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Valley Forge Capital

Q3 2025 13F · by Dev Kantesaria, founder

As of
Sep 30, 2025
Filed
Nov 14, 2025
US stock
$4.2B · 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%

Moves1 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 · 0.0% a year

  1. Low
  2. Moderate
  3. High

Top 5 positions91% of US stock

  1. FICO Fair Isaac Corporation held held27.7%
  2. SPGI S&P Global Inc. held held20.6%
  3. MA Mastercard Incorporated held held20.3%
  4. MCO Moody's Corporation held held15.1%
  5. V VISA Inc. held held7.5%

Positions9 in this filing · 0 exited

FICOFair Isaac Corporation27.66%768,422$1.1Bheld—30 q
SPGIS&P Global Inc.20.55%1,755,098$854Mheld—36 q
MAMastercard Incorporated20.32%1,484,772$845Mheld—36 q
MCOMoody's Corporation15.06%1,314,144$626Mheld—36 q
VVISA Inc.7.49%912,017$311Mheld—36 q
INTUIntuit Inc4.29%261,097$178Mtrimmed−1%−0.29 pp36 q
ASMLASML Holding NV2.93%125,627$122Mheld—10 q
EFXEquifax, Incorporated0.89%144,000$37Mheld—4 q
MSCIMSCI, Inc.0.81%59,700$34Mheld—4 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001697868-25-000006
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet