We unlock intrinsic values through dedicated activist strategies.

We’re willing to invest in deeply undervalued stocks in Japan.

Enthusiastic to discuss with the management how to increase their shareholders' value.


Latest Activities
8.7.2024 | Insight [LINK]
new Issued "Japan Shareholder Proposals Report 2024"
10.6.2024 | Campaign [English] [日本語]
Updated on our campaign website for Wakamoto (4512)
19.3.2024 | Campaign [English] [日本語]
Revealed our Second campaign website for Wakamoto (4512)
15.3.2024 | Campaign [English] [日本語]
Updated on our campaign website for YSK (2812)

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24.11.2023 | Miscellaneous [LINK]
Attended and contributed to the panel discussion at the "Equity Managers Roundtable: the State of the Market and How to Position a Portfolio in the Current Environment", an event organised by the Investment Management Club at the London Business School
8.11.2023 | Miscellaneous [LINK]
Contributed to the paper "Institutional Investors, Securities Lending, and Short-Selling Constraints" by Taisiya Sikorskaya, PhD Candidate at London Business School
1.8.2023 | Opinion [English] [日本語]
Submitted our comments to the Fair Acquisition Study Group, METI
7.7.2023 | Insight [LINK]
Issued "Japan Shareholder Proposals Report 2023"
23.3.2023 | Disclosure [LINK]
Revealed the Shareholder Activism Outsourcing Service
10.3.2023 | Opinion [LINK]
Submitted our comments to the Fair Acquisition Study Group, METI
23.12.2022 | Campaign [English] [日本語]
Revealed our first campaign website for YSK (2812)
13.12.2022 | Disclosure
Revealed this website

Summarises the issues and our solutions regarding the targeted company. Timely updates on current dialogues, additional campaigns, etc.


Professional Activism

A full line-up of activist campaigns can be launched in addition to formal shareholder proposals at AGMs.

Sophisticated analysis

Focuses on key ESG (Environment, Social, Societal and Governance) issues. Identifies deeply undervalued shares taking into account a fundamental perspective.

Undeterred Dialogue

Manages a long-term fund and is entirely owned by the founder. Encourages management to maximise shareholders' value as long as it realises.

Japan oriented

Believes in the opportunities for Japanese listed companies, which are left deeply undervalued in the market. Our goal is to unlock the value as if it were a ladybird in the equity market.


26.6.2024 [日本語][English]
24.6.2024 [日本語][English]
24.6.2024 [日本語][English]
週刊東洋経済2024年6月29日号「中小型&地方も油断禁物 物言う株主が狙う企業・「物言う株主」に狙われる企業ランキング(54頁図表及び58頁)」
17.6.2024 [日本語][English]
日本経済新聞朝刊15面「「動物福祉」求める株主 日本でも総会議案 わかもと製薬が試金石」
16.6.2024 [日本語のみ]
1.6.2024 [日本語のみ]
医薬経済2024年6月1日号(1709号)12-13頁「わかもと製薬に株主提案 新興アクティビストに直撃」
25.5.2024 [日本語のみ]
資料版/商事法務 482号(2024.05)117-121頁「ESG株主に聞く<第6回>ナナホシマネジメント」
24.5.2024 [日本語][English]
日本経済新聞朝刊3面「MBO、昨年度に過去最高1.4兆円 大正製薬やベネッセなど18社 企業に規律、新陳代謝促す」
13.5.2024 [日本語のみ]
半澤智『PBR革命 ESGも情報開示も価値に変える新しい経営の指標』201-202頁(日経BP)
22.4.2024 [日本語][English]
日本経済新聞朝刊17面「一目均衡 「政策保有先分」もあなたの責任、気候変動影響の開示」
15.4.2024 [日本語のみ]
8.4.2024 [日本語][English]
M&A Research Report Online「アクティビスト最新動向、TOB価格や統合比率への介入増加」
19.3.2024 [日本語][English]
Business Wire "Nanahoshi Management Ltd.: Strengthen Wakamoto Activist Campaign (TOKYO:4512) Is Released"
7.2.2024 [日本語][English]
日本経済新聞朝刊地域経済(静岡)「いなば食品系が焼津水化買収へ 県内資本主導で再建」
22.1.2024 [日本語][English]
M&A Research Report Online「2024年のM&A市場を展望する(3) 外国人投資家関与のアクティビスト活動が活発化へ」

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22.12.2023 [日本語のみ]
6.12.2023 [日本語][English]
White & Case "Japan 2023 Proxy Season"
26.11.2023 [日本語][English]
日本経済新聞朝刊3面「MBO最高の1兆円超 23年、大正製薬やベネッセ相次ぎ 東証・物言う株主 圧力」
20.11.2023 [日本語][English]
M&A Research Report Online「2023年下期のアクティビスト活動概観~資本市場からの要請に対する対応は途上段階」
6.11.2023 [日本語][English]
週刊東洋経済2023年11月11日号「あなたの会社も狙われる アクティビスト全解明(51頁図表並びに55頁及び58頁)」
17.10.2023 [日本語][English]
東洋経済オンライン「村上系ファンドの餌食に、静岡・老舗企業の盲点 拙速なTOBに対してアクティビストが揺さぶり(2頁目)」
6.10.2023 [日本語][English]
日本経済新聞朝刊23面「TOB、14年ぶり多さ 1~9月49件 企業、価値向上を意識」
15.9.2023 [日本語のみ]
8.9.2023 [日本語][English]
M&A Research Report Online「Webインタビュー【第162回】イギリスを拠点に、アクティビスト活動を展開」
8.9.2023 [日本語][English]
日経ESG 2023年10月号「ニデックが低PBR企業に同意なき買収 東証のPBR要請がM&Aを後押し(13頁)」
27.7.2023 [日本語][English]
M&A Research Report Online「注目の2023年6月定時株主総会でのアクティビスト活動の総括(3頁目)」
15.7.2023 [日本語のみ]
旬刊商事法務2332号58頁「スクランブル 6月総会株主提案事例の概観とアクティビストの行動形態の変容」
8.7.2023 [日本語][English]
7.7.2023 [日本語][Engligh]
Business Wire "Nanahoshi Management issued the “Japan Shareholder Proposals Report 2023”"
27.6.2023 [日本語][English]
23.6.2023 [日本語][English]
中日BiZナビ「アクティビスト提案を否決 焼津水産化学工業の株主総会」
18.5.2023 [日本語][English]
23.3.2023 [日本語][English]
Business Wire "Nanahoshi Management Unveils the Shareholder Activism Outsourcing Service"
25.1.2023 [日本語] [English]
22.12.2022 [日本語][English]
Business Wire "Nanahoshi Management Discloses Its Campaign Website “Optimize Yaizu (2812 JP Equity)”"


Nanahoshi Management Ltd.


2-13-22 Higashinakano, Nakanoku, Tokyo, Japan, 164-0003


Founder / CEO

Satoru Matsuhashi, CFA, CESGA

代表取締役 松橋 理

He has 15 years of experience in equity investment as a fund manager and research analyst. He recently worked as a shareholder activism professional in Japan.
He earned Masters in Finance at London Business School, holds Investment Management Diploma (ESG) from CFA UK, and received Sustainability and Climate Risk Certificate (SCR) from GARP.