We have qualitatively reviewed Morgan Stanley Institutional Global Franchise and reaffirmed its Process and People ratings. The team lost an experienced manager in August 2023, but 10 well-qualified managers and five analysts remain, keeping this team solid. Past-year trades have been consistent with its process, and underperformance, while disappointing, is typical here when U.S. stocks—especially mega-caps—outperform. The following text is from Nov. 18, 2022.