Stocks/Funds/CIK 1697868

Valley Forge Capital Management, LP

long-term holderconcentrated
Quarterly 13F filings · Latest period 2026-03-31 · CIK 1697868
Assets
$3.38B
-23.1% YoY
Holdings
7
Lifetime alpha vs market
-0.92% annual
Average hold time
8.1 yr
median 9.3 yr

Quarterly history

Cum return +47% vs S&P +52% · α -6% lifetimeAUM $3.4B · peak $4.5BFlow $-117M (-3%)2016-122018-062020-032021-092023-032024-092026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
+2.33%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.24%
baseline attrition
Rally response
+1.69%
adds into rallies
when a holding rises +10%+

Top positions · 7

Ticker$ value% portYoYHold time
FICOFair Isaac Corporation$821M24.3%-42.1%7.8 yr
SPGIS&P Global Inc.$748M22.2%-15.6%9.3 yr
MAMastercard Incorporated$743M22.0%-8.5%9.3 yr
MCOMoody's Corporation$575M17.0%-5.6%9.3 yr
ASMLASML Holding N.V.$226M6.7%+100.9%3.0 yr
VVisa Inc.$181M5.4%-13.1%9.3 yr
INTUIntuit Inc.$82M2.4%-29.3%9.3 yr

Portfolio composition (YoY)

Industry mix
Financial - Data & Stock Exchanges39.2%+4.1pp$1.32B
Financial - Credit Services27.4%+1.6pp$924M
Software - Application26.8%-9.7pp$903M
Semiconductors6.7%+4.8pp$226M
Country
US93.3%-4.8pp
NL6.7%+4.8pp
Top 5: 92.2% · Top 10: 100.0% · Top 25: 100.0%

Winners

TickerPrev $PnLYoY %
ASML$83M+0.08B100.9%
MCO$612M-0.03B-5.6%
V$320M-0.04B-13.1%
INTU$183M-0.05B-29.3%
MA$814M-0.07B-8.5%

Losers

TickerPrev $PnLYoY %
FICO$1.42B-0.60B-42.1%
SPGI$892M-0.14B-15.6%
MA$814M-0.07B-8.5%
INTU$183M-0.05B-29.3%
V$320M-0.04B-13.1%

Top buys this quarter · 2

ASML ASML Holding N.V.+$59M
MA Mastercard Incorporated+$743M

Top sells this quarter · 7

V Visa Inc.$96M
MSCI MSCI Inc.exit$33M
EFX Equifax Inc.exit$26M
INTU Intuit Inc.$14M
FICO Fair Isaac Corporation$0M
MCO Moody's Corporation$0M
SPGI S&P Global Inc.$0M

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$3.38B7-19.34%+17.59%-36.93%-0.12B
2025-12-31$4.41B9+0.69%+17.72%-17.03%-0.02B
2025-09-30$4.16B9-3.85%+17.52%-21.36%-0.01B
2025-06-30$4.53B9+22.41%+14.94%+7.47%-0.03B
2025-03-31$4.39B9+24.91%+8.30%+16.61%-0.10B
2024-12-31$4.54B9+33.13%+24.89%+8.24%-0.04B
2024-09-30$4.50B8+59.56%+36.04%+23.53%-0.03B
2024-06-30$3.87B8+35.20%+24.49%+10.71%-0.02B
2024-03-31$3.67B8+42.55%+29.62%+12.93%-0.04B
2023-12-31$3.52B8+48.34%+26.18%+22.16%-0.06B
2023-09-30$2.93B8+42.72%+21.57%+21.15%+0.01B
2023-06-30$2.95B8+35.06%+19.42%+15.64%-0.00B
2023-03-31$2.64B9+2.12%-7.82%+9.94%-0.06B
2022-12-31$2.46B10+17.45%+7.56%+9.89%-0.01B
2022-09-30$2.11B10-6.13%-4.93%-1.21%+0.01B
2022-06-30$2.24B10-15.49%-16.11%+0.62%+0.01B