Evo Fund, the Cayman Islands investment fund, and its US-based manager Evolution Capital Management LLC cut their combined stake in Tokyo Stock Exchange-listed WIZE INC. (ticker 3664) to 32.46% from 33.71%, according to an August 13 amendment to a large shareholding report. The filing was triggered by a reporting obligation dated August 5, 2026, the threshold Japanese disclosure rules set when a holder's stake moves by a percentage point or more.
Warrants In, Shares Out
Together the two entities hold 46,954,900 WIZE shares: 4,069,900 ordinary shares plus 42,885,000 shares still locked inside the 39th series stock acquisition rights, a warrant class Evo Fund has been converting in stages since early July. WIZE had 101,753,408 shares outstanding as of the reporting date.
| Metric | Value |
|---|---|
| Ordinary shares held | 4,069,900 |
| Potential shares from 39th series warrants | 42,885,000 |
| Combined shares held | 46,954,900 |
| Total WIZE shares outstanding (Aug 5, 2026) | 101,753,408 |
| Stake before this filing | 33.71% |
| Stake after this filing | 32.46% |
The 60-day transaction log shows a repeating pattern: a warrant exercise followed within a day or two by a market or off-market sale of the resulting shares, including a 4.8mn-share exercise on July 2, a 1.66mn-share exercise on July 8, and a 190,000-share exercise on August 5. The fund also borrowed and returned stock during the same window. On August 5 it fully repaid loans of 100,000 shares from BNP Paribas' London branch and 1,518,900 shares from State Street Bank and Trust Company; a separate loan of 4,070,800 shares from an individual lender remains outstanding, per the filing.
The Strings Attached
The warrant conversions sit inside a May 15, 2026 purchase agreement between WIZE and Evo Fund covering the third-party allotment of the 39th series warrants. Under that contract, WIZE can designate periods during which Evo Fund is barred from exercising specified warrants, and the fund has agreed not to exercise beyond an issuer-set ceiling when certain conditions apply. Evo Fund also needs the WIZE board's consent before transferring the warrant securities to a third party.
Who's Counting
Both filers describe their purpose as pure investment. Evo Fund's own filing adds that it "may offer appropriate advice" to WIZE depending on circumstances, without naming a specific proposal. Evolution Capital Management, which runs the position under a discretionary mandate, reports zero shares in its own name; the entire stake sits on Evo Fund's side of the ledger.
The filing does not disclose how many of the original warrants remain unexercised beyond the 42,885,000-share balance reported here, nor when WIZE's next exercise-restriction period begins.