Evo Fund Cuts Stake in ｅｎｉｓｈ (3667) to 21.79% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Evo Fund reduced its stake in ｅｎｉｓｈ (3667) to 21.79%. The seller is an event-driven investment fund affiliated with Evolution Japan. ｅｎｉｓｈ develops and operates mobile games distributed through the App Store and Google Play. The 21.79% holding represents approximately one-fifth of the company's outstanding shares, marking a substantial shareholder position. This figure reflects a decline of 1.03 percentage points from the previous disclosure.

Over 10 Percentage Points Reduced in Less Than a Year

Evo Fund initially held 32.28% of ｅｎｉｓｈ as of October 22, 2025. Through 36 subsequent filings, the position declined to 21.79% as of July 30, 2026. The fund compressed its stake by more than 10 percentage points over approximately 10 months. The estimated sale amount for this transaction was ¥10 million, with the stock trading at 26 yen on the disclosure date.

Dominant Holdings in Other Companies

Evo Fund maintains stakes exceeding 5% in 34 listed companies, with holdings varying significantly by target. The fund owns 60.71% of Pixela (6731, electrical machinery), 54.95% of ANAP Holdings (3189, retail), 45.85% of Kaibo (3133, retail), 42.58% of Altplus (3672, information and communication), and 38.56% of Secido (9878, retail). While the fund concentrates heavily in retail through multiple positions, it operates as a minority shareholder in information and communication stocks like ｅｎｉｓｈ.

Stock Price Trading at 52-Week Low Range

ｅｎｉｓｈ traded at 26 yen on July 30, 2026, placing it at 0% within its 52-week range—effectively at the lowest point of the year's trading band. The price-to-book ratio stood at 1.30x, indicating relatively modest valuation relative to net assets per share.

*Speculation: The event-driven fund's series of reductions from its initial stake may reflect adjustments tied to evolving investment theses or changing market conditions since the original purchase.