Evo Fund Cuts Stake in Cringle Pharma (4884) to 4.79% | Large Shareholding Report

A large shareholding report (EDINET filing) reveals that Evo Fund has reduced its stake in Cringle Pharma (4884) to 4.79%. The company develops pharmaceuticals for intractable diseases using HGF (hepatocyte growth factor) as its active ingredient. The 4.79% shareholding positions the fund as a significant shareholder holding a notable portion of the company's market capitalization. This represents a reduction of 1.22 percentage points from the previous disclosure by the event-driven investment fund affiliated with Evolution Japan.

Evo Fund first acquired a position in Cringle Pharma on August 8, 2025, at an initial holding of 23.51%. The current disclosure marks the 15th filing since then, with the stake declining by 18.72 percentage points through staged sell-downs completed in less than a year. The estimated sale proceeds totaled ¥40 million.

Looking at the fund's other holdings at the same time reveals a pattern of concentrated investments across diverse sectors. It holds 60.71% of Pixela (6731), a maker of electrical equipment; 54.95% of ANAP Holdings (3189), a retailer; 50.76% of Bitcoin Japan (8105), a wholesale business; 45.85% of Kaihan (3133), also a retailer; and 43.2% of Delta-Fly Pharma (4598), another pharmaceutical company. Among the top five holdings from its 36-stock portfolio, each stake hovers between roughly 40% and 60%. Cringle Pharma's 4.79% position represents a considerably smaller allocation within this fund's overall strategy.

At the disclosure date, Cringle Pharma traded at ¥456 per share with a PBR of 2.50x. The stock was positioned at 61% within its 52-week range, indicating sales occurred near the upper end of the past year's trading band.

*Speculation: Given that Cringle Pharma operates in the niche field of intractable disease therapeutics, the staged reduction in the fund's position may reflect an event-driven investment approach responsive to specific development milestones or clinical trial outcomes characteristic of this fund's strategy.