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Valley Forge Capital

Q4 2025 13F · by Dev Kantesaria, founder

As of
Dec 31, 2025
Filed
Feb 17, 2026
US stock
$4.4B · prev $4.2B
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%

Moves9 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 · 0.9% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions92% of US stock

  1. FICO Fair Isaac Corporation added+1.83 pp added+1.8329.5%
  2. SPGI S&P Global Inc. added+0.28 pp added+0.2820.8%
  3. MA Mastercard Incorporated added−1.07 pp added−1.0719.3%
  4. MCO Moody's Corporation added+0.19 pp added+0.1915.3%
  5. V VISA Inc. added−0.20 pp added−0.207.3%

Positions9 in this filing · 0 exited

FICOFair Isaac Corporation29.49%769,424$1.3Badded0%+1.83 pp31 q
SPGIS&P Global Inc.20.83%1,758,179$919Madded0%+0.28 pp37 q
MAMastercard Incorporated19.25%1,487,409$849Madded0%−1.07 pp37 q
MCOMoody's Corporation15.25%1,317,292$673Madded0%+0.19 pp37 q
VVISA Inc.7.29%916,410$321Madded0%−0.20 pp37 q
INTUIntuit Inc3.32%221,236$147Mtrimmed−15%−0.97 pp37 q
ASMLASML Holding NV3.06%126,242$135Madded0%+0.13 pp11 q
MSCIMSCI, Inc.0.79%60,770$35Madded+2%−0.02 pp5 q
EFXEquifax, Incorporated0.72%146,352$32Madded+2%−0.17 pp5 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001697868-26-000001
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet