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D-MARKET Electronic Services & Trading (HEPS): which funds own it

Consumer Discretionary →(by SIC code, unreviewed)Data as of Jun 30, 2026 (Q2 2026) · updated on Nov 5, 2026

A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.

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Sections with a free account

1 concentrated manager holds it with a median weight of 5.0%.

Who owns D-MARKET Electronic Services & Trading?

D-MARKET Electronic Services & Trading trades in the U.S. through ADRs, certificates that represent shares of a non-U.S. company. Form 13F counts ADRs while the company reports ordinary shares, so we do not compute percentages. Holders reporting more than 5% of the ordinary shares to the SEC (Schedules 13D/13G): Joint Stock Company Kaspi.kz, 93.5% (13D/A filed Sep 15, 2026), VR Advisory Services, 5.2% (13G filed Jun 18, 2026) and VR Global Partners, 5.0% (13G filed Dec 2, 2025). As of Jun 30, 2026, the largest ADR holders reported on Form 13F were VR Advisory Services (19.4 million ADRs), State Street (2.3 million ADRs) and BNP Paribas Financial Markets (838,216 ADRs).

Which institutions hold the most D-MARKET Electronic Services & Trading shares?

Per Form 13F filings as of Jun 30, 2026, in ADRs:

  1. 1. VR Advisory Services: 19.4 million ADRs
  2. 2. State Street: 2.3 million ADRs
  3. 3. BNP Paribas Financial Markets: 838,216 ADRs
  4. 4. UBS Group: 788,151 ADRs
  5. 5. Morgan Stanley: 592,476 ADRs
  6. 6. 683 Capital Management: 500,000 ADRs
  7. 7. Rangeley Capital: 200,000 ADRs
  8. 8. Nomura Asset Management International: 159,800 ADRs
  9. 9. GAM Holding: 130,000 ADRs
  10. 10. Russell Investments Group: 120,372 ADRs

Sources:13D/A by Joint Stock Company Kaspi.kz (Sep 15, 2026) ↗13G by VR Advisory Services (Jun 18, 2026) ↗13G by VR Global Partners (Dec 2, 2025) ↗All of the company's proxy statements on EDGAR ↗

We hold 13D and 13G filings made since Dec 23, 2024: a holder above 5% that has not filed since then does not appear here.

Concentrated managers
1
All 13F: 32
Consensus
—
No score: it needs 5 or more concentrated managers
Price at Jun 30, 2026 (per 13F)
$2.91
+11.1% in the quarter · reported value ÷ shares, not the quote · See current quote ↗

Quarter flow (concentrated managers)

Change in managers (1 → 1): 0 opened · 0 exited = 0

Net flow in the quarter: +$8.5M (+2.9 M shares) · bought $8.5M and sold $0Shares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.

Concentrated managers holding it

Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.

Largest holders of HEPS (all 13F filers)

The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.

Insiders (Form 4)

Officers and directors who bought (6 m)
no data
Amount (6 m)
no data
CEO/CFO bought (12 m)
No

Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.

Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →

Above 5% (13D/13G)

Disclosed stakes, with their amendments. A filing is not always a purchase: there are also reductions and changes of filing entity.

This list may be incomplete: we hold 13D and 13G filings made since Dec 23, 2024. A holder above 5% that has not filed anything since then is not shown here.

  • Joint Stock Company Kaspi.kz93.51%13D · amendmentfiling ↗Event: Sep 14, 2026 · filed: Sep 15, 2026
  • Joint Stock Company Kaspi.kz88.95%13D · amendmentfiling ↗Event: Sep 8, 2026 · filed: Sep 10, 2026
  • VR Advisory Services5.2%13Gfiling ↗Event: Jun 17, 2026 · filed: Jun 18, 2026

Above 5% over time (13D/13G)

Each holder with its filings in order. History since December 2024.

This company filed no 8-K forms in the last year. Foreign companies listed in the US (ADRs) report material events on forms 6-K and 20-F, and ETFs and funds do not file 8-Ks. If it is a foreign company listed in the US through ADRs (American Depositary Receipts), what trades are bank-issued certificates that represent shares from its home market. See its filings on EDGAR ↗

Other Consumer Discretionary stocks in managers' portfolios

Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.

All of Consumer Discretionary →

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