In Q2 2026, Valley Forge Capital Management held 7 US-listed stocks worth $3.1bn. Its biggest move was cutting Mastercard (28% fewer shares, now 18%), followed by cutting S&P Global (13% fewer shares, now 20%). Its largest holding is Fair Isaac at 26%.
Q2 2026, filed 14 Aug 2026 (filing): 0 new, 0 added to, 4 trimmed, 0 sold out. Select a row to see it over time.How this works
Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter
Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions.How this works
Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2017
2019
2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26
FICOSPGIMCOMAVINTUEverything else
2016: Fair Isaac 0.0%, S&P Global 28.7%, Moody's 30.2%, Mastercard 3.3%, Visa 5.8%, Intuit 6.1%; 2017: Fair Isaac 0.0%, S&P Global 26.1%, Moody's 27.4%, Mastercard 2.8%, Visa 4.9%, Intuit 4.9%; 2018: Fair Isaac 23.6%, S&P Global 26.2%, Moody's 20.4%, Mastercard 2.5%, Visa 4.6%, Intuit 6.0%; 2019: Fair Isaac 24.3%, S&P Global 22.4%, Moody's 20.8%, Mastercard 4.9%, Visa 17.6%, Intuit 4.8%; 2020: Fair Isaac 16.4%, S&P Global 19.7%, Moody's 16.0%, Mastercard 22.4%, Visa 10.9%, Intuit 4.1%; 2021: Fair Isaac 14.7%, S&P Global 19.9%, Moody's 15.2%, Mastercard 19.6%, Visa 7.7%, Intuit 4.8%; 2022: Fair Isaac 23.4%, S&P Global 18.9%, Moody's 13.8%, Mastercard 22.0%, Visa 8.5%, Intuit 3.1%; 2023: Fair Isaac 29.9%, S&P Global 20.7%, Moody's 13.5%, Mastercard 18.0%, Visa 6.8%, Intuit 7.9%; Q3 ’24: Fair Isaac 34.9%, S&P Global 19.6%, Moody's 13.6%, Mastercard 16.3%, Visa 5.6%, Intuit 6.1%; Q4 ’24: Fair Isaac 34.4%, S&P Global 19.3%, Moody's 13.7%, Mastercard 17.2%, Visa 6.3%, Intuit 5.6%; Q1 ’25: Fair Isaac 32.3%, S&P Global 20.3%, Moody's 13.9%, Mastercard 18.5%, Visa 7.3%, Intuit 4.2%; Q2 ’25: Fair Isaac 31.0%, S&P Global 20.4%, Moody's 14.6%, Mastercard 18.4%, Visa 7.2%, Intuit 4.6%; Q3 ’25: Fair Isaac 27.7%, S&P Global 20.6%, Moody's 15.1%, Mastercard 20.3%, Visa 7.5%, Intuit 4.3%; Q4 ’25: Fair Isaac 29.5%, S&P Global 20.8%, Moody's 15.3%, Mastercard 19.3%, Visa 7.3%, Intuit 3.3%; Q1 ’26: Fair Isaac 24.3%, S&P Global 22.1%, Moody's 17.0%, Mastercard 22.0%, Visa 5.4%, Intuit 2.4%; Q2 ’26: Fair Isaac 25.8%, S&P Global 19.9%, Moody's 19.1%, Mastercard 17.6%, Visa 5.1%, Intuit 1.6%
Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.
Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
US holdings by sector
Financials61.7%
Technology27.4%
Industrials10.9%
Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.