Mastercard Incorporated
US ˙ NYSE ˙ US57636Q1040

SecurityMA / Mastercard Incorporated
InstitutionEmpirical Financial Services, LLC d.b.a. Empirical Wealth Management
Latest Disclosed Ownership9,603 shares
Latest Disclosed Value $ 4,798,287
Empirical Financial Services, LLC d.b.a. Empirical Wealth Management reports 6.02% increase in ownership of MA / Mastercard Incorporated

On May 4, 2026 - Empirical Financial Services, LLC d.b.a. Empirical Wealth Management filed a 13F-HR form disclosing ownership of 9,603 shares of Mastercard Incorporated (US:MA) valued at $4,798,235 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 16, 2026 disclosing 9,058 shares of Mastercard Incorporated. This represents a change in shares of 6.02% during the quarter. The current value of the position is $4,715,841 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)
2026-05-04 2026-03-31 13F MASTERCARD CL A 57636Q104 9,603 545 6.02 4,798 -7.21 0.0572
2026-01-16 2025-12-31 13F MASTERCARD CL A 57636Q104 9,058 1,275 16.38 5,171 16.83 0.0921
2025-11-10 2025-09-30 13F MASTERCARD CL A 57636Q104 7,783 1,260 19.32 4,427 20.76 0.0886
2025-07-21 2025-06-30 13F MASTERCARD CL A 57636Q104 6,523 1,121 20.75 3,665 23.78 0.0827
2025-05-08 2025-03-31 13F MASTERCARD CL A 57636Q104 5,402 470 9.53 2,961 14.02 0.0762
2025-01-22 2024-12-31 13F MASTERCARD CL A 57636Q104 4,932 878 21.66 2,597 29.72 0.0705
2024-11-01 2024-09-30 13F MASTERCARD CL A 57636Q104 4,054 550 15.70 2,002 29.58 0.0562
2024-08-09 2024-06-30 13F MASTERCARD CL A 57636Q104 3,504 1,114 46.61 1,546 34.23 0.0458
2024-05-07 2024-03-31 13F MASTERCARD CL A 57636Q104 2,390 71 3.06 1,151 16.38 0.0347
2024-02-06 2023-12-31 13F MASTERCARD CL A 57636Q104 2,319 378 19.47 989 28.78 0.0329
2023-11-03 2023-09-30 13F MASTERCARD CL A 57636Q104 1,941 656 51.05 769 52.08 0.0301
2023-08-11 2023-06-30 13F MASTERCARD CL A 57636Q104 1,285 -566 -30.58 505 -24.85 0.0203
2023-05-09 2023-03-31 13F MASTERCARD CL A 57636Q104 1,851 340 22.50 673 28.00 0.0292
2023-02-08 2022-12-31 13F MASTERCARD CL A 57636Q104 1,511 -1,189 -44.04 525 -31.64 0.0247
2022-11-03 2022-09-30 13F MASTERCARD CL A 57636Q104 2,700 226 9.14 768 -1.54 0.0402
2022-08-02 2022-06-30 13F MASTERCARD CL A 57636Q104 2,474 -108 -4.18 780 -15.49 0.0409
2022-05-13 2022-03-31 13F MASTERCARD CL A 57636Q104 2,582 -972 -27.35 923 -27.72 0.0460
2022-02-14 2021-12-31 13F MASTERCARD CL A 57636Q104 3,554 1,058 42.39 1,277 47.12 0.0638
2021-11-02 2021-09-30 13F MASTERCARD CL A 57636Q104 2,496 -414 -14.23 868 -18.27 0.0494
2021-08-12 2021-06-30 13F MASTERCARD CL A 57636Q104 2,910 1,319 82.90 1,062 87.63 0.0643
2021-05-17 2021-03-31 13F MASTERCARD CL A 57636Q104 1,591 123 8.38 566 8.02 0.0453
2021-02-12 2020-12-31 13F MASTERCARD CL A 57636Q104 1,468 11 0.75 524 6.29 0.0399
2020-11-12 2020-09-30 13F MASTERCARD CL A 57636Q104 1,457 176 13.74 493 30.08 0.0421
2020-08-12 2020-06-30 13F MASTERCARD CL A 57636Q104 1,281 -765 -37.39 379 -23.28 0.0353
2020-05-11 2020-03-31 13F MASTERCARD CL A 57636Q104 2,046 987 93.20 494 56.33 0.0540
2020-02-13 2019-12-31 13F MASTERCARD CL A 57636Q104 1,059 -182 -14.67 316 -6.23 0.0347
2019-11-13 2019-09-30 13F MASTERCARD CL A 57636Q104 1,241 1,241 337 0.0408
2019-02-13 2018-12-31 13F MASTERCARD CL A 57636Q104 0 -959 -100.00 0 -100.00
2018-11-13 2018-09-30 13F MASTERCARD CL A 57636Q104 959 959 213 0.0378
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.