3106
Kurashiki Spinning Co., Ltd.
倉敷紡績株式会社
Industrials · Conglomerates
Kurabo Industries Ltd. engages in textile, chemical, technology, food and service, and real estate businesses in Japan and internationally. It manufactures and sells threads and sewn products, including yarns, fabrics; flame-retardant material and anti-static fabric; insulated clothing and bedding; yarn materials for towels/socks/underwear; work environment support tools, including on-site risk management system and assistive suit; and other products. The company manufactures, processes, and sells polyurethane foam, functional resin products, housing insulation and construction materials, nonwoven fabrics, semiconductor-related products, reinforcing fabrics, and functional materials. In addition, the company manufactures, sells, and maintains electronics-related products; designs, manufactures, constructs, and sells environmental and energy-related plants; generates biomass power using biomass power plants and livestock waste treatment system; and manufactures and sells biomedical and machine tools. Additionally, it manufactures and sells freeze-dried food; engages in the management of hotel, driving school, etc.; and engages in real estate development, management, and leases real estate properties. Kurabo Industries Ltd. was incorporated in 1888 and is headquartered in Osaka, Japan.
Price
¥10,280
Market Cap
¥175.3B
Ent. Value
¥170.5B
Net Cash
¥4.8B
Shares Out.
17.1M
P / E
19.9×
EV / EBIT
16.5×
P / Book
1.45×
P / NCAV
11.32×
Div. Yield
1.75%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥150.7B | ¥151.3B | ¥153.5B | ¥132.2B |
| Cost of Sales | ¥119.0B | ¥121.0B | ¥124.1B | ¥104.9B |
| Gross Profit | ¥31.7B | ¥30.3B | ¥29.4B | ¥27.4B |
| SG&A | ¥21.3B | ¥21.1B | ¥20.8B | ¥19.8B |
| Operating Income | ¥10.3B | ¥9.2B | ¥8.7B | ¥7.5B |
| Non-Operating Income | ¥2.1B | ¥1.9B | ¥2.3B | ¥2.1B |
| Dividend Income | ¥1.6B | ¥1.3B | ¥1.2B | ¥1.0B |
| Interest Income | ¥134M | ¥118M | ¥48M | ¥52M |
| Non-Operating Expenses | ¥591M | ¥866M | ¥910M | ¥833M |
| Interest Expense | ¥320M | ¥363M | ¥351M | ¥188M |
| Ordinary Income | ¥11.8B | ¥10.2B | ¥10.0B | ¥8.8B |
| Pre-tax Income | ¥11.8B | ¥10.5B | ¥7.6B | ¥8.4B |
| Income Taxes | ¥2.7B | ¥3.8B | ¥2.0B | ¥2.9B |
| Current Tax | ¥3.8B | ¥3.9B | ¥3.1B | ¥2.7B |
| Deferred Tax | ¥-1.1B | ¥-110M | ¥-1.0B | ¥249M |
| Net Income (owners) | ¥9.0B | ¥6.7B | ¥5.5B | ¥5.6B |
| Minority Interest | ¥44M | ¥-16M | ¥54M | ¥-96M |
| Comprehensive Income | ¥10.4B | ¥19.5B | ¥9.6B | ¥5.3B |
| EBITDA | ¥15.5B | ¥14.3B | ¥13.9B | ¥12.7B |
| Goodwill Amort. (J-GAAP) | ¥6M | ¥6M | ¥6M | ¥6M |
| EPS | ¥516.19 | ¥362.50 | ¥287.08 | ¥280.35 |
| Shares Outstanding | 17.1M | 18.1M | 18.9M | 19.9M |
| Shares Issued (total) | 18.0M | 19.0M | 20.0M | 20.8M |
| Treasury Shares | 0.9M | 0.9M | 1.1M | 0.9M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥190.5B | ¥192.8B | ¥174.1B | ¥167.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥84.8B | ¥89.3B | ¥84.8B | ¥78.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥15.2B | ¥16.2B | ¥10.4B | ¥14.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥29.7B | ¥32.4B | ¥37.9B | ¥35.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥105.7B | ¥103.5B | ¥89.3B | ¥88.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥44.3B | ¥44.6B | ¥47.2B | ¥49.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥1.5B | ¥1.7B | ¥1.4B | ¥1.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥56.0B | ¥53.4B | ¥36.9B | ¥34.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥1.8B | ¥1.6B | ¥1.7B | ¥1.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥69.3B | ¥74.7B | ¥71.2B | ¥69.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥39.5B | ¥44.1B | ¥46.0B | ¥42.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥16.0B | ¥18.6B | ¥21.2B | ¥22.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥8.0B | ¥9.3B | ¥13.0B | ¥8.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥1.6B | ¥2.5B | ¥1.6B | ¥1.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥29.8B | ¥30.7B | ¥25.1B | ¥27.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥2.4B | ¥2.3B | ¥1.6B | ¥3.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥12.1B | ¥12.2B | ¥12.9B | ¥13.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥9.5B | ¥9.3B | ¥3.9B | ¥3.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥121.2B | ¥118.1B | ¥102.9B | ¥97.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥22.0B | ¥22.0B | ¥22.0B | ¥22.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥15.2B | ¥15.2B | ¥15.2B | ¥15.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥67.5B | ¥64.2B | ¥61.1B | ¥59.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-4.2B | ¥-2.7B | ¥-2.5B | ¥-2.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥19.3B | ¥18.1B | ¥5.4B | ¥1.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥100.5B | ¥98.8B | ¥95.9B | ¥94.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥1.4B | ¥1.2B | ¥1.6B | ¥1.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥10.4B | ¥11.6B | ¥14.6B | ¥12.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥4.8B | ¥4.5B | ¥-4.2B | ¥1.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥15.5B | ¥14.6B | ¥13.6B | ¥8.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥908 | ¥808 | ¥720 | ¥429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥5,894 | ¥5,466 | ¥5,078 | ¥4,757 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥11.0B | ¥12.9B | ¥2.5B | ¥9.2B |
| Interest Paid | ¥-339M | ¥-328M | ¥-325M | ¥-178M |
| Interest Received | ¥1.7B | ¥1.4B | ¥1.3B | ¥1.1B |
| D&A | ¥5.2B | ¥5.1B | ¥5.2B | ¥5.2B |
| Goodwill Amort. | ¥6M | ¥6M | ¥6M | ¥6M |
| Investing CF | ¥-3.0B | ¥-387M | ¥-3.0B | ¥-3.3B |
| Purchase Investments | ¥-5M | ¥-9M | ¥-14M | ¥-14M |
| Proceeds from Invest. | ¥2.0B | ¥2.2B | ¥1.6B | ¥444M |
| Financing CF | ¥-9.0B | ¥-7.0B | ¥-3.6B | ¥-14.1B |
| Dividends Paid | ¥-2.1B | ¥-1.4B | ¥-2.1B | ¥-1.2B |
| Share Buybacks | ¥-5.2B | ¥-2.5B | ¥-2.0B | ¥-1.5B |
| LT Debt Repaid | ¥-658M | ¥-1.9B | ¥-576M | ¥-1.2B |
| Free Cash Flow | ¥11.0B | ¥12.9B | ¥2.5B | ¥9.2B |
| Net Change in Cash | ¥-964M | ¥5.8B | ¥-3.7B | ¥-8.0B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 7.6% | 6.2% | 5.6% | 5.9% |
| ROA | 4.7% | 3.7% | 3.2% | 3.3% |
| EPS | ¥516.19 | ¥362.50 | ¥287.08 | ¥280.35 |
| DPS | ¥180.00 | ¥100.00 | ¥70.00 | ¥70.00 |
| BPS | ¥7,077.11 | ¥6,513.02 | ¥5,386.20 | ¥4,853.12 |
| FCF/Share | ¥648 | ¥712 | ¥133 | ¥466 |
| NCAV/Share | ¥908 | ¥808 | ¥720 | ¥429 |
| Payout Ratio | 34.9% | 27.6% | 24.4% | 25.0% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 5
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
|
1,716 | 10.04% |
| 2 |
Nippon Life Insurance
日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社)
|
920 | 5.38% |
| 3 |
The Chugoku Bank, Limited
株式会社中国銀行(常任代理人 株式会社日本カストディ銀行)
|
726 | 4.25% |
| 4 | AVI JAPAN OPPORTUNITY TRUST PLC(常任代理人 株式会社みずほ銀行決済営業部) | 673 | 3.94% |
| 5 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
582 | 3.40% |
| 6 |
Mizuho Bank
株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行)
|
559 | 3.27% |
| 7 |
Sumitomo Mitsui Banking Corporation
株式会社三井住友銀行
|
559 | 3.27% |
| 8 | BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) (常任代理人 株式会社三菱UFJ銀行) | 327 | 1.91% |
| 9 |
Sumitomo Mitsui Trust Bank
三井住友信託銀行株式会社(常任代理人 株式会社日本カストディ銀行)
|
317 | 1.85% |
| 10 | 株式会社クラレ | 270 | 1.58% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
15.3%
+0.9% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
23.6%
+2.3% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 38.9% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 9.71% | 9.20% | 10.04% +0.84% | |
| Nippon Life Insurance 日本生命保険 | 4.86% | 5.08% | 5.38% +0.30% | |
| The Chugoku Bank, Limited 式会社中国銀行 | 3.84% | 4.01% | 4.25% +0.24% | |
| AVI JAPAN OPPORTUNITY TRUST PLC NEW ENTRY | — | — | — | 3.94% NEW |
| Japan Custody Bank 日本カストディ銀行 | 3.57% | 3.44% | 3.40% -0.04% | |
| Mizuho Bank みずほ銀行 | 4.13% | 4.32% | 3.27% -1.05% | |
| Sumitomo Mitsui Banking Corporation 三井住友銀行 | 4.13% | 3.08% | 3.27% +0.19% | |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) NEW ENTRY | — | — | — | 1.91% NEW |
| Sumitomo Mitsui Trust Bank 三井住友信託銀行 | 1.67% | 1.75% | 1.85% +0.10% | |
| 式会社クラレ NEW ENTRY | — | — | — | 1.58% NEW |
| クラボウ共栄会 last seen 2024 | Exited Top 10 | 1.73% | 1.85% | — |
| Employee Stock Ownership Plan 倉敷紡績従業員持株会 last seen 2024 | Exited Top 10 | — | 1.50% | — |
| DFA INTL SMALL CAP VALUE PORTFOLIO last seen 2024 | Exited Top 10 | 1.91% | 1.49% | — |
| Northern Trust last seen 2023 | Exited Top 10 | 1.75% | — | — |
| Concentration (HHI) ⓘ | 192 | 177 | 206 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥53,484M
+56% since 2023
Holdings
38
+3 new
10 exited
Trend
6 building
vs 2023
| Held Company | FY2025 ¥53,484M total | FY2023 ¥34,289M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Chugin Financial Group, Inc.
(株)ちゅうぎんフィナンシャルグループ
|
7,614 |
4,559,520
|
4,053 | 4,559,520 | |
|
Sumitomo Mitsui Financial Group, Inc.
(株)三井住友フィナンシャルグループ
|
5,346 |
+200.0%
↑
1,408,800
|
2,487 | 469,600 | |
|
Mitsubishi UFJ Financial Group, Inc.
(株)三菱UFJフィナンシャル・グループ
|
4,775 |
NEW
New
2,374,860
|
— | ||
|
Shin-Etsu Chemical Co., Ltd.
信越化学工業(株)
|
4,364 |
+400.0%
↑
1,030,250
|
4,404 | 206,050 | M |
|
ASICS Corporation
(株)アシックス
|
4,202 |
+217.0%
↑
1,336,380
|
1,580 | 421,595 | M |
|
KURARAY CO.,LTD.
(株)クラレ
|
3,569 |
1,947,804
|
2,370 | 1,947,804 | M |
|
Mizuho Financial Group, Inc.
(株)みずほフィナンシャルグループ
|
3,284 |
810,732
|
1,522 | 810,732 | |
| MS ADインシュアランスグループホールディングス(株) | 2,447 |
NEW
New
759,054
|
— | ||
|
DAIWA HOUSE INDUSTRY CO., LTD.
大和ハウス工業(株)
|
1,975 |
400,000
|
1,245 | 400,000 | |
| テイ・エス テック(株) | 1,876 |
1,117,000
|
1,875 | 1,117,000 | M |
|
OSAKA SODA CO.,LTD.
(株)大阪ソーダ
|
1,624 |
+400.0%
↑
1,000,000
|
871 | 200,000 | M |
|
Marubeni Corporation
丸紅(株)
|
1,439 |
605,000
|
1,086 | 605,000 | M |
|
NAGASE & CO., LTD.
長瀬産業(株)
|
1,188 |
448,000
|
911 | 448,000 | M |
|
The Hyakujushi Bank,Ltd.
(株)百十四銀行
|
939 |
270,334
|
496 | 270,334 | M |
|
GUNZE LIMITED
グンゼ(株)
|
792 |
150,400
|
674 | 150,400 | M |
|
TOYOTA INDUSTRIES CORPORATION
(株)豊田自動織機
|
775 |
61,000
|
448 | 61,000 | M |
|
TORAY INDUSTRIES,INC.
東レ(株)
|
711 |
700,000
|
529 | 700,000 | M |
|
Nitta Corporation
ニッタ(株)
|
695 |
185,900
|
544 | 185,900 | M |
|
Iyogin Holdings,Inc.
(株)いよぎんホールディングス
|
668 |
380,359
|
286 | 380,359 | |
|
THE JAPAN WOOL TEXTILE CO., LTD.
日本毛織(株)
|
650 |
419,000
|
413 | 419,000 | M |
|
Inabata & Co., Ltd.
稲畑産業(株)
|
634 |
200,000
|
537 | 200,000 | M |
|
TSUBAKIMOTO KOGYO CO.,LTD.
椿本興業(株)
|
621 |
+200.0%
↑
300,000
|
413 | 100,000 | M |
|
TOYOTA TSUSHO CORPORATION
豊田通商(株)
|
618 |
+200.0%
↑
248,052
|
464 | 82,684 | M |
|
Hirogin Holdings, Inc.
(株)ひろぎんホールディングス
|
545 |
450,122
|
281 | 450,122 | |
|
MATSUOKA CORPORATION
(株)マツオカコーポレーション
|
450 |
250,000
|
352 | 250,000 | |
|
JICHODO Co.,Ltd.
(株)自重堂
|
449 |
45,864
|
314 | 45,864 | M |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ(株)
|
447 |
NEW
New
120,326
|
— | ||
|
HISAMITSU PHARMACEUTICAL CO.,INC.
久光製薬(株)
|
361 |
89,300
|
337 | 89,300 | M |
|
DAITO TRUST CONSTRUCTION CO.,LTD.
大東建託(株)
|
153 |
10,000
|
131 | 10,000 | |
|
Daiwa Co.
(株)大和
|
121 |
292,896
|
123 | 292,896 | M |
|
YAMATOINTERNATIONALINC.
ヤマトインターナショナル(株)
|
72 |
217,240
|
58 | 217,240 | M |
|
TACHI-S CO.,LTD.
(株)タチエス
|
27 |
16,250
|
19 | 16,250 | |
|
NAIGAI CO.,LTD.
(株)ナイガイ
|
27 |
103,149
|
27 | 103,149 | M |
|
The Awa Bank,Ltd.
(株)阿波銀行
|
21 |
7,600
|
14 | 7,600 | M |
|
TOLI Corporation
東リ(株)
|
5 |
10,800
|
2 | 10,800 | |
|
Katakura Industries Co.,Ltd.
片倉工業(株)
|
— | — | M | ||
|
Chuo Warehouse Co.
(株)中央倉庫
|
— | — | |||
|
C.I. TAKIRON Corporation
タキロンシーアイ(株)
|
— | — | |||
|
TAKUMA CO., LTD.
(株)タクマ
|
— |
−100%
Exit
—
|
505 | 381,000 | M |
|
Daishi Hokuetsu Financial Group,Inc.
(株)第四北越フィナンシャルグループ
|
— |
−100%
Exit
—
|
39 | 13,840 | |
|
Mitsubishi UFJ Financial Group, Inc.
(株)三菱UFJフィナンシャル・グループ
|
— |
−100%
Exit
—
|
2,013 | 2,374,860 | |
|
MS&AD Insurance Group Holdings, Inc.
MS&ADインシュアランスグループホールディングス(株)
|
— |
−100%
Exit
—
|
1,662 | 404,818 | |
|
WACOAL HOLDINGS CORP.
(株)ワコールホールディングス
|
— |
−100%
Exit
—
|
497 | 200,070 | |
| 三井住友トラスト・ホールディングス(株) | — |
−100%
Exit
—
|
354 | 78,163 | |
|
OKUMURA CORPORATION
(株)奥村組
|
— |
−100%
Exit
—
|
292 | 93,600 | M |
|
Takihyo Co., Ltd.
タキヒヨー(株)
|
— |
−100%
Exit
—
|
28 | 28,512 | M |
|
THE ROYAL HOTEL,LIMITED
(株)ロイヤルホテル
|
— |
−100%
Exit
—
|
21 | 15,600 | |
|
KASAI KOGYO CO .,LTD.
河西工業(株)
|
— |
−100%
Exit
—
|
12 | 63,000 | |
| Portfolio total | 53,484 | 34,289 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding