Valley Forge Capital Management

Valley Forge Capital Management · 20 closed periods in the current 5-year detail window (latest closed period: Q1 2026 → next disclosure, 7 priced positions, +8.29% 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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2026-05-15 → 2026-08-14

7 of 7 priced100.00% coverage

+8.29%

Holdings from Q1 2026 disclosure · accession 0001697868-26-000003 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	769,342	$1098.59	—	$1093.03	$845.19M	$840.91M	-0.51%	24.33%	-12.3 bps	1
SPGITOP 5	1,758,074	$403.15	—	$418.75	$708.77M	$736.18M	+3.87%	22.15%	+85.7 bps	1
MATOP 5	1,487,496	$494.20	—	$569.65	$735.12M	$847.35M	+15.27%	22.02%	+336.1 bps	1
MCOTOP 5	1,317,188	$428.90	—	$485.72	$564.94M	$639.78M	+13.25%	17.02%	+225.5 bps	1
ASMLTOP 5	171,083	$1501.81	—	$1824.01	$256.93M	$312.06M	+21.45%	6.69%	+143.6 bps	1
V	598,753	$325.75	—	$365.29	$195.04M	$218.72M	+12.14%	5.36%	+65.1 bps	1
INTU	189,072	$393.00	—	$345.93	$74.31M	$65.41M	-11.98%	2.42%	-29.0 bps	1
Top 5 (by entry value)(5)					$3.11B	$3.38B	+8.53%
Total(7)					$3.38B	$3.66B	+8.29%

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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	769,424	$1351.60	—	$1098.59	$1.04B	$845.28M	-18.72%	29.49%	-552.0 bps	1
SPGITOP 5	1,758,179	$410.45	—	$403.15	$721.64M	$708.81M	-1.78%	20.83%	-37.0 bps	1
MATOP 5	1,487,409	$521.93	—	$494.20	$776.32M	$735.08M	-5.31%	19.25%	-102.3 bps	1
MCOTOP 5	1,317,292	$423.22	—	$428.90	$557.5M	$564.99M	+1.34%	15.25%	+20.5 bps	1
VTOP 5	916,410	$319.50	—	$325.75	$292.79M	$298.52M	+1.96%	7.29%	+14.3 bps	1
INTU	221,236	$379.17	—	$393.00	$83.89M	$86.95M	+3.65%	3.32%	+12.1 bps	1
ASML	126,242	$1419.78	—	$1501.81	$179.24M	$189.59M	+5.78%	3.06%	+17.7 bps	1
MSCI	60,770	$521.33	—	$561.72	$31.68M	$34.14M	+7.75%	0.79%	+6.1 bps	1
EFX	146,352	$192.70	—	$158.37	$28.2M	$23.18M	-17.82%	0.72%	-12.8 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	768,422	$1741.37	—	$1351.60	$1.34B	$1.04B	-22.38%	27.66%	-619.2 bps	1
SPGITOP 5	1,755,098	$493.90	—	$410.45	$866.84M	$720.38M	-16.90%	20.55%	-347.2 bps	1
MATOP 5	1,484,772	$545.73	—	$521.93	$810.28M	$774.95M	-4.36%	20.32%	-88.6 bps	1
MCOTOP 5	1,314,144	$479.48	—	$423.22	$630.11M	$556.17M	-11.73%	15.06%	-176.7 bps	1
VTOP 5	912,017	$330.02	—	$319.50	$300.98M	$291.39M	-3.19%	7.49%	-23.9 bps	1
INTU	261,097	$662.41	—	$379.17	$172.95M	$99M	-42.76%	4.29%	-183.4 bps	1
ASML	125,627	$1006.98	—	$1419.78	$126.5M	$178.36M	+40.99%	2.93%	+119.9 bps	1
EFX	144,000	$207.15	—	$192.70	$29.83M	$27.75M	-6.98%	0.89%	-6.2 bps	1
MSCI	59,700	$565.15	—	$521.33	$33.74M	$31.12M	-7.75%	0.81%	-6.3 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	768,422	$1318.18	—	$1741.37	$1.01B	$1.34B	+32.10%	31.03%	+996.1 bps	1
SPGITOP 5	1,755,098	$564.15	—	$493.90	$990.14M	$866.84M	-12.45%	20.44%	-254.5 bps	1
MATOP 5	1,484,772	$583.76	—	$545.73	$866.75M	$810.28M	-6.51%	18.43%	-120.1 bps	1
MCOTOP 5	1,314,144	$521.32	—	$479.48	$685.09M	$630.11M	-8.03%	14.56%	-116.9 bps	1
VTOP 5	912,017	$345.49	—	$330.02	$315.09M	$300.98M	-4.48%	7.15%	-32.0 bps	1
INTU	263,312	$710.64	—	$662.41	$187.12M	$174.42M	-6.79%	4.58%	-31.1 bps	1
ASML	125,627	$755.21	—	$1006.98	$94.87M	$126.5M	+33.34%	2.22%	+74.1 bps	1
EFX	144,000	$248.07	—	$207.15	$35.72M	$29.83M	-16.50%	0.83%	-13.6 bps	1
MSCI	59,700	$565.72	—	$565.15	$33.77M	$33.74M	-0.10%	0.76%	-0.1 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	768,422	$2180.44	—	$1318.18	$1.68B	$1.01B	-39.55%	32.29%	-1276.8 bps	1
SPGITOP 5	1,755,098	$519.28	—	$564.15	$911.39M	$990.14M	+8.64%	20.32%	+175.6 bps	1
MATOP 5	1,484,772	$582.20	—	$583.76	$864.43M	$866.75M	+0.27%	18.54%	+5.0 bps	1
MCOTOP 5	1,314,144	$487.33	—	$521.32	$640.42M	$685.09M	+6.97%	13.94%	+97.3 bps	1
VTOP 5	912,017	$362.30	—	$345.49	$330.42M	$315.09M	-4.64%	7.28%	-33.8 bps	1
INTU	297,360	$661.31	—	$710.64	$196.65M	$211.32M	+7.46%	4.16%	+31.0 bps	1
ASML	125,627	$758.36	—	$755.21	$95.27M	$94.87M	-0.42%	1.90%	-0.8 bps	1
EFX	144,000	$275.16	—	$248.07	$39.62M	$35.72M	-9.85%	0.80%	-7.9 bps	1
MSCI	59,700	$575.41	—	$565.72	$34.35M	$33.77M	-1.68%	0.77%	-1.3 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	784,122	$1799.19	—	$2180.44	$1.41B	$1.71B	+21.19%	34.39%	+728.7 bps	1
SPGITOP 5	1,755,098	$539.69	—	$519.28	$947.21M	$911.39M	-3.78%	19.25%	-72.8 bps	1
MATOP 5	1,484,772	$564.76	—	$582.20	$838.54M	$864.43M	+3.09%	17.22%	+53.2 bps	1
MCOTOP 5	1,314,144	$522.84	—	$487.33	$687.09M	$640.42M	-6.79%	13.70%	-93.1 bps	1
VTOP 5	912,017	$353.81	—	$362.30	$322.68M	$330.42M	+2.40%	6.35%	+15.2 bps	1
INTU	402,281	$587.38	—	$661.31	$236.29M	$266.03M	+12.59%	5.57%	+70.1 bps	1
ASML	125,627	$751.55	—	$758.36	$94.41M	$95.27M	+0.91%	1.92%	+1.7 bps	1
EFX	144,000	$249.50	—	$275.16	$35.93M	$39.62M	+10.28%	0.81%	+8.3 bps	1
MSCI	59,700	$572.63	—	$575.41	$34.19M	$34.35M	+0.49%	0.79%	+0.4 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	808,793	$2323.17	—	$1799.19	$1.88B	$1.46B	-22.55%	34.93%	-787.8 bps	1
SPGITOP 5	1,705,898	$510.64	—	$539.69	$871.1M	$920.66M	+5.69%	19.58%	+111.4 bps	1
MATOP 5	1,484,772	$520.40	—	$564.76	$772.68M	$838.54M	+8.52%	16.29%	+138.9 bps	1
MCOTOP 5	1,288,444	$482.09	—	$522.84	$621.15M	$673.65M	+8.45%	13.59%	+114.9 bps	1
INTUTOP 5	444,881	$700.76	—	$587.38	$311.75M	$261.31M	-16.18%	6.14%	-99.3 bps	1
V	912,017	$308.25	—	$353.81	$281.13M	$322.68M	+14.78%	5.57%	+82.4 bps	1
ASML	125,627	$692.96	—	$751.55	$87.05M	$94.41M	+8.46%	2.33%	+19.7 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	877,748	$1809.75	—	$2323.17	$1.59B	$2.04B	+28.37%	33.78%	+958.4 bps	1
SPGITOP 5	1,655,561	$492.65	—	$510.64	$815.61M	$845.4M	+3.65%	19.09%	+69.7 bps	1
MATOP 5	1,484,772	$460.16	—	$520.40	$683.23M	$772.68M	+13.09%	16.94%	+221.7 bps	1
MCOTOP 5	1,218,410	$466.15	—	$482.09	$567.96M	$587.38M	+3.42%	13.26%	+45.3 bps	1
INTUTOP 5	444,881	$636.74	—	$700.76	$283.27M	$311.75M	+10.05%	7.56%	+76.0 bps	1
V	912,017	$261.14	—	$308.25	$238.16M	$281.13M	+18.04%	6.19%	+111.7 bps	1
ASML	62,903	$879.58	—	$692.96	$55.33M	$43.59M	-21.22%	1.66%	-35.3 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	880,748	$1368.16	—	$1809.75	$1.21B	$1.59B	+32.28%	30.02%	+968.8 bps	1
MATOP 5	1,484,772	$458.00	—	$460.16	$680.03M	$683.23M	+0.47%	19.50%	+9.2 bps	1
SPGITOP 5	1,655,561	$435.70	—	$492.65	$721.33M	$815.61M	+13.07%	19.21%	+251.1 bps	1
MCOTOP 5	1,218,410	$409.90	—	$466.15	$499.43M	$567.96M	+13.72%	13.06%	+179.2 bps	1
INTUTOP 5	444,881	$655.13	—	$636.74	$291.45M	$283.27M	-2.81%	7.89%	-22.1 bps	1
V	912,017	$281.50	—	$261.14	$256.73M	$238.16M	-7.23%	6.94%	-50.2 bps	1
ASML	62,903	$937.42	—	$879.58	$58.97M	$55.33M	-6.17%	1.66%	-10.3 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	903,587	$1293.84	—	$1368.16	$1.17B	$1.24B	+5.74%	29.89%	+171.7 bps	1
SPGITOP 5	1,655,561	$421.21	—	$435.70	$697.34M	$721.33M	+3.44%	20.73%	+71.3 bps	1
MATOP 5	1,484,772	$465.19	—	$458.00	$690.7M	$680.03M	-1.55%	18.00%	-27.8 bps	1
MCOTOP 5	1,218,410	$366.48	—	$409.90	$446.52M	$499.43M	+11.85%	13.53%	+160.2 bps	1
INTUTOP 5	444,881	$657.13	—	$655.13	$292.34M	$291.45M	-0.30%	7.90%	-2.4 bps	1
V	912,017	$277.56	—	$281.50	$253.14M	$256.73M	+1.42%	6.75%	+9.6 bps	1
ASML	62,903	$924.44	—	$937.42	$58.15M	$58.97M	+1.40%	1.35%	+1.9 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	943,048	$1027.15	—	$1293.84	$968.65M	$1.22B	+25.96%	27.94%	+725.4 bps	1
SPGITOP 5	1,655,561	$403.91	—	$421.21	$668.7M	$697.34M	+4.28%	20.64%	+88.4 bps	1
MATOP 5	1,489,102	$397.65	—	$465.19	$592.14M	$692.72M	+16.98%	20.11%	+341.6 bps	1
MCOTOP 5	1,218,410	$351.17	—	$366.48	$427.87M	$446.52M	+4.36%	13.14%	+57.3 bps	1
INTUTOP 5	444,881	$555.52	—	$657.13	$247.14M	$292.34M	+18.29%	7.75%	+141.8 bps	1
V	904,977	$246.94	—	$277.56	$223.48M	$251.19M	+12.40%	7.10%	+88.0 bps	1
ASML	62,903	$675.41	—	$924.44	$42.49M	$58.15M	+36.87%	1.26%	+46.6 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	943,048	$875.66	—	$1027.15	$825.79M	$968.65M	+17.30%	25.87%	+447.5 bps	1
SPGITOP 5	1,655,561	$388.69	—	$403.91	$643.5M	$668.7M	+3.92%	22.50%	+88.1 bps	1
MATOP 5	1,489,102	$398.58	—	$397.65	$593.53M	$592.14M	-0.23%	19.85%	-4.6 bps	1
MCOTOP 5	1,218,410	$338.78	—	$351.17	$412.77M	$427.87M	+3.66%	14.36%	+52.5 bps	1
V	904,977	$242.90	—	$246.94	$219.82M	$223.48M	+1.66%	7.29%	+12.1 bps	1
INTUTOP 5	444,881	$505.80	—	$555.52	$225.02M	$247.14M	+9.83%	6.91%	+67.9 bps	1
ASML	62,903	$666.55	—	$675.41	$41.93M	$42.49M	+1.33%	1.55%	+2.1 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.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	943,048	$756.14	—	$875.66	$713.08M	$825.79M	+15.81%	25.09%	+396.6 bps	1
MATOP 5	1,489,102	$383.41	—	$398.58	$570.94M	$593.53M	+3.96%	20.49%	+81.1 bps	1
SPGITOP 5	1,392,653	$361.48	—	$388.69	$503.42M	$541.31M	+7.53%	18.18%	+136.9 bps	1
MCOTOP 5	1,218,410	$311.08	—	$338.78	$379.02M	$412.77M	+8.90%	14.12%	+125.7 bps	1
VTOP 5	904,977	$232.81	—	$242.90	$210.69M	$219.82M	+4.33%	7.73%	+33.5 bps	1
INTU	444,881	$426.21	—	$505.80	$189.61M	$225.02M	+18.67%	7.51%	+140.2 bps	1
ADBE	246,305	$345.67	—	$522.25	$85.14M	$128.63M	+51.08%	3.59%	+183.6 bps	1
ADSK	224,034	$196.91	—	$211.48	$44.11M	$47.38M	+7.40%	1.77%	+13.1 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%

2023-02-14 → 2023-05-15

9 of 10 priced98.54% coverage

+2.84%

Holdings from Q4 2022 disclosure · accession 0001697868-23-000002 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
FICOTOP 5	963,048	$698.06	—	$756.14	$672.27M	$728.2M	+8.32%	23.41%	+194.7 bps	1
MATOP 5	1,555,667	$369.96	—	$383.41	$575.53M	$596.46M	+3.64%	21.96%	+79.9 bps	1
SPGITOP 5	1,392,653	$364.86	—	$361.48	$508.12M	$503.42M	-0.93%	18.94%	-17.5 bps	1
MCOTOP 5	1,218,410	$309.07	—	$311.08	$376.57M	$379.02M	+0.65%	13.78%	+9.0 bps	1
VTOP 5	1,004,777	$229.39	—	$232.81	$230.49M	$233.92M	+1.49%	8.48%	+12.6 bps	1
AMZN	1,105,393	$99.70	—	$111.20	$110.21M	$122.92M	+11.53%	3.77%	+43.5 bps	1
ADBE	246,305	$377.90	—	$345.67	$93.08M	$85.14M	-8.53%	3.37%	-28.7 bps	1
INTU	198,071	$421.97	—	$426.21	$83.58M	$84.42M	+1.00%	3.13%	+3.1 bps	1
ADSK	224,034	$228.04	—	$196.91	$51.09M	$44.11M	-13.65%	1.70%	-23.2 bps	1
AZPN	—	—	—	—	—	—	—	1.46%	—	0
Top 5 (by entry value)(5)					$2.36B	$2.44B	+3.30%
Total(9)					$2.7B	$2.78B	+2.84%

2022-11-14 → 2023-02-14

9 of 10 priced98.02% coverage

+9.25%

Holdings from Q3 2022 disclosure · accession 0001697868-22-000005 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MATOP 5	1,574,417	$339.37	—	$369.96	$534.31M	$582.47M	+9.01%	21.24%	+191.5 bps	1
FICOTOP 5	963,048	$592.90	—	$698.06	$570.99M	$672.27M	+17.74%	18.83%	+333.9 bps	1
SPGITOP 5	1,295,275	$347.67	—	$364.86	$450.33M	$472.59M	+4.94%	18.77%	+92.8 bps	1
MCOTOP 5	1,159,004	$293.60	—	$309.07	$340.28M	$358.21M	+5.27%	13.37%	+70.4 bps	1
AMZN	1,634,300	$98.49	—	$99.70	$160.96M	$162.94M	+1.23%	8.76%	+10.8 bps	1
VTOP 5	973,477	$206.86	—	$229.39	$201.37M	$223.31M	+10.89%	8.21%	+89.4 bps	1
INTU	198,071	$397.66	—	$421.97	$78.76M	$83.58M	+6.11%	3.64%	+22.3 bps	1
ADBE	246,305	$340.37	—	$377.90	$83.83M	$93.08M	+11.03%	3.22%	+35.5 bps	1
ADSK	224,034	$223.31	—	$228.04	$50.03M	$51.09M	+2.12%	1.99%	+4.2 bps	1
AZPN	—	—	—	—	—	—	—	1.98%	—	0
Top 5 (by entry value)(5)					$2.1B	$2.31B	+10.09%
Total(9)					$2.47B	$2.7B	+9.25%

2022-08-15 → 2022-11-14

9 of 10 priced98.56% coverage

-5.82%

Holdings from Q2 2022 disclosure · accession 0001697868-22-000004 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MATOP 5	1,574,417	$359.95	—	$339.37	$566.71M	$534.31M	-5.72%	22.21%	-127.0 bps	1
SPGITOP 5	1,295,275	$391.09	—	$347.67	$506.57M	$450.33M	-11.10%	19.52%	-216.7 bps	1
FICOTOP 5	963,048	$489.79	—	$592.90	$471.69M	$570.99M	+21.05%	17.26%	+363.4 bps	1
MCOTOP 5	1,159,004	$322.30	—	$293.60	$373.55M	$340.28M	-8.90%	14.10%	-125.5 bps	1
V	973,477	$216.42	—	$206.86	$210.68M	$201.37M	-4.42%	8.57%	-37.9 bps	1
AMZNTOP 5	1,634,300	$143.18	—	$98.49	$234M	$160.96M	-31.21%	7.76%	-242.3 bps	1
ADBE	246,305	$451.02	—	$340.37	$111.09M	$83.83M	-24.53%	4.03%	-98.9 bps	1
INTU	196,071	$489.23	—	$397.66	$95.92M	$77.97M	-18.72%	3.38%	-63.3 bps	1
ADSK	224,034	$234.04	—	$223.31	$52.43M	$50.03M	-4.58%	1.72%	-7.9 bps	1
AZPN	—	—	—	—	—	—	—	1.44%	—	0
Top 5 (by entry value)(5)					$2.15B	$2.06B	-4.44%
Total(9)					$2.62B	$2.47B	-5.82%

2022-05-16 → 2022-08-15

9 of 10 priced97.37% coverage

+17.85%

Holdings from Q1 2022 disclosure · accession 0001697868-22-000003 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
MATOP 5	1,541,857	$329.73	—	$359.95	$508.4M	$554.99M	+9.17%	20.96%	+192.1 bps	1
SPGITOP 5	1,189,361	$335.36	—	$391.09	$398.86M	$465.15M	+16.62%	18.56%	+308.4 bps	1
FICOTOP 5	899,130	$364.40	—	$489.79	$327.64M	$440.38M	+34.41%	15.95%	+549.0 bps	1
MCOTOP 5	1,080,881	$287.76	—	$322.30	$311.03M	$348.37M	+12.00%	13.87%	+166.5 bps	1
AMZN	81,715	$2216.21	×20	$143.18	$181.1M	$234M	+29.21%	10.13%	+296.0 bps	1
VTOP 5	973,477	$197.81	—	$216.42	$192.56M	$210.68M	+9.41%	8.21%	+77.3 bps	1
ADBE	246,305	$402.86	—	$451.02	$99.23M	$111.09M	+11.95%	4.27%	+51.0 bps	1
INTU	196,071	$359.59	—	$489.23	$70.51M	$95.92M	+36.05%	3.59%	+129.3 bps	1
ADSK	224,034	$192.58	—	$234.04	$43.14M	$52.43M	+21.53%	1.83%	+39.3 bps	1
AZPN	—	—	—	—	—	—	—	2.63%	—	0
Top 5 (by entry value)(5)					$1.74B	$2.02B	+16.17%
Total(9)					$2.13B	$2.51B	+17.85%

2022-02-14 → 2022-05-16

9 of 9 priced100.00% coverage

-17.68%

Holdings from Q4 2021 disclosure · accession 0001697868-22-000002 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
SPGITOP 5	1,112,913	$380.71	—	$335.36	$423.7M	$373.23M	-11.91%	19.86%	-236.6 bps	1
MATOP 5	1,440,698	$374.16	—	$329.73	$539.05M	$475.04M	-11.87%	19.58%	-232.5 bps	1
MCOTOP 5	1,027,734	$323.47	—	$287.76	$332.44M	$295.74M	-11.04%	15.18%	-167.6 bps	1
FICOTOP 5	894,482	$512.40	—	$364.40	$458.33M	$325.95M	-28.88%	14.67%	-423.8 bps	1
AMZNTOP 5	81,715	$3103.34	—	$2216.21	$253.59M	$181.1M	-28.59%	10.30%	-294.6 bps	1
V	933,397	$225.34	—	$197.81	$210.33M	$184.64M	-12.22%	7.65%	-93.5 bps	1
ADBE	246,305	$474.01	—	$402.86	$116.75M	$99.23M	-15.01%	5.28%	-79.3 bps	1
INTU	196,071	$529.05	—	$359.59	$103.73M	$70.51M	-32.03%	4.77%	-152.8 bps	1
ADSK	253,608	$226.90	—	$192.58	$57.54M	$48.84M	-15.13%	2.70%	-40.8 bps	1
Top 5 (by entry value)(5)					$2.01B	$1.65B	-17.74%
Total(9)					$2.5B	$2.05B	-17.68%

2021-11-15 → 2022-02-14

9 of 9 priced100.00% coverage

-6.66%

Holdings from Q3 2021 disclosure · accession 0001697868-21-000005 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
SPGITOP 5	1,276,544	$459.28	—	$380.71	$586.29M	$485.99M	-17.11%	21.55%	-368.6 bps	1
MATOP 5	1,381,123	$361.36	—	$374.16	$499.08M	$516.76M	+3.54%	19.08%	+67.6 bps	1
MCOTOP 5	1,156,246	$390.78	—	$323.47	$451.84M	$374.01M	-17.22%	16.31%	-281.0 bps	1
FICOTOP 5	724,711	$390.66	—	$512.40	$283.12M	$371.34M	+31.16%	11.46%	+357.0 bps	1
AMZNTOP 5	80,915	$3545.68	—	$3103.34	$286.9M	$251.11M	-12.48%	10.56%	-131.7 bps	1
V	1,015,303	$212.30	—	$225.34	$215.55M	$228.79M	+6.14%	8.98%	+55.2 bps	1
INTU	215,221	$626.14	—	$529.05	$134.76M	$113.86M	-15.51%	4.61%	-71.5 bps	1
ADBE	200,077	$659.73	—	$474.01	$132M	$94.84M	-28.15%	4.58%	-128.8 bps	1
ADSK	253,608	$326.39	—	$226.90	$82.78M	$57.54M	-30.48%	2.87%	-87.6 bps	1
Top 5 (by entry value)(5)					$2.11B	$2B	-5.13%
Total(9)					$2.67B	$2.49B	-6.66%

2021-08-16 → 2021-11-15

9 of 9 priced100.00% coverage

-0.00%

Holdings from Q2 2021 disclosure · accession 0001697868-21-000004 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
SPGITOP 5	1,272,544	$446.11	—	$459.28	$567.69M	$584.45M	+2.95%	20.29%	+59.9 bps	1
MATOP 5	1,352,814	$363.56	—	$361.36	$491.83M	$488.85M	-0.61%	19.19%	-11.6 bps	1
MCOTOP 5	1,155,246	$384.44	—	$390.78	$444.12M	$451.45M	+1.65%	16.26%	+26.8 bps	1
FICOTOP 5	671,509	$448.12	—	$390.66	$300.92M	$262.33M	-12.82%	13.11%	-168.2 bps	1
AMZNTOP 5	78,715	$3298.99	—	$3545.68	$259.68M	$279.1M	+7.48%	10.52%	+78.7 bps	1
V	1,015,303	$235.36	—	$212.30	$238.96M	$215.55M	-9.80%	9.22%	-90.4 bps	1
ADBE	194,189	$636.94	—	$659.73	$123.69M	$128.11M	+3.58%	4.42%	+15.8 bps	1
INTU	215,221	$542.94	—	$626.14	$116.85M	$134.76M	+15.32%	4.10%	+62.8 bps	1
ADSK	253,608	$330.18	—	$326.39	$83.74M	$82.78M	-1.15%	2.88%	-3.3 bps	1
Top 5 (by entry value)(5)					$2.06B	$2.07B	+0.09%
Total(9)					$2.63B	$2.63B	-0.00%