same content was made for the Money Market Fund.

As for hedge funds, it was stated that the evaluation was made within the scope of the provisions of the Guide on Investment Funds regarding hedge funds, with the decision of the Capital Markets Board dated 28 August 2026 and numbered 52/1589. In the statement, it was emphasized that the liquidity structure of the fund portfolios, the transaction volume of the assets under current market conditions and the effects of participation share refund requests on the portfolio were discussed together. As a result of the evaluation, it was noted that the unit share value calculation frequency and refund principles were re-determined in order to effectively manage liquidity risk, meet refund requests properly, prevent assets from being disposed of under conditions unfavorable to investors, and protect the interests of unit share holders.

According to the new application, the fund unit share value will be calculated once a month, on the fifteenth day of the month. If this day falls on a holiday, the calculation will be made on the first business day following. Unit share sales instructions will continue to be accepted every business day, but the instructions will be executed based on the unit share price calculated on the valuation day. Sales prices will be paid to investors on the tenth business day following the price calculation date. The new regulation will be valid for sell orders given as of September 16, 2026 at 13:31.

The funds that were changed were listed as Tera Portföy Fourth Equity Free (TL) Fund, Tera Portföy Participation Free (FX) Fund, Tera Portföy Third Equity Free (TL) Fund, Tera Portföy Second Hedge (FX) Fund, Tera Portföy Algorithmic Strategies Hedge Fund and Tera Portföy First Hedge Fund. The company stated that the change does not constitute any change in the investment strategy of the funds and is only intended for effective liquidity management and protection of investor rights under current market conditions. It was stated that the changes were announced to the public without applying the time requirement in the Communiqué on Principles Regarding Investment Funds and that written information would be given to the Capital Markets Board on the day the PDP announcement was published.