High Concentration in Financial Services & Technology: Valley Forge Capital's March 2026 Portfolio Breakdown
Valley Forge Capital Management's portfolio, managed by Dev Kantesaria, shows significant concentration in Financial Services and Technology sectors as of March 31, 2026.
Portfolio Overview
Valley Forge Capital Management's portfolio, managed by Dev Kantesaria, exhibits a clear focus on specific sectors and holdings as of March 31, 2026.
Top Holdings by Value
- FAIR ISAAC CORP (FICO): Holds 24.33% of the portfolio value.
- S&P GLOBAL INC (SPGI): Constitutes 22.15% of the portfolio.
- MASTERCARD INCORPORATED (MA): Accounts for 22.02% of the portfolio.
- MOODYS CORP (MCO): Represents 17.02% of the portfolio.
- ASML HOLDING N V (ASML): Holds 6.69% of the portfolio.
- VISA INC (V): Constitutes 5.36% of the portfolio.
- INTUIT (INTU): Accounts for 2.42% of the portfolio.
High Sector Concentration
The portfolio demonstrates a strong bias towards the Financial Services sector, with FICO, SPGI, MA, MCO, and V all falling under this category. Collectively, these holdings represent a significant portion of the portfolio's allocation. Technology is the second most prominent sector, highlighted by FICO and INTUIT. Notably, ASML, while listed, does not provide a sector classification, potentially indicating an international focus or oversight in the data.
Recent Changes in Holdings
Several holdings show significant changes from the previous period:
ASML HOLDING N V (ASML) saw a substantial increase in shares (+36.18%) and total stock value allocation (+6.69 points).
VISA INC (V) experienced a notable decrease in shares (-34.35%) and allocation (-5.36 points).
INTUIT (INTU) also decreased significantly in shares (-27.59%) and allocation (-2.42 points).
The other major holdings (FICO, SPGI, MA, MCO) saw relatively modest changes in allocation, though they did experience increases in shares.
Investment Strategy Analysis
The portfolio's structure points towards an investment strategy focused on established players within the Financial Services and Technology sectors. The high concentration in Financial Services (four of the top seven holdings belong here) suggests a conviction in the long-term prospects of this industry. Technology is represented through more specialized firms like FICO and INTUIT, alongside the diversified S&P Global. The inclusion of both US-listed (FICO, SPGI, MA, MCO, V, INTU) and a foreign-listed (ASML) company indicates a global perspective, albeit with a heavy tilt towards Financial Services and Technology. The recent increase in ASML and decreases in V and INTU could reflect specific views on these companies or broader sector rotations within these industries.