Valley Forge Capital

Q2 2022 13F · by Dev Kantesaria, founder

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $2.2B · prev $2.6B
Positions: 10 · 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

+5.2 pp in · −2.6 pp out

New 1 +1.44 pp
Added 4 +3.75 pp
Trimmed 0 0.00 pp
Exited 1 −2.63 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.1 years per position

Low
Moderate
High

Top 5 positions82% of US stock

MA Mastercard Incorporated added+1.25 pp added+1.2522.2%
SPGI S&P Global Inc. added+0.96 pp added+0.9619.5%
FICO Fair Isaac Corporation added+1.31 pp added+1.3117.3%
MCO Moody's Corporation added+0.23 pp added+0.2314.1%
V VISA Inc. held held8.6%

Positions10 in this filing · 1 exited


MAMastercard Incorporated	22.21%	1,574,417	$497M	added+2%	+1.25 pp	23 q
SPGIS&P Global Inc.	19.52%	1,295,275	$437M	added+9%	+0.96 pp	23 q
FICOFair Isaac Corporation	17.26%	963,048	$386M	added+7%	+1.31 pp	17 q
MCOMoody's Corporation	14.10%	1,159,004	$315M	added+7%	+0.23 pp	23 q
VVISA Inc.	8.57%	973,477	$192M	held	—	23 q
AMZNAmazon.Com Inc	7.76%	1,634,300	$174M	held	—	17 q
ADBEAdobe Inc.	4.03%	246,305	$90M	held	—	9 q
INTUIntuit Inc	3.38%	196,071	$76M	held	—	23 q
ADSKAutodesk Inc	1.72%	224,034	$39M	held	—	16 q
AZPNAspen Technology Inc	1.44%	175,485	$32M	new	+1.44 pp	new
AZPNAspen Technology Inc	—	−417,823	—	exited	−2.63 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697868-22-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet