"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2015 Update"
"William Von Mueffling's U.S. long portfolio decreased ~6% this quarter from $5.01B to $4.69B.Mueffling substantially increased McGraw Hill Financial, Biauto, Cimpress, and Sensata while decreasing Ambev and WW Grainger.The portfolio continues to be very concentrated with the top five positions accounting for ~47% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory  filed on 11/04/2015. Please visit our  to get an idea of his investment philosophy and our  highlighting the fund’s moves during Q2 2015.This quarter, Mueffling’s US long portfolio decreased 6.29% from $5.01B to $4.69B. The number of holdings remained steady at 19. The portfolio continues to be heavily concentrated with the top five holdings representing 47.25% of the total US long holdings. The largest position is Alphabet Inc. which accounts for 11.84% of the US long portfolio. The largest five positions are Alphabet Inc., Fidelity National Information Services, Analog Devices, Ecolab Inc., and Willis Group Holdings.Stake Decreases:Ambev SA (ABEV): ABEV is a small 1.28% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.23 and $7.45. Last five quarters had seen only minor activity. This quarter, the stake was reduced by ~57% at prices between $4.59 and $6.25. The stock currently trades at $5.06.Grainger W. W. (GWW): GWW stake was established in Q3 2013 at prices between $247 and $274. The original position was almost doubled in Q4 2013 at prices between $248 and $272 and increased by 50% in Q1 2014 at prices between $229 and $266. Q4 2014 saw another ~36% increase at prices between $230 and $259. This quarter saw an about turn: ~38% reduction at prices between $211 and $238. The stake currently accounts for 3.78% of the US long portfolio. The activity indicates a bearish bias.American Express (AXP): AXP is a 3.29% of the US long portfolio position established in Q1 2015 at prices between $78 and $93. Last two quarters have seen marginal reductions. The stock currently trades below his purchase price range at $74.06.Analog Devices (ADI): ADI is a long-term position that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. Since then the position had been kept relatively steady. Q4 2014 saw a ~18% increase at prices between $43.10 and $57.49. Last three quarters have seen marginal selling. The stock currently trades at $60.49. It is currently Mueffling’s third-largest position at 9.02% of the US long portfolio.Baidu Inc. (BIDU): BIDU is a 6.49% portfolio stake first established in 2012. The position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in Q2 2013 at prices between $83 and $103. Since then, the activity has been very minor. Last two quarters have seen minor reductions. The stock currently trades at $198. Mueffling is sitting on huge gains on this position.Credit Acceptance Corporation (CACC): CACC is a 1.85% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady. Last two quarters have seen minor reductions. The stock currently trades well above his most recent purchase price range at $180.Ecolab Inc. (ECL): ECL is a top-five 7.61% of the US long 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 saw a ~21% increase at prices between $101 and $115 and the following quarter saw a further ~10% increase at prices between $99 and $117. The stock currently trades at $118. There was a marginal reduction in the last two quarters.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio stake at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50 and the following quarter saw another 44% increase at prices between $48.87 and $56.55. The stock currently trades outside those ranges at $65.54. FIS is Mueffling’s second-largest position at 11.52% of the US long portfolio. Last six quarters have seen only minor activity.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is Mueffling’s largest position at 11.84% of the US long 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 five quarters have seen only very minor activity. The stock currently trades at $728. Mueffling is sitting on large long-term gains from this position.Harley Davidson (HOG): HOG is a large 7.09% of the US long portfolio position. The stake saw a marginal reduction in the last two quarters. The original position was established in Q2 2013 at prices between $50 and $60. The stake was increased by 56% in Q3 2013 at prices between $54 and $65. Q2 2014 also saw a ~16% increase at prices between $65 and $74. The stock currently trades below his purchase price ranges at $48.87. For investors attempting to follow Mueffling, HOG is a good option to consider for further research.Intercontinental Exchange (ICE): ICE is a medium-sized 5.30% of the US long portfolio stake established in Q4 2014 at prices between $194 and $227. In Q1 2015, the position was increased by ~50% at prices between $205 and $240 and last quarter saw a further ~26% increase at prices between $222 and $242. The stock currently trades outside those ranges at $260. There was a marginal reduction this quarter.MSC Industrial Direct Inc. (MSM): MSM is a 2.94% of the US long portfolio position established in Q4 2013 at prices between $75.50 and $83.50. Q1 2014 saw an 84% stake increase at prices between $80 and $89. In Q4 2014, the position saw another ~145% increase at prices between $77 and $86. Last three quarters saw minor reductions. The stock currently trades well below his purchase price ranges at $64.08.Sirona Dental Systems (SIRO): SIRO is a 4.54% of the US long portfolio position established in Q4 2013 at prices between $67 and $75. In Q2 2014, the stake was increased by ~40% at prices between $73.33 and $82.53. The stock currently trades well outside those ranges at $110. Last three quarters have seen a combined ~10% reduction. Cantillon is starting to harvest long-term gains from this position.Stake Increases:McGraw Hill Financial (MHFI): The 3.54% MHFI stake was established in Q1 2015 at prices between $85.76 and $109. This quarter saw a huge ~140% increase at prices between $85 and $107. The stock currently trades at $97.30.Cimpress (CMPR) previously VistaPrint: CMPR was a minutely small 0.17% of the US long portfolio position established in Q3 2014 at prices between $37 and $55. In Q4 2014, the stake was increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. Last quarter saw a ~15% increase at prices between $80.51 and $91.16 and this quarter saw a further ~38% increase at prices between $64.53 and $84.51. The stock currently trades at $79.99. The stake is now at 2.53% of the US long portfolio.Bitauto Holding (BITA): BITA is a small 1.26% of the US long portfolio position established in Q3 2014 at prices between $46 and $96. Q1 2015 saw a ~60% increase at prices between $47.39 and $89.11. This quarter saw a further ~38% increase at prices between $24.50 and $51. The stock currently trades at $33.76.Sensata Technologies Holding N.V. (ST): ST is a 5.64% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50. The stake was increased by ~30% in Q1 2015 at prices between $48.98 and $57.74 and another one-third last quarter at prices between $52.56 and $58.66. This quarter saw a further 26% increase at prices between $43 and $53. The stock currently trades at $48.94. The aggressive build-up indicates a clear bullish bias.CME Group (CME): CME is a medium-sized 3.16% of the US long portfolio stake established in Q4 2014 at prices between $78.26 and $92.91. Last two quarters had seen minor reductions while this quarter saw a marginal increase. The stock currently trades at $95.39.Willis Group Holdings (WSH): WSH was a small stake established in Q3 2013 at prices between $40.50 and $45. The position was increased by ~78% in Q4 2013 at prices between $42 and $46.50 and another one-third in Q1 2014 at prices between $41 and $45. The following two quarters saw an additional ~50% stake increase at prices between $40 and $44. Last two quarters have also seen minor buying. The position currently accounts for 7.27% of the US long portfolio. The stock is trading near Mueffling’s purchase price ranges at $44.98 and is a good option to consider for further research.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q3 2015:"