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. Strong outperformance in 2020 and 2022 sandwich a poor 2021, and 2023 through October has slightly lagged its bogies. Still, this team and process remain capable of delivering for investors over the long term. The following text is from Nov. 18, 2022.