Time and Investment: A Look at Fund Management Through the Lens of Pupa Yelken

In his renowned book Pupa Yelken, Sadun Boro describes a small beach surrounded by coral reefs on the northern shores of Floreana, one of the Galápagos Islands—a cove famously known as Post Office Bay.

Back in the day, whaling ships would stop at this bay to hunt turtles or wild goats and refill their water supplies. Before departing, they would leave letters for their families in a barrel placed on the beach. Returning vessels would collect these letters and post them from the next port they visited. Over time, this barrel became one of the most iconic mailboxes in the world.

When I first read this part, my initial reaction was: How long did it take for those letters to reach their recipients? The answer came just a few lines later:

“Inside this famous mailbox, we found five postcards left on January 3, 1966—exactly two months earlier. They were written in Japanese and addressed to Tokyo. Likely left by Japanese fishermen sailing in these waters. We took them with us to mail once we reached Tahiti. In return, we left two letters addressed to our own homes. Months later, we found out that a boat passing through picked up our letters and posted them from Panama—they arrived in Istanbul after exactly two months and twenty-five days!”

The Relativity of Time

The concept of time is inherently relative. As Einstein famously (and humorously) explained the Theory of Relativity:
“Put your hand on a hot stove for a minute, and it feels like an hour. Spend an hour with a beautiful woman, and it feels like a minute.”
But when it comes to investment funds, time is far more precise and unambiguous.

Take Money Market Funds for example: these funds must continuously invest in highly liquid instruments with a maximum maturity of 184 days, and maintain a weighted average portfolio maturity not exceeding 45 days.

Money market funds are primarily used as alternatives to deposits. They are the first choice for investors seeking returns equivalent to term deposits with minimal risk. In addition to their return potential, they also stand out as effective cash management tools, offering flexible investment durations, usually between 1 to 5 days.

For investors with higher risk tolerance aiming for returns above deposit rates, funds holding foreign technology equities fall into the high-risk category, while statistical arbitrage funds using high-speed algorithms to achieve absolute returns fall into the low-to-medium risk bracket.

BV Portföy Performance Snapshot

When we compare the average performance of 45 money market funds during the first half of the year with BV Portföy's offerings:

• The BV Portföy Technology Variable Fund (BVV), which invests in both domestic and foreign tech stocks, achieved 8.3% above deposit returns.
• The BV Portföy Statistical Arbitrage Free Fund (BVZ), focused on absolute returns through algorithmic strategies, delivered 3.1% above deposit returns.

As investment duration increases, these return figures are likely to grow further.

Reflections from a Changing Era

In the foreword to the second edition of Pupa Yelken, published 35 years later in 2003, Sadun Boro reflects on how much life in Türkiye had changed since the 1960s:

“During our voyage in the sixties, life in Türkiye was much simpler and calmer than today. Although imports were limited and foreign goods scarce, inflation was virtually nonexistent. Unemployment, high costs, and the struggles of daily life had not yet reached today’s levels.”

Over time, what once heals can also distort. Time is no longer merely the great healer—it can transform and even degrade certain aspects of life. In such moments of realization, one can’t help but wish, “If only time had stood still…”

Whether short or long, time remains the most crucial factor in investment. At BV Portföy, we help investors manage it wisely—with tailored strategies, diversified fund options, and expert guidance.

To diversify your portfolio effectively, gain insight into BV Portföy’s investment solutions, or find the most suitable fund for your goals, we invite you to contact us.

Because managing your investments with confidence, navigating volatility, and minimizing risk is best done with the expertise of BV Portföy.