"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q2 2021 Update"
"William von Mueffling's 13F portfolio value increased this quarter from $13.74B to $14.85B.Cantillon increased Facebook, Iqvia Holdings, & Microsoft during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~26% 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 William von Mueffling’s regulatory  filed on 07/27/2021. Please visit our  to get an idea of his investment philosophy and our  for the fund’s moves during Q1 2021.This quarter, William von Mueffling’s 13F portfolio value increased ~8% from $13.74B to $14.85B. The number of holdings decreased from 38 to 37. The portfolio continues to be heavily concentrated with the top five positions representing ~26% of the total 13F holdings. The largest stake is Alphabet which accounts for 7.52% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Visa, and Agilent Technologies.New Stakes:None.Stake Disposals:W R Grace & Co (GRA): The small 0.69% GRA position was purchased in Q1 2020 at prices between $28 and $70. The disposal this quarter was at prices between ~$60 and ~$69. The stock is currently at $69.60.Note: W R Grace is getting acquired by Standard Industries Holdings in a $70 all-cash deal announced in April.Stake Increases:Facebook Inc. (FB): FB is a 2.85% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. There was a ~25% stake increase this quarter at prices between ~$295 and ~$355. The stock currently trades at ~$356.Citrix Systems (CTXS) and Iqvia Holdings (IQV): These two stakes established last quarter were increased this quarter. CTXS is a ~2% of the portfolio stake established last quarter at prices between $126 and $145 and the stock currently trades well below that range at ~$101. There was a marginal increase this quarter. The 1.87% of the portfolio stake in IQV was established at prices between $173 and $195 and it is now at ~$248. This quarter saw a ~20% stake increase at prices between ~$195 and ~$247.Microsoft Corp (MSFT): MSFT is a 1.84% of the portfolio stake established in Q1 2020 at prices between $135 and $189 and it is now at ~$285. There was a ~55% stake increase this quarter at prices between ~$240 and ~$270.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Cantillon’s largest position at 7.52% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake had seen selling since Q3 2016: ~50% combined reduction at prices between ~$700 and ~$2545. The stock currently trades at ~$2703. Cantillon is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at 6.54% of the portfolio. It 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. Since then, the position has seen a ~40% selling at prices between ~$97 and ~$412. The stock currently trades at ~$429.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 buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years thru Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. Last quarter saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$167 and the stake is at ~4% of the portfolio. There was minor trimming this quarter.Visa Inc. (V): V is a 3.87% 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. Since then, the position was reduced by around one-third at prices between ~$90 and ~$237. The stock currently trades at ~$246.Agilent Inc. (A): Agilent is a 3.67% 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. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters.  The following two quarters had seen a ~20% stake increase at prices between $65.50 and $82. The stock currently trades at ~$153. Last two years have seen only minor adjustments.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 last five years have seen a combined ~50% selling at prices between $58 and ~$157. The stock currently trades at ~$149 and the stake is at 3.67% of the portfolio.American Tower (AMT): AMT is a 3.58% 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. Since then, the position was reduced by ~25% at prices between ~$103 and ~$266. The stock currently trades at ~$283. Last five quarters have seen only minor adjustments.Applied Materials (AMAT): The 3.58% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. The stock currently trades at ~$140. Last few quarters have seen minor trimming.Broadcom Inc. (AVGO): AVGO is a 3.53% 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. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$485. Last two years have seen only minor adjustments.Equifax (EFX): EFX is a 3.49% 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. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$261. Last ten quarters have seen only minor adjustments.Intercontinental Exchange (ICE): ICE is a 3.36% 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 three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$120. Last five quarters have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Thermo Fisher Scientific (TMO): TMO is a 3.11% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades at ~$540. Last nine quarters have seen only minor adjustments.Taiwan Semiconductor (TSM): The 2.89% 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. Since then, the activity has been minor. The stock is now at $117.Zoetis Inc. (ZTS): The 2.82% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling last quarter at prices between $144 and $169. The stock currently trades at ~$203. This quarter also saw a ~6% trimming.Verisign Inc. (VRSN): The 2.74% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase last quarter at prices between $188 and $216. The stock currently trades at ~$216. This quarter saw marginal trimming.CBRE Group Inc. (CBRE): The 2.70% 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. Last quarter saw a ~30% selling at prices between $59.50 and $81. The stock is now at ~$96. There was minor trimming this quarter.Ecolab Inc. (ECL): ECL is a 2.66% 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. Since then, the position was sold down by one-third at prices between ~$103 and ~$211. The stock currently trades at ~$221. Last two quarters also saw a ~14% trimming.Willis Towers Watson plc (WLTW): The 2.63% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$206. There was a ~12% increase in Q3 2016 at prices between $120 and $133. Since then, the stake was reduced by ~30% at prices between ~$117 and ~$220. Last quarter saw another ~23% selling at prices between $199 and $235. This quarter also saw a ~6% trimming.Brunswick Corp (BC): BC is a 2.62% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters thru Q2 2020 had seen a ~20% stake increase at prices between $26.50 and $66. The stock is currently at ~$104. There was minor trimming in the last four quarters.CME Group (CME): CME is a 2.49% 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 four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last five quarters have seen only minor adjustments. The stock currently trades at ~$212.Autodesk (ADSK): ADSK is a 2.39% of the portfolio stake established in Q4 2019 at prices between $140 and $185 and the stock currently trades at ~$321. Last six quarters have seen only minor adjustments.Aon plc (AON): The 2.12% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$260. There was a ~10% stake increase in Q1 2019. Last nine quarters have seen only minor adjustments.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The ~2% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at ~$55. The small 0.87% AWI stake was purchased at prices between $55 and $65. The stock is now at ~$108. Last two years have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May 2019.SS&C Technologies (SSNC): SSNC is a ~2% 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 that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase in Q2 2019 at prices between $54 and $68. It is now at ~$78. Last two years have seen only minor adjustments.Beckton Dickinson (BDX): BDX is a 1.86% 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. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$256. Last two years have seen only minor adjustments.TriNet Group Inc. (TNET): The 1.86% 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. The stock has tripled and currently goes for ~$83. Last ten quarters have seen only minor adjustments.Note: Cantillon controls ~6% of TriNet Group.Entegris (ENTG): ENTG is a 1.83% of the portfolio position established in Q3 2019 at prices between $35.50 and $48 and increased by ~25% next quarter at prices between $45.50 and $51. The stock currently trades well above those ranges at ~$121. There was a ~14% trimming last quarter at prices between $94 and $114. This quarter saw marginal trimming.Nielsen Holdings (NLSN): NLSN is a small 0.71% of the portfolio position purchased last quarter at prices between $20.25 and $26.75. This quarter saw a minor reduction. The stock is now at $23.69.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) saw minor reductions this quarter.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings thru 5/3/2021: 13Gs – 2/9 – TNET – 4.35M shares – 6.53% of business, BC – 4.52M shares – 5.76% of business.4/30/2020 Correction request: A reader pointed out that his last name is Von Mueffling, not Mueffling. So, should correct that."