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Q2 2026 holdings · 8 filings on record

Valley Forge Capital Management LP

Dev Kantesaria

Valley Forge Capital Management was founded by Dev Kantesaria, its managing partner; its SEC adviser record lists an office in Miami. Kantesaria studied at MIT and Harvard Medical School, worked at McKinsey and spent many years as a venture capitalist in biotechnology before turning to public stocks with Valley Forge. The firm runs a long-biased equity strategy built on bottom-up company research. It holds a concentrated portfolio of high-conviction ideas, looking for high-quality businesses that trade at large discounts to their intrinsic value and can compound over long periods. Kantesaria has said he no longer invests in biotech.

AI-written, awaiting an editor · as of Oct 31, 2026 · not from the filings · 3 sources
  1. The Investor's Podcast: Buffett's core principles with Dev Kantesaria theinvestorspodcast.com ↗
  2. Hedgeweek: Valley Forge Capital Management surpasses USD500m AUM hedgeweek.com ↗
  3. SEC: Form ADV, Valley Forge Capital Management reports.adviserinfo.sec.gov ↗
Held on Jun 30, now 124 days oldReported to the SEC Aug 14, 2026Next filing due Nov 16 · 15 days
US-listed stocks held$3.1B
Positions7
Behaves like5.3equal-sized positions
Top 10 holdings100.0%of the total

Holdings

On June 30, 2026, Valley Forge Capital Management LP held 7 positions in US-listed stocks worth $3.1 billion.

  1. 1Fair Isaac CorporationFICO$803.1M25.8%
  2. 2S&P Global Inc.SPGI$620.7M19.9%
  3. 3MOODYS CORPMCO$596.6M19.1%
  4. 4Mastercard IncMACL A$547.5M17.6%
  5. 5ASML HLDG NVASMLN Y REGISTRY SHS$340.4M10.9%
  6. 6VISA INCVCOM CL A$158.8M5.1%
  7. 7INTUITINTU$49.3M1.6%

What this filing cannot show

A 13F is a partial picture. Here is the part that is missing.

It lists long positions in US-listed stocks and options only. Not short positions, cash, ordinary bonds, anything listed only abroad, anything private, or anything bought and sold inside the quarter.

What is a 13F?

A quarterly SEC filing where large investment managers list the long positions in US-listed stocks and options they held at the end of the quarter. It is a snapshot, filed up to 45 days after that date.

Why is this list weeks old?

Managers have 45 days after each quarter ends to file, and most of the funds we track file on the last permitted day. So the newest list still describes where the fund stood weeks ago, and the market has moved since.

What does “behaves like” mean?

How many equal-sized positions would be exactly this concentrated. Ten positions of the same size behave like 10. Ten positions where one holds most of the money behave like fewer than 2. It is 1 divided by the sum of each position’s squared share of the total.

Why are two lines sometimes the same company?

Each line is one security as the manager filed it. Two share classes of one company, or a company’s stock and its convertible notes, are separate lines in the filing, and they stay separate here.

Filing history

8 filings on record.

Quarter endedReported to the SECPositionsSource
Jun 30, 2026Aug 14, 20267Open the SEC filing ↗
Mar 31, 2026May 15, 20267Open the SEC filing ↗
Dec 31, 2025Feb 17, 20269Open the SEC filing ↗
Sep 30, 2025Nov 14, 20259Open the SEC filing ↗
Jun 30, 2025Aug 14, 20259Open the SEC filing ↗
Mar 31, 2025May 15, 20259Open the SEC filing ↗
Dec 31, 2024Feb 14, 20259Open the SEC filing ↗
Sep 30, 2024Nov 14, 20248Open the SEC filing ↗

Where a manager later amended a filing, the date shown is the amendment’s. Every filing from this fund at the SEC ↗

⚠️ Public information, sourced from SEC 13F filings. A 13F shows long US-listed positions only; it cannot show shorts, cash, ordinary bonds, foreign lines, or anything bought and sold within the quarter. Values are the manager’s own quarter-end figures, filed up to 45 days later. Not financial advice.