D
Dev Kantesaria
Valley Forge Capital Management, LP · Holdings as of Dec 31, 2025, filed by Feb 15, 2026 · US long stock positions only
A few dominant franchises
Reported value
$4B
9 positions shown
Copycat since 2016
4.41x
16% per year
vs SPY
ahead
SPY 3.57x same window
Top position
FICO
29% of book
Copying these filings vs SPY $1 at every deadline since 2016
Dev Kantesaria 4.41x
SPY 3.57x
Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance.
The book tile = share of the filed book · tap a tile for the ticker · Dec 2025
Symbol Value % of book vs prior quarter
FICO $1.3B
29%
unchanged
SPGI $919M
21%
unchanged
MA $849M
19%
unchanged
MCO $673M
15%
unchanged
V $321M
7%
unchanged
INTU $147M
3%
trimmed
unlisted $135M
3%
unchanged
MSCI $35M
1%
unchanged
EFX $32M
1%
unchanged
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.