Valley Forge Capital Management, LP

2. Key Holdings

The portfolio is dominated by a "Barbell" strategy of two massive positions in the payments and credit ratings sectors:

• S&P Global (SPGI): This is the largest holding, valued at $854.22 million, representing 39.44% of the portfolio. The firm holds 1.76 million shares. As a leading provider of credit ratings, benchmarks, and analytics, SPGI represents a core bet on the financial infrastructure and data markets.
• Mastercard (MA): The second-largest position is nearly identical in size, valued at $844.55 million (39.00% of the portfolio) with 1.48 million shares. This creates an almost equal-weighted duopoly at the top of the portfolio, exposing the fund heavily to the global electronic payments cycle.
• Visa Inc. (V): The third position adds to the payments thesis, valued at $311.34 million (14.38%). Combined with Mastercard, the fund has allocated over 53% of its capital to the two major payment networks, indicating an extremely strong bias toward the secular growth of digital transactions.
• ASML Holding N V: Valued at $121.62 million (5.62%), this position provides exposure to semiconductor capital equipment, specifically the lithography machines required for advanced chip manufacturing.
• MSCI Inc.: The smallest holding at $33.87 million (1.56%), MSCI complements the top holding (SPGI) by focusing on investment decision support tools, indexes, and ESG data.