Mastercard Incorporated
US ˙ NYSE ˙ US57636Q1040

SecurityMA / Mastercard Incorporated
InstitutionBell Bank
Latest Disclosed Ownership5,428 shares
Latest Disclosed Value $ 2,712,154
Bell Bank reports 15.81% decrease in ownership of MA / Mastercard Incorporated

On April 23, 2026 - Bell Bank filed a 13F-HR form disclosing ownership of 5,428 shares of Mastercard Incorporated (US:MA) valued at $2,712,154 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 14, 2026 disclosing 6,447 shares of Mastercard Incorporated. This represents a change in shares of -15.81% during the quarter. The current value of the position is $2,665,582 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)
2026-04-23 2026-03-31 13F MASTERCARD CL A 57636Q104 5,428 -1,019 -15.81 2,712 -26.30 0.1150
2026-01-14 2025-12-31 13F MASTERCARD CL A 57636Q104 6,447 67 1.05 3,680 1.41 0.1573
2025-10-21 2025-09-30 13F MASTERCARD CL A 57636Q104 6,380 129 2.06 3,629 3.33 0.1572
2025-07-11 2025-06-30 13F MASTERCARD CL A 57636Q104 6,251 168 2.76 3,513 5.34 0.1638
2025-04-18 2025-03-31 13F MASTERCARD CL A 57636Q104 6,083 403 7.10 3,334 11.51 0.1800
2025-02-03 2024-12-31 13F MASTERCARD CL A 57636Q104 5,680 -16 -0.28 2,991 6.33 0.2225
2024-11-06 2024-09-30 13F MASTERCARD CL A 57636Q104 5,696 1,116 24.37 2,813 39.21 0.3328
2024-07-31 2024-06-30 13F MASTERCARD CL A 57636Q104 4,580 616 15.54 2,021 5.87 0.1699
2024-04-23 2024-03-31 13F MASTERCARD CL A 57636Q104 3,964 522 15.17 1,909 29.97 0.1642
2024-01-23 2023-12-31 13F MASTERCARD CL A 57636Q104 3,442 370 12.04 1,468 20.72 0.1415
2023-10-30 2023-09-30 13F MASTERCARD CL A 57636Q104 3,072 285 10.23 1,216 10.95 0.1331
2023-07-27 2023-06-30 13F MASTERCARD CL A 57636Q104 2,787 879 46.07 1,096 58.15 0.1162
2023-04-19 2023-03-31 13F MASTERCARD CL A 57636Q104 1,908 38 2.03 693 6.62 0.0734
2023-01-31 2022-12-31 13F MASTERCARD CL A 57636Q104 1,870 -99 -5.03 650 16.07 0.0756
2022-10-11 2022-09-30 13F MASTERCARD CL A 57636Q104 1,969 -159 -7.47 560 -16.54 0.0716
2022-07-15 2022-06-30 13F MASTERCARD CL A 57636Q104 2,128 395 22.79 671 8.40 0.0803
2022-04-25 2022-03-31 13F MASTERCARD CL A 57636Q104 1,733 -26 -1.48 619 -2.06 0.0691
2022-02-01 2021-12-31 13F MASTERCARD CL A 57636Q104 1,759 0 0.00 632 3.27 0.0721
2021-10-22 2021-09-30 13F MASTERCARD CL A 57636Q104 1,759 -35 -1.95 612 -6.56 0.0763
2021-07-30 2021-06-30 13F MASTERCARD CL A 57636Q104 1,794 -25 -1.37 655 1.08 0.0865
2021-05-07 2021-03-31 13F MASTERCARD CL A 57636Q104 1,819 -25 -1.36 648 -1.52 0.0933
2021-02-05 2020-12-31 13F MASTERCARD CL A 57636Q104 1,844 -71 -3.71 658 1.54 0.1015
2020-11-05 2020-09-30 13F MASTERCARD CL A 57636Q104 1,915 0 0.00 648 14.49 0.1138
2020-08-13 2020-06-30 13F MASTERCARD CL A 57636Q104 1,915 0 0.00 566 22.25 0.1051
2020-05-11 2020-03-31 13F MASTERCARD CL A 57636Q104 1,915 -65 -3.28 463 -21.66 0.1006
2020-02-13 2019-12-31 13F MASTERCARD CL A 57636Q104 1,980 -300 -13.16 591 -4.52 0.1069
2019-11-14 2019-09-30 13F MASTERCARD CL A 57636Q104 2,280 53 2.38 619 5.09 0.1174
2019-08-14 2019-06-30 13F MASTERCARD CL A 57636Q104 2,227 0 0.00 589 12.40 0.1324
2019-05-14 2019-03-31 13F MASTERCARD CL A 57636Q104 2,227 -152 -6.39 524 16.70 0.1404
2019-02-14 2018-12-31 13F MASTERCARD CL A 57636Q104 2,379 139 6.21 449 -10.02 0.1374
2018-11-14 2018-09-30 13F MASTERCARD CL A 57636Q104 2,240 0 0.00 499 13.41 0.1534
2018-08-14 2018-06-30 13F MASTERCARD CL A 57636Q104 2,240 113 5.31 440 17.96 0.1360
2018-05-14 2018-03-31 13F MASTERCARD CL A 57636Q104 2,127 -1 -0.05 373 15.84 0.1188
2018-02-14 2017-12-31 13F MASTERCARD CL A 57636Q104 2,128 -103 -4.62 322 2.22 0.0905
2017-11-13 2017-09-30 13F MASTERCARD CL A 57636Q104 2,231 -225 -9.16 315 5.70 0.0917
2017-08-14 2017-06-30 13F MASTERCARD CL A 57636Q104 2,456 0 0.00 298 7.97 0.1057
2017-05-05 2017-03-31 13F MASTERCARD CL A 57636Q104 2,456 -215 -8.05 276 0.00 0.1026
2017-02-14 2016-12-31 13F MASTERCARD CL A 57636Q104 2,671 4 0.15 276 1.85 0.1078
2016-11-15 2016-09-30 13F MASTERCARD CL A 57636Q104 2,667 -140 -4.99 271 9.72 0.1707
2016-08-10 2016-06-30 13F MASTERCARD CL A 57636Q104 2,807 -154 -5.20 247 -11.79 0.1420
2016-05-12 2016-03-31 13F MASTERCARD CL A 57636Q104 2,961 -1,524 -33.98 280 -35.93 0.1823
2016-02-04 2015-12-31 13F MASTERCARD CL A 57636Q104 4,485 -11 -0.24 437 7.90 0.3135
2015-11-12 2015-09-30 13F MASTERCARD CL A 57636Q104 4,496 25 0.56 405 -3.11 0.3214
2015-08-04 2015-06-30 13F MASTERCARD CL A 57636Q104 4,471 -334 -6.95 418 0.72 0.3096
2015-05-01 2015-03-31 13F MASTERCARD CL A 57636Q104 4,805 -121 -2.46 415 -2.12 0.2914
2015-02-10 2014-12-31 13F MASTERCARD CL A 57636Q104 4,926 -10 -0.20 424 16.16 0.2916
2014-10-24 2014-09-30 13F MASTERCARD CL A 57636Q104 4,936 -403 -7.55 365 -6.89 0.2616
2014-07-29 2014-06-30 13F MASTERCARD CL A 57636Q104 5,339 -1,713 -24.29 392 -25.62 0.2755
2014-05-12 2014-03-31 13F MASTERCARD CL A 57636Q104 7,052 6,065 614.49 527 -36.12 0.3515
2014-02-12 2013-12-31 13F MASTERCARD CL A 57636Q104 987 -1,555 -61.17 825 -51.75 0.4279
2013-10-24 2013-09-30 13F MASTERCARD CL A 57636Q104 2,542 -222 -8.03 1,710 7.68 0.5976
2013-08-06 2013-06-30 13F MASTERCARD CL A 57636Q104 2,764 2,764 1,588 0.5566
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.