"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2017 Update"
"William Von Mueffling's U.S. long portfolio value increased this quarter from $8.01B to $8.60B.Mueffling increased Broadcom and Equifax while dropping NXP Semiconductors.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 11/13/2017. Please visit our  to get an idea of his investment philosophy and our  highlighting the fund’s moves during Q2 2017.This quarter, Mueffling’s US long portfolio value increased 7.32% from $8.01B to $8.60B. The number of holdings increased from 29 to 30. The portfolio continues to be heavily concentrated with the top five positions representing ~31% of the total US long holdings. The largest stake is Alphabet Inc. which accounts for 7.52% of the US long portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Baidu.New Stakes:Verisign Inc. (VRSN) and Taiwan Semiconductor (TSM): These are the two new positions this quarter. VRSN is a 1.65% of the portfolio position purchased at prices between $93 and $106 and the stock is now above that range at $111. The 1.24% TSM stake was established at prices between $34.50 and $38.50 and it is now at $42.01.Stake Disposals:NXP Semiconductors (NXPI): NXPI was a fairly large 3.82% position purchased in Q3 2016 at prices between $76 and $102. Q4 2016 saw a ~9% increase at prices between $96.50 and $105. The position was eliminated this quarter at prices between $109 and $113. The stock is now at ~$116.Note: Last October, Qualcomm (QCOM) agreed to acquire NXPI for $110 per share cash.Stake Increases:Broadcom Ltd. (AVGO): AVGO is a 3.61% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% this quarter at prices between $230 and $257. The stock currently trades at $265.Allergan plc (AGN): AGN is a 2.63% of the portfolio stake established in Q2 2016 at prices between $202 and $278 and increased by one-third in Q3 2016 at prices between $231 and $260. The last three quarters have seen a ~16% stake increase at prices between $203 and $256.  The stock is now well below those ranges at $174.Equifax (EFX): EFX is a 2.57% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135 and increased by ~55% the following quarter at prices between $117 and $137. Last quarter saw another 15% stake increase at prices between $134 and $143 and that was followed with a ~130% increase this quarter at prices between $93 and $146. The stock is now at $109. The build-up indicates a clear bullish bias.Bitauto Holding (BITA): BITA is a 2.35% position first purchased in Q3 2014 at prices between $48 and $93. Q1 2015 saw a ~60% increase at prices between $47.50 and $89. That was followed with another one-third increase in Q3 2015 at prices between $25 and $50. Last year also saw a ~75% stake increase at prices between $17 and $31. The stock is now at $48.57. Last two quarters have seen another one-third increase at prices between $23.50 and $47.50.Note: Cantillon controls ~6.4% of Bitauto.Interactive Brokers Group Inc. (IBKR): IBKR is a ~1% of the portfolio stake established last quarter at prices between $34 and $38 and increased by ~11% this quarter. The stock is now at $53.90.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 7.52% 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 three quarters had seen a combined ~20% reduction at prices between $736 and $984. The stock currently trades at $1026. Mueffling is harvesting huge long-term gains. There was a ~3% trimming this quarter.S&P Global (SPGI) previously McGraw Hill Financial: The top-three 6.27% 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 ~$158. Last five quarters have seen a combined ~13% trimming.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 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 $90.03. It is Mueffling’s third-largest position at 6.23% of the US long portfolio. There was a ~7% trimming over the last two quarters.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 $92.85. Last four quarters have seen a one-third reduction at prices between $74 and $94. It is still Mueffling’s fourth-largest position at 5.54% of the US long portfolio.Baidu Inc. (BIDU): BIDU is a 5.31% 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 $237. Last four quarters saw a combined ~11% trimming. Mueffling is harvesting gains.Willis Towers Watson plc (WLTW): The large 5.28% 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 in Q3 2016 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 ~$162. There was a ~7% trimming over the last two quarters.Intercontinental Exchange (ICE): ICE is a large 4.46% 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 in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $67.08. Last three quarters saw minor trimming.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Ecolab Inc. (ECL): ECL is a 4.15% 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 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the activity has been very minor. The stock currently trades at $132. Last two quarters saw a combined ~7% trimming.American Tower (AMT): AMT is a 4.13% 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 ~$150. Last three quarters saw minor selling.Visa Inc. (V): V is a ~4% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% last year 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 $111. There was a ~7% selling over the last two quarters.Zoetis Inc. (ZTS): The ~4% 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 at $68.88.  Last six quarters saw minor trimming.Agilent Inc. (A): Agilent is a medium-sized 3.64% of the US long portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 also saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $67.13. There was marginal selling in the last three quarters.CME Group (CME): CME is a 3.63% 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 ~$140. Last seven quarters have seen a combined ~13% trimming.ServiceMaster Global Holdings (SERV): The medium-sized 3.59% SERV position was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% in the next three quarters at prices between $32.50 and $41.50. It currently trades at $46.89. Last three quarters saw minor trimming.Note 1: Cantillon controls ~5% of ServiceMaster Global Holdings.Note 2: 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.CBRE Group Inc. (CBG): The 3.33% stake in CBG 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 $42.18. There was minor trimming in the last four quarters.Note: Jeffrey Ubben’s ValueAct has a ~10% ownership stake in CBRE Group.Sensata Technologies Holding N.V. (ST): ST is a ~3% 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 at $47.38. Last three quarters have seen minor trimming.Beckton Dickinson (BDX): BDX is a 2.85% 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 $220. There was a ~7% trimming over the last two quarters.Aon plc (AON), TriNet Group Inc. (TNET), Cimpress (CMPR), Credit Acceptance Corporation (CACC), Primerica Inc. (PRI), and SS&C Technologies (SSNC): These small stakes (less than ~1.5% of the portfolio each) saw minor reductions this quarter.Note: Cantillon controls ~6% of TriNet Group and ~4.5% of Cimpress.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q3 2017:"