Valley Forge Capital

Q4 2021 13F · by Dev Kantesaria, founder

As of: Dec 31, 2021
Filed: Feb 14, 2022
US stock: $2.6B · prev $2.5B
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%

Moves8 since the prior filing

+4.2 pp in · −4.0 pp out

New 0 0.00 pp
Added 4 +4.15 pp
Trimmed 4 −3.99 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions80% of US stock

SPGI S&P Global Inc. trimmed−1.69 pp trimmed−1.6919.9%
MA Mastercard Incorporated added+0.50 pp added+0.5019.6%
MCO Moody's Corporation trimmed−1.13 pp trimmed−1.1315.2%
FICO Fair Isaac Corporation added+3.21 pp added+3.2114.7%
AMZN Amazon.Com Inc added−0.26 pp added−0.2610.3%

Positions9 in this filing · 0 exited


SPGIS&P Global Inc.	19.86%	1,112,913	$525M	trimmed−13%	−1.69 pp	21 q
MAMastercard Incorporated	19.58%	1,440,698	$518M	added+4%	+0.50 pp	21 q
MCOMoody's Corporation	15.18%	1,027,734	$401M	trimmed−11%	−1.13 pp	21 q
FICOFair Isaac Corporation	14.67%	894,482	$388M	added+23%	+3.21 pp	15 q
AMZNAmazon.Com Inc	10.30%	81,715	$272M	added+1%	−0.26 pp	15 q
VVISA Inc.	7.65%	933,397	$202M	trimmed−8%	−1.33 pp	21 q
ADBEAdobe Inc.	5.28%	246,305	$140M	added+23%	+0.70 pp	7 q
INTUIntuit Inc	4.77%	196,071	$126M	trimmed−9%	+0.16 pp	21 q
ADSKAutodesk Inc	2.70%	253,608	$71M	held	—	14 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697868-22-000002
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet