What is this?

When a manager exceeds certain ownership percentages in a listed company, it is legally required to notify the regulator of the country where that company is listed. It is not something the manager chooses to publish — it is a legal obligation, which is why it is reliable.

The trigger is the line, not the size of the move

• Going from 2.9% to 3.1% → crosses the 3% line → gets reported, even though it's a tiny change.
• Going from 4% to 4.8% → crosses no line → no notice, even though it's a larger purchase.

Thresholds vary by country (set by law, not by us)

• Spain (CNMV): 3%, 5%, 10%, 15%, 20%, 25%, 30%... up to 90%
• Germany (BaFin): 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50%, 75%
• France (AMF): 5%, 10%, 15%, 20%, 25%, 30%, 1/3, 50%, 2/3, 90%, 95%
• Norway (Oslo Børs): 5%, 10%, 15%, 20%, 25%, 1/3, 50%, 2/3, 90%
• UK (FCA): every 1% between 3% and 10%, and every 1% after that
• US (SEC): enters the radar from 5%, then any material change

Most agree on 5, 10, 15, 20, 25, 30, 50 because they come from the EU Transparency Directive — Spain, Germany and the UK simply add an extra, lower threshold at 3%.

What this does NOT tell you

The weight of that position in the fund's portfolio, or moves below the first threshold. For that, the half-yearly filing is still the full source.

Current coverage

Only the US source (SEC EDGAR) is active today, and only for managers with a confirmed presence there. The other sources (CNMV, BaFin, AMF, Oslo Børs, FCA) are under investigation — some have technical blockers that may mean they never go live.