{
  "commentary": "## 上位株主の推移\n\n\n\n## 株主構造の特徴",
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 1,
      "name": "内藤株式会社",
      "shareholding_ratio": 11.9,
      "shares_held": 6215000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 2,
      "name": "株式会社好兼商事",
      "shareholding_ratio": 7.66,
      "shares_held": 4002000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "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": 7.25,
      "shares_held": 3786000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 4,
      "name": "林 謙治",
      "shareholding_ratio": 4.79,
      "shares_held": 2502000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "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)",
      "shareholding_ratio": 3.98,
      "shares_held": 2082000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 6,
      "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": 3.77,
      "shares_held": 1970000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 7,
      "name": "東京瓦斯株式会社",
      "shareholding_ratio": 1.5,
      "shares_held": 784000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 8,
      "name": "日本生命保険相互会社",
      "shareholding_ratio": 1.37,
      "shares_held": 720000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 9,
      "name": "リンナイ共進会",
      "shareholding_ratio": 1.14,
      "shares_held": 596000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 10,
      "name": "内藤 ゆき美",
      "shareholding_ratio": 1.05,
      "shares_held": 550000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 1,
      "name": "内藤株式会社",
      "shareholding_ratio": 11.9,
      "shares_held": 6215000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "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": 7.86,
      "shares_held": 4105000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 3,
      "name": "株式会社好兼商事",
      "shareholding_ratio": 7.66,
      "shares_held": 4002000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 4,
      "name": "林 謙治",
      "shareholding_ratio": 4.79,
      "shares_held": 2502000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "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": 4.31,
      "shares_held": 2253000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 6,
      "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": 3.37,
      "shares_held": 1762000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 7,
      "name": "東京瓦斯株式会社",
      "shareholding_ratio": 1.5,
      "shares_held": 784000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 8,
      "name": "日本生命保険相互会社",
      "shareholding_ratio": 1.37,
      "shares_held": 720000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 9,
      "name": "エイチエスビーシー ファンド サービシィズ クライアンツ アカウント ５００（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": 1.37,
      "shares_held": 718000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "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５）",
      "shareholding_ratio": 1.25,
      "shares_held": 655000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 1,
      "name": "内藤株式会社",
      "shareholding_ratio": 12.09,
      "shares_held": 6215000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 2,
      "name": "株式会社好兼商事",
      "shareholding_ratio": 7.78,
      "shares_held": 4002000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "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": 7.17,
      "shares_held": 3688000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 4,
      "name": "林 謙治",
      "shareholding_ratio": 4.77,
      "shares_held": 2454000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "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": 4.65,
      "shares_held": 2394000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 6,
      "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": 3.81,
      "shares_held": 1961000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 7,
      "name": "東京瓦斯株式会社",
      "shareholding_ratio": 1.52,
      "shares_held": 784000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 8,
      "name": "エイチエスビーシー ファンド サービシィズ クライアンツ アカウント ５００（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": 1.49,
      "shares_held": 768000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 9,
      "name": "日本生命保険相互会社",
      "shareholding_ratio": 1.4,
      "shares_held": 720000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "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５）",
      "shareholding_ratio": 1.31,
      "shares_held": 673000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 1,
      "name": "内藤株式会社",
      "shareholding_ratio": 12.09,
      "shares_held": 6215000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 2,
      "name": "株式会社好兼商事",
      "shareholding_ratio": 7.79,
      "shares_held": 4002000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "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": 6.43,
      "shares_held": 3304000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 4,
      "name": "林 謙治",
      "shareholding_ratio": 4.77,
      "shares_held": 2454000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "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": 3.4,
      "shares_held": 1747000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 6,
      "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": 3.34,
      "shares_held": 1717000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 7,
      "name": "ＭＩＳＡＫＩ ＥＮＧＡＧＥＭＥＮＴ ＭＡＳＴＥＲ 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": 2.8,
      "shares_held": 1437000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 8,
      "name": "エイチエスビーシー ファンド サービシィズ クライアンツ アカウント ５００ （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": 1.62,
      "shares_held": 833000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 9,
      "name": "東京瓦斯株式会社",
      "shareholding_ratio": 1.53,
      "shares_held": 784000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 10,
      "name": "ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ.（ＡＶＦＣ） ＲＥ ＳＳＤ００ （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": 1.47,
      "shares_held": 755000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 1,
      "name": "内藤株式会社",
      "shareholding_ratio": 12.09,
      "shares_held": 6215000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 2,
      "name": "株式会社好兼商事",
      "shareholding_ratio": 6.81,
      "shares_held": 3502000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "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": 5.76,
      "shares_held": 2962000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 4,
      "name": "林 謙治",
      "shareholding_ratio": 4.77,
      "shares_held": 2454000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "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）",
      "shareholding_ratio": 4.08,
      "shares_held": 2097000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 6,
      "name": "ＭＩＳＡＫＩ ＥＮＧＡＧＥＭＥＮＴ ＭＡＳＴＥＲ 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": 3.63,
      "shares_held": 1867000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "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９）",
      "shareholding_ratio": 2.2,
      "shares_held": 1131000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 8,
      "name": "ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ １０ ＰＥＲＣＥＮＴ （常任代理人 株式会社三菱ＵＦＪ銀行）",
      "shareholding_ratio": 2.05,
      "shares_held": 1058000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 9,
      "name": "東京瓦斯株式会社",
      "shareholding_ratio": 1.52,
      "shares_held": 784000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "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５）",
      "shareholding_ratio": 1.52,
      "shares_held": 782000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 1,
      "name": "内藤株式会社",
      "shareholding_ratio": 12.09,
      "shares_held": 6215000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "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": 7.93,
      "shares_held": 4077000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 3,
      "name": "株式会社好兼商事",
      "shareholding_ratio": 5.84,
      "shares_held": 3002000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 4,
      "name": "林 謙治",
      "shareholding_ratio": 4.77,
      "shares_held": 2454000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 5,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 4.62,
      "shares_held": 2378000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 6,
      "name": "MISAKI ENGAGEMENT MASTER 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": 2.4,
      "shares_held": 1237000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 7,
      "name": "STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.66,
      "shares_held": 856000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 8,
      "name": "東京瓦斯株式会社",
      "shareholding_ratio": 1.52,
      "shares_held": 784000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 9,
      "name": "株式会社日本カストディ銀行（信託口９）",
      "shareholding_ratio": 1.42,
      "shares_held": 731000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 10,
      "name": "日本生命保険相互会社",
      "shareholding_ratio": 1.4,
      "shares_held": 720000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 16.31,
      "shares_held": 8125000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 2,
      "name": "内藤株式会社",
      "shareholding_ratio": 12.48,
      "shares_held": 6215000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 3,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 6.2,
      "shares_held": 3090000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 4,
      "name": "林 謙治",
      "shareholding_ratio": 4.93,
      "shares_held": 2456000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 5,
      "name": "公益財団法人リンナイ奨学財団",
      "shareholding_ratio": 2.81,
      "shares_held": 1400000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 6,
      "name": "MISAKI ENGAGEMENT MASTER 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": 2.08,
      "shares_held": 1039000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 7,
      "name": "STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.65,
      "shares_held": 821000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 8,
      "name": "東京瓦斯株式会社",
      "shareholding_ratio": 1.57,
      "shares_held": 784000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 9,
      "name": "内藤 万琴",
      "shareholding_ratio": 1.14,
      "shares_held": 570000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 10,
      "name": "内藤 ゆき美",
      "shareholding_ratio": 1.1,
      "shares_held": 550000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 17.24,
      "shares_held": 8416000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 2,
      "name": "内藤株式会社",
      "shareholding_ratio": 12.73,
      "shares_held": 6215000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 3,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 8.6,
      "shares_held": 4200000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 4,
      "name": "林 謙治",
      "shareholding_ratio": 5.03,
      "shares_held": 2456000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 5,
      "name": "公益財団法人リンナイ奨学財団",
      "shareholding_ratio": 2.86,
      "shares_held": 1400000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 6,
      "name": "MISAKI ENGAGEMENT MASTER 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": 2.33,
      "shares_held": 1137000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 7,
      "name": "東京瓦斯株式会社",
      "shareholding_ratio": 1.6,
      "shares_held": 784000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 8,
      "name": "BBH (LUX) FOR FIDELITY FUNDS - SUSTAINABLE WATER AND WASTE POOL （常任代理人 株式会社三菱ＵＦＪ銀行）",
      "shareholding_ratio": 1.21,
      "shares_held": 591000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 9,
      "name": "内藤 万琴",
      "shareholding_ratio": 1.16,
      "shares_held": 570000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 10,
      "name": "内藤 ゆき美",
      "shareholding_ratio": 1.12,
      "shares_held": 550000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 1,
      "name": "内藤株式会社",
      "shareholding_ratio": 13.02,
      "shares_held": 18647000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "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": 11.74,
      "shares_held": 16821000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 3,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 7.06,
      "shares_held": 10117000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 4,
      "name": "林 謙治",
      "shareholding_ratio": 5.14,
      "shares_held": 7369000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 5,
      "name": "公益財団法人リンナイ奨学財団",
      "shareholding_ratio": 2.93,
      "shares_held": 4200000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 6,
      "name": "STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 2.02,
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