# EDINET Large-Shareholding Reports (大量保有報告書 / 変更報告書)

Filed by Dalton Investments / affiliates and Nippon Active Value Fund (NAVF).

Source: EDINET public disclosure portal. PDFs retrieved (no API key) via
`https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/<docID>.pdf`.
Doc IDs located via ufocatch.com holder indexes (Dalton = E39237 / E08827; NAVF = E36104) and maonline.jp/kabuhoyu mirror pages.
Percentages and dates extracted from each PDF cover page with `pdftotext -layout`.

| Issuer | Code | Reported % | Filer | Filing date (提出日) | EDINET docID | Report type | File |
|---|---|---|---|---|---|---|---|
| アニコム ホールディングス (Anicom Holdings) | 8715 | 5.08% | ダルトン・インベストメンツ・インク (Dalton Investments, Inc.) — E39237 | 2025-07-03 | S100WACZ | 大量保有報告書 (initial) | `anicom_8715_EWR.pdf` |
| センコーグループホールディングス (Senko Group Holdings) | 9069 | 5.01% | ダルトン・インベストメンツ・インク (Dalton Investments, Inc.) — E39237 | 2025-06-04 | S100VUUK | 大量保有報告書 (initial) | `senko_9069_EWR.pdf` |
| 株式会社イワキ (Iwaki & Co.) | 6237 | 5.02% | ダルトン・インベストメンツ・エルエルシー (Dalton Investments LLC) — E08827 | 2023-11-16 | S100SB0S | 大量保有報告書 (initial >5%) | `iwaki_6237_EWR.pdf` |
| マクニカホールディングス (Macnica Holdings) | 3132 | 5.01% | ダルトン・インベストメンツ・インク (Dalton Investments, Inc.) — E39237 | 2025-03-10 | S100VCMT | 大量保有報告書 (initial) | `macnica_3132_EWR.pdf` |
| あいホールディングス (AI Holdings / Ai Holdings) | 3076 | 6.04% | ダルトン・インベストメンツ・インク (Dalton Investments, Inc.) — E39237 | 2025-09-19 | S100WPOL | 変更報告書 No.1 (+1% increase) | `aiholdings_3076_EWR.pdf` |
| トーセイ株式会社 (Tosei Corp) | 8923 | 5.00% | ダルトン・インベストメンツ・インク (Dalton Investments, Inc.) — E39237 | 2025-06-05 | S100VV1I | 大量保有報告書 (initial) | `tosei_8923_EWR.pdf` |
| 三和ホールディングス (Sanwa Holdings) | 5929 | 5.59% | ダルトン・インベストメンツ・インク (Dalton Investments, Inc.) — E39237 | 2024-02-08 | S100SQJI | 変更報告書 No.2 | `sanwa_5929_EWR.pdf` |
| 株式会社フジ・メディア・ホールディングス (Fuji Media Holdings) | 4676 | 7.51% (group total; lead filer sub-row 1.07%) | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2025-06-19 | S100VY3U | 変更報告書 No.5 (joint holders) | `fujimedia_4676_EWR.pdf` |
| 文化シヤッター株式会社 (Bunka Shutter) | 5930 | 20.55% (group total; NAVF 3.46% + NAVF Select (Master) Fund LP 1.61% + Dalton Inc. 15.48%) | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-04-08 | S100XJMG | 変更報告書 No.15 (joint holders; co-filer rename) | `5930_EWR.pdf` |
| 明星工業株式会社 (Meisei Industrial) | 1976 | 10.36% (group total; NAVF 7.38% + NAVF Select LLC 2.31% + Dalton Inc. 0.67%) | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2025-09-02 | S100WM5I | 変更報告書 No.5 (3 joint holders, 連名) | `1976_EWR.pdf` |
| 株式会社ホギメディカル (Hogy Medical) | 3593 | 26.38% (group total; NAVF 8.58% + NAVF Select LLC 2.63% + Dalton Inc. 15.17%) | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2025-12-24 | S100XC12 | 変更報告書 No.22 (3 joint holders, 連名; Carlyle/TCG2509 公開買付応募契約 disclosed) | `3593_EWR.pdf` |
| ステラケミファ (Stella Chemifa) | 4109 | 21.58% (group total; Dalton Inc. 15.93% + NAVF 4.03% + NAVF Select (Master) Fund LP 1.62%) | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-06-11 | S100Y9MX | 変更報告書 No.26 (3 joint holders, 連名; holding fell >1%, 22.74%→21.58%) | `4109_EWR.pdf` |
| あすか製薬ホールディングス (ASKA Pharmaceutical Holdings) | 4886 | 21.32% (group total; Dalton Inc. 10.03% + NAVF 8.34% + NAVF Select (Master) Fund LP 2.95%) = 6,132,100 sh | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-04-08 | S100XJME | 変更報告書 No.16 (3 joint holders, 連名; +0.83pt, 20.49%→21.32%; largest holder) | `4886_EWR.pdf` |
| 那須電機鉄工 (Nasu Denki-Tekko) | 5922 | 11.68% (group total; NAVF 7.84% + NAVF Select (Master) Fund LP 3.78% + Dalton Inc. 0.07%) = 140,200 sh | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-06-11 | (raw HTML: docID resolvable via ufocatch viewer link) | 変更報告書 No.7 (3 joint holders, 連名; +1pt) | `5922_EWR.pdf` |
| 株式会社ノーリツ (Noritz) | 5943 | 9.60% (group total; NAVF 3.98% + NAVF Select (Master) Fund LP 2.59% + Dalton Inc. 3.03%) = 4,660,300 sh | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-05-27 | (raw HTML: docID resolvable via ufocatch viewer link) | 変更報告書 No.5 (3 joint holders, 連名; +1pt) | `5943_EWR.pdf` |
| 江崎グリコ (Ezaki Glico) | 2206 | 10.27% (group total; Dalton Inc. 9.08% + NAVF 0.59% + NAVF Select LLC 0.59%) = 7,030,100 sh — *Dalton-only line was 8.17% in earlier No.3 (S100VMWQ)* | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2025-08-22 | S100WKA9 | 変更報告書 No.5 (3 joint holders, 連名) | `2206_EWR.pdf` |
| 株式会社村上開明堂 (Murakami Corp) | 7292 | 8.10% (group total; NAVF 5.94% + NAVF Select (Master) Fund LP 1.42% + Dalton Inc. 0.74%) = 980,600 sh | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-04-08 | S100XKS0 | 変更報告書 No.3 (3 joint holders, 連名; +0.49pt, 7.61%→8.10%) | `7292_EWR.pdf` |
| 帝国繊維 (Teikoku Sen-I) | 3302 | 10.49% (group total; NAVF 6.07% + NAVF Select (Master) Fund LP 2.09% + Dalton Inc. 2.33%) | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-04-08 | S100XKS8 | 変更報告書 No.6 (3 joint holders, 連名; 提出者2商号変更) | `3302_EWR.pdf` |
| ザ・パック (The Pack Corp) | 3950 | 9.06% (group total; NAVF 4.63% + NAVF Select (Master) Fund LP 4.30% + Dalton Inc. 0.12%) | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-06-09 | S100Y8YM | 変更報告書 No.4 (3 joint holders, 連名; +1%, 共同保有者1名増) | `3950_EWR.pdf` |
| 帝国通信工業 (Teikoku Tsushin Kogyo / NOBLE) | 6763 | 8.66% (group total; NAVF 5.03% + NAVF Select (Master) Fund LP 1.48% + Dalton Inc. 2.15%) | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-04-08 | S100XKSB | 変更報告書 No.5 (3 joint holders, 連名; 提出者2商号変更) | `6763_EWR.pdf` |
| 日産東京販売ホールディングス (Nissan Tokyo Sales Holdings) | 8291 | 7.65% (group total; NAVF 4.80% + NAVF Select (Master) Fund LP 2.67% + Dalton Inc. 0.18%) | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-05-18 | S100Y3UA | 変更報告書 No.6 (3 joint holders, 連名; +1%) | `8291_EWR.pdf` |
| 積水樹脂 (Sekisui Jushi) | 4212 | 8.17% (group total; NAVF 5.95% + NAVF Select (Master) Fund LP 2.06% + Dalton Inc. 0.16%) | ニッポン・アクティブ・バリュー・ファンド (NIPPON ACTIVE VALUE FUND PLC) — E36104 | 2026-06-03 | S100Y7A7 | 変更報告書 No.4 (3 joint holders, 連名; +1%) | `4212_EWR.pdf` |

## Notes on selection
- For each issuer the most relevant Dalton/NAVF report was chosen: the initial >5% 大量保有報告書 where available; otherwise the nearest change report.
- **AI Holdings (3076):** no plain "initial" 大量保有 was the most recent; the latest filing is 変更報告書 No.1 at 6.04% (2025-09-19). Earlier Dalton crossings exist (e.g., S100SQKQ 7.32%, S100VQJZ 5.02%).
- **Sanwa Holdings (5929):** Dalton's position has crossed 5% up and down repeatedly; S100SQJI (変更報告書 No.2, 5.59%, 2024-02-08) is the report sitting above the 5% line. A later S100TKUP shows a drop to 4.59%.
- **Iwaki (6237):** filed under the **LLC** entity (Dalton Investments LLC, E08827), not the Inc. entity used elsewhere.
- **Fuji Media (4676):** the only one of the eight filed by **NAVF**, not Dalton. It is a joint-holding 変更報告書; the 7.51% is the 提出者及び共同保有者 group total (総括表). The lead-filer sub-rows show 1.07% + 0.30% + 6.14% across the co-holder breakdown.
- **Macnica (3132):** S100VCMT is the initial 5.01% crossing (Dalton Inc., 2025-03-10, 8,970,900 sh; saved as `macnica_3132_EWR.pdf`). The position has SINCE FLUCTUATED but NEVER reached ~14.8%. Verified ladder: peak ~10.56% (2019, under the **LLC** entity E08827); Dalton Inc. dropped 5.30%→4.24% (S100UK05-era, Oct-2024 per QUICK/M&A Online), then re-crossed up to **7.16% (変更報告書, 2026-02-16)** and **~8.18% (irbank, as of 2026-03-18, current)**. CORRECTION: an earlier draft of this note wrongly cited "14.83% (S100XKQK)" for Macnica — **S100XKQK is an ANICOM Holdings (8715) report at 14.83%** (変更報告書 No.9, 2026-02-16), not Macnica; the "13.34% Feb-2020" figure floating in mirror data is Macnica chairman 神山治貴 (Haruki Kamiyama), a different filer, not Dalton. No higher/newer Macnica EDINET PDF needs saving; the initial 5.01% remains the canonical binder record.
- **Meisei Industrial (1976):** filed by **NAVF** as a 3-way concert party (連名). Section (6) of each proposer block states 提出者1・2・3 (NAVF, NAVF Select LLC, Dalton Investments, Inc.) "have agreed to act jointly" in acquiring Meisei common shares. NAVF Select LLC and Dalton Inc. both list **James B. Rosenwald III** as 代表者 (CIO). Position ladder: 5.32% (2024-02-13, S100SUDP) → 8.33% (2025-03-17) → 9.35% (2025-04-15) → **10.36% (2025-09-02, S100WM5I)**. Activist (株主提案) campaign at the **84th AGM (2026-06-25)**: NAVF proposed (a) a mandated ¥10.47bn share buyback, (b) an articles-of-incorporation amendment on board composition / more outside directors, (c) a record-date change. Board **opposed all three** (TDnet 2026-05-08). NOTE: at Meisei the proposals are articles/capital items — NAVF did **not** put up named director candidates (contrast Hogy Medical 3593, where NAVF nominated Rosenwald III + Gifford Combs + Paul ffolkes Davis at the 64th AGM before the Carlyle take-private).

- **Stella Chemifa (4109) — deepest position, articles/capital-proposal pattern (NO named director slate; contrast Hogy):**
  - **EDINET record (S100Y9MX, 変更報告書 No.26, NAVF lead, 連名, 提出日 2026-06-11, 報告義務発生日 2026-06-04):** 提出事由 = 「株券等保有割合が1％以上減少したこと」. Group total **21.58%** (down from prior 22.74%) on 12,973,248 shares outstanding (as of 2025-11-14). Holder breakdown: **Dalton Investments, Inc. 2,067,100 (15.93%)** + NAVF PLC 523,200 (4.03%) + NAVF Select (Master) Fund LP 209,800 (1.62%) = **2,800,100 (21.58%)**. NAVF Select GP LLC managing member / Dalton Inc. CEO & President = the controlling link (**James B. Rosenwald III**). 60-day activity: on-market **disposals** 2026-05-26→06-04 (the >1% decrease driver — bloc is trimming off its peak). Filing contact = **日比谷中田法律事務所 弁護士 水落一隆 (Hibiya-Nakata Law Office, atty Kazutaka Mizuochi)** — Dalton/NAVF Japanese counsel, NOT a director.
  - **Position ladder:** 14.89%→15.82% (Apr-2025, Dalton became #1 holder) ; group 17.67%→18.71% (Oct-2024) → 19.09% (Jan-2025) → 20.11% (Apr-2025) → 2025-07-14 report NAVF 4.24% + Dalton 16.22% ; **peaked >22.74%** then →21.58% (2026-06-11). Context-brief's "~19.96%" was a mid-2025 waypoint; the bloc has since climbed well past it and is now reducing.
  - **BOARD SEATS — NONE.** No Rosenwald / Dalton / NAVF / Rising Sun nominee director sits on Stella's board. Confirmed against the company CG report (CG_20251113.pdf, 2025-11-13, register as of 2025-09-30): board = company slate under 代表取締役社長 橋本亜希 (Aki Hashimoto); 13 directors, 5 outside; CG report expressly states ALL non-audit-committee directors hold zero outside directorships → rules out any Dalton nominee. None of {Rosenwald III, Benno Rosenwald IV, Combs, Hayashi, Nishida, Mizuochi, ffolkes Davis} appears on the board.
  - **Activist campaign:** 2025 (82nd AGM, 2025-06-27) — NAVF 株主提案, 4 items: (1) bylaw amend re dividend-decision authority to AGM, (2) ~10% / 1,297,000 sh / ¥5,577,000,000 share buyback, (3) bylaw amend requiring a **majority** of outside directors (text suggested adding an equity-market "analyst" type — but named NO specific candidate), (4) restricted-stock comp scheme (≤¥500M/yr, ≤100,000 sh). Board **opposed all four** (TDnet/IR news1_2025.05.09.pdf); **all DEFEATED** (~8.87%–16.43% support). 2026 (83rd AGM, June 2026) — NAVF filed a **single-item** proposal (AGM record-date bylaw change, filed 2026-04-14). Like Meisei, these are articles/capital items — **NAVF did not put up named director candidates** at Stella (contrast Hogy 3593).
  - **EXIT / M&A — none launched.** No TOB / MBO / privatization / strategic sale of Stella Chemifa is completed or pending; the issuer has no offeror. The only exit signal is NAVF's **December-2025 letter** (sent to all investees incl. Stella, published on usrfiles.com) demanding examination of **all strategic options including going-private (非公開化) and spinoffs** — pressure, not a deal. (Realized-exit template = Hogy→Carlyle below.)
  - **Co-filers / concert party:** the 3-party Dalton group only (Dalton Inc. + NAVF PLC + NAVF Select (Master) Fund LP). Other large holders are NOT in concert: 深田/FUKADA Co. 10.03% + founder family (橋本亜希 4.35%, 橋本信子 3.06%, 深田麻実 2.79%) = the entrenched control bloc the campaign targets; plus Japan Master Trust (13.08%) and Japan Custody (3.57%) trust banks.

- **Hogy Medical (3593) — the realized board-seat→exit template (highest-value record in this binder):**
  - **Board seat WON:** **James B. Rosenwald III** (Dalton CIO) elected to the Hogy board at the **64th AGM, 2025-06-20**, with **52.1%** support via the NAVF/Dalton/NAVF Select 株主提案. Dalton's **first direct proxy-vote victory** in Japan. The two co-proposed nominees — **F. Gifford Combs** and **Paul ffolkes Davis** — did NOT pass; only Rosenwald III cleared 50%. Board had opposed all three (independence/conflict grounds; TDnet 2025-05-14).
  - **EDINET record (S100XC12, 変更報告書No.22, NAVF lead, 連名, 提出日 2025-12-24, 報告義務発生日 2025-12-17):** 提出事由 = 「株券等に関する担保契約等重要な契約の締結」. Section (6) verbatim: 提出者らは2025年12月17日付でTCG2509株式会社(公開買付者)との間で公開買付応募契約を締結し、保有する対象会社普通株式 **5,945,400株全て** を、公開買付者が2025年12月18日〜2026年2月5日を公開買付期間として実施する公開買付に応募することに合意。Holder breakdown: NAVF PLC 1,933,200 (8.58%) + NAVF Select LLC 592,900 (2.63%) + Dalton Inc. 3,419,300 (15.17%) = **5,945,400 (26.38%)**.
  - **Exit / take-private:** offeror **TCG2509 K.K.** (ultimately CJP V HC Holdings VII, L.P., a Carlyle fund); price **¥6,700/share**; deal ~**¥144.4bn / ~$951M**. Offer period Dec 18 2025 → extended to **2026-02-20** (regulatory review); **completed 2026-03-02**; squeeze-out + TSE Prime delisting to follow. The Dalton bloc **tendered all 5,945,400 shares**.
  - **Post-tender 0.00%:** a later 変更報告書（短期大量譲渡） (報告義務発生日 2026-03-02, disclosed ~2026-03-09 per ufocatch) shows the bloc fell to **0.00% (△26.38pt)** — full divestment / carry event. That final report's docID is not publicly resolvable (EDINET API v2 now 401s without a subscription key; ufocatch/kabutan/maonline mirrors did not expose the raw docID). **S100XC12 is the most recent *retrievable* large-shareholding report** and is the one documenting the binding tender — hence saved as `3593_EWR.pdf`.
  - **27.58% vs 26.38%:** Hogy's own 2025-12-17 IR disclosure states the Dalton Group stake as **27.58%** (same 5,945,400 sh) on a treasury-adjusted denominator; the EDINET 大量保有 reports it as **26.38%** on the gross denominator. Both refer to the identical bloc.

## Activist cross-reference dossier (2026-06-18) — 5 targets

- **Yasuda Logistics / 安田倉庫 (9324) — NO Dalton/NAVF position (null result, confirmed).** kabupro 9324 lists exactly 5 大量保有 filers; the only material one is 損害保険ジャパン (Sompo Japan, cross-holding, reduced to 3.2% on 2026-03-13, docID S100XRD4) + みずほ. NO Dalton Inc/LLC, NO NAVF, NO Rising Sun, NO Rosenwald nominee anywhere on the register. "stake n/a" in the brief is correct — drop 9324 from the holdings universe. No EWR PDF (none to fetch).

- **Anicom Holdings (8715) — NEW friendly board seat (company-sponsored), position climbing.** EWR on file = `anicom_8715_EWR.pdf` (Dalton Inc E39237, **5.08%** initial 大量保有, 報告義務発生日 2025-06-26, 提出日 2025-07-03, docID S100WACZ, filer 敬和綜合法律事務所 弁護士 森祐輔). Position since increased to **14.83%** then **11,114,900 sh** per 変更報告書 提出 2026-02-16. **BOARD SEAT:** company resolved 2026-04-22 (TDnet) to nominate **林史朗 (Shiro Hayashi)**, b. 1977-03-20, a Dalton Investments Group person recommended by Dalton, as a 社外取締役 at the **26th AGM (June 2026)** — **COMPANY proposal (会社提案), NOT a 株主提案 proxy fight** (contrast Hogy). Hayashi = the brief's "Shiro Hayashi" nominee (kanji 林史朗 vs nominee-list 林士郎; same person). Friendly/negotiated. No TOB/MBO. Single filer, no concert party.

- **Senko Group Holdings (9069) — dialogue-only, position climbing, no board seat / no exit.** EWR on file = `senko_9069_EWR.pdf` (Dalton Inc E39237, **5.01%**, 報告義務発生日 2025-05-28, 提出日 2025-06-04, docID S100VUUK, filer 敬和綜合法律事務所 森祐輔). Initial-crossing PDF triggered a +13% one-day stock jump (¥1,975 record high). Position ladder 5.01% → **6.10%→7.10% (変更報告書No.2, 2025-12-04/11)** → ~11.23% reference (IRBANK). Stated intent = constructive dialogue on governance/board composition/capital policy (buybacks/dividends). **NO named director, NO 株主提案 filed, NO TOB/MBO.** Single filer, no concert party.

- **Iwaki & Co / 株式会社イワキ (6237) — dialogue-only, cash-rich target profile, no board seat / no exit.** EWR on file = `iwaki_6237_EWR.pdf` (filed under the **LLC** entity Dalton Investments LLC E08827, **5.02%** initial >5% 大量保有, 報告義務発生日 2023-11-09, 提出日 2023-11-16, docID S100SB0S, filer 敬和綜合法律事務所 森祐輔). Two-entity holding: Dalton Inc line ~5.6% + Dalton LLC 5.02%. **NOT among Dalton's Feb-2025 "5社" 株主提案 batch** (those were Glico, Noritz, Mitsubishi Pencil, Teikoku Sen'i 帝国繊維, Ebara Jitsugyo 荏原実業 — verified on daltoninvestments.co.jp/en/news/20250221). Classic Dalton value target (FY3/2026 equity ratio 74%). NO named director, NO 株主提案, NO TOB/MBO. No concert party.

- **AI Holdings / あいホールディングス (3076) — dialogue-only; the only "TOB" is AI as ACQUIRER, not a take-private of AI.** EWR on file = `aiholdings_3076_EWR.pdf` (Dalton Inc E39237, **6.04%**, 変更報告書 No.1 +1%, 報告義務発生日 2025-09-11, 提出日 2025-09-19, docID S100WPOL; initial 5.02% crossing = S100VQJZ 2025-05-13). Founder/family-controlled (佐々木 Sasaki 19.28% + Hikari Tsushin 5.57% + JMTB 10.79%). **EXIT/M&A = none for the Dalton bloc**; AI Holdings itself was the buyer in the Nakayo (6715) TOB (completed 2025-04, Nakayo→consolidated sub) and the Iwatsu/岩崎通信機 integration — AI's own outbound M&A, not an exit for Dalton. NO named director, NO 株主提案, NO take-private of AI. Single filer.

## Second cross-reference sweep (2026-06-18) — 5 candidate issuers (6855/6035/4956/7976/6145), NO Dalton/NAVF >5% holding
Distinct from the dossier above. None of these five has any 大量保有報告書 by Dalton Inc (E39237), Dalton LLC (E08827), or NAVF (E36104), current or historical. Verified two ways: (a) **filer-side** — ufocatch holder databases for all three entities (`ufocatch.com/a8/Holder/<code>`) list none of these codes; (b) **issuer-side** — full maonline 5%-rule histories (`maonline.jp/db/companies/<code>/shareholding`, all pages) show only the filers below, zero Dalton/NAVF/Rising-Sun rows. Positive control: same maonline view renders "ダルトン/Dalton" 5× for Senko (9069) → absence is real, not a render gap. No EWR PDFs saved (nothing to retrieve).

| Issuer | Code | Dalton/NAVF >5%? | Actual 5%-rule filers (who really holds it) | Campaign note |
|---|---|---|---|---|
| 日本電子材料 Japan Electronic Materials | 6855 | **No (none ever)** | Nomura Securities (~6–11%, frequent), SMTAM, Schroders, MUFG Bank, UBS AG, Morgan Stanley MUFG, 三井住友DS AM, 有限会社大久保興産 (insider 9.81%) | swept to ~2010, 5 pages; no activist bloc |
| アイ・アールジャパンHD IR Japan Holdings | 6035 | **No (none ever)** | Founder **寺下史郎 Shiro Terashita ~50–58%**, Granger Peak (exited 2022), Wasatch, Tokio Marine AM, MUFG, SMBC DS | founder-controlled |
| コニシ Konishi | 4956 | **No (none ever)** | **Asset Value Investors (AVI)** 5.01% Jan-2023 → 0% Aug-2025, MUFG Bank, founder Konishi/Matsumoto family, SMTB | activist = AVI, NOT Dalton |
| 三菱鉛筆 Mitsubishi Pencil | 7976 | **No (never crossed 5%)** | **AP PS IV Investment, Inc.** (new 7.55% activist, 2026-05-26), Mitsui Sumitomo Ins., SMTB, Mizuho Bank, treasury buybacks | **but Dalton DID run a 2025 株主提案 here — see below** |
| NITTOKU | 6145 | **No (none ever)** | **シティインデックスイレブンス City Index Eleventh (Murakami fund)** repeated 5–6% 2024–25, Mizuho Sec/Trust, Schroders, Baillie Gifford, Sparx, Wellington, SMC | activist = Murakami group, NOT Dalton |

- **Mitsubishi Pencil (7976) — the one with a real Dalton tie despite sub-5% holding.** 7976 was one of **Dalton's Feb-2025 "5社" 株主提案 batch** (the five: Ezaki Glico, Noritz, **三菱鉛筆 Mitsubishi Pencil**, 帝国繊維 Teikoku Sen'i, 荏原実業 Ebara Jitsugyo — per daltoninvestments.co.jp/en/news/20250221, cross-referenced in the Iwaki note above). Dalton filed a **shareholder proposal** (articles/capital-policy style, consistent with its Glico/Stella/Meisei template) but its stake **never reached the 5% 大量保有 threshold**, so there is no EDINET large-shareholding PDF and Dalton does not appear on the 7976 register. The 2026 activist that DID cross 5% (AP PS IV Investment, 7.55%) is a **separate** fund, not Dalton/NAVF. So: Dalton = campaign-only ally signal at 7976; AP PS IV = adjacent activist, not part of the apparatus.
- **Board seats / exits / concert party:** N/A for all five via the Dalton bloc — no Rosenwald-affiliated nominee director ({Rosenwald III, Benno Rosenwald IV, Combs, Hayashi, Nishida, Mizuochi, ffolkes Davis}) on any of these boards through Dalton/NAVF, no Dalton concert party, no Dalton exit/carry event. AVI (Konishi), AP PS IV (Mitsubishi Pencil) and Murakami/City Index (NITTOKU) are **other** activists — adjacent-actor xref only. Confidence: **high** (two independent sources + positive control).

## Misses
None for the 5-target dossier — all 4 real positions corroborated against EDINET PDFs + company TDnet/IR + Nikkei/maonline; Yasuda null confirmed against kabupro register. Open thread: irbank E39237 share page now 403s, so Senko's latest exact % beyond the Dec-2025 7.10% No.2 report is from an IRBANK summary, not re-pulled from the raw filing.
None for Hogy. The only unresolved item is the docID of the final 短期大量譲渡 (0.00%) report — blocked by EDINET API key + JS-rendered mirrors; the take-private is fully corroborated by EDINET S100XC12 + company IR + Carlyle/Dalton + Nikkei/Bloomberg/Reuters.
None for Stella Chemifa (4109): S100Y9MX retrieved as a valid 12-page PDF and verified (issuer 4109 + filer NAVF + 3-holder breakdown + 21.58% group total confirmed against the PDF cover/総括表 pages, and cross-checked against CG_20251113.pdf board roster + major-shareholder table).