Valley Forge Capital Management
Valley Forge Capital Management · 12 closed periods in the current 3-year detail window (latest closed period: Q4 2025 → next disclosure, 9 priced positions, -6.05% return). Every disclosed long-equity position appears in the table for its period; the Valid column shows 1 (counted in the math) or 0 (excluded — hover the row for the reason). See the methodology for the exact math.
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2026-02-17 → 2026-05-15
9 of 9 priced100.00% coverage-6.05%Holdings from Q4 2025 disclosure · accession 0001697868-26-000001 — these holdings should be identical to the manager's portfolio view for that quarter.
2026-02-17 → 2026-05-15
9 of 9 priced100.00% coverage-6.05%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 769,424 | $1351.60 | — | $1098.59 | $1.04B | $845.28M | -18.72% | 29.49% | -5.5 bps | 1 |
| SPGI | 1,758,179 | $410.45 | — | $403.15 | $721.64M | $708.81M | -1.78% | 20.83% | -0.4 bps | 1 |
| MA | 1,487,409 | $521.93 | — | $494.20 | $776.32M | $735.08M | -5.31% | 19.25% | -1.0 bps | 1 |
| MCO | 1,317,292 | $423.22 | — | $428.90 | $557.5M | $564.99M | +1.34% | 15.25% | +0.2 bps | 1 |
| V | 916,410 | $319.50 | — | $325.75 | $292.79M | $298.52M | +1.96% | 7.29% | +0.1 bps | 1 |
| INTU | 221,236 | $379.17 | — | $393.00 | $83.89M | $86.95M | +3.65% | 3.32% | +0.1 bps | 1 |
| ASML | 126,242 | $1419.78 | — | $1501.81 | $179.24M | $189.59M | +5.78% | 3.06% | +0.2 bps | 1 |
| MSCI | 60,770 | $521.33 | — | $561.72 | $31.68M | $34.14M | +7.75% | 0.79% | +0.1 bps | 1 |
| EFX | 146,352 | $192.70 | — | $158.37 | $28.2M | $23.18M | -17.82% | 0.72% | -0.1 bps | 1 |
| Top 5 (by entry value)(5) | $3.39B | $3.15B | -6.95% | |||||||
| Total(9) | $3.71B | $3.49B | -6.05% | |||||||
2025-11-14 → 2026-02-17
9 of 9 priced100.00% coverage-13.73%Holdings from Q3 2025 disclosure · accession 0001697868-25-000006 — these holdings should be identical to the manager's portfolio view for that quarter.
2025-11-14 → 2026-02-17
9 of 9 priced100.00% coverage-13.73%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 768,422 | $1741.37 | — | $1351.60 | $1.34B | $1.04B | -22.38% | 27.66% | -6.2 bps | 1 |
| SPGI | 1,755,098 | $493.90 | — | $410.45 | $866.84M | $720.38M | -16.90% | 20.55% | -3.5 bps | 1 |
| MA | 1,484,772 | $545.73 | — | $521.93 | $810.28M | $774.95M | -4.36% | 20.32% | -0.9 bps | 1 |
| MCO | 1,314,144 | $479.48 | — | $423.22 | $630.11M | $556.17M | -11.73% | 15.06% | -1.8 bps | 1 |
| V | 912,017 | $330.02 | — | $319.50 | $300.98M | $291.39M | -3.19% | 7.49% | -0.2 bps | 1 |
| INTU | 261,097 | $662.41 | — | $379.17 | $172.95M | $99M | -42.76% | 4.29% | -1.8 bps | 1 |
| ASML | 125,627 | $1006.98 | — | $1419.78 | $126.5M | $178.36M | +40.99% | 2.93% | +1.2 bps | 1 |
| EFX | 144,000 | $207.15 | — | $192.70 | $29.83M | $27.75M | -6.98% | 0.89% | -0.1 bps | 1 |
| MSCI | 59,700 | $565.15 | — | $521.33 | $33.74M | $31.12M | -7.75% | 0.81% | -0.1 bps | 1 |
| Top 5 (by entry value)(5) | $3.95B | $3.38B | -14.31% | |||||||
| Total(9) | $4.31B | $3.72B | -13.73% | |||||||
2025-08-14 → 2025-11-14
9 of 9 priced100.00% coverage+2.12%Holdings from Q2 2025 disclosure · accession 0001697868-25-000005 — these holdings should be identical to the manager's portfolio view for that quarter.
2025-08-14 → 2025-11-14
9 of 9 priced100.00% coverage+2.12%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 768,422 | $1318.18 | — | $1741.37 | $1.01B | $1.34B | +32.10% | 31.03% | +10.0 bps | 1 |
| SPGI | 1,755,098 | $564.15 | — | $493.90 | $990.14M | $866.84M | -12.45% | 20.44% | -2.5 bps | 1 |
| MA | 1,484,772 | $583.76 | — | $545.73 | $866.75M | $810.28M | -6.51% | 18.43% | -1.2 bps | 1 |
| MCO | 1,314,144 | $521.32 | — | $479.48 | $685.09M | $630.11M | -8.03% | 14.56% | -1.2 bps | 1 |
| V | 912,017 | $345.49 | — | $330.02 | $315.09M | $300.98M | -4.48% | 7.15% | -0.3 bps | 1 |
| INTU | 263,312 | $710.64 | — | $662.41 | $187.12M | $174.42M | -6.79% | 4.58% | -0.3 bps | 1 |
| ASML | 125,627 | $755.21 | — | $1006.98 | $94.87M | $126.5M | +33.34% | 2.22% | +0.7 bps | 1 |
| EFX | 144,000 | $248.07 | — | $207.15 | $35.72M | $29.83M | -16.50% | 0.83% | -0.1 bps | 1 |
| MSCI | 59,700 | $565.72 | — | $565.15 | $33.77M | $33.74M | -0.10% | 0.76% | -0.0 bps | 1 |
| Top 5 (by entry value)(5) | $3.87B | $3.95B | +1.97% | |||||||
| Total(9) | $4.22B | $4.31B | +2.12% | |||||||
2025-05-15 → 2025-08-14
9 of 9 priced100.00% coverage-11.33%Holdings from Q1 2025 disclosure · accession 0001697868-25-000004 — these holdings should be identical to the manager's portfolio view for that quarter.
2025-05-15 → 2025-08-14
9 of 9 priced100.00% coverage-11.33%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 768,422 | $2180.44 | — | $1318.18 | $1.68B | $1.01B | -39.55% | 32.29% | -12.8 bps | 1 |
| SPGI | 1,755,098 | $519.28 | — | $564.15 | $911.39M | $990.14M | +8.64% | 20.32% | +1.8 bps | 1 |
| MA | 1,484,772 | $582.20 | — | $583.76 | $864.43M | $866.75M | +0.27% | 18.54% | +0.0 bps | 1 |
| MCO | 1,314,144 | $487.33 | — | $521.32 | $640.42M | $685.09M | +6.97% | 13.94% | +1.0 bps | 1 |
| V | 912,017 | $362.30 | — | $345.49 | $330.42M | $315.09M | -4.64% | 7.28% | -0.3 bps | 1 |
| INTU | 297,360 | $661.31 | — | $710.64 | $196.65M | $211.32M | +7.46% | 4.16% | +0.3 bps | 1 |
| ASML | 125,627 | $758.36 | — | $755.21 | $95.27M | $94.87M | -0.42% | 1.90% | -0.0 bps | 1 |
| EFX | 144,000 | $275.16 | — | $248.07 | $39.62M | $35.72M | -9.85% | 0.80% | -0.1 bps | 1 |
| MSCI | 59,700 | $575.41 | — | $565.72 | $34.35M | $33.77M | -1.68% | 0.77% | -0.0 bps | 1 |
| Top 5 (by entry value)(5) | $4.42B | $3.87B | -12.49% | |||||||
| Total(9) | $4.79B | $4.25B | -11.33% | |||||||
2025-02-14 → 2025-05-15
9 of 9 priced100.00% coverage+6.18%Holdings from Q4 2024 disclosure · accession 0001697868-25-000001 — these holdings should be identical to the manager's portfolio view for that quarter.
2025-02-14 → 2025-05-15
9 of 9 priced100.00% coverage+6.18%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 784,122 | $1799.19 | — | $2180.44 | $1.41B | $1.71B | +21.19% | 34.39% | +7.3 bps | 1 |
| SPGI | 1,755,098 | $539.69 | — | $519.28 | $947.21M | $911.39M | -3.78% | 19.25% | -0.7 bps | 1 |
| MA | 1,484,772 | $564.76 | — | $582.20 | $838.54M | $864.43M | +3.09% | 17.22% | +0.5 bps | 1 |
| MCO | 1,314,144 | $522.84 | — | $487.33 | $687.09M | $640.42M | -6.79% | 13.70% | -0.9 bps | 1 |
| V | 912,017 | $353.81 | — | $362.30 | $322.68M | $330.42M | +2.40% | 6.35% | +0.2 bps | 1 |
| INTU | 402,281 | $587.38 | — | $661.31 | $236.29M | $266.03M | +12.59% | 5.57% | +0.7 bps | 1 |
| ASML | 125,627 | $751.55 | — | $758.36 | $94.41M | $95.27M | +0.91% | 1.92% | +0.0 bps | 1 |
| EFX | 144,000 | $249.50 | — | $275.16 | $35.93M | $39.62M | +10.28% | 0.81% | +0.1 bps | 1 |
| MSCI | 59,700 | $572.63 | — | $575.41 | $34.19M | $34.35M | +0.49% | 0.79% | +0.0 bps | 1 |
| Top 5 (by entry value)(5) | $4.21B | $4.46B | +5.95% | |||||||
| Total(9) | $4.61B | $4.89B | +6.18% | |||||||
2024-11-14 → 2025-02-14
7 of 8 priced98.43% coverage-5.34%Holdings from Q3 2024 disclosure · accession 0001697868-24-000008 — these holdings should be identical to the manager's portfolio view for that quarter.
2024-11-14 → 2025-02-14
7 of 8 priced98.43% coverage-5.34%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 808,793 | $2323.17 | — | $1799.19 | $1.88B | $1.46B | -22.55% | 34.93% | -7.9 bps | 1 |
| SPGI | 1,705,898 | $510.64 | — | $539.69 | $871.1M | $920.66M | +5.69% | 19.58% | +1.1 bps | 1 |
| MA | 1,484,772 | $520.40 | — | $564.76 | $772.68M | $838.54M | +8.52% | 16.29% | +1.4 bps | 1 |
| MCO | 1,288,444 | $482.09 | — | $522.84 | $621.15M | $673.65M | +8.45% | 13.59% | +1.1 bps | 1 |
| INTU | 444,881 | $700.76 | — | $587.38 | $311.75M | $261.31M | -16.18% | 6.14% | -1.0 bps | 1 |
| V | 912,017 | $308.25 | — | $353.81 | $281.13M | $322.68M | +14.78% | 5.57% | +0.8 bps | 1 |
| ASML | 125,627 | $692.96 | — | $751.55 | $87.05M | $94.41M | +8.46% | 2.33% | +0.2 bps | 1 |
| AZPN | — | — | — | — | — | — | — | 1.57% | — | 0 |
| Top 5 (by entry value)(5) | $4.46B | $4.15B | -6.87% | |||||||
| Total(7) | $4.82B | $4.57B | -5.34% | |||||||
2024-08-14 → 2024-11-14
7 of 8 priced98.48% coverage+15.34%Holdings from Q2 2024 disclosure · accession 0001697868-24-000007 — these holdings should be identical to the manager's portfolio view for that quarter.
2024-08-14 → 2024-11-14
7 of 8 priced98.48% coverage+15.34%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 877,748 | $1809.75 | — | $2323.17 | $1.59B | $2.04B | +28.37% | 33.78% | +9.6 bps | 1 |
| SPGI | 1,655,561 | $492.65 | — | $510.64 | $815.61M | $845.4M | +3.65% | 19.09% | +0.7 bps | 1 |
| MA | 1,484,772 | $460.16 | — | $520.40 | $683.23M | $772.68M | +13.09% | 16.94% | +2.2 bps | 1 |
| MCO | 1,218,410 | $466.15 | — | $482.09 | $567.96M | $587.38M | +3.42% | 13.26% | +0.5 bps | 1 |
| INTU | 444,881 | $636.74 | — | $700.76 | $283.27M | $311.75M | +10.05% | 7.56% | +0.8 bps | 1 |
| V | 912,017 | $261.14 | — | $308.25 | $238.16M | $281.13M | +18.04% | 6.19% | +1.1 bps | 1 |
| ASML | 62,903 | $879.58 | — | $692.96 | $55.33M | $43.59M | -21.22% | 1.66% | -0.4 bps | 1 |
| AZPN | — | — | — | — | — | — | — | 1.52% | — | 0 |
| Top 5 (by entry value)(5) | $3.94B | $4.56B | +15.69% | |||||||
| Total(7) | $4.23B | $4.88B | +15.34% | |||||||
2024-05-15 → 2024-08-14
7 of 8 priced98.28% coverage+14.13%Holdings from Q1 2024 disclosure · accession 0001697868-24-000005 — these holdings should be identical to the manager's portfolio view for that quarter.
2024-05-15 → 2024-08-14
7 of 8 priced98.28% coverage+14.13%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 880,748 | $1368.16 | — | $1809.75 | $1.21B | $1.59B | +32.28% | 30.02% | +9.7 bps | 1 |
| MA | 1,484,772 | $458.00 | — | $460.16 | $680.03M | $683.23M | +0.47% | 19.50% | +0.1 bps | 1 |
| SPGI | 1,655,561 | $435.70 | — | $492.65 | $721.33M | $815.61M | +13.07% | 19.21% | +2.5 bps | 1 |
| MCO | 1,218,410 | $409.90 | — | $466.15 | $499.43M | $567.96M | +13.72% | 13.06% | +1.8 bps | 1 |
| INTU | 444,881 | $655.13 | — | $636.74 | $291.45M | $283.27M | -2.81% | 7.89% | -0.2 bps | 1 |
| V | 912,017 | $281.50 | — | $261.14 | $256.73M | $238.16M | -7.23% | 6.94% | -0.5 bps | 1 |
| ASML | 62,903 | $937.42 | — | $879.58 | $58.97M | $55.33M | -6.17% | 1.66% | -0.1 bps | 1 |
| AZPN | — | — | — | — | — | — | — | 1.72% | — | 0 |
| Top 5 (by entry value)(5) | $3.4B | $3.94B | +16.09% | |||||||
| Total(7) | $3.71B | $4.24B | +14.13% | |||||||
2024-02-14 → 2024-05-15
7 of 8 priced98.15% coverage+3.79%Holdings from Q4 2023 disclosure · accession 0001697868-24-000002 — these holdings should be identical to the manager's portfolio view for that quarter.
2024-02-14 → 2024-05-15
7 of 8 priced98.15% coverage+3.79%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 903,587 | $1293.84 | — | $1368.16 | $1.17B | $1.24B | +5.74% | 29.89% | +1.7 bps | 1 |
| SPGI | 1,655,561 | $421.21 | — | $435.70 | $697.34M | $721.33M | +3.44% | 20.73% | +0.7 bps | 1 |
| MA | 1,484,772 | $465.19 | — | $458.00 | $690.7M | $680.03M | -1.55% | 18.00% | -0.3 bps | 1 |
| MCO | 1,218,410 | $366.48 | — | $409.90 | $446.52M | $499.43M | +11.85% | 13.53% | +1.6 bps | 1 |
| INTU | 444,881 | $657.13 | — | $655.13 | $292.34M | $291.45M | -0.30% | 7.90% | -0.0 bps | 1 |
| V | 912,017 | $277.56 | — | $281.50 | $253.14M | $256.73M | +1.42% | 6.75% | +0.1 bps | 1 |
| ASML | 62,903 | $924.44 | — | $937.42 | $58.15M | $58.97M | +1.40% | 1.35% | +0.0 bps | 1 |
| AZPN | — | — | — | — | — | — | — | 1.85% | — | 0 |
| Top 5 (by entry value)(5) | $3.3B | $3.43B | +4.02% | |||||||
| Total(7) | $3.61B | $3.74B | +3.79% | |||||||
2023-11-14 → 2024-02-14
7 of 8 priced97.94% coverage+15.39%Holdings from Q3 2023 disclosure · accession 0001697868-23-000007 — these holdings should be identical to the manager's portfolio view for that quarter.
2023-11-14 → 2024-02-14
7 of 8 priced97.94% coverage+15.39%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 943,048 | $1027.15 | — | $1293.84 | $968.65M | $1.22B | +25.96% | 27.94% | +7.3 bps | 1 |
| SPGI | 1,655,561 | $403.91 | — | $421.21 | $668.7M | $697.34M | +4.28% | 20.64% | +0.9 bps | 1 |
| MA | 1,489,102 | $397.65 | — | $465.19 | $592.14M | $692.72M | +16.98% | 20.11% | +3.4 bps | 1 |
| MCO | 1,218,410 | $351.17 | — | $366.48 | $427.87M | $446.52M | +4.36% | 13.14% | +0.6 bps | 1 |
| INTU | 444,881 | $555.52 | — | $657.13 | $247.14M | $292.34M | +18.29% | 7.75% | +1.4 bps | 1 |
| V | 904,977 | $246.94 | — | $277.56 | $223.48M | $251.19M | +12.40% | 7.10% | +0.9 bps | 1 |
| ASML | 62,903 | $675.41 | — | $924.44 | $42.49M | $58.15M | +36.87% | 1.26% | +0.5 bps | 1 |
| AZPN | — | — | — | — | — | — | — | 2.06% | — | 0 |
| Top 5 (by entry value)(5) | $2.9B | $3.35B | +15.31% | |||||||
| Total(7) | $3.17B | $3.66B | +15.39% | |||||||
2023-08-14 → 2023-11-14
7 of 8 priced98.32% coverage+7.03%Holdings from Q2 2023 disclosure · accession 0001697868-23-000006 — these holdings should be identical to the manager's portfolio view for that quarter.
2023-08-14 → 2023-11-14
7 of 8 priced98.32% coverage+7.03%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 943,048 | $875.66 | — | $1027.15 | $825.79M | $968.65M | +17.30% | 25.87% | +4.5 bps | 1 |
| SPGI | 1,655,561 | $388.69 | — | $403.91 | $643.5M | $668.7M | +3.92% | 22.50% | +0.9 bps | 1 |
| MA | 1,489,102 | $398.58 | — | $397.65 | $593.53M | $592.14M | -0.23% | 19.85% | -0.0 bps | 1 |
| MCO | 1,218,410 | $338.78 | — | $351.17 | $412.77M | $427.87M | +3.66% | 14.36% | +0.5 bps | 1 |
| V | 904,977 | $242.90 | — | $246.94 | $219.82M | $223.48M | +1.66% | 7.29% | +0.1 bps | 1 |
| INTU | 444,881 | $505.80 | — | $555.52 | $225.02M | $247.14M | +9.83% | 6.91% | +0.7 bps | 1 |
| ASML | 62,903 | $666.55 | — | $675.41 | $41.93M | $42.49M | +1.33% | 1.55% | +0.0 bps | 1 |
| AZPN | — | — | — | — | — | — | — | 1.68% | — | 0 |
| Top 5 (by entry value)(5) | $2.7B | $2.9B | +7.55% | |||||||
| Total(7) | $2.96B | $3.17B | +7.03% | |||||||
2023-05-15 → 2023-08-14
8 of 9 priced98.48% coverage+11.06%Holdings from Q1 2023 disclosure · accession 0001697868-23-000004 — these holdings should be identical to the manager's portfolio view for that quarter.
2023-05-15 → 2023-08-14
8 of 9 priced98.48% coverage+11.06%
| Ticker | Entry shares | Entry $ | Split | Exit $ | Entry value | Exit value | Return | Weight | Contribution | Valid |
|---|---|---|---|---|---|---|---|---|---|---|
| FICO | 943,048 | $756.14 | — | $875.66 | $713.08M | $825.79M | +15.81% | 25.09% | +4.0 bps | 1 |
| MA | 1,489,102 | $383.41 | — | $398.58 | $570.94M | $593.53M | +3.96% | 20.49% | +0.8 bps | 1 |
| SPGI | 1,392,653 | $361.48 | — | $388.69 | $503.42M | $541.31M | +7.53% | 18.18% | +1.4 bps | 1 |
| MCO | 1,218,410 | $311.08 | — | $338.78 | $379.02M | $412.77M | +8.90% | 14.12% | +1.3 bps | 1 |
| V | 904,977 | $232.81 | — | $242.90 | $210.69M | $219.82M | +4.33% | 7.73% | +0.3 bps | 1 |
| INTU | 444,881 | $426.21 | — | $505.80 | $189.61M | $225.02M | +18.67% | 7.51% | +1.4 bps | 1 |
| ADBE | 246,305 | $345.67 | — | $522.25 | $85.14M | $128.63M | +51.08% | 3.59% | +1.8 bps | 1 |
| ADSK | 224,034 | $196.91 | — | $211.48 | $44.11M | $47.38M | +7.40% | 1.77% | +0.1 bps | 1 |
| AZPN | — | — | — | — | — | — | — | 1.52% | — | 0 |
| Top 5 (by entry value)(5) | $2.38B | $2.59B | +9.09% | |||||||
| Total(8) | $2.7B | $2.99B | +11.06% | |||||||