ゼナーアセットマネジメントエルエルピー Cuts Stake in ＮＳユナイテッド海運 (9110) to 3.35% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Zener Asset Management LLP reduced its stake in NS United Kaiun (9110) to 3.35%. The UK-based boutique asset manager specializing in Japanese equities has divested from the company. NS United Kaiun operates in the international shipping sector through its core business of overseas and domestic ocean shipping, supplemented by vessel leasing and ship management services. The 3.35% stake positions the firm as a major shareholder in the company by market value weight. This represents a transition from an earlier ownership level, documented in a change report.

Staged Divestment from January to August 2026

This is the second large shareholding report filed by Zener Asset Management LLP for NS United Kaiun. The initial filing came on January 20, 2026, when the holding stood at 5.05%. Over approximately seven months, the firm reduced its position by 1.70 percentage points. Based on the share price of ¥10,430 on August 12, the estimated sale proceeds reached ¥4.18 billion.

Portfolio Composition Across Multiple Sectors

Zener Asset Management LLP currently holds stakes exceeding 5% in 15 Japanese companies. The largest holding is Area Link (8914, real estate) at 9.8%, followed by Hirex Corporation (7279, transportation equipment, 7.4%), LifeDrink Company (2585, food products, 7.03%), and OBARA GROUP (6877, electrical machinery, 6.52%). The portfolio demonstrates a diversified approach spanning real estate, food, electrical machinery, and transportation equipment rather than sector concentration. Within this allocation, NS United Kaiun represented the sole significant maritime sector position.

Relative Standing Among Major Shareholders and Valuation Metrics

NS United Kaiun's shareholder structure is dominated by Nippon Steel (32.8% stake) as the largest holder, with Nippon Yusen Kaisha second at 18.04%. Zener Asset Management's 3.35% ownership ranks substantially below the leading investor. At the time of the report on August 12, the company traded at a PER of 22.2x and PBR of 1.51x, with the stock positioned at 100% within its 52-week range, meaning it was trading at the year-to-date high level during this divestment period.

*Speculation: The staged reduction by the UK-based boutique asset manager from above 5% ownership may reflect a deliberate portfolio rebalancing, potentially triggered by reassessment of the shipping sector's role within the fund's strategic allocation or redeployment of capital toward other holdings.