# Dev Kantesaria — Valley Forge Capital Management

Portfolio USD 3,116,388,000 · 7 positions · 2026 Q2 · history from 2019 Q1.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/VFC

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| FICO | Fair Isaac Corp. | 26% | USD 803,114,000 | -12.63% |  |
| SPGI | S&P Global Inc. | 20% | USD 620,679,000 | -13.31% |  |
| MCO | Moody's Corp. | 19% | USD 596,581,000 | hold |  |
| MA | Mastercard Inc. | 18% | USD 547,464,000 | -28.34% |  |
| ASML | ASML Holding NV | 11% | USD 340,359,000 | hold |  |
| V | Visa Inc. | 5.1% | USD 158,843,000 | -22.68% |  |
| INTU | Intuit Inc. | 1.6% | USD 49,348,000 | hold |  |

## Moves this quarter (4)

- FICO Fair Isaac Corp.: -12.63% (USD 803,114,000)
- SPGI S&P Global Inc.: -13.31% (USD 620,679,000)
- MA Mastercard Inc.: -28.34% (USD 547,464,000)
- V Visa Inc.: -22.68% (USD 158,843,000)

## Portfolio value by quarter

- 2019 Q1: USD 377,830,850 (9 positions)
- 2019 Q2: USD 421,843,761 (9 positions)
- 2019 Q3: USD 448,068,044 (9 positions)
- 2019 Q4: USD 514,511,609 (9 positions)
- 2020 Q1: USD 472,213,786 (9 positions)
- 2020 Q2: USD 822,624,547 (10 positions)
- 2020 Q3: USD 921,506,918 (10 positions)
- 2020 Q4: USD 1,076,713,966 (10 positions)
- 2021 Q1: USD 2,114,047,606 (10 positions)
- 2021 Q2: USD 2,574,093,983 (9 positions)
- 2021 Q3: USD 2,517,146,513 (9 positions)
- 2021 Q4: USD 2,644,320,920 (9 positions)
- 2022 Q1: USD 2,628,885,424 (10 positions)
- 2022 Q2: USD 2,236,547,259 (10 positions)
- 2022 Q3: USD 2,107,286,253 (10 positions)
- 2022 Q4: USD 2,462,839,500 (10 positions)
- 2023 Q1: USD 2,640,921,897 (9 positions)
- 2023 Q2: USD 2,949,725,243 (8 positions)
- 2023 Q3: USD 2,931,643,962 (8 positions)
- 2023 Q4: USD 3,518,748,015 (8 positions)
- 2024 Q1: USD 3,666,607,509 (8 positions)
- 2024 Q2: USD 3,867,718,196 (8 positions)
- 2024 Q3: USD 4,500,146,049 (8 positions)
- 2024 Q4: USD 4,539,792,824 (9 positions)
- 2025 Q1: USD 4,388,953,514 (9 positions)
- 2025 Q2: USD 4,527,717,692 (9 positions)
- 2025 Q3: USD 4,156,989,275 (9 positions)
- 2025 Q4: USD 4,411,309,240 (9 positions)
- 2026 Q1: USD 3,375,975,285 (7 positions)
- 2026 Q2: USD 3,116,388,000 (7 positions)