J P Morgan

[Getitrt2]

It is certainly possible that JP Morgan (as a big investemnt bank) is purchasing shares professionally on behalf of a large accumulator such as Shell et al.

This is just a thought and the specific company would not have to file until they own more shares.

I agree in that if JPM accumulated more than 5% for "Shell", Shell would have to file for its ownership.  The question is whether JPM would have to file for holding more than 5% for all its clients in total, or for just its "street name" clients, as bonk says.  I'm not at all sure that is the case.  It may be that JPM and its subsidiary entities, including their mutual funds, may actually own more than 5%, separate from their non-mutual fund clients.