The whale feed
Who just crossed 5%?
When anyone — family offices, activist funds, sovereign wealth, famous CEOs buying into other companies — crosses a 3–5% voting- rights threshold in an EU or UK listed company, they must disclose it within 2–4 trading days. A different signal from Article 19 PDMR filings — conviction across the table, not inside one.
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Matching filings
Showing 6 most recent| Filed | Filer | Company | Move | New % | Source |
|---|---|---|---|---|---|
| 2026-04-15 1mo ago | 🇩🇪The Goldman Sachs Group, Inc. | NORMA Group SE | disclosed | 9.61% | regulator → |
| 2026-04-15 1mo ago | 🇩🇪Kuzniar, Igor | NORMA Group SE | disclosed | 17.15% | regulator → |
| 2026-04-09 1mo ago | 🇩🇪NORMA Group SE | NORMA Group SE | disclosed | 10.00% | regulator → |
| 2026-03-20 2mo ago | 🇩🇪Levy, Noah G. | NORMA Group SE | disclosed | 5.01% | regulator → |
| 2025-11-19 6mo ago | 🇩🇪Mirabaud Partners & Cie | NORMA Group SE | disclosed | 3.03% | regulator → |
| 2025-11-19 6mo ago | 🇩🇪Mirabaud | NORMA Group SE | disclosed | 3.03% | regulator → |
Why this signal matters
A CEO buying €1m of their own stock is confidence. A family office quietly accumulating 5% of a small listed industrial is conviction across the table — and often a leading indicator of an activist campaign, a take-private bid, a sovereign wealth allocation, or a cornerstone investment. Academic literature (Brav, Jiang, Kim 2010 on activism; Bebchuk et al 2013) consistently finds substantial outperformance in the months following 13D / equivalent filings in the US. Europe's Transparency Directive is the European equivalent.