Overview
The Ottoman Fund seeks to generate substantial total returns by investing in real estate projects in Turkey. The Fund, which raised £150 million on launch in December 2005, is listed on the AIM market in the United Kingdom, and its investment scope includes land purchase, joint venture projects with developers and bulk forwarding financing purchases of units, primarily in the residential sector. It invests in properties aimed at both the local and tourist markets.
Research History
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18 Jan 2018 2 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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16 May 2017 2 min read
QuotedData investment companies roundup – May 2017
QuotedData investment companies roundup: Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2017. Kindly sponsored by Baillie Gifford. Money in: The only new launch in April was EJF Investments, a £69m fund trying to take advantage of […]
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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
News
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25 Oct 2017 1 min read
Ottoman Fund nudges closer to the end
Ottoman Fund nudges closer to the end – The Ottoman Fund Ltd has successfully repatriated its cash from Turkey and has placed its three Turkish subsidiaries in liquidation. This represents a substantial step in its efforts to wind up its business activities in Turkey and return excess capital to shareholders. The auditors and administrator are […]
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09 May 2017 1 min read
Investment Trust Insider on TR Property
Many investors have a bias against funds of funds because they charge management fees on top of the fees being paid to the managers of the funds in their portfolios. Often though, these funds do produce decent performance. One listed fund of funds exemplifies this situation – TR Property (TRY) managed by Marcus Phayre-Mudge only […]
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05 Apr 2017 2 min read
The Ottoman Fund settles dispute with former CFO
The Ottoman Fund has announced that it has settled all claims with its former finance director, Ahmet Sinan Kalpakçıoğlu, who it says embezzled money from several of the Company’s Turkish subsidiaries. According to The Ottoman Fund, Ahmet Sinan Kalpakçıoğlu has transferred the shares in Mandalina registered in his name to the Company, discontinued all litigation […]
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07 Feb 2017 1 min read
All trust sectors bar one made money in ’16
UK Smaller Companies was the only investment sector to lose money in 2016 despite a turbulent political and economic landscape, new research has revealed. See more here
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21 Oct 2016 1 min read
Former Ottoman CFO indicted
Ahmet Sinan Kalpakçıoğlu (born in 1961) has been indicted for aggravated theft of money from two group companies while serving as The Ottoman Fund’s CFO in Turkey. If convicted, Kalpakçıoğlu faces in excess of twelve years’ imprisonment and fines. On 19 October the Istanbul 8th Criminal Court of First Instance accepted the indictment and set a […]
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31 May 2016 1 min read
Ottoman Fund suspended while it sorts out fraud
Ottoman Fund has made the following statement today: “The Company announces that trading in the Company’s ordinary shares on AIM will be suspended with immediate effect pending publication of the Company’s half-yearly report for the six months ended 29 February 2016. The board remains in negotiations seeking to recover shareholder funds that have been embezzled […]
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21 Apr 2016 1 min read
Top ten risers and fallers in March
http://view.ceros.com/citywire/it-insider-april-2016/p/21 Investors appeared to have a greater appetite for risk during March, with trusts which have invested in Brazil, Latin America, and Russia all featuring in the top 10 risers.
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26 Feb 2016 2 min read
Ottoman handing back 2p per share
Ottoman Fund is to return approximately £2.7m of capital, or 2 pence per share, to shareholders on the register as at 4 March 2016, with the shares expected to trade ex-entitlement on 3 March 2016 and payment expected to be made on 6 April 2016 or as soon as practicable thereafter. This return of capital represents proceeds […]
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16 Jul 2015 1 min read
Small company investment trusts got election boost
Investment trusts specialising in smaller companies were among the top performers of the past few months after a decisive election result improved confidence in the sector, new research shows. But commodity and Asia-focused investment trusts were among the stragglers as investors shunned stocks exposed to an economic slowdown in China or a US rate rise, […]
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26 Feb 2015 1 min read
Ottoman Fund reacts after share price plunge
Ottoman Fund has made a statement after its share price took a nose dive – releasing its Chairman’s statement early, in advance of figures due out tomorrow. The statement summarises disposals made in the portfolio to date, highlights the chance that they may have to sell their Alanya holiday units for less than their reported […]
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11 Feb 2015 1 min read
Ottoman Fund fraud update
Ottoman Fund has announced that BDO LLP has finished a forensic review of the books and records of Ottoman’s Turkish subsidiaries and has determined that the Company’s former Chief Financial Officer in Turkey has removed from the Company’s Turkish subsidiaries the net amount in Turkish Lira equivalent to US$1.35 million as of 10 February 2015 […]
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19 Dec 2014 1 min read
Ottoman Fund unauthorised expense payments
The Ottoman Fund Limited has announced that it has discovered unauthorised expense payments that have seem to have been made from its Turkish subsidiaries. These total less than $2m it believes. It has appointed a firm of forensic accountants to look into the matter and says it is consulting advisers to see if it can […]
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25 Jul 2014 1 min read
The Ottoman Fund : OTM – sale of land
The Ottoman Fund has sold a parcel of land in Bodrum, Turkey for $28.5m. The buyer is Besa Marin Turizm Isletmeleri A.S and the sale price is at a premium to The Ottoman Fund’s valuation of this asset as at the end of February 2014 (in the accounts the value is $26.7m). The Board say they […]
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08 May 2014 1 min read
The Ottoman Fund : OTM – return of capital
The Ottoman Fund has announced that it will return £27m to shareholders (the sale proceeds from the Riva land sale it reported earlier this year. Shareholders will be entitled to the cash if they hold the shares on 14 May and the payment will be made on or about 27 May
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06 Feb 2014 1 min read
Ottoman Fund : OTM – sale of land
The Ottoman Fund has sold 505,694 sqm of land at $101 sqm for a total of $51m and given the buyers the chance to buy the remaining land for a further $32m. Tax on the sale of the initial parcel is estimated at $1.3m and in due course the Board say they will announce a […]
