Model Portfolio Update

Since its inclusion in our Model Portfolio on June 6, 2023, Tüpraş has delivered a 678% nominal return and a 217% relative return versus the BIST 100. Following the strong share price performance, our revised 12-month target price of TL481 implies approximately 21% upside from yesterday’s close. Given the strong performance to date, we now see more limited potential for continued outperformance versus the index and therefore remove Tüpraş from our Model Portfolio.