Twin Disc, Incorporated
US ˙ NasdaqGS ˙ US9014761012

SecurityTWIN / Twin Disc, Incorporated
InstitutionMorgan Stanley
Latest Disclosed Ownership21,968 shares
Latest Disclosed Value $ 331,063
Morgan Stanley reports 3.33% increase in ownership of TWIN / Twin Disc, Incorporated

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 21,968 shares of Twin Disc, Incorporated (US:TWIN) valued at $331,058 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 21,260 shares of Twin Disc, Incorporated. This represents a change in shares of 3.33% during the quarter. The current value of the position is $437,383 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 TWIN DISC COM 901476101 21,968 708 3.33 331 -6.50 0.0000
2026-05-27 2025-12-31 13F/A-1 TWIN DISC COM 901476101 21,260 7,227 51.50 355 81.54 0.0000
2026-02-13 2025-12-31 13F TWIN DISC COM 901476101 21,260 7,227 355 0.0000
2026-05-27 2025-09-30 13F/A-1 TWIN DISC COM 901476101 14,033 -3,612 -20.47 196 25.81 0.0000
2025-11-14 2025-09-30 13F TWIN DISC COM 901476101 14,033 -3,612 196 0.0000
2025-08-15 2025-06-30 13F TWIN DISC COM 901476101 17,645 -6,181 -25.94 156 -13.89 0.0000
2025-05-15 2025-03-31 13F TWIN DISC COM 901476101 23,826 -5,432 -18.57 180 -47.52 0.0000
2025-05-15 2024-12-31 13F/A-1 TWIN DISC COM 901476101 29,258 -3,818 -11.54 344 -16.95 0.0000
2025-02-14 2024-12-31 13F TWIN DISC COM 901476101 29,258 -3,818 344 0.0000
2025-05-14 2024-09-30 13F/A-2 TWIN DISC COM 901476101 33,076 16,654 101.41 413 113.99 0.0000
2025-02-14 2024-09-30 13F/A-1 TWIN DISC COM 901476101 33,076 16,654 413 0.0000
2024-11-14 2024-09-30 13F TWIN DISC COM 901476101 33,076 16,654 413 0.0000
2025-05-14 2024-06-30 13F/A-2 TWIN DISC COM 901476101 16,422 2,648 19.22 193 -14.98 0.0000
2024-10-17 2024-06-30 13F/A-1 TWIN DISC COM 901476101 16,422 2,648 193 0.0000
2024-08-14 2024-06-30 13F TWIN DISC COM 901476101 16,422 2,648 193 0.0000
2024-10-17 2024-03-31 13F/A-2 TWIN DISC COM 901476101 13,774 4,791 53.33 228 56.55 0.0000
2024-08-16 2024-03-31 13F/A-1 TWIN DISC COM 901476101 13,774 4,791 228 0.0000
2024-05-15 2024-03-31 13F TWIN DISC COM 901476101 13,774 4,791 228 0.0000
2024-08-16 2023-12-31 13F/A-1 TWIN DISC COM 901476101 8,983 6,135 215.41 145 271.79 0.0000
2024-02-13 2023-12-31 13F TWIN DISC COM 901476101 8,983 6,135 145 0.0000
2023-11-15 2023-09-30 13F TWIN DISC COM 901476101 2,848 -1,773 -38.37 39 -25.00 0.0000
2023-08-14 2023-06-30 13F TWIN DISC COM 901476101 4,621 -243 -5.00 52 13.04 0.0000
2023-05-15 2023-03-31 13F TWIN DISC COM 901476101 4,864 2,144 78.82 46 76.92 0.0000
2023-02-14 2022-12-31 13F TWIN DISC COM 901476101 2,720 -5,490 -66.87 26 -72.34 0.0000
2022-11-14 2022-09-30 13F TWIN DISC COM 901476101 8,210 -1,355 -14.17 94 9.30 0.0000
2022-10-27 2022-06-30 13F/A-1 TWIN DISC COM 901476101 9,565 1,558 19.46 86 -35.34 0.0000
2022-08-15 2022-06-30 13F TWIN DISC COM 901476101 9,565 1,558 86 0.0000
2022-10-27 2022-03-31 13F/A-1 TWIN DISC COM 901476101 8,007 787 10.90 133 68.35 0.0000
2022-05-13 2022-03-31 13F TWIN DISC COM 901476101 8,007 787 133 0.0000
2022-02-14 2021-12-31 13F TWIN DISC COM 901476101 7,220 -99 -1.35 79 1.28 0.0000
2021-11-15 2021-09-30 13F TWIN DISC COM 901476101 7,319 -4 -0.05 78 -25.00 0.0000
2021-08-23 2021-06-30 13F/A-1 TWIN DISC COM 901476101 7,323 1,905 35.16 104 100.00 0.0000
2021-08-16 2021-06-30 13F TWIN DISC COM 901476101 7,323 1,905 104 0.0000
2021-05-17 2021-03-31 13F TWIN DISC COM 901476101 5,418 0 0.00 52 23.81 0.0000
2021-02-16 2020-12-31 13F TWIN DISC COM 901476101 5,418 0 0.00 42 55.56 0.0000
2020-11-13 2020-09-30 13F TWIN DISC COM 901476101 5,418 -770 -12.44 27 -20.59 0.0000
2020-08-14 2020-06-30 13F TWIN DISC COM 901476101 6,188 -2,014 -24.55 34 -40.35 0.0000
2020-05-26 2020-03-31 13F/A-1 TWIN DISC COM 901476101 8,202 -7,488 -47.72 57 -67.05 0.0000
2020-05-15 2020-03-31 13F TWIN DISC COM 901476101 8,202 -7,488 57 4.3788
2020-02-14 2019-12-31 13F TWIN DISC COM 901476101 15,690 12,331 367.10 173 394.29 0.0000
2019-11-14 2019-09-30 13F TWIN DISC COM 901476101 3,359 2,917 659.95 35 400.00 0.0000
2019-08-14 2019-06-30 13F TWIN DISC COM 901476101 442 -1,735 -79.70 7 -80.56 0.0000
2019-05-15 2019-03-31 13F TWIN DISC COM 901476101 2,177 -19,386 -89.90 36 -88.68 0.0000
2019-02-14 2018-12-31 13F TWIN DISC COM 901476101 21,563 7,177 49.89 318 -4.22 0.0001
2019-04-23 2018-09-30 13F/A-2 TWIN DISC COM 901476101 14,386 -4,721 -24.71 332 -30.11 0.0001
2018-11-20 2018-09-30 13F/A-1 TWIN DISC COM 901476101 14,386 0 332 0.0001
2018-11-14 2018-09-30 13F TWIN DISC COM 901476101 14,386 -4,721 332
2019-04-23 2018-06-30 13F/A-1 TWIN DISC COM 901476101 19,107 -8,200 -30.03 475 -20.03 0.0001
2018-08-14 2018-06-30 13F TWIN DISC COM 901476101 19,107 -8,200 475
2019-04-23 2018-03-31 13F/A-1 TWIN DISC COM 901476101 27,307 -1,425 -4.96 594 -22.15 0.0002
2018-05-14 2018-03-31 13F TWIN DISC COM 901476101 27,307 -1,425 594
2019-04-23 2017-12-31 13F/A-1 TWIN DISC COM 901476101 28,732 -6,811 -19.16 763 15.43 0.0002
2018-02-14 2017-12-31 13F TWIN DISC COM 901476101 28,732 -6,811 763
2017-11-14 2017-09-30 13F TWIN DISC COM 901476101 35,543 28,081 376.32 661 450.83 0.0002
2017-08-11 2017-06-30 13F TWIN DISC COM 901476101 7,462 5,351 253.48 120 179.07 0.0000
2017-05-22 2017-03-31 13F/A-1 TWIN DISC COM 901476101 2,111 2,044 3,050.75 43 4,200.00 0.0000
2017-05-12 2017-03-31 13F TWIN DISC COM 901476101 2,111 43
2017-02-22 2016-12-31 13F/A-1 TWIN DISC COM 901476101 67 0 0.00 1 0.00 0.0000
2017-02-13 2016-12-31 13F TWIN DISC COM 901476101 67 1
2016-11-10 2016-09-30 13F TWIN DISC COM 901476101 67 -1,686 -96.18 1 -94.44 0.0000
2016-08-12 2016-06-30 13F TWIN DISC COM 901476101 1,753 -530 -23.22 18 -21.74 0.0000
2016-05-12 2016-03-31 13F TWIN DISC COM 901476101 2,283 -20,966 -90.18 23 -90.61 0.0000
2016-02-09 2015-12-31 13F TWIN DISC COM 901476101 23,249 -28,301 -54.90 245 -61.66 0.0001
2016-02-08 2015-09-30 13F/A-1 TWIN DISC COM 901476101 51,550 -19,933 -27.88 639 -52.03 0.0002
2015-11-09 2015-09-30 13F TWIN DISC COM 901476101 51,550 639
2015-08-12 2015-06-30 13F TWIN DISC COM 901476101 71,483 33,847 89.93 1,332 100.30 0.0005
2015-05-14 2015-03-31 13F TWIN DISC COM 901476101 37,636 6,519 20.95 665 7.61 0.0002
2015-02-13 2014-12-31 13F TWIN DISC COM 901476101 31,117 24,638 380.27 618 255.17 0.0002
2014-12-16 2014-09-30 13F/A-1 TWIN DISC COM 901476101 6,479 -204 -3.05 174 -1.14 0.0001
2014-11-14 2014-09-30 13F TWIN DISC COM 901476101 6,479 174
2014-05-13 2014-03-31 13F TWIN DISC COM 901476101 6,683 2,266 51.30 176 55.75 0.0001
2014-02-13 2013-12-31 13F TWIN DISC COM 901476101 4,417 -3,639 -45.17 113 -46.19 0.0000
2013-11-13 2013-09-30 13F TWIN DISC INC COM ST COM 901476101 8,056 8,056 210 0.0001
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.