Turkey's Tera Portfoy Yonetimi AS said that its two funds with total assets of 366 billion liras failed to meet the redemption request, making it the second Turkish asset management company to announce partial fund defaults this week. The company stated in two separate documents submitted to the Istanbul Stock Exchange that both funds — the Tera Portfoy Money Market Fund and the Tera Portfoy Equity Intensive Fund — had redemption defaults. Tera's funds have achieved the highest returns in the Turkish investment fund market in recent years, which in turn has attracted large inflows of capital. The day before, Pusula Portfoy Yonetimi AS said that some of its investments and money market funds were unable to meet redemption requirements, causing the Turkish stock market to plummet. The Istanbul Stock Exchange 100 Index fell 7.7% on Wednesday, triggering a fusing mechanism. The decline then narrowed and eventually closed down 5.5%. The benchmark index recorded its biggest two-day decline since March 2025.

Turkey's Tera Portfoy Yonetimi AS said that its two funds with total assets of 366 billion liras failed to meet the redemption request, making it the second Turkish asset management company to announce partial fund defaults this week. The company stated in two separate documents submitted to the Istanbul Stock Exchange that both funds — the Tera Portfoy Money Market Fund and the Tera Portfoy Equity Intensive Fund — had redemption defaults. Tera's funds have achieved the highest returns in the Turkish investment fund market in recent years, which in turn has attracted large inflows of capital. The day before, Pusula Portfoy Yonetimi AS said that some of its investments and money market funds were unable to meet redemption requirements, causing the Turkish stock market to plummet. The Istanbul Stock Exchange 100 Index fell 7.7% on Wednesday, triggering a fusing mechanism. The decline then narrowed and eventually closed down 5.5%. The benchmark index recorded its biggest two-day decline since March 2025.