Dev Kantesaria
Valley Forge Capital Management
Valley Forge Capital Management, Dev Kantesaria's low-turnover quality compounding
Valley Forge is a concentrated quality-compounding manager. Dev Kantesaria's public comments and the 13F show a preference for a small set of predictable, high-return businesses that can be held for long periods.
Concentrated quality compounders
CIK 1697868
2026-03-31 Latest 13F
7 Current holdings
9 Last 1 periods Change
0 Public materials
Latest 13F snapshot
2026-03-31 · 7 disclosed positions · $3.4B
Top five 92.2%: FICO, SPGI, MA, MCO, ASML
Performance materials
- Valley Forge does not publish a continuous public fund-level return table. Public interviews and filings provide context.
Firm and key people
- Kantesaria built Valley Forge around concentrated ownership of durable businesses.
- The portfolio is typically low turnover, so each large holding deserves close study.
- Public interviews help explain the firm's standards for business quality and valuation.
Investment style
- Prefer businesses with high returns, recurring economics, and strong competitive positions.
- Low turnover makes holding duration and thesis stability central.
- Large changes should be read as changes in quality, valuation, or opportunity cost.
Shareholder letters / memos
0
Interview
0
Public video
0
Public Q&A / speeches / presentations
0
Current holdings
13F period 2026-03-31 · Filed 2026-05-15
| Stocks |
Shares |
Value |
Weight |
FICO
|
769,342 |
$821.3M |
24.3% |
SPGI
|
1,758,074 |
$747.8M |
22.2% |
MA
|
1,487,496 |
$743.2M |
22.0% |
MCO
|
1,317,188 |
$574.6M |
17.0% |
ASML
|
171,083 |
$226.0M |
6.7% |
V
|
598,753 |
$181.0M |
5.4% |
INTU
|
189,072 |
$81.8M |
2.4% |
Last 1 quarters US 13F new / increased / reduced / sold-out positions
As of 13F 2026-03-31 · Filed 2026-05-15
| Stocks |
Action |
13F period |
Current shares |
Previous shares |
Share change |
13F value change |
|
FICO
|
Minor reduction |
2026-03-31
Filed 2026-05-15
|
769,342 |
769,424 |
-0.0% |
-$479.5M |
|
SPGI
|
Minor reduction |
2026-03-31
Filed 2026-05-15
|
1,758,074 |
1,758,179 |
-0.0% |
-$171.0M |
|
V
|
Major reduction |
2026-03-31
Filed 2026-05-15
|
598,753 |
916,410 |
-34.7% |
-$140.4M |
|
MA
|
Minor increase |
2026-03-31
Filed 2026-05-15
|
1,487,496 |
1,487,409 |
0.0% |
-$105.9M |
|
MCO
|
Minor reduction |
2026-03-31
Filed 2026-05-15
|
1,317,188 |
1,317,292 |
-0.0% |
-$98.3M |
|
ASML
|
Major increase |
2026-03-31
Filed 2026-05-15
|
171,083 |
126,242 |
35.5% |
+$90.9M |
|
INTU
|
Minor reduction |
2026-03-31
Filed 2026-05-15
|
189,072 |
221,236 |
-14.5% |
-$64.8M |
MSCI
|
Sold out |
2026-03-31
Filed 2026-05-15
|
0 |
60,770 |
-100.0% |
-$34.9M |
EFX
|
Sold out |
2026-03-31
Filed 2026-05-15
|
0 |
146,352 |
-100.0% |
-$31.8M |
Public video / Interview / Shareholder letter / Public Q&A
No viewpoint records yet.
