PAYPAL HLDGS INC

Czech National Bank added exactly 342 shares of PayPal this quarter — a rounding error against its existing 250,739-share position, barely worth mentioning on its own. But that tiny, almost reflexive add sits in sharp contrast to what the stock's two largest holders were doing at the same time. Lindsell Train Ltd, still the largest tracked holder at 28% of the $488.6 million in institutional value 13F Insight can see, sold roughly $43.9 million worth of shares — a real cut of 24.3%. OFI Invest Asset Management sold even harder: $73.5 million worth, more than half its entire position (down 56%). Between them, the two largest holders accounted for over $117 million in real selling this quarter. Against that, Gradient Investments made the largest real buy in the filing ($2.7 million, up 14.5%), and Assenagon Asset Management — a fund 13F Insight classifies as quasi-passive, tracking an index mandate rather than a view on PayPal specifically — added $2.4 million. Penn Davis McFarland, the third-largest holder at 6% of tracked value, barely moved at all: a token 2,602-share add on a $29.4 million position, even as the stock's own price decline cut that position's reported value by more than $1.2 million anyway.