Mastercard Incorporated
US ˙ NYSE ˙ US57636Q1040

SecurityMA / Mastercard Incorporated
InstitutionGAM Holding AG
Latest Disclosed Ownership28,003 shares
Latest Disclosed Value $ 15,986,353
GAM Holding AG reports 0.88% increase in ownership of MA / Mastercard Incorporated

On February 17, 2026 - GAM Holding AG filed a 13F-HR form disclosing ownership of 28,003 shares of Mastercard Incorporated (US:MA) valued at $15,986,353 USD as of December 31, 2025. The entity filed a previous 13F-HR on October 21, 2025 disclosing 27,760 shares of Mastercard Incorporated. This represents a change in shares of 0.88% during the quarter. The current value of the position is $13,204,815 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)
2026-02-17 2025-12-31 13F MASTERCARD CL A 57636Q104 28,003 243 0.88 15,986 1.24 0.7751
2025-10-21 2025-09-30 13F MASTERCARD CL A 57636Q104 27,760 531 1.95 15,790 3.20 0.9759
2025-08-04 2025-06-30 13F MASTERCARD CL A 57636Q104 27,229 -3,068 -10.13 15,301 -7.86 1.0757
2025-04-22 2025-03-31 13F MASTERCARD CL A 57636Q104 30,297 5,464 22.00 16,606 27.00 1.2879
2025-01-31 2024-12-31 13F MASTERCARD CL A 57636Q104 24,833 957 4.01 13,076 10.91 0.9751
2024-10-22 2024-09-30 13F MASTERCARD CL A 57636Q104 23,876 540 2.31 11,790 14.53 0.9400
2024-07-26 2024-06-30 13F MASTERCARD CL A 57636Q104 23,336 -16,633 -41.61 10,295 -46.52 0.7899
2024-05-13 2024-03-31 13F MASTERCARD CL A 57636Q104 39,969 1,323 3.42 19,248 16.78 1.3925
2024-01-23 2023-12-31 13F MASTERCARD CL A 57636Q104 38,646 12,204 46.15 16,483 57.45 1.2260
2023-10-16 2023-09-30 13F MASTERCARD CL A 57636Q104 26,442 22 0.08 10,469 0.74 0.7729
2023-07-27 2023-06-30 13F MASTERCARD CL A 57636Q104 26,420 -30 -0.11 10,391 8.10 0.7173
2023-05-09 2023-03-31 13F MASTERCARD CL A 57636Q104 26,450 909 3.56 9,612 8.23 0.6669
2023-02-02 2022-12-31 13F MASTERCARD CL A 57636Q104 25,541 3,368 15.19 8,881 40.86 0.7129
2022-10-19 2022-09-30 13F MASTERCARD CL A 57636Q104 22,173 -45 -0.20 6,305 -10.04 0.4822
2022-07-21 2022-06-30 13F MASTERCARD CL A 57636Q104 22,218 554 2.56 7,009 -9.47 0.4662
2022-05-06 2022-03-31 13F MASTERCARD CL A 57636Q104 21,664 -9,115 -29.61 7,742 -30.00 0.3324
2022-05-06 2022-03-31 13F MASTERCARD CL A 57636Q104 25,679 9,180
2022-02-18 2021-12-31 13F/A-1 MASTERCARD CL A 57636Q104 30,779 -12,939 -29.60 11,060 -27.44 0.4930
2022-01-26 2021-12-31 13F MASTERCARD CL A 57636Q104 30,779 -12,939 11,060 0.4951
2021-11-12 2021-09-30 13F MASTERCARD CL A 57636Q104 43,718 -17,901 -29.05 15,242 -32.25 0.7092
2021-08-09 2021-06-30 13F MASTERCARD CL A 57636Q104 61,619 -35,817 -36.76 22,496 -35.17 0.9747
2021-05-10 2021-03-31 13F MASTERCARD CL A 57636Q104 97,436 44,520 84.13 34,701 83.72 1.6140
2021-02-10 2020-12-31 13F MASTERCARD CL A 57636Q104 52,916 -18,100 -25.49 18,888 -21.35 1.1199
2020-11-06 2020-09-30 13F MASTERCARD CL A 57636Q104 71,016 -2,108 -2.88 24,016 11.07 1.4455
2020-08-10 2020-06-30 13F MASTERCARD CL A 57636Q104 73,124 -9,854 -11.88 21,623 7.88 1.3440
2020-05-12 2020-03-31 13F MASTERCARD CL A 57636Q104 82,978 60 0.07 20,044 -19.04 1.3623
2020-02-06 2019-12-31 13F MASTERCARD CL A 57636Q104 82,918 41,692 101.13 24,758 121.13 1.1695
2019-11-08 2019-09-30 13F MASTERCARD CL A 57636Q104 41,226 -9,306 -18.42 11,196 -16.24 0.4929
2019-08-12 2019-06-30 13F MASTERCARD CL A 57636Q104 50,532 19,961 65.29 13,367 85.68 0.5221
2019-05-10 2019-03-31 13F MASTERCARD CL A 57636Q104 30,571 -8,814 -22.38 7,199 -3.11 0.3025
2019-02-08 2018-12-31 13F MASTERCARD CL A 57636Q104 39,385 -3,279 -7.69 7,430 -21.77 0.3760
2018-11-13 2018-09-30 13F MASTERCARD CL A 57636Q104 42,664 37,010 654.58 9,498 754.91 0.3456
2018-08-09 2018-06-30 13F MASTERCARD CL A 57636Q104 5,654 -351 -5.85 1,111 5.61 0.0386
2018-05-15 2018-03-31 13F MASTERCARD CL A 57636Q104 6,005 -9,044 -60.10 1,052 -53.80 0.0371
2018-02-14 2017-12-31 13F MASTERCARD CL A 57636Q104 15,049 13,020 641.70 2,277 696.15 0.0698
2017-11-14 2017-09-30 13F MASTERCARD CL A 57636Q104 2,029 -213,936 -99.06 286 -98.91 0.0121
2017-08-07 2017-06-30 13F MASTERCARD CL A 57636Q104 215,965 -68,988 -24.21 26,229 -18.16 0.3869
2017-05-12 2017-03-31 13F MASTERCARD CL A 57636Q104 284,953 42,690 17.62 32,049 28.12 0.5063
2017-02-10 2016-12-31 13F MASTERCARD CL A 57636Q104 242,263 22,760 10.37 25,014 11.98 0.4385
2016-11-07 2016-09-30 13F MASTERCARD CL A 57636Q104 219,503 -51,737 -19.07 22,337 -6.48 0.3925
2016-08-11 2016-06-30 13F MASTERCARD CL A 57636Q104 271,240 3,117 1.16 23,885 -5.73 0.3704
2016-05-13 2016-03-31 13F MASTERCARD CL A 57636Q104 268,123 22,442 9.13 25,337 5.92 0.4217
2016-02-08 2015-12-31 13F MASTERCARD CL A 57636Q104 245,681 14,212 6.14 23,920 14.67 0.3725
2015-11-12 2015-09-30 13F MASTERCARD CL A 57636Q104 231,469 -3,846 -1.63 20,860 -5.17 0.3585
2015-07-27 2015-06-30 13F MASTERCARD CL A 57636Q104 235,315 21,270 9.94 21,997 18.96 0.3184
2015-05-12 2015-03-31 13F MASTERCARD CL A 57636Q104 214,045 -163,868 -43.36 18,491 -43.21 0.2766
2015-02-06 2014-12-31 13F MASTERCARD CL A 57636Q104 377,913 -50,676 -11.82 32,561 2.78 0.4864
2014-11-12 2014-09-30 13F MASTERCARD CL A 57636Q104 428,589 235,966 122.50 31,681 123.88 0.4602
2014-08-11 2014-06-30 13F MASTERCARD CL A 57636Q104 192,623 -229,925 -54.41 14,151 -55.17 0.2147
2014-05-15 2014-03-31 13F MASTERCARD CL A 57636Q104 422,548 403,053 2,067.47 31,566 93.81 0.5069
2014-02-12 2013-12-31 13F MASTERCARD CL A 57636Q104 19,495 1,036 5.61 16,287 31.15 0.2840
2013-11-12 2013-09-30 13F MASTERCARD CL A 57636Q104 18,459 -2,200 -10.65 12,419 4.63 0.2325
2013-08-13 2013-06-30 13F Mastercard Inc. Com. USD0. CL A 57636Q104 20,659 20,659 11,869 0.2596
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.