D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share (HEPS) Institutional Ownership

13F Institutional Holders and Ownership History from Q3 2021 to Q4 2025

Type / Class
Equity / Ordinary Shares, nominal value TRY 0.20 per share
Symbol
HEPS on Nasdaq
Shares outstanding
357,213,323
Price per share
$2.48
All holders as of 30 Sep 2025
Q3 2025
Total 13F shares
42,348,571
Total reported value
$113,918,818
% of total 13F portfolios
0%
Share change
-346,242
Value change
-$955,684
Number of holders
43
Reported Shares, Excluding Options vs Price
Reported Value, Excluding Options
Total Investors

Significant Owners of D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share (HEPS) based on Schedule 13D/G filings

Filer Ownership Change % Holdings Value Net Change Nb Shares Change % Reporting Name Report Period
Joint Stock Co Kaspi.kz 85% +12% $754,511,696 +$81,556,501 304,238,587 +12% Joint Stock Company Kaspi.kz 05 Jan 2026
VR Global Partners, L.P. 5% $37,509,790 16,168,013 VR Global Partners, L.P. 01 Dec 2025

As of 30 Sep 2025, 43 institutional investors reported holding 42,348,571 shares of D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share (HEPS). This represents 12% of the company’s total 357,213,323 outstanding shares.

Top 25 Institutional Shareholders

The largest institutional shareholders of D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share (HEPS) together control 12% of the company’s outstanding shares — a level of ownership often associated with strong institutional conviction and long‑term capital commitment.

Institution Ownership % Shares Held Share Change % Portfolio % Holdings Value
VR Advisory Services Ltd 4.5% 15,941,737 +14% 10% $42,883,273
BRIGHTLIGHT CAPITAL MANAGEMENT LP 1.8% 6,305,000 +0.01% 10% $16,960,450
Luxor Capital Group, LP 1.1% 3,912,903 +8.7% 1.4% $10,525,709
Hosking Partners LLP 1% 3,697,569 -2.4% 0.36% $9,946,461
BlackRock, Inc. 0.84% 3,017,820 +0% 0% $8,117,936
Tekne Capital Management, LLC 0.45% 1,611,112 -48% 1.2% $4,333,891
BIT Capital GmbH 0.43% 1,538,011 -2% 0.19% $4,137,250
MORGAN STANLEY 0.31% 1,116,744 +34% 0% $3,004,041
BNP PARIBAS FINANCIAL MARKETS 0.24% 866,956 0% 0% $2,332,112
STATE STREET CORP 0.23% 819,430 +4.8% 0% $2,204,267
Marex Group plc 0.21% 742,707 0.02% $1,997,882
UBS Group AG 0.19% 691,683 -19% 0% $1,860,628
GAM Holding AG 0.08% 300,000 0.05% $807,000
GSA CAPITAL PARTNERS LLP 0.07% 237,221 0.05% $638,000
Rangeley Capital, LLC 0.06% 200,000 0% 0.52% $538,000
ABS Direct Equity Fund LLC 0.05% 185,300 0% 0.71% $498,457
MACQUARIE GROUP LTD 0.05% 183,924 -1.7% 0% $495,000
Russell Investments Group, Ltd. 0.04% 157,483 -23% 0% $423,629
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.04% 155,893 -5.8% 0% $419,352
GEODE CAPITAL MANAGEMENT, LLC 0.04% 130,255 +21% 0% $350,385
RENAISSANCE TECHNOLOGIES LLC 0.03% 118,188 -54% 0% $317,926
Schonfeld Strategic Advisors LLC 0.02% 69,000 +112% 0% $185,609
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.02% 60,497 0% $163,947
NewEdge Advisors, LLC 0.01% 37,687 -13% 0% $101,378
GOLDMAN SACHS GROUP INC 0.01% 32,489 0% $87,395

Institutional Holders of D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share (HEPS) across Reporting Periods

Period Reported Shares, Excl. Options Value, Excl. Options Value Change Price (Median) Investors
2025 Q4 205,241 $526,673 +$236,871 $2.48 4
2025 Q3 42,348,571 $113,918,818 -$955,684 $2.69 43
2025 Q2 42,793,265 $115,541,731 +$1,740,035 $2.70 41
2025 Q1 42,116,585 $120,031,711 +$25,961,373 $2.85 38
2024 Q4 32,907,298 $99,714,232 +$55,765,702 $3.03 46
2024 Q3 13,834,642 $31,247,547 -$3,124,831 $2.26 39
2024 Q2 15,281,594 $33,767,049 -$1,046,039 $2.21 40
2024 Q1 15,786,962 $23,683,067 -$2,212,786 $1.50 33
2023 Q4 17,232,853 $31,009,093 -$4,049,314 $1.80 34
2023 Q3 19,544,265 $25,993,301 -$4,020,034 $1.33 36
2023 Q2 22,287,725 $37,444,089 +$325,163 $1.68 39
2023 Q1 22,075,575 $29,579,925 -$3,673,979 $1.34 34
2022 Q4 25,974,540 $16,874,913 -$8,011,521 $0.66 34
2022 Q3 37,831,923 $36,551,101 -$2,796,988 $0.96 28
2022 Q2 41,146,577 $25,457,498 -$12,950,578 $0.61 39
2022 Q1 52,235,908 $118,806,769 -$6,207,756 $2.27 35
2021 Q4 55,239,483 $105,419,240 -$57,666,848 $1.91 35
2021 Q3 60,466,137 $414,422,456 +$414,422,456 $6.86 38