Valley Forge Capital

Q1 2025 13F · by Dev Kantesaria, founder

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $4.4B · prev $4.5B
Positions: 9 · 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%

Moves2 since the prior filing

0.0 pp in · −3.5 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 2 −3.51 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions92% of US stock

FICO Fair Isaac Corporation trimmed−2.10 pp trimmed−2.1032.3%
SPGI S&P Global Inc. held held20.3%
MA Mastercard Incorporated held held18.5%
MCO Moody's Corporation held held13.9%
V VISA Inc. held held7.3%

Positions9 in this filing · 0 exited


FICOFair Isaac Corporation	32.29%	768,422	$1.4B	trimmed−2%	−2.10 pp	28 q
SPGIS&P Global Inc.	20.32%	1,755,098	$892M	held	—	34 q
MAMastercard Incorporated	18.54%	1,484,772	$814M	held	—	34 q
MCOMoody's Corporation	13.94%	1,314,144	$612M	held	—	34 q
VVISA Inc.	7.28%	912,017	$320M	held	—	34 q
INTUIntuit Inc	4.16%	297,360	$183M	trimmed−26%	−1.41 pp	34 q
ASMLASML Holding NV	1.90%	125,627	$83M	held	—	8 q
EFXEquifax, Incorporated	0.80%	144,000	$35M	held	—	2 q
MSCIMSCI, Inc.	0.77%	59,700	$34M	held	—	2 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697868-25-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet