Evo Fund's position in ANAP Holdings shrank enough to trigger another large-shareholder disclosure, but the report also shows why the headline ratio is only half the story. The June 4 change report says ANAP's holding ratio stood at 0.5495 as of May 28, down from 0.5600 in the previous report, and says the filing was required because both the total ratio and the standalone ratio fell by more than 1%.
The position still looks large on the filing's own terms. Evo Fund disclosed 3,329,200 ordinary shares and 48,065,000 share subscription rights, for a total of 51,394,200 securities covered by the report. The 60-day transactions table shows repeated market disposals of common shares through April, alongside exercises of the ninth share subscription rights. In other words, the ordinary-share line is only part of the exposure.
ANAP was also not the only company on Evo Fund's June 4 docket. Separate change reports disclosed holding-ratio declines in ASAHI EITO Holdings, Diamond Electric Holdings and enish. That does not prove one neat strategy across all four names. It does show why investors keep watching ownership registers, because a fund's disclosed exposure can shift materially between corporate updates.