Singapore-based activist fund 3D Investment Partners published a 100-page presentation that publicly criticized Square Enix for weak game sales and what the fund called poor company management. 3D Investment Partners owns a 14.36% stake in Square Enix and is asking fellow shareholders to push for change, a move that can increase pressure on the publisher while it navigates disappointing financial results and costly write-offs.
The presentation singled out underperformance across both console and mobile, cited cancelled projects and the resulting write-offs, and blamed management decisions for the company’s lagging returns. The fund previously said it would make “significant proposals to management,” and its latest material asked investors to “pursue constructive dialogue” with Square Enix leadership.
3D Investment Partners framed the criticism as an effort to rally other shareholders rather than an immediate bid to replace leadership, but a public campaign of this size can sway market perception and force responses from the board or executives – particularly when the fund controls double-digit ownership. Square Enix has been attempting to broaden revenue by preparing Switch 2 and Xbox ports of titles such as Final Fantasy 7 Rebirth, though the presentation argued those moves were not enough to offset rising development costs and stalled sales.
The fund contrasted Square Enix’s recent results with peers that have posted steadier growth, and it called attention to repeated financial reports that failed to meet investor expectations. The presentation is available online as a PDF and lays out the fund’s arguments in detail. Readers can view the 100-page presentation directly on 3D Investment Partners’ site the 3D Investment Partners presentation. The fund’s release was also summarized in a press announcement on Businesswire, and Automaton Media published a report that condensed the key claims covering the presentation. We previously reported on Square Enix’s internal challenges, including staff reductions, and readers can read our coverage of the global layoffs in that article.
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