It seems like it could be several things: DAC implementation - Different digital-to-analog converters have distinct sonic characters. Maybe it's the DAC?
Analog output – Not sure what others say about this unit, but it could b the op-amps, capacitors, and circuit topology producing an overly "revealing" upper frequency character.
Or... maybe the power supply design and/or clock precision and jitter. I bet Hegel is not messing this up, though.