"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q4 2014 Update"
"William Von Mueffling's U.S. long portfolio increased this quarter from $4.43B to $4.85B.Mueffling substantially increased positions in Analog Devices, Cimpress, Ecolab, W.W. Grainger, & MSC Industrial while dropping Brink’s, Coca Cola, and Solera.The portfolio continues to be very concentrated with the top-five positions accounting for ~50% 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 02/09/2015. Please visit our  to get an idea of his investment philosophy and our  highlighting the fund’s moves during Q3 2014.This quarter, Mueffling’s US long portfolio increased from $4.43B to $4.85B. The number of holdings decreased from 20 to 19: new positions in CME Group and Intercontinental Exchange replaced Brink’s Company, Coca Cola, and Solera Holdings. The portfolio continues to be heavily concentrated with the top five holdings representing 48.91% of the total US long holdings. The largest position is Baidu Inc. which was first established in 2010 and now accounts for 10.78% of the US long portfolio. The largest five positions are Baidu Inc., Fidelity National Information Services, Google Inc., Analog Devices, and Harley-Davidson Inc.Stake Disposals:Brink’s Company (BCO): BCO was a 1.68% of the US long portfolio stake first established in 2012. The position was increased by ~20% in Q3 2013 at prices between $25.50 and $28.50 and since then had been kept relatively steady. Cantillon’s ownership of the business was at over 6% as of last quarter. This quarter, the stake was eliminated at prices between $20.10 and $24.59. The stock currently trades at $25.06. The elimination indicates a clear bearish bias.Solera Holdings (SLH): SLH was a 4.17% of the US long portfolio position that was increased by ~60% in Q2 2014 at prices between $61.71 and $67.76. It was increased by another ~19% last quarter at prices between $56 and $69. This quarter saw an about turn as the entire stake was disposed of at prices between $46.20 and $58. The stock currently trades at $52.88.Coca Cola (KO): KO was a 3.11% of the US long portfolio position that was reduced by over 50% in Q1 2014 at prices between $37 and $41. The original position was a ~2.5M share stake established in 2010 at prices between $25 and $33. The position was increased by 40% in 2011 and doubled in 2012 as well. This quarter, the stake was eliminated at prices between $40.39 and $44.83. The stock currently trades at $41.23.New Stakes:CME Group (CME) & Intercontinental Exchange (ICE): CME & ICE are medium-sized ~2.50% of the US long portfolio stakes established this quarter. The CME position was purchased at prices between $78.26 and $92.91 and the stock currently trades just outside that range at $93.82. The ICE stake was established at prices between $194 and $227 and the stock currently trades just above that range at $229.Stake Decreases:Bitauto Holding (BITA):  BITA is a small 1.63% of the US long portfolio position established last quarter at prices between $46 and $96. This quarter, the position was reduced marginally. The stock currently trades at $56.67.Stake Increases: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. This quarter saw a ~18% increase at prices between $43.10 and $57.49. The stock currently trades at $54.56. The top-five position now accounts for 8.87% of the US long portfolio. The activity this quarter indicates a bullish bias.Cimpress (CMPR) previously VistaPrint (VPRT): CMPR was a minutely small 0.17% of the US long portfolio position established last quarter at prices between $37 and $55. This quarter, the stake was increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. The stock currently trades well above those ranges at $81.19.Ecolab Inc. (ECL): ECL is a 6.56% 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. This quarter saw a ~21% increase at prices between $101 and $115. The stock currently trades near the middle of that range at $107.Grainger W. W. (GWW): GWW was a 2.35% of the US long portfolio stake established in Q3 2013 at prices between $247 and $274. The 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. This quarter saw another ~36% increase at prices between $230 and $259. The stake currently accounts for 7.22% of the US long portfolio. The stock is trading well within Mueffling’s purchase price ranges at $239. For investors attempting to follow him, GWW is a good option to consider for further research.MSC Industrial Direct Inc. (MSM): MSM is a 3.91% 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. This quarter, the position saw another ~145% increase at prices between $77 and $86. The stock currently trades at $75.79.Altera Corporation (ALTR): ALTR is a 4.26% of the US long portfolio stake first purchased in 2011. The position was almost doubled in Q1 2013 at prices between $33 and $36.50. Q3 2013 saw a 25% stake increase at prices between $33 and $39. Last three quarters have seen only very minor activity. The stock currently trades near the low-end of his purchase prices ranges at around $33.76. For investors attempting to follow Mueffling, ALTR is a good option to consider for further research.Ambev SA (ABEV): ABEV is a 4.33% 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 three quarters have seen only minor activity. The stock currently trades at $6.53. Mueffling continues to be bullish on ABEV.Baidu Inc. (BIDU): BIDU is Mueffling’s largest position at 10.78% 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. The stock currently trades at around $215. Mueffling is bullish on Baidu and the stock has more than doubled from his purchase price ranges.Credit Acceptance Corporation (CACC): CACC is a 1.28% 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 $173.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. Last three quarters have seen only minor activity. The stock currently trades at $63.61 and is Mueffling’s second-largest position at 10.71% of the US long portfolio.Google Inc. (GOOG) (GOOGL): GOOG is Mueffling’s third-largest position at 10.01% of the US long portfolio. In Q2 2014, the position was increased by ~14% at prices between $510 and $580. Last two quarters have seen only very minor activity. The stock currently trades at around $528. The original stake was established in 2010 and doubled in 2011 at much lower prices. Mueffling is sitting on large long-term gains from this position.H&R Block (HRB): HRB is a small 1.65% of the US long portfolio position established in Q2 2014 at prices between $27.40 and $33.52. Last quarter saw a marginal reduction and this quarter a marginal increase. The stock currently trades at $35.Harley Davidson (HOG): HOG is a top-five position at 8.54% of the US long portfolio. The stake saw a marginal increase 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 $63.79.Sensata Technologies Holding N.V. (ST): ST is a 2.96% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50 and the stock currently trades at $52.58. This quarter saw a very minor increase.Sirona Dental Systems (SIRO): SIRO is a 4.46% 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 $89.18. This quarter saw a minor increase.Willis Group Holdings (WSH): WSH was a 2.41% of the US long portfolio 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. Last two quarters had seen an additional ~50% stake increase at prices between $40 and $44 and this quarter saw minor additional buying. The position currently accounts for 6.86% of the US long portfolio. The stock is trading well within Mueffling’s purchase price ranges at $44.82 and so is a good option to consider for further research.Kept Steady:None.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q4 2014:"