November 20, 2025 05:01 AM GMT US Equity Strategy | North America US Equity Strategy: Institutional 13F Positioning - 3Q25 Tech posted the largest active share gains in 3Q across both large- and small-cap segments, primarily funded by reductions in Financials. EMEA ownership of US Tech also increased during the quarter, though the S&P 500 remains predominantly domestic with 79% ownership from US-based funds. M M Idea Morgan Stanley & Co. LLC Nicholas Lentini, CFA Equity Strategist Nick.Lentini@morganstanley ...