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Valley Forge Capital

Q4 2024 13F · by Dev Kantesaria, founder

As of
Dec 31, 2024
Filed
Feb 14, 2025
US stock
$4.5B · prev $4.5B
Positions
9 · prev 8
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%

Moves7 since the prior filing

The book

Very concentrated · behaves like 5 equal-sized positions

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

Low turnover · 9.6% a year, about 10.4 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions91% of US stock

  1. FICO Fair Isaac Corporation trimmed−0.54 pp trimmed−0.5434.4%
  2. SPGI S&P Global Inc. added−0.33 pp added−0.3319.3%
  3. MA Mastercard Incorporated held held17.2%
  4. MCO Moody's Corporation added+0.11 pp added+0.1113.7%
  5. V VISA Inc. held held6.3%

Positions9 in this filing · 1 exited

FICOFair Isaac Corporation34.39%784,122$1.6Btrimmed−3%−0.54 pp27 q
SPGIS&P Global Inc.19.25%1,755,098$874Madded+3%−0.33 pp33 q
MAMastercard Incorporated17.22%1,484,772$782Mheld—33 q
MCOMoody's Corporation13.70%1,314,144$622Madded+2%+0.11 pp33 q
VVISA Inc.6.35%912,017$288Mheld—33 q
INTUIntuit Inc5.57%402,281$253Mtrimmed−10%−0.57 pp33 q
ASMLASML Holding NV1.92%125,627$87Mheld—7 q
EFXEquifax, Incorporated0.81%144,000$37Mnew+0.81 ppnew
MSCIMSCI, Inc.0.79%59,700$36Mnew+0.79 ppnew
AZPNAspen Technology Inc—−295,485—exited−1.57 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001697868-25-000001
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet