On Oct. 14, 2025, Seilern Investment Management disclosed the sale of 35,145 shares of Mastercard (MA 1.75%) for the period ended Sept. 30, 2025, an estimated $20.2 million trade based on the average price for Q3 2025.
What happened
According to a filing with the Securities and Exchange Commission dated Oct. 14, 2025, Seilern Investment Management Ltd reduced its position in Mastercard by 35,145 shares during Q3 2025. The estimated size of the trade was $20.18 million, calculated using the average closing price for the quarter. After the transaction, Seilern reported holding 226,438 shares worth $128.80 million.
What else to know
Seilern trimmed its Mastercard stake, which now represents 9.31% of reported U.S. equity AUM.
Top holdings after the filing:
- UnitedHealth: $133.2 million (9.6% of AUM as of 2025-09-30)
- Microsoft: $131.8 million (9.5% of AUM as of 2025-09-30)
- Mastercard: $128.8 million (9.3% of AUM as of Q3 2025)
- Alphabet: $106.4 million (7.69% of AUM)
- Idexx Laboratories: $90.3 million (6.52% of AUM)
As of Oct. 13, 2025, Mastercard shares were priced at $559.2, up 11.4% over the past year, underperforming the S&P 500 by about 3 percentage points
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $30.24 billion |
| Net Income (TTM) | $13.59 billion |
| Dividend Yield | 0.54% |
| Price (as of market close 2025-10-13) | $559.24 |
Company Snapshot
Mastercard offers global transaction processing, payment network facilitation, cyber and intelligence solutions, analytics, consulting, and open banking services.
The company generates revenue primarily from transaction fees, value-added services, and data-driven solutions for financial institutions, merchants, and businesses.
It serves financial institutions, merchants, governments, businesses, and consumers worldwide across both physical and digital payment channels.
Mastercard is a leading global payments technology company with a market capitalization exceeding $500 billion. The company leverages its extensive network and data-driven services to facilitate secure, efficient electronic payments for a broad range of clients.
Foolish take
It's possible that Seilern managers made even more than $20.2 million on the share sale. That's because while Mastercard stock returned only 1.2% in Q3, it nearly reached the $600 per share price twice during the period. Mastercard shares closed the quarter at $568.8 per share. Large institutional investors are not required to disclose a specific average selling price.
Mastercard remains the firm's third-largest holding, so it is clear that Seilern still has conviction in the name. The sale could have simply been an astute time to take some profits and reinvest the proceeds.
After all, Mastercard stock has surged higher by 90% over the last three years. Seilern also holds Mastercard competitor Visa shares in its portfolio. But it pales in comparison, representing just 0.5% of the portfolio. Investors shouldn't take the firm's Q3 Mastercard sale as any loss of conviction in the name.
Glossary
13F AUM: Assets under management reported on SEC Form 13F, representing U.S. equity holdings of institutional investment managers.
Stake: The ownership interest or number of shares held in a particular company by an investor or institution.
Trimmed: Reduced the size of an investment position, typically by selling some shares.
Transaction value: The total dollar amount of a trade, calculated as shares sold multiplied by the average or actual price.
Value-added services: Additional services offered by a company beyond its core products, often generating extra revenue.
Payment network facilitation: The process of enabling electronic payments between consumers, merchants, and financial institutions through a secure network.
Open banking: A system allowing third-party financial service providers to access consumer banking information with consent, enabling new financial products.
TTM: The 12-month period ending with the most recent quarterly report.
Filing: An official document submitted to a regulatory authority, such as the SEC, disclosing financial or ownership information.
Underperforming: Delivering a lower return or growth compared to a benchmark index or peer group.
