SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Valley Forge Capital Management, LP

CIK 0001697868 · 2 S BISCAYNE BLVD, SUITE 1800, MIAMI, FL, 33131 · 305-210-6000

Reported Value
$2.6B
Q1 2023
Positions
9
Filings on Record
30
2019–present window
Filed
May 15, 2023
original filing

Summary

Valley Forge Capital Management, LP reported $2.6B in U.S.-listed holdings across 9 positions for Q1 2023.

The portfolio is heavily concentrated: FICO alone accounts for 25.1% of reported value.

Compared with Q4 2022, the fund opened 0 new positions and exited 1.

Portfolio Metrics

Turnover
+3.8%
vs prior filed quarter
Largest Position
+25.1%
Fair Isaac

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $264MQ4 ’18Q1 ’19: $378MQ2 ’19: $422MQ3 ’19: $448MQ4 ’19: $515MQ4 ’19Q1 ’20: $472MQ2 ’20: $823MQ3 ’20: $922MQ4 ’20: $1.1BQ4 ’20Q1 ’21: $2.1BQ2 ’21: $2.6BQ3 ’21: $2.5BQ4 ’21: $2.6BQ4 ’21Q1 ’22: $2.6BQ2 ’22: $2.2BQ3 ’22: $2.1BQ4 ’22: $2.5BQ4 ’22Q1 ’23: $2.6BQ2 ’23: $3.0BQ3 ’23: $2.9BQ4 ’23: $3.5BQ4 ’23Q1 ’24: $3.7BQ2 ’24: $3.9BQ3 ’24: $4.5BQ4 ’24: $4.5BQ4 ’24Q1 ’25: $4.4BQ2 ’25: $4.5BQ3 ’25: $4.2BQ4 ’25: $4.4BQ4 ’25Q1 ’26: $3.4Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 100.0%
  • Common Stock · 100.0% · $2.6B

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
INTUINTUITADDED+246.8K444.9K+$121M$198M
AMZNAMAZON COM INCSOLD OUT−1.11M0−$93M$0
VVISA INCTRIMMED−99.8K905.0K−$5M$204M
MAMASTERCARD INCORPORATEDHELD−66.6K1.49M+$202,472$541M
FICOFAIR ISAAC CORPHELD−20.0K943.0K+$86M$663M
DUTMOODYS CORPHELD+01.22M+$33M$373M
SPGIS&P GLOBAL INCHELD+01.39M+$14M$480M
ADBEADOBE SYSTEMS INCORPORATEDHELD+0246.3K+$12M$95M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2023

9 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1FICOFAIR ISAAC CORPhistory →COM25.09%$663M943.0K
2MAMASTERCARD INCORPORATEDhistory →CL A20.49%$541M1.49M
3SPGIS&P GLOBAL INChistory →COM18.18%$480M1.39M
4DUTMOODYS CORPhistory →COM14.12%$373M1.22M
5VVISA INChistory →COM CL A7.73%$204M905.0K
6INTUINTUIThistory →COM7.51%$198M444.9K
7ADBEADOBE SYSTEMS INCORPORATEDhistory →COM3.59%$95M246.3K
8ADSKAUTODESK INChistory →COM1.77%$47M224.0K
9ASPEN TECHNOLOGY INCCOM1.52%$40M175.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$3.4B7May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$4.4B9Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$4.2B9Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$4.5B9Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$4.4B9May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$4.5B9Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$4.5B8Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$3.9B8Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$3.7B8May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$3.5B8Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$2.9B8Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$3.0B8Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$2.6B9May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$2.5B10Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$2.1B10Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$2.2B10Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$2.6B10May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$2.6B9Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$2.5B9Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$2.6B9Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.1B10May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.1B10Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$922M10Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$823M10Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$472M9May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$515M9Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$448M9Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$422M9Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$378M9May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$264M10Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.