Please click here for the announcement text to shareholders regarding the prospectus amendment of 10 mutual funds founded and managed by ICBC Turkey Portföy Yönetimi A.Ş.
Frequently Asked Questions (FAQ)
Why is this amendment being made?
This amendment is being implemented within the scope of the strategic cooperation established between ICBC Turkey Portföy and TEB Portföy. This visionary step, taken with the approval of the Capital Markets Board (CMB), is entirely independent of the current success and performance of our funds, and aims to further strengthen our product management and fund strategy for the future.
What does the change of fund founder mean for the investor?
A change of founder refers to the renewal of the portfolio management company that assumes the managerial and strategic responsibility of the fund. This corporate update absolutely does not affect the number of mutual fund units (participation shares) you hold or the total assets of the fund.
Do I, as a customer, need to take any action?
No, you do not need to take any action. This change only concerns the management infrastructure of the funds, and all your investor rights are fully preserved as they currently stand.
Do I need to open a new account with TEB Portföy?
No, there is no such requirement. You can continue to monitor and manage your existing funds seamlessly through your accounts held with our bank.
Are my savings in the mutual fund units safe?
Yes, your savings are completely safe. The change of founder does not affect the fund assets. Pursuant to the legal legislation, fund assets will continue to be safely kept in custody on your behalf, completely segregated from the founder company's own assets.
Is the fund custodian changing?
Yes, in line with the change of founder, the custody services for the funds will be carried out by Türk Ekonomi Bankası A.Ş. (TEB). This transfer is purely an operational process and does not in any way affect the fund's investment strategy, portfolio structure, net asset value per share, or your investor rights.
What is the "Transition Period"?
It is the preparation period, designated to be no less than 30 days, starting from the date the disclosure regarding the transfer of the funds is published on the Public Disclosure Platform (KAP).
Will the fund price continue to be calculated during the transition period?
Yes. The net asset value and unit share price of the funds will continue to be calculated and updated seamlessly every business day within the framework of the relevant legislation.
Will the fund code change?
No code changes are planned at this stage. In the event of any future updates, you, our valued investors, will be informed in advance.
Will I experience any changes in terms of taxation?
No. The change of founder does not lead to any alteration in the current tax liabilities of our investors. Tax practices will continue to be applied in the same manner in accordance with the provisions of the applicable statutory legislation.
Can I make additional investments in my fund during the transition period?
In order to ensure that the transfer process is completed in a technically and operationally sound manner and to fully protect investor rights, no new share purchases can temporarily be made in these funds during the transition period.
Will I be able to make additional investments once the transition period is completed?
Yes. Once the transition period is completed, you will be notified immediately, and fund purchases can resume.
Am I forced to sell my fund? Can I sell during the transition period?
You are absolutely not required to sell your fund; you can choose to remain in the fund for the new period while maintaining your investments. However, if you wish, your right to redeem your mutual fund units (convert to cash) within the framework of the fund statute and prospectus provisions is always reserved, including during the transition period.
Will I still be able to sell my funds by placing orders through the same investment institution?
Yes. During the transfer process, you can easily continue to place sell orders through your current investment institution for funds that are open for trading on TEFAS (Turkey Electronic Fund Distribution Platform).
Why are the funds being excluded from the scope of TEFAS?
In line with the new cooperation and product strategy decisions made between the two institutions, it is planned for the funds in question to continue their operations outside the TEFAS platform. Our funds will continue to serve their investors; only the trading platform channel will change.
Will exiting TEFAS adversely affect the fund's performance?
No, absolutely not. TEFAS is merely an electronic platform through which funds are distributed. The investment strategy, professional management, and performance of the fund are entirely independent of whether it takes part in this platform. Therefore, this situation does not create any negative impact on the fund's value or return.
Has the Automatic Fund Saving Account (Artan Hesap) been canceled?
No, our Automatic Fund Saving Account continues to provide uninterrupted service. Due to the corporate renewal process, new fund purchase transactions have only been temporarily suspended for a short period. During this process, you can still place sell orders for your existing funds at any time and continue to use your account actively.
Will automatic fund purchases no longer be made in Automatic Fund Saving Account from now on?
Automatic Fund Saving Account is a specialized product offering advantageous cash management in line with the consents of you, our valued customers. Within the scope of our cooperation with TEB Portföy, automatic fund purchases have been suspended for a temporary period only. Once the process is completed, our Automatic Fund Saving Account will be reopened for automatic fund purchases with all the advantageous features you enjoy and are accustomed to.
How long will the automatic fund purchase restriction last in Automatic Fund Saving Account? What is meant by "temporary period"?
The temporary practice in question will begin as of the date the amendment text regarding the founder transfer is published on the Public Disclosure Platform (KAP) and will be implemented for a period of no less than 30 days. Upon completion of the process, all our investors will be notified instantly via our Bank's channels.
What will happen to my current fund portfolio purchased through Automatic Fund Saving Account?
Unless you place a sell order, your existing fund shares will continue to be safely kept in custody in your portfolio on your behalf and will continue to accrue value under the same conditions. There is no loss of rights or modification regarding your savings.
Will I be able to sell my funds in Automatic Fund Saving Account at any time?
Yes, absolutely. The temporary restriction during the transition period only covers new fund purchases and does not affect fund sell transactions in any way. Your redemption (sell) requests for your fund shares will continue to be processed through our system with ease, just as they have been until today.