Three affiliated investment vehicles tied to London-based Nippon Active Value Fund PLC (NAVF) and Los Angeles-based Dalton Investments have crossed the 5% disclosure threshold in Intage Holdings, the Tokyo-listed market research group, according to a large shareholding report filed with Japan's Financial Services Agency on July 17, 2026. The three entities, NAVF itself, NAVF Select (Master) Fund LP and Dalton Investments, Inc., together hold 2,022,700 shares, equal to 5.00% of Intage's 40,426,000 outstanding shares, as of July 10, 2026.
| Filer | Shares | Stake |
|---|---|---|
| Nippon Active Value Fund PLC | 565,700 | 1.40% |
| NAVF Select (Master) Fund LP | 573,900 | 1.42% |
| Dalton Investments, Inc. | 883,100 | 2.18% |
| Combined | 2,022,700 | 5.00% |
The filers describe their purpose as investment and management advice, adding that they "may engage in important proposal actions depending on the situation". That language leans on a letter NAVF sent to every company in its Japanese portfolio in December 2025, including Intage, which the fund published on its website. The letter urged portfolio companies to adopt "management conscious of cost of capital and stock price," introduce restricted stock compensation and shareholding guidelines for management, and strengthen board independence. It went further, asking investees to review, without preconception, every strategic option available to lift corporate value, naming privatization and spin-offs alongside more conventional buybacks and dividend increases.
The filing itself does not commit the funds to a specific ask for Intage. It states the group intends to continue dialogue with the company "in line with the spirit of the letter" and may make further proposals depending on how those talks proceed. There is no campaign timetable, target valuation, or record of Intage's response to the December letter in the disclosure.
For Intage, which supplies consumer-panel and market-research data across Asia, the emergence of two known activist names above the 5% line puts governance and capital allocation on the table even without a public demand. Dalton Investments has a long record of pressing Japanese companies on buybacks and board composition. NAVF's letter, sent to its entire portfolio rather than tailored to Intage, suggests a standard template rather than a company-specific thesis. What happens next depends on whether the three funds move from "may propose" to an actual public ask, and whether Intage acts first.