Microsoft

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 6,112 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What the filings say against what the research found

Every holding above was also resolved directly from EDGAR through a precedence rule: the company's own filing outranks a 13D or 13G, which outranks a 13F, which outranks hand research. A 13F reports only US listed, long, US custodied positions, so it is a floor rather than a level. Where sources disagree the higher one leads and the lower is kept beside it.

No position here shows a material gap between sources.

• files no 13F
• SC 13G/A 0001104659-24-021466 is pre-XML prose, not parsed
• SC 13G/A 0001086364-24-006985 is pre-XML prose, not parsed
• SC 13G/A 0001104659-23-016476 is pre-XML prose, not parsed
• 5 further pre-XML schedules not parsed

What a reader needs to know to read these numbers

• Microsoft has a single class of common stock, one vote per share. There is no dual-class structure and no founder control block: the entire board and executive group holds 2,279,620 shares, under 1 percent, as of 30 September 2025. The largest individual holders, Steve Ballmer and Bill Gates, are both former insiders with no current board or executive role.
• Microsoft does not file Form 13F. Its complete EDGAR filing history under CIK 0000789019, checked across the recent index and both archived index files covering 1994 to 2026, contains no 13F-HR or 13F-NT. Its listed-company stakes therefore never appear in 13F data and must be found in the 10-K, in announcements, or in the target company's own register.
• The headline finding on size: at 30 June 2026 Microsoft's total equity investments had a recorded basis of $28,856 million, of which only $4,289 million was Level 1, that is holdings in listed companies with readily determinable fair values. The other $24,567 million sits in the Other category: private and unlisted positions. Within that, equity investments carried at cost with adjustments for observable price changes were $12.4 billion (up from $2.9 billion a year earlier) and equity method investments were $12.0 billion (up from $6.0 billion). Microsoft's listed-equity book is small and unnamed; the interesting money is private.
• OpenAI percentage, the disagreement, recorded rather than resolved. Microsoft's FY2026 Form 10-K, for the year ended 30 June 2026 and filed 29 July 2026, says the equity method investment represents an approximate 25 percent interest on an as-converted basis. Microsoft's Form 10-Q for the quarter ended 31 March 2026, filed 29 April 2026, says approximately 27 percent of OpenAI on an as-converted basis. Both are Microsoft's own filed statements. The most likely reading is real dilution between March and June 2026 rather than a restatement, because the 10-K says that during fiscal year 2026 its proportionate ownership decreased due to the OpenAI Recapitalization and other funding activity. Widely repeated press figures of about 27 percent worth roughly $135 billion date from the October 2025 recapitalization announcement and are now stale relative to the 10-K. This file records 25 percent because it is the most recent filed figure, and leaves the 27 percent on the record here.
• OpenAI denominator caveats. Microsoft says as-converted basis but does not define the instrument set converted, and it does not state whether the OpenAI Foundation's stake, employee equity, and later funding rounds are inside or outside the denominator. Separately, Microsoft states that its liquidation rights and priorities differ from its underlying ownership interest, which is why it recognises income using the hypothetical liquidation at book value method. Economic exposure and headline ownership percentage are therefore not the same number for this position.
• OpenAI entity. The stake is in the public benefit corporation formed in October 2025 as part of the OpenAI Recapitalization, not in the earlier capped-profit vehicle. Microsoft's own XBRL tagging in the FY2026 10-K still carries a legacy OpenAIGlobalLlc member for prior periods, so care is needed when comparing pre-recapitalization and post-recapitalization percentages: they apply to different entities and different denominators.
• OpenAI money flows, all from the FY2026 10-K. Total funding commitments related to the investment are $13.0 billion, of which $11.9 billion had been funded as of 30 June 2026. Microsoft recorded revenue from commercial arrangements with OpenAI, inclusive of revenue-sharing payments, of $24.1 billion in fiscal year 2026, with $6.0 billion of accounts receivable from OpenAI at 30 June 2026. OpenAI is disclosed as a related party under ASC 850.
• OpenAI earnings impact. Other income (expense), net included $6.5 billion of net gains from investments in OpenAI in fiscal year 2026, against $4.8 billion of net losses in fiscal 2025 and $1.5 billion of net losses in fiscal 2024. The fiscal 2026 gain is primarily the dilution gain from the OpenAI Recapitalization, not a cash realisation. Net of tax the swing added $4,963 million to net income and $0.67 to diluted EPS, which is why Microsoft now reports adjusted net income and adjusted diluted EPS excluding OpenAI results as non-GAAP measures.
• Vanguard register conflict, both figures kept. The 2025 proxy statement lists The Vanguard Group, Inc. at 664,882,153 shares and 8.95 percent as of 30 September 2025, but that entry is itself sourced to a Schedule 13G/A filed 13 February 2024, so it is roughly two years stale. On 12 January 2026 The Vanguard Group, Inc. carried out an internal realignment and disaggregated its reporting: in a Schedule 13G/A filed 27 March 2026 it reports zero shares of Microsoft, and the successor filer Vanguard Capital Management LLC reports 555,988,240 shares and 7.48 percent as of 31 March 2026. The Vanguard complex has almost certainly not sold a fifth of its Microsoft position: the drop is a reporting-entity split, and the true aggregate Vanguard holding is spread across entities that now file separately. Do not sum the 8.95 percent and 7.48 percent rows.
• BlackRock's 7.30 percent in the proxy is likewise sourced to a Schedule 13G/A filed 13 February 2024. No BlackRock Schedule 13G on Microsoft appears in Microsoft's EDGAR subject index after that date, so there is no fresher filed BlackRock figure to use.
• The Ballmer and Gates figures come from an aggregator, not a filing, and carry no as-of date on the page. They are internally consistent with the 14 August 2026 close of $495.40 and with the 7,425,545,491 shares outstanding on the 10-K cover: 333,254,734 divided by 7,425,545,491 is 4.49 percent and multiplied by $495.40 is $165.1 billion, both matching the page. That consistency check is the only verification available here.
• Market capitalisation of $3.68 trillion is as reported for the close of 14 August 2026. Multiplying the 10-K cover share count of 7,425,545,491, stated as of 23 July 2026, by the $495.40 close gives $3.679 trillion, which agrees to within rounding.
• The Anthropic and LSEG positions are announcement-sized, not filing-sized. Neither is named anywhere in Microsoft's FY2026 10-K, which names no individual equity investee except OpenAI. Both are included because the transactions are real and documented, but their current size is not confirmed by any Microsoft disclosure.