"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q2 2015 Update"
"William Von Mueffling's U.S. long portfolio decreased ~2% this quarter from $5.11B to $5.01B.Mueffling substantially increased Sensata Technologies, Intercontinental Exchange, and Cimpress N V stakes during the quarter.The portfolio continues to be very concentrated with the top-five positions accounting for ~45% 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 07/27/2015. Please visit our  to get an idea of his investment philosophy and our  highlighting the fund’s moves during Q1 2015.This quarter, Mueffling’s US long portfolio decreased ~2% from $5.11B to $5.01B. The number of holdings remained steady at 19: three of those positions were substantially increased while all other positions were marginally reduced. The portfolio continues to be heavily concentrated with the top five holdings representing 45.24% of the total US long holdings. The largest position is Fidelity National Information Services which accounts for 9.97% of the US long portfolio. The largest five positions are Fidelity National Information Services, Analog Devices, Google Inc., Baidu Inc., and Ecolab Inc.Stake Disposals:None.New Stakes:None.Stake Decreases:Ambev SA (ABEV): ABEV is a 3.47% 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 have seen only minor activity. The stock currently trades at $5.60.American Express (AXP) & McGraw Hill Financial (MHFI): These two positions were established last quarter and saw marginal reductions this quarter. AXP is a 3.29% of the US long portfolio position established at prices between $78 and $93. The stock currently trades near the low end of that range at $75.72. The 1.67% MHFI stake was established at prices between $85.76 and $109 and the stock currently trades at $101.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 two quarters have seen marginal selling. The stock currently trades at $58.79. It is Mueffling’s second-largest position currently at 9.64% of the US long portfolio.Baidu Inc. (BIDU): BIDU is Mueffling’s fourth-largest position at 8.83% of the US long portfolio. It was a ~5% 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. This quarter saw a minor reduction. The stock currently trades at $172. Mueffling is sitting on huge gains on this position.Bitauto Holding (BITA):  BITA is a small 1.47% of the US long portfolio position established in Q3 2014 at prices between $46 and $96. Last quarter saw a ~60% increase at prices between $47.39 and $89.11 and there was a marginal reduction this quarter. The stock currently trades below his purchase price ranges at $40.52.CME Group (CME): CME is a medium-sized 2.71% of the US long portfolio stake established in Q4 2014 at prices between $78.26 and $92.91. Last two quarters have seen minor reductions. The stock currently trades at $97.01.Credit Acceptance Corporation (CACC): CACC is a 2.18% 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. This quarter saw a minor reduction. The stock currently trades at almost double his most recent purchase price range at $233.Ecolab Inc. (ECL): ECL is a top-five 7.36% 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. Since then the stake had been kept almost steady. Q4 2014 saw a ~21% increase at prices between $101 and $115 and last quarter saw a further ~10% increase at prices between $99 and $117. The stock currently trades at $115. There was a minor decrease 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 $63.24. FIS is Mueffling’s largest position at 9.97% of the US long portfolio. Last five quarters have seen only minor activity.Google Inc. (GOOG) (GOOGL): GOOG is Mueffling’s third-largest position at 9.44% 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 four quarters have seen only very minor activity. The stock currently trades at $632. Mueffling is sitting on large long-term gains from this position.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. Last two quarters have seen minor reductions. The stake currently accounts for 6.29% of the US long portfolio. The stock is trading just below Mueffling’s purchase price ranges at $227. For investors attempting to follow him, GWW is a good option to consider for further research.Harley Davidson (HOG): HOG is a large 6.84% of the US long portfolio position. The stake saw a marginal reduction this quarter. 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 at $58.65.MSC Industrial Direct Inc. (MSM): MSM is a 3.15% 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 two quarters saw minor reductions. The stock currently trades below his purchase price ranges at $70.11.Sirona Dental Systems (SIRO): SIRO is a 4.82% 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 $102.50. Last two quarters saw minor reductions.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 quarter also saw a ~8% increase at prices between $42.84 and $49.36. The position currently accounts for 7.30% of the US long portfolio. This quarter saw minor selling. The stock is trading near Mueffling’s purchase price ranges at $46.87 and is a good option to consider for further research.Stake Increases: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. This quarter saw a ~15% increase at prices between $80.51 and $91.16. The stock currently trades at $79.75. The stake is now at 1.91% of the US long portfolio.Intercontinental Exchange (ICE): ICE is a medium-sized 4.74% of the US long portfolio stake established in Q4 2014 at prices between $194 and $227. Last quarter, the position was increased by ~50% at prices between $205 and $240 and this quarter saw a further ~26% increase at prices between $222 and $242. The stock currently trades at $228. For investors attempting to follow Cantillon, ICE is a good option to consider.Sensata Technologies Holding N.V. (ST): ST is a 4.98% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50. The stake was increased by ~30% last quarter at prices between $48.98 and $57.74 and another one-third this quarter at prices between $52.56 and $58.66. The stock currently trades at $49.10. The aggressive build-up indicates a clear bullish bias.Kept Steady:None.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q2 2015:"