Tucows Inc.
US ˙ NasdaqCM ˙ US8986972060

SecurityTCX / Tucows Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership23,605 shares
Latest Disclosed Value $ 405,063
Morgan Stanley reports 32.62% decrease in ownership of TCX / Tucows Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 23,605 shares of Tucows Inc. (US:TCX) valued at $405,062 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 35,034 shares of Tucows Inc.. This represents a change in shares of -32.62% during the quarter. The current value of the position is $323,152 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F TUCOWS COM NEW 898697206 23,605 -11,429 -32.62 405 -48.41 0.0000
2026-05-27 2025-12-31 13F/A-1 TUCOWS COM NEW 898697206 35,034 -1,037 -2.87 785 17.34 0.0000
2026-02-13 2025-12-31 13F TUCOWS COM NEW 898697206 35,034 -1,037 785 0.0000
2026-05-27 2025-09-30 13F/A-1 TUCOWS COM NEW 898697206 36,071 1,428 4.12 669 -1.91 0.0000
2025-11-14 2025-09-30 13F TUCOWS COM NEW 898697206 36,071 1,428 669 0.0000
2025-08-15 2025-06-30 13F TUCOWS COM NEW 898697206 34,643 -4,495 -11.49 683 3.33 0.0000
2025-05-15 2025-03-31 13F TUCOWS COM NEW 898697206 39,138 -78,551 -66.74 661 -67.28 0.0000
2025-05-15 2024-12-31 13F/A-1 TUCOWS COM NEW 898697206 117,689 73,131 164.13 2,017 116.88 0.0001
2025-02-14 2024-12-31 13F TUCOWS COM NEW 898697206 117,689 73,131 2,017 0.0001
2025-05-14 2024-09-30 13F/A-2 TUCOWS COM NEW 898697206 44,558 13,597 43.92 931 55.52 0.0001
2025-02-14 2024-09-30 13F/A-1 TUCOWS COM NEW 898697206 44,558 13,597 931 0.0001
2024-11-14 2024-09-30 13F TUCOWS COM NEW 898697206 44,558 13,597 931 0.0000
2025-05-14 2024-06-30 13F/A-2 TUCOWS COM NEW 898697206 30,961 -24,227 -43.90 598 -41.60 0.0000
2024-10-17 2024-06-30 13F/A-1 TUCOWS COM NEW 898697206 30,961 -24,227 598 0.0000
2024-08-14 2024-06-30 13F TUCOWS COM NEW 898697206 30,961 -24,227 598 0.0000
2024-10-17 2024-03-31 13F/A-2 TUCOWS COM NEW 898697206 55,188 12,525 29.36 1,024 -11.03 0.0001
2024-08-16 2024-03-31 13F/A-1 TUCOWS COM NEW 898697206 55,188 12,525 1,024 0.0000
2024-05-15 2024-03-31 13F TUCOWS COM NEW 898697206 55,188 12,525 1,024 0.0001
2024-08-16 2023-12-31 13F/A-1 TUCOWS COM NEW 898697206 42,663 8,350 24.33 1,152 64.43 0.0001
2024-02-13 2023-12-31 13F TUCOWS COM NEW 898697206 42,663 8,350 1,152 0.0001
2023-11-15 2023-09-30 13F TUCOWS COM NEW 898697206 34,313 -21,988 -39.05 700 -55.16 0.0001
2023-08-14 2023-06-30 13F TUCOWS COM NEW 898697206 56,301 8,402 17.54 1,562 67.67 0.0002
2023-05-15 2023-03-31 13F TUCOWS COM NEW 898697206 47,899 -2,860 -5.63 932 -45.90 0.0001
2023-02-14 2022-12-31 13F TUCOWS COM NEW 898697206 50,759 -28,965 -36.33 1,722 -42.29 0.0002
2022-11-14 2022-09-30 13F TUCOWS COM NEW 898697206 79,724 13,340 20.10 2,982 0.95 0.0004
2022-10-27 2022-06-30 13F/A-1 TUCOWS COM NEW 898697206 66,384 21,059 46.46 2,954 -4.59 0.0004
2022-08-15 2022-06-30 13F TUCOWS COM NEW 898697206 66,384 21,059 2,954 0.0001
2022-10-27 2022-03-31 13F/A-1 TUCOWS COM NEW 898697206 45,325 8,518 23.14 3,096 0.32 0.0004
2022-05-13 2022-03-31 13F TUCOWS COM NEW 898697206 45,325 8,518 3,096 0.0004
2022-02-14 2021-12-31 13F TUCOWS COM NEW 898697206 36,807 -11,387 -23.63 3,086 -18.90 0.0004
2021-11-15 2021-09-30 13F TUCOWS COM NEW 898697206 48,194 13,184 37.66 3,805 35.31 0.0005
2021-08-23 2021-06-30 13F/A-1 TUCOWS COM NEW 898697206 35,010 23,471 203.41 2,812 214.54 0.0004
2021-08-16 2021-06-30 13F TUCOWS COM NEW 898697206 35,010 23,471 2,812 0.0001
2021-05-17 2021-03-31 13F TUCOWS COM NEW 898697206 11,539 -7,931 -40.73 894 -37.87 0.0001
2021-02-16 2020-12-31 13F TUCOWS COM NEW 898697206 19,470 6,592 51.19 1,439 62.23 0.0002
2020-11-13 2020-09-30 13F TUCOWS COM NEW 898697206 12,878 -6,760 -34.42 887 -21.16 0.0002
2020-08-14 2020-06-30 13F TUCOWS COM NEW 898697206 19,638 7,434 60.91 1,125 91.00 0.0002
2020-05-26 2020-03-31 13F/A-1 TUCOWS COM NEW 898697206 12,204 -11,591 -48.71 589 -59.93 0.0002
2020-05-15 2020-03-31 13F TUCOWS COM NEW 898697206 12,204 -11,591 589 45.2475
2020-02-14 2019-12-31 13F TUCOWS COM NEW 898697206 23,795 -2,466 -9.39 1,470 3.30 0.0003
2019-11-14 2019-09-30 13F TUCOWS COM NEW 898697206 26,261 8,182 45.26 1,423 28.89 0.0004
2019-08-14 2019-06-30 13F TUCOWS COM NEW 898697206 18,079 -27,352 -60.21 1,104 -70.07 0.0003
2019-05-15 2019-03-31 13F TUCOWS COM NEW 898697206 45,431 20,740 84.00 3,689 148.75 0.0010
2019-02-14 2018-12-31 13F TUCOWS COM NEW 898697206 24,691 -758 -2.98 1,483 4.51 0.0004
2019-04-23 2018-09-30 13F/A-2 TUCOWS COM NEW 898697206 25,449 -1,654 -6.10 1,419 -13.69 0.0004
2018-11-20 2018-09-30 13F/A-1 TUCOWS COM NEW 898697206 25,449 0 1,419 0.0004
2018-11-14 2018-09-30 13F TUCOWS COM NEW 898697206 25,449 -1,654 1,419
2019-04-23 2018-06-30 13F/A-1 TUCOWS COM NEW 898697206 27,103 -5,593 -17.11 1,644 -10.21 0.0004
2018-08-14 2018-06-30 13F TUCOWS COM NEW 898697206 27,103 -5,593 1,644
2019-04-23 2018-03-31 13F/A-1 TUCOWS COM NEW 898697206 32,696 -23,608 -41.93 1,831 -53.58 0.0005
2018-05-14 2018-03-31 13F TUCOWS COM NEW 898697206 32,696 -23,608 1,831
2019-04-23 2017-12-31 13F/A-1 TUCOWS COM NEW 898697206 56,304 26,471 88.73 3,944 125.89 0.0011
2018-02-14 2017-12-31 13F TUCOWS COM NEW 898697206 56,304 26,471 3,944
2017-11-14 2017-09-30 13F TUCOWS COM NEW 898697206 29,833 12,235 69.52 1,746 85.55 0.0005
2017-08-11 2017-06-30 13F TUCOWS COM NEW 898697206 17,598 2,902 19.75 941 25.47 0.0003
2017-05-22 2017-03-31 13F/A-1 TUCOWS COM NEW 898697206 14,696 2,453 20.04 750 74.01 0.0002
2017-05-12 2017-03-31 13F TUCOWS COM NEW 898697206 14,696 750
2017-02-22 2016-12-31 13F/A-1 TUCOWS COM NEW 898697206 12,243 -14,468 -54.16 431 -49.59 0.0001
2017-02-13 2016-12-31 13F TUCOWS COM NEW 898697206 12,243 431
2016-11-10 2016-09-30 13F TUCOWS COM NEW 898697206 26,711 5,321 24.88 855 64.42 0.0003
2016-08-12 2016-06-30 13F TUCOWS COM NEW 898697206 21,390 -10,206 -32.30 520 -26.55 0.0002
2016-05-12 2016-03-31 13F TUCOWS COM NEW 898697206 31,596 11,681 58.65 708 68.57 0.0003
2016-02-09 2015-12-31 13F TUCOWS COM NEW 898697206 19,915 -34,063 -63.11 420 -66.37 0.0002
2016-02-08 2015-09-30 13F/A-1 TUCOWS COM NEW 898697206 53,978 12,616 30.50 1,249 8.42 0.0005
2015-11-09 2015-09-30 13F TUCOWS COM NEW 898697206 53,978 1,249
2015-08-12 2015-06-30 13F TUCOWS COM NEW 898697206 41,362 -21,006 -33.68 1,152 -2.70 0.0004
2015-05-14 2015-03-31 13F TUCOWS COM NEW 898697206 62,368 -9,764 -13.54 1,184 -15.43 0.0004
2015-02-13 2014-12-31 13F TUCOWS COM NEW 898697206 72,132 -14,724 -16.95 1,400 7.94 0.0005
2014-12-16 2014-09-30 13F/A-1 TUCOWS COM NEW 898697206 86,856 48,435 126.06 1,297 166.87 0.0005
2014-11-14 2014-09-30 13F TUCOWS COM NEW 898697206 86,856 1,297
2014-05-13 2014-03-31 13F TUCOWS COM NEW 898697206 38,421 38,421 486 0.0002
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.