What smart money is saying about Microsoft
MSFT · Technology · Software - Infrastructure · Market cap $2925.46B
21 funds in our archive have pitched Microsoft — most recently Harding Loevner Global Developed Markets Equity 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.
Get an email when a fund writes about it
85
Reported positions
8
Bought
5
Sold
167
Letters
Position history
Between Q1 2025 and Q3 2026, 85 fund letters reported a position in Microsoft — 8 opened or added to the position, 5 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 26 | 0 | 0 | 0 |
| Q2 2026 | 45 | 7 | 5 | 8 |
| Q1 2026 | 14 | 1 | 0 | 5 |
| Q4 2025 | 0 | 0 | 0 | 4 |
| Q2 2025 | 0 | 0 | 0 | 2 |
| Q1 2025 | 0 | 0 | 0 | 2 |
Fund activity · 86 positions · 13 moves
- 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 - 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 “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
“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
“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 - HoldsHomestead Advisers Value FundJune 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
Also mentioned · 71
These funds discuss Microsoft — as a competitor, benchmark or comparable — without disclosing a position in it.
- 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 - 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 - MentionedLeaven Partners Value-Oriented StrategyJune 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 - MentionedIronvine Capital Partners Quarterly Investor LetterJune 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 - 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 - 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
Fund coverage · 21 theses
Microsoft provides critical services that are costly to replace, and its long-term value may be understated.
Read the full thesisMicrosoft Corp is held as a high-quality AI beneficiary with durable market position, strong free cash flow, and exposure to long-term AI infrastructure growth.
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 - Pershing SquareJune 2026
Microsoft Corporation has durable workflow and cloud advantages that should support long-term high-teens earnings growth.
Read the full thesis - Scharf Investments Quality Value StrategyJune 2026
Microsoft is a major hyperscaler benefiting from the AI infrastructure buildout as AI compute becomes a growth engine for its business.
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 - SaltLight CapitalJune 2026
Microsoft could commoditise AI intelligence and monetise elsewhere as open-weight models make closed-model offerings less necessary.
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 Microsoft Corporation is generating real GenAI growth while continuing strong performance across Azure and Windows.
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 - 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 - AGT PartnersMarch 2026
Microsoft is a deeply entrenched software platform with an underappreciated bundling moat and attractive valuation.
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 - 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 - 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 - 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 - 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 - 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.
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