Valley Forge Capital Management, an investment firm known for its highly concentrated portfolio, reduced its significant stake in Fair Isaac Corp. by 12.63% during the second quarter of 2026. According to regulatory filings, which reflect trades made by June 30, the firm sold nearly 97,000 shares, decreasing its holding to 672,190 shares. This disclosure provides a delayed look at the firm's portfolio adjustments from several weeks ago.
Despite the share reduction, FICO remains Valley Forge's largest position, with its portfolio weight increasing to 25.77%. The sale occurred during a quarter where FICO reported strong revenue growth and raised its annual guidance, yet its stock has faced pressure from concerns over potential competition. [1, 5] FICO has been a long-term, high-conviction investment for Valley Forge, whose strategy focuses on holding a small number of dominant businesses. [7, 9, 10]