Valley Forge Capital Management, LP — 13F Holdings & Portfolio
CIK 1697868 · latest 13F-HR filed 2026-08-14
Valley Forge Capital Management, LP manages $3.12B in 13F-reported U.S. long-equity assets across 7 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are FICO (25.77%), SPGI (19.92%), MCO (19.14%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 0 new positions and exited 0; 1 existing position rose in reported value and 4 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-14
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 100%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Mar 30, 2026.
SUITE 1800
MIAMI, FL 33131
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| DEVANG V KANTESARIA 2022 FAMILY TRUST Control | LIMITED PARTNER since Apr 2020 | 25–50% | Domestic Entity |
| Gonedes, Steven Control | CHIEF COMPLIANCE OFFICER/CHIEF FINANCIAL OFFICER since Feb 2023 | Less than 5% | Individual |
| KANTESARIA, DEVANG, VALLABHDAS Control | LIMITED PARTNER since Jun 2017 | 50–75% | Individual |
| VALLEY FORGE ADVISORS, INC. Control | GENERAL PARTNER since Jun 2017 | Less than 5% | Domestic Entity |
| KANTESARIA, DEVANG, VALLABHDAS Control Indirect owner via VALLEY FORGE ADVISORS, INC. | PRESIDENT since Jun 2017 | 75% or more | Individual |
| Kantesaria, Sudha Control Indirect owner via DEVANG V KANTESARIA 2022 FAMILY TRUST | TRUSTEE since Jan 2022 | General partner, trustee or manager | Individual |
| Kantesaria, Vallabhdas Control Indirect owner via DEVANG V KANTESARIA 2022 FAMILY TRUST | TRUSTEE since Jan 2022 | General partner, trustee or manager | Individual |
Ownership & leadership changes · 6 filings with changes since Mar 22, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- No longer listedDEVANG V KANTESARIA 2022 DESCENDANTS TRUST · LIMITED PARTNER · 25–50% · control person · listed since Apr 2020
- No longer listedKUMMERER, KENNETH, ECK · CHIEF COMPLIANCE OFFICER/CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Jun 2021
- No longer listedKantesaria, Sudha · TRUSTEE · General partner, trustee or manager · indirect via DEVANG V KANTESARIA 2022 DESCENDANTS TRUST · control person · listed since Jan 2022
- No longer listedKantesaria, Vallabhdas · TRUSTEE · General partner, trustee or manager · indirect via DEVANG V KANTESARIA 2022 DESCENDANTS TRUST · control person · listed since Jan 2022
- AddedDEVANG V KANTESARIA 2022 FAMILY TRUST · LIMITED PARTNER · 25–50% · control person
- AddedGonedes, Steven · CHIEF COMPLIANCE OFFICER/CHIEF FINANCIAL OFFICER · Less than 5% · control person
- AddedKantesaria, Sudha · TRUSTEE · General partner, trustee or manager · indirect via DEVANG V KANTESARIA 2022 FAMILY TRUST · control person
- AddedKantesaria, Vallabhdas · TRUSTEE · General partner, trustee or manager · indirect via DEVANG V KANTESARIA 2022 FAMILY TRUST · control person
- No longer listedKantesaria, Sudha · TRUSTEE · General partner, trustee or manager · indirect via THE 2012 DEVANG V. KANTESARIA FAMILY TRUST · control person · listed since Dec 2012
- No longer listedKantesaria, Vallabhdas · TRUSTEE · General partner, trustee or manager · indirect via THE 2012 DEVANG V. KANTESARIA FAMILY TRUST · control person · listed since Dec 2012
- No longer listedTHE 2012 DEVANG V. KANTESARIA FAMILY TRUST · LIMITED PARTNER · 25–50% · control person · listed since Apr 2020
- AddedDEVANG V KANTESARIA 2022 DESCENDANTS TRUST · LIMITED PARTNER · 25–50% · control person
- AddedKantesaria, Sudha · TRUSTEE · General partner, trustee or manager · indirect via DEVANG V KANTESARIA 2022 DESCENDANTS TRUST · control person
- AddedKantesaria, Vallabhdas · TRUSTEE · General partner, trustee or manager · indirect via DEVANG V KANTESARIA 2022 DESCENDANTS TRUST · control person
- ChangedKUMMERER, KENNETH, ECK · title CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER/CHIEF FINANCIAL OFFICER
- No longer listedLewis, Cindy · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Dec 2020
- AddedKUMMERER, KENNETH, ECK · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- No longer listedSTOTT, JANET, LOIS · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jun 2017
- AddedLewis, Cindy · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- AddedKantesaria, Sudha · TRUSTEE · General partner, trustee or manager · indirect via THE 2012 DEVANG V. KANTESARIA FAMILY TRUST · control person
- AddedKantesaria, Vallabhdas · TRUSTEE · General partner, trustee or manager · indirect via THE 2012 DEVANG V. KANTESARIA FAMILY TRUST · control person
- AddedTHE 2012 DEVANG V. KANTESARIA FAMILY TRUST · LIMITED PARTNER · 25–50% · control person
- ChangedKANTESARIA, DEVANG, VALLABHDAS · ownership 75% or more → 50–75%
- AddedKANTESARIA, DEVANG, VALLABHDAS · PRESIDENT · 75% or more · indirect via VALLEY FORGE ADVISORS, INC. · control person
- AddedSTOTT, JANET, LOIS · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- AddedVALLEY FORGE ADVISORS, INC. · GENERAL PARTNER · Less than 5% · control person
- ChangedKANTESARIA, DEVANG, VALLABHDAS · title CHIEF COMPLIANCE OFFICER AND MEMBER → LIMITED PARTNER
- ListedKANTESARIA, DEVANG, VALLABHDAS · CHIEF COMPLIANCE OFFICER AND MEMBER · 75% or more · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Trims
- MASTERCARD INCORPORATED-$195.8M -26.3%
- S&P GLOBAL INC-$127.1M -17.0%
- INTUIT-$32.4M -39.6%
- VISA INC-$22.1M -12.2%
Valley Forge Capital Management, LP Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | FAIR ISAAC CORP | FICO | 303250104 | $803.1M | 25.77% | 672,186 | SH |
| 2 | S&P GLOBAL INC | SPGI | 78409V104 | $620.7M | 19.92% | 1,524,036 | SH |
| 3 | MOODYS CORP | MCO | 615369105 | $596.6M | 19.14% | 1,317,188 | SH |
| 4 | MASTERCARD INCORPORATED | MA | 57636Q104 | $547.5M | 17.57% | 1,065,934 | SH |
| 5 | ASML HLDG NV | ASML | N07059210 | $340.4M | 10.92% | 171,083 | SH |
| 6 | VISA INC | V | 92826C839 | $158.8M | 5.10% | 462,978 | SH |
| 7 | INTUIT | INTU | 461202103 | $49.3M | 1.58% | 189,072 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $3.12B | 7 | 0001697868-26-000005 |
| 2026-03-31 | 2026-05-15 | $3.38B | 7 | 0001697868-26-000003 |
| 2025-12-31 | 2026-02-17 | $4.41B | 9 | 0001697868-26-000001 |
| 2025-09-30 | 2025-11-14 | $4.16B | 9 | 0001697868-25-000006 |
SUITE 1800
MIAMI, FL 33131