Mastercard Incorporated
US ˙ NYSE ˙ US57636Q1040

SecurityMA / Mastercard Incorporated
InstitutionPhysicians Financial Services, Inc.
Latest Disclosed Ownership18,008 shares
Latest Disclosed Value $ 10,281
Physicians Financial Services, Inc. reports 1.23% decrease in ownership of MA / Mastercard Incorporated

On January 21, 2026 - Physicians Financial Services, Inc. filed a 13F-HR form disclosing ownership of 18,008 shares of Mastercard Incorporated (US:MA) valued at $10,280,407 USD as of December 31, 2025. The entity filed a previous 13F-HR on October 21, 2025 disclosing 18,233 shares of Mastercard Incorporated. This represents a change in shares of -1.23% during the quarter. The current value of the position is $8,491,672 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)
2026-01-21 2025-12-31 13F Mastercard Inc Cl A CL A 57636Q104 18,008 -225 -1.23 10 0.00 2.7582
2025-10-21 2025-09-30 13F Mastercard Inc Cl A CL A 57636Q104 18,233 -55 -0.30 10 0.00 2.8311
2025-08-14 2025-06-30 13F Mastercard Inc Cl A CL A 57636Q104 18,288 -75 -0.41 10 0.00 3.0611
2025-05-07 2025-03-31 13F/A-1 Mastercard Inc Cl A CL A 57636Q104 18,363 150 0.82 10 11.11 3.2006
2025-05-07 2025-03-31 13F Mastercard Inc Cl A CL A 57636Q104 18,363 150 10 3.2006
2025-02-03 2024-12-31 13F Mastercard Inc Cl A CL A 57636Q104 18,213 300 1.67 10 12.50 2.9119
2024-10-31 2024-09-30 13F Mastercard Inc Cl A CL A 57636Q104 17,913 -60 -0.33 9 14.29 2.7510
2024-08-14 2024-06-30 13F Mastercard Inc Cl A CL A 57636Q104 17,973 -12 -0.07 8 -12.50 2.5787
2024-05-10 2024-03-31 13F Mastercard Inc Cl A CL A 57636Q104 17,985 0 0.00 9 14.29 3.0496
2024-01-26 2023-12-31 13F Mastercard Inc Cl A CL A 57636Q104 17,985 -15 -0.08 8 0.00 2.9071
2023-10-31 2023-09-30 13F Mastercard Inc Cl A CL A 57636Q104 18,000 0 0.00 7 0.00 2.9158
2023-07-26 2023-06-30 13F Mastercard Inc Cl A CL A 57636Q104 18,000 25 0.14 7 16.67 2.7793
2023-05-17 2023-03-31 13F Mastercard Inc Cl A CL A 57636Q104 17,975 125 0.70 7 0.00 2.7619
2023-02-09 2022-12-31 13F Mastercard Inc Cl A CL A 57636Q104 17,850 90 0.51 6 -99.88 2.7950
2022-10-19 2022-09-30 13F Mastercard Inc Cl A CL A 57636Q104 17,760 -148 -0.83 5,050 -10.62 2.4406
2022-08-17 2022-06-30 13F Mastercard Inc Cl A CL A 57636Q104 17,908 203 1.15 5,650 -10.70 2.5141
2022-04-22 2022-03-31 13F Mastercard Inc Cl A CL A 57636Q104 17,705 0 0.00 6,327 -0.55 2.4154
2022-02-02 2021-12-31 13F Mastercard Inc Cl A CL A 57636Q104 17,705 -35 -0.20 6,362 3.15 2.3527
2021-10-27 2021-09-30 13F Mastercard Inc Cl A CL A 57636Q104 17,740 -15 -0.08 6,168 -4.84 2.4985
2021-07-27 2021-06-30 13F Mastercard Inc Cl A CL A 57636Q104 17,755 -61 -0.34 6,482 2.19 2.6583
2021-05-21 2021-03-31 13F Mastercard Inc Cl A CL A 57636Q104 17,816 796 4.68 6,343 4.41 2.7179
2021-02-03 2020-12-31 13F Mastercard Inc Cl A CL A 57636Q104 17,020 -906 -5.05 6,075 0.21 2.9325
2020-11-10 2020-09-30 13F Mastercard Inc Cl A CL A 57636Q104 17,926 -142 -0.79 6,062 13.46 3.0259
2020-07-28 2020-06-30 13F Mastercard Inc Cl A CL A 57636Q104 18,068 1,011 5.93 5,343 29.68 2.9528
2020-04-27 2020-03-31 13F Mastercard Inc Cl A CL A 57636Q104 17,057 115 0.68 4,120 -18.56 2.8317
2020-02-12 2019-12-31 13F Mastercard Inc Cl A CL A 57636Q104 16,942 -290 -1.68 5,059 8.10 2.7367
2019-11-14 2019-09-30 13F Mastercard Inc Cl A CL A 57636Q104 17,232 110 0.64 4,680 3.33 2.6764
2019-08-12 2019-06-30 13F Mastercard Inc Cl A CL A 57636Q104 17,122 -60 -0.35 4,529 11.94 2.6649
2019-04-12 2019-03-31 13F Mastercard Inc Cl A CL A 57636Q104 17,182 765 4.66 4,046 30.64 2.5146
2019-01-22 2018-12-31 13F Mastercard Inc Cl A CL A 57636Q104 16,417 2,033 14.13 3,097 -3.31 2.2510
2018-11-14 2018-09-30 13F Mastercard Inc Cl A CL A 57636Q104 14,384 -190 -1.30 3,203 11.84 2.2015
2018-08-21 2018-06-30 13F Mastercard Inc Cl A CL A 57636Q104 14,574 -1 -0.01 2,864 15.34 2.1449
2018-04-17 2018-03-31 13F Mastercard Inc Cl A CL A 57636Q104 14,575 -768 -5.01 2,483 6.93 1.9712
2018-02-12 2017-12-31 13F Mastercard Inc Cl A CL A 57636Q104 15,343 0 0.00 2,322 8.86 1.7716
2017-11-01 2017-09-30 13F Mastercard Inc Cl A CL A 57636Q104 15,343 -100 -0.65 2,133 13.70 1.7442
2017-07-31 2017-06-30 13F Mastercard Inc Cl A CL A 57636Q104 15,443 713 4.84 1,876 13.22 1.5887
2017-04-26 2017-03-31 13F Mastercard Inc Cl A CL A 57636Q104 14,730 -150 -1.01 1,657 18.78 1.4293
2017-01-17 2016-12-31 13F Mastercard Inc Cl A CL A 57636Q104 14,880 200 1.36 1,395 -6.56 1.1450
2016-11-01 2016-09-30 13F Mastercard Inc Cl A CL A 57636Q104 14,680 0 0.00 1,493 15.47 1.2449
2016-07-14 2016-06-30 13F Mastercard Inc Cl A CL A 57636Q104 14,680 800 5.76 1,293 -1.45 1.1315
2016-04-26 2016-03-31 13F Mastercard Inc Cl A CL A 57636Q104 13,880 4,655 50.46 1,312 46.10 1.1870
2016-02-09 2015-12-31 13F Mastercard Inc Cl A CL A 57636Q104 9,225 9,225 898 0.8295
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.