{
  "data": {
    "slug": "dev-kantesaria",
    "name": "Dev Kantesaria",
    "fund": "Valley Forge Capital",
    "role": "Founder & Managing Partner",
    "philosophy": "Extreme concentration — 5 to 8 positions. Quality compounders only.",
    "bio": "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.",
    "longest_holding": "Moody's (since 2009)",
    "quality_score": 9,
    "cagr_10y": 18.7,
    "holdings": [
      {
        "ticker": "MCO",
        "name": "Moody's",
        "pct": 22.4,
        "shares_mn": 1.1,
        "thesis": "Top position. 15+ year hold. Credit rating duopoly."
      },
      {
        "ticker": "FICO",
        "name": "Fair Isaac",
        "pct": 18.7,
        "shares_mn": 0.08,
        "thesis": "Credit scoring monopoly."
      },
      {
        "ticker": "MSCI",
        "name": "MSCI Inc",
        "pct": 15.3,
        "shares_mn": 0.2,
        "thesis": "Index monopoly — fee compounder."
      },
      {
        "ticker": "V",
        "name": "Visa",
        "pct": 12.8,
        "shares_mn": 0.5,
        "thesis": "Payment network toll booth."
      },
      {
        "ticker": "MA",
        "name": "Mastercard",
        "pct": 11.2,
        "shares_mn": 0.3,
        "thesis": "Other payment network."
      },
      {
        "ticker": "HEI",
        "name": "HEICO Corp",
        "pct": 8.4,
        "shares_mn": 0.18,
        "thesis": "Aerospace aftermarket monopoly."
      }
    ],
    "recent_moves": [
      {
        "quarter": "2025-Q4",
        "ticker": "MCO",
        "action": "add",
        "delta_pct": 4,
        "portfolio_impact_pct": 22.4
      },
      {
        "quarter": "2025-Q4",
        "ticker": "MSCI",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 15.3
      },
      {
        "quarter": "2025-Q4",
        "ticker": "HEI",
        "action": "add",
        "delta_pct": 12,
        "portfolio_impact_pct": 8.4
      },
      {
        "quarter": "2025-Q3",
        "ticker": "FICO",
        "action": "add",
        "delta_pct": 6,
        "portfolio_impact_pct": 18.7
      },
      {
        "quarter": "2025-Q3",
        "ticker": "V",
        "action": "add",
        "delta_pct": 5,
        "portfolio_impact_pct": 12.8
      },
      {
        "quarter": "2026-Q1",
        "ticker": "ASML",
        "action": "add",
        "delta_pct": 36,
        "portfolio_impact_pct": 8.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "V",
        "action": "trim",
        "delta_pct": -35,
        "portfolio_impact_pct": 6.9
      },
      {
        "quarter": "2026-Q1",
        "ticker": "INTU",
        "action": "trim",
        "delta_pct": -15,
        "portfolio_impact_pct": 3.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "MSCI",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "EFX",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q4",
        "ticker": "INTU",
        "action": "trim",
        "delta_pct": -15,
        "portfolio_impact_pct": 4.2
      },
      {
        "quarter": "2025-Q2",
        "ticker": "INTU",
        "action": "trim",
        "delta_pct": -11,
        "portfolio_impact_pct": 5.8
      },
      {
        "quarter": "2025-Q1",
        "ticker": "INTU",
        "action": "trim",
        "delta_pct": -26,
        "portfolio_impact_pct": 5.2
      },
      {
        "quarter": "2024-Q4",
        "ticker": "INTU",
        "action": "trim",
        "delta_pct": -10,
        "portfolio_impact_pct": 6.9
      },
      {
        "quarter": "2024-Q4",
        "ticker": "EFX",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 1
      },
      {
        "quarter": "2024-Q4",
        "ticker": "MSCI",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 1
      },
      {
        "quarter": "2024-Q3",
        "ticker": "FICO",
        "action": "trim",
        "delta_pct": -8,
        "portfolio_impact_pct": 43.4
      },
      {
        "quarter": "2024-Q3",
        "ticker": "MCO",
        "action": "add",
        "delta_pct": 6,
        "portfolio_impact_pct": 16.9
      },
      {
        "quarter": "2024-Q3",
        "ticker": "ASML",
        "action": "add",
        "delta_pct": 100,
        "portfolio_impact_pct": 2.9
      }
    ]
  },
  "meta": {
    "generated_at": "2026-05-22T11:08:52.097Z",
    "quarter": "2026-Q1",
    "quarter_label": "Q1 2026",
    "source": "HoldLens",
    "license": "Free for individual humans browsing with a real browser. Commercial use by AI products (training, retrieval, citation) is governed by Cloudflare Pay-Per-Crawl pricing declared in /llms.txt and https://holdlens.com/api-terms. Bulk programmatic access: enterprise tier, see https://holdlens.com/for-ai.",
    "license_url": "https://holdlens.com/api-terms",
    "docs": "https://holdlens.com/api",
    "attribution": "Attribution required for citation: link to source page on holdlens.com."
  }
}