"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q4 2015 Update"
"William Von Mueffling's U.S. long portfolio increased ~13% this quarter from $4.69B to $5.32B.Mueffling substantially increased McGraw Hill Financial and CME Group while decreasing WW Grainger.The portfolio continues to be very concentrated with the top five positions accounting for ~46% 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 02/03/2016. Please visit our  to get an idea of his investment philosophy and our  highlighting the fund’s moves during Q3 2015.This quarter, Mueffling’s US long portfolio increased 13.31% from $4.69B to $5.32B. The number of holdings increased from 19 to 21: A medium-sized stake in Sirona Dental Systems was eliminated and Agilent, Visa, and Zoetis were added during the quarter. The portfolio continues to be heavily concentrated with the top five holdings representing 45.67% of the total US long holdings. The largest position is Alphabet Inc. which accounts for 13.07% of the US long portfolio. The largest five positions are Alphabet Inc., Fidelity National Information Services, Baidu Inc., Analog Devices, and Willis Group Holdings (now named Willis Towers Watson).Stake Disposals:Sirona Dental Systems (SIRO): SIRO was a 4.54% of the US long portfolio position as of last quarter. It was eliminated this quarter at prices between $93 and $113. The position was 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 at ~$107. Cantillon harvested long-term gains from this position.New Stakes:Agilent Inc. (A): Agilent is a medium-sized 3.78% of the US long portfolio position established this quarter at prices between $33.74 and $42.36. The stock currently trades at $37.42.Visa Inc. (V) and Zoetis Inc. (ZTS): These are ~2% of the portfolio stakes established this quarter. The V position was purchased at prices between $70 and $80 and the stock is now at $73.67. ZTS stake was established at prices between $40.80 and $48.33 and it currently trades near the low-end of that range at $41.54.Stake Decreases: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% the following quarter at prices between $229 and $266. Q4 2014 saw another ~36% increase at prices between $230 and $259. Last quarter saw an about turn: ~38% reduction at prices between $211 and $238. That was followed with a ~40% further selling this quarter at prices between $191 and $231. The stake currently accounts for 1.89% of the US long portfolio. The activity indicates a bearish bias. The stock is now at ~$208.Stake Increases:CME Group (CME): CME is a medium-sized 4.37% of the US long portfolio stake established in Q4 2014 at prices between $78.26 and $92.91. This quarter saw a ~60% stake increase at prices between $87 and $100. The stock currently trades at $86.33. The activity indicates a bullish bias.McGraw Hill Financial (MHFI): The fairly large 6.23% MHFI stake was established in Q1 2015 at prices between $85.76 and $109. Last quarter saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase this quarter at prices between $87 and $100. The stock currently trades at $87. The aggressive build-up indicates a clear bullish bias.Ambev SA (ABEV): ABEV is a small ~1% 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 quarter, the stake was reduced by ~57% at prices between $4.59 and $6.25. This quarter saw a very minor increase. The stock currently trades at $4.74.American Express (AXP): AXP is a 2.78% of the US long portfolio position established in Q1 2015 at prices between $78 and $93. Last two quarters had seen marginal reductions while this quarter saw a very minor increase. The stock currently trades well below his purchase price range at $54.37.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. The last major activity was in Q4 2014 when the position saw a ~18% increase at prices between $43.10 and $57.49. The stock currently trades at $51.67. It is currently Mueffling’s fourth-largest position at 7.83% of the US long portfolio.Baidu Inc. (BIDU): BIDU is a top-three 7.92% 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. Since then, the activity has been very minor. The stock currently trades at $153. Mueffling is sitting on huge gains on this position. This quarter saw a marginal increase.Bitauto Holding (BITA): BITA is a small ~1% 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. Last quarter also saw a further ~38% increase at prices between $24.50 and $51. The stock currently trades well below those ranges at $19.10. This quarter saw a very minor further increase.Cimpress (CMPR) previously VistaPrint: CMPR was a minutely small 0.17% of the US long portfolio position established in Q3 2014. The following quarter saw the stake increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. Q2 2015 saw a ~15% increase at prices between $80.51 and $91.16 and last quarter saw a further ~38% increase at prices between $64.53 and $84.51. The stock currently trades at $79.93. The stake is now at 2.39% of the US long portfolio. This quarter saw marginal further buying.Credit Acceptance Corporation (CACC): CACC is a 1.78% 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. The stock currently trades well above his most recent purchase price range at ~$174.Ecolab Inc. (ECL): ECL is a large 7.12% 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 $109. There was a marginal increase this quarter.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 $60.17. FIS is Mueffling’s second-largest position at 9.21% of the US long portfolio. Last seven quarters have seen only minor activity.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is Mueffling’s largest position at 13.07% 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 six quarters have seen only very minor activity. The stock currently trades at $708. Mueffling is sitting on huge long-term gains from this position.Harley Davidson (HOG): HOG is a fairly large 5.18% of the US long portfolio position. 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 well below his purchase price ranges at $41.25. For investors attempting to follow Mueffling, HOG is a good option to consider for further research. Last few quarters have seen only very minor activity.Intercontinental Exchange (ICE): ICE is a 5.12% 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 the following quarter saw a further ~26% increase at prices between $222 and $242. The stock currently trades outside those ranges at $246. There was only marginal activity over the last two quarters.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. The stock currently trades well below his purchase price ranges at $65.74. Last four quarters have seen only very minor activity.Sensata Technologies Holding N.V. (ST): ST is a 5.20% 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 the following quarter at prices between $52.56 and $58.66. Last quarter saw a further 26% increase at prices between $43 and $53. The stock currently trades well below his purchase price ranges at $33.45. This quarter also saw minor further buying. For investors attempting follow Mueffling, ST is a very good option to consider for further research.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 three quarters have also seen minor buying. The position currently accounts for 7.64% of the US long portfolio.Note: On January 6, 2016, Willis Group Holdings (WSH) closed a merger with Towers Watson (TW). It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc (WLTW). WSH shareholders received one share of WLWT in place of every 2.6490 shares of WSH held.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q4 2015:"