SusanneB
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 2/7/2024. 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 Q3 2023.
This quarter, William von Mueffling’s 13F portfolio value increased ~11% from $13.48B to $14.97B. The number of holdings decreased from 39 to 37. The portfolio continues to be heavily concentrated with the top five positions representing ~25% of the total 13F holdings. The largest stake is Broadcom, which accounts for 6.91% of the portfolio. The largest five positions are Broadcom, S&P Global, Analog Devices, Alphabet, and Visa.
None.
Willis Towers Watson plc (WTW): The 2.91% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WTW shares. The original position was from Q3 2013, and their overall cost-basis was ~$110. The stake was reduced by ~50% over the four years through Q3 2021 at prices between ~$117 and ~$235. The disposal this quarter was at prices between ~$204 and ~$248. The stock currently trades at $272.
Hayward Holdings (HAYW): The very small 0.58% stake in HAYW was sold this quarter.
CBRE Group, Inc. (CBRE): The 3.24% 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% this quarter at prices between ~$66 and ~$94. The stock is now at ~$84.
American Tower (AMT): The ~3% of the portfolio stake in AMT was increased by 15% this quarter at prices between ~$155 and ~$217. The stock currently trades at ~$194.
Autodesk (ADSK): ADSK is a 2.77% of the portfolio stake that saw a ~35% increase this quarter at prices between ~$195 and ~$245. The stock is now at ~$258.
Ferguson plc (FERG): The 2.42% FERG position was increased by 58% this quarter at prices between ~$150 and ~$193. The stock currently trades at ~$194.
Live Nation Entertainment (LYV): LYV is a small 1.72% of the portfolio stake. The position was increased by 147% this quarter at prices between ~$77 and ~$95. The stock is now at ~$88.
Canadian Pacific (CP): CP is a small 1.26% of the portfolio stake established last quarter at prices between ~$74 and ~$84. This quarter saw the position doubled at prices between ~$69 and ~$80. The stock currently trades at ~$85.
Tradeweb Markets (TW): The very small 0.80% stake in TW saw a minor ~7% increase during the quarter.
Broadcom Inc. (AVGO): AVGO is now the largest position at 6.91% of the portfolio. It was established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. The period since had seen a combined one-third reduction at prices between ~$192 and ~$665. Q2 2023 saw a ~6% stake increase while last quarter there was a ~9% trimming. This quarter also saw a minor ~2% trimming. The stock currently trades at ~$1257.
S&P Global (SPGI): SPGI is currently the second largest position at 6.22% 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. Since then, the position saw a ~52% selling at prices between ~$97 and ~$479. There was a ~6% stake increase during Q2 2023 and minor trimming in the last two quarters. The stock currently trades at ~$460.
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 two quarters saw marginal trimming. The stock currently trades at ~$192 and the stake is at 4.26% of the portfolio.
Alphabet Inc. (GOOG): The original GOOG stake was established in 2010 and doubled in 2011 at very low prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $25.50 and $29. The stake has 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. Q2 2023 saw a ~6% stake increase while in the last two quarters there was marginal trimming. The stock currently trades at ~$147 and the stake is at 3.98% of the portfolio.
Visa Inc. (V): V is a ~4% 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. Since then, the position was reduced by ~37% at prices between ~$90 and ~$251. The stock currently trades at ~$279. There was a ~6% stake increase during Q2 2023 while the last two quarters saw marginal trimming.
Applied Materials (AMAT): The 3.76% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. Q2 2023 also saw a ~6% stake increase. The stock currently trades at ~$171. There was marginal trimming in the last two quarters.
Microsoft Corp (MSFT): MSFT is a 3.71% 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 next quarter. The stock is now at ~$414. There was marginal trimming in the last two quarters.
Agilent Technologies Inc. (A): Agilent is a 3.38% 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 ~$133. The last two quarters saw marginal trimming.
Intercontinental Exchange (ICE): ICE is a 3.35% 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 ~$128. There was a ~6% stake increase during Q2 2023 while the last two quarters saw marginal trimming.
Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.
Equifax (EFX): EFX is a 3.33% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw an ~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 since Q1 2020 saw a ~17% selling at prices between ~$106 and ~$295. Q2 2023 saw a ~6% increase while in the last two quarters there was marginal trimming. The stock is now at ~$242.
Thermo Fisher Scientific (TMO): TMO is a 3.13% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% 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 ~$552. There was marginal trimming in the last two quarters.
IQVIA Holdings (IQV): The 2.79% of the portfolio stake in IQV was established in Q1 2021 at prices between $173 and $195. 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. The stock is now at ~$214. There was marginal trimming in the last two quarters.
BlackRock Inc. (BLK): The 2.65% 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 ~$795. There was a ~15% stake increase last quarter at prices between ~$626 and ~$711. This quarter saw a ~3% trimming.
CME Group (CME): CME is a 2.59% 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 ~$206. There was marginal trimming in the last two quarters.
VeriSign Inc. (VRSN): The 2.41% 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 stock currently trades at ~$200. There was marginal trimming in the last two quarters.
Aon plc (AON): The 2.37% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$302. There was a ~10% stake increase in Q1 2019. Q2 2023 also saw a ~6% increase. There was marginal trimming in the last two quarters.
Brunswick Corp (BC): BC is a 1.55% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters through Q2 2020 saw a ~20% stake increase at prices between $26.50 and $66. The stake was decreased by 45% this quarter at prices between ~$68 and ~$99. The stock is currently at $83.47.
Adobe Inc. (ADBE), Beckton, Dickinson (BDX), CDW Corp (CDW), Credit Acceptance Corporation (CACC), Ecolab Inc. (ECL), Entegris (ENTG), Fastenal (FAST), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), SS&C Technologies (SSNC), Taiwan Semiconductor (TSM), TriNet Group Inc. (TNET), and Zoetis Inc. (ZTS): These small (less than ~2.5% of the portfolio each) stakes were reduced during the quarter.
Note: Cantillon controls ~5.6% of TriNet Group.
The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q4 2023:
William Von Mueffling - Cantillon Capital Management's Q4 2023 13F Report Q/Q Comparison (John Vincent (author))
Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q3 2023 and Q4 2023.