"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q4 2016 Update"
"William Von Mueffling's U.S. long portfolio increased marginally this quarter from $7.08B to $7.14B.Mueffling substantially increased Intercontinental Exchange, American Tower, Agilent Technologies, & TriNet Group.The portfolio continues to be very concentrated with the top five positions accounting for close to one-third 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 02/10/2017. Please visit our  to get an idea of his investment philosophy and our  highlighting the fund’s moves during Q3 2016.This quarter, Mueffling’s US long portfolio increased ~1% from $7.08B to $7.14B. The number of holdings remained steady at 28. The portfolio continues to be heavily concentrated with the top five positions representing 33.04% of the total US long holdings. The largest stake is Alphabet Inc. which accounts for 8.38% of the US long portfolio. The largest five positions are Alphabet Inc., Analog Devices, Fidelity National Information Services, S&P Global, and Willis Towers Watson.New Stakes:Beckton Dickinson (BDX): BDX is a 2.39% of the portfolio stake established this quarter at prices between $163 and $180. The stock is now at $178.Equifax (EFX) and Aon plc (AON): These two are small (less than ~1% of the portfolio each) positions established this quarter. EFX is a 0.84% of the portfolio stake purchased at prices between $112 and $135 and the stock is now at $131. The 0.81% AON position was established at prices between $108 and $116 and the stock currently trades at the top of that range at $116.Stake Disposals:Ambev SA (ABEV): ABEV was 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 $6.25 and $7.50. In Q3 2015, the stake was reduced by ~60% at prices between $4.50 and $6.25. The disposal this quarter was at prices between $4.75 and $6.25. The stock currently trades at $5.46.MSC Industrial Direct Inc. (MSM): MSM was a 1.58% of the US long portfolio position established in Q4 2013 at prices between $76 and $84. Q1 2014 saw a ~85% stake increase at prices between $80 and $89. In Q4 2014, the position saw another ~145% increase at prices between $77 and $86. There was a ~30% reduction in Q2 2016 at prices between $69 and $78. The disposal this quarter happened at prices between $70 and $95. The stock currently trades at $105.iShares MSCI ACWI Index (ACWI): ACWI was a 1.52% of the portfolio stake established last quarter at prices between $55.50 and $60 and sold this quarter at prices between $56.50 and $61. It now trades at $61.73.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 8.38% 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. This quarter saw a ~9% trimming at prices between $736 and $813. The stock currently trades at $814. Mueffling is starting to harvest huge long-term gains.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 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 and $58. The stock currently trades at $76.53. It is Mueffling’s second-largest position at 6.87% of the US long portfolio. There was very minor trimming this quarter.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 $80.46. This quarter saw a ~16% selling at prices between $74 and $79. It is still Mueffling’s third-largest position at 6.70% of the US long portfolio.S&P Global (SPGI) previously McGraw Hill Financial: The top-five 5.64% 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 ~18% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$126. Last three quarters saw minor trimming.Willis Towers Watson plc (WLTW): The large (top five) 5.45% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc.  Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase last quarter 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 ~$124. There was very minor trimming this quarter.Ecolab Inc. (ECL): ECL is a large 4.93% 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 ~20% increase at prices between $101 and $115 and the following quarter saw a further ~10% increase at prices between $99 and $117. Since then, the activity has been very minor. The stock currently trades at $121.Baidu Inc. (BIDU): BIDU is a large 4.61% 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 $184. Mueffling is sitting on large gains on this position.Harley Davidson (HOG): HOG is a fairly large 4.46% of the US long portfolio position. The original stake was established in Q2 2013 at prices between $50 and $60. The position 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 at $57.34. For investors attempting to follow Mueffling, HOG is a good option to consider for further research. Last two years have seen a combined ~13% overall reduction.Zoetis Inc. (ZTS): The 4.80% ZTS stake was established in Q4 2015 at prices between $41 and $48 and increased by ~170% the following quarter at prices between $39 and $48. It currently trades just outside those ranges at ~$55.73.  Last three quarters saw minor trimming.CME Group (CME): CME is a ~4% of the US long 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 above those ranges at $119. Last four quarters have seen only very minor adjustments.CBRE Group Inc. (CBG): The 3.36% stake in CBG was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the last two quarters at prices between $24.50 and $31. The stock is now at $34. There was minor trimming this quarter.Note: Jeffrey Ubben’s ValueAct has a ~10% ownership stake in CBRE Group.Visa Inc. (V): V is a medium-sized 3.31% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~130% over the last three quarters at prices between $68 and $83. The stock is now at $85.90. This quarter saw minor trimming.Allergan plc (AGN): AGN is a 2.86% of the portfolio stake established in Q2 2016 at prices between $202 and $278 and increased by one-third last quarter at prices between $231 and $260. The stock is now at $246. There was very minor trimming this quarter.Cimpress (CMPR) previously VistaPrint: CMPR was a minutely small position in Q3 2014. The following quarter saw the stake increased to a 1.52% of the US long portfolio position at prices between $52.50 and $76. Q2 2015 saw a ~15% increase at prices between $80.50 and $91 and the following quarter saw a further ~40% increase at prices between $64.50 and $84.50. The stock currently trades at $84.69. The stake is now at ~2% of the US long portfolio. Last five quarters have seen only minor activity.Credit Acceptance Corporation (CACC): CACC is a 1.21% of the US long portfolio position first purchased in 2012. The stake was increased by around 50% in Q2 2013 at prices between $96 and $122. Around ~14% of that original stake was sold since. The stock currently trades well above their purchase price ranges at ~$200.Primerica Inc. (PRI): PRI is a small ~1% position purchased in Q2 2016 at prices between $43 and $59 and it currently trades at $80.50. Last two quarters saw minor trimming.Stake Increases:Intercontinental Exchange (ICE): ICE is a large 4.78% of the US long portfolio stake established in Q4 2014 at prices between $39 and $45. In Q1 2015, the position was increased by ~50% at prices between $41 and $48 and the following quarter saw a further ~25% increase at prices between $44 and $48. There was another ~17% increase this quarter at prices between $52.50 and $60. The stock currently trades at $57.65.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.American Tower (AMT): AMT is a 4.17% 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 this quarter at prices between $101 and $117. The stock currently trades at $106. For investors attempting to follow Mueffling, AMT is a very good option to consider for further research.NXP Semiconductors (NXPI): NXPI is a fairly large ~4% position purchased last quarter at prices between $76 and $102. This quarter saw a ~9% increase at prices between $96.50 and $105. The stock is now at $102.Note: NXPI share price experienced a 25% spike following Qualcomm’s (QCOM) announcement to acquire NXPI for $110 per share cash last October.ServiceMaster Global Holdings (SERV): The medium-sized 3.12% SERV position was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% since at prices between $32.50 and $41.50. It currently trades at $38.01. For investors attempting to follow Mueffling, SERV is a good option to consider for further research.Note: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share. The stock has more than doubled since.Agilent Inc. (A): Agilent is a medium-sized 3.36% of the US long portfolio position established in Q4 2015 at prices between $33.50 and $42.50. The stock currently trades well above that range at $50.36. Last three quarters had seen minor reductions. There was an about turn this quarter: ~17% increase at prices between $43 and $48.Sensata Technologies Holding N.V. (ST): ST is a 3.19% of the US long 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. The stock currently trades well below his purchase price ranges at $41.78. Last quarter saw a ~12% trimming while this quarter saw a ~8% increase.TriNet Group Inc. (TNET): TNET is a 1.63% portfolio stake established in Q2 2016 at prices between $14 and $21 and increased by over 500% last quarter at prices between $20.50 and $23. There was another two-thirds increase this quarter at prices between $17.50 and $26.50. The stock is now at $24.74. The aggressive build-up indicates a clear bullish bias.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 and $89. Q3 2015 also saw a further ~40% increase at prices between $25 and $51. Last year saw another ~75% stake increase at prices between $16 and $33. The stock currently trades at $20.18.SS&C Technologies (SSNC): SSNC is a very small 0.76% stake established last quarter at prices between $28 and $34 and increased by ~40% this quarter at prices between $28.50 and $33. The stock is now at $32.81.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q4 2016:"