TUCOWS INC

Ticker: TCX CUSIP: 898697206 Class: Common Stock

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (10)

SUSQUEHANNA INTERNATIONAL GROUP, LLP
Value ($000) $1,370 Shares 61,105
GOLDMAN SACHS GROUP INC
Value ($000) $506 Shares 22,553
Squarepoint Ops LLC
Value ($000) $244 Shares 10,868
Walleye Trading LLC
Value ($000) $120 Shares 5,349
MetLife Investment Management, LLC
Value ($000) $87 Shares 3,875
Rockefeller Capital Management L.P.
Value ($000) $22 Shares 1,002
UBS ASSET MANAGEMENT AMERICAS INC
Value ($000) $8 Shares 379
Marquette Asset Management, LLC
Value ($000) $1 Shares 27
Optiver Holding B.V.
Value ($000) $0 Shares 5
Allworth Financial LP
Value ($000) $0 Shares 1

Increased Positions (16)

Universal- Beteiligungs- und Servicegesellschaft mbH
Value ($000) $11,588 (+22.2%) Shares 526,989 (+3.1%)
JANE STREET GROUP, LLC
Value ($000) $822 (+102.2%) Shares 36,649 (+67.4%)
Quantinno Capital Management LP
Value ($000) $415 (+109.7%) Shares 18,528 (+73.5%)
CITADEL ADVISORS LLC
Value ($000) $856 (+36.9%) Shares 38,168 (+13.3%)
TD Waterhouse Canada Inc.
Value ($000) $80 (+631.9%) Shares 3,600 (+500.0%)
D. E. Shaw & Co., Inc.
Value ($000) $779 (+32.4%) Shares 34,759 (+9.6%)
WELLS FARGO & COMPANY/MN
Value ($000) $183 (+79.1%) Shares 8,149 (+48.2%)
BANK OF AMERICA CORP /DE/
Value ($000) $134 (+112.6%) Shares 5,983 (+76.0%)
ALLIANCEBERNSTEIN L.P.
Value ($000) $273 (+23.9%) Shares 12,190 (+2.5%)
Versant Capital Management, Inc
Value ($000) $5 (+292.7%) Shares 234 (+225.0%)
BNP PARIBAS ARBITRAGE, SA
Value ($000) $35 (+39.1%) Shares 1,549 (+15.1%)
BARCLAYS PLC
Value ($000) $259 (+9.1%) Shares 11,571 (+1.6%)
NATIONAL BANK OF CANADA /FI/
Value ($000) $14 (+45.7%) Shares 503 (+16.7%)
EverSource Wealth Advisors, LLC
Value ($000) $1 (+66.7%) Shares 29 (+38.1%)
IFP Advisors, Inc
Value ($000) $0 (+68.8%) Shares 7 (+40.0%)
CWM, LLC
Value ($000) $0 (+20.0%) Shares 274 (+1.9%)

Decreased Positions (28)

BARD ASSOCIATES INC
Value ($000) $250 (-10.0%) Shares 11,165 (-25.5%)
K.J. Harrison & Partners Inc
Value ($000) $789 (+6.2%) Shares 35,171 (-14.8%)
Blackhawk Capital Partners LLC.
Value ($000) $1,137 (+18.7%) Shares 50,693 (-1.8%)
ROYAL BANK OF CANADA
Value ($000) $140 (-95.5%) Shares 6,222 (-96.3%)
VANGUARD GROUP INC
Value ($000) $10,403 (+16.5%) Shares 464,026 (-3.6%)
Connor, Clark & Lunn Investment Management Ltd.
Value ($000) $617 (-9.5%) Shares 27,862 (-24.5%)
TWO SIGMA INVESTMENTS, LP
Value ($000) $285 (-21.8%) Shares 12,714 (-35.2%)
RENAISSANCE TECHNOLOGIES LLC
Value ($000) $3,135 (+15.5%) Shares 139,851 (-4.4%)
Russell Investments Group, Ltd.
Value ($000) $21 (-70.3%) Shares 952 (-75.4%)
Nuveen, LLC
Value ($000) $377 (+6.5%) Shares 16,812 (-11.9%)
NORTHERN TRUST CORP
Value ($000) $1,325 (+17.5%) Shares 59,120 (-2.7%)
RHUMBLINE ADVISERS
Value ($000) $199 (+6.4%) Shares 8,872 (-12.0%)
UBS Group AG
Value ($000) $40 (-23.7%) Shares 1,798 (-36.8%)
MORGAN STANLEY
Value ($000) $785 (+17.4%) Shares 35,034 (-2.9%)
GSA CAPITAL PARTNERS LLP
Value ($000) $0 (-2.2%) Shares 21,576 (-19.0%)
JPMORGAN CHASE & CO
Value ($000) $138 (+7.7%) Shares 6,171 (-10.9%)
Bank of New York Mellon Corp
Value ($000) $438 (+17.9%) Shares 19,527 (-2.5%)
FMR LLC
Value ($000) $9 (-31.0%) Shares 389 (-42.9%)
STATE OF WISCONSIN INVESTMENT BOARD
Value ($000) $244 (+18.7%) Shares 10,900 (-1.8%)
Tower Research Capital LLC (TRC)
Value ($000) $12 (-1.3%) Shares 540 (-18.3%)

Exited Positions (2)

GROUP ONE TRADING, L.P.
Value ($000) $85 Shares 4,558
Cloud Capital Management, LLC
Value ($000) $0 Shares 1