Fortinet, Inc.
MX ˙ BMV ˙ US34959E1091
SecurityMX:FTNT / Fortinet, Inc.
InstitutionMeritage Portfolio Management
Latest Disclosed Ownership94,455 shares
Latest Disclosed Value $ 7,500,672
Meritage Portfolio Management reports 31.93% decrease in ownership of FTNT / Fortinet, Inc.

On January 27, 2026 - Meritage Portfolio Management filed a 13F-HR form disclosing ownership of 94,455 shares of Fortinet, Inc. (MX:FTNT) valued at $7,500,672 USD as of December 31, 2025. The entity filed a previous 13F-HR on October 28, 2025 disclosing 138,758 shares of Fortinet, Inc.. This represents a change in shares of -31.93% 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)
2026-01-27 2025-12-31 13F FORTINET COMMON 34959E109 94,455 -44,303 -31.93 7,501 -35.71 0.4978
2025-10-28 2025-09-30 13F FORTINET COMMON 34959E109 138,758 -109,678 -44.15 11,667 -55.58 0.7770
2025-07-25 2025-06-30 13F FORTINET COMMON 34959E109 248,436 -89,442 -26.47 26,265 -19.25 1.6625
2025-04-28 2025-03-31 13F FORTINET COMMON 34959E109 337,878 -8,438 -2.44 32,524 -0.60 2.1567
2025-01-27 2024-12-31 13F FORTINET COMMON 34959E109 346,316 -8,882 -2.50 32,720 121,081.48 2.0304
2024-11-04 2024-09-30 13F FORTINET COMMON 34959E109 355,198 -3,841 -1.07 28 28.57 1.6873
2024-08-09 2024-06-30 13F FORTINET COMMON 34959E109 359,039 -5,945 -1.63 22 -12.50 1.3660
2024-04-29 2024-03-31 13F FORTINET COMMON 34959E109 364,984 -18,564 -4.84 25 9.09 1.5873
2024-02-02 2023-12-31 13F FORTINET COMMON 34959E109 383,548 23,946 6.66 22 4.76 1.4802
2023-10-30 2023-09-30 13F FORTINET COMMON 34959E109 359,602 -4,600 -1.26 21 -22.22 1.5582
2023-07-31 2023-06-30 13F FORTINET COMMON 34959E109 364,202 -15,416 -4.06 28 8.00 1.9490
2023-04-25 2023-03-31 13F FORTINET COMMON 34959E109 379,618 -11,610 -2.97 25 31.58 1.8887
2023-02-01 2022-12-31 13F FORTINET COMMON 34959E109 391,228 -18,178 -4.44 19 -99.91 1.4966
2022-10-25 2022-09-30 13F FORTINET COMMON 34959E109 409,406 -4,983 -1.20 20,114 -14.21 1.6661
2022-07-25 2022-06-30 13F FORTINET COMMON 34959E109 414,389 327,379 376.25 23,446 -21.15 1.8191
2022-04-25 2022-03-31 13F FORTINET COMMON 34959E109 87,010 -37,765 -30.27 29,735 -33.69 1.8405
2022-01-28 2021-12-31 13F FORTINET COMMON 34959E109 124,775 -1,404 -1.11 44,844 21.70 2.5430
2021-10-26 2021-09-30 13F FORTINET COMMON 34959E109 126,179 993 0.79 36,849 23.58 2.2112
2021-07-26 2021-06-30 13F FORTINET COMMON 34959E109 125,186 -1,788 -1.41 29,818 27.33 1.7972
2021-04-27 2021-03-31 13F FORTINET COMMON 34959E109 126,974 -4,937 -3.74 23,417 19.52 1.5603
2021-02-03 2020-12-31 13F FORTINET COMMON 34959E109 131,911 670 0.51 19,593 26.72 1.4392
2020-10-26 2020-09-30 13F FORTINET COMMON 34959E109 131,241 -361 -0.27 15,462 -14.41 1.3821
2020-07-27 2020-06-30 13F FORTINET COMMON 34959E109 131,602 68,813 109.59 18,065 184.40 1.7364
2020-04-27 2020-03-31 13F FORTINET COMMON 34959E109 62,789 -2,881 -4.39 6,352 -9.40 0.8623
2020-01-27 2019-12-31 13F FORTINET COMMON 34959E109 65,670 -45 -0.07 7,011 39.00 0.6166
2019-10-25 2019-09-30 13F FORTINET COMMON 34959E109 65,715 2,470 3.91 5,044 3.81 0.4786
2019-07-30 2019-06-30 13F FORTINET COMMON 34959E109 63,245 916 1.47 4,859 -7.16 0.4948
2019-04-25 2019-03-31 13F FORTINET COMMON 34959E109 62,329 -124,501 -66.64 5,234 -60.22 0.5304
2019-01-25 2018-12-31 13F FORTINET COMMON 34959E109 186,830 58,269 45.32 13,158 10.93 1.5013
2018-10-30 2018-09-30 13F FORTINET COMMON 34959E109 128,561 -795 -0.61 11,862 46.88 1.0866
2018-07-25 2018-06-30 13F FORTINET COMMON 34959E109 129,356 129,356 8,076 0.7863
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.