Valley Forge Capital Management portfolio & holdings
Valley Forge Capital Management
Historical clone performance and limitations
Valley Forge Capital Management (Valley Forge Capital Management) discloses a $3.12B portfolio across 7 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is FICO at 25.8% of the book.
A material reported change · Q2 2026
Valley Forge Capital Management reduced reported MA shares by 28.3%.
Holdings as of Jun 30, 2026 · filed Aug 14, 2026. Position at period end: 17.6% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
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Holdings (7) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | FICO | 25.8% | $803M | |||
| 2 | SPGI | 19.9% | $621M | |||
| 3 | MCO | 19.1% | $597M | |||
| 4 | MA | 17.6% | $547M | |||
| 5 | ASML | 10.9% | $340M | |||
| 6 | V | 5.1% | $159M | |||
| 7 | INTU | 1.6% | $49M |
- 1FICOport25.8%val$803MFair Isaac Corpthis Q hold·33q
- 2SPGIport19.9%val$621MS&p Global Incthis Q hold·39q
- 3MCOport19.1%val$597MMoody's Corpthis Q hold·39q
- 4MAport17.6%val$547MMastercard Inc - Athis Q -28%·39q
- 5ASMLport10.9%val$340MAsml Hldg NVthis Q hold·13q
- 6Vport5.1%val$159MVisa Inc-class A Sharesthis Q -23%·39q
- 7INTUport1.6%val$49MIntuit Incthis Q hold·39q
2026Q2 moves, by size (2)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MA | Mastercard Inc - A | TRIM | 17.6% | -28% | $547M |
| V | Visa Inc-class A Shares | TRIM | 5.1% | -23% | $159M |
- TRIMMA17.6%Mastercard Inc - AΔ -28%·$547M
- TRIMV5.1%Visa Inc-class A SharesΔ -23%·$159M
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.
2026Q2 brief
Valley Forge Capital Management's 7-stock, $3.1B portfolio remains one of the most concentrated among super-investors, with the top five holdings (FICO, SPGI, MCO, MA, ASML) accounting for 93.3% of assets—essentially unchanged in structure. The only moves this quarter were trims: MA was cut 28% to 17.6% and V was reduced 23% to 5.1%, suggesting manager Dev Kantesaria is trimming payment network exposure after strong price appreciation rather than signaling any thesis change. Both names remain core holdings. The lack of any new positions or additions underscores Valley Forge's extreme patience—this portfolio has been largely static for years, reflecting Buffett-style permanent-capital thinking applied to wide-moat financial data businesses. FICO at 25.8% (~$804M) and the SPGI/MCO duopoly pair at a combined ~39% remain the defining bets. Watch whether Kantesaria redeploys the payment-trim proceeds into ASML (already 10.9%) or opens a new position—any new name would be a major signal given how rarely Valley Forge adds to its roster.
AI-generated. Not investment advice.
Filing history
Valley Forge Capital Management's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 7 | $3.12B |
| Q1 2026 — what changed → | 7 | $3.38B |
| Q4 2025 holdings | 9 | $4.41B |
| Q3 2025 holdings | 9 | $4.16B |
| Q2 2025 holdings | 9 | $4.53B |
| Q1 2025 — what changed → | 9 | $4.39B |
| Q4 2024 holdings | 9 | $4.54B |
| Q3 2024 holdings | 8 | $4.50B |
| Q2 2024 holdings | 8 | $3.87B |
| Q1 2024 holdings | 8 | $3.67B |
| Q4 2023 holdings | 8 | $3.52B |
| Q3 2023 holdings | 8 | $2.93B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
4 material decisions, preserved in sequence.
See what Valley Forge Capital Management bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open Valley Forge Capital Management's decision evidence →Frequently asked questions
- What stocks does Valley Forge Capital Management own?
- As of 2026Q2, Valley Forge Capital Management's 13F discloses 7 positions worth $3.12B. The top five holdings: FICO (25.8%), SPGI (19.9%), MCO (19.1%), MA (17.6%), ASML (10.9%). 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?
- The 2026Q2 filing shows no new purchases — no new positions were opened and no existing holdings were added to this quarter.
- How big is Valley Forge Capital Management's portfolio?
- $3.12B across 7 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 93% of the disclosed book.
Similar portfolios
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001697868). Not investment advice.