What smart money is saying about Microsoft

MSFT · Technology · Software - Infrastructure · Market cap $3127.63B

17 funds in our archive have pitched Microsoft — most recently QV Market Letter in June 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.

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Reported positions

Bought

Sold

Letters

Position history

Between Q1 2025 and Q3 2026, 40 fund letters reported a position in Microsoft — 5 opened or added to the position, 3 trimmed or exited.

Fund letters reporting a position in Microsoft, by quarter
Quarter	Letters	Bought	Sold	Theses
Q3 2026	1	0	0	0
Q2 2026	28	4	3	4
Q1 2026	11	1	0	5
Q4 2025	0	0	0	4
Q2 2025	0	0	0	2
Q1 2025	0	0	0	2

Fund activity · 40 positions · 8 moves

HoldsGuinness Global Innovators Fund
July 2026
“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.”
Read the letterMicrosoft
TrimmedClearBridge Investments Appreciation Strategy
June 2026
“the biggest relative contributors during the quarter were ASML, Palo Alto Networks, ASM International, an underweight to Microsoft and not owning Palantir.”
Read the letterMicrosoft
HoldsACATIS Investment
June 2026
Listed in ACATIS Investment’s reported holdings.
Read the letterMicrosoft
TrimmedClearBridge Investments Large Cap Growth Strategy
June 2026
“we substantially trimmed exposure to Amazon.com and Microsoft.”
Read the letterMicrosoft
HoldsACATIS Investment Report
June 2026
Listed in ACATIS Investment Report’s reported holdings.
Read the letterMicrosoft
AddedAoris International Fund
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.”
Read the letterMicrosoft
HoldsAGT Partners Shareholder Letter
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.”
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AddedAGT Partners Fund
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.”
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HoldsHarding Loevner Global Developed Markets Equity
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.”
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New positionQV Market Letter
June 2026
“the QV Global Equity Strategy re-initiated Microsoft near the lowest valuation it has traded at in a decade.”
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HoldsMontaka Global (Montaka Global Fund
June 2026
“Declines in ServiceNow, Microsoft, KKR, Salesforce and Meta Platforms were among the largest detractors from portfolio performance over the 12 months.”
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TrimmedFundsmith Equity Fund
June 2026
“We have reduced our stakes in IDEXX on valuation grounds and in Microsoft.”
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HoldsHarding Loevner Global Equity
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.”
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HoldsRoyal London AM Global Equity Income Fund
June 2026
Listed in Royal London AM Global Equity Income Fund’s reported holdings.
Read the letterMicrosoft
HoldsRoyal London AM Global Equity Select Fund
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.”
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HoldsRoyal London AM Global Equity Enhanced Fund
June 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
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HoldsRoyal London AM Global Equity Diversified Fund
June 2026
Listed in Royal London AM Global Equity Diversified Fund’s reported holdings.
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HoldsRoyal London AM Royal London US Equity Trust
June 2026
Listed in Royal London AM Royal London US Equity Trust’s reported holdings.
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HoldsHarding Loevner Global Equity ADR
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.”
Read the letterMicrosoft
HoldsEmerald Focused Equity Strategy
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.”
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HoldsJensen Quality Growth Fund
June 2026
Listed in Jensen Quality Growth Fund’s reported holdings.
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HoldsBell Global Equities Fund (Bell Asset Management)
June 2026
“Microsoft Corporation Information Technology US 4.1% Amazon.com, Inc. Consumer Discretionary US 3.2% Broadcom Inc.”
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AddedWedgewood Partners Large Cap Focused Strategy
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.”
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HoldsLakehouse Capital Global Growth Fund
May 2026
“Canada IP, Loyalty Microsoft USA Loyalty, Networks, IP Alphabet USA IP, Networks Workiva USA Loyalty, IP Workday USA Loyalty Amazon USA Networks, Loyalty, IP”
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HoldsAntipodes Global Value Fund (Antipodes Partners)
May 2026
“Top 10 equity longs3 (%) Name Country Weight Amazon.com United States 3.8 Microsoft United States 3.6”
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HoldsCDT
May 2026
“Although we still are holding some direct exposure like Microsoft (MSFT), one of our largest positions at just over 5% of the fund.”
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HoldsHL Global Developed Markets Equity
May 2026
“We own five of these strongly performing stocks, among them ASML in the Netherlands and Microsoft in the US.”
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HoldsKavaljer Investmentbolagsfond
May 2026
“The largest positive contributors among the fund's holdings during the month were Microsoft, Ratos, and Svolder.”
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HoldsHL Global Equity ADR
May 2026
“Company Market Sector Alphabet US Comm Services Amazon.com US Cons Discretionary TSMC Taiwan Info Technology Microsoft US Info Technology”
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HoldsMar Vista U.S. Quality Premier Portfolio
March 2026
“Microsoft remains a top portfolio holding, supported by its financial strength, diversified revenue streams, and broad customer base, all of which provide resilience.”
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HoldsHL Global Carbon Transition Equity
March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
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HoldsBrown Advisory Large‑Cap Sustainable Growth
March 2026
“Microsoft (MSFT) traded down despite delivering robust earnings results and providing forward guidance above consensus expectations.”
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HoldsFlexible Equity Fund
March 2026
“Microsoft (MSFT) underperformed during the quarter despite delivering solid results and raising guidance.”
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HoldsLarge-Cap Growth
March 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.”
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AddedBrown Advisory Global Leaders Sustainable Fund
March 2026
“We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.”
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HoldsMar Vista U.S. Quality Strategy
March 2026
“Microsoft remains a top portfolio holding, supported by its financial strength, diversified revenue streams, and broad customer base, all of which provide resilience.”
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HoldsBuffalo Growth Fund
March 2026
Listed in Buffalo Growth Fund’s reported holdings.
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HoldsBuffalo Blue Chip Growth Fund
March 2026
Listed in Buffalo Blue Chip Growth Fund’s reported holdings.
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HoldsHardman Johnston Select Equity
March 2026
“Microsoft Corp. United States 3.4 Software”
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HoldsHardman Johnston Large Cap Equity
March 2026
“Broadcom Inc. United States 1.8 Semiconductors & Semiconductor Equipment Microsoft Corp. United States 3.1 Software”
Read the letterMicrosoft

Also mentioned · 31

These funds discuss Microsoft — as a competitor, benchmark or comparable — without disclosing a position in it.

MentionedGuinness Pan-European Equity Income Fund
July 2026
“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.”
Read the letterMicrosoft
MentionedGuinness Global Equity Income Fund
July 2026
“more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Read the letterMicrosoft
MentionedTroy Asset Management Global Equity Strategy
July 2026
“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.”
Read the letterMicrosoft
MentionedGeneration IM Global Equity Strategy
July 2026
“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.”
Read the letterMicrosoft
MentionedCDT Capital VNAV Strategy
July 2026
“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.”
Read the letterMicrosoft
MentionedLongriver Partners Fund
July 2026
“Microsoft is building its own models and infrastructure, while designing Copilot so that one model can be swapped for another.”
Read the letterMicrosoft
MentionedMassif Capital Real Assets Strategy
June 2026
“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.”
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MentionedGuinness Global Equity Income Fund
June 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.”
Read the letterMicrosoft
MentionedBaillie Gifford Global Durable Growth
June 2026
“including more than $15 billion of Apple and more than $10 billion of each of Microsoft and Alphabet.”
Read the letterMicrosoft
MentionedNinepoint Partners Mid‑Year Outlook
June 2026
“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.”
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MentionedGoodhart Partners Global Smaller Companies Fund
June 2026
“Combined AI capex: Microsoft, Alphabet, Meta, Amazon, Oracle.”
Read the letterMicrosoft
MentionedBrasada CM Brasada Private Accounts
June 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Read the letterMicrosoft
MentionedHotchkis & Wiley Large Cap Disciplined Value
June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Read the letterMicrosoft
MentionedWarden Capital War Cap
June 2026
“most easily visible in Microsoft pushing its Copilot agent through competitor Github.”
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MentionedPacker & Co Investigator Trust
June 2026
“AI Capital Expenditure Boom (Google, Microsoft, Amazon, Meta & Oracle) Investors are on board, paying handsome prices for America’s tech giants.”
Read the letterMicrosoft
MentionedDistillate Capital
June 2026
“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.”
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MentionedIronvine Capital Partners Quarterly Investor Letter
June 2026
“Microsoft and Meta Platforms, the owner of Facebook and Instagram, have been particularly punished.”
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MentionedRoyal London AM Global Equity Select Fund (IRL)
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.”
Read the letterMicrosoft
MentionedCDT Capital (CDT)
June 2026
“the unknown degree of financial assistance that OpenAI is receiving from its partner and biggest investor, Microsoft (MSFT).”
Read the letterMicrosoft
MentionedCDT Capital
June 2026
“to rival the likes of Microsoft, Oracle and Amazon (Article).”
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MentionedMD SASS Concentrated Value
June 2026
“including Amazon, Microsoft, Meta, and Alphabet, but also the broader market.”
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MentionedSaltLight Capital Co‑Investor Letter
June 2026
“we see ample room for Meta and Microsoft to commoditise intelligence and earn money elsewhere.”
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MentionedBaron Opportunity Fund
June 2026
“The Fund also benefited from not owning Microsoft Corporation, which was among the Magnificent Seven and software laggards during the period.”
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MentionedHorizon Kinetics
June 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).”
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MentionedBronte Capital Amalthea Fund
June 2026
Named in a table in Bronte Capital Amalthea Fund’s letter.
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MentionedSymmetry Invest
June 2026
“Mainly from Microsoft, but also from other software vendors.”
Read the letterMicrosoft
MentionedLeaven Partners Value-Oriented Strategy
June 2026
“and by us,for example, in buying Microsoft at the end of Mr Ballmer's tenure as CEO.”
Read the letterMicrosoft
MentionedHotchkis & Wiley Value Opportunities
June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Read the letterMicrosoft
MentionedHotchkis & Wiley Large Cap Fundamental Value
June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Read the letterMicrosoft
MentionedHL Global Equity
May 2026
“Company Market Sector Alphabet US Comm Services Amazon.com US Cons Discretionary TSMC Taiwan Info Technology NVIDIA US Info Technology Samsung Electronics South Korea Info Technology Microsoft US Info Technology Schneider Electric France Industrials Meta Platforms US Comm Services ASML Netherlands Info Technology Netflix US Comm Services”
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MentionedProtean Funds Partner Letter
April 2026
“free software passkeys from Apple, Google and Microsoft are good enough for most organisations, and Yubico's addressable market narrows rather than expands.”
Read the letterMicrosoft

Fund coverage · 17 theses

QV Market Letter
June 2026
Microsoft is seen as attractively valued and well positioned through its leading AI infrastructure role and dominant software ecosystem.
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Aoris International Fund
June 2026
Microsoft is a broad software leader with strong cloud positioning, embedded workflows, and multiple AI-related growth vectors.
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SaltLight Capital Co‑Investor Letter
June 2026
Microsoft could commoditise AI intelligence and monetise elsewhere as open-weight models make closed-model offerings less necessary.
Read the full thesis
Harding Loevner Global Developed Markets Equity
June 2026
Microsoft provides critical services that are costly to replace, and its long-term value may be understated.
Read the full thesis
Aoris
March 2026
Microsoft is a diversified software leader with cybersecurity leadership, integrated product breadth, and strong customer value supporting long-term durability amid AI adoption.
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AGT Partners
March 2026
Microsoft is a deeply entrenched software platform with an underappreciated bundling moat and attractive valuation.
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Baron Durable Advantage Fund
March 2026
Microsoft is a durable enterprise platform with sticky products, AI-driven cloud growth, and long-term monetization potential.
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Mar Vista U.S. Quality Premier Portfolio
March 2026
Microsoft is supported by strong cash flow, Azure growth, and Copilot monetization opportunities across its enterprise customer base.
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Brown Advisory Global Leaders Sustainable Fund
March 2026
Microsoft Corporation is generating real GenAI growth while continuing strong performance across Azure and Windows.
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Mar Vista US Quality Premier
December 2025
Microsoft is funding substantial AI infrastructure and seeing accelerating Azure and Copilot adoption, supporting long-term monetization of generative AI.
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Jensen Quality Growth Equity Composite
December 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.
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Ironvine Capital Partners
December 2025
Microsoft is a scaled enterprise software and cloud leader with strong AI partnerships, large contracted backlog, and disciplined execution supporting durable growth.
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Vulcan Value Partners
December 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.
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Vulcan Value Partners
June 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.
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Aoris
June 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.
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Aoris
March 2025
Microsoft is expected to see strong long-term demand for cloud computing services despite concerns over its significant spending on data centres.
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Covesto Patient Capital
March 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.
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