What smart money is saying about Microsoft
MSFT · Technology · Software - Infrastructure · Market cap $2770.58B
31 funds in our archive have pitched Microsoft, most recently Generation IM Global Equity Strategy in October 2026.
Company profile
Microsoft Corporation is a prominent global technology firm that invents, markets, and provides ongoing assistance for a diverse range of software, digital services, computing devices, and comprehensive solutions. Its operations are organized into three primary divisions: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment delivers crucial tools for both enterprises and individual users. This includes the extensive Office suite (comprising Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, Microsoft Viva, and Skype for Business), along with popular consumer offerings like Skype, Outlook.com, OneDrive, and LinkedIn. It also features Dynamics 365, a suite of integrated cloud and on-premises business applications tailored for organizations. The Intelligent Cloud division focuses on sophisticated infrastructure and platform services. Here, Microsoft licenses key products such as SQL Server, Windows Servers, Visual Studio, System Center, and associated Client Access Licenses. It also includes GitHub, a leading platform for developer collaboration and code hosting; Nuance, offering advanced AI solutions for healthcare and businesses; and Azure, its expansive cloud computing platform. This segment further encompasses enterprise support, Microsoft consulting services, and Nuance professional services, assisting clients with the development, deployment, and management of Microsoft's server and desktop technologies, alongside offering product training and certification. Finally, the More Personal Computing segment covers a broad spectrum of consumer and commercial computing experiences. It generates revenue through Windows operating system licensing, including agreements with original equipment manufacturers (OEMs), non-volume licensing, and various Windows Commercial offerings (such as volume licensing and cloud services), as well as patent licensing and Windows Internet of Things (IoT). This division also supplies its own hardware, including Surface devices, PC accessories, and gaming/entertainment consoles. Its Gaming portfolio features Xbox hardware, content, and subscription services, in addition to video games and royalties from third-party titles. Furthermore, it manages search services like Bing and Microsoft's advertising platforms. Microsoft distributes its extensive product line via numerous channels, including original equipment manufacturers, wholesale distributors, and various resellers, complementing direct sales through digital marketplaces, its own online storefronts, and physical retail outlets. The company, established in 1975, maintains its headquarters in Redmond, Washington.
Get an email when a fund buys, sells or pitches it
Fund signal · last 12 months
214 lettersFunds are split between buying and selling
+9
Net flow
22 buys · 6 new positions · 63%13 sells · 1 full exit
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q4 2026, 235 fund letters reported a position in Microsoft, with 23 buys (opened or added) and 14 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2026 | 5 | 0 | 0 | 3 |
| Q3 2026 | 117 | 10 | 6 | 10 |
| Q2 2026 | 49 | 8 | 5 | 5 |
| Q1 2026 | 29 | 3 | 2 | 5 |
| Q4 2025 | 14 | 1 | 0 | 4 |
| Q3 2025 | 5 | 0 | 1 | 0 |
| Q2 2025 | 7 | 0 | 0 | 2 |
| Q1 2025 | 7 | 1 | 0 | 2 |
Showing the 8 most recent quarters of 9 on record. Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 236 positions · 41 moves
- HoldsBeck Mack & OliverOctober 2026
“Microsoft, for instance, lost almost $1 trillion of market cap between the beginning of the year and late June, which it then regained and then some during the third quarter.”
Microsoft - October 2026
“In the third quarter, Microsoft was our largest contributor to performance.”
Microsoft - October 2026
“Shifting views on artificial intelligence (AI) influenced both the main contributors to and the main detractors from portfolio returns this quarter, as discussed below.. Several of our software holdings rebounded as investors moved away from worst-case assumptions about the impact of AI and began to recognise the benefits it could bring. Hyperscalers such as Amazon and Microsoft started to demonstrate real demand for their products. At the same time, concerns about a potential slowdown in AI development and spending weighed on related companies, particularly those priced highly for continued acceleration in both. The quarter showed how quickly AI sentiment can swing, and why each company's individual positioning matters. Microsoft was a key contributor, with its results showing that AI can be a clear benefit rather than a threat.”
Microsoft - HoldsBlueBox Global Technology FundOctober 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
Microsoft - HoldsSomma Investimentos FundsOctober 2026
“Among the fund's positions, noteworthy, in addition to Nvidia, Microsoft, Apple and Broadcom, which together represent 23.2% of the fund, are companies such as TSMC, Samsung, Lam Research and AMD, these with 13.3% of the fund.”
Microsoft - September 2026
“Microsoft (MSFT) Microsoft delivered a strong rebound during the quarter as investor sentiment toward software companies improved and the market increasingly recognized the durability of the company’s growth profile. The company remains exceptionally well positioned at the intersection of cloud computing and artificial intelligence, with continued demand for Azure and growing adoption of AI-powered tools across its software ecosystem. Microsoft’s recurring revenue model, strong balance sheet, and disciplined capital allocation continue to provide a solid foundation for long-term growth. In our view, Microsoft remains one of the highest-quality businesses in the world and a compelling way to participate in both the software recovery and the ongoing expansion of artificial intelligence.”
Microsoft - September 2026
“Contributors Microsoft was the largest contributor, with its shares up 37.8% for the quarter.”
Microsoft - AddedBretton FundSeptember 2026
“As the scare over AI replacing software abated, our software stocks performed well and two of them were the biggest contributors to the fund this quarter: Microsoft’s stock jumped 38% and added 1.6% to performance, while SAP also added 1.6%.”
Microsoft - September 2026
“We also moved basis points from semis to software with the sale of Texas Instruments and purchases of Microsoft and Nutanix.”
Microsoft - September 2026
“We established a new position in Microsoft Corporation (MSFT) in early July.”
Microsoft - September 2026
“Microsoft was a top contributor to third-quarter outperformance.”
Microsoft - September 2026
“Significant Positions in Client Accounts Nvidia (NVDA) Nvidia continues to be the leader in the global race to build artificial intelligence infrastructure, providing the advanced computing hardware that powers many of today’s most demanding AI applications. While the company’s fundamentals remain stellar and revenue is expected to grow more than 70% over the next year, the stock has not appreciated as much as some of its chipmaking peers over the past year. We continue to view Nvidia’s valuation as attractive, particularly when compared to some of its higher-flying rivals. In our view, Nvidia remains one of the most compelling ways to participate in the long-term growth of artificial intelligence. Apple (AAPL) Apple continues to benefit from one of the strongest consumer ecosystems in the world, supported by a loyal customer base, growing recurring services revenue, and a balance sheet that remains among the best in corporate America. This quarter, Apple introduced its first foldable iPhone, marking the company’s most significant iPhone redesign in years and creating another potential catalyst for future upgrade cycles. At the same time, the company continues to expand its Apple Intelligence platform across devices, further integrating artificial intelligence into its ecosystem. While Apple’s growth profile is more measured than many technology peers, we believe its combination of innovation, brand strength, and shareholder-friendly capital allocation remains highly attractive. Microsoft (MSFT) Microsoft delivered a strong rebound during the quarter as investor sentiment toward software companies improved and the market increasingly recognized the durability of the company’s growth profile.”
Microsoft - September 2026
“The largest detractors were ASML, TJX, underweights to Microsoft and Meta Platforms and not owning Palantir Technologies.”
Microsoft - September 2026
“Microsoft (MSFT) shares advanced during the quarter as Azure revenue growth accelerated and Microsoft 365 Copilot continued to deliver positive adoption trends. Management guided to further acceleration in Azure growth while maintaining second-half calendar 2026 capital expenditures at current levels. The combination of accelerating cloud growth and a more stable capital spending outlook helped ease investor concerns surrounding the rising cost of funding Microsoft’s AI infrastructure build-out. Investors have increasingly questioned the return on the large capital investments hyperscalers have made to support the AI infrastructure build-out. Microsoft, like its peers, has invested aggressively to build the computing capacity required to support growing AI workloads and establish a leading position in the emerging AI ecosystem. We view accelerating Azure demand and increasing adoption of Microsoft 365 Copilot as important milestones supporting the potential return on these investments. Microsoft’s extensive enterprise customer relationships and broad distribution provide the company with multiple avenues to monetize its AI investments over the intermediate term. We continue to view Microsoft as a top holding, supported by its financial strength, diversified revenue streams, and broad enterprise customer base.”
Microsoft - September 2026
“Microsoft Raises the Standard for Development Microsoft, a holding in several ClearBridge portfolios, offers a good example of how hyperscalers are responding.”
Microsoft - September 2026
“Microsoft (MSFT) shares advanced during the quarter as Azure revenue growth accelerated and Microsoft 365 Copilot continued to deliver positive adoption trends. Management guided to further acceleration in Azure growth while maintaining second-half calendar 2026 capital expenditures at current levels. The combination of accelerating cloud growth and a more stable capital spending outlook helped ease investor concerns surrounding the rising cost of funding Microsoft’s AI infrastructure build-out. Investors have increasingly questioned the return on the large capital investments hyperscalers have made to support the AI infrastructure build-out. Microsoft, like its peers, has invested aggressively to build the computing capacity required to support growing AI workloads and establish a leading position in the emerging AI ecosystem. We view accelerating Azure demand and increasing adoption of Microsoft 365 Copilot as important milestones supporting the potential return on these investments. Microsoft’s extensive enterprise customer relationships and broad distribution provide the company with multiple avenues to monetize its AI investments over the intermediate term. We continue to view Microsoft as a top holding, supported by its financial strength, diversified revenue streams, and broad enterprise customer base.”
Microsoft - New positionClearBridge Investments Value StrategySeptember 2026
“Our AI-related holdings already covered one side of the AI trade, and we initiated positions in Apple and Microsoft to cover the other.”
Microsoft - September 2026
“As a result of this auspicious positioning, Broadcom is now one of the largest positions in our portfolio. We also believe that hyperscalers will benefit from this shifting power dynamic. As a result, we recently repurchased our position in Microsoft (MSFT) and today bought a small starting position in Oracle (ORCL).”
Microsoft - September 2026
“Microsoft was a relative detractor due to our underweight during an optimistic period for AI monetization.”
Microsoft - AddedCDT Capital VNAVSeptember 2026
“As a provider of semiconductor intellectual property and design consulting, Broadcom is already working with Google, Meta, OpenAI, and Anthropic toward this end. As a result of this auspicious positioning, Broadcom is now one of the largest positions in our portfolio. We also believe that hyperscalers will benefit from this shifting power dynamic. As a result, we recently repurchased our position in Microsoft (MSFT) and today bought a small starting position in Oracle (ORCL).”
Microsoft - September 2026
“Performance Overview Relative performance in the quarter showed a mix of positives and negatives in most sectors, with few major factors dominating. Our IT underweight detracted, although our positioning in the sector contributed positively: not owning the high-beta cyclical picks and shovels beneficiaries of the AI infrastructure buildout helped as these stocks sold off in the third quarter. However, our measured and underweight positions in Apple, Nvidia and Microsoft detracted.”
Microsoft - September 2026
“Key contributors to Montaka’s performance over the period included enterprise software platforms: Microsoft, Salesforce and ServiceNow.”
Microsoft - September 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
Microsoft - September 2026
“We also switched from Microsoft into IBM, which increased exposure to emerging quantum- computing opportunities.”
Microsoft - September 2026
“Microsoft, Taiwan Semiconductor, Murata, KLA, Qualcomm and Applied Materials are businesses we are happy to own at a sensible weight.”
Microsoft - September 2026
“Microsoft's performance was driven by accelerating Azure growth, supported by both AI and traditional cloud workloads, as Microsoft 365 Copilot adoption continued to expand.”
Microsoft - September 2026
“Microsoft Corp. United States 4.2 Software”
Microsoft - September 2026
“Broadcom Inc. United States 2.1 Semiconductors & Semiconductor Equipment Microsoft Corp. United States 3.9 Software”
Microsoft - September 2026
“Microsoft Corp.”
Microsoft - HoldsFindlay Park American FundSeptember 2026
“Performance was disappointing, and in our newsletter we highlighted several positive changes we are making, particularly with respect to technology, in the face of challenging recent performance. Microsoft was the largest positive contributor.”
Microsoft - HoldsRuffer Total Return FundSeptember 2026
Listed in Ruffer Total Return Fund’s reported holdings.
Microsoft - HoldsWS Ruffer Diversified Return FundSeptember 2026
“WS Ruffer Diversified Return Fund 30 Sep 26 5 LARGEST EQUITY HOLDINGS Stock % of fund Microsoft 0.9 Amazon 0.9 Solventum 0.8 Prudential 0.8 BP 0.7 ASSET ALLOCATION CURRENCY ALLOCATION Inflation % Long-dated non-UK inflation-linked bonds 16.8 Short-dated non-UK inflation-linked bonds 5.2 Gold and precious metals exposure 3.2 Protection Long-dated nominal bonds 21.5 Short-dated nominal bonds 13.9 Cash 1.7 Credit and derivative strategies 0.8 Growth Consumer discretionary equities 7.4 Energy equities 5.5 Financials equities 4.5 Industrials equities 4.1 Other equities 12.3 Commodity exposure 3.0 Currency allocation % Sterling 65.0 US dollar 15.9 Yen 11.0 Euro 4.7 Other 3.2 Geographical equity allocation North America equities 13.2 UK equities 8.8 Europe equities 5.9 Japan equities 4.0 Asia ex-Japan equities 1.8 FUND SIZE £1,446.4M FUND INFORMATION Annual management charge % 0.9 Minimum investment (or equivalent in other currency) £50m Ongoing Charges Figure % 0.93 Dealing frequency Daily Valuation point 12:00 Pay dates 15 May, 15 Nov Record dates 15 Mar, 15 Sep Investment manager Ruffer LLP Depositary The Bank of New York Mellon (International) Limited Authorised Corporate Director Waystone Management (UK) Limited Auditors Ernst & Young LLP Structure Sub-fund of WS Ruffer Managed Funds (OEIC) UK domiciled UCITS Eligible for ISAs Share class ISIN SEDOL I GBP acc GB00BMWLQW82 BMWLQW8 I GBP inc GB00BMWLQV75 BMWLQV7 The credit and derivatives strategies allocation is calculated using market value. In some cases, this allocation might be negative due to the nature of how the instruments, in particular credit default swaps, are priced. Largest equity holdings exclude Ruffer funds | Source: Ruffer LLP | Totals may not equal 100 due to rounding”
Microsoft - HoldsRuffer Total Return InternationalSeptember 2026
Listed in Ruffer Total Return International’s reported holdings.
Microsoft - HoldsWS Ruffer Total Return FundSeptember 2026
Listed in WS Ruffer Total Return Fund’s reported holdings.
Microsoft - HoldsRuffer Investment Company LimitedSeptember 2026
Listed in Ruffer Investment Company Limited’s reported holdings.
Microsoft - HoldsPolen Focus GrowthSeptember 2026
“Top relative contributors to the Portfolio’s performance included ServiceNow , Shopify , and Microsoft .”
Microsoft - HoldsTM Ruffer Portfolio FundSeptember 2026
Listed in TM Ruffer Portfolio Fund’s reported holdings.
Microsoft - HoldsWS Ruffer Charity TrustSeptember 2026
Listed in WS Ruffer Charity Trust’s reported holdings.
Microsoft - HoldsCorbyn Investment Management Investment StrategiesSeptember 2026
“We continue to believe demand will remain robust, supported by unprecedented capital commitments from hyperscalers such as Alphabet, Microsoft, Amazon, and Meta to expand computing capacity in support of advancements in artificial intelligence.”
Microsoft - September 2026
“Key contributors Long Portfolio • Shares of Microsoft rose after the company reported strong Azure results that included growth reacceleration and strong guidance.”
Microsoft - September 2026
“• We initiated a position in software and technology provider Microsoft given the strength and customer value proposition of its existing products and services, along with its compelling opportunity to create value through investments in AI.”
Microsoft - September 2026
“Going into the quarter, Microsoft was one of our most discounted names and also one of our highest quality businesses.”
Microsoft - September 2026
“Key contributors • Shares of Microsoft rose after the company reported strong Azure results that included a growth reacceleration in quarterly results and guidance.”
Microsoft - September 2026
“Twenty billion dollars is a powerful incentive. That is the amount by which Amazon recently increased its expected capital expenditure for 2026 – from $200bn to $220bn, with rising memory chip costs explicitly identified as driving that increase. More broadly, the four hyperscalers in the Global Alpha portfolio – Amazon, Microsoft, Meta and Alphabet – are collectively expected to spend more than $700bn this year, much of it on AI infrastructure.”
Microsoft - September 2026
Listed in Antipodes Global Fund (Institutional Clients)’s reported holdings.
Microsoft - September 2026
Listed in Kavaljer Investmentbolagsfond’s reported holdings.
Microsoft - September 2026
“We also reduced positions in Apple (AAPL), Microsoft (MSFT), NVIDIA (NVDA), and Veeva Systems (VEEV) following strong share-price appreciation, driven by valuation and portfolio construction considerations rather than meaningful changes to our long-term assessments of the underlying businesses.”
Microsoft - AddedNexus Investment Management ULCSeptember 2026
“Early on, we added to Microsoft.”
Microsoft - HoldsDistillate CapitalSeptember 2026
“The shift is quite obviously the result of the unprecedented investment spending of the hyperscalers.”
Microsoft - September 2026
“Microsoft added about 110 basis points, most of it in July, the month we added to the position.”
Microsoft - September 2026
“Notable 3Q Contributors Microsoft was the standout performer for the third quarter as investors cheered accelerating growth for its Azure cloud computing platform.”
Microsoft - September 2026
“modest repositioning in financials, where we reduced exposure to insurance and added to banks, and in energy, where we reduced exposure to natural gas to gain more oil exposure. Unlike recent quarters when the information technology sector was the largest detractor from the portfolio’s relative performance, it was the largest contributor to performance in 3Q26. Our software holdings, including Salesforce and Microsoft, rose significantly as fundamentals remain strong and as investor sentiment seems to be modestly improving. Valuations remain attractive, in our view.”
Microsoft - September 2026
“Key contributors to Montaka’s performance over the period included enterprise software platforms: Microsoft, Salesforce and ServiceNow.”
Microsoft - September 2026
“Microsoft (MSFT) was the portfolio’s top contributor during the quarter following another strong report from its commercial cloud business.”
Microsoft - September 2026
“For the quarter, the Information Technology sector contributed most to the Strategy’s outperformance. In Information Technology, three of our quarter-end holdings generated at least 30% gross total return in the quarter, all of which are software- related. Microsoft Corporation had one of its strongest quarterly stock performances since 1998, as the company’s earnings report in July provided an inflection point.”
Microsoft - September 2026
“Information Technology was another area of strength, with Nvidia and Microsoft among the stronger performers. Nvidia continued to benefit from robust demand across the AI infrastructure stack, while Microsoft saw continued strength in Azure and further evidence of AI monetisation across its platform.”
Microsoft - September 2026
“Financials led the third quarter, with several holdings recovering as the underlying businesses continued to perform well. Deutsche Boerse, one of our high conviction positions, continued to demonstrate the structural growth we see across European capital markets and the strength of its competitive positions in Fund Services, Securities Services and Eurex. Information Technology was another area of strength, with Nvidia and Microsoft among the stronger performers. Nvidia continued to benefit from robust demand across the AI infrastructure stack, while Microsoft saw continued strength in Azure and further evidence of AI monetization across its platform.”
Microsoft - September 2026
“While portfolio holdings Microsoft, Apple, and PTC all had strong quarters, they were partially offset by weaker returns from MKS Instruments and Littelfuse.”
Microsoft - September 2026
“The Portfolio benefited from this change in sentiment, with top relative contributors including ServiceNow, Shopify, and Microsoft.”
Microsoft - September 2026
“The LCG strategy outperformed the primary benchmark Russell 1000 Growth in the quarter driven by security selection. Microsoft (MSFT) was the largest contributor to relative returns, followed by Apple (AAPL) and cancer diagnostics company Natera (NTRA).”
Microsoft - September 2026
“Information technology (+13.0% vs. +7.3%), consumer discretionary (-2.5% vs. -5.1%) and financials (+1.6% vs. -.1%) contributed positively to the relative performance of the Large Cap Core Strategy. Information technology outperformance was driven by overweight positions in Microsoft, Salesforce and Apple and an underweight in memory stocks as software stocks outperformed semiconductor stocks in the quarter.”
Microsoft - September 2026
“Portfolio Attribution In Q3 2026, the Portfolio returned 4.46% (net of fees) compared to 0.92% for the Index. Top relative contributors to the Portfolio’s performance included ServiceNow , Shopify , and Microsoft .”
Microsoft - September 2026
“Microsoft outperformed as its Azure cloud division grew +43% over the prior year, and management eased concerns that elevated AI spending would exceed its operating cash flow.”
Microsoft - September 2026
“While portfolio holdings Microsoft, Apple, NVIDIA, and PTC all had strong quarters, they were partially offset by weaker returns from MKS Instruments and Littelfuse.”
Microsoft - September 2026
“Microsoft Corporation, Apple Inc., and Meta Platforms Inc were among the top contributors to performance.”
Microsoft - September 2026
“Relative performance was also held back by our positioning in the benchmark’s largest technology companies. Dividend Select did not own Apple and held a smaller position in Microsoft than the benchmark, and both stocks outperformed during the quarter.”
Microsoft - HoldsWCM Global Growth LimitedSeptember 2026
Listed in WCM Global Growth Limited’s reported holdings.
Microsoft - September 2026
“Microsoft Corporation, 8.02%;”
Microsoft - HoldsAugustine Asset Management Quarterly FundSeptember 2026
“Positive contributions from US technology (Apple, Microsoft), US healthcare (Halozyme, Merck, Gilead, Regeneron), Japanese financials (Mizuho, Mitsubishi UFJ), and European energy (Shell, TotalEnergies) more than offset slight detractions from European technology (ASML), European and US industrials (Siemens, CSX), and European healthcare (Novo, Sanofi).”
Microsoft - September 2026
“ Microsoft Corp’s (MSFT) stock traded higher during the quarter following strong results across its Commercial Cloud business. Azure growth accelerated, Copilot adoption continued to improve, and management commentary reinforced healthy demand for both core cloud and AI-related workloads. We believe Microsoft Corp remains well positioned given its scale in enterprise software, leadership in cloud infrastructure, and ability to invest meaningfully in AI while maintaining strong profitability.”
Microsoft - New positionBrown Advisory U.S. Value FundSeptember 2026
“We used some of the proceeds from these sales to establish a new position in Microsoft Corporation (MSFT) in early July.”
Microsoft - September 2026
Listed in Aristotle Value Equity Strategy’s reported holdings.
Microsoft - September 2026
“Microsoft is a global provider of cloud computing, productivity software, and AI services, including Azure, Microsoft 365, and Copilot. The Portfolio’s underweight position detracted from relative performance as shares outperformed, gaining roughly 39% in the quarter, the stock’s best quarter since 1991, and recovering much of a first - half sell - off.”
Microsoft - TrimmedAntipodes Global FundSeptember 2026
“Microsoft (Trim): We trimmed Microsoft on valuation after a strong period of share price performance, not because of any weakness in the franchise.”
Microsoft - TrimmedAntipodes Global Fund (PIE)September 2026
“Microsoft (Trim): We trimmed Microsoft on valuation after a strong period of share price performance, not because of any weakness in the franchise.”
Microsoft - September 2026
“Microsoft finished higher over the Quarter following another robust earnings result, with Azure growth accelerating on sustained enterprise AI adoption and expanding Copilot deployments.”
Microsoft - September 2026
“Key stock contributors to performance over the Quarter included: • Microsoft finished higher over the Quarter following another robust earnings result, with Azure growth accelerating on sustained enterprise AI adoption and expanding Copilot deployments.”
Microsoft - September 2026
“• Microsoft finished higher over the Quarter following another robust earnings result, with Azure growth accelerating on sustained enterprise AI adoption and expanding Copilot deployments.”
Microsoft - September 2026
Listed in Royal London AM Global Equity Select Fund’s reported holdings.
Microsoft - September 2026
Listed in Royal London AM Global Equity Diversified Fund’s reported holdings.
Microsoft - September 2026
“Microsoft, Meta Platforms, and Burford Capital Ltd detracted from the fund’s performance during the quarter.”
Microsoft - September 2026
“We also switched from Microsoft into IBM, which increased exposure to emerging quantum- computing opportunities.”
Microsoft - September 2026
“The biggest contributors to the fund’s performance during the quarter were Microsoft, Chevron and Exxon.”
Microsoft - HoldsAGT PartnersSeptember 2026
“We continue to own a good mix of great businesses in our portfolio, including but not limited to (DBS, Tencent, TSMC, Microsoft, Alphabet, CNOOC, Sheng Siong etc.)”
Microsoft - September 2026
“Microsoft’s stock soared as Azure growth accelerated, while Meta Platforms’ shares benefited from strong initial uptake of its Muse consumer agent, along with excellent core advertising results.”
Microsoft - September 2026
“Microsoft’s stock soared as Azure growth accelerated, and Accenture’s stock rebounded from oversold levels as the company’s results and outlook were “good enough” versus muted expectations.”
Microsoft - September 2026
“During the quarter, we followed through on our plan to add information technology exposure after FTSE Russell's June reconstitution brought several mega-cap technology companies into the Russell 1000 Value Index. We built a position in Apple and added to Microsoft, narrowing the fund's underweight in the sector, while reducing exposure to semiconductor and semiconductor equipment stocks.”
Microsoft - September 2026
“Microsoft added approximately 60 basis points to relative performance, as the fund benefited from benchmark exposure to this leading enterprise software and cloud franchise.”
Microsoft - HoldsBuffalo Growth FundSeptember 2026
“This is exactly what transpired as Microsoft, Google and Amazon collectively grew their Cloud business segments by 48% in the second quarter, a significant increase from 39% reported in the first quarter. We have continued to carry a large overweight position in Microsoft given their exposure to OpenAI and the belief that the relationship will result in pointed growth within Azure.”
Microsoft - HoldsShareholder Value Management Frankfurter FundsSeptember 2026
“The quarter was driven by the core positions we have long overweighted: insurers such as SCOR and Münchener Rück, which benefit from higher rates instead of suffering under them. On the technology side, Microsoft and SAP confirmed that software quality and AI fear are two different things.”
Microsoft - TrimmedFairtree Asset Management Global Equity FundSeptember 2026
“On the sell side, the largest reduction was to Microsoft, alongside trims to Fortinet, Evolution and Salesforce, while the Fund fully exited Thermo Fisher, S&P Global, Capgemini, Bid Corp and Zoetis, where the risk-reward or portfolio fit had become less compelling.”
Microsoft - HoldsSomma Investimentos Fund FamilySeptember 2026
“The Open Vista Tecnologia Global fund closed September with a positive return of 4.5% in reais, equivalent to a gain of 4.8% in dollars. The global technology sector surprised once again in the month and posted another gain, with the sector's global index up 4.3% in dollars in September, a performance below that of the fund, which holds investments that diverge from the composition of the sector index. The global technology sector exhibited a behavior of "opposite extremes," with artificial intelligence infrastructure assets concentrating at the top, while Asia-Pacific suffered a correction. The U.S. technology stock market, driven by semiconductor stocks and large technology companies, rose, with the Nasdaq 100 index accumulating a gain of approximately 3% in the month and renewing its all-time high on September 22. In contrast, China's Shenzhen growth companies index accumulated a decline of 8.8%, and Hong Kong's Hang Seng index fell 4.1%. This divergence is not due to the deterioration of the artificial intelligence narrative, but rather to a new round of "competition for profits" in global markets, in which assets linked to chips and computational infrastructure were repriced based on the certainty of profits, while assets that previously relied only on expectations were forced to adjust. From a market perspective, September witnessed a series of crucial events that reshaped the pricing pattern of the technology sector. On the mergers and acquisitions front, Advanced Micro Devices - AMD announced the acquisition of World Labs, an artificial intelligence startup founded by Fei-Fei Li, for 8.2 billion dollars, with the goal of positioning itself at the frontier of "physical artificial intelligence" and spatial intelligence. In the primary market, SpaceX reached orbit with the success of its Starship rocket, further strengthening the profit expectations of the space infrastructure chain. Nvidia approved a record share buyback plan worth 150 billion dollars, raising the remaining balance of authorized buybacks to 235 billion dollars, a move that directly drove the share price against the trend. JP Morgan believes that the ratio between the expected price-earnings multiple of the "seven technology giants" of the United States and that of the market average has already fallen to about one standard deviation below the historical median, reaching the lowest level in ten years, and the room for valuation compression is already extremely limited, with earnings growth about to become the main driving force behind share prices. Driven by this information, the Philadelphia semiconductor index rose more than 4% in a single day, and AMD's market value surpassed one trillion dollars. Among the fund's positions, in addition to Nvidia, Microsoft and Broadcom, which together represent 20.1% of the fund, companies such as Apple, TSMC, Samsung and Lam Research stand out, the latter with 18.2% of the fund. The ten largest positions represent 46.5% of the fund's net assets.”
Microsoft - HoldsNakano World Growth FundSeptember 2026
Listed in Nakano World Growth Fund’s reported holdings.
Microsoft - September 2026
“Microsoft Corporation (MSFT) Microsoft’s share price increased 38% during the third quarter and 27% year-to-date from our average cost.”
Microsoft - HoldsBlueBox Global Technology FundAugust 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
Microsoft - August 2026
“The Fund also benefited from owning Microsoft (+24.6%), the Fund’s top- performing stock over the month”
Microsoft - HoldsWS Ruffer Total Return FundAugust 2026
Listed in WS Ruffer Total Return Fund’s reported holdings.
Microsoft - HoldsTM Ruffer Portfolio FundAugust 2026
“TM Ruffer Portfolio Fund 31 Aug 26 5 LARGEST EQUITY HOLDINGS Stock % of fund BP 1.5 Microsoft 1.0 Amazon 0.7 Prosus 0.6 Prudential 0.6 ASSET ALLOCATION CURRENCY ALLOCATION Inflation % Long-dated non-UK inflation-linked bonds 14.6 Short-dated non-UK inflation-linked bonds 5.0 Gold and precious metals exposure 4.5 Protection Long-dated nominal bonds 17.8 Short-dated nominal bonds 9.7 Credit and derivative strategies 7.1 Cash 2.5 Growth Consumer discretionary equities 8.4 Industrials equities 6.0 Financials equities 4.6 Energy equities 4.6 Other equities 13.0 Commodity exposure 2.3 Currency allocation % Sterling 68.8 US dollar 12.4 Yen 10.0 Other 6.1 Euro 2.6 Geographical equity allocation UK equities 12.9 North America equities 10.3 Europe equities 6.6 Asia ex-Japan equities 3.2 Japan equities 3.1 Other equities 0.4 FUND SIZE £2,796.1M FUND INFORMATION Annual management charge % 1.17 Maximum annual management charge % 1.2 Minimum investment (or equivalent in other currency) £100,000 Ongoing Charges Figure % 1.24 Dealing frequency Weekly, every Wednesday where this is a business day plus the final business day of the month Valuation point 12.00 each dealing day Pay dates 31 May, 31 Aug, 30 Nov, 28 Feb Record dates 31 Mar, 30 Jun, 30 Sep, 31 Dec Investment manager Ruffer LLP Depositary Bank of New York Mellon (International) Limited Authorised Corporate Director Thesis Unit Trust Management Limited Auditors Ernst & Young LLP Structure Non-UCITS Retail Scheme Investment Funds (OEIC) Share class ISIN SEDOL C GBP acc GB00BP4DCZ86 BP4DCZ8 C GBP inc GB00BP4DJF75 BP4DJF7 The credit and derivatives strategies allocation is calculated using market value. In some cases, this allocation might be negative due to the nature of how the instruments, in particular credit default swaps, are priced. Largest equity holdings exclude Ruffer funds | Source: Ruffer LLP | Totals may not equal 100 due to rounding RUFFER LLP”
Microsoft - HoldsRuffer Total Return InternationalAugust 2026
Listed in Ruffer Total Return International’s reported holdings.
Microsoft - HoldsRuffer Investment Company LimitedAugust 2026
Listed in Ruffer Investment Company Limited’s reported holdings.
Microsoft - August 2026
“Top 10 Holdings Company Sector Geography Weight NVIDIA Corporation Information Technology US ).9% Microsoft Corporation Information Technology US 5.$% Alphabet Inc. Communication Services US 5.$%”
Microsoft - HoldsWS Ruffer Diversified Return FundAugust 2026
“WS Ruffer Diversified Return Fund 31 Aug 26 5 LARGEST EQUITY HOLDINGS Stock % of fund BP 1.0 Microsoft 0.9 Amazon 0.9 Solventum 0.8 Prosus 0.8 ASSET ALLOCATION CURRENCY ALLOCATION Inflation % Long-dated non-UK inflation-linked bonds 14.0 Short-dated non-UK inflation-linked bonds 5.0 Gold and precious metals exposure 3.5 Protection Short-dated nominal bonds 20.2 Long-dated nominal bonds 17.4 Cash 2.2 Credit and derivative strategies 0.6 Growth Consumer discretionary equities 8.7 Energy equities 4.8 Industrials equities 4.4 Financials equities 4.4 Other equities 12.7 Commodity exposure 2.2 Currency allocation % Sterling 68.3 US dollar 12.6 Yen 10.1 Euro 5.0 Other 4.0 Geographical equity allocation North America equities 13.1 UK equities 8.5 Europe equities 6.8 Japan equities 3.7 Asia ex-Japan equities 2.9 FUND SIZE £1,479.1M FUND INFORMATION Annual management charge % 0.9 Minimum investment (or equivalent in other currency) £50m Ongoing Charges Figure % 0.93 Dealing frequency Daily Valuation point 12:00 Pay dates 15 May, 15 Nov Record dates 15 Mar, 15 Sep Investment manager Ruffer LLP Depositary The Bank of New York Mellon (International) Limited Authorised Corporate Director Waystone Management (UK) Limited Auditors Ernst & Young LLP Structure Sub-fund of WS Ruffer Managed Funds (OEIC) UK domiciled UCITS Eligible for ISAs Share class ISIN SEDOL I GBP acc GB00BMWLQW82 BMWLQW8 I GBP inc GB00BMWLQV75 BMWLQV7 The credit and derivatives strategies allocation is calculated using market value. In some cases, this allocation might be negative due to the nature of how the instruments, in particular credit default swaps, are priced. Largest equity holdings exclude Ruffer funds | Source: Ruffer LLP | Totals may not equal 100 due to rounding”
Microsoft - HoldsRuffer Charity Assets TrustAugust 2026
Listed in Ruffer Charity Assets Trust’s reported holdings.
Microsoft - HoldsRuffer Total Return FundAugust 2026
Listed in Ruffer Total Return Fund’s reported holdings.
Microsoft - August 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Microsoft - August 2026
“We hold Microsoft, Taiwan Semiconductor, Adobe, Brother and KLA, and we are comfortable owning them at these weights.”
Microsoft - August 2026
“• We also saw positive stock selection within the IT sector, with four of the Fund’s five holdings outperforming the sector in the month. Microsoft (+24.6% in USD) rallied strongly as the market reacted positively to its earnings release.”
Microsoft - July 2026
“Hyperscaler capex The current capex cycle is clearly intertwined with a sharp increase in semiconductor demand, and we believe continued hyperscaler spending is a key indicator that the AI infrastructure build-out is still underway. This spending is effectively funding the next phase of the data centre build-out. As hyperscalers scale both training and, increasingly, inference workloads, their willingness to keep lifting capex expectations supports the view that this semiconductor cycle could prove longer lasting and more structurally driven than previous upcycles. In each earnings cycle, the major hyperscalers have generally revised capex guidance higher and the direction of travel is striking. Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $758bn by the end of the second quarter this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Microsoft - July 2026
“Performance Attribution July saw the portfolio charge higher with holdings across every sector outperforming the broader benchmark by more than 2%. Information Technology, Health Care and Financials holdings contributed most meaningfully. Regionally, North American and European holdings yielded the strongest results, whereas Emerging Market and developed market Asia-Pacific exposures closed broadly flat. Stock selection was the primary driver of the outperformance and was broad based across the portfolio, with holdings in the Information Technology sector comfortably the largest contributor. Sector allocations were a modest net drag, driven by underweights to Energy and Financials against insignificant effects elsewhere. The unwinding of many lower quality momentum stocks also provided a tailwind to relative returns given the portfolio’s underweight exposure to this segment of the market. In terms of individual stocks, Microsoft rebounded to be one of the portfolio’s strongest contributors, the re-rating driven by improved investor confidence in the returns on its AI spending.”
Microsoft - July 2026
Listed in Harding Loevner Global Equity model portfolio’s reported holdings.
Microsoft - HoldsRuffer Charity Assets TrustJuly 2026
Listed in Ruffer Charity Assets Trust’s reported holdings.
Microsoft - July 2026
“The ten largest of which are listed below:”
Microsoft - July 2026
“Bond markets were volatile over the month. Government bond yields generally moved higher as investors weighed a combination of a repricing of the inflationary implications of elevated energy prices on policy rates together with a rise in term premium driven by fiscal/supply concerns against signs of moderating economic growth. Against this negative return backdrop for government bonds, credit markets proved relatively resilient, supported by healthy corporate fundamentals and strong demand for new issuance. The fund saw negative returns in July and underperformed its benchmark due to our long duration positioning. While this weighed on returns over the month as yields rose, we continue to expect yields to fall over time as market focus reverts from higher inflation to anaemic growth, supporting our duration positioning. This impact was partly offset by positive contributions from both sector allocation and stock selection, with particularly strong performance from financials and structured bonds. We believe that the all-in yield available in the sterling credit market remains attractive and, despite tighter credit spreads, continues to provide adequate compensation for default risk. Driven by our longstanding credit philosophy, we remain confident in our ability to achieve an attractive yield premium in the portfolio while maintaining a high degree of diversification – across both sectors and issuers – alongside a bias towards secured debt that aims to provide additional downside protection. Royal London Asset Management | Fund Commentary – 31 July 20265 Royal London Sustainable Diversified Trust Global equities fell in sterling terms in July. Market performance was marked by a mid-month AI sell-off due to concerns over capex sustainability, followed by a sharp rebound as hyperscaler earnings validated ongoing AI investment. The sterling credit market fell in July, as gilt yields rose amid a volatile macro backdrop and UK fiscal uncertainty. The Trust delivered a negative absolute return in July. Negative contributors included ASML, a Dutch semiconductor equipment manufacturer, and Nextpower, a US company that manufactures solar infrastructure. Top contributors included Microsoft, after strong earnings showing continued growth in its cloud business.”
Microsoft - HoldsRuffer Total Return InternationalJuly 2026
Listed in Ruffer Total Return International’s reported holdings.
Microsoft - HoldsWS Ruffer Diversified Return FundJuly 2026
Listed in WS Ruffer Diversified Return Fund’s reported holdings.
Microsoft - July 2026
Listed in TAMIM Fund Global High Conviction’s reported holdings.
Microsoft - July 2026
“Portfolio review The Fund returned -1.5% in July in what was a challenging environment as markets were whipsawed by sentiment ahead of the Q2 earnings season. AI platform software was the strongest area of the portfolio, led by long names such as Microsoft, Snowflake, and ServiceNow.”
Microsoft - HoldsRuffer Portfolio FundJuly 2026
Listed in Ruffer Portfolio Fund’s reported holdings.
Microsoft - HoldsWS Ruffer Total Return FundJuly 2026
Listed in WS Ruffer Total Return Fund’s reported holdings.
Microsoft - HoldsRuffer Investment Company LimitedJuly 2026
Listed in Ruffer Investment Company Limited’s reported holdings.
Microsoft - HoldsRuffer Diversified Return FundJuly 2026
Listed in Ruffer Diversified Return Fund’s reported holdings.
Microsoft - HoldsRuffer Total Return FundJuly 2026
Listed in Ruffer Total Return Fund’s reported holdings.
Microsoft - June 2026
“Declines in ServiceNow, Microsoft, KKR, Salesforce and Meta Platforms were among the largest detractors from portfolio performance over the 12 months.”
Microsoft - TrimmedFundsmith Equity FundJune 2026
“The five biggest detractors from our Fund’s performance during the period were: Stock Attribution LVMH -1.4% Zoetis -1.1% IDEXX -1.1% Microsoft -1.0% Coloplast -0.9% Source: State Street 10 Coloplast, LVMH and Zoetis have been sold for the reasons given in Appendix 2. We have reduced our stakes in IDEXX on valuation grounds and in Microsoft.”
Microsoft - June 2026
“The ones we own—including Adobe, Microsoft, and SAP—provide critical services that would be costly and disruptive for customers to replace, and they are likely to retain far more of their long-term value than current valuations imply.”
Microsoft - June 2026
“Portfolio Highlights The ClearBridge Appreciation Strategy underperformed the benchmark S&P 500 Index in the second quarter of 2026. On an absolute basis, the Strategy had positive contributions from eight of 11 sectors. The IT sector was the main positive contributor, while energy was the main detractor. In relative terms, stock selection and sector allocation detracted. Stock selection in IT, industrials, communication services, financials and consumer discretionary, overweights to materials and energy and an IT underweight detracted the most. Conversely, stock selection in materials and a consumer discretionary underweight were beneficial. On an individual stock basis, the biggest relative contributors during the quarter were ASML, Palo Alto Networks, ASM International, an underweight to Microsoft and not owning Palantir.”
Microsoft - June 2026
“it may not be a coincidence that we bought some shares in Microsoft to add big tech exposure for a couple clients this quarter.”
Microsoft - HoldsACATIS InvestmentJune 2026
Listed in ACATIS Investment’s reported holdings.
Microsoft - June 2026
“we substantially trimmed exposure to Amazon.com and Microsoft.”
Microsoft - June 2026
Listed in ACATIS Investment Report’s reported holdings.
Microsoft - June 2026
“Over the last 12 months we have added to positions where we believe this mispricing is meaningful, including Experian, Jack Henry, Microsoft, RELX and SAP.”
Microsoft - June 2026
“We continue to own several such great companies in our portfolio (DBS, TSMC, Tencent, CNOOC, Sheng Siong, KKR, Apollo, Microsoft etc.) and have selectively added onto them in the past quarter.”
Microsoft - AddedAGT Partners FundJune 2026
“We continue to own several such great companies in our portfolio (DBS, TSMC, Tencent, CNOOC, Sheng Siong, KKR, Apollo, Microsoft etc.) and have selectively added onto them in the past quarter.”
Microsoft - June 2026
“We have also maintained exposure to software companies, with a portfolio weight that’s roughly in line with the MSCI All Country World Index. These holdings have hurt our relative performance as investors worry AI will reduce pricing power, slow user growth, and reshape industry competition. However, the market appears to be overstating the long-term effects of AI on some established software players. The ones we own—including Adobe, Microsoft, and SAP—provide critical services that would be costly and disruptive for customers to replace, and they are likely to retain far more of their long-term value than current valuations imply.”
Microsoft - June 2026
“The ones we own—including Adobe, Microsoft, and SAP—provide critical services that would be costly and disruptive for customers to replace, and they are likely to retain far more of their long-term value than current valuations imply.”
Microsoft - June 2026
“We own the enablers of the broader technology adoption, which we believe are overlooked or outright dismissed as disrupted: the enterprise infrastructure on which large organizations actually run — Microsoft, ServiceNow, Constellation Software — and the digital layer through which consumers live their daily lives, of which Tencent's WeChat is the most complete example in the world.”
Microsoft - June 2026
“During the quarter, we were unusually busy. We bought Hermès and sold Tractor Supply Company, Zoetis, and CDW. We increased positions in Chubb, Progressive, Meta, Amazon, Microsoft, and Visa. We trimmed United Rentals, Alphabet, and Taiwan Semiconductor Manufacturing.”
Microsoft - June 2026
Listed in Buffalo funds Blue Chip Growth Fund’s reported holdings.
Microsoft - June 2026
Listed in Royal London AM Global Equity Income Fund’s reported holdings.
Microsoft - June 2026
“Demand for advanced microchips and increased memory to boost AI infrastructure is coming from so-called hyperscalers, such as Microsoft, Google and Amazon, which are using these products in their data centres and to enhance their AI capabilities.”
Microsoft - June 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
Microsoft - June 2026
Listed in Royal London AM Global Equity Diversified Fund’s reported holdings.
Microsoft - June 2026
Listed in Royal London AM Royal London US Equity Trust’s reported holdings.
Microsoft - New positionQV Market LetterJune 2026
“The QV Canadian Equity Strategy has built its position in Constellation Software this year as valuations were pressured, while the QV Global Equity Strategy re-initiated Microsoft near the lowest valuation it has traded at in a decade.”
Microsoft - June 2026
Listed in Baron Durable Advantage Fund’s reported holdings.
Microsoft - TrimmedBuffalo Funds Growth FundJune 2026
“In the first half of the year, the hyperscalers significantly underperformed the broader technology company landscape. We believe that the Capex outlay in the first half of the year, combined with very reasonable valuations, offers a great setup for Meta, Microsoft, Amazon and Google into the back-half of the year. Although we have trimmed shares back a bit, the fund remains significantly overweight those four positions.”
Microsoft - New positionQV InvestorsJune 2026
“The QV Canadian Equity Strategy has built its position in Constellation Software this year as valuations were pressured, while the QV Global Equity Strategy re-initiated Microsoft near the lowest valuation it has traded at in a decade.”
Microsoft - HoldsPershing SquareJune 2026
“When taken together with our existing holdings in dominant, fast-growing companies such as Microsoft, Amazon, Meta, Uber, Brookfield, and Restaurant Brands, we believe our current portfolio is highly attractive”
Microsoft - HoldsOakmark FundJune 2026
Listed in Oakmark Fund’s reported holdings.
Microsoft - June 2026
“During the second quarter of 2026, the Strategy delivered positive absolute performance but underperformed its benchmark, the MSCI ACWI Net Return Index. The main detractors were the Strategy’s underexposure to parts of the technology sector and our investments within financials. In technology, underperformance was driven by both what we owned and what we did not own. Several companies in the benchmark that we do not own delivered very strong returns, particularly memory-chip producers and CPU manufacturers. At the same time, our investments across software and cloud-service providers were weak, including Microsoft, Autodesk and Workday.”
Microsoft - June 2026
“During the second quarter of 2026, the Strategy delivered positive absolute performance but underperformed its benchmark, the MSCI ACWI Net Return Index. The main detractors were the Strategy’s underexposure to parts of the technology sector and our investments within financials. In technology, underperformance was driven by both what we owned and what we did not own. Several companies in the benchmark that we do not own delivered very strong returns, particularly memory-chip producers and CPU manufacturers. At the same time, our investments across software and cloud-service providers were weak, including Microsoft, Autodesk and Workday.”
Microsoft - June 2026
“For example, companies like Uber and Microsoft have reportedly discontinued some of their Claude Code licenses due to unmanageable costs and elusive productivity.”
Microsoft - HoldsMontaka Global FundJune 2026
“Performance Deconstruction While Montaka delivered positive returns in the June quarter, performance over the last 12-month period was materially negative – driven overwhelmingly by the declines experienced in the March quarter related to the ‘SaaSpocalypse’ (the selloff in software and AI–exposed names). We shared our detailed analysis of this selloff, and why we believe many competitively advantaged businesses have been drastically oversold in our most recent whitepaper: Where Advantages Lie (and Lie) in the Age of AI . Declines in ServiceNow, Microsoft, KKR, Salesforce and Meta Platforms were among the largest detractors from portfolio performance over the 12 months.”
Microsoft - June 2026
“We redeployed some of those proceeds more broadly across the AI ecosystem, adding to hyperscaler cloud platforms such as Amazon and Microsoft, where we believe the market underappreciates a growing backlog of AI infrastructure demand.”
Microsoft “The second group comprises technology and AI beneficiaries and includes Alphabet, Microsoft (MSFT), Amazon (AMZN), NVIDIA (NVDA), KLA Corp, and Broadcom (AVGO).”
Microsoft- June 2026
Listed in Parnassus Investments Core Equity Fund’s reported holdings.
Microsoft - June 2026
“Importantly, only two single short positions detracted more than 50bps, and both of those marginally so, demonstrating the effect of strong stock selection and prudent position sizing. Long book losses were concentrated in a handful of positions, with Microsoft, Viridien and Mitsui & Co the largest detractors.”
Microsoft - June 2026
“During the quarter, we initiated positions in two quality companies, TJX Companies (TJX) and Amphenol Corporation (APH). We believe these investments serve to broaden portfolio diversification and increase exposure to businesses with exposure to resilient end markets, attractive reinvestment opportunities, and long runways for compounding growth across various market environments, with each offering a compelling entry point from a quality, growth, and valuation perspective. To fund these new positions, we exited two positions where rapid technological change has increased uncertainty regarding the long- term competitive environment. These changes included the full sale of Broadridge (BR) and Equifax (EFX). Although these companies have continued to post strong financial results, our ongoing competitive advantage assessments have flagged rising competitive threats and less resilient long-term moats than the new Portfolio additions profiled above and existing Portfolio holdings. Specifically, we’ve taken advantage of largely indiscriminate selling within software and business services sectors to upgrade the quality, growth and long-term competitive advantage profiles within the Portfolio. We also exited Copart (CPRT), a position we’ve been decreasing over time due to deteriorating competitive advantages. We also harvested gains in Meta (META) and Microsoft (MSFT) following strong share-price appreciation and reallocated capital to more attractively priced opportunities.”
Microsoft - June 2026
“We currently own some Alphabet and have previously owned both Meta and Microsoft.”
Microsoft “Portfolio Changes We initiated new positions in Equinix and Arista Networks and exited our positions in Aon and Intuit. Positions in Microsoft, Waste Management, Netflix, Ecolab, and Yum! Brands were added to on weakness while also adding to our positions in Alphabet, Apple, Nvidia, and ServiceNow given their strong long-term growth prospects.”
Microsoft- HoldsGFI Investment Counsel Good Opportunities FundJune 2026
“In the table below, we have listed a select group of our holdings, showing their current estimated earnings multiples relative to their historical averages. With Microsoft being the (current) exception, all of these businesses require very little capital to generate growth, thus providing shareholders with favourable long-term returns.”
Microsoft - June 2026
“Microsoft (MSFT), a long-time core holding, has felt the rath of the selling of software stocks despite producing strong financial results suggesting that the selling may be algorithmic related.”
Microsoft - June 2026
“Within Information Technology, we trimmed semiconductor positions following strong returns but continue to hold meaningful exposure to the group to maintain participation in the secular growth in AI. We redeployed some of those proceeds more broadly across the AI ecosystem, adding to hyperscaler cloud platforms such as Amazon, Microsoft and Oracle, where we believe the market underappreciates a growing backlog of AI infrastructure demand.”
Microsoft - June 2026
“its key industrial end market. Our software exposure continued to detract from relative performance, as uncertainty around the impact of AI continues to weigh on the industry. While this remains a risk we are monitoring closely, we still believe investors are underestimating the stickiness of Salesforce, Adobe and Microsoft products among enterprise customers, and that current valuations embed too much pessimism about their future prospects.”
Microsoft - June 2026
“including larger positions in Taiwan Semiconductor, Microsoft, Alphabet and Meta Platforms, the strongest performers in 2Q26 were companies more directly benefiting from AI-related capital spending.”
Microsoft - June 2026
“its key industrial end market. Our software exposure continued to detract from relative performance, as uncertainty around the impact of AI continues to weigh on the industry. While this remains a risk we are monitoring closely, we still believe investors are underestimating the stickiness of Salesforce and Microsoft products among enterprise customers, and that current valuations embed too much pessimism about their future prospects.”
Microsoft - June 2026
Listed in Homestead Advisers Value Fund’s reported holdings.
Microsoft - May 2026
“Portfolio The portfolio’s underperformance—both for May and the year to date— has been especially acute in the IT sector, where a small cohort of stocks have been responsible for most of the market’s strength this year. Indeed, 20 stocks contributed 83% of the MSCI World Index’s total return in May; of these 20 stocks, 16 were in IT. We own five of these strongly performing stocks, among them ASML in the Netherlands and Microsoft in the US.”
Microsoft - HoldsCDTMay 2026
“The world and stock prices are moving fast and as speculative behavior grips the heart of the stock market, it is going to be increasingly difficult to profitably invest in AI related names that have not yet priced away their potential. Although we still are holding some direct exposure like Microsoft (MSFT), one of our largest positions at just over 5% of the fund.”
Microsoft - May 2026
“Companies Held 16 Benchmark MSCI All Country World Index Net Total Returns (AUD) LAKEHOUSE GLOBAL GROWTH FUND MONTHLY LETTER 31 May 2026 Company Headquarters Strategic Advantage MercadoLibre Argentina Networks, Loyalty, IP Sansan Japan Loyalty, Networks ServiceNow USA Loyalty Adyen Netherlands Loyalty, IP Kinaxis Canada IP, Loyalty Microsoft USA Loyalty, Networks, IP Alphabet USA IP, Networks Workiva USA Loyalty, IP Workday USA Loyalty Amazon USA Networks, Loyalty, IP”
Microsoft - May 2026
“The largest positive contributors among the fund's holdings during the month were Microsoft, Ratos, and Svolder.”
Microsoft - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Microsoft - March 2026
“A leader in consumer and enterprise computer solutions, cloud services, and gaming products, Microsoft (MSFT) traded down despite delivering robust earnings results and providing forward guidance above consensus expectations.”
Microsoft - HoldsFlexible Equity FundMarch 2026
“Microsoft (MSFT) underperformed during the quarter despite delivering solid results and raising guidance.”
Microsoft - HoldsLarge-Cap GrowthMarch 2026
“ Microsoft Corporation (MSFT) lagged during the quarter despite reporting strong underlying results, as investor focus remained on slightly softer Azure growth and elevated AI-related investment.”
Microsoft - March 2026
“We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.”
Microsoft - HoldsBuffalo Growth FundMarch 2026
Listed in Buffalo Growth Fund’s reported holdings.
Microsoft - March 2026
Listed in Buffalo Blue Chip Growth Fund’s reported holdings.
Microsoft - March 2026
“Broadcom Inc. United States 1.8 Semiconductors & Semiconductor Equipment Microsoft Corp. United States 3.1 Software”
Microsoft - March 2026
“Portfolio Holdings Data as of March 31, 2026. Source: FactSet, Hardman Johnston Global Advisors LLC®. The data shown is of a representative portfolio for the Hardman Johnston Select Equity strategy and is for informational purposes only and is not indicative of future portfolio characteristics/returns. Actual results may vary for each client due to specific client guidelines and other factors. The representative portfolio was chosen as most representative of the Select Equity strategy. Future investments may or may not be profitable. C ountry We ig ht ( %) Indus try Communicat ion Serv ices 8.1 Alphabet Inc. United States 7.1 Interactive Media & Services Comcast Corp. United States 0.9 Diversified Telecommunication Services Versant Media Group, Inc. United States 0.1 Media Consumer Discret ionary 2.7 SharkNinja, Inc. United States 2.7 Household Durables Consumer St aples 0.8 Estee Lauder Companies Inc. United States 0.8 Personal Care Products Energy 1.9 Cameco Corporation Canada 1.9 Oil, Gas & Consumable Fuels Financials 9.7 Charles Schwab Corp United States 3.0 Capital Markets Marsh & McLennan Cos. Inc. United States 3.0 Insurance Mastercard Inc. United States 3.8 Financial Services H ealt h Care 17.9 AstraZeneca plc United Kingdom 3.5 Pharmaceuticals Becton, Dickinson & Co. United States 1.4 Health Care Equipment & Supplies Edwards Lifesciences Corp. United States 2.8 Health Care Equipment & Supplies Illumina, Inc. United States 2.0 Life Sciences Tools & Services IQVIA Holdings Inc. United States 1.9 Life Sciences Tools & Services Medtronic plc United States 1.7 Health Care Equipment & Supplies UnitedHealth Group Inc. United States 1.0 Health Care Providers & Services Vertex Pharmaceuticals Inc. United States 3.2 Biotechnology Waters Corporation United States 0.5 Life Sciences Tools & Services I ndust rials 23.4 Automatic Data Processing, Inc. United States 1.5 Professional Services Curtiss-Wright Corporation United States 5.9 Aerospace & Defense Howmet Aerospace, Inc. United States 7.0 Aerospace & Defense Stanley Black & Decker Inc. United States 2.0 Machinery Vertiv Holdings Co. United States 7.0 Electrical Equipment I nformat ion Technology 25.3 Adobe Inc. United States 1.2 Software Advanced Energy Industries United States 4.3 Electronic Equipment, Instruments & Components Apple Inc. United States 5.0 Technology Hardware, Storage & Peripherals ASML Holding N.V. Netherlands 4.0 Semiconductors & Semiconductor Equipment Microsoft Corp. United States 3.4 Software”
Microsoft - March 2026
“Microsoft’s (MSFT) stock came under pressure in Q1 as investors grew concerned about the rising costs required to fund its accelerating AI infrastructure build-out in 2026. This, combined with heightened expectations for Azure growth, led to a sell-off following the December quarter earnings report, when Azure revenue grew “only” 39% year over year. Investors have increasingly questioned the return on investment associated with Microsoft’s large and rapidly expanding capital expenditures tied to AI infrastructure. While these investments are substantial, we believe Microsoft is well positioned to support this growth through its strong and expanding operating cash flows. Although the company has meaningful exposure to OpenAI, 4 OpenAI’s ability to raise over $100 billion should help alleviate investor concerns regarding its capacity to meet large contractual commitments. Microsoft remains a top portfolio holding, supported by its financial strength, diversified revenue streams, and broad customer base, all of which provide resilience.”
Microsoft - March 2026
“Microsoft’s (MSFT) stock came under pressure in Q1 as investors grew concerned about the rising costs required to fund its accelerating AI infrastructure build-out in 2026. This, combined with heightened expectations for Azure growth, led to a sell-off following the December quarter earnings report, when Azure revenue grew “only” 39% year over year. Investors have increasingly questioned the return on investment associated with Microsoft’s large and rapidly expanding capital expenditures tied to AI infrastructure. While these investments are substantial, we believe Microsoft is well positioned to support this growth through its strong and expanding operating cash flows. Although the company has meaningful exposure to OpenAI, OpenAI’s ability to raise over $100 billion should help alleviate investor concerns regarding its capacity to meet large contractual commitments. Microsoft remains a top portfolio holding, supported by its financial strength, diversified revenue streams, and broad customer base, all of which provide resilience.”
Microsoft - March 2026
“Furthermore, for the software companies we own, the evidence suggests AI is driving new business rather than destroying existing revenue. Microsoft, our largest software holding, is seeing meaningful AI tailwinds through Azure and its Copilot suite across enterprise software, even as near-term capital expenditure intensity has tempered investor enthusiasm.”
Microsoft - March 2026
“Microsoft Corporation: MSFT was the portfolio’s largest detractor for the quarter due to various headwinds.”
Microsoft - March 2026
“Microsoft was a detractor in the first quarter, but the investment remains a core holding in the portfolio.”
Microsoft - March 2026
“There were seven material detractors to performance: Ares Management Corporation, Ryan Specialty Holdings, Inc., Microsoft Corporation, Salesforce, Inc., UnitedHealth Group Incorporated, Amazon.com, Inc., and SAP SE.”
Microsoft - HoldsPolen Focus GrowthMarch 2026
“Companies like Microsoft, ServiceNow, Shopify, Oracle, CoStar and Synopsys all have multiple moats and, in each case, we see generative AI as a tailwind for their businesses, not a headwind. We believe the selloff in these businesses in the quarter presented us with attractive buying opportunities in many of the high - quality businesses we own. Amidst this investor panic, it would appear to us that the proverbial ‘baby’ has been ‘thrown out with the bathwater’. Take Microsoft for example, after the quarter’s sell off is now trading at the same valuation (~20x 12 - month forward earnings) as Exxon Mobil despite generating ~4x the amount of operating profit and ~2x the free cash flow (even with Microsoft’s heavy investment into AI infrastructure) and delivering materially higher earnings growth, all with a much greater degree stability and consistency through the cycle. To us, this exemplifies the dichotomy of perception vs. reality. At the same time, the angst around an AI bubble and the future return from the vast infrastructure investment spend has seen enthusiasm wane for the immediate beneficiaries. Take NVIDIA for example, in their most recent earnings report during the quarter they increased revenues in excess of 70% year - over - year and delivered meaningful beats on the top and bottom lines, while significantly increasing forward guidance well above consensus estimates. Despite these stellar numbers, the market reaction was one of disinterest as their shares declined post - print and have languished since despite continued evidence showing there seems to be a long runway of outsized future growth ahead for the company. To us, not only are these two - example astonishing individually, but the narratives driving some software and semiconductor company performance appear incongruous to each other – illustrating that psychology and sentiment are increasingly dictating stock performance versus fundamentals and earnings delivery. Importantly, as earnings reports for the Portfolio’s holdings across these industries have come in during the quarter, they have generally delivered strong operational performance.”
Microsoft - March 2026
“Microsoft Microsoft detracted from performance in the first quarter, as investors continue to question the ROI of the company’s surging AI capex plans.”
Microsoft - New positionBroyhill AMMarch 2026
“We initiated several new positions during the quarter. We bought Microsoft as the stock’s valuation declined to levels in line with the broader market.”
Microsoft - March 2026
“In our portfolio, a number of names were hurt by this, including Intuit, Microsoft, Moody’s, Verisk and MSCI.”
Microsoft - HoldsL&GMarch 2026
“2025 is the year when the AI revolution truly reached private credit. Several multi-billion deals were announced, including Meta’s $29bn AI data centre financing and Microsoft’s $30bn partnership with BlackRock.* This is not a fleeting trend: we expect further growth in private credit financing of digital infrastructure in 2026.”
Microsoft - AddedThe Davenport FundsMarch 2026
“We also engaged in a range of investment weighting changes as we adjusted position sizing to reflect emerging valuation opportunities and concerns during a volatile quarter. We added to positions in several technology companies including Accenture PLC (ACN), Apple, Inc. (AAPL), Microsoft Corp (MSFT), and ServiceNow, Inc. (NOW).”
Microsoft - March 2026
Listed in Alger Growth & Income Fund’s reported holdings.
Microsoft - March 2026
“Microsoft, the fund’s largest single holding, is down by around 20% this year, for instance.”
Microsoft - March 2026
Listed in Alger Capital Appreciation Fund’s reported holdings.
Microsoft - March 2026
“Microsoft Corporation, AppLovin Corp., and NVIDIA Corporation were among the top detractors from performance.”
Microsoft - ExitedArtemis US Select FundMarch 2026
“Activity We sold our position in Microsoft and reduced our positions in Amazon and Alphabet, reflecting our view that there are more attractive opportunities elsewhere.”
Microsoft - March 2026
“Microsoft saw a sharp correction amid the broader software sector selloff.”
Microsoft - HoldsAlger Spectra FundMarch 2026
“Microsoft Corporation, AppLovin Corp. and NVIDIA Corporation were among the top detractors from performance. • Microsoft is a global technology leader and a primary beneficiary of the ongoing digital transformation of enterprise computing, holding dominant positions in desktop software, cloud infrastructure, and generative artificial intelligence.”
Microsoft - March 2026
“Sales By significantly reducing our holdings in Microsoft, Amazon and Alphabet, we have continued to reduce the fund's exposure to the Magnificent Seven stocks.”
Microsoft - HoldsBoyar Value GroupMarch 2026
“Microsoft was a good example of those crosscurrents. On one hand, investors began to worry that advances in artificial intelligence could weaken the value of traditional software products, including core offerings such as Office 365, as competing AI tools from companies like Anthropic and Google became more widely adopted. On the other hand, Microsoft was also being judged as one of the companies spending enormous sums to build the infrastructure for the next phase of AI growth (Microsoft’s capex spending in FY 2025 [ended June 30] was $65 billion, well up from the $15 billion it was spending just 5 years prior). The result was a sharp stock price decline. Microsoft, which until recently was the world’s largest company by market capitalization and traded at an elevated 31x multiple of earnings (NTM), lost 23.5% of its value during the first three months of the year. It was the company’s steepest quarterly share price decline since the financial crisis according to CNBC. Investors appeared to grow more skeptical not only about the return on Microsoft’s AI spending, but also about the pace at which products such as Copilot would gain meaningful traction. The broader software sector was hit in similar fashion. The iShares Expanded Tech-Software Sector ETF (IGV) declined 24.3% during the quarter, with once-market darlings such as Salesforce (-29.5%) and Adobe (-30.5%) falling even more. The market began to worry that artificial intelligence might not just be a tool for software companies, but also a threat to their own businesses. Still, a sharp selloff alone does not tell investors where the real value lies. Not All Selloffs Create Opportunity We have long considered Microsoft to be one of the world’s best businesses.”
Microsoft - December 2025
“Microsoft shares declined after the company reported its third-quarter results.”
Microsoft - December 2025
“AI-exposed names ebbed as the market grew concerned about major capital spenders such as Microsoft.”
Microsoft - December 2025
Listed in Royal London Global Equity Diversified Fund’s reported holdings.
Microsoft - HoldsPlatinium Asset ManagementDecember 2025
Listed in Platinium Asset Management’s reported holdings.
Microsoft - AddedDavenportDecember 2025
“During the quarter we also lightened our weighting in several technology stocks with the position sizing changes reflecting emerging valuation concerns as well as a desire to emphasize other ideas with more compelling risk/reward profiles. As such, we have decreased Fund weightings in Adobe Inc. (ADBE), Alphabet, Meta Platforms Inc. (META), and Nvidia Corp (NVDA) while adding to names such as Microsoft Corp (MSFT), Union Pacific Corp (UNP), Accenture Plc (ACN) and EOG Resources Inc. (EOG).”
Microsoft - December 2025
“Microsoft’s (MSFT) stock came under pressure in Q4 as investors grew concerned about the rising cost of building AI data infrastructure to support foundation models such as OpenAI. Capital expenditures across Microsoft and its hyperscaler peers accelerated in calendar 2025 and are expected to increase again in 2026. While these investments are substantial, Microsoft is well positioned to fund this growth through its large and expanding base of operating cash flows. That said, the company does have meaningful exposure to OpenAI, which remains relatively unproven given the scale and duration of its contractual commitments. We continue to maintain Microsoft as a top holding, as we believe the company’s financial strength, diversified revenue streams, and broad customer base provide significant resilience.”
Microsoft - HoldsNinepoint Cannabis & Alternative Health FundDecember 2025
“There are several companies in the portfolio within this area that include: Quest Diagnostics, Amazon, Microsoft, and Eupraxia.”
Microsoft - December 2025
“Microsoft Corp – Sustainable and Ethical AI Purpose: Microsoft Corp was engaged to review its sustainability performance and address investor concerns related to human rights and ethical AI practices.”
Microsoft - December 2025
Listed in Sands Capital Global Leaders’s reported holdings.
Microsoft - December 2025
“Microsoft Corp – Sustainable and Ethical AI Purpose: Microsoft Corp was engaged to review its sustainability performance and address investor concerns related to human rights and ethical AI practices. Outcome: Microsoft reaffirmed its commitment to achieving hourly carbon-free energy matching, a leading-edge approach that ensures its data centres run on clean energy every hour of the day rather than relying on annual averages. This positions Microsoft ahead of many peers in decarbonisation efforts.”
Microsoft - December 2025
“Bottom Quarterly Contributors AutoZone shares fell during the quarter as margin performance fell short of elevated investor expectations, despite continued strength in underlying demand for auto parts and accessories. Fiserv stock declined as investors reacted negatively to execution struggles and a reset of the financial technology company’s earnings algorithm. We sold the position during the quarter. Microsoft experienced weakening investor sentiment around the potential return on some of its AI-related capital expenditures.”
Microsoft - December 2025
“Our underweight allocation to and stock selection within the Information Technology sector detracted from relative performance. Microsoft (-6.5%) reported 17% y/y revenue growth and 13% y/y EPS growth, as all three segments outperformed. The Azure cloud computing division saw 39% revenue growth, including 111% growth in commercial bookings. However, investors grew concerned over Microsoft’s investment in OpenAI, as MSFT’s share of losses increased from $1B to $4.1B in the most recent quarter. Additionally, OpenAI market share appears to be falling in the web traffic Generative AI market as Google’s Gemini gains share. Microsoft is a long-term holding that remains at the center of the AI investment cycle.”
Microsoft - December 2025
“Microsoft shares declined after the company reported its third-quarter results.”
Microsoft - HoldsMar Vista US QualityDecember 2025
“Microsoft’s (MSFT) stock came under pressure in Q4 as investors grew concerned about the rising cost of building AI data infrastructure to support foundation models such as OpenAI. Capital expenditures across Microsoft and its hyperscaler peers accelerated in calendar 2025 and are expected to increase again in 2026. While these investments are substantial, Microsoft is well positioned to fund this growth through its large and expanding base of operating cash flows. That said, the company does have meaningful exposure to OpenAI, which remains relatively unproven given the scale and duration of its contractual commitments. We continue to maintain Microsoft as a top holding, as we believe the company’s financial strength, diversified revenue streams, and broad customer base provide significant resilience.”
Microsoft - HoldsAMG Yackman FundSeptember 2025
Listed in AMG Yackman Fund’s reported holdings.
Microsoft - September 2025
“To be clear, we are believers in the transformational potential of AI. Many of our portfolio holdings are at the forefront of AI innovation and are investing at scale in this new technology. For example, Alphabet and Meta have developed state-of- the-art AI models. In addition, Alphabet (GOOG), Amazon (AMZN), and Microsoft (MSFT) are market leaders in cloud computing and are benefitting from the migration of AI-related workloads to their cloud infrastructure.”
Microsoft - September 2025
“Executive Summary • The Fund slightly underperformed its benchmark and slightly overperformed its peer group in the third quarter. • UnitedHealth Group (UNH) has been a prominent detractor from relative performance in 2025. However, the company rebounded nicely in the third quarter and our long-term belief in the company remains. Fiserv (FI) has also negatively impacted relative performance for the Fund. While the stock has taken a hit, it has been a long-term success story, with its payments and financial-technology mix creating consistent revenue growth. • JPMorgan & Chase (JPM) has been a prominent contributor to relative performance in 2025, thanks to the company’s Corporate & Investment Banking (CIB) revenue growth and maintaining stable credit metrics. Microsoft (MSFT) has also been a positive performer due to impressive growth in the company’s Azure cloud platform and overall durable momentum in cloud and AI services.”
Microsoft - September 2025
Listed in RiverPark Long Short Opportunity Fund’s reported holdings.
Microsoft - September 2025
“We trimmed our longstanding position in Microsoft against strength and initiated a position on Procore, a leading US construction management software used by the largest general contractors, project owners and specialty trades globally.”
Microsoft - June 2025
Listed in Mar Vista Global Quality’s reported holdings.
Microsoft - June 2025
“The rebound in names like Microsoft Corporation (MSFT), Amazon (AMZN), and NVIDIA (NVDA) was propelled by both idiosyncratic and secular drivers, as robust earnings results, positive company-specific developments, and encouraging outlooks were bolstered by renewed enthusiasm for the secular megatrend in Artificial Intelligence (AI).”
Microsoft - June 2025
Listed in RS Large Cap Growth Strategy’s reported holdings.
Microsoft - HoldsRS Global StrategyJune 2025
Listed in RS Global Strategy’s reported holdings.
Microsoft - June 2025
“ NVIDIA (NVDA), a market leader in advanced graphics processing units, rebounded after a first quarter marked by a lower gross margin outlook, which was attributed to short-term complexities in ramping up Blackwell production, and a broad-based decline in AI infrastructure stocks. The company’s most recent quarterly earnings were modestly ahead of consensus expectations, and management expects gross margins to increase by year-end as yield and throughput on Blackwell racks continue to improve. Netflix (NFLX), a global leader in streaming with more than 300 million subscribers, reported strong quarterly results that exceeded consensus expectations, maintained its full-year guidance, and executed a record $3.5 billion buyback. Despite macroeconomic headwinds and normal levels of churn from recent price increases, robust subscriber growth and rising advertising revenue reinforced Netflix’s strong market position and content strategy. Management remains confident in continued growth, supported by a compelling lineup of content for the second half of the year. Microsoft (MSFT), a global leader in software and cloud services, saw its shares trade higher in the second quarter following an earnings report and guidance update that exceeded consensus expectations.”
Microsoft - HoldsMSA CapitalJune 2025
“I estimate that the theoretical fund price would now be around 350 euros – compared to the 260 euros actually achieved. Numerous positions from the initial portfolio have since multiplied in value: CHAPTERS Group (14x), Microsoft (12x), Amazon (10x), Alphabet (6x), Moltiply (6x).”
Microsoft - HoldsEpoch Global Equity Shareholder YieldJune 2025
“Microsoft is a global software company for enterprises and consumers. Shares outperformed on strong earnings which demonstrated growth of its non-AI cloud business within Azure. This suggests the networking effects of their cloud offerings are driving growth in the rest of the business. They also benefited from a de-escalation of the U.S. led trade war, particularly with China, which indicated that the drag on the economy was likely to be less onerous than initially thought and that a deal could be reached. Management is dedicated to shareholder returns through continued improvements to its dividend and share repurchase plans.”
Microsoft - March 2025
Listed in Bell Global Sustainable Fund’s reported holdings.
Microsoft - March 2025
“Enterprise software aids in this goal, as the products and services of companies like ClearBridge holding ServiceNow, Strategy holdings Microsoft and Salesforce are key for enhancing economic productivity.”
Microsoft - March 2025
Listed in Macquarie Large Cap Growth Fund’s reported holdings.
Microsoft - HoldsTouchstone Sands Capital Select Growth FundMarch 2025
Listed in Touchstone Sands Capital Select Growth Fund’s reported holdings.
Microsoft - HoldsCovesto Patient CapitalMarch 2025
“Microsoft (MSFT): MSFT is the largest software firm in the world with undisputed market leadership in Office suites, PC operating systems as well as a strong no. 2 position in hyperscale cloud services.”
Microsoft - AddedVulcan VPMarch 2025
“Microsoft is the world’s largest software company with a broad range of offerings including Microsoft office, gaming, Azure cloud computing, LinkedIn, and more. Our estimated value for Microsoft grew at a double-digit rate over the past year. The company’s operating profits also grew at a double-digit rate. We expect the company’s value and its operating profits to continue to compound at double-digit rates. We were pleased to have the opportunity to add to our position at lower prices during the quarter.”
Microsoft - March 2025
“Most technology related companies suffered, with Accenture, Adobe, Alphabet, ASML, Gartner, and Microsoft all falling in the teens.”
Microsoft - HoldsAMG Renaissance Large Cap Growth FundDecember 2024
Listed in AMG Renaissance Large Cap Growth Fund’s reported holdings.
Microsoft - December 2024
“We saw strong share price performance in other portfolio companies. Alphabet Inc. and Microsoft participated in the artificial intelligence (AI) euphoria in the market, and they importantly produced strong underlying company performance.”
Microsoft
Also mentioned · 137
These funds discuss Microsoft as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedEquinova Investment Managers PMS PortfoliosOctober 2026
“Skepticism has started rising around viability of AI trade amid mounting debt concerns and reducing free cash flows for established tech giants like Amazon, Microsoft, Meta and Alphabet.”
Microsoft - MentionedTroy Multi-Asset StrategyOctober 2026
“The price is not always right Some of the best equity investment opportunities lie in good businesses that have suffered from long de-ratings of their valuations. Investors simply re-appraise the value of the earnings. This can happen suddenly if the profit outlook changes, as profit warnings are rarely greeted with enthusiasm. But what of companies with stable and consistent returns where earnings are reliable and growing over time? The best example of a de-rating was the peak valuations of the Nifty 50 stocks in the early 1970s. These so-called ‘one decision’ stocks de-rated from extreme valuations in an era of inflation and rising interest rates. Market darlings, like McDonald’s and Walt Disney, fell from ~80x earnings to mid- teens valuation multiples over two years, which led to share price falls of over 70%. Over the same period, Coca-Cola shares halved as its earnings multiple fell from 46x to 15x, despite good earnings growth. While valuations can always go higher, they are likely to, ultimately, revert to the mean. Some of our best ideas, such as buying Microsoft in 2010 or Coca-Cola itself in 2009, came after long periods of de-rating.”
Microsoft - MentionedWS Lindsell Train UK Equity FundOctober 2026
“But we do not view our portfolio as simply a hedge against AI bullishness – we have far greater ambitions for it. Crucially we continue to maintain that, in fact, our digital companies are not losers from AI; instead, we think they will more likely be multi-year beneficiaries from it. We also maintain, that if and when the current AI boom subsides, investors might look more favourably on the steady growth that consumer companies, including Diageo and Unilever, are forecasting over the next few years. In passing, Unilever reported better than expected Q3 revenue growth in October, of 5.2%. Of course, this looks pedestrian compared to the current growth of a lindselltrain chip-maker, but will it if the chip-maker’s revenues slow or fall? There is no doubt that last month’s rally was driven by a change in investor sentiment, but importantly, it was underpinned by continued positive trading updates from our digital businesses. For instance, RELX’s Q3 trading update showed continued acceleration in revenue growth, driven by accelerating adoption of its AI-enhanced data and analytic services. The company confirmed the doubling of its Legal division’s growth rate to 10%, because of take up of Protégé, its latest AI tool. Meanwhile, LeapSpace, RELX’s recently launched AI scientific research assistant, is delivering “rapid usage growth”, according to the company. In mid-October, Microsoft announced that its latest in- house developed LLM is more powerful than the equivalent recent release from OpenAI, but that it has created that intelligence using only a quarter of the computing power that OpenAI requires.”
Microsoft - MentionedSageOne Investment Managers SLMPOctober 2026
“The US provides several examples — Alphabet, Microsoft, Meta and Amazon have grown into some of the world's largest companies while continuing to deliver strong growth of 15% despite their enormous revenue bases of USD 200-300 bn.”
Microsoft - MentionedTIN SmåbolagOctober 2026
“Behind a large part of this demand are the investments in data centers at companies such as Microsoft and Alphabet .”
Microsoft - MentionedDrys Capital Equitas Equity Funds (Selection, High Convictions and Vision)October 2026
“In the international scenario, the S&P 500 declined 0.93% and the Nasdaq-100 fell 6.65%, in a movement concentrated in technology. The 3Q26 earnings season continued to demonstrate strong growth in the construction of AI infrastructure, which naturally pressures cash generation: Alphabet had its second consecutive quarter with negative free cash flow of US$ 9.07 billion, while Amazon presented free cash flow of -US$ 42.4 billion over twelve months, the exception to the movement was Microsoft.”
Microsoft - MentionedLowell Resources FundOctober 2026
“Cory Kos, vice-president of investor relations at uranium producer Cameco, said companies such as Amazon and Microsoft were looking to buy physical uranium for the next-generation nuclear reactors that would power data centres.”
Microsoft - September 2026
“The largest contributor to the MSCI All Country World Value Index this quarter was Microsoft at 26X P/E.”
Microsoft - September 2026
“Intel’s moat was a PC-and-server world where raw x86 performance and backward compatibility mattered most. The introduction of the smartphone reshaped the battlefield through extreme power efficiency, a different instruction set (ARM), and a foundry model in which the best factories no longer belonged to chip designers. Intel tried to respond with x86 Atom chips but failed. It treated the new market as a sideshow rather than recognizing it as the place where volume, talent, and the next computing platform were emerging. AMD’s answer, beginning in 2008, was to go “fabless” and later stake everything on a clean-sheet architecture (Zen) manufactured at TSMC’s facilities. Because AMD could not match Intel’s capital spending, it spun off its factories and outsourced its chip production to TSMC. This innovation removed the requirement that a challenger be a world-class manufacturer while TSMC’s rise made the fabless chip company possible. A competitor no longer had to control the entire channel; it could buy access to the best process while Intel shouldered the cost of the entire production value chain. [1] Intel planned to launch its first 10-nanometer (nm) CPUs in 2016, but its development never arrived on schedule. The delay pushed Intel away from its long-running Tick-Tock cadence (a two-year process-development cycle), kept the company at 14 nm for years, and helped TSMC and AMD narrow the manufacturing gap. While TSMC shipped 7 nm and then 5 nm, Intel spent years refreshing its 14 nm products. By the time “Intel 7” (a rebranded 10 nm process) reached critical production volume, its competitors had already closed the performance and efficiency gap. Intel assumed its largest customers would never leave the x86 island, but its dominant moat no longer existed. Apple was once Intel’s most prestigious PC customer, yet beginning in 2020, it transitioned the entire Mac line to its own ARM-based M-series chips. Hyperscalers, a market segment Intel once completely dominated, began dual-sourcing AMD’s EPYC processors and later designed their own silicon. Microsoft promoted Windows on ARM, while OEMs that had treated Intel as the default began viewing it as just one option.”
Microsoft - MentionedKNA Capital Core Equity StrategySeptember 2026
“Given the above, it’s not surprising that 75% of S&P 500 stocks were down in September. The S&P 500 itself was buoyed by good performance among a small group of very large companies. Meta (Facebook’s parent company) was up 26.8% in September and NVIDIA, Apple, and Microsoft all finished positive.”
Microsoft - MentionedAcatisSeptember 2026
“Imagine that an airline, a utility, a company such as Microsoft, a health care system or an important bank is blackmailed using these methods.”
Microsoft - September 2026
“The term “consensus” within the capital markets industry refers to the average of earnings estimates made by professionals. Magnificent 7 data refers to the following set of stocks: Microsoft (MSFT), Amazon (AMZN), Meta (META), Apple (AAPL), Google parent Alphabet (GOOGL), Nvidia (NVDA), and Tesla (TSLA).”
Microsoft - MentionedVltava FundSeptember 2026
“One of the most striking aspects of today’s U.S. stock market concerns companies’ exceptionally high earnings and record-high profit margins. The net profit margin of companies in the S&P 500 index is at historic highs. According to FactSet, it reached approximately 15% in the second quarter after adjusting for certain extraordinary investment gains. The previous high was around 14% (in 2021), followed by 13% (in 2018) and, before that, 10.5% (in 2008). Historically, profit margins have generally been in the single digits. Also interesting is that U.S. corporate profits are growing very rapidly today at a time when the economy itself is showing a rather moderate pace of growth and when we are somewhere in the middle of the economic cycle. Accelerating profitability growth in the middle of an economic cycle is highly unusual. In our view, this trend has in part a relatively straightforward explanation. The composition of the stock market has changed through the decades. Today’s index includes far more technology, software, and other asset-light companies, and these naturally achieve higher margins than do traditional industrial firms. At the same time, however, there is another factor in play that, in our view, receives surprisingly little attention, and this is an unprecedented investment boom related to artificial intelligence. Microsoft, Alphabet, Amazon, and Meta (the so-called “hyperscalers”) collectively plan this year to make capital investments exceeding $700 billion.”
Microsoft - MentionedGrey Owl All-Season StrategySeptember 2026
“At this point, the AI “bubble” is kept afloat by the hyperscalers (megacaps such as Microsoft) and a few other companies.”
Microsoft - September 2026
“This disparity was particularly consequential in a quarter where increasingly concentrated mega cap stocks dominated, such that Microsoft, Apple, and Amazon accounted for nearly all of the Index’s total return.”
Microsoft - September 2026
“Microsoft, Apple, and Amazon accounted for nearly all of the Index’s total return.”
Microsoft - MentionedVision Capital FundSeptember 2026
“Google Cloud Platform (GCP) is the main growth engine and the fastest-growing of the top 3 hyperscalers, with 2Q26 revenue up +82% to US$24.8bn and backlog up +385% to US$514bn. GCP is model-agnostic. Anthropic has committed to 1GW of TPUs in 2026, growing to 5GW in 2027. Google wins regardless of which lab wins. Search pays, Cloud grows. GCP is well poised to overtake Microsoft Azure and become the 2nd-largest cloud hyperscaler.”
Microsoft - MentionedSKBA Capital ManagementSeptember 2026
“In uncertain times, investors tend to flock to safety. Such is the mantra, usually. We live in unusual times, however, and paradoxically, today’s stock markets are driven by those few companies presumed to usher in the demise of the human race. There is Open AI and Anthropic of course (both of which are still private), but there is also Nvidia, Amazon, Alphabet with Gemini, Meta with Muse, SpaceX with Grok and Microsoft with Copilot (which is underpinned by Open AI), all of which have inseparable dependencies with one another.”
Microsoft - MentionedBrandes IP Global Equity FundSeptember 2026
“The four largest relative detractors were all index holdings in which we do not have a position: Microsoft, Nvidia, Apple, and Meta Platforms.”
Microsoft - MentionedVision Capital FundSeptember 2026
“Google Cloud Platform (GCP) is the main growth engine and the fastest-growing of the top 3 hyperscalers, with 2Q26 revenue up +82% to US$24.8bn and backlog up +385% to US$514bn. GCP is model-agnostic. Anthropic has committed to 1GW of TPUs in 2026, growing to 5GW in 2027. Google wins regardless of which lab wins. Search pays, Cloud grows. GCP is well poised to overtake Microsoft Azure and become the 2nd-largest cloud hyperscaler.”
Microsoft - MentionedMondrian IP International Equity StrategySeptember 2026
“The console market is an attractive three-player oligopoly controlled by Nintendo (Switch), Sony (PlayStation) and Microsoft (Xbox).”
Microsoft - September 2026
“such that Microsoft, Apple, and Amazon accounted for nearly all of the Index’s total return.”
Microsoft - MentionedBoyar Value GroupSeptember 2026
“Microsoft, which we discussed positively in each of our last two letters, had fallen about 23% in the first half of the year.”
Microsoft - MentionedArtisan Partners Global Value FundSeptember 2026
“The largest contributor to the MSCI All Country World Value Index this quarter was Microsoft at 26X P/E.”
Microsoft - September 2026
“Among the largest headwinds were large benchmark-only stocks that we did not own performing well, and the index reconstitution, although these two things are somewhat redundant. Microsoft and Apple were both added to the value index at its June reconstitution.”
Microsoft - MentionedRewey AM Smid Value StrategySeptember 2026
Named in a table in Rewey AM Smid Value Strategy’s letter.
Microsoft - September 2026
“Small-cap stocks faced headwinds during the third quarter, as rising interest rates and persistent inflation concerns weighed on investor sentiment. The Russell 2000 declined 7.2%, compared with a 2.3% gain for the S&P 500, which was supported in part by strong performance from several of the Magnificent 7 stocks, including Microsoft, Nvidia and Apple.”
Microsoft - September 2026
“Among the largest headwinds were large benchmark- only stocks that we did not own performing well, and the index reconstitution, although these two things are somewhat redundant. Microsoft and Apple were both added to the value index at its June reconstitution. They were the two largest individual detractors by way of not owning them.”
Microsoft - September 2026
“Among the largest headwinds were stocks that we did not own performing well. Microsoft (MSFT) was added to the value index at its May reconstitution and was the largest individual detractor by way of not owning it.”
Microsoft - September 2026
“IT was the largest relative detractor during the quarter, reflecting both weaker security selection and our underweight to the sector. Performance within the sector was highly bifurcated. Software and platform holdings such as ServiceNow, Palantir, Shopify and Okta performed well as investors increasingly realized the potential for AI to drive new revenue opportunities and productivity gains. In contrast, several semiconductor and data center-related holdings declined as investors reassessed the pace and durability of AI infrastructure spending. Our lack of exposure to Microsoft and Apple, both of which performed well, also detracted approximately 150bps from relative returns.”
Microsoft - September 2026
“Nuance Perspectives4 At the end of the third quarter of 2026, the Nuance Concentrated Value Composite was up 10.32 percent (through September 30, 2026, net of fees), versus 19.22 percent for the Russell 3000® Value Index and 12.75 percent for the S&P 500® Index. With the Russell 3000® Value Index outperforming the S&P 500® Index year to date, it may appear on the surface that value style investing is beating growth style investing this year. However, in our opinion, the performance this year is more of a reflection of a disconnect that we have touched on in prior commentaries, namely that Russell’s value indices are increasingly diverging from how value style investing is conventionally defined. Over the last few years, we have observed a number of stocks on multiple occasions with meaningful weight in the Russell 3000® Value Index that bear little resemblance to the classic value businesses we have bought and sold over time. Recent examples include Meta Platforms Inc (META), Micron Technology, Inc. (MU), Advanced Micro Devices, Inc. (AMD), and Microsoft Corporation (MSFT), among others.”
Microsoft - MentionedARAR FundSeptember 2026
“I have previously pointed out that companies like Amazon, Microsoft and Alphabet have businesses providing gargantuan profits, that should keep their trillion-dollar market caps intact even in a bust later on.”
Microsoft - September 2026
“The annual FTSE Russell index rebalance took place in late June and materially changed the composition of Technology sector constituents. Most impactful were the additions of Microsoft and Apple to our benchmark because they were two of the three biggest contributors to the Russell 3000® Value Index’s performance in the third quarter. We admire both companies, but we don’t view either as materially undervalued.”
Microsoft - MentionedLiontrust Global Technology FundSeptember 2026
Named in a table in Liontrust Global Technology Fund’s letter.
Microsoft - MentionedLiontrust Global Innovation FundSeptember 2026
“Outside the portfolio, the Fund's underweight to Microsoft (not held) was the largest single drag on relative return, costing 0.9 points as the shares rose 38% on an acceleration in Azure cloud revenue growth.”
Microsoft - MentionedO’Keefe Stevens AdvisorySeptember 2026
“The S&P 500 returned 2.3% in Q3 2026, a number that hides more than it shows. About six in ten members of the index fell; the equal-weight S&P lost 1.9%, and the Russell 2000 lost 7.2% after gaining 21.5% in Q2. A handful of mega-caps, led by Microsoft (+37.5%), did the work.”
Microsoft - MentionedLiontrust GF Global Dividend FundSeptember 2026
“not owning Microsoft cost 0.9 points, the largest single relative detractor,”
Microsoft - September 2026
“Among the largest headwinds were stocks that we did not own performing well. Microsoft (MSFT) was added to the value index at its May reconstitution and was the largest individual detractor by way of not owning it.”
Microsoft - September 2026
“After many months of blistering gains powered by enthusiasm for artificial intelligence (AI), share prices weakened in July as investors began to question whether the staggering capital expenditures in this growing segment of the tech sector would generate adequate returns. Meanwhile, global economic conditions began to show more cracks. With inflation reaccelerating, the Federal Reserve raised interest rates for the first time since 2023. Oil climbed even higher in reaction to ongoing conflicts in the Middle East. And a global sell-off in government debt sent long-term yields climbing. Against this darkening backdrop, consumer confidence fell to its lowest level since 2014.1 Still, the S&P 500 Index managed a +2.30% return during the quarter as growth in all the wrong places— inflation, interest rates and energy—drove investors back to the perceived safety of mega-cap and AI-related winners in September. To this point, without the contributions of Microsoft Corporation (MSFT), NVIDIA Corporation (NVDA), Apple Inc. (AAPL) and Meta Platforms, Inc. (META), the S&P 500 would have fallen -2.45% during the quarter.”
Microsoft - MentionedBaron Global Durable Advantage ETFSeptember 2026
“Not owning Microsoft and Apple accounted for 149bps of that, with the rest attributable to not owning any fast-growing software companies that have been some of the biggest winners this quarter, as their stocks continued recovering from the SaaSPocalypse of early 2026.”
Microsoft - MentionedGuinness Global Quality Mid Cap FundAugust 2026
“Expected FY26 capex by Amazon, Alphabet, Microsoft, Meta and Oracle combined has risen from around $536bn in December to $784bn by July, an increase of almost 50% in just seven months.”
Microsoft - MentionedCDT CapitalAugust 2026
“while back in July Nikkei research suggested that $1.65T of debt is now sitting on and off the books of Meta, Oracle, Amazon, Microsoft and Alphabet (Google).”
Microsoft - MentionedCDT Capital Investment StrategyAugust 2026
“Another option is to sell out to a bigger benefactor like Microsoft or Amazon.”
Microsoft - July 2026
“Two global themes stood out. First, the big four hyperscalers (Amazon, Microsoft, Alphabet and Meta) issued guidance that their combined 2026 capital expenditure would be $650-725bn, up 60-77% year-on-year.”
Microsoft - MentionedGuinness Global Equity Income FundJuly 2026
“Hyperscaler capex The current capex cycle is clearly intertwined with a sharp increase in semiconductor demand, and we believe continued hyperscaler spending is a key indicator that the AI infrastructure build-out is still underway. This spending is effectively funding the next phase of the data centre build-out. As hyperscalers scale both training and, increasingly, inference workloads, their willingness to keep lifting capex expectations supports the view that this semiconductor cycle could prove longer lasting and more structurally driven than previous upcycles. In each earnings cycle, the major hyperscalers have generally revised capex guidance higher and the direction of travel is striking. Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $758bn by the end of the second quarter this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Microsoft - July 2026
“Troy Global Equity Strategy Half Year Letter to Investors July 2026 2 taml.co.uk Hello from the dark side of the moon SpaceX’s listing on public stock markets is a symbolic and revealing moment. Alongside Anthropic and OpenAI, it is the first of the ‘Big 3’ inital public offerings (IPOs) expected to come to an equity bull market for which new share issues have hitherto been conspicuous by their absence. The contrast with the dot com era is hard to ignore. Rather than thousands of tiddly companies with nascent financial results, this generation of IPOs are ginormous companies with large and growing revenues. The inflation-adjusted value of these three companies is expected to be substantially greater than the total value of all the ~2,600 IPOs that took place between 1995 and 2000. In its first week of trading, SpaceX’s market value reached similar levels to Amazon and Microsoft, despite its operating losses and far smaller revenue base.”
Microsoft - MentionedCDT Capital VNAV StrategyJuly 2026
“Add to the story that obscure sources of funding (mostly off-balance sheet complex debt securities) are financing the construction of data centers around the country and we have the ingredients in place for the potential for a severe credit event. To underscore this point, earlier in the month the Nikkei reported that they estimate that Meta, Oracle, Amazon, Microsoft and Alphabet (Google) collectively have $1.65T of debt that they have not yet reported on their financials.”
Microsoft - MentionedGeneration IM Global Equity StrategyJuly 2026
“Climate leadership in the age of AI Much of our climate dialogue now focuses on execution, particularly among the hyperscalers – Alphabet, Amazon and Microsoft – whose targets are under pressure from AI-driven growth in power and water demand.”
Microsoft - July 2026
“Sous cette volatilité entraînée par l’effet de levier, les fondamentaux des entreprises demeurent cependant stables. Sur les deux tiers des entreprises du S&P 500 ayant publié leurs résultats à la fin du mois, 87 % ont surpassé les attentes de 14 % en moyenne, et les profits ont augmenté de 22 % d’une année sur l’autre. Microsoft et Amazon ont toutes deux progressé de +16 % grâce à leurs activités infonuagiques.”
Microsoft - MentionedBronte Capital Amalthea FundJuly 2026
Named in a table in Bronte Capital Amalthea Fund’s letter.
Microsoft - MentionedAVI Global TrustJuly 2026
“These headwinds drove a -39% retracement from the peak on 22nd June to the lows on 30th July, a decline beyond levels seen during the 1997 Asian Financial Crisis and the market's worst month since the GFC. Samsung Electronics and SK Hynix bore the brunt, with the two memory names accounting for c. 90% of the record c. $110bn of foreign outflows from Korea YTD. Sentiment stabilised on solid results from Samsung Electronics and Microsoft, before the market staged a historic turnaround on the final day of the month, with the KOSPI surging by a record +18% as strong hyperscaler earnings eased AI capex concerns and margin-call fears subsided.”
Microsoft - MentionedAVI Global Special SituationsJuly 2026
“All not so quiet on the Korean front: Continuing the Korean theme, the global sell-off in AI/memory companies has given Korean equities unusual prominence in the minds of global equity investors. A headline from one market strategist last week encapsulated the wild ride of Korean equities: “KOSPI Posts Worst Month Since the GFC Despite Record Daily Gain Fuelled by The Largest Single-Day Foreign Inflows”. The KOSPI, initially pressured by concerns over China's semiconductor developments, suffered back-to-back circuit breakers amid heavy deleveraging, ETF-driven selling and margin calls. These headwinds drove a -39% retracement from the peak on 22nd June to the lows on 30th July, a decline beyond levels seen during the 1997 Asian Financial Crisis and the market's worst month since the GFC. Samsung Electronics and SK Hynix bore the brunt, with the two memory names accounting for c. 90% of the record c. $110bn of foreign outflows from Korea YTD. Sentiment stabilised on solid results from Samsung Electronics and Microsoft, before the market staged a historic turnaround on the final day of the month, with the KOSPI surging by a record +18% as strong hyperscaler earnings eased AI capex concerns and margin-call fears subsided.”
Microsoft - July 2026
“However, the rebound that followed was substantial, with Samsung and SK Hynix each gaining over 20%. Underneath the leverage-driven volatility, though, corporate fundamentals remained steady. With two-thirds of S&P 500 companies having reported by month end, 87% had beaten expectations by an average of 14%, and earnings grew 22% year-over-year. Microsoft and Amazon both rose +16% on cloud strength.”
Microsoft - MentionedLiontrust Multi-Asset FundsJuly 2026
“In one notable example, a 15% rise in Microsoft’s share price added more market value than the entire market capitalisation for most European companies in a single trading session.”
Microsoft - MentionedBeck Mack & Oliver PortfolioJuly 2026
“The “land grab” phase has led to enormous increases in capital expenditures—and corresponding pressure on free cash flow—at the public cloud providers, such as Microsoft’s Azure, Amazon Web Services, and Google Cloud.”
Microsoft - MentionedLongriver Partners FundJuly 2026
“The incumbent platforms are responding in kind. They do not necessarily need to own the entire stack. They need to control the customer relationship while making models and chips interchangeable. Amazon and Microsoft are both trying to own the platform while making the intelligence beneath it interchangeable. Trainium reduces Amazon’s dependence on Nvidia, while Bedrock makes OpenAI, Anthropic and other model providers compete inside a common platform. Microsoft is building its own models and infrastructure, while designing Copilot so that one model can be swapped for another.”
Microsoft - MentionedNinepoint Partners Mid‑Year OutlookJune 2026
“The AI Boom: From Buildout to Monetization The AI spending cycle continued to accelerate in the first half of 2026. Hyperscaler cloud capital expenditure has been growing at roughly 90% year-over-year, and the aggregate run rate is now approaching figures that dwarf every comparable infrastructure buildout in American economic history.1,2 What distinguishes this period from earlier phases of AI enthusiasm is evidence that the spending is generating revenue. The cloud RPO — remaining performance obligation, essentially the contracted future revenue backlog — for AWS, Microsoft Azure, Google Cloud, and Oracle crossed $2 trillion in the first quarter of 2026, up approximately 175% year-over-year.”
Microsoft - June 2026
“Combined AI capex: Microsoft, Alphabet, Meta, Amazon, Oracle.”
Microsoft - MentionedBrasada CM Brasada Private AccountsJune 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Microsoft - MentionedMassif Capital Real Assets StrategyJune 2026
“What had been understood as a commercial service, procured on ordinary vendor terms, was revealed to carry revocation risk that the provider itself could not remedy. AWS Bedrock, Google Cloud, and Microsoft Foundry were all affected at once through a compliance obligation imposed on their supplier, with no independent notice to the enterprises that had built on those foundations.”
Microsoft - MentionedGuinness Global Equity Income FundJune 2026
“Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $737bn by May of this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Microsoft - June 2026
“Consider this quarter's SpaceX IPO. As index providers rush to accommodate the newly listed company, JPMorgan estimates that tracker funds will be forced to sell approximately $90 billion worth of existing holdings to make room - including more than $15 billion of Apple and more than $10 billion of each of Microsoft and Alphabet. The sellers”
Microsoft - MentionedBaron Technology ETFJune 2026
“Our non-ownership of Microsoft Corporation and Apple Inc. were the two largest individual contributors to relative performance during the quarter.”
Microsoft - MentionedCDT CapitalJune 2026
“The Meta Investment Reckoning: Meta is at it again. After squandering approximately -$80B on the metaverse, the firm is parlaying that failure by once again squandering money on AI. This time the stakes are reaching new highs. In 2026, AI related capital expenditures are expected to reach approximately $125– 145 billion, yet there is no verifiable evidence that any of this spend is yielding results. In fact, there is mounting and damning evidence to the contrary. Meta’s Llama frontier AI models are not at the frontier of the AI race (AI Leaderboard) and external adoption has been extremely disappointing for shareholders fronting the multi hundred-billion-dollar bill. Even Meta’s own employees do not use the models that they create! In a somewhat confusing and embarrassing sign, Meta, which is supposedly creating the best AI models in the world, was recently told by Google that it would be restricting its prolific use of its AI model, Gemini (Article). This must be the most damning evidence for a corporate failure possibly in American history, even Meta does not use its own models. That said if you need more to chew on look at the never- ending reports of internal turmoil coming out of the company (Article). It is clear that there is a fuzzy vision for an AI strategy at Meta, but the lack of leadership and execution has left it permanently behind in the race. That is likely why the firm is starting to pivot from its position as AI developer to hyperscaler. In yet another indirect omission of failure, rumors this week that Meta is exploring building a cloud business to rival the likes of Microsoft, Oracle and Amazon (Article).”
Microsoft - MentionedCDT Capital (CDT)June 2026
“What perhaps makes the situation even more dire is the unknown degree of financial assistance that OpenAI is receiving from its partner and biggest investor, Microsoft (MSFT).”
Microsoft - June 2026
“This was used to good effect, for example, by Warren Buffett to buy Berkshire Hathaway's stake in American Express during the salad oil scandal 5 https://www.washingtonpost.com/archive/business/2000/03/31/robertson-to-close-tiger-funds/bad674b9-96b1-4d95-9e42- bb361495abc7/ 6 https://www.fundsmith.co.uk/media/lfhpxi1x/fundsmith-equity-fund-semi-annual-letter-to-shareholders-2026.pdf Leaven Partners, LP • (313) 309-7024 • brent@leavenpartners.com 4 (look it up) and by us,for example, in buying Microsoft at the end of Mr Ballmer's tenure as CEO.”
Microsoft - MentionedHotchkis & Wiley Value OpportunitiesJune 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Microsoft - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Microsoft - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Microsoft - MentionedWarden Capital War CapJune 2026
“The code repos also offer a very natural place to serve up coding agents - most easily visible in Microsoft pushing its Copilot agent through competitor Github.”
Microsoft - June 2026
“Following the changes on June 26, Amazon.com (AMZN) is now the largest weighting in the Russell 1000® Value Index at 6%, followed by Apple Inc (AAPL) at 5.4%, and Microsoft Corp (MSFT) at 3.9%.”
Microsoft - MentionedPacker & Co Investigator TrustJune 2026
“AI Capital Expenditure Boom (Google, Microsoft, Amazon, Meta & Oracle) Investors are on board, paying handsome prices for America’s tech giants.”
Microsoft - MentionedDistillate CapitalJune 2026
“Letter Summary Artificial Intelligence enthusiasm and uncertainty whipsawed markets and pushed valuations to extraordinary levels during the last quarter. Hyperscalers (Alphabet, Amazon, Meta, Microsoft, & Oracle) lagged amid concerns about returns on their enormous investments, while semiconductor and tech equipment companies benefiting from this spending surged.”
Microsoft - June 2026
“As investment continues to grow it will have profound implications for the businesses that presently constitute 38% of the S&P 500 index. If AI continues to accelerate toward its promise, those who’ve invested aggressively will be handsomely rewarded. If collective behavior results in more computing capacity than the world needs—AI is less transformational or progress is slower than anticipated—the hyperscalers will be saddled with excess capacity and financial liabilities that make them far less interesting investments. At present, the market is taking an increasingly glass-half-empty view of the likelihood of an attractive outcome. Microsoft and Meta Platforms, the owner of Facebook and Instagram, have been particularly punished.”
Microsoft - June 2026
“Demand for advanced microchips and increased memory to boost AI infrastructure is coming from so-called hyperscalers, such as Microsoft, Google and Amazon, which are using these products in their data centres and to enhance their AI capabilities.”
Microsoft - MentionedMD SASS Concentrated ValueJune 2026
“The explanation lies in the extraordinary performance of the companies supplying the AI buildout. Semiconductor, memory, and hardware providers dramatically outperformed not only the hyperscalers funding the investment, including Amazon, Microsoft, Meta, and Alphabet, but also the broader market.”
Microsoft - MentionedSaltLight Capital Co‑Investor LetterJune 2026
“Open-weight models, meanwhile, are getting very good, and there are plenty of workflows where top-shelf intelligence is simply not required. At a fraction of the cost, and with the considerable virtue that one's intellectual property stays at home, they are becoming an awkward fact of life for closed-model vendors. Consider the position of the enterprise customer. Its data and internal know-how are precisely what distinguish it from its competitors, and we suspect a growing reluctance (fear may be the better word) to hand either over to a model company that might, through some legal loophole, train on them. Or you were an enterprise processing a critical AI-based workflow on Anthropic’s Fable model only to discover, one Friday afternoon, that an edict from the Trump administration has switched it off. Taking Mr Spolsky’s playbook of commoditising your complements, we see ample room for Meta and Microsoft to commoditise intelligence and earn money elsewhere.”
Microsoft - MentionedBaron Opportunity FundJune 2026
“The Fund also benefited from not owning Microsoft Corporation, which was among the Magnificent Seven and software laggards during the period.”
Microsoft - MentionedHorizon KineticsJune 2026
“Five companies have announced plans to spend a combined $720 billion on such expansion— Amazon ($198 billion); Microsoft ($146 billion), Alphabet ($186 billion); Meta ($132 billion); and Oracle ($56 billion). These 2026 forecasts have been revised upward by more than 25% in just five months.”
Microsoft - MentionedBronte Capital Amalthea FundJune 2026
Named in a table in Bronte Capital Amalthea Fund’s letter.
Microsoft - MentionedBaron Opportunity StrategyJune 2026
“The Strategy also benefited from not owning Microsoft Corporation, which was among the Magnificent Seven and software laggards during the period.”
Microsoft - MentionedSymmetry InvestJune 2026
“SWON is primarily what's known as a value-added reseller (VAR) of software. Mainly from Microsoft, but also from other software vendors.”
Microsoft - MentionedAntipodes Global SMID Active ETFJune 2026
Named in a table in Antipodes Global SMID Active ETF’s letter.
Microsoft - MentionedBrown Advisory U.S. Value FundJune 2026
Named in a table in Brown Advisory U.S. Value Fund’s letter.
Microsoft - June 2026
“ Information Technology remains the largest relative underweight sector in the portfolio. The portfolio’s weight increased during the period, driven by the additions of Palantir Technologies (PLTR) and Arista Networks Inc (ANET), as well as strong performance from Datadog Inc (DDOG), Palo Alto Networks Inc (PANW), and Marvell Technology Inc (MRVL). Separately, Russell’s annual reconstitution further increased the benchmark’s concentration in Semiconductors & Semiconductor Equipment, which now represents approximately one-third of the Russell 1000® Growth Index, while reducing the weights of several mega-cap constituents, including Microsoft Corp (MSFT), Apple Inc (AAPL), and Amazon (AMZN).”
Microsoft - June 2026
“Lastly, several of the world’s largest companies are whipsawing between the growth and value benchmarks, with Apple Inc (AAPL), Microsoft Corp (MSFT), Alphabet Inc Class C (GOOG) and Amazon.com Inc (AMZN) all seeing more than 400 bps change to weight in the Russell 1000® Growth Index during the late June reconstitution and technically those weights could shift meaningfully once again in six months.”
Microsoft - MentionedBretton FundJune 2026
“Stock prices have surged to absurd levels over the past year—Micron by 600%, SK Hynix 500%, Sandisk over 3,000%—and along with the broader semiconductor space, they have driven much of the return of the market. The short-term surge in spending by AI providers like Google, Microsoft, OpenAI, et al., is rational behavior given first-mover advantages and the market’s potential, but this buildout phase won’t last forever.”
Microsoft - MentionedHayden CapitalJune 2026
“Alphabet is guiding to as much as $205 billion of capex this year (LINK). Amazon, $220 billion. Meta, $130 – 145 billion. Microsoft, roughly $190 billion.”
Microsoft - MentionedAfrican Lions FundJune 2026
“they also made the point that formerly capital-light market darlings, such as Alphabet, Meta, Microsoft, and so on, are becoming huge consumers of capital for investments in AI infrastructure.”
Microsoft - MentionedCopeland Capital Management Dividend Growth StrategyJune 2026
“Over the last two decades, leading tech companies from Oracle to Microsoft to Alphabet steadily compounded free cash flow (FCF) and built huge net cash positions despite returning vast amounts to shareholders.”
Microsoft - MentionedBretton FundJune 2026
“The short-term surge in spending by AI providers like Google, Microsoft, OpenAI, et al., is rational behavior given first-mover advantages and the market’s potential, but this buildout phase won’t last forever.”
Microsoft - MentionedAegis Value FundJune 2026
“Earnings gains were driven almost entirely by the hyperscalers - Amazon, Alphabet, Microsoft and Meta - and by the companies supplying the semiconductor and AI-infrastructure build-out, including Nvidia, Broad-”
Microsoft - MentionedLiontrust Global Technology FundJune 2026
“It is why we own Amazon and Alphabet, the hyperscalers controlling both custom silicon and a frontier model, and none of Microsoft, a zero weight that added over three percentage points this quarter.”
Microsoft - MentionedAristotle International Equity ADRJune 2026
“Accenture Edge, supported by Microsoft and Avanade, extends the company's reach into the underpenetrated mid-market.”
Microsoft - MentionedNexus Investment Management ULCJune 2026
“Large U.S. technology companies, including Amazon, Alphabet, Microsoft, Meta, Oracle, and now SpaceX, issued approximately US$122 billion of bonds in 2025, and by the second quarter, 2026 had already exceeded the prior year's total.”
Microsoft - MentionedMunro Climate Change Leaders FundJune 2026
“we continue to see support for the Fund’s Clean Energy and Energy Efficiency holdings from hyperscaler capex, which Google, Microsoft and others are investing in to capitalise on the increasing demand for AI.”
Microsoft - MentionedFirst Eagle Investments Small Cap Market OverviewJune 2026
“companies like Amazon, Apple, Meta, Microsoft and Oracle that operate massive data centers supporting cloud computing”
Microsoft - MentionedHennessy Midstream FundJune 2026
“Regarding power generation project development, midstream companies are taking a solutions- oriented approach to addressing rising AI power consumption needs. Hyperscalers such as Amazon, Google, and Microsoft are speeding up power generation solutions by partnering with several midstream companies to build lateral pipelines, co- located natural gas turbines, and dedicated behind- the-meter generation facilities directly at data center sites.”
Microsoft - MentionedFirst Eagle Investments 2Q26 Market Overview: The Cost of CredibilityJune 2026
“The magnitude of capital expenditures by hyperscalers—companies like Amazon, Apple, Meta, Microsoft and Oracle that operate massive data centers supporting cloud computing—has been another source of support for investor sentiment.”
Microsoft - MentionedCopeland Capital Management Dividend GrowthJune 2026
“Over the last two decades, leading tech companies from Oracle to Microsoft to Alphabet steadily compounded free cash flow (FCF) and built huge net cash positions despite returning vast amounts to shareholders.”
Microsoft - June 2026
“First, debt is increasingly funding the build-out. In the early innings, companies like Microsoft and Amazon could finance their investments entirely out of free cash flow.”
Microsoft - MentionedBurke Wealth Management Focused Growth StrategyJune 2026
“Although I am certain that one near-term effect of the upcoming Anthropic and OpenAI IPOs is going to be some selling pressure on the large cap technology stocks that investors will use to fund these new offerings, I can’t wait for these companies to come public. At that point, I expect the focus to shift from the dream of what could be to the reality of what is which will be dictated by their ability to access and deploy capital and navigate the real constraint of management talent. All of this will be evaluated quarterly and publicly- welcome to the big leauges. About nine months ago, the conventional wisdom was that OpenAI would disrupt Google in search and Meta in consumer engagement. Conventional wisdom still holds that Anthropic is going to disrupt the entire enterprise software space, including Microsoft.”
Microsoft - MentionedScharf Investments Quality Value StrategyJune 2026
“This massive investment spending is being led by large technology companies such as Amazon, Microsoft, Google, and Meta who see AI compute as a growth engine for their businesses.”
Microsoft - MentionedDistillate Capital Multi-StrategyJune 2026
“The stock has plummeted due to AI disruption fears despite maintaining solid fundamentals, zero debt, and healthy growth forecasts. Historically valued at ~20 times FCF, the stock now trades at a steep discount of roughly 7.3x. As illustrated in Figure 15, this double digit FCF yield gives management the option to repurchase 8% (conservatively) of its shares annually – an outcome which could meaningfully grow FCF per share (stripped bars) ahead of Wall Street’s expectations (the solid bars). The situation is reminiscent of Microsoft in 2009, or Apple in 2015, when sentiment was extraordinarily negative yet fundamentals were strong.”
Microsoft - MentionedArgent Capital ManagementJune 2026
“In addition, the gargantuan “spend” that the hyper-scalers (such as Alphabet, Amazon, Meta and Microsoft) are willing to invest in data centers will likely negatively impact their earnings for years to come.”
Microsoft - MentionedGreenfield Seitz Capital ManagementJune 2026
“Magnificent 7 Underperforms We warned about the tech darlings swelling AI spending in our January letter, noting they were once asset light companies that are beginning to look more like industrials with heavy capex spending on semiconductors. The Magnificent 7 (Alphabet/Google, Amazon, Apple, Meta/Facebook, Microsoft, Nvidia, and Tesla) stocks are flat for 1H26, while the market is up 10%.”
Microsoft - MentionedJAG Capital ManagementJune 2026
“Figure 3. Big Five hyperscaler US bond issuance: the 2020–2024 average versus 2025 actual versus the 2026 forecast. Sources: BofA Securities via Reuters and Mellon Investments (Dec 2025); BofA Global Research 2026 forecast (Mar 2026). Big Five = Amazon, Microsoft, Alphabet, Meta, Oracle. 2020–2024 average issuance was ~$28B per year.”
Microsoft - MentionedLongleaf Partners FundJune 2026
“Microsoft is showing signs of regret”
Microsoft - June 2026
“Including the leading hyperscale customers (Alphabet, Meta, Microsoft, Amazon) who are spending all excess cashow on infrastructure used to deliver AI services, the AI ecosystem accounts for about a third of the benchmark.”
Microsoft - MentionedBrasada CM Private AccountsJune 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Microsoft - MentionedTruffle Asset Management Fund RangeJune 2026
“Several companies and institutions including Microsoft, Burberry, Scottish South Energy, BHP and Princeton pulled back on sustainability targets, reflecting a broader shift from aspiration toward practical delivery, cost and energy-”
Microsoft - MentionedHL Global EquityMay 2026
Named in a table in HL Global Equity’s letter.
Microsoft - MentionedProtean Funds Partner LetterApril 2026
“free software passkeys from Apple, Google and Microsoft are good enough for most organisations, and Yubico's addressable market narrows rather than expands.”
Microsoft - March 2026
“On financing, management now expects roughly 60% of 2026 capex to be covered by customer prepayments from Microsoft and Meta, with the remaining 40% from debt and equity.”
Microsoft - MentionedPalm Valley CMMarch 2026
“In a case of reality echoing fiction, 2026 has seen the ascension of digital Claude—first heralded as a disarmingly likeable AI efficiency tool and now proclaimed by evangelists and alarmists alike as the most disruptive force in the history of labor. The stock prices of companies in various industries, software the first, were thunderstruck on a rolling basis in February after Anthropic’s ballyhooed release of Claude Cowork and its plugins. Microsoft’s head of AI claimed that most, “if not all,” professional tasks will be fully automated by AI within the next 12 to 18 months.”
Microsoft - December 2025
“Artificial Intelligence In November 2022, OpenAI launched ChatGPT to enormous fanfare reaching 100 million users in just two months and projected to reach one billion users by February 2026, achieving that milestone ten years faster than Google did with its search engine. For the first time, a conversation with a machine has become indistinguishable from one with a human, heralding the advent of artificial intelligence (AI). The Industrial Revolution brought on the mechanisation of production and an explosion of goods. AI promises to commoditise intelligence and, when combined with robotics, has the potential to disrupt almost all industries. For the largest software companies who have built their businesses around intangible assets, AI represents an existential threat. Larry Page, a co-founder of Alphabet (formerly Google), told colleagues he would be ‘happy to go bankrupt rather than lose this race’ for AI supremacy. Capital expenditures (capex) related to AI have surged with the largest US hyperscalers (Alphabet, Amazon, Meta, Microsoft and Oracle) expected to spend over $500bn in related capex in 2026, more than twice their capex spend pre the launch of ChatGPT.”
Microsoft - MentionedBlackrockDecember 2025
“Source: BlackRock Fundamental Equities, with data from FactSet as of Nov. 24, 2025. Chart shows capex spending and spending intentions of the five largest U.S. hyperscalers (Amazon, Meta, Alphabet, Microsoft and Oracle).”
Microsoft - MentionedPolar Capital International Small Company FundDecember 2025
“OpenAI is committing over $1trn in investment while unprofitable and closely held by a strong parent company in Microsoft.”
Microsoft - MentionedPartners CapitalDecember 2025
Named in a table in Partners Capital’s letter.
Microsoft - MentionedClearbridgeDecember 2025
“Magnificent 7 data refers to the following set of stocks: Microsoft (MSFT), Amazon (AMZN), Meta (META), Apple (AAPL), Google parent Alphabet (GOOGL), Nvidia (NVDA), and Tesla (TSLA).”
Microsoft - MentionedAkreDecember 2025
“including chip designers such as Nvidia, “hyperscalers” such as Microsoft and Google, and large language models (LLMs) such as ChatGPT) or users of AI tools”
Microsoft - December 2025
“Since the release of ChatGPT in November 2022, US equities have added nearly $24 trillion in market capitalization. BCA Research conservatively estimates that $9-$12 trillion of this increase cannot be explained by higher earnings or lower bond yields, implying that markets have already more than discounted substantial future AI-driven growth. To justify the roughly $500 billion in annual capital spending by the top five hyperscalers – directed toward model training, compute, data centers, power infrastructure, and talent to secure leadership in agentic AI – Bain & Company4 estimates these firms would need to generate approximately $2 trillion in annual revenue by 2030 to profitably fund data centers, compared with roughly $1.2 trillion in their current combined revenue across Nvidia, Meta, Microsoft, Alphabet, and Apple5.”
Microsoft - MentionedSchafer Cullen Value EquityDecember 2025
“To justify the roughly $500 billion in annual capital spending by the top five hyperscalers – directed toward model training, compute, data centers, power infrastructure, and talent to secure leadership in agentic AI – Bain & Company4 estimates these firms would need to generate approximately $2 trillion in annual revenue by 2030 to profitably fund data centers, compared with roughly $1.2 trillion in their current combined revenue across Nvidia, Meta, Microsoft, Alphabet, and Apple5.”
Microsoft - MentionedTsai CapitalDecember 2025
“Tim Cook—Apple Inc. Henry Fernandez—MSCI Inc. James Bruce Flatt—Brookfield Corporation Thomas S. Gayner—Markel Group Inc. Jen-Hsun Huang—NVIDIA Corporation Bradley S. Jacobs—QXO, Inc. Andy Jassy—Amazon.com Inc. Jonathan Mazelsky—IDEXX Laboratories Inc. Ryan McInerney—Visa Inc. Michael Miebach—Mastercard Incorporated H. Lynn Moore Jr.—Tyler Technologies Inc. Elon Musk—Tesla Inc. Satya Nadella—Microsoft Corporation”
Microsoft - MentionedMondrian Investment Partners Global EquityDecember 2025
“There is ongoing debate about the sustainability of current AI-related valuations. While we do not dismiss the transformative potential of the technology, there remains considerable uncertainty around the ultimate returns on the very large amounts of capital being deployed. At the same time, valuations have risen across much of the AI ecosystem, with the most pronounced stretch evident among privately held and early-stage companies. In these cases, firms such as OpenAI, Anthropic, and Perplexity are structurally incentivized to drive valuations higher because their equity serves as a key currency for both funding and talent acquisition. Mondrian’s disciplined, bottom-up valuation framework allows for selective exposure to AI-related opportunities while we maintain a focus on companies trading at compelling valuations, with limited balance sheet risk, such as Capgemini and Samsung outside the US and Microsoft and Alphabet within the US.”
Microsoft - MentionedGabelli on Global Cement IndustryOctober 2025
“In May 2025 Microsoft (MSFT-NASDAQ) signed a binding agreement with Sublime Systems to purchase up to 622,500 tons of low-carbon cement over a six- to nine-year period.”
Microsoft - MentionedCooper Investors Global EndowmentSeptember 2025
“the world races for chips.”
Microsoft - September 2025
“Only if Tesla is able to achieve a market capitalization of $ 8.5 trillion, which would be approximately eight times the company’s value prior to the proposal and twice the market cap of Nvidia, currently the most valuable company in the world, generate $400 billion in EBITDA, which at the time of the proposal would be equivalent to the trailing 12-month EBITDA of Microsoft, Apple and Nvidia, combined, and developed a CEO succession plan can Musk earn all 12 tranches.”
Microsoft - MentionedAlphyn Capital ManagementSeptember 2025
“They are building essential infrastructure such as data centers and the renewable power required to run them, underpinned by long-term commitments from the financially strong hyperscalers, such as a 3,000 MW hydroelectric framework with Google and a 10.5 GW renewable agreement with Microsoft.”
Microsoft - MentionedMadison Dividend Income FundJune 2025
“The Technology sector was the best performing sector in the second quarter with a +22.8% return, including a +41% rise off the market bottom. The Magnificent 7 stocks (Nvidia, Microsoft, Apple, Alphabet, Google, Amazon and Tesla) were up +21% in the quarter and significantly outperformed the equal-weighted S&P 500 return of +5.3%.”
Microsoft - MentionedLVS Advisory Curtiss WrightJune 2025
“This is particularly relevant for AI datacenters, which use as much as 10x the electricity as conventional datacenters. Several deals have been struck to co-locate datacenters with nuclear plants to feed the strong demand for AI applications. For example, Amazon is co-locating a datacenter in Pennsylvania with Talen Energy and Microsoft is restarting a reactor at Three Mile Island to power a new co-located datacenter.”
Microsoft - MentionedFederated Hermes Sustainable Global EquityJune 2025
“Q1 2025 was a challenging period for the Strategy, particularly as shifts in sentiment and doubts around US tech led to underperformance from previous top performers such as Nvidia, TSMC and Microsoft.”
Microsoft - MentionedFairlightMarch 2025
“As of the time of writing the Magnificent Seven have returned between -12.7% (Microsoft Corporation) and -40.2% (Tesla, Inc.) since the end of 2024.”
Microsoft - MentionedTamim Global Tech and InnovationMarch 2025
“Energy, another major Pillar of power, is a critical input into any system -- the base layer for both Technology and Money. In order to power the AI data center demand + reshoring in the US + electric vehicle proliferation, we need to both increase reliable base load power (i.e., nuclear and natural gas) and upgrade the grid. We are beginning to see signs of this cycle emerging in the US: Amazon buys nuclear powered data center to accelerate AI, Microsoft partnering to re-open the ‘infamous’ 3-mile island nuclear power plant to power its AI data center, Google to buy power from small modular reactor company, Palisades Michigan nuclear power plant potentially reopening supported by the Department of Energy.”
Microsoft - MentionedOC Premium Small Companies FundMarch 2025
“Contributing to this was Microsoft’s pausing of several data centre leases and capacity plans, while the surprise emergence of DeepSeek - a low-cost, high-performing Chinese AI model - fuelled fears of compressed margins and slower returns on massive AI infrastructure investment.”
Microsoft - MentionedAvellemyMarch 2025
“The US is very good at producing certain products and services that have little competition elsewhere, e.g. via Microsoft, Meta, Netflix, AI services and so on.”
Microsoft - MentionedMar Vista US Quality SelectDecember 2024
“BATMMAAN — Broadcom, Apple, Tesla, Microsoft, Meta Platforms, Amazon, Alphabet, and Nvidia — all boasting market valuations exceeding $1 trillion, delivered an average 2024 return of 63.3%, significantly outperforming the S&P 500®.”
Microsoft
Fund coverage · 31 theses
- Generation IM Global Equity StrategyOctober 2026
Microsoft is expected to generate sustainable recurring AI revenue and act as a key conduit for AI adoption across the economy.
Read the full thesis - Malborough US Focus FundOctober 2026
Microsoft is benefiting from reaccelerating Azure and Copilot growth, strong cash flow management, and AI-enabled software that should support sustainable growth.
Read the full thesis - Platinium AM Platinum TrustOctober 2026
Microsoft's Copilot adoption and Azure AI infrastructure underpin its future earnings power, with competitive advantages in trust, distribution and security.
Read the full thesis - Wedgewood Partners U.S. Large Cap Growth StrategySeptember 2026
Microsoft is an excellent business with strong capital allocation, high ROIC, and further upside from AI-related capex returns.
Read the full thesis - Polen Capital 5Perspectives Growth OpportunitiesSeptember 2026
Microsoft provides cloud computing, productivity software, and AI services, with Azure strength and demand exceeding capacity supporting the stock.
Read the full thesis - Andrew Hill Client Account StrategySeptember 2026
Microsoft combines cloud and AI leadership with recurring revenue, a strong balance sheet, and durable long-term growth.
Read the full thesis - Mar Vista U.S. Quality PremierSeptember 2026
Microsoft is benefiting from accelerating Azure growth, rising Copilot adoption, and broad enterprise distribution that should help monetize its AI investments over the long term.
Read the full thesis - Pershing Square Holdings, Ltd.September 2026
Microsoft is held for its accelerating M365 and Azure growth, enterprise-driven backlog, rapid AI product innovation, and expected high-teens long-term earnings growth at an undervalued share price.
Read the full thesis - Broyhill Equity CompositeSeptember 2026
Microsoft is seeing accelerating Azure growth, widening Copilot adoption, and strong free cash flow despite AI capex concerns.
Read the full thesis - Vulcan Value Partners Multi-Strategy Equity PortfoliosSeptember 2026
Microsoft Corporation combines accelerating cloud growth, sticky AI and enterprise adoption, and massive free cash flow with still-discounted shares.
Read the full thesis - Jensen Quality Growth Equity CompositeSeptember 2026
Microsoft is viewed as a long-term AI winner thanks to its entrenched enterprise position, Azure momentum, and strategic optionality.
Read the full thesis - Clearbridge Investments ESG InvestmentSeptember 2026
Microsoft is positioning its data-center expansion with a community-first framework that helps secure local support while improving water efficiency and sharing costs fairly.
Read the full thesis - Brown Advisory Large-Cap Sustainable Value StrategySeptember 2026
Microsoft Corporation is a software leader with M365 and Azure, disciplined GAAP reporting, double-digit growth potential, and attractive valuation.
Read the full thesis - QV InvestorsJune 2026
Microsoft is viewed as attractively valued and well positioned in AI infrastructure, which should reinforce its dominant software ecosystem.
Read the full thesis - QV Market LetterJune 2026
Microsoft is seen as attractively valued and well positioned through its leading AI infrastructure role and dominant software ecosystem.
Read the full thesis - Aoris International FundJune 2026
Microsoft is a broad software leader with strong cloud positioning, embedded workflows, and multiple AI-related growth vectors.
Read the full thesis - Pershing SquareJune 2026
Microsoft Corporation has durable workflow and cloud advantages that should support long-term high-teens earnings growth.
Read the full thesis Microsoft provides critical services that are costly to replace, and its long-term value may be understated.
Read the full thesis- Mar Vista U.S. Quality Premier PortfolioMarch 2026
Microsoft is supported by strong cash flow, Azure growth, and Copilot monetization opportunities across its enterprise customer base.
Read the full thesis Microsoft Corporation is generating real GenAI growth while continuing strong performance across Azure and Windows.
Read the full thesis- AGT PartnersMarch 2026
Microsoft is a deeply entrenched software platform with an underappreciated bundling moat and attractive valuation.
Read the full thesis - Baron Durable Advantage FundMarch 2026
Microsoft is a durable enterprise platform with sticky products, AI-driven cloud growth, and long-term monetization potential.
Read the full thesis - AorisMarch 2026
Microsoft is a diversified software leader with cybersecurity leadership, integrated product breadth, and strong customer value supporting long-term durability amid AI adoption.
Read the full thesis - Vulcan Value PartnersDecember 2025
Microsoft Corporation is deeply entrenched with high switching costs and strong Azure growth, benefiting from cloud and AI tailwinds with a synergistic bundling model.
Read the full thesis - Jensen Quality Growth Equity CompositeDecember 2025
Microsoft is a scaled cloud and enterprise software leader investing in AI infrastructure, with durable moats and long-term compounding potential despite near-term margin and FCF pressures.
Read the full thesis - Mar Vista US Quality PremierDecember 2025
Microsoft is funding substantial AI infrastructure and seeing accelerating Azure and Copilot adoption, supporting long-term monetization of generative AI.
Read the full thesis - Ironvine Capital PartnersDecember 2025
Microsoft is a scaled enterprise software and cloud leader with strong AI partnerships, large contracted backlog, and disciplined execution supporting durable growth.
Read the full thesis - Vulcan Value PartnersJune 2025
Microsoft is a dominant software company poised for growth through its AI and cloud computing advancements, benefiting from customer loyalty and an effective product bundling strategy.
Read the full thesis - AorisJune 2025
With dominant positions in both cloud computing and AI, and continued strong growth across its software ecosystem, Microsoft is poised to deliver sustained value creation and remains an attractive long-term investment.
Read the full thesis - AorisMarch 2025
Microsoft is expected to see strong long-term demand for cloud computing services despite concerns over its significant spending on data centres.
Read the full thesis - Covesto Patient CapitalMarch 2025
Microsoft (MSFT) is the world's largest software company with strong market leadership in Office suites and PC operating systems, expected to see significant revenue growth from Azure and Office, generating a robust operating income with room for further expansion in cloud services.
Read the full thesis
Read every full thesis on Microsoft
Read all 31 theses in full, with each fund's reasoning, and get unlimited access to the archive.
View plans→Share this ledger