Valley Forge Capital

Q1 2026 13F · by Dev Kantesaria, founder

As of: Mar 31, 2026
Filed: May 15, 2026
US stock: $3.4B · prev $4.4B
Positions: 7 · 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

+6.4 pp in · −6.4 pp out

New 0 0.00 pp
Added 2 +6.40 pp
Trimmed 5 −4.90 pp
Exited 2 −1.51 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.0% a year, about 14.3 years per position

Low
Moderate
High

Top 5 positions92% of US stock

FICO Fair Isaac Corporation trimmed−5.16 pp trimmed−5.1624.3%
SPGI S&P Global Inc. trimmed+1.32 pp trimmed+1.3222.1%
MA Mastercard Incorporated added+2.77 pp added+2.7722.0%
MCO Moody's Corporation trimmed+1.77 pp trimmed+1.7717.0%
ASML ASML Holding NV added+3.63 pp added+3.636.7%

Positions7 in this filing · 2 exited


FICOFair Isaac Corporation	24.33%	769,342	$821M	trimmed−0%	−5.16 pp	32 q
SPGIS&P Global Inc.	22.15%	1,758,074	$748M	trimmed−0%	+1.32 pp	38 q
MAMastercard Incorporated	22.02%	1,487,496	$743M	added0%	+2.77 pp	38 q
MCOMoody's Corporation	17.02%	1,317,188	$575M	trimmed−0%	+1.77 pp	38 q
ASMLASML Holding NV	6.69%	171,083	$226M	added+36%	+3.63 pp	12 q
VVISA Inc.	5.36%	598,753	$181M	trimmed−35%	−1.93 pp	38 q
INTUIntuit Inc	2.42%	189,072	$82M	trimmed−15%	−0.90 pp	38 q
MSCIMSCI, Inc.	—	−60,770	—	exited	−0.79 pp	—
EFXEquifax, Incorporated	—	−146,352	—	exited	−0.72 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001697868-26-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet