{
  "commentary": "## 創業家資産管理会社・神戸アート社（旧ケーマルワ）の安定持株（FY15〜FY24）\n\n筆頭株主は神戸家の資産管理会社・株式会社神戸アート（旧称：株式会社ケーマルワ）で、FY15（2016年3月期）28.47%・3,523千株からFY24（2025年3月期）29.5%・3,641千株へ持分を維持・微増させている。FY15時点では「ケーマルワ」名義（FY05時点では3,302千株・29.82%）だったが、FY16から「神戸アート」へ商号変更し、創業家の安定持分を象徴する存在として一貫して30%弱を保有する。神戸誠氏個人は別途FY15から300千株（約2.4%）を継続保有し、創業家の合算持分は実質33%前後となる。\n\n## 信託銀行・外国法人の上位浸透（FY22〜FY24）\n\n直近FY24（2025年3月期）では、神戸アート29.5%に続き、日本マスタートラスト信託銀行（信託口）12.66%・1,562千株が2位、日本カストディ銀行（信託口）9.95%・1,228千株が3位、STATE STREET BANK AND TRUST COMPANY 505001 8.36%・1,032千株が4位と並ぶ。FY22まで日本トラスティ・サービス信託銀行が2位だったが、FY23以降の信託銀行業界再編で日本マスタートラスト系・日本カストディ系へ整理された。5位以下はNORTHERN TRUST 3.36%・MSCO CUSTOMER SECURITIES 2.64%・神戸誠2.43%・野村信託銀行（投信口）1.41%・J.P. MORGAN BANK LUXEMBOURG 1.16%・STATE STREET BANKWEST 0.94%が並び、上位10名で72.3%を占める高集中構造になっている。\n\n機関投資家を装って実態は世界中のパッシブ・アクティブ運用者の合算であるグローバルカストディ口座（STATE STREET / NORTHERN TRUST / J.P. MORGAN / MSCO）が上位に分散して並ぶ姿は、MARUWAが東証プライム上場のセラミック電子部品メーカーとして外国人投資家からの信認を獲得していることを示す。一方で神戸アートの30%弱の安定持分が創業家ガバナンスを担保しており、機関投資家比率と創業家持分が併存する二極構造になっている。\n\n## 旧有報期（FY05・FY10）の構造変遷\n\nFY05（2006年3月期）時点では筆頭ケーマルワ29.82%、2位日本トラスティ・サービス信託銀行9.46%、3位ロンバード・オーディエ4.25%、4位デクシア3.39%、5位ゴールドマンサックス3.02%と、上場直後（2000年東証一部指定）から既に欧州・米国系の外国法人が上位に並んでいた。創業家個人持分は神戸誠2.59%・神戸芳樹2.51%・神戸節也1.94%と分散していた。\n\nFY10（2011年3月期）では筆頭ケーマルワ31.28%、2位日本トラスティ13.21%、3位日本マスタートラスト7.01%、4位資産管理サービス信託銀行4.33%、5位神戸誠2.61%、6位ザ・チェース・マンハッタン・バンク2.54%、7位神戸芳樹2.51%、8位神戸節也1.94%、9位MARUWA従業員持株会1.65%が並び、リーマンショック後の調整期に神戸家の持分を維持しながら国内信託銀行の比率を高めた。",
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 1,
      "name": "㈱ケーマルワ",
      "shareholding_ratio": 28.47,
      "shares_held": 3523000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行㈱",
      "shareholding_ratio": 12.8,
      "shares_held": 1584000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 4.89,
      "shares_held": 605000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 4,
      "name": "CBNY-GOVERNMENT OF NORWAY （常任代理人 シティバンク銀行株式会社）",
      "shareholding_ratio": 3.82,
      "shares_held": 473000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 5,
      "name": "ROYAL BANK OF CANADA TRUST COMPANY（CAYMAN）LIMITED （常任代理人 立花証券株式会社）",
      "shareholding_ratio": 3.77,
      "shares_held": 467000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 6,
      "name": "HSBC-FUND SERVICES, SPARX ASSET MANAGEMENT CO LTD （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 2.87,
      "shares_held": 356000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 7,
      "name": "神戸 誠",
      "shareholding_ratio": 2.34,
      "shares_held": 290000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 8,
      "name": "神戸 芳樹",
      "shareholding_ratio": 1.96,
      "shares_held": 243000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 9,
      "name": "神戸 節也",
      "shareholding_ratio": 1.25,
      "shares_held": 154000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 10,
      "name": "CBNY DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク銀行株式会社）",
      "shareholding_ratio": 1.2,
      "shares_held": 148000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 1,
      "name": "㈱神戸アート",
      "shareholding_ratio": 28.47,
      "shares_held": 3523000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行㈱",
      "shareholding_ratio": 16.3,
      "shares_held": 2016000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 3,
      "name": "CBNY-GOVERNMENT OF NORWAY （常任代理人 シティバンク銀行株式会社）",
      "shareholding_ratio": 4.82,
      "shares_held": 597000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 4,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 3.91,
      "shares_held": 484000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 5,
      "name": "HSBC-FUND SERVICES, SPARX ASSET MANAGEMENT CO LTD （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 2.9,
      "shares_held": 359000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 6,
      "name": "資産管理サービス信託銀行㈱",
      "shareholding_ratio": 2.45,
      "shares_held": 303000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 7,
      "name": "神戸 誠",
      "shareholding_ratio": 2.34,
      "shares_held": 290000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 8,
      "name": "神戸 芳樹",
      "shareholding_ratio": 1.84,
      "shares_held": 228000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 9,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 1.77,
      "shares_held": 220000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 10,
      "name": "GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社）",
      "shareholding_ratio": 1.42,
      "shares_held": 176000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 1,
      "name": "㈱神戸アート",
      "shareholding_ratio": 28.5,
      "shares_held": 3523000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行㈱",
      "shareholding_ratio": 15.15,
      "shares_held": 1873000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 4.46,
      "shares_held": 552000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 4,
      "name": "GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店）",
      "shareholding_ratio": 3.96,
      "shares_held": 489000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 5,
      "name": "資産管理サービス信託銀行㈱",
      "shareholding_ratio": 2.79,
      "shares_held": 345000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 6,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOUGRG/JASDEC/FIM/LUXEMBOURG FUNFDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 2.58,
      "shares_held": 320000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 7,
      "name": "神戸 誠",
      "shareholding_ratio": 2.42,
      "shares_held": 300000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 8,
      "name": "CHASE MANHATTAN BANK GTS CLIENTS ACCOUNT ESCROW （常任代理人 ㈱みずほ銀行）",
      "shareholding_ratio": 1.95,
      "shares_held": 242000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 9,
      "name": "神戸 芳樹",
      "shareholding_ratio": 1.63,
      "shares_held": 202000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 10,
      "name": "THE BANK OF NEW YORK MELLON (INTER NATIONAL) LIMITED 131800 （常任代理人 ㈱みずほ銀行）",
      "shareholding_ratio": 1.35,
      "shares_held": 167000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 1,
      "name": "㈱神戸アート",
      "shareholding_ratio": 28.85,
      "shares_held": 3561000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行㈱（信託口）",
      "shareholding_ratio": 12.89,
      "shares_held": 1592000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 5.12,
      "shares_held": 633000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 4,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOUGRG/JASDEC/FIM/LUXEMBOURG FUNFDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 3.78,
      "shares_held": 467000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 5,
      "name": "GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店）",
      "shareholding_ratio": 2.8,
      "shares_held": 345000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 6,
      "name": "神戸 誠",
      "shareholding_ratio": 2.43,
      "shares_held": 300000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 7,
      "name": "SSBTC CLIENT OMNIBUS ACCOUNT （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 1.9,
      "shares_held": 235000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行㈱（信託口９）",
      "shareholding_ratio": 1.79,
      "shares_held": 222000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 9,
      "name": "PICTET AND CIE (EUROPE) SA, LIXEMBOURG REF: UCITS （常任代理人 ㈱三菱UFJ銀行）",
      "shareholding_ratio": 1.52,
      "shares_held": 188000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 10,
      "name": "神戸 宏樹",
      "shareholding_ratio": 1.44,
      "shares_held": 177000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 1,
      "name": "㈱神戸アート",
      "shareholding_ratio": 29.12,
      "shares_held": 3591000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行㈱（信託口）",
      "shareholding_ratio": 12.58,
      "shares_held": 1551000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行㈱ （信託口）",
      "shareholding_ratio": 7.29,
      "shares_held": 899000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 4,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 4.21,
      "shares_held": 520000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 5,
      "name": "日本トラスティ・サービス信託銀行㈱（信託口９）",
      "shareholding_ratio": 3.51,
      "shares_held": 433000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 6,
      "name": "神戸 誠",
      "shareholding_ratio": 2.43,
      "shares_held": 300000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 7,
      "name": "J.P. MORGAN BANK LUXEMBOURG S.A. 380578 （常任代理人 ㈱みずほ銀行決済営業部）",
      "shareholding_ratio": 1.72,
      "shares_held": 212000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 8,
      "name": "GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店）",
      "shareholding_ratio": 1.69,
      "shares_held": 209000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 9,
      "name": "資産管理サービス信託銀行㈱ （証券投資信託口）",
      "shareholding_ratio": 1.69,
      "shares_held": 208000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 10,
      "name": "PICTET AND CIE (EUROPE) SA, LUXEMBOURG REF:UCITS （常任代理人 ㈱三菱ＵＦＪ銀行）",
      "shareholding_ratio": 1.42,
      "shares_held": 176000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 1,
      "name": "㈱神戸アート",
      "shareholding_ratio": 29.18,
      "shares_held": 3600000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 2,
      "name": "㈱日本カストディ銀行 （信託口）",
      "shareholding_ratio": 10.04,
      "shares_held": 1239000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行㈱ （信託口）",
      "shareholding_ratio": 7.81,
      "shares_held": 963000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 4,
      "name": "㈱日本カストディ銀行 （信託口９）",
      "shareholding_ratio": 5.27,
      "shares_held": 651000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 5,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 3.85,
      "shares_held": 475000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 6,
      "name": "SSBTC CLIENT OMNIBUS ACCOUNT （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 2.68,
      "shares_held": 330000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 7,
      "name": "神戸 誠",
      "shareholding_ratio": 2.43,
      "shares_held": 300000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 8,
      "name": "㈱日本カストディ銀行 （証券投資信託口）",
      "shareholding_ratio": 1.4,
      "shares_held": 173000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 9,
      "name": "J.P. MORGAN BANK LUXEMBOURG S.A. 380578 （常任代理人 ㈱みずほ銀行決済営業部）",
      "shareholding_ratio": 1.26,
      "shares_held": 156000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 10,
      "name": "神戸 節也",
      "shareholding_ratio": 1.24,
      "shares_held": 153000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 1,
      "name": "㈱神戸アート",
      "shareholding_ratio": 29.3,
      "shares_held": 3616000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行㈱ （信託口）",
      "shareholding_ratio": 16.41,
      "shares_held": 2025000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 3,
      "name": "㈱日本カストディ銀行 （信託口）",
      "shareholding_ratio": 12.28,
      "shares_held": 1515000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 4,
      "name": "SSBTC CLIENT OMNIBUS ACCOUNT （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 3.28,
      "shares_held": 404000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 5,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 2.48,
      "shares_held": 306000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 6,
      "name": "神戸 誠",
      "shareholding_ratio": 2.43,
      "shares_held": 300000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 7,
      "name": "NORTHERN TRUST CO. (AVFC)REFIDELITY FUNDS （常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 2.21,
      "shares_held": 273000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 8,
      "name": "J.P. MORGAN BANK LUXEMBOURG S.A. 380578 （常任代理人 ㈱みずほ銀行決済営業部）",
      "shareholding_ratio": 1.34,
      "shares_held": 165000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 9,
      "name": "神戸 節也",
      "shareholding_ratio": 1.24,
      "shares_held": 153000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 10,
      "name": "KIA FUND F149 （常任代理人 シティバンク、エヌ・エイ東京支店）",
      "shareholding_ratio": 1.06,
      "shares_held": 131000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
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      "shareholding_ratio": 4.25,
      "shares_held": 471000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2006年3月期）"
    },
    {
      "FY": "FY05",
      "period": "2006/3",
      "company_name_at_period": "MARUWA",
      "rank": 4,
      "name": "デクシアピーアイエルブールジュリアスベアーマルチパートナーマルチストック",
      "shareholding_ratio": 3.39,
      "shares_held": 375000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2006年3月期）"
    },
    {
      "FY": "FY05",
      "period": "2006/3",
      "company_name_at_period": "MARUWA",
      "rank": 5,
      "name": "ゴールドマンサックスインターナショナル",
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      "shares_held": 335000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2006年3月期）"
    },
    {
      "FY": "FY05",
      "period": "2006/3",
      "company_name_at_period": "MARUWA",
      "rank": 6,
      "name": "日本マスタートラスト信託銀行",
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      "shares_held": 326000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2006年3月期）"
    },
    {
      "FY": "FY05",
      "period": "2006/3",
      "company_name_at_period": "MARUWA",
      "rank": 7,
      "name": "神戸誠",
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      "shares_held": 287000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2006年3月期）"
    },
    {
      "FY": "FY05",
      "period": "2006/3",
      "company_name_at_period": "MARUWA",
      "rank": 8,
      "name": "神戸芳樹",
      "shareholding_ratio": 2.51,
      "shares_held": 278000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2006年3月期）"
    },
    {
      "FY": "FY05",
      "period": "2006/3",
      "company_name_at_period": "MARUWA",
      "rank": 9,
      "name": "資産管理サービス信託銀行",
      "shareholding_ratio": 1.95,
      "shares_held": 216000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2006年3月期）"
    },
    {
      "FY": "FY05",
      "period": "2006/3",
      "company_name_at_period": "MARUWA",
      "rank": 10,
      "name": "神戸節也",
      "shareholding_ratio": 1.94,
      "shares_held": 215000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2006年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "MARUWA",
      "rank": 1,
      "name": "ケーマルワ",
      "shareholding_ratio": 31.28,
      "shares_held": 3463000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "MARUWA",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行",
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      "shares_held": 1463000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "MARUWA",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行",
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      "shares_held": 776000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "MARUWA",
      "rank": 4,
      "name": "資産管理サービス信託銀行",
      "shareholding_ratio": 4.33,
      "shares_held": 480000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "MARUWA",
      "rank": 5,
      "name": "神戸誠",
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      "shares_held": 289000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "MARUWA",
      "rank": 6,
      "name": "ザ チェース マンハッタン バンク エヌエイ ロンドン エス エル オムニバス アカウント",
      "shareholding_ratio": 2.54,
      "shares_held": 282000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "MARUWA",
      "rank": 7,
      "name": "神戸芳樹",
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      "shares_held": 278000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "MARUWA",
      "rank": 8,
      "name": "神戸節也",
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      "shares_held": 215000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "MARUWA",
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      "name": "MARUWA従業員持株会",
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      "shares_held": 183000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "MARUWA",
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      "shareholding_ratio": 0.94,
      "shares_held": 104000,
      "total_shares": 11072000,
      "source": "有価証券報告書（2011年3月期）"
    }
  ]
}