1y return−17.8%S&P 500 +20.9%
3y return+34.4%S&P 500 +68.5%
5y return+43.8%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2016: $495 against $334 in the S&P 500.2
Valley Forge Capital Management, LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| FICOFair Isaac Corp | $803.1M | 25.8% | −12.6% |
| SPGIS&p Global Inc | $620.7M | 19.9% | −13.3% |
| MCOMoodys Corp | $596.6M | 19.1% | |
| MAMastercard Incorporated | $547.5M | 17.6% | −28.3% |
| Asml Hldg NvCUSIP N07059210 | $340.4M | 10.9% | |
| VVisa Inc | $158.8M | 5.1% | −22.7% |
| INTUIntuit | $49.3M | 1.6% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| FICOFair Isaac Corp | June 30, 2020 | +185.8% | $803.1M |
| Asml Hldg NvCUSIP N07059210 | June 30, 2023 | +174.5% | $340.4M |
| VVisa Inc | June 30, 2020 | +77.6% | $158.8M |
| MAMastercard Incorporated | June 30, 2020 | +73.7% | $547.5M |
| MCOMoodys Corp | June 30, 2020 | +64.9% | $596.6M |
| SPGIS&p Global Inc | June 30, 2020 | +23.6% | $620.7M |
| INTUIntuit | June 30, 2020 | −11.9% | $49.3M |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +6.4% | +14.8% |
| March 31, 2026 | −21.0% | −4.6% |
| December 31, 2025 | +6.5% | +2.4% |
| September 30, 2025 | −8.1% | +7.8% |
| June 30, 2025 | +3.8% | +10.5% |
| March 31, 2025 | −1.3% | −4.6% |
| December 31, 2024 | +1.8% | +2.1% |
| September 30, 2024 | +16.9% | +5.4% |
| June 30, 2024 | +5.6% | +4.0% |
| March 31, 2024 | +5.0% | +10.0% |
| December 31, 2023 | +21.6% | +11.2% |
| September 30, 2023 | −0.6% | −3.6% |
| June 30, 2023 | +11.5% | +8.3% |
| March 31, 2023 | +9.9% | +7.0% |
| December 31, 2022 | +16.6% | +7.1% |
| September 30, 2022 | −5.8% | −5.3% |
| June 30, 2022 | −16.8% | −16.5% |
| March 31, 2022 | −6.6% | −4.9% |
| December 31, 2021 | +6.4% | +10.7% |
| September 30, 2021 | −3.9% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Valley Forge Capital Management, LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1697868&type=13F-HR&dateb=&owner=include&count=40CIK 1697868
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1697868/000169786826000005/Filed August 14, 2026 · accession 0001697868-26-000005