Valley Forge Capital

Q2 2025 13F · by Dev Kantesaria, founder

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $4.5B · prev $4.4B
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%

Moves1 since the prior filing

0.0 pp in · +0.4 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 1 +0.42 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 held held31.0%
SPGI S&P Global Inc. held held20.4%
MA Mastercard Incorporated held held18.4%
MCO Moody's Corporation held held14.6%
V VISA Inc. held held7.2%

Positions9 in this filing · 0 exited


FICOFair Isaac Corporation	31.03%	768,422	$1.4B	held	—	29 q
SPGIS&P Global Inc.	20.44%	1,755,098	$925M	held	—	35 q
MAMastercard Incorporated	18.43%	1,484,772	$834M	held	—	35 q
MCOMoody's Corporation	14.56%	1,314,144	$659M	held	—	35 q
VVISA Inc.	7.15%	912,017	$324M	held	—	35 q
INTUIntuit Inc	4.58%	263,312	$207M	trimmed−11%	+0.42 pp	35 q
ASMLASML Holding NV	2.22%	125,627	$101M	held	—	9 q
EFXEquifax, Incorporated	0.82%	144,000	$37M	held	—	3 q
MSCIMSCI, Inc.	0.76%	59,700	$34M	held	—	3 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697868-25-000005
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet