Mastercard Incorporated
BG ˙ BUL ˙ US57636Q1040
SecurityBG:M4I / Mastercard Incorporated
InstitutionFormidable Asset Management, LLC
Latest Disclosed Ownership3,430 shares
Latest Disclosed Value $ 1,958,242
Formidable Asset Management, LLC ownership in M4I / Mastercard Incorporated

On April 22, 2026 - Formidable Asset Management, LLC filed a 13F-HR form disclosing ownership of 3,430 shares of Mastercard Incorporated (BG:M4I) valued at $1,958,242 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 16, 2026 disclosing 3,430 shares of Mastercard Incorporated. This represents a change in shares of 0.00% during the quarter.

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)
2026-04-22 2026-03-31 13F MASTERCARD CL A 57636Q104 3,430 0 0.00 1,958 0.36 0.3023
2026-01-16 2025-12-31 13F MASTERCARD CL A 57636Q104 3,430 -181 -5.01 1,951 -3.84 0.2839
2025-10-29 2025-09-30 13F MASTERCARD CL A 57636Q104 3,611 -81 -2.19 2,029 0.30 0.3195
2025-07-16 2025-06-30 13F MASTERCARD CL A 57636Q104 3,692 0 0.00 2,024 0.00 0.3384
2025-05-05 2025-03-31 13F MASTERCARD CL A 57636Q104 3,692 -37 -0.99 2,024 3.06 0.3383
2025-02-19 2024-12-31 13F MASTERCARD COM 57636Q104 3,729 -142 -3.67 1,963 2.72 0.3225
2024-11-12 2024-09-30 13F MASTERCARD CL A 57636Q104 3,871 -221 -5.40 1,912 5.87 0.3054
2024-08-08 2024-06-30 13F MASTERCARD CL A 57636Q104 4,092 119 3.00 1,805 -5.65 0.2919
2024-05-15 2024-03-31 13F MASTERCARD CL A 57636Q104 3,973 323 8.85 1,913 22.94 0.3119
2024-02-07 2023-12-31 13F MASTERCARD CL A 57636Q104 3,650 -69 -1.86 1,557 5.71 0.3233
2023-11-09 2023-09-30 13F MASTERCARD INC COM 57636Q104 3,719 -60 -1.59 1,472 147,100.00 0.3262
2023-08-15 2023-06-30 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 3,779 -10 -0.26 1 0.00 0.3243
2023-05-09 2023-03-31 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 3,789 0 0.00 1 0.00 0.2933
2023-02-07 2022-12-31 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 3,789 -25 -0.66 1 -99.92 0.2977
2022-11-14 2022-09-30 13F MASTERCARD COM 57636Q104 3,814 -20 -0.52 1,190 -2.06 0.2760
2022-08-18 2022-06-30 13F/A-1 MASTERCARD COM 57636Q104 3,834 9 0.24 1,215 -11.12 0.2735
2022-08-16 2022-06-30 13F MASTERCARD COM 57636Q104 3,834 9 1,215 0.2822
2022-05-04 2022-03-31 13F MASTERCARD COM 57636Q104 3,825 -98 -2.50 1,367 -6.88 0.2621
2022-02-07 2021-12-31 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 3,923 -44 -1.11 1,468 6.45 0.2817
2021-11-10 2021-09-30 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 3,967 0 0.00 1,379 -9.87 0.2590
2021-08-16 2021-06-30 13F/A-2 MASTERCARD Common Stock 57636Q104 3,967 0 0.00 1,530 6.25 0.3285
2021-08-06 2021-06-30 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 134 -3,833 1,472 0.3468
2021-05-12 2021-03-31 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 3,967 12 0.30 1,440 3.45 0.3130
2021-01-29 2020-12-31 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 3,955 0 0.00 1,392 3.88 0.3226
2020-12-14 2020-09-30 13F/A-1 MASTERCARD Equity 57636Q104 3,955 -73 -1.81 1,340 9.03 0.3906
2020-11-13 2020-09-30 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 3,955 -73 1,340 364,999.2918
2020-08-13 2020-06-30 13F MASTERCARD Equity 57636Q104 4,028 106 2.70 1,229 29.78 0.3624
2020-06-01 2020-03-31 13F MASTERCARD Common 57636Q104 3,922 -677 -14.72 947 -35.88 0.3729
2020-02-13 2019-12-31 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 4,599 4,599 1,477 0.4656
2019-11-08 2019-09-30 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 0 -4,654 -100.00 0 -100.00
2019-10-15 2019-06-30 13F MASTERCARD INCORPORATED COM CL A COM CL A 57636Q104 4,654 4,654 1,266 0.4354
2018-02-13 2017-12-31 13F MASTERCARD Common 57636Q104 0 -5,172 -100.00 0 -100.00
2017-11-13 2017-09-30 13F MASTERCARD Common 57636Q104 5,172 0 0.00 730 16.24 0.3081
2017-08-11 2017-06-30 13F MASTERCARD Common 57636Q104 5,172 -821 -13.70 628 -10.16 0.3097
2017-05-12 2017-03-31 13F MASTERCARD Common 57636Q104 5,993 -585 -8.89 699 2.95 0.3048
2017-02-08 2016-12-31 13F MASTERCARD Common 57636Q104 6,578 -250 -3.66 679 -2.30 0.3430
2016-11-14 2016-09-30 13F MASTERCARD Common 57636Q104 6,828 -25 -0.36 695 8.76 0.3454
2016-08-12 2016-06-30 13F MASTERCARD CL A 57636Q104 6,853 -65 -0.94 639 -4.63 0.3556
2016-05-10 2016-03-31 13F MASTERCARD CL A 57636Q104 6,918 -923 -11.77 670 -8.34 0.4709
2016-02-02 2015-12-31 13F MASTERCARD CL A 57636Q104 7,841 -150 -1.88 731 1.53 0.5064
2015-11-12 2015-09-30 13F MASTERCARD CL A 57636Q104 7,991 -250 -3.03 720 -6.49 0.4808
2015-08-14 2015-06-30 13F MASTERCARD COM 57636Q104 8,241 -109 -1.31 770 -0.13 0.4910
2015-05-14 2015-03-31 13F MASTERCARD COM 57636Q104 8,350 0 0.00 771 7.23 0.5072
2015-02-27 2014-12-31 13F MASTERCARD COM 57636Q104 8,350 -25 -0.30 719 1.99 0.4910
2014-11-14 2014-09-30 13F MASTERCARD COM 57636Q104 8,375 -840 -9.12 705 4.14 0.4659
2014-08-21 2014-06-30 13F MASTERCARD COM 57636Q104 9,215 -15 -0.16 677 2.89 0.4090
2014-05-15 2014-03-31 13F MASTERCARD COM 57636Q104 9,230 -50 -0.54 658 -7.06 0.4595
2014-02-18 2013-12-31 13F MASTERCARD COM 57636Q104 9,280 8,310 856.70 708 7.93 0.4766
2013-11-26 2013-09-30 13F MASTERCARD COM 57636Q104 970 970 656 0.5667
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.