Valley Forge Capital

Q2 2021 13F · by Dev Kantesaria, founder

As of: Jun 30, 2021
Filed: Aug 16, 2021
US stock: $2.6B · prev $2.1B
Positions: 9 · prev 10
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%

Moves6 since the prior filing

+4.4 pp in · −2.6 pp out

New 0 0.00 pp
Added 5 +4.40 pp
Trimmed 0 0.00 pp
Exited 1 −2.64 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.7% a year, about 11.5 years per position

Low
Moderate
High

Top 5 positions79% of US stock

SPGI S&P Global Inc. held held20.3%
MA Mastercard Incorporated added−3.42 pp added−3.4219.2%
MCO Moody's Corporation held held16.3%
FICO Fair Isaac Corporation added−2.20 pp added−2.2013.1%
AMZN Amazon.Com Inc added+10.25 pp added+10.2510.5%

Positions9 in this filing · 1 exited


SPGIS&P Global Inc.	20.29%	1,272,544	$522M	held	—	19 q
MAMastercard Incorporated	19.19%	1,352,814	$494M	added+1%	−3.42 pp	19 q
MCOMoody's Corporation	16.26%	1,155,246	$419M	held	—	19 q
FICOFair Isaac Corporation	13.11%	671,509	$338M	added+1%	−2.20 pp	13 q
AMZNAmazon.Com Inc	10.52%	78,715	$271M	added×42.7	+10.25 pp	13 q
VVISA Inc.	9.22%	1,015,303	$237M	held	—	19 q
ADBEAdobe Inc.	4.42%	194,189	$114M	added+4%	+0.21 pp	5 q
INTUIntuit Inc	4.10%	215,221	$105M	held	—	19 q
ADSKAutodesk Inc	2.88%	253,608	$74M	added0%	−0.44 pp	12 q
AZPNAspen Technology Inc	—	−387,202	—	exited	−2.64 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697868-21-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet