Valley Forge Capital Management, LP Long-Term Concentrated

CIK: 0001697868 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $4,411,309 (100.0% shares, 0.0% debt)

Holdings (9)

Increased Positions (2)

EFX EQUIFAX INC 0.7%

Value ($000) $31,755 (-14.0%) Shares 146,352 (+1.6%) Est. Cost $264.85 Unrealized -17.4%

MSCI MSCI INC 0.8%

Value ($000) $34,866 (+2.9%) Shares 60,770 (+1.8%) Est. Cost $591.16 Unrealized -5.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EFX	EQUIFAX INC	146,352 (+1.6%)	$31,755 (-14.0%)	0.7%	$264.85	-17.4%	COM	294429105
MSCI	MSCI INC	60,770 (+1.8%)	$34,866 (+2.9%)	0.8%	$591.16	-5.3%	COM	55354G100

Decreased Positions (1)

INTU INTUIT 3.3%

Value ($000) $146,551 (-17.8%) Shares 221,236 (-15.3%) Est. Cost $341.06 Unrealized +93.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INTU	INTUIT	221,236 (-15.3%)	$146,551 (-17.8%)	3.3%	$341.06	+93.7%	COM	461202103

Unchanged Positions (6)

FICO FAIR ISAAC CORP 29.5%

Value ($000) $1,300,804 Shares 769,424 Est. Cost $352.63 Unrealized +388.2%

SPGI S&P GLOBAL INC 20.8%

Value ($000) $918,807 Shares 1,758,179 Est. Cost $299.64 Unrealized +64.9%

MCO MOODYS CORP 15.3%

Value ($000) $672,939 Shares 1,317,292 Est. Cost $235.60 Unrealized +106.9%

ASML ASML HOLDING N V 3.1%

Value ($000) $135,061 Shares 126,242 Est. Cost $778.92 Unrealized —

V VISA INC 7.3%

Value ($000) $321,394 Shares 916,410 Est. Cost $169.93 Unrealized +100.3%

MA MASTERCARD INCORPORATED 19.2%

Value ($000) $849,132 Shares 1,487,409 Est. Cost $315.92 Unrealized +76.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FICO	FAIR ISAAC CORP	769,424	$1,300,804	29.5%	$352.63	+388.2%	COM	303250104
SPGI	S&P GLOBAL INC	1,758,179	$918,807	20.8%	$299.64	+64.9%	COM	78409V104
MCO	MOODYS CORP	1,317,292	$672,939	15.3%	$235.60	+106.9%	COM	615369105
ASML	ASML HOLDING N V	126,242	$135,061	3.1%	$778.92	—	N Y REGISTRY SHS	N07059210
V	VISA INC	916,410	$321,394	7.3%	$169.93	+100.3%	COM CL A	92826C839
MA	MASTERCARD INCORPORATED	1,487,409	$849,132	19.2%	$315.92	+76.9%	CL A	57636Q104