4968
ARAKAWA CHEMICAL INDUSTRIES, LTD.
荒川化学工業株式会社
Chemicals
Arakawa Chemical Industries, Ltd. provides chemicals for functional coating agents and paper manufacturing, resins for printing inks and adhesives, and materials for electronics in Japan, China, Asia, North and South America, Europe, and internationally. It operates through Functional Coating Chemicals, Paper Chemicals & Environmental Business, Adhesive & Biomass Materials, Fine Chemicals & Electronics, and Other segments. The company offers functional coating chemicals comprising photo-curable, thermosetting, rosin modified phenolic, polyurethane, maleic, alkyd, polyester, modified epoxy, and styrene maleic resins, as well as resins for printing ink and paint, and functional coating agents; and paper chemicals and environmental products consisting of internal and wet paper strengthening agents, sizing agents, new water-based polymers, internal and surface size, sprayable paper strengthening agents, paper surface improving agents, and water repellant agents. It also provides adhesive and biomass materials, such as hydrogenated hydrocarbon resins, tackifiers for adhesive and pressure sensitive adhesive, colorless rosin derivatives, emulsifiers for synthetic rubber polymerization, rosin esters, terpene and alkyl phenolic resins, disproportioned and polymerized rosins, and hydrogenated rosins; and fine chemicals and electronic products, including precise parts cleaning agents, cleaning systems and its peripheral equipment, low-dielectric polyimide resins, compounds for electronic materials, precision polishing agents, solders for use in electronics, thermoplastic polyimide solutions, organic-inorganic hybrid resins, and hybrid polyimide films. In addition, the company offers non-life insurance and real estate management activities. The company was formerly known as Arakawa Forest Chemical Industries, Ltd. and changed its name to Arakawa Chemical Industries, Ltd. in April 1977. Arakawa Chemical Industries, Ltd. was founded in 1876 and is headquartered in Osaka, Japan.
Price
¥1,485
Market Cap
¥29.5B
Ent. Value
¥59.4B
Net Debt
−¥29.9B
Shares Out.
19.8M
P / E
11.1×
EV / EBIT
56.2×
⚠ TSE Capital Mandate
P / Book
0.50×
P / NCAV
N/M
Div. Yield
3.30%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥80.2B | ¥72.2B | ¥79.4B | ¥80.5B |
| Cost of Sales | ¥63.7B | ¥60.5B | ¥67.9B | ¥62.5B |
| Gross Profit | ¥16.5B | ¥11.7B | ¥11.6B | ¥18.0B |
| SG&A | ¥15.4B | ¥14.3B | ¥14.5B | ¥14.7B |
| Operating Income | ¥1.1B | ¥-2.6B | ¥-2.9B | ¥3.3B |
| Non-Operating Income | ¥752M | ¥821M | ¥935M | ¥967M |
| Dividend Income | ¥239M | ¥226M | ¥248M | ¥227M |
| Interest Income | ¥102M | ¥97M | ¥32M | ¥30M |
| Non-Operating Expenses | ¥955M | ¥615M | ¥715M | ¥704M |
| Interest Expense | ¥393M | ¥331M | ¥224M | ¥158M |
| Ordinary Income | ¥854M | ¥-2.4B | ¥-2.7B | ¥3.6B |
| Pre-tax Income | ¥2.9B | ¥-1.4B | ¥-4.7B | ¥2.9B |
| Income Taxes | ¥1.8B | ¥938M | ¥883M | ¥1.1B |
| Current Tax | ¥1.4B | ¥996M | ¥828M | ¥1.0B |
| Deferred Tax | ¥386M | ¥-57M | ¥54M | ¥110M |
| Net Income (owners) | ¥2.6B | ¥-1.0B | ¥-4.9B | ¥1.5B |
| Minority Interest | ¥-1.6B | ¥-1.3B | ¥-595M | ¥305M |
| Comprehensive Income | ¥1.8B | ¥1.8B | ¥-4.7B | ¥3.4B |
| EBITDA | ¥6.8B | ¥3.2B | ¥1.6B | ¥6.5B |
| Goodwill Amort. (J-GAAP) | — | — | — | ¥76M |
| EPS | ¥133.31 | ¥-52.56 | ¥-249.08 | ¥75.75 |
| Shares Outstanding | 19.8M | 19.8M | 19.8M | 19.8M |
| Shares Issued (total) | 20.7M | 20.7M | 20.7M | 20.7M |
| Treasury Shares | 0.8M | 0.8M | 0.8M | 0.8M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥122.3B | ¥125.4B | ¥119.0B | ¥117.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥62.3B | ¥64.2B | ¥62.8B | ¥62.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥9.4B | ¥11.6B | ¥11.1B | ¥10.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥23.9B | ¥24.1B | ¥22.3B | ¥24.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥58.5B | ¥59.3B | ¥54.3B | ¥53.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥39.0B | ¥40.0B | ¥40.4B | ¥40.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥1.4B | ¥1.5B | ¥1.7B | ¥1.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥10.1B | ¥11.2B | ¥7.8B | ¥8.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥288M | ¥286M | ¥231M | ¥267M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥65.1B | ¥68.5B | ¥62.5B | ¥55.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥37.6B | ¥43.4B | ¥42.1B | ¥36.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥9.2B | ¥9.5B | ¥10.0B | ¥11.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥18.3B | ¥18.5B | ¥19.6B | ¥13.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥774M | ¥434M | ¥336M | ¥526M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥27.5B | ¥25.1B | ¥20.4B | ¥18.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥21.1B | ¥18.9B | ¥15.4B | ¥13.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥259M | ¥299M | ¥298M | ¥300M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥4.2B | ¥3.8B | ¥2.4B | ¥2.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥57.2B | ¥56.9B | ¥56.5B | ¥62.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥3.3B | ¥3.3B | ¥3.3B | ¥3.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥3.6B | ¥3.6B | ¥3.6B | ¥3.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥40.6B | ¥38.9B | ¥40.9B | ¥46.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-1.2B | ¥-1.2B | ¥-1.2B | ¥-1.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥12.2B | ¥11.5B | ¥7.5B | ¥6.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥46.3B | ¥44.6B | ¥46.6B | ¥52.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥-1.2B | ¥783M | ¥2.4B | ¥3.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥39.4B | ¥37.4B | ¥35.1B | ¥26.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-29.9B | ¥-25.8B | ¥-23.9B | ¥-16.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-2.8B | ¥-4.3B | ¥273M | ¥7.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-141 | ¥-219 | ¥14 | ¥369 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥2,335 | ¥2,249 | ¥2,350 | ¥2,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥5.1B | ¥1.2B | ¥-575M | ¥4.0B |
| Taxes Paid | ¥-1.0B | ¥-871M | ¥-996M | ¥-1.4B |
| Interest Paid | ¥-372M | ¥-358M | ¥-218M | ¥-155M |
| Interest Received | ¥342M | ¥324M | ¥284M | ¥253M |
| D&A | ¥5.7B | ¥5.8B | ¥4.5B | ¥3.1B |
| Goodwill Amort. | — | — | — | ¥76M |
| Investing CF | ¥-3.2B | ¥-7.1B | ¥-6.0B | ¥-7.4B |
| CapEx | ¥4.4B | ¥6.8B | ¥6.0B | ¥6.1B |
| Purchase Investments | ¥-303M | ¥-38M | ¥-247M | ¥-172M |
| Proceeds from Invest. | ¥1.6B | ¥655M | ¥478M | ¥21M |
| Financing CF | ¥-4.7B | ¥5.5B | ¥6.7B | ¥4.9B |
| Dividends Paid | ¥-952M | ¥-952M | ¥-952M | ¥-952M |
| Share Buybacks | — | ¥0M | ¥0M | ¥0M |
| LT Debt Repaid | ¥-3.3B | ¥-5.5B | ¥-438M | ¥-132M |
| Free Cash Flow | ¥712M | ¥-5.6B | ¥-6.6B | ¥-2.2B |
| Net Change in Cash | ¥-2.7B | ¥-121M | ¥36M | ¥1.9B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 4.6% | -1.9% | -8.7% | 2.6% |
| ROA | 2.1% | -0.9% | -4.2% | 1.3% |
| EPS | ¥133.31 | ¥-52.56 | ¥-249.08 | ¥75.75 |
| DPS | ¥49.00 | ¥48.00 | ¥48.00 | ¥48.00 |
| BPS | ¥2,947.52 | ¥2,829.54 | ¥2,726.08 | ¥2,983.23 |
| FCF/Share | ¥36 | ¥-283 | ¥-334 | ¥-109 |
| NCAV/Share | ¥-141 | ¥-219 | ¥14 | ¥369 |
| Payout Ratio | 36.8% | — | — | 63.4% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 2
| # | 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)
|
2,249 | 11.34% |
| 2 |
Employee Stock Ownership Plan
荒川化学従業員持株会
|
1,481 | 7.47% |
| 3 |
MUFG Bank
株式会社三菱UFJ銀行
|
940 | 4.74% |
| 4 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
671 | 3.39% |
| 5 | 荒 川 壽 正 | 506 | 2.55% |
| 6 |
Mitsubishi Chemical Corporation
三菱ケミカル株式会社
|
406 | 2.05% |
| 7 |
Sumitomo Mitsui Banking Corporation
株式会社三井住友銀行
|
396 | 2.00% |
| 8 |
Oji Holdings Corporation
王子ホールディングス株式会社
|
345 | 1.74% |
| 9 |
artience
artience株式会社
|
293 | 1.48% |
| 10 | 林六株式会社 | 243 | 1.23% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
14.7%
+1.8% 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
23.3%
+0.2% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 38.0% · 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 | 10.36% | 9.86% | 11.34% +1.48% | |
| Employee Stock Ownership Plan 荒川化学従業員持株会 | 6.91% | 7.10% | 7.47% +0.37% | |
| MUFG Bank 式会社三菱UFJ銀行 | 4.74% | 4.74% | 4.74% | |
| Japan Custody Bank 日本カストディ銀行 | 3.37% | 3.06% | 3.39% +0.33% | |
| 荒 川 壽 正 | 2.67% | 2.67% | 2.55% -0.12% | |
| Mitsubishi Chemical Corporation 三菱ケミカル | 2.05% | 2.05% | 2.05% | |
| Sumitomo Mitsui Banking Corporation 三井住友銀行 | 2.00% | 2.00% | 2.00% | |
| Oji Holdings Corporation 王子ホールディングス | 1.74% | 1.74% | 1.74% | |
| artience artience | — | 1.48% | 1.48% | |
| 林六 | — | 1.23% | 1.23% | |
| DFA INTL SMALL CAP VALUE PORTFOLIO last seen 2023 | Exited Top 10 | 1.81% | — | — |
| 式会社荒川壽 last seen 2023 | Exited Top 10 | 1.49% | — | — |
| Concentration (HHI) ⓘ | 213 | 202 | 240 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥8,920M
+24% since 2023
Holdings
35
+2 new
14 exited
Trend
7 unwinding
vs 2023
| Held Company | FY2025 ¥8,920M total | FY2023 ¥7,194M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
OSAKA SODA CO.,LTD.
㈱大阪ソーダ
|
1,624 |
+400.0%
↑
1,000,000
|
871 | 200,000 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
1,490 |
-20.4%
↓
741,188
|
789 | 931,188 | |
|
artience Co., Ltd.
artience㈱
|
1,119 |
NEW
New
362,952
|
— | M | |
| タイマイド・テクノロジー社 | 1,016 |
3,969,001
|
592 | 3,969,001 | |
|
OSAKA ORGANIC CHEMICAL INDUSTRY LTD.
大阪有機化学工業㈱
|
707 |
-25.7%
↓
289,100
|
838 | 389,100 | M |
|
HISAMITSU PHARMACEUTICAL CO.,INC.
久光製薬㈱
|
386 |
+2.0%
↑
95,556
|
353 | 93,645 | M |
|
NITTO DENKO CORPORATION
日東電工㈱
|
349 |
+400.0%
↑
127,825
|
218 | 25,565 | |
|
Oji Holdings Corporation
王子ホールディングス㈱
|
333 |
531,139
|
278 | 531,139 | M |
|
Dai Nippon Printing Co.,Ltd.
大日本印刷㈱
|
315 |
+100.0%
↑
148,628
|
275 | 74,314 | |
|
KONISHI CO.,LTD.
コニシ㈱
|
117 |
-45.7%
↓
100,000
|
352 | 184,000 | M |
|
Dainichiseika Color & Chemicals Mfg. Co., Ltd.
大日精化工業㈱
|
113 |
-14.9%
↓
37,756
|
79 | 44,356 | |
|
Mitsui & Co., Ltd.
三井物産㈱
|
111 |
+100.0%
↑
40,000
|
82 | 20,000 | M |
|
TOKYO PRINTING INK MFG. CO., LTD.
東京インキ㈱
|
111 |
+6.7%
↑
27,036
|
67 | 25,337 | M |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱
|
111 |
NEW
New
29,846
|
— | ||
|
Soken Chemical & Engineering Co.,Ltd.
綜研化学㈱
|
106 |
+100.0%
↑
68,544
|
58 | 34,272 | |
|
SAKATA INX CORPORATION
サカタインクス㈱
|
101 |
-48.5%
↓
53,150
|
106 | 103,150 | |
|
Hokuetsu Corporation
北越コーポレーション㈱
|
78 |
+18.6%
↑
63,900
|
47 | 53,900 | |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
76 |
18,900
|
35 | 18,900 | |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
76 |
+200.0%
↑
20,028
|
35 | 6,676 | |
|
Denka Company Limited
デンカ㈱
|
64 |
30,075
|
82 | 30,075 | |
|
MORESCO Corporation
㈱MORESCO
|
60 |
50,000
|
57 | 50,000 | |
|
LINTEC Corporation
リンテック㈱
|
59 |
21,728
|
47 | 21,728 | |
|
NICHIBAN CO., LTD
ニチバン㈱
|
59 |
+4.7%
↑
29,757
|
54 | 28,425 | |
|
Tokio Marine Holdings, Inc.
東京海上ホールディングス㈱
|
59 |
-60.7%
↓
10,400
|
67 | 26,460 | |
|
TOSOH CORPORATION
東ソー㈱
|
59 |
-46.9%
↓
28,987
|
98 | 54,595 | M |
|
Nissha Co., Ltd.
NISSHA㈱
|
56 |
+14.6%
↑
41,231
|
66 | 35,968 | |
|
Mitsubishi Chemical Gloup Corporation
三菱ケミカルグループ㈱
|
55 |
75,966
|
59 | 75,966 | |
|
Aica Kogyo Company, Limited
アイカ工業㈱
|
35 |
+6.7%
↑
10,875
|
30 | 10,196 | |
|
NATOCO CO.,LTD.
ナトコ㈱
|
32 |
21,000
|
33 | 21,000 | |
|
FUJICOPIAN CO., LTD.
フジコピアン㈱
|
29 |
20,000
|
36 | 20,000 | M |
|
Meiwa Corporation
明和産業㈱
|
6 |
9,000
|
6 | 9,000 | M |
|
Isamu Paint co., Ltd.
イサム塗料㈱
|
6 |
1,900
|
5 | 1,900 | |
|
MITSUBISHI PAPER MILLS LIMITED
三菱製紙㈱
|
2 |
3,500
|
1 | 3,500 | |
|
Chuetsu Pulp & Paper Co., Ltd.
中越パルプ工業㈱
|
— | — | |||
|
SHINTO PAINT COMPANY, LIMITED
神東塗料㈱
|
— | — | |||
| 東洋インキSCホールディングス㈱ | — |
−100%
Exit
—
|
719 | 349,879 | M |
|
JSR Corporation
JSR㈱
|
— |
−100%
Exit
—
|
253 | 81,255 | M |
|
Nippon Fine Chemical Co., Ltd.
日本精化㈱
|
— |
−100%
Exit
—
|
166 | 63,500 | M |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
135 | 29,923 | |
|
ZEON CORPORATION
日本ゼオン㈱
|
— |
−100%
Exit
—
|
69 | 50,000 | |
|
FUSO CHEMICAL CO.,LTD.
扶桑化学工業㈱
|
— |
−100%
Exit
—
|
37 | 10,000 | M |
|
Rengo Co., Ltd.
レンゴー㈱
|
— |
−100%
Exit
—
|
25 | 30,000 | |
|
Tokushu Tokai Paper Co.,Ltd.
特種東海製紙㈱
|
— |
−100%
Exit
—
|
24 | 8,456 | |
|
Sekisui Chemical Co.,Ltd.
積水化学工業㈱
|
— |
−100%
Exit
—
|
18 | 10,000 | |
|
KOEI CHEMICAL COMPANY,LIMITED
広栄化学㈱
|
— |
−100%
Exit
—
|
14 | 6,000 | M |
|
譌・譛ャ陬ス邏呎ェ蠑丈シ夂、セ
日本製紙㈱
|
— |
−100%
Exit
—
|
6 | 5,888 | |
|
Rock Paint Co.
ロックペイント㈱
|
— |
−100%
Exit
—
|
5 | 8,000 | |
| 大建工業㈱ | — |
−100%
Exit
—
|
5 | 2,343 | |
|
KAWAKAMI PAINT MANUFACTURING CO.,LTD.
川上塗料㈱
|
— |
−100%
Exit
—
|
2 | 1,369 | |
| Portfolio total | 8,920 | 7,194 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding