Use TEFAS and KAP to verify the identity strategy and dealing terms

C1T5L1 · Revised 2026-10-26

Decision and objectives

Practical task: Audit three fictional research records before ranking returns

Objectives: Match fund identifiers across research sources; Build a dated evidence register; Resolve missing or inconsistent dealing information.

Required prior knowledge: C1T4L6. Classification: domestic. Revision: 2026-10-26. All fictional names, prices, rates, fees, calendars and tax schedules below are hypothetical unless explicitly identified as a dated document observation.

Research starts with identity and applicable documents, not a return leaderboard. Similar names, renamed funds and different unit classes can produce misleading comparisons. Establish legal name, code, identifier, founder, strategy and observation date before taking any number from a research screen. A platform's convenient comparison does not remove the need to read its data definitions.

Mechanics

TEFAS is part of domestic fund distribution and information infrastructure; the investor places an actual order through the relevant participating institution, where offered. KAP hosts fund disclosures and identifies different fund families. Neither a presence on a data page nor a historic price means every investor can buy that instrument today. Check eligibility and current distribution arrangements separately.

Build an evidence table with identity, strategy document, price/return dates, expense basis, risk measure definition, dealing rules and unresolved differences. Preserve exact links and retrieved date. If a screen and prospectus appear inconsistent, determine their effective versions and ask for clarification rather than selecting whichever term is more convenient.

Price and return drivers

Data freshness is relative to the decision. A one-day-old price can matter greatly for a volatile asset but little for a stable identity field. Price dates, holdings dates, document dates and retrieval dates are four different timestamps. A recently retrieved monthly report can still describe old holdings. Use a common comparison window and currency; do not splice two fund identities because their names look related.

Worked case

Hypothetical research register, observed on business day D10:

A payment falls on D12. A and B may be comparable on D9 historical prices, but only A currently meets the supplied cash calendar; C is not decision-ready. If hypothetical A's expected redemption is TRY 80,800, invented tax TRY 80 and investor charge TRY 20, estimated net is TRY 80,700. “Expected” remains necessary if future pricing is unknown.

Real document drill: match TI1's KAP identity with the 2026-09-15 prospectus and 2026-09-21 investor form using the same fund name and identifier. Annotate where strategy, risks, dealing and fees appear. The exercise uses document identity, not a recommendation or a memorized live quote.

Adverse case

A ranking site shows C's return as highest, but it uses the D7 price before an adverse market move. Suppose the omitted period would reduce TRY 80,000 by 5%, leaving TRY 76,000 before costs. Ranking its stale value against A's D9 value would treat different information sets as simultaneous. A strategy amendment can also mean that an old return series no longer describes the present mandate. A name match alone cannot repair either issue.

Practical use

Use official fund documents and TEFAS/KAP records where relevant, then verify the distributor's current ability to accept the investor's order. Archive dates and assumptions without requiring a real account. Calculate investor charges and tax only after identifying the correct claim and acquisition cohort. GIB rule checks require income year, residence/status and effective date; a tax summary on a data aggregator is not sufficient. A published fund return usually has its own expense definition, which must be read before applying additional costs.

Decision boundaries

This workflow fits comparisons that another reader must reproduce. It fails if the conclusion depends on an unresolved identifier, undocumented change or stale executable assumption. Defer C until the amendment and exit terms are known; reject B for this particular D12 payment while preserving it as a possible investment for another horizon. Evidence quality is not determined by the number of decimal places in a chart.

Practice and references

Exercise: a hypothetical fund has price dated D4, holdings dated previous month-end, prospectus effective D6 and retrieval on D8. A proposal treats the D4 return as performance of the D6 strategy. Explain the defect. Answer: retrieval on D8 does not move the historical observation or strategy date. Retain the pre-change series with a clear break or use a common post-change window. If TRY 30,000 earns a supplied 2% post-change gain, fee TRY 10 and invented 10% tax on gain, estimated net cash is 30,000 + 600 − 60 − 10 = TRY 30,530; confirm settlement separately.

Takeaway: a reproducible comparison needs identity, definitions and multiple dates.

Reference guide: mutual-fund; cash-availability; tefas; kap; data-date. Next: C1T5L2. Topic test.

Sources: Takasbank TEFAS General Description — General description and distribution platform scope; date not stated; retrieved 2026-10-26; checked 2026-10-26; KAP TI1 fund general information — Fund identity and links to disclosure categories; date not stated; retrieved 2026-10-26; checked 2026-10-26; TI1 prospectus attached to KAP notification 1662920 — Sections I–III; IV asset separation; V valuation; VI dealing; VII expenses; VIII taxation; IX disclosure; date 2026-09-15 notification; checked 2026-10-26; TI1 Investor Information Form attached to KAP notification 1665983 — Pages 1–2: identity; risk profile; expenses; important information; date 2026-09-21; checked 2026-10-26. Source records: sources.json. Check the cited rule dates and confirm current dealing terms before any transaction.

Shared reference guide