エリオット・インベストメント・マネージメント
A major global activist known for M&A and asset-sale proposals at large-cap companies.
"Companies tracked" and "first seen" reflect activity within our coverage period (from 2025-02-09 onward) and do not represent this investor's total number of historical holdings in the Japanese market.
This commentary is AI-generated from filing data and news articles (web search). It may contain hallucinations or factual errors, so please verify the content against primary sources yourself. It is not intended as investment advice.
The single sample purpose statement on file — for NIPPON EXPRESS Holdings — is explicit and assertive in nature. The filing states the purpose as "投資" but immediately couples this with an intent to make proposals under Japan's large shareholding disclosure framework (施行令第14条の8の2第1項各号等) aimed at "発行者の企業価値向上" (enhancement of the issuer's corporate value). The verbatim text enumerates specific proposal categories: consideration of new M&A strategy and profit-margin improvement plans, real estate spin-off, partial sales (potentially including sale-and-leaseback transactions), and/or other measures to monetize/unlock the intrinsic value of the issuer's real estate, as well as capital allocation toward a large-scale share buyback program. This is clearly engagement-oriented language rather than passive-investment boilerplate, and it names concrete corporate-action levers (M&A strategy, real estate monetization, buybacks) rather than generic "may make proposals" phrasing. Recent press coverage corroborates this reading, noting the filer's public statement that the company's value is "significantly undervalued" versus peers and its call for a pause/re-examination of the current M&A strategy alongside bold profitability measures. With only one ticker on file, we cannot assess whether this assertive tone is standardized across holdings or specific to this situation; no cross-ticker comparison is possible here.
Coverage is limited to a single sector — 陸運業 (land transportation), with one company (NIPPON EXPRESS Holdings). Based solely on this platform's data, no diversification pattern or sector concentration thesis can be established; the sample size is too small to characterize a broader sector preference. Press coverage referencing contemporaneous stakes in real-estate names (Mitsui Fudosan, Sumitomo Realty) suggests possible interest in real estate/logistics-adjacent value more broadly, but these are not part of this filer's tracked holdings in this dataset and are noted only as external context.
The sole tracked position shows a peak ownership ratio of 6.05%, with median and range identical (6.05%–6.05%, n=1). This is only modestly above the 5% disclosure threshold under Japan's large shareholding reporting regime, which requires disclosure only once ownership exceeds 5%. With just one data point, no generalizable "typical stake range" can be inferred for this filer from this platform's data alone; press coverage indicates the position moved from an initial ~5.04% to 6.05% over the tracked period, consistent with a stake built modestly above the disclosure trigger.
The position remains above 5% as of the most recent filing, with an elapsed holding period (from initial disclosure) of 117 days (median, n=1). This figure is strictly a lower bound: because the position has not fallen to 5% or below, the true total holding period remains undetermined and the position may continue to be held. There are no positions in the "fell to 5% or below" category (n=0), and it should be emphasized generally that under Japan's regime, once a position falls to or below 5%, the filer's disclosure obligation terminates and the position becomes fundamentally unobservable — by this platform or by any outside party — and such an event would not itself indicate full divestment, only that the stake fell to a level below the disclosure threshold.
There is no exit-related data for this filer: zero positions have fallen to 5% or below, and zero positions show confirmed full divestment (0%) via an amendment report. With n=0 in both categories, no exit pattern can be characterized. As a general matter for this disclosure regime, falling to 5% or below functions as the de facto (but incomplete) exit signal, while explicit confirmation of full divestment to 0% via amendment report is comparatively rare — but neither circumstance is presently observed in this filer's single tracked position. This commentary reflects only the activity captured within this platform's data collection period and does not represent the filer's complete historical investment record in the Japanese market, nor does it constitute investment advice or a definitive assessment of the filer's intent.
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Based on EDINET submission dates. Dates reflect when the filing was submitted, not when the underlying trade or shareholder proposal actually occurred.
When multiple filers are included in the same joint filing, we combine them into a single event (2 filings total on a per-filing basis, 2 on a per-event basis).
投資。また、発行者の企業価値向上を目的として、金融商品取引法施行令第14条の8の2第1項第1号、第6号、第7号及び第12号並びに株券等の大量保有の状況の開示に関する内閣府令第16条第1号に規定される事項に関して、発行者に対し提案すること。当該提案には、新たなM&A戦略及び利益率の改善計画の検討、不動産のスピンオフ、部分的な売却（セール・アンド・リースバック取引を含む場合がある）及び／又は発行者との間で検討するその他の手法を通じた、発行者の不動産の現金化／その本質的な価値の解放に向けた迅速な措置、並びに大規模な自己株式取得プログラムへの資本配分などが含まれる。
投資。なお、状況等に応じ、発行会社及び／又はその関係会社との間で議論を行い、又はこれらに対して重要提案行為等を行うこと。
Under Japan's large shareholding reporting system, a filing obligation is triggered once a stake exceeds 5%, and a change report must be filed for every 1-point-or-more move after that. Once a holding drops to 5% or below, its status can no longer be tracked via EDINET at all, so the figures below reflect "as of the most recently filed report" — not the current holding.
| Company | Stake per latest report | Filing date |
|---|---|---|
| NIPPON EXPRESS HOLDINGS,INC.9147Other activists in this company → | 6.05% | 2026-05-20 |
This page mechanically aggregates and organizes disclosure data from EDINET large shareholding and change reports into a timeline. The "purpose of holding" field reproduces the original text as filed. It does not guarantee any particular investment judgment or interpretation of the filer's intent. Data is updated daily.
Source: EDINET (the Financial Services Agency's electronic disclosure system). "View original" links to the PDF of the original filing, which we retrieve and store via the EDINET API (EDINET's own browsing site does not support direct links to individual filings).
The horizontal axis reflects actual calendar dates (the real interval between filings); the vertical axis is ownership stake. Each marker is the value as of that filing — click it to view the underlying filing on EDINET (hover first to see the date and ratio).
The solid line marks changes confirmed by a filing. The lighter dashed line marks a stretch where the stake had fallen below 5% (so the continuing-disclosure obligation no longer applies) or where no new filing has been made since the latest report — the actual trajectory during that stretch is unknown (it does not necessarily mean the holding continued or stayed at a given level).