{
  "commentary": [
    {
      "heading": null,
      "paragraphs": [
        "FY15時点では創業者の羽鳥兼市氏一族の資産管理会社フォワードが26.20%、羽鳥由宇介氏・羽鳥貴夫氏が各5.05%を保有する創業家中心の構造だった。",
        "FY24ではフォワード27.89%に加えフォワードY・フォワードTが各2.99%で登場して資産管理体制を多層化する一方、日本マスタートラスト信託銀行の信託口が5.16%から9.40%へ拡大し機関投資家比率も上昇している。"
      ]
    }
  ],
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 1,
      "name": "株式会社フォワード",
      "shareholding_ratio": 26.2,
      "shares_held": 28000000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 2,
      "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": 10.18,
      "shares_held": 10876000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "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": 5.16,
      "shares_held": 5519000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 4,
      "name": "羽鳥 裕介",
      "shareholding_ratio": 5.05,
      "shares_held": 5400000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 5,
      "name": "羽鳥 貴夫",
      "shareholding_ratio": 5.05,
      "shares_held": 5400000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 6,
      "name": "CREDIT SUISSE SECURITIES(EUROPE) LIMITED PB OMNIBUS CLIENT ACCOUNT （常任代理人 クレディ・スミス証券株式会社）",
      "shareholding_ratio": 2.85,
      "shares_held": 3048000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 7,
      "name": "THE BANK OF NEW YORK 133522 （常任代理人 株式会社みずほ銀行決済営業部",
      "shareholding_ratio": 1.92,
      "shares_held": 2047000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 8,
      "name": "NORTHERN TRUST CO.(AVFC) RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT （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": 1.83,
      "shares_held": 1953000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 9,
      "name": "ML PRO SEGREGATION ACCOUNT （常任代理人 メリルリンチ日本証券株式会社）",
      "shareholding_ratio": 1.4,
      "shares_held": 1500000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 10,
      "name": "GOLDMAN,SACHS& CO.REG （常任代理人 ゴールドマン・サックス証券株式会社）",
      "shareholding_ratio": 1.29,
      "shares_held": 1375000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 1,
      "name": "株式会社フォワ－ド",
      "shareholding_ratio": 26.2,
      "shares_held": 28000000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 2,
      "name": "NORTHERN TRUST CO.（AVFC） RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT（常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 5.82,
      "shares_held": 6221000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "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": 5.58,
      "shares_held": 5959000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 4,
      "name": "羽鳥 由宇介",
      "shareholding_ratio": 5.05,
      "shares_held": 5400000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 5,
      "name": "羽鳥 貴夫",
      "shareholding_ratio": 5.05,
      "shares_held": 5400000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "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": 3.65,
      "shares_held": 3900000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 7,
      "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）",
      "shareholding_ratio": 1.87,
      "shares_held": 2001000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 8,
      "name": "ML PRO SEGREGATION ACCOUNT（常任代理人 メリルリンチ日本証券株式会社）",
      "shareholding_ratio": 1.87,
      "shares_held": 2000000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 9,
      "name": "BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人 株式会社三菱東京UFJ銀行）",
      "shareholding_ratio": 1.78,
      "shares_held": 1903000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 10,
      "name": "JP MORGAN CHASE BANK 385632（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 1.6,
      "shares_held": 1712000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 1,
      "name": "株式会社フォワ－ド",
      "shareholding_ratio": 26.2,
      "shares_held": 28000000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 2,
      "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": 6.14,
      "shares_held": 6562000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 3,
      "name": "羽鳥 由宇介",
      "shareholding_ratio": 5.05,
      "shares_held": 5400000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 4,
      "name": "羽鳥 貴夫",
      "shareholding_ratio": 5.05,
      "shares_held": 5400000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 5,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 3.12,
      "shares_held": 3330000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 6,
      "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）",
      "shareholding_ratio": 2.72,
      "shares_held": 2904000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 7,
      "name": "JP MORGAN CHASE BANK 385632（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 1.84,
      "shares_held": 1969000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 8,
      "name": "NORTHERN TRUST CO.(AVFC) RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT（常任代理人 香港上海銀行東京支店）",
      "shareholding_ratio": 1.78,
      "shares_held": 1904000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 9,
      "name": "THE BANK OF NEW YORK MELLON SA/NV 10（常任代理人 株式会社三菱東京UFJ銀行）",
      "shareholding_ratio": 1.43,
      "shares_held": 1527000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 10,
      "name": "THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 1.36,
      "shares_held": 1456000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 1,
      "name": "株式会社フォワ－ド",
      "shareholding_ratio": 27.61,
      "shares_held": 28000000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 2,
      "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": 7.57,
      "shares_held": 7680000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 3,
      "name": "羽鳥 由宇介",
      "shareholding_ratio": 6.94,
      "shares_held": 7039000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 4,
      "name": "羽鳥 貴夫",
      "shareholding_ratio": 6.94,
      "shares_held": 7039000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 5,
      "name": "株式会社ビッグモーター",
      "shareholding_ratio": 5.62,
      "shares_held": 5697000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 6,
      "name": "JP MORGAN CHASE BANK 385632（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 2.9,
      "shares_held": 2937000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "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": 2.89,
      "shares_held": 2928000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 8,
      "name": "J.P.MORGAN SECURITIES PLC FOR AND ON BEHALF OF ITS CLIENTS JPMSP RE CLIENT ASSETS-SETT ACCT（常任代理人 シティバンク、エヌ・エイ東京支店）",
      "shareholding_ratio": 2.33,
      "shares_held": 2367000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 9,
      "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）",
      "shareholding_ratio": 2.21,
      "shares_held": 2245000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "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": 1.28,
      "shares_held": 1300000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 1,
      "name": "株式会社フォワ－ド",
      "shareholding_ratio": 27.61,
      "shares_held": 28000000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 2,
      "name": "羽鳥 裕介",
      "shareholding_ratio": 6.94,
      "shares_held": 7039000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 3,
      "name": "株式会社ビッグモーター",
      "shareholding_ratio": 5.62,
      "shares_held": 5697000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 4,
      "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": 3.49,
      "shares_held": 3537000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 5,
      "name": "JP MORGAN CHASE BANK 385632（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 3.38,
      "shares_held": 3428000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 6,
      "name": "羽鳥 貴夫",
      "shareholding_ratio": 3,
      "shares_held": 3039000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "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": 2.25,
      "shares_held": 2281000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 8,
      "name": "THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 2.02,
      "shares_held": 2052000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 9,
      "name": "BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱ＵＦＪ銀行）",
      "shareholding_ratio": 1.78,
      "shares_held": 1809000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 10,
      "name": "あいおいニッセイ同和損害保険株式会社",
      "shareholding_ratio": 1.78,
      "shares_held": 1800000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 1,
      "name": "株式会社フォワ－ド",
      "shareholding_ratio": 27.89,
      "shares_held": 28000000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 2,
      "name": "羽鳥 由宇介 （戸籍名：羽鳥 裕介）",
      "shareholding_ratio": 7.01,
      "shares_held": 7039000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 3,
      "name": "株式会社ビッグモーター",
      "shareholding_ratio": 5.67,
      "shares_held": 5697000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 4,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 4.89,
      "shares_held": 4906000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 5,
      "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": 4813000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 6,
      "name": "羽鳥 貴夫",
      "shareholding_ratio": 3.03,
      "shares_held": 3039000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 7,
      "name": "JP MORGAN CHASE BANK 385632（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 3.02,
      "shares_held": 3029000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 8,
      "name": "THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 2.58,
      "shares_held": 2592000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 9,
      "name": "あいおいニッセイ同和損害保険株式会社",
      "shareholding_ratio": 1.99,
      "shares_held": 2000000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 10,
      "name": "STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 1.09,
      "shares_held": 1097000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 1,
      "name": "株式会社フォワ－ド",
      "shareholding_ratio": 27.89,
      "shares_held": 28000000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "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": 8.59,
      "shares_held": 8620000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 3,
      "name": "羽鳥 由宇介 （戸籍名：羽鳥 裕介）",
      "shareholding_ratio": 7.01,
      "shares_held": 7039000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 4,
      "name": "株式会社ビッグモーター",
      "shareholding_ratio": 5.67,
      "shares_held": 5697000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 5,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 4.77,
      "shares_held": 4785000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 6,
      "name": "羽鳥 貴夫",
      "shareholding_ratio": 3.03,
      "shares_held": 3039000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 7,
      "name": "THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 2.65,
      "shares_held": 2665000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 8,
      "name": "あいおいニッセイ同和損害保険株式会社",
      "shareholding_ratio": 1.99,
      "shares_held": 2000000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 9,
      "name": "JP MORGAN CHASE BANK 385632（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 1.46,
      "shares_held": 1466000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 10,
      "name": "三井住友海上火災保険株式会社",
      "shareholding_ratio": 1.06,
      "shares_held": 1069000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 1,
      "name": "株式会社フォワ－ド",
      "shareholding_ratio": 27.89,
      "shares_held": 28000000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "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": 8.41,
      "shares_held": 8444000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 3,
      "name": "羽鳥 由宇介 （戸籍名：羽鳥 裕介）",
      "shareholding_ratio": 5.85,
      "shares_held": 5873000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 4,
      "name": "株式会社ビッグモーター",
      "shareholding_ratio": 5.67,
      "shares_held": 5697000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 5,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 5.1,
      "shares_held": 5119000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 6,
      "name": "株式会社フォワードY",
      "shareholding_ratio": 2.99,
      "shares_held": 3000000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 7,
      "name": "株式会社フォワードT",
      "shareholding_ratio": 2.99,
      "shares_held": 3000000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 8,
      "name": "THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行）",
      "shareholding_ratio": 2.06,
      "shares_held": 2070000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 9,
      "name": "あいおいニッセイ同和損害保険株式会社（常任代理人 日本マスタートラスト信託銀行株式会社）",
      "shareholding_ratio": 1.99,
      "shares_held": 2000000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 10,
      "name": "羽鳥 貴夫",
      "shareholding_ratio": 1.87,
      "shares_held": 1873000
    },
    {
      "FY": "FY23",
      "period": "2024/2",
      "rank": 1,
      "name": "株式会社フォワード",
      "shareholding_ratio": 27.89,
      "shares_held": 28000000
    },
    {
      "FY": "FY23",
      "period": "2024/2",
      "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": 7.39,
      "shares_held": 7418000
    },
    {
      "FY": "FY23",
      "period": "2024/2",
      "rank": 3,
      "name": "羽鳥 由宇介 （戸籍名：羽鳥 裕介）",
      "shareholding_ratio": 5.85,
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}