Valley Forge Capital

Q4 2019 13F · by Dev Kantesaria, founder

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $515M · prev $448M
Positions: 9 · prev 9
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves2 since the prior filing

+0.6 pp in · 0.0 pp out

New 0 0.00 pp
Added 2 +0.59 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions90% of US stock

FICO Fair Isaac Corporation held held24.3%
SPGI S&P Global Inc. held held22.4%
MCO Moody's Corporation added+0.33 pp added+0.3320.8%
V VISA Inc. held held17.6%
MA Mastercard Incorporated added+0.26 pp added+0.264.9%

Positions9 in this filing · 0 exited


FICOFair Isaac Corporation	24.26%	333,078	$125M	held	—	7 q
SPGIS&P Global Inc.	22.36%	421,407	$115M	held	—	13 q
MCOMoody's Corporation	20.76%	449,915	$107M	added+1%	+0.33 pp	13 q
VVISA Inc.	17.64%	482,922	$91M	held	—	13 q
MAMastercard Incorporated	4.92%	84,850	$25M	added+10%	+0.26 pp	13 q
INTUIntuit Inc	4.82%	94,641	$25M	held	—	13 q
ADSKAutodesk Inc	3.85%	108,050	$20M	held	—	6 q
AZPNAspen Technology Inc	1.03%	43,813	$5M	held	—	13 q
AMZNAmazon.Com Inc	0.36%	1,000	$2M	held	—	7 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697868-20-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet