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

Q: What does CUSIP 23292B104 represent in this 13F holders report?

CUSIP 23292B104 is the security identifier for HEPS - D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share used to aggregate holder disclosures.

Q: How many institutions held HEPS - D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share in Q4 2025?

32 institutional investors reported HEPS - D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share for Q4 2025. Use the holders table for investor-level position and value details.

CUSIP: 23292B104

Q4 2025 13F Holders as of 31 Dec 2025

Security type / class: Equity / Ordinary Shares, nominal value TRY 0.20 per share
Total 13F shares: 30,366,022
Total 13F value: $75,324,589
Share change: -12,147,690
SEC-reported price per share: $2.48
Number of holders: 32
Value change: -$33,170,351
Number of buys: 13
Number of sells: 25
Shares outstanding: 354,038,538

Security key

23292B104

Report period

Q4 2025

Institutions

Top holders

HEPS full security history Ownership snapshot Full 13F holder table Newer quarter: Q2 2026 D-MARKET Electronic Services & Trading SEC filings D-MARKET Electronic Services & Trading company facts

Broader feeds

Latest 13F filings Latest 13D/G filings Investors directory

Reporting periods

Holder history for CUSIP 23292B104

Newer quarter: Q2 2026

Recent filing periods:

Q2 2026

Ownership snapshot

Top reported holders of HEPS - D-MARKET Electronic Services & Trading - Ordinary Shares, nominal value TRY 0.20 per share (13F + 13D/G + 3/4/5)

Grouped by holder across the latest SEC ownership disclosures. Start with comparable ownership when available, then verify the linked 13F, 13D/G, or 3/4/5 evidence.

Comparable stake leader

VR Global Partners, L.P.

Disclosed value leader

VR Advisory Services Ltd

Comparable rows

15/15

Latest evidence

01 Dec 2025

13D/G 13F Lead comparable stake: 5% 13D/G row: VR Global Partners, L.P. Showing 1-6 of 15 holder rows.

Quick read

VR Global Partners, L.P. leads the comparable SEC ownership view at 5%.

15 of 15 rows have a safely comparable ownership percentage. Use this as a filing-backed starting point, then open the detailed table for source links, reporting role, position value, share count, and filing date.

Open SEC evidence Opens VR Global Partners, L.P.'s linked filing trail.

Comparable ownership Top 5

VR Global Partners, L.P. 5%

VR Advisory Services Ltd 4.5%

BRIGHTLIGHT CAPITAL MANAGEMENT LP 1.8%

Luxor Capital Group, LP 1.1%

Hosking Partners LLP 1%

Ownership % is shown only when SEC disclosures are safely comparable across share classes.

Detailed SEC evidence table Showing 1-6 of 15 holder rows

Holder	Evidence	Ownership %	Position	12M Net Δ	As of
VR Global Partners, L.P.	13D/G 13D/G	5%	$37,509,790 16,168,013 shares	$0	01 Dec 2025
VR Advisory Services Ltd	13F Company 13F	4.5%	$42,883,273 15,941,737 shares	—	30 Sep 2025
BRIGHTLIGHT CAPITAL MANAGEMENT LP	13F Company 13F	1.8%	$16,960,450 6,305,000 shares	—	30 Sep 2025
Luxor Capital Group, LP	13F Company 13F	1.1%	$10,525,709 3,912,903 shares	—	30 Sep 2025
Hosking Partners LLP	13F Company 13F	1%	$9,946,461 3,697,569 shares	—	30 Sep 2025
BlackRock, Inc.	13F Company 13F	0.85%	$8,117,936 3,017,820 shares	—	30 Sep 2025

How to read this table

Rows are grouped by holder and ranked first by SEC-reported ownership % when it is safely comparable, then by disclosed holdings value. — indicates unavailable or non-comparable values; "mixed-class rows" means the latest filing spans non-comparable classes.

13F holder rows

Institutional holders as of Q4 2025

Investor-level positions for this CUSIP, loaded as an interactive table.

Institutions

30,366,022

Rows available

Investor	Option	Weight %	Change %	SEC-reported value	* Price	Shares	Share Change	Activity	Report Period

^* SEC-reported price is the security price as of the portfolio date and can indicate the last known price at which the security was still held. The marker flags a reported price that did not pass the local price check.

Compare Q4 2025 vs Q3 2025 Across Filers

Q3 2025 holders

Q4 2025 holders

Holder diff

-11

Investor	Q3 2025 Shares	Q4 2025 Shares	Share Diff	Share Chg %	Q3 2025 value	Q4 2025 value	Value change	Value Chg %

Trend: ostatnie 8 kwartałów (+ wybrane okresy porównania).

Quarterly Holders Trend

Quarterly Value Trend

Quarterly Shares Trend