Ashland Inc.
US ˙ NYSE ˙ US0441861046

SecurityASH / Ashland Inc.
Institution40 North Management LLC
Latest Disclosed Ownership4,095,001 shares
Ownership 8.94%
40 North Management LLC ownership in ASH / Ashland Inc.

2026-05-18 - 40 North Management LLC has filed an SCHEDULE 13D/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 4,095,001 shares of Ashland Inc. (US:ASH). This represents 8.943 percent ownership of the company. In their previous filing dated 2026-05-12 , 40 North Management LLC had reported owning 3,605,001 shares, indicating an increase of 13.59 percent.

Institutional Ownership: 13D/G Filings

This table shows a history of the 13D/G filings made by the investor and/or investor group. Note that the share values in this table are not directly comparable to any numbers shown in the 13F table (if any).

File
Date		Effective
Date		Form Prev
Shares		 Latest
Shares		 ΔShares
(Percent)		 Ownership
(Percent)		 ΔOwnership
(Percent)
2026-05-18 2026-05-18 13D/A 3,605,001 4,095,001 13.59 8.94 13.59
2026-05-12 2026-05-12 13D/A 3,115,001 3,605,001 15.73 7.87 15.73
2026-05-06 2026-05-06 13D/A 2,625,000 3,115,001 18.67 6.80 19.35
2025-12-01 2025-12-01 13D 2,625,000 5.70

Important Note: One of the primary uses of the 13D/G filings is to evaluate the ability of a firm to control a company (ie, the "beneficial ownership"). To that end, firms are required to report not just direct holdings in companies, but indirect holdings that they control. For investment firms, these indirect holdings can include shares in funds they manage, advisory accounts, and in the case of activist campaigns, pledged votes. Therefore, share counts listed in 13D/G filings can differ significantly than share counts listed in 13F filings.

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)
2026-05-15 2026-03-31 13F ASHLAND COM 044186104 2,625,000 0 0.00 145,976 -5.22 7.9840
2026-02-17 2025-12-31 13F ASHLAND COM 044186104 2,625,000 385,000 17.19 154,009 43.51 7.6900
2025-12-02 2025-09-30 13F/A-1 ASHLAND COM 044186104 2,240,000 2,240,000 107,318 100.0000
2024-05-15 2024-03-31 13F ASHLAND COM 044186104 0 -489,487 -100.00 0 -100.00
2024-02-14 2023-12-31 13F ASHLAND COM 044186104 489,487 -104,700 -17.62 41,269 -14.97 2.5431
2023-11-14 2023-09-30 13F ASHLAND COM 044186104 594,187 473,831 393.69 48,533 363.99 2.9518
2023-08-14 2023-06-30 13F ASHLAND COM 044186104 120,356 120,356 10,460 0.5358
2018-02-14 2017-12-31 13F ASHLAND GLOBAL HLDGS COM 044186104 0 -325,573 -100.00 0 -100.00
2017-11-14 2017-09-30 13F ASHLAND GLOBAL HLDGS COM 044186104 325,573 -125,844 -27.88 21,289 -28.45 4.4871
2017-08-14 2017-06-30 13F ASHLAND GLOBAL HLDGS COM 044186104 451,417 0 0.00 29,753 -46.77 4.2647
2017-05-15 2017-03-31 13F ASHLAND GLOBAL HLDGS COM 044186104 451,417 0 0.00 55,890 13.29 7.6729
2017-02-14 2016-12-31 13F ASHLAND GLOBAL HLDGS COM 044186104 451,417 167,697 59.11 49,335 49.97 9.0213
2016-11-14 2016-09-30 13F ASHLAND GLOBAL HLDGS COM 044186104 283,720 231,179 440.00 32,897 545.17 6.0021
2014-02-14 2013-12-31 13F ASHLAND INC COM 044209104 52,541 29,201 125.11 5,099 136.28 0.3759
2013-11-14 2013-09-30 13F ASHLAND INC COM 044209104 23,340 -506,537 -95.60 2,158 -95.12 0.4115
2013-08-14 2013-06-30 13F ASHLAND INC COM 044209104 529,877 529,877 44,245 5.8239
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.