Investors Made a 100-Page Presentation Criticizing Square Enix and the Company's Management
Previously, 3D Investment Partners fund tried to quietly hint at Square Enix's problems and offered solutions, but received a standard "we heard you" response.
Singapore-based investment fund 3D Investment Partners, known for its aggressive asset management tactics, has published a voluminous 100-page presentation (some say 112 pages) detailing the management missteps of Square Enix. As a major shareholder with a 14.36% stake, the fund is calling on other investors to join in an "open exchange of views" on Square Enix's chronic problems and to begin a "constructive dialogue" with management to increase corporate value.
3D Investment began buying Square Enix shares back in April 2025, initially declaring "pure investment" with the possibility of giving advice or suggesting significant changes depending on the circumstances. Now, the fund has moved to more decisive action: the presentation highlights stagnant revenue and weak profit margins over the past three years, especially compared to competitors like Nintendo, Capcom, Bandai Namco, and Konami.
The fund's main complaints:
- Insufficient sales in the console and mobile game segments, huge write-offs on canceled projects
- The arcade and publishing sectors are allegedly dragging the company down due to mediocre performance
- The new medium-term plan for 2025–2027 is considered too vague — without a clear vision for recovery, realistic performance indicators, and specific measures to fix problems
3D Investment Partners in October 2025 tried to gently hint to Square Enix management about their dissatisfaction, offering a plan for improvements, but after receiving a boilerplate letter from CEO Takashi Kiryu in the spirit of "we heard you," the fund decided to move the discussion of the company's activities into the public sphere.
