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What does the “Indirect Holding” label mean in the Shareholders and active Participants tables?

In the Shareholders and Active Investments tables, holdings may be marked with the label “Indirect Holding.

The “Indirect Holding” label means that the displayed ownership or voting-rights position is not held directly in the company, but is attributed through another company or ownership/control relationship.

This distinction is particularly relevant for listed companies, where voting rights can be reported under the German Securities Trading Act (WpHG).

Direct vs. indirect voting rights

Voting-rights notifications distinguish between:

  • Direct voting rights under Section 33 WpHG – voting rights held directly in the company.
  • Attributed voting rights under Section 34 WpHG – voting rights that are attributed through another company, person, or control relationship.

When a position shown by North Data is based on attributed voting rights, it is marked as “Indirect Holding.”

Example: Bertrandt AG

In the Current shareholders table for Bertrandt AG, several positions are marked as “Indirect Holding.” For example, Dr. Dr. Christian Porsche is shown with approximately 29% and the corresponding label. 

  The underlying voting-rights publication explains why this label is used. It reports:

  • 0% directly held voting rights under Section 33 WpHG
  • 28.97% attributed voting rights under Section 34 WpHG
  • 28.97% total voting rights Bertrandt AG - Ultimativer Eign…

This means that Dr. Dr. Christian Porsche does not directly hold 28.97% of Bertrandt AG. Instead, these voting rights are attributed to him through the ownership or control structure described in the notification.

North Data therefore displays the position in the Current shareholders table as 29% – Indirect Holding.

How should the label be interpreted?

A percentage marked as “Indirect Holding” should not be read as a direct shareholding in the company. It indicates that the voting-rights position is attributed through an intermediate ownership or control relationship.