SCHEDULE: Morgan Stanley Discloses 6.5% Stake in Core & Main

Morgan Stanley and its subsidiary, Morgan Stanley Investment Management Inc., reported a combined beneficial ownership of 6.5% of Core & Main, Inc.'s Class A Common Stock as of September 30, 2025.

Summary

• Morgan Stanley, along with its subsidiary Morgan Stanley Investment Management Inc., filed an Amendment No. 2 to Schedule 13G for Core & Main, Inc.
• As of September 30, 2025, Morgan Stanley beneficially owned an aggregate of 12,469,881 shares of Core & Main's Class A Common Stock.
• This aggregate ownership by Morgan Stanley represents 6.5% of the Class A Common Stock.
• Morgan Stanley Investment Management Inc., a wholly-owned subsidiary, beneficially owned 10,504,993 shares, representing 5.5% of the class.
• The shares are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of beneficial ownership by a major financial institution, indicating continued significant institutional investment in Core & Main. It is not inherently positive or negative but confirms a substantial stake.

Positives

• Major financial institution Morgan Stanley maintains a significant stake in Core & Main, indicating continued institutional interest and confidence.

Future Outlook

No forward-looking statements or guidance were provided in this beneficial ownership report.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

Institutional ownership by major financial firms like Morgan Stanley is a common aspect of publicly traded companies. A 6.5% stake in Core & Main reflects a substantial investment in the company, which operates in the water infrastructure and related products industry.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, which can be viewed as a vote of confidence in the company by a major financial institution.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership by Morgan Stanley and its subsidiary. It confirms a significant institutional stake in Core & Main, Inc. but does not provide new financial performance data, strategic updates, or other information that would warrant a change in investment recommendation based solely on this document. Investors should continue to hold based on their existing analysis of Core & Main's fundamentals and market position.

Keywords

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