Fund Activities and Portfolios - Valley Forge Capital managed a $3 billion portfolio and experienced its longest streak of underperformance due to redemptions and market conditions[8][9][10][15] - Valley Forge Capital reduced its holdings in Mastercard by 28% and Visa by 22% prior to a stock price recovery[19] - Valley Forge Capital maintained its position in ASML, which surged around 62% year-to-date[20][21] - The TCI Fund managed a massive portfolio valued at $52.7 billion concentrated into around 11 stocks[29] - The TCI Fund completely eliminated its 17% position in Microsoft while increasing its position in Google by 12% in the last quarter[37][41] - Pershing Square increased its stake in Meta by 20% to reach 9% of the portfolio, and built an Uber position making it the top holding at 12.72%[51][54] Company News and Legal Risks - Meta faced critical legal challenges in California involving 29 state attorneys general regarding child safety regulations, comparable to historic tobacco industry lawsuits[70][71] - Meta lost a legal case in New Mexico requiring the company to pay nearly $1 billion and make service modifications[74] - Underage users (under 18) accounted for only 2% to 4% of Meta's total daily active user base[76] - Historical precedents show Meta shares traded at $130 per share during the Cambridge Analytica data scandal and later rose to around $560 per share[90]