Shopify Inc.
US ˙ NasdaqGS ˙ CA82509L1076

SecuritySHOP / Shopify Inc.
InstitutionShell Asset Management Co
Latest Disclosed Ownership20,765 shares
Latest Disclosed Value $ 3,086
Shell Asset Management Co reports 54.36% decrease in ownership of SHOP / Shopify Inc.

On November 7, 2025 - Shell Asset Management Co filed a 13F-HR form disclosing ownership of 20,765 shares of Shopify Inc. (US:SHOP) valued at $3,085,887 USD as of September 30, 2025. The entity filed a previous 13F-HR on July 23, 2025 disclosing 45,499 shares of Shopify Inc.. This represents a change in shares of -54.36% during the quarter. The current value of the position is $2,345,199 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)
2025-11-07 2025-09-30 13F SHOPIFY CL A SUB VTG SHS 82509L107 20,765 -24,734 -54.36 3 -40.00 0.3099
2025-07-23 2025-06-30 13F SHOPIFY CL A SUB VTG SHS 82509L107 45,499 16,686 57.91 5 150.00 0.1809
2025-05-14 2025-03-31 13F SHOPIFY CL A 82509L107 28,813 9,205 46.95 3 0.00 0.1305
2025-02-14 2024-12-31 13F SHOPIFY CL A 82509L107 19,608 445 2.32 2 100.00 0.0911
2024-11-07 2024-09-30 13F SHOPIFY CL A 82509L107 19,163 475 2.54 2 0.00 0.0677
2024-07-25 2024-03-31 13F SHOPIFY CL A 82509L107 18,688 -20,442 -52.24 1 -66.67 0.0562
2024-02-14 2023-12-31 13F SHOPIFY CL A 82509L107 39,130 -10,520 -21.19 3 50.00 0.1414
2023-11-08 2023-09-30 13F SHOPIFY CL A 82509L107 49,650 -760 -1.51 3 -33.33 0.1125
2023-07-28 2023-06-30 13F SHOPIFY CL A 82509L107 50,410 -8,892 -14.99 3 50.00 0.1287
2023-05-15 2023-03-31 13F SHOPIFY CL A 82509L107 59,302 -768 -1.28 3 0.00 0.1175
2023-02-07 2022-12-31 13F SHOPIFY CL A 82509L107 60,070 -2,211 -3.55 2 -99.88 0.0913
2022-11-14 2022-09-30 13F SHOPIFY CL A 82509L107 62,281 -16,119 -20.56 1,689 -30.78 0.0658
2022-08-09 2022-06-30 13F SHOPIFY CL A 82509L107 78,400 71,607 1,054.13 2,440 -46.93 0.0722
2022-05-04 2022-03-31 13F SHOPIFY CL A 82509L107 6,793 -1,344 -16.52 4,598 -58.86 0.1085
2022-02-09 2021-12-31 13F SHOPIFY CL A 82509L107 8,137 1,337 19.66 11,176 21.11 0.2293
2021-11-04 2021-09-30 13F SHOPIFY CL A 82509L107 6,800 274 4.20 9,228 -3.41 0.2072
2021-08-12 2021-06-30 13F SHOPIFY CL A 82509L107 6,526 -2,046 -23.87 9,554 1.35 0.1852
2021-05-10 2021-03-31 13F SHOPIFY CL A 82509L107 8,572 -590 -6.44 9,427 -8.80 0.1886
2021-02-16 2020-12-31 13F SHOPIFY CL A 82509L107 9,162 1,642 21.84 10,337 34.84 0.2134
2020-11-13 2020-09-30 13F SHOPIFY CL A 82509L107 7,520 523 7.47 7,666 15.70 0.1782
2020-08-10 2020-06-30 13F SHOPIFY CL A 82509L107 6,997 -806 -10.33 6,626 105.01 0.1654
2020-05-11 2020-03-31 13F SHOPIFY CL A 82509L107 7,803 -200 -2.50 3,232 1.44 0.0900
2020-02-13 2019-12-31 13F SHOPIFY CL A 82509L107 8,003 315 4.10 3,186 33.08 0.0686
2019-11-12 2019-09-30 13F SHOPIFY CL A 82509L107 7,688 -61 -0.79 2,394 2.57 0.0547
2019-08-12 2019-06-30 13F SHOPIFY CL A 82509L107 7,749 12 0.16 2,334 46.06 0.0516
2019-05-09 2019-03-31 13F SHOPIFY CL A 82509L107 7,737 107 1.40 1,598 51.47 0.0352
2019-02-13 2018-12-31 13F SHOPIFY CL A 82509L107 7,630 -821 -9.71 1,055 -23.99 0.0263
2018-11-13 2018-09-30 13F SHOPIFY CL A 82509L107 8,451 -5 -0.06 1,388 12.66 0.0274
2018-08-10 2018-06-30 13F SHOPIFY CL A 82509L107 8,456 304 3.73 1,232 21.50 0.0253
2018-05-14 2018-03-31 13F SHOPIFY CL A 82509L107 8,152 0 0.00 1,014 22.61 0.0202
2018-02-09 2017-12-31 13F SHOPIFY CL A 82509L107 8,152 -14,291 -63.68 827 -74.61 0.0164
2017-10-20 2017-09-30 13F/A-1 SHOPIFY CL A 82509L107 22,443 -1,007 -4.29 3,257 23.37 0.0724
2017-07-26 2017-06-30 13F SHOPIFY CL A 82509L107 23,450 15,712 203.05 2,640 276.07 0.0655
2017-04-26 2017-03-31 13F SHOPIFY CL A 82509L107 7,738 2,744 54.95 702 143.75 0.0179
2017-01-10 2016-12-31 13F SHOPIFY CL A 82509L107 4,994 37 0.75 288 3.23 0.0078
2016-10-28 2016-09-30 13F SHOPIFY CL A 82509L107 4,957 3,732 304.65 279 469.39 0.0067
2016-07-25 2016-06-30 13F SHOPIFY CL A 82509L107 1,225 431 54.28 49 68.97 0.0011
2016-05-11 2016-03-31 13F SHOPIFY CL A 82509L107 794 -173 -17.89 29 -14.71 0.0007
2016-02-05 2015-12-31 13F SHOPIFY CL A 82509L107 967 967 34 0.0008
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.