Valley Forge Capital Management
Valley Forge Capital Management
Valley Forge Capital Management (Valley Forge Capital Management) discloses a $3.38B portfolio across 7 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is FICO at 24.3% of the book. The biggest move of the quarter: added 36% to the ASML share count (position now $226M). Latticework's clone backtest puts this 13F book at +3.2%/yr vs SPY over 9.3 years.
About Valley Forge Capital Management
Valley Forge Capital Management, founded by Dev Kantesaria, runs one of the most concentrated long-only equity books visible in 13F filings — seven positions, with the top five accounting for roughly 92% of a $3.4B portfolio as of the latest filing. The firm's edge is explicitly qualitative: Kantesaria looks for wide-moat businesses with pricing power, recurring revenue, and minimal capital intensity, then holds them for years without much turnover. The current book reflects that thesis almost cartoonishly cleanly — FICO, S&P Global, Mastercard, Moody's, and ASML together represent a bet on data and transaction network oligopolies. Because the portfolio changes so infrequently, the 45-day disclosure lag is less distorting here than for active traders; what you see in the 13F is largely what the fund holds. The latticework backtest shows roughly 3.2% annualized excess return over SPY across nine-plus years — respectable, though readers should note that replicating a seven-stock book introduces meaningful single-name volatility relative to an index.
2026Q1 brief
Valley Forge Capital's $3.38B portfolio is a masterclass in extreme concentration — just 7 positions with top-5 at 92.2% — and 2026Q1 changes were surgical. The firm added +35.5% to ASML (now 6.7%, ~$226M), leaning further into its sole semiconductor name at a time when many peers were trimming semi-cap exposure, a notable contrarian stance. Conversely, V (Visa) was cut 34.7% to 5.4%, and both MSCI (0.79%) and EFX (0.72%) were exited entirely, trimming the data/analytics sleeve. This leaves the portfolio overwhelmingly concentrated in financial-data franchises: FICO (24.3%), SPGI (22.2%), MA (22.0%), and MCO (17.0%) together represent 85.5% of AUM — a bet of extraordinary conviction on pricing-power data and analytics moats. The ASML add is intriguing as the only non-financial franchise, possibly reflecting a thesis on AI semiconductor infrastructure at a valuation discount to U.S. peers. The MSCI and EFX exits free up capital that appears redirected to ASML. Watch whether INTU (2.4%, the portfolio's smallest position) is exited or built up — its fate will signal whether Valley Forge is further distilling to pure financial-data infrastructure.
AI-generated. Not investment advice.
In the news
all news →- Fair Isaac Corp (FICO) Institutional ConfidenceTradingKey ·
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Holdings (7) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | FICO | 24.3% | $821M | |||
| 2 | SPGI | 22.2% | $748M | |||
| 3 | MA | 22.0% | $743M | |||
| 4 | MCO | 17.0% | $575M | |||
| 5 | ASML | 6.7% | $226M | |||
| 6 | V | 5.4% | $181M | |||
| 7 | INTU | 2.4% | $82M |
- 1FICOport24.3%val$821MFair Isaac Corpthis Q hold·32q
- 2SPGIport22.2%val$748MS&p Global Incthis Q hold·38q
- 3MAport22.0%val$743MMastercard Inc - Athis Q hold·38q
- 4MCOport17.0%val$575MMoody's Corpthis Q hold·38q
- 5ASMLport6.7%val$226MAsml Holding N Vthis Q +36%·12q
- 6Vport5.4%val$181MVisa Inc-class A Sharesthis Q -35%·38q
- 7INTUport2.4%val$82MIntuit Incthis Q hold·38q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| V | Visa Inc-class A Shares | TRIM | 5.4% | -35% | $181M |
| ASML | Asml Holding N V | ADD | 6.7% | +36% | $226M |
| MSCI | Msci Inc | EXIT | 0.8% | -100% | $0 |
| EFX | Equifax Inc | EXIT | 0.7% | -100% | $0 |
- TRIMV5.4%Visa Inc-class A SharesΔ -35%·$181M
- ADDASML6.7%Asml Holding N VΔ +36%·$226M
- EXITMSCI0.8%Msci IncΔ -100%·$0
- EXITEFX0.7%Equifax IncΔ -100%·$0
Frequently asked questions
- What stocks does Valley Forge Capital Management own?
- As of 2026Q1, Valley Forge Capital Management's 13F discloses 7 positions worth $3.38B. The top five holdings: FICO (24.3%), SPGI (22.2%), MA (22.0%), MCO (17.0%), ASML (6.7%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Valley Forge Capital Management buy this quarter?
- In 2026Q1, the filing shows 0 new positions and 1 addition to existing holdings. The largest positions touched by buying: ASML.
- How big is Valley Forge Capital Management's portfolio?
- $3.38B across 7 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 92% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001697868). Not investment advice.