A year-by-year check of Nintendo’s count of unlisted shareholdings, March 2020 to March 2026

What this is

A year-by-year check of Nintendo’s count of unlisted shareholdings, March 2020 to March 2026: each year’s count equals last year’s plus additions minus reductions.

How it’s built

1. For each annual securities report, take the prior count, add holdings that rose and subtract those that fell; the result matches the reported count every year. Checked against two renderings of the filings.

What we assumed

Nothing. The figure is used as published.

Sanity check

A ‘rise’ can be a follow-on purchase and a ‘fall’ a partial sale, so the counts are consistent with, not proof of, whole new stakes and whole exits.

Where it comes from

Our calculation from other figures in the trainer’s notes.