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  "documentTitle": "MSCI Inc. (MSCI)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
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  "notes": "The slide uses red callout boxes to highlight the negative trend in active ownership.",
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      "kind": "callout",
      "text": "Large Active And Fundamental Owners Declining",
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      "kind": "callout",
      "text": "While Passive Investors Are Not Materially Increasing Ownership",
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      "kind": "callout",
      "text": "Fidelity and T.Rowe Price were formerly >5% owners but have repeatedly reduced their ownership in the Company.",
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      "text": "institutional ownership percentage",
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      "text": "Spruce Point believes the fundamental case against owning MSCI is mirrored by movements among its largest institutional owners. Fidelity and T.Rowe Price were formerly >5% owners but have repeatedly reduced their ownership in the Company. Meanwhile, passive owners also don't appear to be increasing their stakes in a material way.",
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      "text": "Source: Based on MSCI's proxy statements, institutional ownership forms and Spruce Point analysis",
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      "text": "MSCI Share Ownership Trends of Insiders and >5% Institutional Shareholders",
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