Evo Fund Cuts Stake in Asterisk (6522) to 5.67% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Evo Fund has reduced its stake in Asterisk (6522) to 5.67%. The fund is an event-driven investment vehicle managed by Evolution Japan. Asterisk provides smartphone-mounted barcode readers under the brand "AsReader" and systems integration services supporting DX initiatives in logistics and retail operations. The 5.67% stake positions Evo Fund as a significant shareholder in the company's market capitalization.

Evo Fund began accumulating Asterisk shares on July 21, 2026, with an initial stake of 12.58%. Over approximately one month until the August 25 disclosure, the holding declined to 5.67%, representing a decrease of 6.91 percentage points. This reduction occurred across seven separate filings, indicating a staged unwinding of a substantial position established during the initial period.

Examining Evo Fund's top holdings across 36 positions exceeding 5% ownership reveals a notable concentration in retail and related sectors. Major positions include Pixela (6731, electrical equipment, 60.71%), ANAP Holdings (3189, retail, 54.95%), Bitcoin Japan (8105, wholesale, 51.73%), Kaibo (3133, retail, 45.85%), and Delta-Fly Pharma (4598, pharmaceuticals, 43.2%). These stakes typically exceed 40%, substantially higher than the Asterisk position, suggesting a more selective approach to the latter holding by this stage of the exit.

At the time of disclosure, Asterisk traded at ¥1,980 per share, with a PBR of 8.93x. The stock's position at the 80th percentile within its 52-week trading range indicated valuations near recent highs.

*Speculation: The staged reduction following rapid accumulation by an event-driven fund suggests either realization of an initial investment thesis or position adjustment in response to changing risk conditions.