Evo Fund Cuts Stake in Mobcast Holdings (3664) to 30.24% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Evo Fund reduced its stake in Mobcast Holdings (3664) to 30.24%. The seller is an event-driven investment fund affiliated with Evolution Japan. The company develops and distributes mobile games while operating metaverse-related businesses, spanning from game creation to platform management. The 30.24% holding represents a major shareholder position in a significant portion of the company's market capitalization. The reported percentage reflects a decline of 2.22 percentage points from the previous disclosure.

Building a 22.65-Percentage-Point Position Over Ten Months

Evo Fund submitted its initial large shareholding report on October 14, 2025, showing a 7.59% stake, and has filed 19 such reports through the August 28, 2026 disclosure date. Over approximately ten months, the fund increased its holding from 7.59% to 30.24%, executing a methodical series of acquisitions before reporting its first reduction through this sale. Despite the current reduction, it maintains one of the company's largest shareholder positions. The estimated sale proceeds totaled approximately ¥60 million.

Portfolio Spanning Electronics to Retail, Concentrated Large Stakes Across Sectors

Evo Fund holds stakes exceeding 5% in 36 companies, with several displaying extraordinarily high ownership levels. Pixela Corporation (6731, electrical equipment) at 60.71%, ANAP Holdings (3189, retail) at 54.95%, Bitcoin Japan (8105, wholesale) at 49.54%, Kaibo Corporation (3133, retail) at 45.85%, and Oltplus (3672, information and communications) at 42.58% exemplify the fund's concentrated approach. Within this portfolio, Mobcast Holdings' 30.24% places it in the mid-range of the fund's major holdings.

Top Shareholder Position and Dominant Lead Over Peers

Takaki Yabu represents Mobcast Holdings' largest single shareholder with 10.71%. Evo Fund's 30.24% position exceeds this by nearly three times, establishing it as overwhelmingly dominant within the company's shareholder structure. The concentration reflects a notable degree of ownership consolidation.

Stock Price Near 52-Week Lows, PBR of 1.72x Indicates Valuation Level

At the filing date, Mobcast Holdings traded at ¥27 per share, positioning itself at the 11th percentile within its 52-week range. This reflects placement in the lower end of the company's annual trading band. The price-to-book ratio of 1.72x indicates the premium that the market applies relative to accounting book value.

*Speculation: The event-driven fund's sale may reflect the achievement of initially targeted investment objectives or represent a staged reduction tied to portfolio rebalancing decisions.