Mastercard Incorporated
BG ˙ BUL ˙ US57636Q1040
SecurityBG:M4I / Mastercard Incorporated
InstitutionChange Path, LLC
Latest Disclosed Ownership11,849 shares
Latest Disclosed Value $ 5,920,424
Change Path, LLC reports 10.24% increase in ownership of M4I / Mastercard Incorporated

On May 15, 2026 - Change Path, LLC filed a 13F-HR form disclosing ownership of 11,849 shares of Mastercard Incorporated (BG:M4I) valued at $5,920,424 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 10,748 shares of Mastercard Incorporated. This represents a change in shares of 10.24% during the quarter.

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 MASTERCARD CL A 57636Q104 11,849 1,101 10.24 5,920 -3.50 0.1262
2026-02-13 2025-12-31 13F MASTERCARD CL A 57636Q104 10,748 1,319 13.99 6,136 14.39 0.1488
2025-11-13 2025-09-30 13F MASTERCARD CL A 57636Q104 9,429 -1,814 -16.13 5,363 -15.10 0.1309
2025-08-12 2025-06-30 13F MASTERCARD CL A 57636Q104 11,243 -95 -0.84 6,318 1.66 0.1655
2025-05-14 2025-03-31 13F MASTERCARD CL A 57636Q104 11,338 9 0.08 6,214 4.17 0.1859
2025-02-13 2024-12-31 13F MASTERCARD CL A 57636Q104 11,329 1,546 15.80 5,966 23.50 0.1828
2024-11-13 2024-09-30 13F MASTERCARD CL A 57636Q104 9,783 2,601 36.22 4,831 160,900.00 0.1643
2024-08-14 2024-06-30 13F MASTERCARD CL A 57636Q104 7,182 -2,242 -23.79 3 -25.00 0.1605
2024-05-14 2024-03-31 13F MASTERCARD CL A 57636Q104 9,424 2,819 42.68 5 100.00 0.1808
2024-02-09 2023-12-31 13F MASTERCARD CL A 57636Q104 6,605 -2,053 -23.71 3 -33.33 0.1803
2023-10-17 2023-09-30 13F MASTERCARD CL A 57636Q104 8,658 -7,718 -47.13 3 -50.00 0.2466
2023-08-16 2023-06-30 13F/A-1 MASTERCARD CL A 57636Q104 16,376 2,274 16.13 6 20.00 0.3004
2023-08-14 2023-06-30 13F MASTERCARD CL A 57636Q104 14,648 546 5 0.2720
2023-05-15 2023-03-31 13F MASTERCARD CL A 57636Q104 14,102 -890 -5.94 5 -99.90 0.2529
2023-02-15 2022-12-31 13F MASTERCARD CL A 57636Q104 14,992 1,590 11.86 5,213 36.79 0.2871
2022-11-15 2022-09-30 13F MASTERCARD CL A 57636Q104 13,402 969 7.79 3,811 -2.83 0.2290
2022-08-12 2022-06-30 13F MASTERCARD CL A 57636Q104 12,433 1,227 10.95 3,922 -2.07 0.2124
2022-05-13 2022-03-31 13F MASTERCARD CL A 57636Q104 11,206 670 6.36 4,005 5.78 0.2075
2022-02-15 2021-12-31 13F MASTERCARD CL A 57636Q104 10,536 774 7.93 3,786 11.35 0.1869
2021-11-16 2021-09-30 13F MASTERCARD CL A 57636Q104 9,762 588 6.41 3,400 1.52 0.1997
2021-08-13 2021-06-30 13F MASTERCARD CL A 57636Q104 9,174 1,834 24.99 3,349 28.12 0.2068
2021-05-17 2021-03-31 13F MASTERCARD CL A 57636Q104 7,340 590 8.74 2,614 8.51 0.1978
2021-02-12 2020-12-31 13F MASTERCARD CL A 57636Q104 6,750 3,008 80.38 2,409 90.28 0.1995
2020-11-13 2020-09-30 13F MASTERCARD CL A 57636Q104 3,742 991 36.02 1,266 55.53 0.1758
2020-08-13 2020-06-30 13F MASTERCARD CL A 57636Q104 2,751 760 38.17 814 69.58 0.1265
2020-05-14 2020-03-31 13F MASTERCARD CL A 57636Q104 1,991 587 41.81 480 14.56 0.0917
2020-02-13 2019-12-31 13F MASTERCARD CL A 57636Q104 1,404 411 41.39 419 55.76 0.0707
2019-11-12 2019-09-30 13F MASTERCARD CL A 57636Q104 993 138 16.14 269 18.50 0.0519
2019-08-15 2019-06-30 13F MASTERCARD CL A 57636Q104 855 855 227 0.0477
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.