Ashford Capital Management Inc reports 51.70% decrease in ownership of MRK / Merck & Co., Inc.

Merck & Co., Inc.

MX ˙ BMV ˙ US58933Y1055

Security	MX:MRK / Merck & Co., Inc.
Institution	Ashford Capital Management Inc
Latest Disclosed Ownership	13,034 shares
Latest Disclosed Value	$ 1,567,860

On May 15, 2026 - Ashford Capital Management Inc filed a 13F-HR form disclosing ownership of 13,034 shares of Merck & Co., Inc. (MX:MRK) valued at $1,567,860 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 26,983 shares of Merck & Co., Inc.. This represents a change in shares of -51.70% 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	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-15	2026-03-31	13F	MERCK	COM	58933Y105	13,034	-13,949	-51.70	1,568	-44.82	0.1938
2026-02-13	2025-12-31	13F	MERCK	COM	58933Y105	26,983	300	1.12	2,840	26.84	0.3164
2025-11-14	2025-09-30	13F	MERCK	COM	58933Y105	26,683	8,321	45.32	2,240	54.09	0.2495
2025-08-18	2025-06-30	13F	MERCK	COM	58933Y105	18,362	-2,705	-12.84	1,454	-23.12	0.1708
2025-05-15	2025-03-31	13F	MERCK	COM	58933Y105	21,067	3,722	21.46	1,891	9.57	0.2438
2025-02-18	2024-12-31	13F	MERCK	COM	58933Y105	17,345	-27,364	-61.20	1,725	-66.02	0.2036
2024-11-18	2024-09-30	13F	MERCK	COM	58933Y105	44,709	-11,809	-20.89	5,077	-27.43	0.6337
2024-08-15	2024-06-30	13F	MERCK	COM	58933Y105	56,518	3,303	6.21	6,997	-0.36	0.9448
2024-05-15	2024-03-31	13F	MERCK	COM	58933Y105	53,215	4,950	10.26	7,022	33.45	0.9498
2024-02-15	2023-12-31	13F	MERCK	COM	58933Y105	48,265	-9,100	-15.86	5,262	-10.91	0.7049
2023-11-15	2023-09-30	13F	MERCK	COM	58933Y105	57,365	-810	-1.39	5,906	-12.02	0.8694
2023-08-14	2023-06-30	13F	MERCK	COM	58933Y105	58,175	-328	-0.56	6,713	7.84	0.9382
2023-05-15	2023-03-31	13F	MERCK	COM	58933Y105	58,503	12,984	28.52	6,224	23.25	0.9318
2023-02-15	2022-12-31	13F	MERCK	COM	58933Y105	45,519	86	0.19	5,050	29.06	0.7831
2022-11-16	2022-09-30	13F	MERCK	COM	58933Y105	45,433	-18,624	-29.07	3,913	-33.00	0.5968
2022-08-15	2022-06-30	13F	MERCK	COM	58933Y105	64,057	474	0.75	5,840	11.94	0.8299
2022-05-16	2022-03-31	13F	MERCK	COM	58933Y105	63,583	9,883	18.40	5,217	26.75	0.5619
2022-02-15	2021-12-31	13F	MERCK	COM	58933Y105	53,700	48,900	1,018.75	4,116	1,040.17	0.4104
2021-11-15	2021-09-30	13F	MERCK	COM	58933Y105	4,800	0	0.00	361	-3.22	0.0328
2021-08-26	2021-06-30	13F	MERCK	COM	58933Y105	4,800	0	0.00	373	0.81	0.0336
2021-05-14	2021-03-31	13F	MERCK	COM	58933Y105	4,800	0	0.00	370	-5.85	0.0346
2021-02-16	2020-12-31	13F	MERCK	COM	58933Y105	4,800	300	6.67	393	5.36	0.0380
2020-11-16	2020-09-30	13F	MERCK	COM	58933Y105	4,500	-200	-4.26	373	2.75	0.0443
2020-08-17	2020-06-30	13F	MERCK	COM	58933Y105	4,700	-600	-11.32	363	-11.03	0.0470
2020-05-15	2020-03-31	13F	MERCK	COM	58933Y105	5,300	0	0.00	408	-15.35	0.0720
2020-02-14	2019-12-31	13F	MERCK	COM	58933Y105	5,300	0	0.00	482	8.07	0.0644
2019-11-15	2019-09-30	13F	MERCK	COM	58933Y105	5,300	0	0.00	446	0.45	0.0645
2019-08-15	2019-06-30	13F	MERCK	COM	58933Y105	5,300	0	0.00	444	0.68	0.0595
2019-05-15	2019-03-31	13F	MERCK	COM	58933Y105	5,300	0	0.00	441	8.89	0.0644
2019-02-15	2018-12-31	13F	MERCK	COM	58933Y105	5,300	0	0.00	405	7.71	0.0663
2018-11-15	2018-09-30	13F	MERCK	COM	58933Y105	5,300	-200	-3.64	376	12.57	0.0454
2018-08-15	2018-06-30	13F	MERCK	COM	58933Y105	5,500	1,700	44.74	334	61.35	0.0440
2018-05-15	2018-03-31	13F	MERCK	COM	58933Y105	3,800	0	0.00	207	-3.27	0.0311
2018-02-15	2017-12-31	13F	MERCK	COM	58933Y105	3,800	-1,100	-22.45	214	-31.85	0.0333
2017-11-15	2017-09-30	13F	MERCK	COM	58933Y105	4,900	0	0.00	314	0.00	0.0505
2017-08-21	2017-06-30	13F	MERCK	COM	58933Y105	4,900	-500	-9.26	314	-8.45	0.0548
2017-05-17	2017-03-31	13F	MERCK	COM	58933Y105	5,400	0	0.00	343	7.86	0.0659
2017-02-15	2016-12-31	13F	MERCK	COM	58933Y105	5,400	200	3.85	318	-2.15	0.0640
2016-11-15	2016-09-30	13F	MERCK	COM	58933Y105	5,200	0	0.00	325	8.33	0.0669
2016-11-17	2016-06-30	13F/A-1	MERCK	COM	58933Y105	5,200	5,200		300		0.0671
2016-08-15	2016-06-30	13F	MERCK	COM	58933Y105	5,200			300

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.