Valley Forge Capital Management
Valley Forge Capital Management
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. The biggest move of the quarter: trimmed the MA share count by 28% (position now $547M). Mechanically cloning this 13F returned 19.1%/yr over the past 9.4 years, versus 14.8%/yr for the S&P 500 across that identical 9.4-year window.
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
No notable moves in the 2026Q2 filing — Valley Forge Capital Management held course.
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.
Multibaggers Valley Forge Capital Management held
Stocks up 5x or more since Valley Forge Capital Management first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- FICO22.4xFAIR ISAAC CORP32q straight · peak 34.93% · still holds
- ASML21.3xASML HLDG NV12q straight · peak 6.69% · still holds
- MSCI14.6xMSCI INC5q straight · peak 0.81%
- AMZN13.8xAMAZON.COM INC19q straight · peak 10.56%
- META10.0xMETA PLATFORMS INC-CLASS A3q straight · peak 1.89%
- MA7.8xMASTERCARD INC - A38q straight · peak 22.61% · still holds
Six biggest of 8. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Valley Forge Capital Management's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
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.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001697868). Not investment advice.