Dev Kantesaria

Valley Forge Capital Management, LP

Last update 2026-05-15

Reported portfolio value: $3,375,638,000
Current positions: 7
Top five concentration: 92.2%
Largest position: 24.3%
New positions: 0
Closed positions: 2

Reported holdings

9 positions

Company	Portfolio	Quarterly activity	Shares	Reported price	Reported value	Updated / source
FICO FAIR ISAAC CORP	24.33%	Reduced 0.0%	769,342−82	$1,068	$821,303,000−$479,500,000	13F2026-03-31 ↗
SPGI S&P GLOBAL INC	22.15%	Reduced 0.0%	1,758,074−105	$425	$747,779,000−$171,028,000	13F2026-03-31 ↗
MA MASTERCARD INCORPORATED	22.02%	Added 0.0%	1,487,496+87	$500	$743,242,000−$105,890,000	13F2026-03-31 ↗
MCO MOODYS CORP	17.02%	Reduced 0.0%	1,317,188−104	$436	$574,623,000−$98,315,000	13F2026-03-31 ↗
ASML ASML HOLDING N V	6.69%	Added 35.5%	171,083+44,841	$1,321	$225,972,000+$90,910,000	13F2026-03-31 ↗
V VISA INC	5.36%	Reduced 34.7%	598,753−317,657	$302	$180,967,000−$140,427,000	13F2026-03-31 ↗
INTU INTUIT	2.42%	Reduced 14.5%	189,072−32,164	$432	$81,751,000−$64,800,000	13F2026-03-31 ↗
MSCI MSCI INC	0.00%	Exited	0−60,770	$574	$0−$34,866,000	13F2026-03-31 ↗
EFX EQUIFAX INC	0.00%	Exited	0−146,352	$217	$0−$31,755,000	13F2026-03-31 ↗

Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.

Filing history

Historical holdings

Ticker	Company	Portfolio	Shares	Reported value
FICO	FAIR ISAAC CORP	24.33%	769,342	$821,303,000
SPGI	S&P GLOBAL INC	22.15%	1,758,074	$747,779,000
MA	MASTERCARD INCORPORATED	22.02%	1,487,496	$743,242,000
MCO	MOODYS CORP	17.02%	1,317,188	$574,623,000
ASML	ASML HOLDING N V	6.69%	171,083	$225,972,000
V	VISA INC	5.36%	598,753	$180,967,000
INTU	INTUIT	2.42%	189,072	$81,751,000

Ticker	Company	Portfolio	Shares	Reported value
FICO	FAIR ISAAC CORP	29.49%	769,424	$1,300,804,000
SPGI	S&P GLOBAL INC	20.83%	1,758,179	$918,807,000
MA	MASTERCARD INCORPORATED	19.25%	1,487,409	$849,132,000
MCO	MOODYS CORP	15.25%	1,317,292	$672,939,000
V	VISA INC	7.29%	916,410	$321,394,000
INTU	INTUIT	3.32%	221,236	$146,551,000
ASML	ASML HOLDING N V	3.06%	126,242	$135,061,000
MSCI	MSCI INC	0.79%	60,770	$34,866,000
EFX	EQUIFAX INC	0.72%	146,352	$31,755,000

Investor background

Dev Kantesaria

“The error that I see many people make is to sacrifice business quality for valuation.”

Dev Kantesaria is the founder and managing partner of Valley Forge Capital Management, a concentrated public-equity investment firm established in 2007. He studied biology at MIT and graduated from Harvard Medical School, but decided against practising medicine after discovering that his deeper interest lay in businesses and investing. He subsequently spent two years at McKinsey and approximately eighteen years in venture capital before launching Valley Forge with about $300,000 of capital from family and friends.

Kantesaria follows a highly selective interpretation of the Buffett–Munger approach. Valley Forge seeks “compounding machines”: capital-light monopolies or oligopolies with secular volume growth, pricing power, operating leverage, predictable free cash flow and limited dependence on exceptional management. Its investable universe may contain only about fifty companies worldwide, and the firm is unwilling to dilute its best ideas merely to appear diversified.

Kantesaria qualifies as a super investor because he combines a long record, exceptional concentration and a clearly observable decision process. Valley Forge often owns fewer than ten securities and rarely more than twenty. Its best-known investments—including S&P Global, Moody’s, Mastercard, Visa, Fair Isaac and ASML—reflect a consistent preference for businesses embedded in essential economic infrastructure. Multiple public interviews report that the firm has substantially outperformed the S&P 500 since inception, although a complete audited, fee-adjusted public return series is unavailable.

His principal advantage is disciplined exclusion. Kantesaria prioritises predictability over exciting narratives, refuses to sacrifice quality for a low valuation and may study a company for seven to ten years before investing. He even avoids biotechnology and pharmaceuticals despite his medical and venture-capital expertise because their long-term earnings are insufficiently predictable for his standards.