D-Market Electronic Services & Trading
HEPS
40 hedge funds and large institutions have $122M invested in D-Market Electronic Services & Trading in 2025 Q1 according to their latest regulatory filings, with 10 funds opening new positions, 11 increasing their positions, 15 reducing their positions, and 16 closing their positions.
22% more capital invested
Capital invested by funds: $99.7M → $122M (+$22.4M)
3.54% more ownership
Funds ownership: 11.69% → 15.23% (+3.5%)
13% less funds holding
Funds holding: 46 → 40 (-6)
25% less funds holding in top 10
Funds holding in top 10: 4 → 3 (-1)
27% less repeat investments, than reductions
Existing positions increased: 11 | Existing positions reduced: 15
38% less first-time investments, than exits
New positions opened: 10 | Existing positions closed: 16
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
VAS
VR Advisory Services
Camana Bay, Grand Cayman,
Cayman Islands
|
+$31.3M |
| 2 |
BCM
Brightlight Capital Management
Westport,
Connecticut
|
+$3.97M |
| 3 |
BlackRock
New York
|
+$2.64M |
| 4 |
MG
Marex Group
London,
|
+$2.41M |
| 5 |
IUHSA
Itau Unibanco Holding S.A.
Sao Paulo,
Brazil
|
+$603K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
LCG
Luxor Capital Group
New York
|
-$3.42M |
| 2 |
TCM
Tekne Capital Management
New York
|
-$1.12M |
| 3 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$1.05M |
| 4 |
Renaissance Technologies
New York
|
-$843K |
| 5 |
OCM
OLP Capital Management
Causeway Bay,
Hong Kong
|
-$702K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
51
Citadel Advisors
Miami,
Florida
| – | -$41.6K | -13,725 | Closed |
|
52
CIBC World Market
Toronto,
Ontario, Canada
| – | -$38K | -12,583 | Closed |
|
53
Northern Trust
Chicago,
Illinois
| – | -$31.2K | -10,303 | Closed |
|
54
JP Morgan Chase
New York
| – | -$23.5K | -7,755 | Closed |
|
|
TRCT
55
Tower Research Capital (TRC)
New York
| – | -$5.82K | -1,919 | Closed |
|
56
Simplex Trading
Chicago,
Illinois
| – | +$227 | +70 | New |
|
HEPS Hedge Fund Activity: Q1 2025 in Review
40 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in D-Market Electronic Services & Trading (HEPS) for Q1 2025, worth a combined $122M — up 22% from $99.7M a quarter earlier.
Sellers outnumbered buyers: 16 funds closed out of HEPS and 10 opened new positions — a net loss of 6 holders — while 15 trimmed existing stakes and 11 added.
The largest buyer was VR Advisory Services, adding an estimated $31.3M. The largest seller was Luxor Capital Group, cutting an estimated $3.42M.
- 40 institutional investors held D-Market Electronic Services & Trading (HEPS) as of Q1 2025, down from 46 in Q4 2024.
- Funds reported $122M of D-Market Electronic Services & Trading stock for Q1 2025, up 22% quarter-over-quarter.
- 10 funds opened new D-Market Electronic Services & Trading positions in Q1 2025 and 16 closed out, a net change of -6 holders.
- The largest D-Market Electronic Services & Trading buyer in Q1 2025 was VR Advisory Services, an estimated $31.3M added.
- The largest D-Market Electronic Services & Trading seller in Q1 2025 was Luxor Capital Group, an estimated $3.42M sold.
Based on aggregated 13F filings for Q1 2025.