Core Viewpoint - Trian CEO Nelson Peltz expressed skepticism towards index ETFs, indicating they lack a focus on individual company performance and investment quality [1]. Group 1 - Nelson Peltz, as CEO of Trian, shared insights during an interview with the Wall Street Journal, emphasizing his investment philosophy [1]. - The interview highlighted Peltz's preference for active investment strategies over passive index ETFs, which he believes do not prioritize the underlying companies [1]. - Scott Kaufman, known as Treading Softly, has over a decade of experience in the financial sector and serves as the lead analyst for Dividend Kings, focusing on high-quality dividend growth and undervalued investment opportunities [1].

Baron Fund, an investment management company, released its Q4 2025 letter for “Baron Durable Advantage Fund”. A copy of the letter can be downloaded here. The Fund returned 2.6% in the fourth quarter, which mirrored the S&P 500 Index’s 2.7% return. The Fund returned 16.6% in 2025, compared to 17.9% for the Index and 16.1% gain for the Peer Group, Morningstar Large Growth Category average. Moving to 2026, in an environment dominated by geopolitics, changing regulatory trends, and artificial intelligence, th ...

来源：滚动播报 穆迪股价下跌9%，MSCI跌4%，FactSet跌4.8%。 ...

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Core Insights - MSCI's retention rates improve when clients utilize multiple products, with upselling and enhanced account management being key strategies for increasing client stickiness [1] - The company experienced strong fourth-quarter performance, driven by asset managers and specific product areas like Private Capital Solutions [2][3] - MSCI's historical growth includes a 13% revenue CAGR, 15% adjusted EBITDA CAGR, and 16% adjusted EPS CAGR since its IPO, with recent quarterly growth rates of 11% in revenue and 14% in operating income [3] Product and Market Dynamics - MSCI is positioned as a critical provider of benchmarks and analytics, with increasing demand driven by global savings growth, strategy personalization, and complex risk considerations [4] - The index business shows double-digit growth potential, with a fourth-quarter index subscription run-rate growth of 9.4%, although ESG-related growth has slowed [6] - Demand from the trading ecosystem and wealth firms is increasing, with custom indexing seeing significant acceleration [7] Analytics and Sustainability - Fourth-quarter sales in analytics were stable, with solid double-digit growth in equity analytics, particularly benefiting from hedge fund growth [9] - Demand for sustainability insights is uneven, but growth is noted in areas like physical risk insights and AI-enabled analytics [10] - In private assets, MSCI faces cyclical headwinds but is seeing growth in specific areas, with a recent uptick in Private Capital Solutions growth to 15% [11][12] Technological Advancements - AI is enhancing efficiency and product offerings, with a reported 30%+ improvement in cost per data point in private markets [13] - MSCI generated approximately $10 million in sales from AI-enabled tools in 2025, indicating a focus on integrated portfolio solutions [13] Financial Management and Strategy - MSCI's expense guidance anticipates flat AUM levels in the first half of the year, with a focus on calibrating spending based on market conditions [14] - The company adopts an opportunistic approach to share repurchases and remains selective in M&A, targeting bolt-on deals to enhance capabilities [14] Company Overview - MSCI is a global provider of investment decision support tools, known for its market indexes and analytics, which are essential for asset managers and investment strategies [15] - The company has expanded into ESG research and ratings, providing tools for investors to incorporate sustainability into their investment processes [16]

MSCI Conference Call Summary Company Overview - **Company**: MSCI Inc. (NYSE: MSCI) - **Industry**: Financial Services, specifically focused on investment decision support tools and services Key Points and Arguments Growth Outlook - MSCI targets double-digit subscription growth and low-to-mid-teens EBITDA growth, supported by the increasing complexity of investment strategies and the growth of global investable assets [5][6] - The company has achieved a 13% revenue CAGR since its IPO, with a 15% Adjusted EBITDA CAGR and a 16% adjusted EPS CAGR, indicating a strong long-term growth track record [9] Recent Performance - In Q4, MSCI reported an 11% revenue growth, 13% run rate growth, and 14% operating income growth, showcasing strong momentum [9] - Growth drivers include innovations in product offerings and increased demand from client segments such as hedge funds, trading firms, and asset managers [10][11] Client Retention and Pricing - MSCI's retention rates improve with clients using multiple products, emphasizing the importance of upselling and enhancing existing products [13][15] - The company is well-positioned for price increases due to the value delivered to clients, with steady contributions from price increases in recent periods [19][20] Index Business - The index segment shows potential for double-digit growth, with a subscription run rate growth of 9.4% in Q4, up from 8.4% a year ago [23] - Demand for custom indexing and systematic investing strategies is increasing, particularly in the trading ecosystem and among asset managers [25][26] International Flows and Market Sentiment - MSCI experienced record inflows of over $200 billion into ETFs linked to its indexes in 2025, with $50 billion+ already in 2026, indicating a positive trend in international capital flows [34][35] - The company is positioned to benefit from clients needing to understand international market dynamics and exposures [37] Analytics Business - The analytics segment has shown strong momentum, particularly in equity analytics and multi-asset class analytics, although Q4 sales were softer [41][42] - Growth opportunities exist in private asset capabilities, particularly for institutional investors seeking insights into private credit and real estate [44][45] Sustainability and Climate Business - The sustainability segment has seen deceleration, with muted demand in the Americas, but pockets of growth remain in areas like physical risk insights and corporate sustainability [48][49] - MSCI is positioned to capture market share as organizations consolidate providers and seek comprehensive solutions [49] Private Asset Segment - The private asset segment, including real estate and private capital solutions (PCS), is still early in its growth journey, with recent improvements in growth rates [51][54] - The company is enhancing its product offerings and go-to-market strategies to better serve the private markets [54][55] AI Integration - AI is seen as a significant opportunity for MSCI, improving cost efficiencies and enabling the rapid development of new capabilities, particularly in private credit transparency [59][60] - The integration of AI is enhancing client interactions and allowing for more efficient portfolio management [61][62] Capital Allocation and M&A Strategy - MSCI takes an opportunistic approach to share repurchases, monitoring market conditions and stock volatility [72] - The company remains selective in M&A, focusing on enhancing capabilities in private assets and custom indexing [73] Additional Insights - The company is optimistic about the long-term growth potential across its various segments, despite short-term challenges in specific areas like sustainability and real estate [50][52] - MSCI's focus on delivering value through innovative solutions positions it well for future growth in a rapidly evolving financial landscape [67]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________ FORM 10-K ________________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commiss ...

Core Viewpoint - The analyst has downgraded MSCI to a hold rating due to anticipated growth slowdown and lack of strong catalysts for future performance [1] Group 1: Investment Philosophy - The analyst employs a fundamentals-based approach to value investing, focusing on companies with long-term durability at affordable prices [1] - There is a common misconception that low multiple stocks are inherently cheap; the analyst disagrees and emphasizes the importance of valuation [1] - Preference is given to companies with steady long-term growth, no cyclicality, and a strong balance sheet [1] Group 2: Investment Risks - Investing in successful companies carries risks, particularly the potential of overpaying for stocks, highlighting the significance of valuation [1] - Despite the risks, there are scenarios where the potential for growth is so significant that immediate price considerations become less critical [1]

foregoing and to the maximum extent permitted by applicable law, in no event shall MSCI or any other Information Provider have any liability arising out of or relating to any of the Information, including for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages, even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.The Information, including index constr ...

As I called out a few years ago, MSCI's valuation got ahead of itself, and the company has diluted its moat quality by entering lines of business that areI aim to invest in companies with perfect qualitative attributes, buy them at an attractive price based on fundamentals, and hold them forever. I hope to publish articles covering such companies approximately 3 times per week, with extensive quarterly follow-ups and constant updates.I manage a concentrated portfolio targeted at avoiding losers and maximizi ...