Pusula Portföy funds closed to TEFAS dealing: What happened?
The September 17 CMB decision stopped TEFAS dealing in all Pusula Portföy funds and ordered liquidation for 12 funds named in the bulletin.
In this article
Three critical developments
- The CMB closed every Pusula Portföy fund traded on TEFAS to subscriptions and redemptions.
- The decision separately ordered liquidation for 12 Pusula Portföy funds named in the bulletin.
- A dealing closure and liquidation are not the same status; current records should be checked on TEFAS and KAP.
Current status of Pusula Portföy funds
The two measures in the CMB decision are shown separately.
| Date | Scope | Decision | Investor implication |
|---|---|---|---|
| September 17, 2026 | All Pusula Portföy funds traded on TEFAS | Subscriptions and redemptions closed | No new TEFAS dealing |
| September 17, 2026 | Twelve Pusula Portföy funds named in the bulletin | Liquidation under a method set by the CMB | Method and timetable require further official notice |
| Current | Fund-level official record | TEFAS and KAP records govern | Old performance lists are not active-product lists |
QUICK ANSWER · What happened to Pusula Portföy funds?
The CMB's September 17, 2026 decision closed every Pusula Portföy investment fund traded on TEFAS to subscriptions and redemptions. It separately ordered 12 named Pusula Portföy funds to be liquidated under a method to be determined by the CMB.
Did Tera abandon the transaction?
Not according to KAP. Tera Yatırım's September 12 filing says publicly reported developments have not changed its strategic and financial assessment and that the planned acquisition process continues. Nor does this mean the transaction is final: completion remains subject to regulatory approvals and closing conditions.
What changed across the three filings?
The September 9 filing said talks had begun and no binding agreement existed at that point. On September 10, the parties announced agreement on key commercial and financial terms and said regulatory applications would start. On September 12, Tera confirmed that the process was continuing. KAP has disclosed no transaction price, firm closing date or approval timetable.
Why does segregation of fund assets matter?
The statutory segregation principle keeps fund assets off the founder's corporate balance sheet; as a rule, they cannot be pledged, used as collateral or seized for the founder's debts. This is the central protection preventing a corporate acquisition from turning the fund portfolio into transaction consideration. It does not eliminate market-price, liquidity, valuation or operational risks inside a fund.
What is the difference between dealing closure and liquidation?
A dealing closure stops new subscriptions and redemptions through TEFAS. Liquidation is a separate wind-down order applying only to the funds named in the CMB bulletin, under a method still to be set by the regulator. It would therefore be inaccurate to label every closed fund as already liquidated.
WHAT DOES THIS MEAN FOR MY MONEY OR FUND?
If your fund was established by Pusula Portföy, use its TEFAS and KAP record rather than an active-product ranking. TEFAS dealing is closed while the CMB decision remains in force; liquidation applies according to the names in the bulletin. Rely only on new official notices for the method, valuation and payment timetable.
Calculation notes
Person-focused claims in the news cycle are excluded because no accessible primary source or final official decision verifies them. The acquisition price, valuation multiple, approval dates and closing day are also undisclosed, so none is estimated. This page does not forecast returns for any company or fund.
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