Evo Fund Cuts Stake in Path Inc. (3840) to 1.09% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Evo Fund has reduced its stake in Path (3840) to 1.09%. This sale was executed by an event-driven investment fund affiliated with Evolution Japan. Path is a diversified company engaged in cosmetics and health appliance direct sales, beauty & wellness services, and regenerative medicine-related businesses, with the 1.09% stake representing a meaningful investment position in the company.

According to the change report, Evo Fund's ownership has declined by 37.31 percentage points from its previous disclosure level. At the filing date of March 11, 2026, the stock traded at ¥78 per share, with the estimated proceeds from this disposal totaling approximately ¥2.41 billion. The significant reduction has effectively moved the fund from a major shareholder position to that of a regular institutional investor.

*Speculation: From an event-driven investment perspective, the fund's substantial stake reduction could reflect either a strategic de-risking response to deteriorating market conditions or a fundamental reassessment of its original investment thesis.