Mastercard Incorporated
US ˙ NYSE ˙ US57636Q1040

SecurityMA / Mastercard Incorporated
InstitutionNicolet Advisory Services, Llc
Latest Disclosed Ownership6,519 shares
Latest Disclosed Value $ 3,691,579
Nicolet Advisory Services, Llc reports 35.22% increase in ownership of MA / Mastercard Incorporated

On February 13, 2026 - Nicolet Advisory Services, Llc filed a 13F-HR form disclosing ownership of 6,519 shares of Mastercard Incorporated (US:MA) valued at $3,721,567 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 13, 2025 disclosing 4,821 shares of Mastercard Incorporated. This represents a change in shares of 35.22% during the quarter. The current value of the position is $3,140,789 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)
2026-02-13 2025-12-31 13F MASTERCARD CL A 57636Q104 6,519 1,698 35.22 3,692 32.06 0.2487
2025-11-13 2025-09-30 13F MASTERCARD CL A 57636Q104 4,821 143 3.06 2,795 6.72 0.2175
2025-08-13 2025-06-30 13F MASTERCARD CL A 57636Q104 4,678 -196 -4.02 2,619 7.64 0.2228
2025-05-08 2025-03-31 13F MASTERCARD CL A 57636Q104 4,874 575 13.38 2,434 12.17 0.2414
2025-02-12 2024-12-31 13F MASTERCARD CL A 57636Q104 4,299 79 1.87 2,170 3.88 0.1993
2024-11-12 2024-09-30 13F MASTERCARD CL A 57636Q104 4,220 41 0.98 2,089 15.23 0.1972
2024-08-14 2024-06-30 13F MASTERCARD CL A 57636Q104 4,179 -155 -3.58 1,812 -11.44 0.1736
2024-05-10 2024-03-31 13F MASTERCARD CL A 57636Q104 4,334 51 1.19 2,046 13.92 0.2078
2024-02-13 2023-12-31 13F MASTERCARD CL A 57636Q104 4,283 -599 -12.27 1,796 -6.56 0.1932
2023-11-07 2023-09-30 13F MASTERCARD CL A 57636Q104 4,882 941 23.88 1,922 24.08 0.2129
2023-08-09 2023-06-30 13F MASTERCARD CL A 57636Q104 3,941 359 10.02 1,549 19.71 0.1700
2023-05-09 2023-03-31 13F MASTERCARD CL A 57636Q104 3,582 992 38.30 1,295 32.31 0.1492
2023-02-09 2022-12-31 13F MASTERCARD CL A 57636Q104 2,590 748 40.61 979 81.78 0.1294
2022-11-10 2022-09-30 13F MASTERCARD CL A 57636Q104 1,842 420 29.54 538 16.70 0.0878
2022-08-08 2022-06-30 13F MASTERCARD CL A 57636Q104 1,422 258 22.16 461 12.44 0.0684
2022-05-10 2022-03-31 13F MASTERCARD CL A 57636Q104 1,164 197 20.37 410 17.82 0.0535
2022-02-08 2021-12-31 13F MASTERCARD CL A 57636Q104 967 -586 -37.73 348 -35.91 0.0428
2021-11-16 2021-09-30 13F MASTERCARD CL A 57636Q104 1,553 388 33.30 543 27.76 0.0689
2021-08-11 2021-06-30 13F MASTERCARD CL A 57636Q104 1,165 355 43.83 425 47.57 0.0554
2021-05-03 2021-03-31 13F MASTERCARD CL A 57636Q104 810 -167 -17.09 288 -17.48 0.0404
2021-02-09 2020-12-31 13F MASTERCARD CL A 57636Q104 977 126 14.81 349 21.18 0.0489
2020-10-27 2020-09-30 13F MASTERCARD CL A 57636Q104 851 -59 -6.48 288 7.06 0.0447
2020-08-14 2020-06-30 13F MASTERCARD CL A 57636Q104 910 -220 -19.47 269 -1.47 0.0413
2020-04-21 2020-03-31 13F MASTERCARD CL A 57636Q104 1,130 310 37.80 273 11.43 0.0481
2020-01-23 2019-12-31 13F MASTERCARD CL A 57636Q104 820 820 245 0.0385
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.