Question 1

What percentage of HEPS is owned by institutions?

Accepted Answer

Based on Q1 2026 13F filings, institutional ownership of D-Market Elektronik Hizmetler ve Ticaret A.S. stands at 7.6%, held across 30 reporting institutions.

Question 2

Who is the largest institutional holder of HEPS?

Accepted Answer

VR Advisory Services Ltd is the largest reported institutional holder of HEPS, with approximately 16,472,821 shares worth $0.04B as of Q1 2026.

Question 3

Is HEPS a hedge fund favorite?

Accepted Answer

Yes — 3 widely-followed marquee investors appear among the top 25 institutional holders of HEPS, including SUSQUEHANNA INTERNATIONAL GROUP, LLP, JANE STREET GROUP, LLC, TWO SIGMA INVESTMENTS, LP.

Question 4

What is HEPS's Smart Money Score?

Accepted Answer

Our composite Smart Money Score for HEPS is 51 out of 100 (Neutral). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.

Question 5

How many institutions bought HEPS this quarter?

Accepted Answer

9 institutions opened new positions in HEPS during Q1 2026, while 11 fully exited. 16 added to existing positions and 5 trimmed.

Question 6

How is institutional ownership of HEPS changing?

Accepted Answer

HEPS institutional ownership fell by 0.79 percentage points quarter-over-quarter, with a net change of -2 holders.

Question 7

How concentrated is HEPS ownership among the top holders?

Accepted Answer

The top 10 institutions account for 97.4% of all reported 13F value in HEPS, and the top 25 account for 100.0%.

Question 8

Where does this HEPS institutional ownership data come from?

Accepted Answer

All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.

#	Institution	Shares Held	Market Value	QoQ Change	Ownership %	% of Fund
1	VR Advisory Services Ltd	16.5M	$43.2M	0.0%	5.193%	5.11%
2	BlackRock, Inc.	2.7M	$7.2M	-9.0%	0.866%	0.00%
3	STATE STREET CORP	2.3M	$6.1M	-1.8%	0.737%	0.00%
4	BNP PARIBAS ARBITRAGE, SA	872K	$2.3M	+0.4%	0.275%	0.00%
5	UBS Group AG	814K	$2.1M	-8.8%	0.257%	0.00%
6	Marex Group plc	743K	$2.1M	—	0.234%	0.01%
7	MORGAN STANLEY	523K	$1.4M	-37.7%	0.165%	0.00%
8	Rangeley Capital, LLC	200K	$524K	0.0%	0.063%	0.55%
9	GEODE CAPITAL MANAGEMENT, LLC	174K	$455K	+11.7%	0.055%	0.00%
10	NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	160K	$419K	-15.0%	0.050%	0.00%
11	Russell Investments Group, Ltd.	121K	$318K	-23.0%	0.038%	0.00%
12	abrdn plc	74K	$194K	-3.7%	0.023%	0.00%
13	XTX Topco Ltd	71K	$187K	—	0.022%	0.00%
14	Schonfeld Strategic Advisors LLC	69K	$181K	0.0%	0.022%	0.00%
15	SUSQUEHANNA INTERNATIONAL GROUP, LLP	64K	$167K	—	0.020%	0.00%
16	JANE STREET GROUP, LLC	61K	$160K	—	0.019%	0.00%
17	TWO SIGMA INVESTMENTS, LP	40K	$104K	+121.5%	0.013%	0.00%
18	GAMMA Investing LLC	31K	$82K	+67.5%	0.010%	0.00%
19	JBF Capital, Inc.	31K	$81K	—	0.010%	0.01%
20	Capricorn Fund Managers Ltd	29K	$76K	0.0%	0.009%	0.01%
21	FMR LLC	21K	$55K	+57.8%	0.007%	0.00%
22	NORTHERN TRUST CORP	14K	$37K	+15.4%	0.005%	0.00%
23	RHUMBLINE ADVISERS	14K	$37K	0.0%	0.004%	0.00%
24	Vident Advisory, LLC	13K	$33K	0.0%	0.004%	0.00%
25	IEQ CAPITAL, LLC	10K	$27K	—	0.003%	0.00%

Quarter	Inst. Holders	Δ Holders	Ownership %	Δ Ownership	Total 13F Value	Δ Value
Q1 2026	30	6.3%	7.60%	0.79 pp	$68M	9.4%
Q4 2025	32	26%	8.39%	4.36 pp	$75M	34%
Q3 2025	43	+2.4%	12.75%	+0.26 pp	$113M	+2.1%
Q2 2025	42	+2.4%	12.49%	+1.51 pp	$111M	+14%
Q1 2025	41	15%	10.98%	+2.61 pp	$98M	+31%
Q4 2024	48	+17%	8.37%	+5.54 pp	$74M	+195%
Q3 2024	41	+0.0%	2.83%	0.13 pp	$25M	4.4%
Q2 2024	41	—	2.96%	—	$26M	—

D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) Institutional Ownership

AI Insights & Key Takeaways

Top Institutional Holders of HEPS

Quarterly Institutional Activity

HEPS Institutional Ownership by Quarter

HEPS — Frequently Asked Questions