D-Market Electronic Services & Trading
HEPS
32 hedge funds and large institutions have $75.3M invested in D-Market Electronic Services & Trading in 2025 Q4 according to their latest regulatory filings, with 5 funds opening new positions, 10 increasing their positions, 11 reducing their positions, and 14 closing their positions.
9% less repeat investments, than reductions
Existing positions increased: 10 | Existing positions reduced: 11
3.73% less ownership
Funds ownership: 13.18% → 9.45% (-3.7%)
26% less funds holding
Funds holding: 43 → 32 (-11)
34% less capital invested
Capital invested by funds: $114M → $75.3M (-$38.6M)
64% less first-time investments, than exits
New positions opened: 5 | Existing positions closed: 14
67% less funds holding in top 10
Funds holding in top 10: 3 → 1 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
State Street
Boston,
Massachusetts
|
+$3.88M |
| 2 |
VAS
VR Advisory Services
Camana Bay, Grand Cayman,
Cayman Islands
|
+$1.32M |
| 3 |
UBS Group
Zurich,
Switzerland
|
+$498K |
| 4 |
GH
GAM Holding
Zurich,
Switzerland
|
+$373K |
| 5 |
Aberdeen Group
Edinburgh,
United Kingdom
|
+$191K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BCM
Brightlight Capital Management
Westport,
Connecticut
|
-$17M |
| 2 |
LCG
Luxor Capital Group
New York
|
-$10.5M |
| 3 |
TCM
Tekne Capital Management
New York
|
-$4.33M |
| 4 |
BC
BIT Capital
Berlin,
Germany
|
-$4.14M |
| 5 |
MG
Marex Group
London,
|
-$2M |
HEPS Hedge Fund Activity: Q4 2025 in Review
32 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in D-Market Electronic Services & Trading (HEPS) for Q4 2025, worth a combined $75.3M — down 34% from $114M a quarter earlier.
Sellers outnumbered buyers: 14 funds closed out of HEPS and 5 opened new positions — a net loss of 9 holders — while 11 trimmed existing stakes and 10 added.
The largest buyer was State Street, adding an estimated $3.88M. The largest seller was Brightlight Capital Management, exiting entirely with an estimated $17M sold.
- 32 institutional investors held D-Market Electronic Services & Trading (HEPS) as of Q4 2025, down from 43 in Q3 2025.
- Funds reported $75.3M of D-Market Electronic Services & Trading stock for Q4 2025, down 34% quarter-over-quarter.
- 5 funds opened new D-Market Electronic Services & Trading positions in Q4 2025 and 14 closed out, a net change of -9 holders.
- The largest D-Market Electronic Services & Trading buyer in Q4 2025 was State Street, an estimated $3.88M added.
- The largest D-Market Electronic Services & Trading seller in Q4 2025 was Brightlight Capital Management, an estimated $17M sold.
Based on aggregated 13F filings for Q4 2025.