Morgan Stanley

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 2,457 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 a reader needs to know to read these numbers

• The 13F exclusion, read this first. Morgan Stanley files a Form 13F. Its information table for the quarter ended 30 June 2026 (filed 13 August 2026, accession 0000895421-26-000243) contains 45,905 position lines with a combined reported value of $1,890,805,575,974. This is client, customer and asset-management book, not Morgan Stanley's own strategic balance sheet: it is managed by Morgan Stanley Investment Management, Wealth Management and the Firm's other 13F-filing subsidiaries on behalf of clients. Under the brief's exclusion of index-fund and client-held positions, none of those 45,905 lines are converted into holdings here, matching the treatment already applied to JPMorgan (34,064 positions), Bank of America (18,318), Goldman Sachs (14,070) and Wells Fargo (18,984) in this project.
• Holdings side. The only named, sourced minority equity stake found in the FY2025 10-K (period ended 31 December 2025, filed 19 February 2026) or the Q2 2026 10-Q (period ended 30 June 2026, filed 4 August 2026) is the Firm's 40% economic and voting interest in Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (MUMSS), the Japan joint venture with MUFG, accounted for under the equity method. The reciprocal entity, Morgan Stanley MUFG Securities Co., Ltd. (MSMS), is majority controlled by the Firm (51% voting interest) and consolidated, so it is excluded here as a controlled subsidiary rather than a minority holding, consistent with the brief's exclusion of wholly and majority owned operating subsidiaries.
• Total equity method investments on the Firm's balance sheet (Other assets, FY2025 10-K Note 11) were $2,054 million at 31 December 2025 versus $1,869 million at 31 December 2024, generating income of $246 million in 2025, $241 million in 2024 and $124 million in 2023. This total covers MUMSS plus fund interests and other equity method positions and is NOT broken out by investee in the balance sheet note, so per the brief's rule on combined balances it sizes none of the individual, unnamed investees. The one exception is a separate MD&A market-risk disclosure that does name MUMSS specifically (see the modelled holdings row): 'Investments Sensitivity, Including Related Carried Interest, Loss from 10% Decline' shows MUMSS at $129 million (2025) and $122 million (2024), distinct from an unnamed 'Other Firm investments' bucket of $493 million (2025) and $463 million (2024). Only the MUMSS line is named, so only it was modelled into an implied value; the $493 million bucket sizes no single investee and is excluded from holdings.
• Searched the FY2025 10-K and Q2 2026 10-Q in full for 'non-marketable', 'measurement alternative' and 'equity securities without readily determinable fair value': none of these phrases appear, unlike some peer banks' filings. Morgan Stanley's equivalent disclosure is the equity method investments note described above plus the Investments Sensitivity table; there is no separate non-marketable securities line to check.
• The MUFG relationship, the register's central story. Morgan Stanley and MUFG have operated under an Investor Agreement dated 13 October 2008 (as amended and restated), under which Morgan Stanley agreed to take all lawful action to seat two MUFG-designated directors on its board; the 2026 proxy names Hironori Kamezawa (MUFG Chairman) and, replacing a retiring director, Yasushi Itagaki (MUFG Deputy Chairman) as the current designees. Separately, MUFG holds Morgan Stanley's Series C preferred stock (part of a broader Series A through Q preferred structure); this is preferred, not common, equity and is not counted in the 24.0% common stock register figure above. During 2025 the two firms also transacted in the ordinary course of business (investment banking, trading, lending and other services) on arm's length terms, per the proxy's related-party disclosure.
• Register reconciliation, State Street, Vanguard and BlackRock. The proxy's own Principal Shareholders table gives older figures sourced to Schedule 13G/As dated December 2023 and filed in January/February 2024: State Street 114,005,198 shares (7.2%), Vanguard 109,040,040 shares (6.9%), BlackRock 90,496,803 shares (5.7%). All three are more than two years stale relative to the June 2026 quarter, so the register instead uses each manager's own Form 13F-HR for the most recent quarter it filed as an HR (not NT): State Street and BlackRock for the quarter ended 30 June 2026, and Vanguard for the quarter ended 31 December 2025 (Vanguard filed Form 13F-NT, a notice with no holdings, for both the March 2026 and June 2026 quarters under CIK 0000102909, the same pattern already documented for Broadcom in this project). MUFG's proxy figure, by contrast, is sourced to a 13D/A only about 10 months old (3 November 2025) and was kept as filed rather than superseded.
• Sanity check. The nine register rows above sum to about 50.3% of shares outstanding (MUFG 24.0% plus roughly 26.3% across Vanguard, State Street, BlackRock, JPMorgan, Geode and FMR), comfortably under 100%, and each index manager's percentage (6 to 7.6%) sits below the levels typically seen in a widely held bank of this size, consistent with roughly a quarter of the company being closely held by MUFG.
• Morgan Stanley has a single class of common stock, one vote per share; there is no dual-class structure. Insider common stock ownership is immaterial: the proxy states every individually named executive and director, and the 23-person group as a whole, beneficially owned less than 1% of common stock outstanding as of 27 February 2026, and that none of it was pledged.
• Shares outstanding used for all June 2026 register percentages, 1,571,931,108, is the 10-Q balance sheet figure as of 30 June 2026 (the comparative column also shows 1,582,834,137 as of 31 December 2025, used for the Vanguard row). Market capitalisation ($341.38bn) and the $217.36 share price are both as of the 14 August 2026 close per stockanalysis.com; 1,571,931,108 shares at $217.36 implies approximately $341.7bn, consistent with the published market cap to within rounding.
• The MUMSS holding's implied $1,290 million value accounts for only part of the Firm's $2,054 million total equity method investment balance at 31 December 2025. The remaining roughly $764 million is other, unnamed equity method positions, principally fund interests, that are not broken out by investee anywhere in the 10-K and are therefore deliberately left out of holdings rather than guessed at.