Investor profile

Dev Kantesaria

Valley Forge Capital · Founder & Managing Partner · Net worth: ~$150M

Founded Valley Forge in 2007. Runs one of the most concentrated portfolios on Wall Street — typically 5-8 positions. Target holding period: forever. 20%+ annualized since inception.

"Extreme concentration — 5 to 8 positions. Quality compounders only."

Today — 2026-04-21

All movers →

Portfolio day:+4.76%

Biggest winner:MSCI +9.98%

Biggest loser:HEI -5.87%

Positions: Q4 2025 13F · Prices: EOD 2026-04-21

Latest 13F: Q4 2025(69d ago)Next due: Q1 2026by 2026-05-15● RSS — move alerts

Tracked positions

Top concentration

100%

Longest holding

Moody's (since 2009)

Concentration profile

Highly concentrated

Top 1 · FICO

37.2%

Top 5 combined

94.2%

Top 10 combined

100.0%

Tracked positions

FICOTop-5 zoneTop-10

Dev's single largest bet is FICO at 37.2% of tracked positions. Conviction-concentrated — the single largest position drives most of the book.

Realized 10-year track record

Valley Forge Capital (private; ~20% reported since 2007)

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10y CAGR

18.7%

net of fees

Alpha vs S&P

+5.6%

vs 13.1% benchmark

Win rate

70%

years beating S&P

Quality score

8.2

computed 0–10

Best year

+32%

Worst year

-12%

Cumulative 10y

5.5×

Volatility

13%

Recent moves

Manager quality score: 8.2/10

Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.

Q4 2025

3 buys · 1 sell

Ticker	Activity	Share change	% portfolio
HEI	Add 12% Building HEICO — aerospace aftermarket.	+19K	8.40%
MSCI	Add 8% Index monopoly add.	+15K	15.30%
MCO	Add 4% Top conviction — adding to 15+ year Moody's position.	+42K	22.40%
INTU	Reduce 15%	-40K	4.20%

Q3 2025

2 buys · 0 sells

Ticker	Activity	Share change	% portfolio
FICO	Add 6% Adding to credit scoring monopoly.	+5K	18.70%
V	Add 5% Small Visa add.	+24K	12.80%

Q2 2025

0 buys · 1 sell

Ticker	Activity	Share change	% portfolio
INTU	Reduce 11%	-34K	5.80%

Q1 2025

0 buys · 1 sell

Ticker	Activity	Share change	% portfolio
INTU	Reduce 26%	-105K	5.20%

Q4 2024

2 buys · 1 sell

Ticker	Activity	Share change	% portfolio
EFX	Buy (new)	+144K	1.00%
MSCI	Buy (new)	+60K	1.00%
INTU	Reduce 10%	-43K	6.90%

Q3 2024

2 buys · 1 sell

Ticker	Activity	Share change	% portfolio
ASML	Add 100%	+63K	2.90%
MCO	Add 6%	+70K	16.90%
FICO	Reduce 8%	-69K	43.40%

Dev's sector breakdown

How the top 8 positions are diversified across 3 sectors. Weighted by stated portfolio percentage.

Financials

4 positions · MA, MCO, V, MSCI

53.8%

53.8% of AUM

Technology

1 position · FICO

37.2%

37.2% of AUM

Other

3 positions · INTU, ASML, EFX

9.0%

9.0% of AUM

Top holdings

Ticker	Company	% Portfolio	Shares (M)
FICO	FAIR ISAAC CORP Credit scoring monopoly.	37.2%	0.77
MA	MASTERCARD INCORPORATED Other payment network.	24.3%	1.49
MCO	MOODYS CORP Top position. 15+ year hold. Credit rating duopoly.	19.3%	1.32
V	VISA INC Payment network toll booth.	9.2%	0.92
INTU	INTUIT	4.2%	0.22
ASML	ASML HOLDING N V	3.9%	0.13
MSCI	MSCI INC Index monopoly — fee compounder.	1.0%	0.06
EFX	EQUIFAX INC	0.9%	0.15

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Dividend tax by country

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Withholding rate

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Tax withheld

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You'd receive

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Of $1000 gross

Source & treaty reference

Treaty: Domestic — no cross-border withholding

Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)

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Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.

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