deal signing, which would lift licence growth above our forecasts · Large banks shift to build vs. buy, while Refinitiv; MSPB Content. Includes certain hedge fund exposures held with MSPB.Information may be Source: Refinitiv, FactSet, Morgan Stanley Research; 1is the highest favored Quintile and 5 is the least favored trends. Long/Short Ratio = Long Exposure / Short exposure. Sector % of Total Net Exposure = (For a particular sector: Long Exposure - Short Exposure) / (Across all sectors: Long Exposure - Short Exposure).