SCHEDULE: Morgan Stanley Boosts Core & Main Stake to 8%

Morgan Stanley and its subsidiary, Morgan Stanley Investment Management Inc., have reported an aggregate beneficial ownership of 8.0% in Core & Main, Inc.'s Class A Common Stock.

Summary

• Morgan Stanley, along with its subsidiary Morgan Stanley Investment Management Inc., filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership in Core & Main, Inc.
• As of June 30, 2025, Morgan Stanley beneficially owned an aggregate of 15,200,309 shares of Core & Main, Inc.'s Class A Common Stock, representing 8.0% of the class.
• Morgan Stanley holds shared voting power over 13,965,385 shares and shared dispositive power over 15,163,534 shares.
• Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley, beneficially owned 12,537,033 shares, representing 6.6% of the class.
• Morgan Stanley Investment Management Inc. holds shared voting power over 11,400,833 shares and shared dispositive power over 12,537,033 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing the control of Core & Main, Inc.

Sentiment

Score: 7

Explanation: The filing indicates a substantial and passive institutional investment by Morgan Stanley, which can be viewed positively as a vote of confidence in Core & Main, Inc. by a major financial institution. It does not contain negative disclosures.

Positives

• Significant institutional investment by Morgan Stanley and its asset management arm indicates confidence in Core & Main, Inc.
• The acquisition of shares was stated to be in the ordinary course of business, suggesting a passive investment strategy rather than an activist one, which can provide stability.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding Core & Main, Inc.'s future performance or outlook.

Industry Context

This filing reflects a significant institutional investment in Core & Main, Inc., a company operating in the water infrastructure and fire protection products industry. Large institutional holdings are common in established companies within stable sectors, indicating a long-term investment perspective by major financial entities.

Stakeholder Impact

• Shareholders: The significant stake held by Morgan Stanley may be perceived as a positive signal, potentially increasing investor confidence and stability in the stock.
• Company Management: A large, passive institutional holder typically implies less immediate pressure for strategic changes, allowing management to focus on long-term operational goals.

Key Dates

Keywords

Core & Main, Morgan Stanley, Institutional Ownership, Class A Common Stock, Beneficial Ownership, SEC Filing, Schedule 13G, Investment Management