Valley Forge Capital Management, LP
Long book
$3.38B
Q1 2026
Positions
7
Top-10 weight
100%
concentration
Last quarter
+13.2%
SPY +14.8%
Turnover
22%
of book per quarter
Strategy in plain words
auto-generated from filingsValley Forge Capital Management, LP is a concentrated fundamental stock-picker, specialised in services_media (91% of the long book), running a $3.38B US long book across 7 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: FAIR ISAAC CORP, S&P GLOBAL INC, MASTERCARD INC - A, MOODY'S CORP, ASML HOLDING NV-NY REG SHS.
Over the last 9 quarters its long book ran on average 2.4pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+6.0%
Q2 2024
+17.0%
Q3 2024
+1.8%
Q4 2024
-1.2%
Q1 2025
+3.9%
Q2 2025
-8.0%
Q3 2025
+6.7%
Q4 2025
-20.9%
Q1 2026
+13.2%
Sector allocation
Services media 91%
Industrials 7%
Technology 2%
Long book by quarter
What does Valley Forge own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| FICO FAIR ISAAC CORP | Services media | 769.3K | $821.3M | 24.3% | 0.0% |
| SPGI S&P GLOBAL INC | Services media | 1.8M | $747.8M | 22.2% | 0.0% |
| MA MASTERCARD INC - A | Services media | 1.5M | $743.2M | 22.0% | 0.0% |
| MCO MOODY'S CORP | Services media | 1.3M | $574.6M | 17.0% | 0.0% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 171.1K | $226.0M | 6.7% | +35.5% |
| V VISA INC-CLASS A SHARES | Services media | 598.8K | $181.0M | 5.4% | -34.7% |
| INTU INTUIT INC | Technology | 189.1K | $81.8M | 2.4% | -14.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 7 | $3.38B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 9 | $4.41B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 9 | $4.16B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 9 | $4.53B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 9 | $4.39B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 9 | $4.54B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 8 | $4.50B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 8 | $3.87B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 8 | $3.67B | canonical | SEC ↗ |
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