Valley Forge Capital

Q1 2023 13F · by Dev Kantesaria, founder

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $2.6B · prev $2.5B
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%

Moves5 since the prior filing

+4.4 pp in · −4.3 pp out

New 0 0.00 pp
Added 1 +4.38 pp
Trimmed 3 −0.54 pp
Exited 1 −3.77 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions86% of US stock

FICO Fair Isaac Corporation trimmed+1.68 pp trimmed+1.6825.1%
MA Mastercard Incorporated trimmed−1.47 pp trimmed−1.4720.5%
SPGI S&P Global Inc. held held18.2%
MCO Moody's Corporation held held14.1%
V VISA Inc. trimmed−0.75 pp trimmed−0.757.7%

Positions9 in this filing · 1 exited


FICOFair Isaac Corporation	25.09%	943,048	$663M	trimmed−2%	+1.68 pp	20 q
MAMastercard Incorporated	20.49%	1,489,102	$541M	trimmed−4%	−1.47 pp	26 q
SPGIS&P Global Inc.	18.18%	1,392,653	$480M	held	—	26 q
MCOMoody's Corporation	14.12%	1,218,410	$373M	held	—	26 q
VVISA Inc.	7.73%	904,977	$204M	trimmed−10%	−0.75 pp	26 q
INTUIntuit Inc	7.51%	444,881	$198M	added×2.2	+4.38 pp	26 q
ADBEAdobe Inc.	3.59%	246,305	$95M	held	—	12 q
ADSKAutodesk Inc	1.77%	224,034	$47M	held	—	19 q
AZPNAspen Technology Inc	1.52%	175,485	$40M	held	—	4 q
AMZNAmazon.Com Inc	—	−1,105,393	—	exited	−3.77 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697868-23-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet