Valley Forge Capital Management, LP: MASTERCARD INCORPORATED (MA): Quarterly 13F Position History
As of Q1 2026, Valley Forge Capital Management, LP reported 1,487,496 shares of MASTERCARD INCORPORATED (MA), worth $743.2M and representing 22.0% of its 13F equity book. Quarter-over-quarter share count change: + 87 (+0.0%) . The position first appeared in Q4 2016 and has been disclosed across 38 13F-HR filings in Pactolio's tracked window.
- 1,487,496Shares Held (Latest Filing)
- $743.2MReported Market Value (Latest Filing)
- 22.0%Portfolio Weight (% of 13F Equity Book)
- +87Quarter-over-Quarter Share Change
- -$105.9MQuarter-over-Quarter Value Change
- 1,574,417Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 38 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 1,487,496 | +87 | +0.0% | $743.2M | 22.0% | $499.7 |
| Q4 2025 | 1,487,409 | +2,637 | +0.2% | $849.1M | 19.2% | $570.9 |
| Q3 2025 | 1,484,772 | 0 | — | $844.6M | 20.3% | $568.8 |
| Q2 2025 | 1,484,772 | 0 | — | $834.4M | 18.4% | $561.9 |
| Q1 2025 | 1,484,772 | 0 | — | $813.8M | 18.5% | $548.1 |
| Q4 2024 | 1,484,772 | 0 | — | $781.8M | 17.2% | $526.6 |
| Q3 2024 | 1,484,772 | 0 | — | $733.2M | 16.3% | $493.8 |
| Q2 2024 | 1,484,772 | 0 | — | $655.0M | 16.9% | $441.2 |
| Q1 2024 | 1,484,772 | 0 | — | $715.0M | 19.5% | $481.6 |
| Q4 2023 | 1,484,772 | 4,330 | -0.3% | $633.3M | 18.0% | $426.5 |
| Q3 2023 | 1,489,102 | 0 | — | $589.6M | 20.1% | $395.9 |
| Q2 2023 | 1,489,102 | 0 | — | $585.7M | 19.9% | $393.3 |
| Q1 2023 | 1,489,102 | 66,565 | -4.3% | $541.2M | 20.5% | $363.4 |
| Q4 2022 | 1,555,667 | 18,750 | -1.2% | $541.0M | 22.0% | $347.7 |
| Q3 2022 | 1,574,417 | 0 | — | $447.7M | 21.2% | $284.3 |
| Q2 2022 | 1,574,417 | +32,560 | +2.1% | $496.7M | 22.2% | $315.5 |
| Q1 2022 | 1,541,857 | +101,159 | +7.0% | $551.0M | 21.0% | $357.4 |
| Q4 2021 | 1,440,698 | +59,575 | +4.3% | $517.7M | 19.6% | $359.3 |
| Q3 2021 | 1,381,123 | +28,309 | +2.1% | $480.2M | 19.1% | $347.7 |
| Q2 2021 | 1,352,814 | +10,656 | +0.8% | $493.9M | 19.2% | $365.1 |
| Q1 2021 | 1,342,158 | +665,544 | +98.4% | $477.9M | 22.6% | $356.0 |
| Q4 2020 | 676,614 | +231,964 | +52.2% | $241.5M | 22.4% | $356.9 |
| Q3 2020 | 444,650 | +3,500 | +0.8% | $150.4M | 16.3% | $338.2 |
| Q2 2020 | 441,150 | +265,500 | +151.2% | $130.4M | 15.9% | $295.7 |
| Q1 2020 | 175,650 | +90,800 | +107.0% | $42.4M | 9.0% | $241.6 |
| Q4 2019 | 84,850 | +8,000 | +10.4% | $25.3M | 4.9% | $298.6 |
| Q3 2019 | 76,850 | +41,100 | +115.0% | $20.9M | 4.7% | $271.6 |
| Q2 2019 | 35,750 | 0 | — | $9.5M | 2.2% | $264.5 |
| Q1 2019 | 35,750 | 0 | — | $8.4M | 2.2% | $235.4 |
| Q4 2018 | 35,750 | +1,000 | +2.9% | $6.7M | 2.6% | $188.6 |
| Q3 2018 | 34,750 | 0 | — | $7.7M | 2.6% | $222.6 |
| Q2 2018 | 34,750 | 0 | — | $6.8M | 2.7% | $196.5 |
| Q1 2018 | 34,750 | 0 | — | $6.1M | 2.9% | $175.2 |
| Q4 2017 | 34,750 | 0 | — | $5.3M | 2.8% | $151.4 |
| Q3 2017 | 34,750 | 0 | — | $4.9M | 3.1% | $141.2 |
| Q2 2017 | 34,750 | 0 | — | $4.2M | 3.0% | $121.4 |
| Q1 2017 | 34,750 | 0 | — | $3.9M | 3.0% | $112.5 |
| Q4 2016 | 34,750 | — | — | $3.6M | 3.3% | $103.3 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did Valley Forge Capital Management, LP first disclose a MA position in 13F-HR filings?
Valley Forge Capital Management, LP first reported MASTERCARD INCORPORATED (MA) on its 13F-HR filing for the period ending 2016-12-31 (Q4 2016). The position has appeared on 38 reported quarters within Pactolio's tracked window.
What was Valley Forge Capital Management, LP's most recent quarter-over-quarter share-count change in MA?
Between Q4 2025 and Q1 2026, Valley Forge Capital Management, LP added 87 shares of MA (+0.0%), bringing the total reported position to 1,487,496 shares at a market value of $743.2M.
Does the implied price-per-share represent Valley Forge Capital Management, LP's cost basis in MA?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.