"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q1 2015 Update"
"William Von Mueffling's U.S. long portfolio increased this quarter from $4.85B to $5.11B.Mueffling added new positions in American Express and McGraw Hill Financial while dropping Altera Corporation and H&R Block.The portfolio continues to be very concentrated with the top-five positions accounting for 47.35% 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 05/04/2015. Please visit our  to get an idea of his investment philosophy and our  highlighting the fund’s moves during Q4 2014.This quarter, Mueffling’s US long portfolio increased from $4.85B to $5.11B. The number of holdings remained steady at 19: new positions in American Express and McGraw Hill Financial replaced Altera Corporation and H&R Block. The portfolio continues to be heavily concentrated with the top five holdings representing 47.35% of the total US long holdings. The largest position is Fidelity National Information Services which accounts for 11.07% of the US long portfolio. The largest five positions are Fidelity National Information Services, Google Inc., Analog Devices, Baidu Inc., and Willis Group Holdings.Stake Disposals:Altera Corporation (ALTR): ALTR was 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. This quarter, the entire stake was eliminated at prices between $32.93 and $44.39. The stock currently trades at $45.02.Note: The stock experienced a one-third price-spike in late March following disclosure of merger discussions with Intel Corporation (INTC) - the talks ended soon after as they could not agree on price.H&R Block (HRB): HRB was a small 1.65% of the US long portfolio position established in Q2 2014 at prices between $27.40 and $33.52. The stake was eliminated this quarter at prices between $31.58 and $35.64. The stock currently trades at $30.85. The quick turnaround indicates a bearish bias.New Stakes:American Express (AXP) & McGraw Hill Financial (MHFI): AXP is a 3.33% of the US long portfolio position established this quarter at prices between $78 and $93. The stock currently trades near the low end of that range at $78.28. The 1.67% MHFI stake was established at prices between $85.76 and $109 and the stock currently trades at $106.Stake Decreases:Ambev SA (ABEV): ABEV is a 3.29% 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 four quarters have seen only minor activity. The stock currently trades at $6.27. Mueffling continues to be bullish on ABEV.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. Last quarter saw a ~18% increase at prices between $43.10 and $57.49 and this quarter saw marginal selling. The stock currently trades at $63.25. The top-five position now accounts for 9.53% of the US long portfolio.Baidu Inc. (BIDU): BIDU is Mueffling’s fourth-largest position at 9.32% 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 $204. Mueffling is sitting on huge gains as the stock has doubled from his purchase price ranges.CME Group (CME): CME is a medium-sized 2.78% of the US long portfolio stake established last quarter at prices between $78.26 and $92.91. This quarter saw a very minor reduction. The stock currently trades at $90.82.Credit Acceptance Corporation (CACC): CACC is a 1.73% 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 $228.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 four quarters have seen only minor activity. The stock currently trades at $63.25 and is Mueffling’s largest position at 11.07% of the US long portfolio.Google Inc. (GOOG) (GOOGL): GOOG is Mueffling’s second-largest position at 9.88% of the US long portfolio. Last three quarters have seen only very minor activity. The stock currently trades at around $541. 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. Mueffling is sitting on large long-term gains from this position.Grainger W. W. (GWW): GWW was a 6.32% 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. Last quarter saw another ~36% increase at prices between $230 and $259. This quarter saw a very minor reduction. The stake currently accounts for 6.32% of the US long portfolio. The stock is trading well within Mueffling’s purchase price ranges at $249. For investors attempting to follow him, GWW is a good option to consider for further research.Harley Davidson (HOG): HOG is a large 7.44% 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 $56.70.MSC Industrial Direct Inc. (MSM): MSM is a 3.29% 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. Last quarter, the position saw another ~145% increase at prices between $77 and $86 and this quarter saw a very minor reduction. The stock currently trades below his purchase price ranges at $72.71.Sirona Dental Systems (SIRO): SIRO is a 4.35% 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 $94.53. This quarter saw a minor decrease.Stake Increases: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. This quarter saw a ~60% increase at prices between $47.39 and $89.11. The stock currently trades at $62.81. The activity indicates a bullish bias.Cimpress (CMPR) previously VistaPrint (VPRT): CMPR was a minutely small 0.17% of the US long portfolio position established in Q3 2014 at prices between $37 and $55. Last quarter, 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 very minor buying. The stock currently trades well above those ranges at $86.06.Ecolab Inc. (ECL): ECL is a 7.51% 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. Last quarter saw a ~21% increase at prices between $101 and $115 and this quarter saw a further ~10% increase at prices between $99 and $117. The stock currently trades at $114.Intercontinental Exchange (ICE): ICE is a medium-sized 3.85% of the US long portfolio stake established last quarter at prices between $194 and $227. This quarter, the position was increased by ~50% at prices between $205 and $240. The stock currently trades at $227.Sensata Technologies Holding N.V. (ST): ST is a 3.98% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50. The stake was increased by ~30% this quarter at prices between $48.98 and $57.74. The stock currently trades at $55.43.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. The following two quarters saw an additional ~50% stake increase at prices between $40 and $44 and last quarter saw minor additional buying. This quarter saw a ~8% increase at prices between $42.84 and $49.36. The position currently accounts for 7.56% of the US long portfolio. The stock is trading near Mueffling’s purchase price ranges at $47.90 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 Q1 2015:"