"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2014 Update"
"William Von Mueffling's U.S. long portfolio increased this quarter from $4.31B to $4.43B.Mueffling substantially increased positions in Solera Holdings & Willis Group while establishing significant new stakes in Sensata Technologies & Bitauto Holding.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 11/12/2014. Please visit our  to get an idea of his investment philosophy and our  highlighting the fund’s moves during Q2 2014.This quarter, Mueffling’s US long portfolio increased from $4.31B to $4.43B. The number of holdings increased from 19 to 20: new positions in Sensata Technologies, Bitauto Holding, and VistaPrint replaced Colgate Palmolive and Priceline Inc. The portfolio continues to be heavily concentrated with the top five holdings representing around 50% of the total US long holdings. The largest position is Google which was first established in 2010 and now accounts for 12.06% of the US long portfolio. The largest five positions are Google Inc., Baidu Inc., Fidelity National Information Services, Harley-Davidson Inc., and Analog Devices.Stake Disposals:Priceline Inc. (PCLN): PCLN was a top-five position at 8.26% of the US long portfolio as of Q1 2014. The bulk of the stake was purchased in 2011 and 2012 at much lower prices. The position was sold down drastically last quarter at prices between $1108 and $1291 and was eliminated this quarter. The stock currently trades at around $1161. Mueffling harvested large long-term gains from this position.Colgate Palmolive (CL): CL was a very long-term position that accounted for 2.70% of the US long portfolio as of Q1 2014. In early 2013, it accounted for over 7% of the US long portfolio but was reduced by more than half in Q2 2013 at prices between $56 and $63. It was reduced to a minutely small position last quarter at prices between $64 and $69.43 and eliminated this quarter. The stock currently trades at around $68.70. The activity indicates a bearish bias.New Stakes:Sensata Technologies Holding N.V. (ST) & Bitauto Holding (BITA): ST and BITA are small 2.74% and 1.63% of the US long portfolio positions respectively established this quarter. The ST stake was purchased at prices between $44.50 and $50 and the stock currently trades at $48.83. The BITA position was established at prices between $46 and $96 and the stock currently trades at $79.32. The activity indicates a mild bullish bias toward these businesses.VistaPrint (VPRT): VPRT is a minutely small 0.17% of the US long portfolio position established this quarter at prices between $37 and $55. The stock currently trades well outside that range at $68.38. The sizing is too small to indicate a clear bias.Stake Decreases:Altera Corporation (ALTR): ALTR is a 4.51% 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 two quarters saw marginal activity - a minor increase last quarter and a minor decrease this quarter. The stock currently trades near the low-end of his purchase prices ranges at around $34.94. 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 two quarters have seen only minor activity. The stock currently trades at $6.43. Mueffling continues to be bullish on ABEV.Analog Devices (ADI): ADI is a long-term positon 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 has remained relatively steady. Last quarter saw minor buying and this quarter saw marginal selling. The position now accounts for 7.33% of the US long portfolio.Baidu Inc. (BIDU): BIDU is Mueffling’s second-largest position at 11.27% 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 $250. Mueffling is bullish on Baidu and the stock has more than doubled from his purchase price ranges.Brink’s Company (BCO): BCO is 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 has been kept relatively steady. The stock currently trades well below his most recent purchase price range at $21.57. For investors attempting to follow Mueffling, BCO is a good option to consider for further research.Coca Cola (KO): KO is a 3.11% of the US long portfolio position that was reduced by over 50% in Q1 2014 at prices between $37 and $41. Last two quarters also saw minor stake reductions. The stock currently trades at $42.71. 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.Credit Acceptance Corporation (CACC): CACC is a 1.29% 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 $162.Ecolab Inc. (ECL): ECL is a 6.52% of the US long portfolio stake first purchased in 2012. The original stake was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Since then the position has been kept almost steady. This quarter saw a minor decrease. The stock currently trades at $113.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 position at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50. In Q1 2014, the position was increased by 44% at prices between $48.87 and $56.55 and last quarter saw an additional 8% increase at prices between $51 and $55. This quarter saw a very minor decrease. The stock currently trades at $58.91 and is Mueffling’s third-largest position at 10.57% of the US long portfolio.Google Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 12.06% of the US long portfolio. Last quarter, the position was increased by ~14% at prices between $510 and $580. This quarter saw minor selling. The stock currently trades at around $547. 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.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 another 50% in Q1 2014 at prices between $229 and $266. Last two quarters have seen only minor activity. The stake currently accounts for 5.73% of the US long portfolio. The stock is trading well within Mueffling’s purchase price ranges at $247. For investors attempting to follow him, GWW is a good option to consider for further research.H&R Block (HRB): HRB is a small 1.65% of the US long portfolio position established last quarter at prices between $27.40 and $33.52. The stake saw a marginal reduction this quarter. The stock currently trades at $32.94.Harley Davidson (HOG): HOG is a top-five 8.22% of the US long portfolio position that 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. Last quarter saw a ~16% increase at prices between $65 and $74 and this quarter saw a minor reduction. The stock currently trades at $67.11.MSC Industrial Direct Inc. (MSM): MSM is a 1.85% 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 two quarters have seen only very minor activity. The stock currently trades at $84.51.Sirona Dental Systems (SIRO): SIRO is a 4.28% of the US long portfolio position established in Q4 2013 at prices between $67 and $75. Last quarter, the stake was increased by ~40% at prices between $73.33 and $82.53. This quarter saw a minor reduction. The stock currently trades at $82.26. The aggressive buying pattern in the previous two quarters indicates a clear bullish bias.Stake Increases:Solera Holdings (SLH): SLH is a 4.17% of the US long portfolio position that was increased by ~60% last quarter at prices between $61.71 and $67.76. It was increased by another ~19% this quarter at prices between $56 and $69. The stock currently trades below those ranges at $55.18. The original position was purchased in 2010 and increased substantially in 2011. The substantial increase this quarter indicates a bullish bias.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 have seen an additional ~50% stake increase at prices between $40 and $44. The position currently accounts for 6.91% of the US long portfolio. The stock is trading well within Mueffling’s purchase price ranges at $41.27 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 Q3 2014:"