Morgan Stanley's Q4 portfolio changes reflect the characteristics of 'maintaining a focus on core technology, reducing index exposure, and enhancing active selection capabilities.'
According to Zhitong Finance, based on disclosures from the U.S. Securities and Exchange Commission (SEC), Morgan Stanley filed its fourth-quarter holdings report (13F) as of December 31, 2025. Overall, Morgan Stanley’s Q4 portfolio changes reflect the characteristics of 'maintaining core technology focus, reducing index exposure, and enhancing active selection capabilities'.
Statistics show that the total market value of Morgan Stanley’s fourth-quarter holdings was $1.67 trillion, compared with $1.65 trillion in the previous quarter, representing a 1.2% quarter-over-quarter increase. In the fourth quarter, the fund added 454 new stocks, increased holdings in 4,007 stocks, reduced holdings in 3,028 stocks, and exited 415 stocks. The top ten holdings accounted for 22.15% of the total portfolio value.
Among the top five holdings, technology giants continued to dominate the portfolio structure. Apple (AAPL.US) rose to the first position, with Morgan Stanley increasing its holdings by approximately 1.38 million shares.$NVIDIA (NVDA.US)$It remained in second place, receiving an increase of nearly 780,000 shares.$Microsoft (MSFT.US)$It dropped from first place last quarter to third but still received an increase of about 980,000 shares. $Alphabet-A (GOOGL.US)$ It ranked fourth, with a reduction of approximately 150,000 shares; Morgan Stanley held about 122 million shares. $Alphabet-C (GOOG.US)$ It was increased by 1.13 million shares, with Morgan Stanley holding approximately 71.84 million shares, reflecting efforts to optimize stock categories while maintaining overall exposure stability.$Amazon (AMZN.US)$It ranked fifth, with a reduction of about 1.28 million shares.
Among other technology stocks, Meta (META.US) received an increase of approximately 820,000 shares.$Tesla (TSLA.US)$It was reduced by 360,000 shares. $Advanced Micro Devices (AMD.US)$ It was reduced by 5.02 million shares.$Palantir (PLTR.US)$It was reduced by 1.03 million shares.$Broadcom (AVGO.US)$were reduced by nearly 44,000 shares.
Overall, Morgan Stanley did not significantly reduce its allocation weight to the technology sector but instead rebalanced through internal adjustments, favoring leading companies with strong earnings certainty and stable cash flow.
In terms of reductions, Morgan Stanley also cut its holdings in healthcare stocks such as $Johnson & Johnson (JNJ.US)$ 、 $AbbVie (ABBV.US)$ 、$Thermo Fisher Scientific (TMO.US)$and consumer staples stocks$Walmart (WMT.US)$、$Procter & Gamble (PG.US)$、$Coca-Cola (KO.US)$as well as energy stocks$Exxon Mobil (XOM.US)$、$Chevron (CVX.US)$Etc.
This may reflect a decline in the attractiveness of some defensive and high-dividend sectors after the interest rate path became clearer.
On the增持 side, Morgan Stanley increased its positions in $JPMorgan (JPM.US)$ 、$Uber Technologies (UBER.US)$And $SPDR Gold ETF (GLD.US)$ , etc.
Regarding new positions, Morgan Stanley purchased $Medline (MDLN.US)$、$TotalEnergies (TTE.US)$、$Qnity Electronics (Q.US)$、 $Solstice Advanced Materials (SOLS.US)$ and$Magnum Ice Cream (MICC.US)$among others. Notably, JPMorgan and Goldman Sachs also initiated positions in TotalEnergies in Q4, while Blackrock initiated positions in Qnity Electronics and Solstice during the same period.
In terms of changes in holdings proportion, the top five buy-in targets are: $Alphabet-C (GOOG.US)$ 、$Eli Lilly and Co (LLY.US)$、 $Apple (AAPL.US)$ 、 $Micron Technology (MU.US)$ 、$Vanguard FTSE Developed Markets ETF (VEA.US)$。
The top five sold securities included $SPDR S&P 500 ETF (SPY.US)$ 、 $Invesco QQQ Trust (QQQ.US)$ 、$Home Depot (HD.US)$、$ServiceNow (NOW.US)$、$MercadoLibre (MELI.US)$。
The reduction in ETF positions indicates that Morgan Stanley favored gaining excess returns through individual stock allocations rather than relying on broad-based index exposure during this quarter.
Editor/Rice