Valley Forge Capital

Q2 2023 13F · by Dev Kantesaria, founder

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $3.0B · prev $2.6B
Positions: 8 · 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%

Moves5 since the prior filing

+6.0 pp in · −5.4 pp out

New 1 +1.55 pp
Added 2 +4.48 pp
Trimmed 0 0.00 pp
Exited 2 −5.36 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.2 years per position

Low
Moderate
High

Top 5 positions90% of US stock

FICO Fair Isaac Corporation held held25.9%
SPGI S&P Global Inc. added+4.32 pp added+4.3222.5%
MA Mastercard Incorporated held held19.9%
MCO Moody's Corporation held held14.4%
V VISA Inc. held held7.3%

Positions8 in this filing · 2 exited


FICOFair Isaac Corporation	25.87%	943,048	$763M	held	—	21 q
SPGIS&P Global Inc.	22.50%	1,655,561	$664M	added+19%	+4.32 pp	27 q
MAMastercard Incorporated	19.85%	1,489,102	$586M	held	—	27 q
MCOMoody's Corporation	14.36%	1,218,410	$424M	held	—	27 q
VVISA Inc.	7.29%	904,977	$215M	held	—	27 q
INTUIntuit Inc	6.91%	444,881	$204M	held	—	27 q
AZPNAspen Technology Inc	1.68%	295,485	$50M	added+68%	+0.16 pp	5 q
ASMLASML Holding NV	1.55%	62,903	$46M	new	+1.55 pp	new
ADBEAdobe Inc.	—	−246,305	—	exited	−3.59 pp	—
ADSKAutodesk Inc	—	−224,034	—	exited	−1.77 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697868-23-000006
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet