Fortinet, Inc.
US ˙ NasdaqGS ˙ US34959E1091

SecurityFTNT / Fortinet, Inc.
InstitutionShell Asset Management Co
Latest Disclosed Ownership18,688 shares
Latest Disclosed Value $ 1,571
Shell Asset Management Co reports 71.86% decrease in ownership of FTNT / Fortinet, Inc.

On November 7, 2025 - Shell Asset Management Co filed a 13F-HR form disclosing ownership of 18,688 shares of Fortinet, Inc. (US:FTNT) valued at $1,571,287 USD as of September 30, 2025. The entity filed a previous 13F-HR on July 23, 2025 disclosing 66,413 shares of Fortinet, Inc.. This represents a change in shares of -71.86% during the quarter. The current value of the position is $2,737,418 USD.

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)
2025-11-07 2025-09-30 13F FORTINET COM 34959E109 18,688 -47,725 -71.86 2 -85.71 0.1578
2025-07-23 2025-06-30 13F FORTINET COM 34959E109 66,413 8,907 15.49 7 40.00 0.2424
2025-05-14 2025-03-31 13F FORTINET COM 34959E109 57,506 -1,970 -3.31 6 0.00 0.2628
2025-02-14 2024-12-31 13F FORTINET COM 34959E109 59,476 -1,281 -2.11 6 25.00 0.2455
2024-11-07 2024-09-30 13F FORTINET COM 34959E109 60,757 1,078 1.81 5 33.33 0.2074
2024-07-25 2024-03-31 13F FORTINET COM 34959E109 59,679 13,905 30.38 4 50.00 0.1638
2024-02-14 2023-12-31 13F FORTINET COM 34959E109 45,774 -11,892 -20.62 3 -33.33 0.1237
2023-11-08 2023-09-30 13F FORTINET COM 34959E109 57,666 12,883 28.77 3 0.00 0.1398
2023-07-28 2023-06-30 13F FORTINET COM 34959E109 44,783 24,967 125.99 3 200.00 0.1335
2023-05-15 2023-03-31 13F FORTINET COM 34959E109 19,816 -112 -0.56 1 0.0547
2023-02-07 2022-12-31 13F FORTINET COM 34959E109 19,928 -4,511 -18.46 1 -100.00 0.0427
2022-11-14 2022-09-30 13F FORTINET COM 34959E109 24,439 -6,216 -20.28 1,201 -30.74 0.0468
2022-08-09 2022-06-30 13F FORTINET COM 34959E109 30,655 27,014 741.94 1,734 39.39 0.0513
2022-05-04 2022-03-31 13F FORTINET COM 34959E109 3,641 197 5.72 1,244 0.48 0.0294
2022-02-09 2021-12-31 13F FORTINET COM 34959E109 3,444 3,444 1,238 0.0254
2021-11-04 2021-09-30 13F FORTINET COM 34959E109 0 -802 -100.00 0 -100.00
2021-08-12 2021-06-30 13F FORTINET COM 34959E109 802 7 0.88 191 29.93 0.0037
2021-05-10 2021-03-31 13F FORTINET COM 34959E109 795 -247 -23.70 147 -5.16 0.0029
2021-02-16 2020-12-31 13F FORTINET COM 34959E109 1,042 -2,151 -67.37 155 -58.78 0.0032
2020-11-13 2020-09-30 13F FORTINET COM 34959E109 3,193 -108 -3.27 376 -17.00 0.0087
2020-08-10 2020-06-30 13F FORTINET COM 34959E109 3,301 -9,522 -74.26 453 -65.07 0.0113
2020-05-11 2020-03-31 13F FORTINET COM 34959E109 12,823 -1,459 -10.22 1,297 -14.95 0.0361
2020-02-13 2019-12-31 13F FORTINET COM 34959E109 14,282 -10,791 -43.04 1,525 -20.78 0.0329
2019-11-12 2019-09-30 13F FORTINET COM 34959E109 25,073 -300 -1.18 1,925 -1.23 0.0440
2019-08-12 2019-06-30 13F FORTINET COM 34959E109 25,373 -6,936 -21.47 1,949 -28.16 0.0431
2019-05-09 2019-03-31 13F FORTINET COM 34959E109 32,309 0 0.00 2,713 19.20 0.0598
2019-02-13 2018-12-31 13F FORTINET COM 34959E109 32,309 -25,116 -43.74 2,276 -57.05 0.0567
2018-11-13 2018-09-30 13F FORTINET COM 34959E109 57,425 -1,700 -2.88 5,299 43.57 0.1046
2018-08-10 2018-06-30 13F FORTINET COM 34959E109 59,125 -249 -0.42 3,691 16.03 0.0757
2018-05-14 2018-03-31 13F FORTINET COM 34959E109 59,374 0 0.00 3,181 22.63 0.0633
2018-02-09 2017-12-31 13F FORTINET COM 34959E109 59,374 -201 -0.34 2,594 21.50 0.0515
2017-10-20 2017-09-30 13F/A-1 FORTINET COM 34959E109 59,575 52,070 693.80 2,135 659.79 0.0475
2017-10-20 2017-06-30 13F/A-1 FORTINET COM 34959E109 7,505 0 0.00 281 -2.43 0.0431
2017-10-20 2017-03-31 13F/A-1 FORTINET COM 34959E109 7,505 807 12.05 288 42.57 0.0454
2017-10-20 2016-12-31 13F/A-1 FORTINET COM 34959E109 6,698 0 0.00 202 -18.22 0.0356
2017-10-20 2016-09-30 13F/A-1 FORTINET COM 34959E109 6,698 6,698 247 0.0388
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.