HEPSNasdaqRetail-Catalog & Mail-Order HousesFiscal year ends December 31
D-MARKET Electronic Services & Trading
Financials through fiscal 2024, year ended Dec 31, 2024Last filing: 20-F on Apr 30, 2026
$2.73+0.02 (+0.74%)
Close on Oct 19, 2026
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
7.2%
26M of 357M shares
Institutional holders
32
8 new, 6 sold out
Net institutional buying
0M
In Q2 2026
Insider trades, 12 months
0 buys · 0 sales
Open-market trades only
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Joint Stock Company Kaspi.kz | 400,841,947 | 93.51% | 13D (active) amendment | Sep 14, 2026 |
| Richard Deitz | 18,410,004 | 5.20% | 13G (passive) | Jun 17, 2026 |
| VR Capital Holdings Ltd. | 16,168,013 | 5.00% | 13G (passive) | Dec 1, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of HEPS | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| VR Advisory Services Ltd | 19,390,670 | 5.43% | $56.43M | +2,917,849 | 5.01% |
| State Street Corp | 2,324,732 | 0.65% | $6.76M | −13,209 | 0.00% |
| Bnp Paribas Arbitrage, Snc | 838,216 | 0.23% | $2.44M | −33,535 | 0.00% |
| UBS Group AG | 788,151 | 0.22% | $2.29M | −25,443 | 0.00% |
| Morgan Stanley | 592,476 | 0.17% | $1.72M | +69,840 | 0.00% |
| 683 Capital Management, LLC | 500,000 | 0.14% | $1.46M | New | 0.07% |
| Rangeley Capital, LLC | 200,000 | 0.06% | $582.00K | – | 0.53% |
| Nomura Asset Management International Inc. | 159,800 | 0.04% | $465.00K | – | 0.00% |
| GAM Holding AG | 130,000 | 0.04% | $378.30K | −200,000 | 0.03% |
| Russell Investments Group, Ltd. | 120,372 | 0.03% | $350.28K | −933 | 0.00% |
| Citadel Advisors LLC | 69,840 | 0.02% | $203.23K | New | 0.00% |
| abrdn plc | 68,535 | 0.02% | $199.44K | −5,677 | 0.00% |
| Schonfeld Strategic Advisors LLC | 68,025 | 0.02% | $197.95K | −975 | 0.00% |
| Geode Capital Management, LLC | 66,663 | 0.02% | $193.99K | −106,848 | 0.00% |
| Gsa Capital Partners Llp | 57,362 | 0.02% | $167 | New | 0.01% |
| Susquehanna International Group, Llp | 33,941 | 0.01% | $98.77K | −14,805 | 0.00% |
| GAMMA Investing LLC | 31,339 | 0.01% | $91.20K | +156 | 0.00% |
| JBF Capital, Inc. | 30,949 | 0.01% | $90.06K | – | 0.01% |
| Two Sigma Investments, LP | 29,612 | 0.01% | $86.17K | −10,126 | 0.00% |
| Capricorn Fund Managers Ltd | 29,185 | 0.01% | $84.93K | – | 0.01% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 32 | 26M | 7.2% | 8 / 6 | 13 / 6 | 4M | 3M |
| Q1 2026 | 30 | 25M | 7.1% | 8 / 7 | 8 / 10 | 0M | 5M |
| Q4 2025 | 32 | 30M | 8.5% | 5 / 10 | 11 / 14 | 3M | 15M |
| Q3 2025 | 43 | 42M | 11.9% | 12 / 12 | 15 / 10 | 4M | 5M |
| Q2 2025 | 41 | 43M | 12.0% | 5 / 15 | 15 / 4 | 4M | 4M |
| Q1 2025 | 40 | 43M | 12.0% | 10 / 11 | 15 / 16 | 13M | 3M |
| Q4 2024 | 46 | 33M | 9.2% | 16 / 11 | 12 / 11 | 23M | 4M |
| Q3 2024 | 41 | 14M | 4.0% | 10 / 14 | 11 / 9 | 3M | 3M |
| Q2 2024 | 41 | 15M | 4.3% | 10 / 10 | 13 / 2 | 2M | 3M |
| Q1 2024 | 33 | 17M | 4.7% | 4 / 9 | 10 / 6 | 1M | 2M |
| Q4 2023 | 35 | 18M | 5.0% | 8 / 9 | 12 / 9 | 2M | 3M |
| Q3 2023 | 36 | 20M | 5.5% | 5 / 11 | 13 / 9 | 1M | 4M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of HEPS | Value | % of fund | As of |
|---|---|---|---|---|---|
| State Street(R) SPDR(R) Portfolio Emerging Markets ETF | 752,857 | 0.21% | $2.19M | 0.01% | Jun 30, 2026 |
| Nomura Emerging Markets Fund | 144,600 | 0.04% | $410.66K | 0.00% | May 29, 2026 |
| State Street(R) SPDR(R) S&P(R) Emerging Markets Small Cap ETF | 115,975 | 0.03% | $337.49K | 0.05% | Jun 30, 2026 |
| Parametric Tax-Managed Emerging Markets Fund | 70,159 | 0.02% | $204.16K | 0.03% | Jun 30, 2026 |
| Fidelity Nasdaq Composite Index Fund | 66,663 | 0.02% | $189.32K | 0.00% | May 31, 2026 |
| Parametric Emerging Markets Fund | 15,300 | 0.00% | $45.14K | 0.02% | Jul 31, 2026 |
| Nomura VIP Emerging Markets Series | 15,200 | 0.00% | $44.23K | 0.00% | Jun 30, 2026 |
| Blackstone Alternative Multi-Strategy Fund | -4,400 | -0.00% | -$12.80K | -0.00% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Aleksey Shevenkov | Chief Technology Officer | – | – | Apr 1, 2026 |
| Ozcan Gunes Akman | See Remarks | – | – | Mar 27, 2026 |
| Ender Ozgun | Chief Commercial Officer | – | – | Mar 27, 2026 |
| Hakan Karadogan | CEO of Logistics | – | – | Mar 23, 2026 |
| Nilhan Gokcetekin | Chief Executive Officer | – | – | Mar 23, 2026 |
| Mehmet Seckin Koseoglu | Chief Financial Officer | – | – | Mar 23, 2026 |
| Alexander Berdzenishvili | Director | – | – | Apr 1, 2026 |
| Ahmet Fadil Ashaboglu | Director | – | – | Mar 27, 2026 |
| Tayfun Bayazit | Director | – | – | Mar 27, 2026 |
| Stefan Gross-Selbeck | Director | – | – | Mar 25, 2026 |
| Yuri Didenko | Director | – | – | Mar 18, 2026 |
| Tengiz Mosidze | Director | – | – | Mar 18, 2026 |
| Mikheil Lomtadze | Director | – | – | Mar 18, 2026 |
| Pavel Mironov | Director | – | – | Mar 18, 2026 |