Morgan Stanley Institutional Investment Advisors LLC

Key Holdings

The portfolio is dominated by two large-cap "defensive" compounders. The largest position is Enbridge Inc (ENB), representing 52.77% of the portfolio with a market value of $390.98 million. The manager holds 7.75 million shares. The second position is Waste Management Inc (WM), which accounts for 47.23% of the portfolio, valued at $349.97 million based on 1.58 million shares.

Both positions represent companies with wide economic moats, strong cash flows, and history of dividend growth. The near 50/50 split between these two holdings suggests a strategy focused on capital preservation and income generation through infrastructure and essential services. Despite the high concentration, the pairing of these two specific stocks provides a hedge against different economic cycles: Enbridge offers exposure to energy transportation and utilities, while Waste Management provides non-cyclical exposure to essential waste services.