3D Investment Partners Pte. Ltd. now holds 13.84% of J.Front Retailing, up from 12.73% in its previous report, according to change report No. 7 filed with the Kanto Local Finance Bureau on 6 November 2026. The reporting obligation arose on 29 October, and the stated reason is an increase of one percentage point or more in the holding ratio.
The fund holds 37,457,800 shares against 270,565,764 shares outstanding as of 14 October. Its purchase table lists a market purchase of 364,400 shares (0.13%) on 29 October. The funding table shows ¥92.2bn in total acquisition funds, all under "other sources", and no borrowings.
Dialogue now, proposals conditional
The fund describes its purpose as net investment plus, as circumstances warrant, constructive dialogue and proposals aimed at raising medium- to long-term corporate value. It argues that J.Front Retailing owns property in prime commercial districts but has low market-value-based adjusted ROE and ROIC, and is in a state of excess capital once property value is counted. Those are the fund's views, not findings.
As of 29 October, it says, it was already in talks with J.Front Retailing's board and management on business portfolio, use of assets, capital allocation and capital policy. It also ticks the box for possible "important proposal" acts, and says it plans to make written proposals on matters such as director appointments, asset sales, restructurings and dividend policy when it judges they would raise corporate value. No specific proposal is described.
Room to buy more
The fund says it had no concrete plan to raise its holding by more than 5 percentage points. It adds that if it judged such buying helpful, it could trade flexibly and do so within three months, with price, volume and timing set by the market.