TSSI TSS, Inc.
Executive Summary
Four mega-passive institutional investors (Vanguard, State Street, Fidelity, Morgan Stanley) all increased their TSSI positions in Q3 2025, adding a combined ~444K shares. However, the aggregate dollar value of holdings declined by ~$5.6M due to the stock's price drop during the quarter, indicating the buying was likely index-rebalancing or passive accumulation rather than a conviction-driven active thesis. The cluster is entirely passive, weakening the signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$5.6M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vanguard | ADD | +31.2% | $22.5M | -$4.8M |
| State Street | ADD | +47.3% | $6.6M | -$532.4K |
| Fidelity | ADD | +45% | $10.0K | -$946.00 |
| Morgan Stanley | ADD | +38.5% | $2.0M | -$302.1K |
Actionable Insight
The cluster is entirely passive/index-driven with no active manager participation — this is a weak signal. The stock's poor historical performance following prior reports (avg -9.7% at T+20) and the negative dollar-value change despite share accumulation suggest the price decline may continue. Monitor for any active fund 13F filings or insider buying to confirm a genuine thesis.
Key Facts
- 4 institutional buyers, 0 sellers — all mega-passive funds (Vanguard, State Street, Fidelity, Morgan Stanley)
- Aggregate current holdings: $31.1M; net dollar change: -$5.6M (driven by stock price decline, not selling)
- Vanguard added 295K shares (+31.2%), State Street added 117.5K shares (+47.3%)
- No active managers, hedge funds, or activists participated — zero conviction-driven buying
- Historical T+20 performance on prior TSSI reports is poor: avg -9.70% with 25% win rate
Financial Impact
4 passive funds accumulated ~444K shares worth ~$31.1M at quarter-end, but the aggregate dollar value fell by $5.6M due to stock depreciation
Risk Factors
- All buyers are passive index funds — no conviction signal; buying may be mechanical rebalancing
- Historical T+20 returns on TSSI reports are deeply negative (-9.7% avg, 25% win rate)
- Stock price declined during Q3, erasing the dollar value of the added positions
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-TSSI-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
2d ago
|
Institutional Cluster
| $11.83 awaiting T+20 | awaiting T+20 | — | — |
|
May 6, 2026
5w ago
|
144
| $15.84 $13.93 | ▼ −12.06% | ▼ −15.19% | — |
|
Apr 23, 2026
7w ago
|
DEFA14A
| $15.75 $11.59 | ▼ −26.41% | ▼ −30.44% | — |
US Market Status
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