Ecolab Inc.
MX ˙ BMV ˙ US2788651006
SecurityMX:ECL / Ecolab Inc.
InstitutionBaird Financial Group, Inc.
Latest Disclosed Ownership345,093 shares
Latest Disclosed Value $ 91,801,702
Baird Financial Group, Inc. reports 11.84% increase in ownership of ECL / Ecolab Inc.

On May 14, 2026 - Baird Financial Group, Inc. filed a 13F-HR form disclosing ownership of 345,093 shares of Ecolab Inc. (MX:ECL) valued at $91,801,702 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 308,554 shares of Ecolab Inc.. This represents a change in shares of 11.84% 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)
2026-05-14 2026-03-31 13F ECOLAB COM 278865100 345,093 36,539 11.84 91,802 13.33 0.0772
2026-02-13 2025-12-31 13F ECOLAB INC COM COMMON 278865100 308,554 3,356 1.10 81,002 -3.09 0.1263
2025-11-13 2025-09-30 13F ECOLAB COMMON 278865100 305,198 9,454 3.20 83,582 4.89 0.1344
2025-08-13 2025-06-30 13F ECOLAB INC COM COMMON 278865100 295,744 13,321 4.72 79,685 11.29 0.1397
2025-05-15 2025-03-31 13F ECOLAB INC COM COMMON 278865100 282,423 80,640 39.96 71,600 51.43 0.1379
2025-02-14 2024-12-31 13F ECOLAB COMMON 278865100 201,783 -2,149 -1.05 47,282 -9.20 0.0904
2024-11-14 2024-09-30 13F ECOLAB COMMON 278865100 203,932 48 0.02 52,070 7.31 0.1011
2024-08-14 2024-06-30 13F ECOLAB COMMON 278865100 203,884 2,453 1.22 48,524 4.33 0.1007
2024-05-14 2024-03-31 13F ECOLAB COMMON 278865100 201,431 -42,621 -17.46 46,510 -3.92 0.0975
2024-02-14 2023-12-31 13F ECOLAB COMMON 278865100 244,052 -24,860 -9.24 48,408 6.27 0.1103
2023-11-13 2023-09-30 13F ECOLAB COMMON 278865100 268,912 758 0.28 45,554 -9.01 0.1243
2023-08-11 2023-06-30 13F ECOLAB COMMON 278865100 268,154 -47,095 -14.94 50,062 -4.07 0.1321
2023-05-15 2023-03-31 13F ECOLAB COMMON 278865100 315,249 3,854 1.24 52,183 115,862.22 0.1287
2023-02-13 2022-12-31 13F ECOLAB COMMON 278865100 311,395 -166,150 -34.79 45 -99.93 0.1194
2022-11-15 2022-09-30 13F ECOLAB COMMON 278865100 477,545 6,769 1.44 68,967 -4.72 0.2032
2022-08-08 2022-06-30 13F ECOLAB COMMON 278865100 470,776 27,481 6.20 72,386 -7.52 0.2009
2022-05-13 2022-03-31 13F ECOLAB COMMON 278865100 443,295 -74,598 -14.40 78,268 -35.58 0.1934
2022-02-09 2021-12-31 13F ECOLAB INC COM COMMON 278865100 517,893 12,509 2.48 121,492 15.23 0.2840
2021-11-12 2021-09-30 13F ECOLAB INC COM COMMON 278865100 505,384 3,217 0.64 105,433 1.93 0.2697
2021-08-11 2021-06-30 13F ECOLAB INC COM COMMON 278865100 502,167 9,041 1.83 103,432 -2.02 0.2688
2021-05-13 2021-03-31 13F ECOLAB INC COM COMMON 278865100 493,126 40,067 8.84 105,563 7.69 0.2961
2021-02-11 2020-12-31 13F ECOLAB INC COM COMMON 278865100 453,059 12,274 2.78 98,024 11.28 0.2930
2020-11-12 2020-09-30 13F ECOLAB INC COM COMMON 278865100 440,785 41,799 10.48 88,086 10.97 0.3018
2020-10-22 2020-06-30 13F/A-1 ECOLAB INC COM COMMON 278865100 398,986 87,009 27.89 79,378 63.28 0.2990
2020-08-14 2020-06-30 13F ECOLAB INC COM COMMON 278865100 305,429 -6,548 59,007 116,938.4678
2020-05-14 2020-03-31 13F ECOLAB INC COM COMMON 278865100 311,977 1,500 0.48 48,616 -18.86 0.2220
2020-02-14 2019-12-31 13F ECOLAB INC COM COMMON 278865100 310,477 5,728 1.88 59,919 -0.72 0.2151
2019-11-14 2019-09-30 13F ECOLAB Common 278865100 304,749 3,138 1.04 60,353 1.35 0.2377
2019-08-14 2019-06-30 13F ECOLAB COMMON 278865100 301,611 19,997 7.10 59,550 19.78 0.2315
2019-05-14 2019-03-31 13F ECOLAB COMMON 278865100 281,614 29,038 11.50 49,716 33.58 0.2907
2019-02-14 2018-12-31 13F ECOLAB COMMON 278865100 252,576 60,639 31.59 37,217 23.19 0.2526
2018-11-13 2018-09-30 13F Ecolab COMMON 278865100 191,937 4,430 2.36 30,211 14.81 0.1893
2018-08-13 2018-06-30 13F ECOLAB COMMON 278865100 187,507 10,515 5.94 26,313 8.46 0.1786
2018-05-14 2018-03-31 13F ECOLAB COMMON 278865100 176,992 4,729 2.75 24,260 4.96 0.1708
2018-02-09 2017-12-31 13F ECOLAB COMMON 278865100 172,263 4,481 2.67 23,114 7.11 0.1637
2017-11-14 2017-09-30 13F ECOLAB COMMON 278865100 167,782 6,705 4.16 21,579 0.92 0.1628
2017-08-14 2017-06-30 13F ECOLAB COMMON 278865100 161,077 -6,256 -3.74 21,383 1.95 0.1675
2017-06-19 2017-03-31 13F/A-1 ECOLAB COMMON 278865100 167,333 4,457 2.74 20,974 9.86 0.1696
2017-05-09 2017-03-31 13F ECOLAB COMMON 278865100 167,333 20,974
2017-02-10 2016-12-31 13F ECOLAB COMMON 278865100 162,876 12,561 8.36 19,092 4.35 0.1658
2016-11-10 2016-09-30 13F ECOLAB COMMON 278865100 150,315 5,710 3.95 18,296 6.68 0.1639
2016-08-11 2016-06-30 13F ECOLAB COMMON 278865100 144,605 667 0.46 17,151 6.85 0.1573
2016-05-12 2016-03-31 13F ECOLAB COMMON 278865100 143,938 4,692 3.37 16,052 0.78 0.1536
2016-02-11 2015-12-31 13F ECOLAB COMMON 278865100 139,246 1,961 1.43 15,927 5.74 0.1593
2015-11-12 2015-09-30 13F ECOLAB COMMON 278865100 137,285 1,561 1.15 15,063 -1.84 0.1601
2015-08-14 2015-06-30 13F ECOLAB COMMON 278865100 135,724 135,724 15,346 0.1510
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.