Mastercard Incorporated
BG ˙ BUL ˙ US57636Q1040
SecurityBG:M4I / Mastercard Incorporated
InstitutionGuardcap Asset Management Ltd
Latest Disclosed Ownership264,057 shares
Latest Disclosed Value $ 132,408,632
Guardcap Asset Management Ltd reports 45.38% decrease in ownership of M4I / Mastercard Incorporated

On April 28, 2026 - Guardcap Asset Management Ltd filed a 13F-HR form disclosing ownership of 264,057 shares of Mastercard Incorporated (BG:M4I) valued at $132,408,632 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 10, 2026 disclosing 483,452 shares of Mastercard Incorporated. This represents a change in shares of -45.38% 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)
2026-04-28 2026-03-31 13F MASTERCARD CL A 57636Q104 264,057 -219,395 -45.38 132,409 -51.96 7.5818
2026-02-10 2025-12-31 13F MASTERCARD CL A 57636Q104 483,452 -184,164 -27.59 275,622 -27.42 7.3647
2025-11-06 2025-09-30 13F MASTERCARD CL A 57636Q104 667,616 -73,923 -9.97 379,747 -8.87 8.8014
2025-08-07 2025-06-30 13F MASTERCARD CL A 57636Q104 741,539 -194,126 -20.75 416,700 -18.75 8.1755
2025-05-14 2025-03-31 13F MASTERCARD CL A 57636Q104 935,665 -155,685 -14.27 512,857 -10.76 9.9362
2025-02-11 2024-12-31 13F MASTERCARD CL A 57636Q104 1,091,350 -152,846 -12.28 574,672 -6.46 9.2867
2024-11-12 2024-09-30 13F MASTERCARD CL A 57636Q104 1,244,196 -92,901 -6.95 614,384 4.16 8.3625
2024-08-13 2024-06-30 13F MASTERCARD CL A 57636Q104 1,337,097 -184,139 -12.10 589,874 -19.48 8.4315
2024-05-14 2024-03-31 13F MASTERCARD CL A 57636Q104 1,521,236 16,058 1.07 732,582 14.11 8.9797
2024-02-08 2023-12-31 13F MASTERCARD CL A 57636Q104 1,505,178 -30,171 -1.97 641,973 5.61 8.2715
2023-11-14 2023-09-30 13F MASTERCARD CL A 57636Q104 1,535,349 -102,930 -6.28 607,860 -5.66 8.4437
2023-08-14 2023-06-30 13F MASTERCARD CL A 57636Q104 1,638,279 65,340 4.15 644,335 12.72 8.6649
2023-05-15 2023-03-31 13F MASTERCARD CL A 57636Q104 1,572,939 -16,256 -1.02 571,622 3.44 7.9902
2023-02-14 2022-12-31 13F MASTERCARD CL A 57636Q104 1,589,195 -59,294 -3.60 552,611 17.89 8.5869
2022-11-14 2022-09-30 13F MASTERCARD CL A 57636Q104 1,648,489 -6,051 -0.37 468,731 -10.20 7.8628
2022-08-12 2022-06-30 13F MASTERCARD CL A 57636Q104 1,654,540 -25,705 -1.53 521,974 -13.07 8.0103
2022-05-16 2022-03-31 13F MASTERCARD CL A 57636Q104 1,680,245 27,124 1.64 600,486 1.09 7.8652
2022-02-10 2021-12-31 13F MASTERCARD CL A 57636Q104 1,653,121 19,108 1.17 593,999 4.56 7.3809
2021-11-15 2021-09-30 13F MASTERCARD CL A 57636Q104 1,634,013 -125,651 -7.14 568,114 -11.57 7.8234
2021-08-17 2021-06-30 13F MASTERCARD CL A 57636Q104 1,759,664 249,245 16.50 642,436 19.46 9.2740
2021-05-17 2021-03-31 13F MASTERCARD CL A 57636Q104 1,510,419 -318,085 -17.40 537,785 -17.60 9.7195
2021-02-12 2020-12-31 13F MASTERCARD CL A 57636Q104 1,828,504 517,839 39.51 652,666 47.25 13.3152
2020-11-16 2020-09-30 13F MASTERCARD CL A 57636Q104 1,310,665 146,002 12.54 443,228 28.70 14.3792
2020-08-13 2020-06-30 13F MASTERCARD CL A 57636Q104 1,164,663 286,836 32.68 344,391 62.41 13.2265
2020-05-15 2020-03-31 13F MASTERCARD CL A 57636Q104 877,827 179,917 25.78 212,048 1.76 12.2557
2020-02-13 2019-12-31 13F MASTERCARD CL A 57636Q104 697,910 81,345 13.19 208,389 24.46 12.2697
2019-11-14 2019-09-30 13F MASTERCARD CL A 57636Q104 616,565 90,286 17.16 167,441 20.27 12.3200
2019-08-14 2019-06-30 13F MASTERCARD CL A 57636Q104 526,279 98,957 23.16 139,217 38.37 11.9599
2019-05-15 2019-03-31 13F MASTERCARD CL A 57636Q104 427,322 84,280 24.57 100,613 55.47 11.9996
2019-02-13 2018-12-31 13F MASTERCARD CL A 57636Q104 343,042 85,708 33.31 64,715 12.97 12.6274
2018-11-13 2018-09-30 13F MASTERCARD CL A 57636Q104 257,334 50,066 24.16 57,285 40.64 13.2322
2018-08-14 2018-06-30 13F MASTERCARD CL A 57636Q104 207,268 32,613 18.67 40,732 33.14 12.1554
2018-05-14 2018-03-31 13F MASTERCARD CL A 57636Q104 174,655 11,604 7.12 30,593 23.96 11.4341
2018-02-20 2017-12-31 13F MASTERCARD CL A 57636Q104 163,051 163,051 24,679 10.3152
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.