D-Market Electronic Services & Trading
HEPS
43 hedge funds and large institutions have $114M invested in D-Market Electronic Services & Trading in 2025 Q3 according to their latest regulatory filings, with 12 funds opening new positions, 12 increasing their positions, 15 reducing their positions, and 10 closing their positions.
20% more first-time investments, than exits
New positions opened: 12 | Existing positions closed: 10
5% more funds holding
Funds holding: 41 → 43 (+2)
0% more funds holding in top 10
Funds holding in top 10: 3 → 3 (0)
0.14% less ownership
Funds ownership: 13.32% → 13.18% (-0.14%)
1% less capital invested
Capital invested by funds: $116M → $114M (-$1.62M)
20% less repeat investments, than reductions
Existing positions increased: 12 | Existing positions reduced: 15
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
VAS
VR Advisory Services
Camana Bay, Grand Cayman,
Cayman Islands
|
+$5.57M |
| 2 |
MG
Marex Group
London,
|
+$2.06M |
| 3 |
LCG
Luxor Capital Group
New York
|
+$874K |
| 4 |
GH
GAM Holding
Zurich,
Switzerland
|
+$833K |
| 5 |
Morgan Stanley
New York
|
+$782K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$4.62M |
| 2 |
TCM
Tekne Capital Management
New York
|
-$4.1M |
| 3 |
Millennium Management
New York
|
-$533K |
| 4 |
IUHSA
Itau Unibanco Holding S.A.
Sao Paulo,
Brazil
|
-$449K |
| 5 |
UBS Group
Zurich,
Switzerland
|
-$445K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
XT
51
XTX Topco
George Town,
Cayman Islands
| – | -$36.7K | -13,608 | Closed |
|
52
UBS AM
Chicago,
Illinois
| – | -$16.2K | -6,000 | Closed |
|
|
AAS
53
Ameritas Advisory Services
Lincoln,
Nebraska
| – | -$82 | -30 | Closed |
|
HEPS Hedge Fund Activity: Q3 2025 in Review
43 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in D-Market Electronic Services & Trading (HEPS) for Q3 2025, worth a combined $114M — down 1.4% from $116M a quarter earlier.
Buyers outnumbered sellers: 12 funds opened new HEPS positions and 10 closed out — a net gain of 2 holders — while 12 added to existing stakes and 15 trimmed.
The largest buyer was VR Advisory Services, adding an estimated $5.57M. The largest seller was T. Rowe Price Associates, exiting entirely with an estimated $4.62M sold.
- 43 institutional investors held D-Market Electronic Services & Trading (HEPS) as of Q3 2025, up from 41 in Q2 2025.
- Funds reported $114M of D-Market Electronic Services & Trading stock for Q3 2025, down 1.4% quarter-over-quarter.
- 12 funds opened new D-Market Electronic Services & Trading positions in Q3 2025 and 10 closed out, a net change of +2 holders.
- The largest D-Market Electronic Services & Trading buyer in Q3 2025 was VR Advisory Services, an estimated $5.57M added.
- The largest D-Market Electronic Services & Trading seller in Q3 2025 was T. Rowe Price Associates, an estimated $4.62M sold.
Based on aggregated 13F filings for Q3 2025.