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Valley Forge Capital

Q4 2022 13F · by Dev Kantesaria, founder

As of
Dec 31, 2022
Filed
Feb 14, 2023
US stock
$2.5B · prev $2.1B
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%

Moves5 since the prior filing

The book

Very concentrated · behaves like 6 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 8.3% a year, about 12.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions87% of US stock

  1. FICO Fair Isaac Corporation held held23.4%
  2. MA Mastercard Incorporated trimmed+0.72 pp trimmed+0.7222.0%
  3. SPGI S&P Global Inc. added+0.17 pp added+0.1718.9%
  4. MCO Moody's Corporation added+0.41 pp added+0.4113.8%
  5. V VISA Inc. added+0.27 pp added+0.278.5%

Positions10 in this filing · 0 exited

FICOFair Isaac Corporation23.41%963,048$576Mheld—19 q
MAMastercard Incorporated21.96%1,555,667$541Mtrimmed−1%+0.72 pp25 q
SPGIS&P Global Inc.18.94%1,392,653$466Madded+8%+0.17 pp25 q
MCOMoody's Corporation13.78%1,218,410$339Madded+5%+0.41 pp25 q
VVISA Inc.8.48%1,004,777$209Madded+3%+0.27 pp25 q
AMZNAmazon.Com Inc3.77%1,105,393$93Mtrimmed−32%−4.99 pp19 q
ADBEAdobe Inc.3.37%246,305$83Mheld—11 q
INTUIntuit Inc3.13%198,071$77Mheld—25 q
ADSKAutodesk Inc1.70%224,034$42Mheld—18 q
AZPNAspen Technology Inc1.46%175,485$36Mheld—3 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001697868-23-000002
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet