Valley Forge Capital

Q1 2020 13F · by Dev Kantesaria, founder

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $472M · prev $515M
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%

Moves3 since the prior filing

+2.4 pp in · 0.0 pp out

New 0 0.00 pp
Added 3 +2.35 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions91% of US stock

SPGI S&P Global Inc. added+0.37 pp added+0.3722.7%
FICO Fair Isaac Corporation added−2.09 pp added−2.0922.2%
MCO Moody's Corporation held held20.1%
V VISA Inc. held held16.5%
MA Mastercard Incorporated added+4.07 pp added+4.079.0%

Positions9 in this filing · 0 exited


SPGIS&P Global Inc.	22.73%	437,960	$107M	added+4%	+0.37 pp	14 q
FICOFair Isaac Corporation	22.17%	340,278	$105M	added+2%	−2.09 pp	8 q
MCOMoody's Corporation	20.15%	449,915	$95M	held	—	14 q
VVISA Inc.	16.48%	482,922	$78M	held	—	14 q
MAMastercard Incorporated	8.99%	175,650	$42M	added×2.1	+4.07 pp	14 q
INTUIntuit Inc	4.61%	94,641	$22M	held	—	14 q
ADSKAutodesk Inc	3.57%	108,050	$17M	held	—	7 q
AZPNAspen Technology Inc	0.88%	43,813	$4M	held	—	14 q
AMZNAmazon.Com Inc	0.41%	1,000	$2M	held	—	8 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697868-20-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet