International Business Machines Corporation
MX ˙ BMV ˙ US4592001014
SecurityMX:IBM / International Business Machines Corporation
InstitutionMeritage Portfolio Management
Latest Disclosed Ownership27,262 shares
Latest Disclosed Value $ 8,075,294
Meritage Portfolio Management reports 3.07% decrease in ownership of IBM / International Business Machines Corporation

On January 27, 2026 - Meritage Portfolio Management filed a 13F-HR form disclosing ownership of 27,262 shares of International Business Machines Corporation (MX:IBM) valued at $8,075,294 USD as of December 31, 2025. The entity filed a previous 13F-HR on October 28, 2025 disclosing 28,125 shares of International Business Machines Corporation. This represents a change in shares of -3.07% 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 INTL BUSINESS MACHINES COMMON 459200101 27,262 -863 -3.07 8,075 1.76 0.5359
2025-10-28 2025-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 28,125 -3,187 -10.18 7,936 -14.03 0.5285
2025-07-25 2025-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 31,312 -410 -1.29 9,230 17.03 0.5842
2025-04-28 2025-03-31 13F INTL BUSINESS MACHINES COMMON 459200101 31,722 -554 -1.72 7,888 11.16 0.5231
2025-01-27 2024-12-31 13F INTL BUSINESS MACHINES COMMON 459200101 32,276 -4,940 -13.27 7,095 88,587.50 0.4403
2024-11-04 2024-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 37,216 -801 -2.11 8 33.33 0.5040
2024-08-09 2024-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 38,017 -660 -1.71 7 -14.29 0.4151
2024-04-29 2024-03-31 13F INTL BUSINESS MACHINES COMMON 459200101 38,677 -1,959 -4.82 7 16.67 0.4702
2024-02-02 2023-12-31 13F INTL BUSINESS MACHINES COMMON 459200101 40,636 -246 -0.60 7 20.00 0.4382
2023-10-30 2023-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 40,882 -711 -1.71 6 0.00 0.4236
2023-07-31 2023-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 41,593 34,544 490.06 6 0.3940
2023-04-25 2023-03-31 13F INTL BUSINESS MACHINES COMMON 459200101 7,049 121 1.75 1 0.0692
2023-02-01 2022-12-31 13F INTL BUSINESS MACHINES COMMON 459200101 6,928 212 3.16 1 -100.00 0.0764
2022-10-25 2022-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 6,716 75 1.13 798 -14.93 0.0661
2022-07-25 2022-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 6,641 112 1.72 938 10.48 0.0728
2022-04-25 2022-03-31 13F INTL BUSINESS MACHINES COMMON 459200101 6,529 5 0.08 849 -2.64 0.0526
2022-01-28 2021-12-31 13F INTL BUSINESS MACHINES COMMON 459200101 6,524 -306 -4.48 872 -8.11 0.0494
2021-10-26 2021-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 6,830 -72 -1.04 949 -6.23 0.0569
2021-07-26 2021-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 6,902 -94 -1.34 1,012 8.58 0.0610
2021-04-27 2021-03-31 13F INTL BUSINESS MACHINES COMMON 459200101 6,996 371 5.60 932 11.75 0.0621
2021-02-03 2020-12-31 13F INTL BUSINESS MACHINES COMMON 459200101 6,625 252 3.95 834 7.61 0.0613
2020-10-26 2020-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 6,373 -21,460 -77.10 775 -76.94 0.0693
2020-07-27 2020-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 27,833 -2,996 -9.72 3,361 -1.73 0.3231
2020-04-27 2020-03-31 13F INTL BUSINESS MACHINES COMMON 459200101 30,829 -326 -1.05 3,420 -18.10 0.4643
2020-01-27 2019-12-31 13F INTL BUSINESS MACHINES COMMON 459200101 31,155 516 1.68 4,176 -6.26 0.3673
2019-10-25 2019-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 30,639 492 1.63 4,455 7.17 0.4227
2019-07-30 2019-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 30,147 5 0.02 4,157 -2.26 0.4233
2019-04-25 2019-03-31 13F INTL BUSINESS MACHINES COMMON 459200101 30,142 -48 -0.16 4,253 23.92 0.4310
2019-01-25 2018-12-31 13F INTL BUSINESS MACHINES COMMON 459200101 30,190 -17,665 -36.91 3,432 -52.57 0.3916
2018-10-30 2018-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 47,855 -623 -1.29 7,236 6.85 0.6628
2018-07-25 2018-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 48,478 -3,643 -6.99 6,772 -15.32 0.6594
2018-04-26 2018-03-31 13F INTL BUSINESS MACHINES COMMON 459200101 52,121 11,538 28.43 7,997 28.45 0.7722
2018-01-29 2017-12-31 13F INTL BUSINESS MACHINES COMMON 459200101 40,583 -1,083 -2.60 6,226 2.99 0.5964
2017-10-16 2017-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 41,666 8,216 24.56 6,045 17.47 0.5929
2017-07-25 2017-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 33,450 -423 -1.25 5,146 -12.76 0.5291
2017-04-25 2017-03-31 13F INTL BUSINESS MACHINES COMMON 459200101 33,873 -1,569 -4.43 5,899 0.27 0.6187
2017-01-24 2016-12-31 13F INTL BUSINESS MACHINES COMMON 459200101 35,442 -938 -2.58 5,883 1.80 0.6424
2016-11-08 2016-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 36,380 190 0.53 5,779 5.21 0.6340
2016-07-20 2016-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 36,190 -1,330 -3.54 5,493 -3.33 0.6175
2016-04-21 2016-03-31 13F INTL BUSINESS MACHINES COMMON 459200101 37,520 1,555 4.32 5,682 14.81 0.6426
2016-02-03 2015-12-31 13F INTL BUSINESS MACHINES COMMON 459200101 35,965 12,738 54.84 4,949 46.99 0.5569
2015-10-21 2015-09-30 13F INTL BUSINESS MACHINES COMMON 459200101 23,227 17,045 275.72 3,367 235.02 0.3903
2015-07-22 2015-06-30 13F INTL BUSINESS MACHINES COMMON 459200101 6,182 100 1.64 1,005 2.87 0.1054
2015-04-28 2015-03-31 13F INTL BUS MACH COMMON 459200101 6,082 6,082 0.00 977 0.0981
2015-01-29 2014-12-31 13F INTL BUS MACH COMMON 459200101 0 -31,284 -100.00 0 -100.00
2014-10-28 2014-09-30 13F INTL BUS MACH COMMON 459200101 31,284 -345 -1.09 5,938 3.58 0.6762
2014-07-28 2014-06-30 13F INTL BUS MACH COMMON 459200101 31,629 411 1.32 5,733 -4.59 0.6243
2014-04-29 2014-03-31 13F INTL BUS MACH COMMON 459200101 31,218 377 1.22 6,009 3.87 0.7206
2014-01-31 2013-12-31 13F INTL BUS MACH COMMON 459200101 30,841 -17,060 -35.62 5,785 -34.78 0.7163
2013-10-31 2013-09-30 13F INTL BUS MACH COMMON 459200101 47,901 1,030 2.20 8,870 -0.98 1.1488
2013-07-31 2013-06-30 13F INTL BUS MACH COMMON 459200101 46,871 46,871 8,958 1.2837
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.