"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2018 Update"
"William Von Mueffling's 13F portfolio value decreased this quarter from $9.29B to $8.89B.Intel & Equifax were increased while decreasing ServiceMaster Global Holdings & Broadcom and dropping Allergan plc.The portfolio continues to be very concentrated with the top five positions accounting for ~29% 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 11/09/2018. Please visit our  to get an idea of his investment philosophy and our  highlighting the fund’s moves during Q2 2018.This quarter, Mueffling’s 13F portfolio value decreased ~4% from $9.29B to $8.89B. The number of holdings remained steady at 33. The portfolio continues to be heavily concentrated with the top five positions representing ~29% of the total 13F holdings. The largest stake is Alphabet Inc. which accounts for 7.53% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Visa.New Stakes:Thermo Fisher Scientific (TMO): TMO is a small new ~1.5% of the portfolio position established this quarter at prices between $206 and $249 and the stock currently trades at $244.Stake Disposals:Allergan plc (AGN): AGN was a minutely small 0.37% of the portfolio stake as of last quarter. The original position was 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 position was sold down by ~80% last quarter at prices between $144 and $177 and the remainder stake was disposed this quarter. The stock is now at ~$166.Stake Increases:Equifax (EFX): EFX is a 3.53% 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. Last three quarters had seen a combined ~12% trimming while this quarter saw a ~30% stake increase at prices between $123 and $138. The stock is now well below their purchase price ranges at ~$102. For investors attempting to follow Cantillon, EFX is a good option to consider for further research.Intel Corp. (INTC): INTC is a 2.21% of the portfolio position established last quarter at prices between $48.50 and $57 and increased by ~70% this quarter at prices between $45 and $52.50. It is now at $48.11.Interactive Brokers Group Inc. (IBKR): IBKR is a small 1.63% 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 in Q1 2018 at prices between $59 and $74. The stock currently trades at $55.37. There was a ~3% trimming last quarter while this quarter saw a ~6% increase.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 7.53% 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 two years have seen a combined one-third reduction at prices between $755 and $1270. The stock currently trades at $1066. Mueffling is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: The top-three 6.33% 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 ~$186. Last nine quarters have seen a combined ~25% reduction at prices between $110 and $215.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 $87.59. It is Mueffling’s third-largest position at 5.39% of the portfolio. There was a ~22% selling over the last six quarters at prices between $76 and $102.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 ~$107. Last two years have seen a ~43% reduction at prices between $74 and $110. It is still Mueffling’s fourth-largest position at 5.22% of the 13F portfolio.Visa Inc. (V): V is a 4.58% (top five) 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 $144. There was a ~23% selling over the last six quarters at prices between $89 and $150.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 ~$159. Last six quarters saw a combined ~22% selling at prices between $111 and $160.Baidu Inc. (BIDU): BIDU is a ~4% 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 ~$184. Last two years saw a combined ~18% selling. Mueffling is harvesting gains.Intercontinental Exchange (ICE): ICE is a fairly large ~4% 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 $79.08. Last seven quarters saw a combined ~22% selling at prices $57 and $78.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Willis Towers Watson plc (WLTW): The 3.89% 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 their overall cost-basis is ~$110 compared to the current price of ~$160. There was a ~22% trimming over the last six quarters at prices between $128 and $164.Zoetis Inc. (ZTS): The 3.89% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. The next seven quarters had seen a ~18% reduction at prices between $45 and $72 and that was followed with a similar reduction in Q1 2018 at prices between $71 and $85. It currently trades at $95.27. Mueffling is harvesting gains. Last two quarters also saw a combined ~10% trimming.CME Group (CME): CME is a 3.68% 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 ~$190. Last eleven quarters have seen a combined ~25% selling at prices between $85 and $175.American Tower (AMT): AMT is a 3.55% 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 $160. Last seven quarters saw a ~22% selling at prices between $104 and $151.CBRE Group Inc. (CBRE): The 3.50% stake in CBRE 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 $42.99. There was a ~16% selling over the last two years at prices between $26 and $50.Beckton Dickinson (BDX): BDX is a ~3% 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 $243. There was a ~22% trimming over the last six quarters at prices between $166 and $262.Agilent Inc. (A): Agilent is a 2.80% of the 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 $67.27. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the last two quarters.TriNet Group Inc. (TNET): The 2.68% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. There was a ~15% increase over the last two quarters while this quarter saw a ~6% trimming. The stock is now at $46.43.Note: Cantillon controls ~6% of TriNet Group.Sensata Technologies Holding N.V. (ST): ST is a 2.53% 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 $46.76. Last seven quarters have seen a ~24% trimming.Broadcom Inc. (AVGO): AVGO is a 2.52% 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 in Q1 2018 at prices between $228 and $273. The stock currently trades at $239. There was a one-third reduction this quarter at prices between $202 and $251.Facebook Inc. (FB): FB is a ~2% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% last quarter at prices between $155 and $202. The stock is currently at ~$145. There was a ~6% trimming this quarter.Aon plc (AON): The ~2% AON position was increased by ~50% last quarter at prices between $135 and $145 and the stock is now at $166. This quarter saw a ~6% trimming.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 in Q1 2018 at prices between $40 and $46.50. It is now at $38.07. Last two quarters saw a combined ~10% trimming.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions established last quarter saw trimming this quarter. The ~2% FAST stake was purchased at prices between $48 and $56 and the stock currently trades at $54.76. The very small 0.84% AWI stake was purchased at prices between $55 and $65 and it currently goes for $67.22. Both stakes saw ~7% trimming this quarter.Cimpress NV (CMPR): CMPR is a ~2% 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 $118. The last nine quarters have seen a combined ~25% selling at prices between $83 and $171.Note: Cantillon controls ~4% of Cimpress.SS&C Technologies (SSNC): SSNC is a 1.66% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and it is now at $49.94. There was minor trimming in the last two quarters.Credit Acceptance Corporation (CACC), Primerica Inc. (PRI), and Verisign Inc. (VRSN): These small stakes (less than ~2% of the portfolio each) saw reductions this quarter.ServiceMaster Global Holdings (SERV): SERV was a medium-sized 3.76% position last quarter. It 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. Last six quarters saw a ~17% reduction at prices between $36.50 and $59.50 and that was followed with a ~80% selling this quarter at prices between $38 and $42. It currently trades at $42.52 and the stake is now very small at 0.78% of the portfolio.Note: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q3 2018:"