野村アセットマネジメント株式会社 Raises Stake in 信越化学工業 (4063) to 1.19% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Nomura Asset Management Co., Ltd. has raised its stake in Shin-Etsu Chemical Co., Ltd. (4063) to 1.19%. The transaction was conducted by an asset management subsidiary of the Nomura Group. Shin-Etsu Chemical manufactures and sells chemical products including polyvinyl chloride resin, silicone, rare-earth magnets, and semiconductor materials, positioning itself as a major player in the chemical industry. The stake increased by 1.17 percentage points from the previous disclosure, reflecting a gradual buildup of the position.

Building a position across more than a year through staged acquisitions

Nomura Asset Management's investment in Shin-Etsu Chemical began with an initial disclosure in July 2025 showing a 6.17% stake. Over a year later, the holding has declined to 1.19%, suggesting partial portfolio adjustments have taken place. The estimated acquisition cost stands at ¥133.46 billion, executed at a share price of ¥6,167. This represents a selective rebalancing of the company's positions rather than a straightforward accumulation strategy.

Portfolio concentration in machinery and chemicals

Among the 151 holdings of Nomura Asset Management with stakes exceeding 5%, the top positions reveal clear sectoral preferences. Japan Steel Works (machinery, 12.93%) leads, followed by Shibaura Electronics (11.89%), Asahi Group Holdings (food, 6.57%), TOPPAN Holdings (6.42%), and Daicel Corporation (chemicals, 5.72%). The investment in Shin-Etsu Chemical demonstrates sustained engagement with the chemical sector. The portfolio shows particularly heavy weighting toward mechanical and industrial-related companies.

Standing among shareholders in the pecking order

Compared to other disclosed major shareholders, Nomura Asset Management's 1.19% position ranks second. Sumitomo Mitsui Trust Asset Management holds 2.73%, while Nomura Securities maintains only 0.02%. Nomura Asset Management therefore occupies a secondary position in Shin-Etsu Chemical's publicly disclosed shareholder base.

Market valuation metrics and the current entry point

At the time of acquisition, Shin-Etsu Chemical traded at a PER of 45.1x and PBR of 2.74x. The 52-week range positioning showed 54%, placing the share price in the upper-middle portion of its annual trading range. The elevated PER reflects market expectations embedded in the stock regarding future earnings.

*Speculation: Nomura's asset management arm may be reinforcing strategic access to large-cap chemical companies to support diverse fund management strategies across the group.