National Pension Service reports 76.90% decrease in ownership of SBAC / SBA Communications Corporation

SBA Communications Corporation

MX ˙ BMV ˙ US78410G1040

Security	MX:SBAC / SBA Communications Corporation
Institution	National Pension Service
Latest Disclosed Ownership	7,708 shares
Latest Disclosed Value	$ 1,326,624

On May 12, 2026 - National Pension Service filed a 13F-HR form disclosing ownership of 7,708 shares of SBA Communications Corporation (MX:SBAC) valued at $1,326,624 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 10, 2026 disclosing 33,366 shares of SBA Communications Corporation. This represents a change in shares of -76.90% 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 (%)
2026-05-12	2026-03-31	13F	SBA COMMUNICATIONS	CL A	78410G104	7,708	-25,658	-76.90	1,327	-79.45	0.0010
2026-02-10	2025-12-31	13F	SBA COMMUNICATIONS CORP	SBA COMMUNICATIONS CORP NEW	78410G104	33,366	-154,288	-82.22	6,454	-82.21	0.0048
2025-11-04	2025-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	187,654	6,672	3.69	36,283	-14.63	0.0282
2025-08-08	2025-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	180,982	1,142	0.64	42,502	7.42	0.0367
2025-05-13	2025-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	179,840	22,462	14.27	39,567	23.36	0.0380
2025-02-05	2024-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	157,378	-21,588	-12.06	32,074	-25.54	0.0304
2024-10-30	2024-09-30	13F	SBACOMMUNICATIONSCORPNEW	CLA	78410G104	178,966	20,307	12.80	43,077	38.32	0.0415
2024-08-13	2024-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	158,659	13,018	8.94	31,145	-1.32	0.0358
2024-05-14	2024-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	145,641	3,781	2.67	31,560	-12.30	0.0379
2024-02-07	2023-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	141,860	0	0.00	35,988	26.78	0.0501
2023-11-15	2023-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	141,860	4,202	3.05	28,386	-10.22	0.0454
2023-08-16	2023-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	137,658	-125,066	-47.60	31,617	-53.21	0.0510
2023-05-12	2023-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	262,724	63,471	31.85	67,573	20.98	0.1230
2023-02-24	2022-12-31	13F/A-1	SBA COMMUNICATIONS CORP	CL A	78410G104	199,253	12,411	6.64	55,853	5.90	0.1099
2023-02-21	2022-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	199,253	12,411		56		0.1099
2023-02-24	2022-09-30	13F/A-1	SBA COMMUNICATIONS CORP	CL A	78410G104	186,842	4,389	2.41	52,740	-9.68	0.1100
2022-11-18	2022-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	186,842	4,389		52,740		0.1100
2022-08-17	2022-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	182,453	17,752	10.78	58,394	3.03	0.1204
2022-05-13	2022-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	164,701	-11,799	-6.68	56,674	-17.46	0.1035
2022-02-15	2021-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	176,500	-11,589	-6.16	68,662	10.43	0.1198
2021-11-18	2021-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	188,089	6,418	3.53	62,177	7.39	0.1184
2021-08-17	2021-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	181,671	1,576	0.88	57,899	15.83	0.1100
2021-05-14	2021-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	180,095	14,995	9.08	49,985	7.31	0.1046
2021-02-19	2020-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	165,100	10,568	6.84	46,580	-2.92	0.1062
2020-11-13	2020-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	154,532	0	0.00	47,979	4.22	0.1260
2020-08-11	2020-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	154,532	-160	-0.10	46,038	10.24	0.1315
2020-05-27	2020-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	154,692	2,538	1.67	41,762	13.89	0.1413
2020-02-21	2019-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	152,154	-13,031	-7.89	36,668	-7.95	0.1006
2019-11-15	2019-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	165,185	7,778	4.94	39,834	12.55	0.1261
2019-08-14	2019-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	157,407	24,748	18.66	35,391	33.62	0.1183
2019-05-15	2019-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	132,659	5,471	4.30	26,487	13.06	0.1019
2019-02-15	2018-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	127,188	5,702	4.69	23,427	20.05	0.0966
2018-11-15	2018-09-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	121,486	-18,716	-13.35	19,514	-15.61	0.0794
2018-08-14	2018-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	140,202	1,957	1.42	23,124	-2.14	0.1046
2018-04-13	2018-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	138,245	12,394	9.85	23,629	14.93	0.1171
2018-01-17	2017-12-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	125,851	-1,225	-0.96	20,559	12.54	0.1026
2017-10-16	2017-09-30	13F	SBA COMMUNICATIONS	CL A	78410G104	127,076	4,880	3.99	18,268	11.13	0.1005
2017-07-13	2017-06-30	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	122,196	10,860	9.75	16,438	24.15	0.0979
2017-04-11	2017-03-31	13F	SBA COMMUNICATIONS CORP	CL A	78410G104	111,336	-117	-0.10	13,240	15.04	0.0886
2017-01-18	2016-12-31	13F	SBA COMMUNICATIONS	COM	78388J106	111,453	7,226	6.93	11,509	-1.55	0.0787
2016-10-14	2016-09-30	13F	SBA COMMUNICATIONS	COM	78388J106	104,227	8,882	9.32	11,690	13.58	0.0937
2016-08-11	2016-06-30	13F	SBA COMMUNICATIONS	COM	78388J106	95,345	12,298	14.81	10,292	23.72	0.0914
2016-05-16	2016-03-31	13F	SBA COMMUNICATIONS	COM	78388J106	83,047	3,529	4.44	8,319	-0.43	0.0833
2016-02-12	2015-12-31	13F	SBA COMMUNICATIONS	COM	78388J106	79,518	5,274	7.10	8,355	7.45	0.0877
2015-10-15	2015-09-30	13F	SBA COMMUNICATIONS	COM	78388J106	74,244	9,496	14.67	7,776	4.46	0.0983
2015-07-15	2015-06-30	13F	SBA COMMUNICATIONS	COM	78388J106	64,748	10,028	18.33	7,444	16.17	0.0966
2015-04-15	2015-03-31	13F	SBA COMMUNICATIONS	COM	78388J106	54,720	8,052	17.25	6,408	23.97	0.0926
2015-01-13	2014-12-31	13F	SBA COMMUNICATIONS	COM	78388J106	46,668	-7,814	-14.34	5,169	-14.45	0.0872
2014-11-07	2014-09-30	13F	SBA COMMUNICATIONS	COM	78388J106	54,482	54,482		6,042		0.0959

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.