MSCI

MSCI

MSCI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 29, 2025	Baron Asset Fund	7.8%	4.6%	ACGL, APH, COO, CSGP, DKNG, GWRE, IDXX, IOT, IT, LPLA, MSCI, MTD, PCOR, ROP, TECH, VRSK	balanced investing, Compounding, diversification, Quality, risk management	The commentary focuses on diversified equity exposure across growth and value styles to reduce volatility while compounding capital. Management emphasizes investing alongside capable operators in businesses with durable demand. Diversification across industries and business models is positioned as a long-term risk management tool.		View
2024 Q2	Jul 12, 2024	Parnassus Growth Equity Fund	3.3%	21.0%	AAPL, ADYEN NA, AMAT, AZN LN, CRM, GOOG, MSCI, NTRA, NVDA, ODFL, PANW, PCOR, TSM, WDAY	-			View
2024 Q2	Jul 12, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADYEN NA, BILL, BMRN, CPRT, CSGP, GWRE, KLAC, LULU, MPWR, MSCI, POOL, SLNY, SQ, TER, TT, WDAY, WDC, WST	-			View
2025 Q1	Apr 27, 2025	Aoris International Fund	-0.8%	-0.8%	CAN, CPRT, EXPN LN, GWW, MSCI, MSFT, OR FP, REL LN, V	-			View
2025 Q1	Apr 12, 2025	Alpha Wealth Funds – The Insiders Fund	-	-	ADBE, APPF, DVN, ET, GRAL, INBX, LULU, MSCI, ROK, SNBR, ZBRA	-			View
2025 Q1	Mar 31, 2025	Baron Growth Fund	-4.3%	-4.3%	ACGL, CSGP, CWAN, FDS, GWRE, KNSL, MSCI, MTN, PRI	-			View
2025 Q4	Feb 8, 2026	Baron Partners Fund	19.1%	24.9%	ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA	AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology	The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier.	RRR IDXX SCHW FDS IT GWRE SPOT CSGP H	View
2025 Q4	Dec 31, 2025	Edgewood Management	1.5%	7.0%	ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, Quality, semiconductors, software, technology	AI infrastructure buildout driving strong demand for semiconductors and data center components. AI Era Plan from Axon represents fastest booked product to date, with Draft One AI tool generating police reports in minutes and saving 50%+ officer time. AI expanding beyond data centers into factories and robotics, driving higher sensor content per system. Portfolio positioned for AI-driven semiconductor demand with holdings in NVIDIA, Broadcom, and ASML. AI servers require greater connector and interconnect content versus traditional servers. Semiconductor equipment companies benefiting from next-generation architecture requirements. Strong earnings growth in healthcare holdings with Eli Lilly delivering 75% EPS growth. Boston Scientific showing consistent performance with 25% EPS growth. Healthcare devices and pharmaceuticals demonstrating resilient fundamentals. Enterprise software companies showing strong fundamentals with ServiceNow, Intuit, and Synopsys delivering consistent growth. Software platforms benefiting from digital transformation and AI integration trends.	APH AXON	View
2024 Q3	Oct 28, 2024	Parnassus Growth Equity Fund	3.3%	21.0%	AAPL, ADYEN, AKAM, AMAT, ARNB, CHTR, CMG, DHR, INTU, MAR, MELI, MSCI, NVDA, PCOR, SHW	-			View
2024 Q3	Oct 23, 2024	Aoris International Fund	3.1%	0.0%	ACN, APH, CPG LN, CPRT, CTAS, DPLM, ENEL IM, EOAN GR, FAST, MSCI, MSFT	-			View
2024 Q3	Oct 23, 2024	Polen Capital – Focus Growth	3.0%	11.0%	ABNB, APPL, CRM, GOOG, MSCI, NKE, NOW, NVDA, ORCL, PAYC, SHOP, TSLA	-			View
2024 Q3	Oct 23, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	AMZN, AON, GOOG, MSCI, NVO, ORCL, SAP GR, SHOP	-			View
2025 Q3	Oct 20, 2025	Baillie Gifford – International Alpha	6.7%	19.5%	0XXT LN, BHP AU, COIN, EDEN FP, ENSG, ENTG, GMAB DC, MEDP, MSCI, NVO, SHOP, UNH	Artificial Intelligence, Digital Platforms, Global Growth, Healthcare Innovation, semiconductors	The fund highlights AI enthusiasm driving markets to record highs, with holdings like AppLovin, Shopify, and TSMC benefiting from data infrastructure and digital platform growth. Healthcare positions such as Medpace and Novo Nordisk are viewed as cyclical recovery opportunities tied to innovation in clinical trials and obesity drugs. Managers remain focused on global quality growth across sectors despite U.S. market dominance.		View
2023 Q3	Oct 19, 2023	Polen Capital – Global SMID Company Growth	3.5%	9.5%	0PMJ LN, ADBE, GOOG, ICON, LVMHF, MSCI, NOVOB DC	-			View
2025 Q3	Oct 14, 2025	Madison Investors Fund	-2.2%	-0.1%	BN, FI, IT, LBRDK, MSCI	Artificial Intelligence, Financial Technology, industrials, Quality, retail	The fund underperformed due to its bias toward durable, high-quality companies while AI and momentum stocks surged. It emphasizes staying disciplined despite short-term underperformance, citing strong fundamentals in industrials, retail, and payments. The team added MSCI as a financial technology leader and remains cautious on AI speculation.		View
2025 Q4	Jan 9, 2026	Tsai Capital	0.0%	7.6%	AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V	Compounding, disruption, Ecosystems, growth, innovation, Networks, technology	Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth.		View
2025 Q4	Jan 30, 2026	Baron Durable Advantage Fund	2.7%	16.6%	AMZN, AVGO, BX, CME, COST, CSGP, DHR, GOOGL, LPLA, MA, META, MPWR, MSCI, MSFT, NVDA, PWR, TMO, TSM, V, WELL	AI, growth, large cap, Quality, semiconductors, technology	AI disruption is coming for all knowledge workers and most physical workers. Companies must overcome innovators' dilemmas, challenge conventional wisdom, and invest aggressively to survive. The Fund benefits from AI buildout through semiconductor investments and companies adapting to AI disruption like Alphabet's Gemini development. Semiconductor investments continue to benefit from AI buildout with over 100% of performance explained by growth in fundamentals rather than multiple expansion. NVIDIA, TSMC, and Broadcom are key beneficiaries of the AI infrastructure build-out with strong demand for next-generation nodes. Google Cloud Platform accelerated growth as Alphabet's AI investments began paying off. Cloud revenue growth accelerated to 34% year-over-year driven by demand for AI cloud services, with large deals over $1 billion signed through Q3 2025 exceeding prior two years combined. Quanta Services positioned to benefit from secular growth tailwinds including AI data centers increasing electricity demand, grid modernization, electrification, and energy transition investments. Utility capex cycle accelerating through at least end of decade.	WELL DHR MSCI MSFT CSGP META ACGL NVDA PWR AVGO TSM GOOG	View
2025 Q4	Jan 30, 2026	Baron Focused Growth Fund	12.3%	22.3%	ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK	AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology	The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment.	DUOL CSGP SPOT ONON H FIGS GWRE	View
2025 Q4	Jan 23, 2026	Bell Global Emerging Companies Fund	-1.8%	-5.9%	3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS	global, industrials, Quality, SMID Cap, technology, value	The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions.	VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL	View
2025 Q4	Jan 23, 2026	Aoris International Fund	0.0%	0.0%	ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE	AI, international, long-term, Quality, technology, value	AI drove exceptional growth for data center-focused holdings like Amphenol and Halma, while creating market perception challenges for service companies like Accenture and RELX. The manager believes AI will ultimately benefit rather than harm these service businesses, as enterprise AI adoption requires complex change management and enhances rather than replaces proprietary data solutions. The manager emphasizes owning durable, resilient, market-leading businesses with competitive advantages and capable management. The portfolio focuses on companies with consistent earnings growth records, strong market positions, and the ability to gain market share over time through superior execution. The manager describes an unusually wide valuation gap between intrinsic value and share prices, with portfolio holdings trading at an average 25% discount to fair value. This stretched elastic band effect creates attractive prospective returns as valuations normalize over time.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	-1.7%	17.5%	ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM	AI, global, growth, long-term, Quality, technology	AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity.	IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE	View
2025 Q4	Jan 13, 2026	Generation Investment Management Global Equity	-	-	ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY	AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation	Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate.		View
2024 Q3	Sep 30, 2024	Baron Growth Fund	11.1%	7.4%	ACN, APH, CPG LN, CPRT, CTAS, DPLM, ENEL IM, EOAN GR, FAST, MSCI, MSFT	-			View
2023 Q3	Sep 30, 2023	Baron Focused Growth Fund	11.7%	13.2%	ARCH, DNUT, FDS, FIGS, GWRE, MSCI, VAC	-			View
2023 Q3	Sep 30, 2023	Baron Growth Fund	11.1%	7.4%	ARCH, CSGP, DNUT, FDS, IRDM, MSCI, MTN	-			View
2023 Q3	Sep 30, 2023	Baron Partners Fund	13.9%	4.5%	ARCH, CSGP, FDS, GWRE, IRDM, MSCI, TSLA	-			View
2023 Q1	Sep 4, 2023	Richie Capital Group	12.2%	0.0%	AMT, ATEN, FIX, MSCI, PERI	-			View
2024 Q2	Jul 27, 2024	Baron Growth Fund	11.1%	7.4%	ALTR, ANSS, ARCH, CSGP, GWRE, KNSL, MNT, MSCI	-			View
2023 Q2	Jul 27, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	CMG, ENPH, ENTG, MKTX, MLM, MRVL, MSCI, SNPS, ULTA, WOLF	-			View
2024 Q2	Jul 20, 2024	Aoris International Fund	3.1%	0.0%	CDW, MC FP, MSCI, NVDA	-			View
2024 Q2	Jul 16, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ABBY, ACN, ADSK, ALGN, AMZN, CRM, GOOG, HD, META, MSCI, MSFT, NFLX, NVDA, SPOT	-			View
2024 Q2	Jul 16, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ADBE, ADSK, AMZN, GOOG, MC FP, MSCI, NVDA, PAYC, SHOP, WDAY, ZTS	-			View
2024 Q2	Jun 30, 2024	NewBridge Large Cap Growth Equity	6.0%	22.4%	CELH, CSGP, LULU, MSCI, NVDA, TT, UNH, VRT	-			View
2023 Q2	Jun 30, 2023	Baron Focused Growth Fund	11.7%	13.2%	CSGP, FIGS, GWRE, MSCI, ONON, PENN, TSLA	-			View
2023 Q2	Jun 30, 2023	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, FDS, IBKR, MSCI, SCHW, TSLA	-			View
2022 Q2	Jun 30, 2022	Baron Focused Growth Fund	11.7%	13.2%	CSGP, FIGS, GWRE, H, MSCI, RRR, SPOT, TSLA	-			View
2025 Q1	Apr 14, 2025	Parnassus Growth Equity Fund	-8.6%	-8.6%	ADBE, ADYEY, APP, ASML, BRO, BSX, CRM, CSGP, DDOG, DE, EFX, EXAS, GEV, MSCI, PCOR, SN, SNPS, V, VRTX	-			View
2023 Q1	Mar 31, 2023	Baron Focused Growth Fund	11.7%	13.2%	ANSS, ARE, CSGP, DEI, FIGS, H, IBKR, IRDM, MANU, MGM, MSCI, TSLA	-			View
2023 Q1	Mar 31, 2023	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, DEI, H, IDXX, ILMN, IRDM, MSCI, SCHW, TSLA	-			View
2024 Q4	Jan 28, 2025	Aoris International Fund	-	22.9%	APH, CDW, CPG LN, DPLM LN, HLMA LN, MC FP, MSCI, OR FP, RELX, SHW, TSCO, V	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 4, 2026	Fund Letters	Alex Umansky	MSCI Inc.	Financials	Financial Exchanges & Data	Bull	New York Stock Exchange	AI, buybacks, Data, Indexes, Subscriptions	View Pitch
Nov 29, 2025	Fund Letters	Justin Christofel	MSCI Inc	Financials	Financial Data & Analytics	Bull		AI, covered calls, Credit, Cyclical equities, fixed income, Income, inflation, Policy easing	View Pitch
Oct 14, 2025	Seeking Alpha	Seeking Alpha	MSCI Inc.		Financial Data & Stock Exchanges	Bull		Dividend Growth, financial services, indices, investment opportunity, long-term growth, market undervaluation, MSCI Inc., operating leverage, passive investing, scalable business model	View Pitch
Sep 16, 2025	Short Thesis	Spruce Point	MSCI Inc	Financials	Financial Exchanges & Data (Indexes & Analytics)	Bear	NYSE	analytics, ESG, ETFs, Indexes, valuation	View Pitch
Aug 13, 2025	Seeking Alpha	Perseus Perspectives	MSCI Inc.	Financials	Financial Data & Stock Exchanges	Bull	NYSE	—	View Pitch
Aug 8, 2025	Seeking Alpha	Lighting Rock Research	MSCI Inc.	Financials	Financial Data & Stock Exchanges	Bull	NYSE	—	View Pitch

BSD Shareholders of MSCI

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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