Valley Forge Capital Management

Valley Forge's astonishingly concentrated 7-position, $3.38B portfolio made only surgical adjustments this quarter, but the signals are meaningful. The firm added to ASML (+35.5% to 6.7%), its sole non-U.S. financial-data/payments holding, deepening exposure to semiconductor lithography at what it presumably views as a dislocated valuation. Simultaneously, V (Visa) was trimmed -34.7% to 5.4%, a modest rebalance within the payments complex where MA (22.0%) already dominates. The exits of MSCI (previously 0.8%) and EFX (0.7%) remove two smaller financial-data satellites, leaving the portfolio as a pure five-idea concentration play: FICO (24.3%), SPGI (22.2%), MA (22.0%), MCO (17.0%), and ASML (6.7%)—92.2% of assets in the top 5. This is among the most concentrated institutional portfolios in the 13F universe, essentially a leveraged bet on financial data infrastructure and payments moats. The FICO-SPGI-MCO triad at 63.5% combined reflects an almost singular conviction in credit/analytics pricing power. Watch whether ASML continues to grow toward parity with the payments names, which would represent a rare structural expansion of the mandate beyond its financial-data core.