Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q2 2024 Update

SusanneB This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory 13F Form filed on 8/5/2024. Please visit our Tracking William von Mueffling’s Cantillon Capital Management Portfolio series to get an idea of his investment philosophy and our previous update for the fund’s moves during Q1 2024. This quarter, William von Mueffling’s 13F portfolio value decreased ~6% from $15.90B to $14.96B. The number of holdings increased from 37 to 39. The portfolio continues to be heavily concentrated, with the top five positions representing ~27% of the total 13F holdings. The largest stake is Broadcom, which accounts for 8.29% of the portfolio. The largest five positions are Broadcom, S&P Global, Alphabet, Applied Materials, and Analog Devices. New Stakes: Trip.com Group (TCOM): The 1.33% of the portfolio stake in TCOM was established this quarter at prices between ~$47 and ~$57. The stock currently trades well below that range at $40.31. Tencent Music Group (TME): TME is a 1.24% of the portfolio position purchased this quarter at prices between ~$11 and ~$15.50 and the stock is now at $12.60. Uber Technologies (UBER): The 1.18% UBER stake was established this quarter at prices between ~$63.50 and ~$77 and the stock is now below that range at $58.48. Flutter Entertainment (FLUT): FLUT is a minutely small 0.07% of the portfolio position purchased this quarter at prices between ~$178 and ~$212. The stock currently trades at ~$182. Stake Disposals: Autodesk (ADSK): ADSK was a 2.73% of the portfolio stake that saw a ~35% increase during Q4 2023 at prices between ~$195 and ~$245. The position was sold this quarter at prices between ~$200 and ~$259. The stock is now at ~$226. VeriSign (VRSN): The ~2% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase in Q1 2021 at prices between $188 and $216. That was followed by a ~6% stake increase during Q2 2023. The disposal this quarter at prices between ~$168 and ~$191. The stock currently trades at ~$179. Stake Increases: BlackRock (BLK): The 2.69% of the portfolio position in BLK was built over the four quarters through Q3 2022 at prices between ~$550 and ~$970 and the stock currently trades at ~$831. There was a ~15% stake increase during Q3 2023 at prices between ~$626 and ~$711. This quarter saw another ~7% stake increase at prices between ~$742 and ~$821. IQVIA Holdings (IQV): The 2.68% of the portfolio stake in IQV was established in Q1 2021 at prices between $173 and $195. The next quarter saw a ~20% stake increase at prices between ~$195 and ~$247. The three quarters through Q2 2022 saw another ~40% increase at prices between ~$197 and ~$283. That was followed with a ~14% increase during Q2 2023 at prices between ~$184 and ~$225. This quarter also saw a ~7% stake increase at prices between ~$211 and ~$249. The stock is now at ~$234. Stake Decreases: Broadcom Inc. (AVGO): AVGO is currently the largest position at 8.29% of the portfolio. It was established in Q1 2017 at prices between ~$17 and ~$23 and increased by ~55% in Q3 2017 at prices between ~$23 and ~$26. There was another ~20% stake increase in Q1 2018 at prices between ~$23 and ~$27. The period through Q1 2023 had seen a combined one-third reduction at prices between ~$19 and ~$66.50. Q2 2023 saw a ~6% stake increase while in the last four quarters there was a ~30% selling. The stock currently trades at ~$142. Note: the prices quoted above are adjusted for the 10-to-1 stock split in July. S&P Global (SPGI): SPGI is now the second-largest position at 5.71% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. The stake was built through Q1 2016 at around the same price range. The period through Q1 2023 saw a ~52% selling at prices between ~$97 and ~$479. There was a ~6% stake increase during Q2 2023 while this quarter there was a ~8% reduction at prices between ~$408 and ~$449. The stock currently trades at ~$472. Alphabet Inc. (GOOG): The original GOOG stake was established in 2010 and doubled in 2011 at very low prices. The position had seen selling since Q3 2016: ~50% combined reduction through 2022 at prices between ~$35 and ~$151. That was followed with another ~50% selling during Q1 2023 at prices between ~$87 and ~$109. The position was increased by 13% in the last quarter at prices between ~$133 and ~$155. The stock currently trades at ~$161 and the stake is at 5.60% of the portfolio. There was a ~5% trimming this quarter. Applied Materials (AMAT): The 5.12% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% in the next quarter at prices between $42 and $60. Q2 2023 also saw a ~6% stake increase. The stock currently trades at ~$182. There was minor trimming in the last four quarters. 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 portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years through Q1 2020 saw a combined ~28% reduction at prices between ~$72 and ~$125. Q1 2021 saw a similar reduction at prices between $144 and $164. Q2 2023 saw a ~6% stake increase, while the last four quarters saw minor trimming. The stock currently trades at ~$201 and the stake is at 4.57% of the portfolio. Microsoft (MSFT): MSFT is a 4.11% of the portfolio stake established in Q1 2020 at prices between $135 and $189. There was a ~55% stake increase in Q2 2021 at prices between ~$240 and ~$270. The three quarters through Q3 2022 saw another ~30% increase at prices between ~$242 and ~$335. There was a ~20% further increase during Q1 2023 at prices between ~$222 and ~$281. That was followed by a ~6% increase in the next quarter. The stock is now at ~$395. There was minor trimming in the last four quarters. Visa Inc. (V): V is a 3.73% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The position was reduced by ~37% during the period through Q1 2023 at prices between ~$90 and ~$251. The stock currently trades at ~$256. The last four quarters saw minor trimming. Taiwan Semiconductor (TSM): The 3.59% TSM stake was built during Q3 2017 and Q1 2018 at prices between ~$35 and ~$47. The position has seen selling over the years. This quarter saw a ~5% trimming. The stock currently trades at ~$148. Intercontinental Exchange (ICE): ICE is a 3.33% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost double at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The three years through Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$149. There was a ~6% stake increase during Q2 2023 while the last four quarters saw minor trimming. Equifax (EFX): EFX is a ~3% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The period through Q1 2023 saw a ~17% selling at prices between ~$106 and ~$295. The next quarter saw a ~6% increase, while in the last four quarters there was minor trimming. The stock is now at ~$279. Thermo Fisher Scientific (TMO): TMO is a ~3% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% in the next quarter at prices between $208 and $252. The four years through Q1 2023 saw a combined ~19% selling at prices between ~$270 and ~$667. Q2 2023 saw a ~11% stake increase at prices between ~$508 and ~$591. The stock currently trades at ~$598. There was minor trimming in the last four quarters. Agilent (A): Agilent is a 2.94% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters saw a ~20% stake increase at prices between $65.50 and $82. There was a ~13% further increase during Q2 2023 at prices between ~$115 and ~$141. The stock currently trades at ~$135. The last four quarters saw minor trimming. CBRE Group (CBRE): The 2.90% stake in CBRE 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. Q1 2021 saw a ~30% selling at prices between $59.50 and $81. The position was increased by 13% during Q4 2023 at prices between ~$66 and ~$94. The stock is now at ~$107. There was minor trimming in the last two quarters. Interactive Brokers Group (IBKR): IBKR is a 2.85% of the portfolio position established during Q2 2017 and Q1 2018 at prices between ~$35 and ~$71. The stock currently trades at ~$109. There was a ~5% trimming this quarter. American Tower (AMT): The 2.59% of the portfolio stake in AMT was increased by 15% during Q4 2023 at prices between ~$155 and ~$217. The stock currently trades at ~$226. The last two quarters saw minor trimming. Ferguson (FERG): The 2.26% FERG position was increased by 58% during Q4 2023 at prices between ~$150 and ~$193. The stock currently trades at ~$197. There was minor trimming in the last two quarters. CME Group (CME): CME is a 2.25% of the 13F 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 four years through Q1 2020 saw a combined ~30% selling at prices between ~$85 and ~$225. The two quarters through Q1 2023 saw a ~20% stake increase at prices between ~$170 and ~$195. The stock currently trades at ~$197. There was minor trimming in the last four quarters. Aon plc (AON): The 2.23% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$325. There was a ~10% stake increase in Q1 2019. Q2 2023 also saw a ~6% increase. There was minor trimming in the last four quarters. Live Nation Entertainment (LYV): LYV is a 1.91% of the portfolio stake. The original position was increased by 147% during Q4 2023 at prices between ~$77 and ~$95. The last quarter also saw a ~17% stake increase at prices between ~$87 and ~$107. The stock is now at ~$88. This quarter saw minor trimming. Canadian Pacific (CP): CP is a 1.79% of the portfolio stake established during Q3 2023 at prices between ~$74 and ~$84. The next quarter saw the position doubled at prices between ~$69 and ~$80. The stake was increased by 49% in the last quarter at prices between ~$76 and ~$91. The stock currently trades at ~$77. There was a ~5% trimming this quarter. Adobe Systems (ADBE): The 1.63% ADBE position was increased by 20% in the last quarter at prices between ~$492 and ~$635. The stock is now at ~$509. This quarter saw minor trimming. Yum Brands (YUM): YUM is a small 1.22% of the portfolio stake established last quarter at prices between ~$126 and ~$141 and the stock currently trades at ~$133. There was a ~5% trimming this quarter. Oracle (ORCL): The very small 0.78% position in ORCL was purchased last quarter at prices between ~$102 and ~$129, and it is now near the top of that range at ~$128. This quarter saw a ~5% trimming. CDW Corporation (CDW), Credit Acceptance Corporation (CACC), Entegris (ENTG), Ecolab Inc. (ECL), Fastenal (FAST), Moody’s Corporation (MCO), SS&C Technologies (SSNC), TriNet Group (TNET), Tradeweb Markets (TW), and Zoetis Inc. (ZTS): These small (less than ~2.2% of the portfolio each) stakes were reduced during the quarter. The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q2 2024: William von Mueffling – Cantillon Capital Management Portfolio – Q2 2024 13F Report Q/Q Comparison (John Vincent (author)) Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

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