2026년 2월 27일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
Insightful Moves in the Fourth Quarter of 2025
MS Global Franchise Portfolio (Trades, Portfolio) recently submitted its N-PORT filing for the fourth quarter of 2025, shedding light on its strategic investment decisions during this period. Established on November 28, 2001, the Morgan Stanley Institutional Fund Global Franchise Portfolio Class I (MSFAX) is managed by a dedicated investment team. This team adheres to a disciplined investment process, focusing on bottom-up stock selection. Their approach is driven by a thorough assessment of each stock's quality and valuation characteristics, with sector, industry, and stock weightings reflecting these evaluations. The fund's strategy involves screening companies based on financial metrics indicative of strong franchise businesses, emphasizing sustainable, high unlevered return on invested capital (ROIC). This is achieved through a combination of recurring revenues, high gross margins, and low capital intensity, supporting robust free cash flow generation.
Warning! GuruFocus has detected 1 Warning Sign with MSFT. Is MSFT fairly valued? Test your thesis with our free DCF calculator.Accenture PLC Sees Complete Exit by MS Global Franchise Portfolio with a -2.15% Impact
Summary of New Buy
MS Global Franchise Portfolio (Trades, Portfolio) added a total of two stocks, with the most significant addition being Ferrari NV (MIL:RACE). The portfolio acquired 60,989 shares, accounting for 1.18% of the portfolio, with a total value of 22,664,370. The second largest addition was also Ferrari NV (NYSE:RACE), consisting of 61,112 shares, representing approximately 1.17% of the portfolio, with a total value of $22,584,550.
Key Position Increases
MS Global Franchise Portfolio (Trades, Portfolio) increased stakes in a total of three stocks. The most notable increase was in AutoZone Inc (NYSE:AZO), with an additional 4,204 shares, bringing the total to 14,041 shares. This adjustment represents a significant 42.74% increase in share count, impacting the portfolio by 0.74%, with a total value of $47,620,050. The second largest increase was in Uber Technologies Inc (NYSE:UBER), with an additional 168,503 shares, bringing the total to 531,566. This adjustment represents a significant 46.41% increase in share count, with a total value of $43,434,260.
Summary of Sold Out
MS Global Franchise Portfolio (Trades, Portfolio) completely exited two holdings in the fourth quarter of 2025. The most impactful was Accenture PLC (NYSE:ACN), with the sale of all 209,169 shares, resulting in a -2.15% impact on the portfolio. Additionally, the fund liquidated all 62,218 shares of FactSet Research Systems Inc (NYSE:FDS), causing a -0.74% impact on the portfolio.
Story Continues
Key Position Reduces
MS Global Franchise Portfolio (Trades, Portfolio) reduced its position in 28 stocks, with the most significant changes including a reduction in Microsoft Corp (NASDAQ:MSFT) by 80,897 shares, resulting in an 18.8% decrease in shares and a -1.75% impact on the portfolio. The stock traded at an average price of $500.83 during the quarter and has returned -17.02% over the past three months and -16.70% year-to-date. Additionally, the fund reduced its position in SAP SE (XTER:SAP) by 124,355 shares, resulting in a 17.11% reduction in shares and a -1.39% impact on the portfolio. The stock traded at an average price of 218.38 during the quarter and has returned -18.58% over the past three months and -19.95% year-to-date.
Portfolio Overview
As of the fourth quarter of 2025, MS Global Franchise Portfolio (Trades, Portfolio)'s portfolio included 33 stocks. The top holdings were 8.77% in Microsoft Corp (NASDAQ:MSFT), 7.6% in SAP SE (XTER:SAP), 5.34% in Visa Inc (NYSE:V), 5.09% in Alphabet Inc (NASDAQ:GOOGL), and 4.14% in Coca-Cola Co (NYSE:KO). The holdings are primarily concentrated in seven of the eleven industries: Technology, Financial Services, Healthcare, Consumer Defensive, Industrials, Consumer Cyclical, and Communication Services.Accenture PLC Sees Complete Exit by MS Global Franchise Portfolio with a -2.15% Impact
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