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endpoint: analytics
pattern: Technology
status: done
latency_ms: 152332
conversation_id: 216215f1-9c2c-44d3-b407-a44abcb22ff7
citations: 1
created: 2026-05-31 18:15:29Z
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# Who are the key shareholders of Keyence?

## Keyence (TSE: 6861) — Key Shareholders

Based on Keyence's most recent annual securities report (有価証券報告書 / Yūkashōken-hōkokusho) — 55th fiscal term, record date **March 20, 2024** — the top 10 shareholders are as follows. The shareholder register is highly concentrated, with the top 10 collectively holding **53.50%** of shares outstanding (ex-treasury) [1].

| # | Shareholder | Shares Held (thousands) | % of Shares Outstanding |
|---|-------------|--------------------------|------------------------|
| 1 | **T.T. K.K. (株式会社ティ・ティ)** — founder Takizaki family holding vehicle, based in Toyonaka, Osaka | 36,571 | **15.07%** |
| 2 | Master Trust Bank of Japan (日本マスタートラスト信託銀行) — trust account | 30,598 | 12.61% |
| 3 | Custody Bank of Japan (日本カストディ銀行) — trust account | 20,593 | 8.49% |
| 4 | **Keyence Foundation (公益財団法人キーエンス財団)** — Takizaki family-affiliated charitable foundation | 11,100 | 4.57% |
| 5 | **Takizaki Takemitsu (滝崎武光)** — founder and honorary chairman, in personal name | 7,654 | 3.15% |
| 6 | SSBTC Client Omnibus Account (custodian: HSBC Tokyo Branch) | 6,300 | 2.59% |
| 7 | JP Morgan Chase Bank 385632 (custodian: Mizuho Bank) | 5,502 | 2.26% |
| 8 | BNYM as Agt/Clts Non Treaty JASDEC (custodian: MUFG Bank) | 3,954 | 1.63% |
| 9 | Government of Norway (Norges Bank — sovereign wealth fund; custodian: Citibank Tokyo) | 3,761 | 1.55% |
| 10 | State Street Bank West Client-Treaty 505234 (custodian: Mizuho Bank) | 3,735 | 1.54% |
| | **Top 10 Total** | **129,772** | **53.50%** |

### Key Takeaways on the Shareholder Structure

- **Founder-family control is the defining feature.** Three of the top five holders are directly tied to founder Takizaki Takemitsu and his family:
  - **T.T. K.K. (#1, 15.07%)** is a family holding company headquartered at the same Toyonaka, Osaka address as Takizaki personally [1].
  - **Keyence Foundation (#4, 4.57%)** is a charitable foundation established by the family.
  - **Takizaki Takemitsu personal holding (#5, 3.15%)** is held in his own name.
  - **Combined Takizaki-affiliated stake = ~22.79%**, making the founding family the dominant economic and voting bloc. Takizaki founded the predecessor company **Lead Electric (リード電機)** in March 1972 in Itami, Hyogo, and the firm renamed to Keyence in October 1986.

- **Trust banks act as nominees for institutional investors.** Positions #2 (Master Trust, 12.61%), #3 (Custody Bank, 8.49%) are trustee accounts — they aggregate underlying holdings of Japanese and foreign asset managers (pensions, mutual funds, ETFs) rather than representing direct economic ownership. Together these two trust banks hold **21.10%** of shares but pass voting rights through to beneficial owners.

- **Foreign institutional ownership is meaningful.** Direct foreign-domiciled holders in the top 10 — JP Morgan (London), BNYM (NY), Government of Norway (Oslo NBIM), State Street (MA), SSBTC — collectively account for **9.57%** of shares outstanding. Adding through-the-trust foreign ownership pushes foreign share well above 30%, reflecting Keyence's status as a core Japan large-cap held by global active and passive funds.

- **BlackRock files as a beneficial holder.** A separate large-shareholding (大量保有) report filing dated March 3, 2023 disclosed BlackRock Japan and its co-holders (BlackRock Advisors LLC, BlackRock Investment Management LLC, BlackRock Netherlands BV, BlackRock Fund Managers Ltd, etc.) as significant beneficial owners — these positions show up in the trust-bank nominee lines rather than in BlackRock's own name [1].

- **No domestic insurance / bank cross-shareholdings of size.** Dai-ichi Life (第一生命保険) appeared at #8–9 in earlier years (1.18–1.33%) but dropped out of the top 10 by FY2024 — a sign that legacy corporate cross-shareholdings are being unwound, leaving the register dominated by founder-family vehicles plus passive/institutional money.

- **CLSA internal coverage on Keyence (CLSA Daily Missive, 18-Jun-2025, "Keyence Can Survive For 17 Years, But Can I?") and the CLSA Japan industrial automation note (2-Jun-2025) focus on cash position, demand cycle and competitive moat — not shareholder register dynamics.** The shareholder data above is sourced from Keyence's own securities filing (annual_report doctype, stockid BBG001S6JLS6) [1].

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**Sources**

[1] 株式会社キーエンス — 有価証券報告書（第55期）— Annual securities report, record date 2024-03-20 — Section 大株主の状況 (Status of Major Shareholders). Verified Keyence (not InnoCare 6861-TW collision) via Bloomberg FIGI **BBG001S6JLS6**.

## Citations

- [1] **株式会社キーエンス - 有価証券報告書－第55期** · external

