Liquidity Flight: Money Market Funds Dominate TEFAS Trading Volumes

TEFAS data reveals a strategic pivot in investor sentiment during the 28th week of 2026, highlighting a concentrated demand for liquidity. The trading activity between July 6-10 underscores a market environment shaped by a preference for low-volatility instruments.

Massive Liquidity Flows in Trading Volumes

The weekly market depth and settlement dynamics reached the following critical levels:

■Total trading volume: 255.84 billion TL

■Daily average trading volume: 51.17 billion TL

■Net settlement amount: 58.08 billion TL

Fund Performance and Investor Preferences

The most preferred instruments reflect a dominance of short-term cash management strategies. The volume leaders for the week were ranked as follows:

■Tera Portföy Para Piyasası (TL) Fonu (TP2) secured the top spot in trading volume.

■Pusula Portföy Para Piyasası (TL) Fonu (PRY) followed in second place.

■The top five was rounded out by Tera Portföy Birinci Serbest Fon (T1Y), Ziraat Portföy Para Piyasası Serbest Fon (ZPR), and Pusula Portföy Hisse Senedi Fonu (PHE).

The Dominance of Defensive Strategies

The prevalence of money market funds at the top of the list indicates that investors are gravitating toward low-risk, highly liquid assets to hedge against market volatility. Nevertheless, the sustained interest in free funds and equity funds suggests that investors are maintaining a hybrid approach, balancing capital preservation with yield-seeking opportunities.

The concentration in money market funds demonstrates that investors are developing a defensive mechanism against short-term uncertainties. This preference for liquidity suggests a 'wait-and-see' approach in the broader market; however, the continued activity in free funds serves as a crucial signal that selective investors are still actively hunting for alpha.