Tera Portfolio First Free Fund Experienced Billions of Liras in Outflows Before Liquidation
Before being placed on the liquidation list by the Capital Markets Board, the TLY fund saw net cash outflows of billions of liras and the loss of thousands of investors. Currently, 102,616 investors are awaiting details regarding the liquidation process.
The Tera Portfolio First Free Fund (TLY) witnessed net cash outflows of 59.6 billion liras during the process leading up to its default declaration and inclusion on the Capital Markets Board's liquidation list. Following the wave of outflows that began after the publication of the new fund guide, 102,616 investors are now awaiting the liquidation process.
Record Outflows Occurred at the Beginning of September
Following the new fund guide published on August 28, large-scale cash movements were recorded in the TLY fund. On the first business day after the guide, more than 6 billion liras in net cash flowed out of the fund, while the number of investors increased by 286.
The highest outflows occurred in the first days of September. On September 1, 28.4 billion liras left the fund, and 469 investors exited TLY. On September 2, 4,335 investors said goodbye to the fund, accompanied by a net cash outflow of 21.7 billion liras.
Cash Outflows Continued Throughout September
Fund outflows continued in the following days. On September 3, 3.8 billion liras and 567 investors left the fund, and on September 4, 7.5 billion liras and 527 investors departed. On the first day of the week of September 7, a loss of 1,034 investors was recorded along with an outflow of 5.6 billion liras.
Throughout the process, cash outflows occurred on September 8 of 7.5 billion liras (567 investors), September 9 of 6.9 billion liras (743 investors), September 10 of 5.2 billion liras (198 investors), and September 11 of 5.9 billion liras (339 investors).
Default Decision and Expectations for the Liquidation Process
The week of September 14 began with a net cash outflow of 3.7 billion liras and the loss of 221 investors, while on September 15, there was a cash outflow of over 9 billion liras despite the entry of 154 new investors. On September 16, the day the default decision was announced, there was a net cash outflow of 7.8 billion liras, while the number of investors remained unchanged.
The 102,616 investors remaining in the TLY fund are awaiting details regarding the liquidation process. It has not yet been announced how many of these investors placed sell orders before the decision or exactly how the liquidation process will be conducted.