Morgan Stanley and its subsidiary Morgan Stanley Investment Management Inc. filed an amended beneficial ownership statement with the SEC on November 13, 2026, disclosing a combined 16,207,602 Class A Ordinary Shares of On Holding AG as of September 30, 2026.

Key Highlights

  • Aggregate beneficial ownership: Morgan Stanley reported 16,207,602 Class A Ordinary Shares of On Holding AG, representing 5.4% of the class.
  • Shared voting power: Morgan Stanley holds shared voting power over 15,110,626 shares, with zero sole voting power reported.
  • Shared dispositive power: Morgan Stanley holds shared dispositive power over 16,207,602 shares, with zero sole dispositive power reported.
  • Subsidiary position: Morgan Stanley Investment Management Inc. separately reported beneficial ownership of 15,160,825 shares, equal to 5.0% of the class.
  • Triggering date: The event requiring this filing occurred on September 30, 2026.
  • Filing nature: This is Amendment No. 1 to a prior filing, signed by authorized signatories Claire Gordon and Deidre A. Downes on November 13, 2026.

Morgan Stanley Discloses Amended Class A Stake in On Holding AG

According to the filing, Morgan Stanley, incorporated in Delaware and headquartered at 1585 Broadway, New York, NY 10036, reported an aggregate beneficial ownership of 16,207,602 Class A Ordinary Shares of On Holding AG (NYSE:ONON), the Switzerland-based athletic footwear and apparel company headquartered at Forrlibuckstrasse 190, 8005 Zurich. The shares carry CUSIP number H5919C104. Morgan Stanley is classified in the filing as a parent holding company and corporation, designated under type codes "HC, CO."

The filing states that Morgan Stanley holds shared voting power over 15,110,626 shares and shared dispositive power over the full 16,207,602 shares, while sole voting and sole dispositive power are each reported as zero. The disclosure notes that the filing "reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the 'MS Reporting Units') of Morgan Stanley and its subsidiaries and affiliates" and that it does not reflect securities beneficially owned by operating units whose ownership is disaggregated from the MS Reporting Units.

Morgan Stanley Investment Management Inc., also a Delaware entity at the same address and classified as an investment adviser and corporation ("IA, CO"), reported a separate beneficial ownership position of 15,160,825 shares, representing 5.0% of the class. That subsidiary holds shared voting power over 14,079,866 shares and shared dispositive power over 15,160,825 shares, again with no sole voting or dispositive power. Both Morgan Stanley and Morgan Stanley Investment Management Inc. certified that the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer."

What Was Disclosed

Morgan Stanley and Morgan Stanley Investment Management Inc. filed an amended beneficial ownership statement covering Class A Ordinary Shares of On Holding AG. The filing reports a 5.4% aggregate stake of 16,207,602 shares as of September 30, 2026, with no sole voting or dispositive power claimed by either entity.