"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q1 2018 Update"
"William Von Mueffling's 13F portfolio value increased this quarter from $8.44B to $8.80B.Broadcom was increased while decreasing Zoetis and Agilent during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~30% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory  filed on 05/08/2018. Please visit our  to get an idea of his investment philosophy and our  highlighting the fund’s moves during Q4 2017.This quarter, Mueffling’s 13F portfolio value increased 4.20% from $8.44B to $8.80B. The number of holdings increased from 30 to 31. The portfolio continues to be heavily concentrated with the top five positions representing ~30% of the total 13F holdings. The largest stake is Alphabet Inc. which accounts for 7.18% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Willis Towers Watson.New Stakes:Facebook Inc. (FB): FB is a small 1.32% of the portfolio stake established this quarter at prices between $152 and $193 and the stock is currently at $179.Stake Disposals:None.Stake Increases:Broadcom Ltd. (AVGO): AVGO is a 3.83% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase this quarter at prices between $228 and $273. The stock currently trades at $239.TriNet Group Inc. (TNET): The ~2% of the portfolio stake in TNET saw a ~6% increase this quarter. The position was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock is now at $52.56.Note: Cantillon controls ~6.5% of TriNet Group.Taiwan Semiconductor (TSM): The ~2% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase this quarter at prices between $40 and $46.50. It is now at $39.18.Interactive Brokers Group Inc. (IBKR): IBKR is a 1.94% of the portfolio stake established in Q2 2017 at prices between $34 and $38 and increased by ~11% the following quarter. There was another ~25% increase this quarter at prices between $59 and $74. The stock currently trades above those ranges at $77.81.SS&C Technologies (SSNC): SSNC is a 1.73% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. This quarter saw a ~75% stake increase at prices between $40.50 and $53.50 and it is now at $49.21.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 7.18% of portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last six quarters have seen a combined ~28% reduction at prices between $754 and $1176. The stock currently trades at $1054. Mueffling is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: The top-three 6.84% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$195. Last seven quarters have seen a combined ~20% reduction.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at $91.42. It is Mueffling’s third-largest position at 5.89% of the portfolio. There was a ~15% trimming over the last four quarters.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at $103. Last six quarters have seen a 38% reduction at prices between $74 and $103. It is still Mueffling’s fourth-largest position at 5.11% of the US long portfolio.Willis Towers Watson plc (WLTW): The large (top five) 4.66% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and his overall cost-basis is ~$110 compared to the current price of ~$153. There was a ~15% trimming over the last four quarters.Baidu Inc. (BIDU): BIDU is a 4.28% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. The stock currently trades at $263. Last six quarters saw a combined ~20% selling. Mueffling is harvesting gains.Intercontinental Exchange (ICE): ICE is a large 4.21% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $70.07. Last five quarters saw minor trimming.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Visa Inc. (V): V is a ~4% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The stock is now well above those ranges at $130. There was a ~14% selling over the last four quarters.Ecolab Inc. (ECL): ECL is a ~4% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. The stock currently trades at ~$145. Last four quarters saw a combined ~15% trimming.American Tower (AMT): AMT is a ~4% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at $137. Last five quarters saw minor selling.Zoetis Inc. (ZTS): The 3.92% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. It currently trades at $82. Last seven quarters had seen a ~18% reduction at prices between $45 and $72 and that was followed with a similar reduction this quarter at prices between $71 and $85. Mueffling is harvesting gains.CME Group (CME): CME is a 3.88% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$158. Last nine quarters have seen a combined ~18% selling.CBRE Group Inc. (CBG): The 3.72% stake in CBG was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at $46.48. There was ~19% selling over the last six quarters.ServiceMaster Global Holdings (SERV): The medium-sized 3.50% SERV position was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% over the next three quarters at prices between $32.50 and $41.50. It currently trades at $54.78. Last five quarters saw a ~15% reduction at prices between $36.50 and $55.Note 1: Cantillon controls ~4.5% of ServiceMaster Global Holdings.Note 2: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share.Agilent Inc. (A): Agilent is a ~3% of the US long portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $67.37. There was a ~15% reduction this quarter at prices between $65 and $75.Sensata Technologies Holding N.V. (ST): ST is a ~3% of the 13F portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. It currently trades at $51.29. Last five quarters have seen minor trimming.Beckton Dickinson (BDX): BDX is a 2.81% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. The stock is now at $221. There was a ~15% trimming over the last four quarters.Equifax (EFX): EFX is a 2.56% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. The stock is now at ~$111. Last two quarters have seen a combined ~8% trimming.Cimpress NV (CMPR): CMPR is a 2.31% of the portfolio position first purchased in Q3 2014. The bulk of the current stake was purchased the following quarter at prices between $54 and $76 and the stock is now at $137. The last seven quarters have seen a combined ~19% selling at prices between $80 and $171.Note: Cantillon controls ~4% of Cimpress.Allergan plc (AGN): AGN is a 1.93% of the portfolio stake established in Q2 2016 at prices between $202 and $278 and increased by one-third the following quarter at prices between $231 and $260. The first three quarters of 2017 had also seen a ~16% stake increase at prices between $203 and $256.  The stock is now well below those ranges at ~$144. There was minor selling in the last two quarters.Aon plc (AON), Bitauto Holding (BITA), Credit Acceptance Corporation (CACC), Primerica Inc. (PRI), and Verisign Inc. (VRSN): These small stakes (less than ~1.5% of the portfolio each) saw reductions this quarter.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q1 2018:"