{
  "commentary": [
    {
      "heading": null,
      "paragraphs": [
        "FY15時点では創業者の佐野陽光氏43.57%と元社長の穐田誉輝氏14.76%が双璧を成し、両氏で6割近くを握る構成だった。",
        "FY16以降に穐田氏が退出し、FY25では佐野陽光氏が63.55%まで持株比率を引き上げて単独支配構造を強化している。"
      ]
    }
  ],
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 1,
      "name": "佐 野 陽 光",
      "shareholding_ratio": 43.57,
      "shares_held": 46582800
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 2,
      "name": "穐 田 誉 輝",
      "shareholding_ratio": 14.76,
      "shares_held": 15781200
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 3,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口）",
      "shareholding_ratio": 3.56,
      "shares_held": 3802400
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 4,
      "name": "ゴールドマン・サックス・アンド・カンパニー レギュラーアカウント（常任代理人 ゴールドマン・サックス証券株式会社）",
      "shareholding_ratio": 2.38,
      "shares_held": 2546500
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 5,
      "name": "ビービーエイチ マシユーズ ジヤパン フアンド（常任代理人 株式会社三菱東京UFJ銀行）",
      "shareholding_ratio": 1.8,
      "shares_held": 1923500
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 6,
      "name": "ジエーピーモルガンチエース オツペンハイマー ジヤスデツク レンデイング アカウント（常任代理人 株式会社三菱東京UFJ銀行）",
      "shareholding_ratio": 1.32,
      "shares_held": 1408300
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 7,
      "name": "ザ バンク オブ ニューヨーク １３３５２４（常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.24,
      "shares_held": 1327900
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 8,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 1.18,
      "shares_held": 1265400
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 9,
      "name": "STATE STREET LONDON CARE OF STATE STREET BANK AND TRUST,BOSTON SSBTC A/C UK LONDON BRANCH CLIENTS-UNITED KINGDOM（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 1.13,
      "shares_held": 1206000
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 10,
      "name": "ゴールドマンサックスインターナショナル（常任代理人 ゴールドマン・サックス証券株式会社）",
      "shareholding_ratio": 0.98,
      "shares_held": 1052548
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 1,
      "name": "佐 野 陽 光",
      "shareholding_ratio": 43.47,
      "shares_held": 46582800
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 2,
      "name": "凸版印刷株式会社",
      "shareholding_ratio": 3,
      "shares_held": 3215000
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 3,
      "name": "穐 田 誉 輝",
      "shareholding_ratio": 2.39,
      "shares_held": 2566200
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 4,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/JASDEC/HENDERSON HHF SICAV（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 1.71,
      "shares_held": 1832600
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 5,
      "name": "ジエーピーモルガンチエース オツペンハイマー ジヤスデツク レンデイング アカウント（常任代理人 株式会社三菱東京UFJ銀行）",
      "shareholding_ratio": 1.6,
      "shares_held": 1711100
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 6,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 1.58,
      "shares_held": 1690400
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 7,
      "name": "ザ バンク オブ ニューヨーク １３３５２４（常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.55,
      "shares_held": 1660300
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口９）",
      "shareholding_ratio": 1.42,
      "shares_held": 1524200
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 9,
      "name": "ステート ストリート バンク アンド トラスト カンパニー ５０５００１（常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.28,
      "shares_held": 1371495
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 10,
      "name": "UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT（常任代理人 シティバンク銀行株式会社）",
      "shareholding_ratio": 1.23,
      "shares_held": 1321000
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 1,
      "name": "佐 野 陽 光",
      "shareholding_ratio": 43.38,
      "shares_held": 46582800
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 2,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/JASDEC/HENDERSON HHF SICAV（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 3.84,
      "shares_held": 4124600
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 3,
      "name": "凸版印刷株式会社",
      "shareholding_ratio": 2.99,
      "shares_held": 3215000
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 4,
      "name": "ザ バンク オブ ニューヨーク １３３５２４（常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.84,
      "shares_held": 1978200
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 5,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口９）",
      "shareholding_ratio": 1.5,
      "shares_held": 1615500
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 6,
      "name": "STATE STREET LONDON CARE OF STATE STREET BANK AND TRUST, BOSTON SSBTC A/C UK LONDON BRANCH CLIENTS-UNITED KINGDOM（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 1.4,
      "shares_held": 1505100
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 7,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 1.4,
      "shares_held": 1502100
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口５）",
      "shareholding_ratio": 1.06,
      "shares_held": 1140100
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 9,
      "name": "ステート ストリート バンク アンド トラスト カンパニー ５０５３２５（常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.03,
      "shares_held": 1108600
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口）",
      "shareholding_ratio": 0.97,
      "shares_held": 1041000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 1,
      "name": "佐 野 陽 光",
      "shareholding_ratio": 43.36,
      "shares_held": 46582800
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 2,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/JASDEC/JANUS HENDERSON HORIZON FUND（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 3.19,
      "shares_held": 3429000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 3,
      "name": "凸版印刷株式会社",
      "shareholding_ratio": 2.99,
      "shares_held": 3215000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 4,
      "name": "株式会社SBI証券",
      "shareholding_ratio": 2.18,
      "shares_held": 2341803
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 5,
      "name": "楽天証券株式会社",
      "shareholding_ratio": 1.88,
      "shares_held": 2020400
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 6,
      "name": "THE BANK OF NEW YORK MELLON 140051（常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.7,
      "shares_held": 1831000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 7,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 1.15,
      "shares_held": 1234000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口５）",
      "shareholding_ratio": 1.09,
      "shares_held": 1171800
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 9,
      "name": "STATE STREET BANK AND TRUST COMPANY FOR STATE STREET BANK LUXEMBOURG SCA ON BEHALF OF ITS CLIENT: CLIENT OMNI OM25（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 1.09,
      "shares_held": 1171000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 10,
      "name": "STATE STREET LONDON CARE OF STATE STREET BANK AND TRUST, BOSTON SSBTC A/C UK LONDON BRANCH CLIENTS-UNITED KINGDOM（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 0.94,
      "shares_held": 1008500
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 1,
      "name": "佐野陽光",
      "shareholding_ratio": 43.36,
      "shares_held": 46582800
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 2,
      "name": "BNP PARIBAS SECURITIES SERVICESLUXEMBOURG/JASDEC/JANUS HENDERSON HORIZON FUND",
      "shareholding_ratio": 3.02,
      "shares_held": 3241000
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 3,
      "name": "凸版印刷株式会社",
      "shareholding_ratio": 2.99,
      "shares_held": 3215000
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 4,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 2.63,
      "shares_held": 2824800
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 5,
      "name": "MSIP CLIENT SECURITIES",
      "shareholding_ratio": 2.5,
      "shares_held": 2687949
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 6,
      "name": "THE BANK OF NEW YORK MELLON 140051",
      "shareholding_ratio": 1.97,
      "shares_held": 2119300
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 7,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口）",
      "shareholding_ratio": 1.39,
      "shares_held": 1491700
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口５）",
      "shareholding_ratio": 1.25,
      "shares_held": 1346600
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 9,
      "name": "BNYM AS AGT／CLTS NON TREATY JASDEC",
      "shareholding_ratio": 1.14,
      "shares_held": 1220152
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口１）",
      "shareholding_ratio": 0.84,
      "shares_held": 899900
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 1,
      "name": "佐野陽光",
      "shareholding_ratio": 43.36,
      "shares_held": 46582800
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 3.33,
      "shares_held": 3578600
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 3,
      "name": "MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社)",
      "shareholding_ratio": 3.29,
      "shares_held": 3537888
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 4,
      "name": "凸版印刷株式会社",
      "shareholding_ratio": 2.99,
      "shares_held": 3215000
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 5,
      "name": "THE BANK OF NEW YORK MELLON 140051(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 2.02,
      "shares_held": 2169500
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 6,
      "name": "ａｕカブコム証券株式会社",
      "shareholding_ratio": 1.31,
      "shares_held": 1408100
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 7,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/JASDEC/JANUS HENDERSON HORIZON FUND(常任代理人 香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 1.29,
      "shares_held": 1385000
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 8,
      "name": "株式会社日本カストディ銀行（信託口５）",
      "shareholding_ratio": 0.98,
      "shares_held": 1053700
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 9,
      "name": "BNYM AS AGT／CLTS NON TREATY JASDEC(常任代理人 株式会社三菱ＵＦＪ銀行)",
      "shareholding_ratio": 0.81,
      "shares_held": 872607
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 10,
      "name": "株式会社日本カストディ銀行（信託口６）",
      "shareholding_ratio": 0.81,
      "shares_held": 864900
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 1,
      "name": "佐野陽光",
      "shareholding_ratio": 44.7,
      "shares_held": 46582800
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 2,
      "name": "立花証券株式会社",
      "shareholding_ratio": 6.09,
      "shares_held": 6343300
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 5.21,
      "shares_held": 5428300
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 4,
      "name": "MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社)",
      "shareholding_ratio": 3.77,
      "shares_held": 3928500
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 5,
      "name": "THE BANK OF NEW YORK MELLON 140051(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 2.08,
      "shares_held": 2169500
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 6,
      "name": "諸藤周平",
      "shareholding_ratio": 1.54,
      "shares_held": 1600000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 7,
      "name": "古川良太",
      "shareholding_ratio": 0.74,
      "shares_held": 771600
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 8,
      "name": "平尾丈",
      "shareholding_ratio": 0.68,
      "shares_held": 706900
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 9,
      "name": "野村證券株式会社(常任代理人 株式会社三井住友銀行デットファイナンス営業部)",
      "shareholding_ratio": 0.65,
      "shares_held": 675520
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 10,
      "name": "橋本健太",
      "shareholding_ratio": 0.5,
      "shares_held": 520000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 1,
      "name": "佐野 陽光",
      "shareholding_ratio": 44.7,
      "shares_held": 46582800
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 2,
      "name": "株式会社バリスター",
      "shareholding_ratio": 9.45,
      "shares_held": 9846000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 4.79,
      "shares_held": 4992200
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 4,
      "name": "THE BANK OF NEW YORK MELLON 140051(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 2.08,
      "shares_held": 2169500
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 5,
      "name": "MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社)",
      "shareholding_ratio": 1.5,
      "shares_held": 1564800
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 6,
      "name": "CREDIT SUISSE AG HONG KONG TRUST A/C CLIENT(常任代理人 株式会社三菱UFJ銀行)",
      "shareholding_ratio": 1.25,
      "shares_held": 1301500
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 7,
      "name": "諸藤 周平",
      "shareholding_ratio": 1.13,
      "shares_held": 1180000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 8,
      "name": "BNP PARIBAS LUXEMBOURG/2S/JASDEC/JANUS HENDERSON HORIZON FUND(常任代理人 香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 0.84,
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