Be Brave, a Tokyo investment fund, raised its stake in Univance Corporation to 7.09% from 6.08%, according to a large-shareholding change report filed with the Kanto Local Finance Bureau on August 19, 2026. The fund now holds 1,658,900 shares of the Tokyo Stock Exchange-listed auto-parts maker (ticker 7254), a crossing that triggers Japan's mandatory 1-percentage-point disclosure rule.
The filing spells out what Be Brave wants Univance's board to do while it holds the stake as a long-term, pure investment. It is pressing the board to adopt the Tokyo Stock Exchange's 2023 request for "management conscious of cost of capital and stock price" and the Corporate Governance Code revised in July 2026, with the specific goal of pushing the price-to-book ratio above 1x.
| Demand | Specific ask |
|---|---|
| PBR correction | Push price-to-book above 1x by adopting the Tokyo Stock Exchange's capital-cost and stock-price guidance |
| Dividend expansion | Fund an 8% dividend-on-equity payout using proceeds from selling excess policy shareholdings |
| Capital efficiency | Raise return on equity and reduce an equity ratio Be Brave calls too high |
| Governance | Build board decision-making and effectiveness under the revised Corporate Governance Code |
Be Brave says it financed the position with ¥1.14bn, including 595,800 shares bought on margin through a Japanese brokerage, with ¥467.9mn of that total coming from the margin position. The fund describes its holding as a long-term, pure investment, but it adds that it may pursue "material proposal actions" depending on how dialogue with the board proceeds.
None of the four demands are commitments from Univance itself. They are the terms Be Brave says it is negotiating for, backed by a stake that has grown by more than one percentage point since its previous report.