William Von Mueffling - Cantillon Capital Management Llc Portfolio Q2'2025: Top Holdings & Recent Changes
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William Von Mueffling, founder and CIO of Cantillon Capital Management, continues to demonstrate the discipline and patience that have defined his long-term investment approach. His Q2 2025 portfolio is valued at $17.3 billion and reveals a nuanced strategy: trimming exposure to several core holdings while making a dramatic, high-conviction addition to Interactive Brokers Group. This quarter’s moves reflect both a cautious stance on richly valued tech and financial services leaders and a willingness to double down on select opportunities—a hallmark of Cantillon’s contrarian, research-driven philosophy.
Portfolio Overview: Selective Concentration Meets Opportunistic Rotation
Portfolio Highlights (Q2 2025): - Market Value: $17.3 billion - Top 10 Holdings: 44.8% of portfolio - Portfolio Size: 38 positions (+1 from prior quarter) - Average Holding Period: 23 quarters (nearly 6 years) - Turnover: 2.6% (extremely low, signaling minimal trading activity)
Cantillon’s portfolio remains a study in selective concentration. While the top 10 positions account for nearly half the portfolio’s value, the overall number of holdings is modest by hedge fund standards, and the average holding period is exceptionally long—reflecting a buy-and-hold mentality with occasional, high-conviction adjustments. The ultra-low turnover underscores Von Mueffling’s preference for letting winners run and avoiding unnecessary trading costs. This quarter’s activity was dominated by a series of modest trims across the portfolio’s largest positions, with one standout exception: a nearly 289% increase in Interactive Brokers Group, signaling a major new bet on the brokerage and market infrastructure space.
Holdings Overview: Tech Trims, Financial Services Focus, and a Brokerage Surge
Cantillon’s Q2 2025 portfolio is anchored by a mix of technology, financial services, and global market leaders, but the quarter’s story is one of cautious profit-taking and a single, outsized new commitment. Broadcom Inc remains the fund’s largest holding at 8.7% of the portfolio, though Von Mueffling reduced this position by 13.1%, likely locking in gains after a strong run in semiconductors. S&P Global Inc 5.4% and Alphabet Inc 4.3% also saw modest reductions of 2.82%, as did Visa Inc 4.0%, Flutter Entertainment plc 3.8%, Taiwan Semiconductor Manufacturing 3.7%, Microsoft Corp 3.6%, CBRE Group Inc 3.6%, and Intercontinental Exchange Inc 3.6%. These trims were uniform in magnitude, suggesting a systematic rebalancing rather than a loss of conviction in any single name.
The clear outlier was Interactive Brokers Group, where Cantillon increased its stake by a remarkable 288.72%, bringing the position to 4.1% of the portfolio. This move stands in stark contrast to the fund’s otherwise cautious posture and may reflect a view that brokerage and trading platforms are undervalued relative to their growth potential in a volatile market environment. The addition of one new position (bringing the total to 38) and the extremely low turnover elsewhere further highlight Cantillon’s patience and selectivity.
What the Portfolio Reveals
- Quality Over Hype: The portfolio is light on speculative growth and heavy on profitable, cash-generative businesses with durable competitive advantages—especially in tech, financial services, and global infrastructure.
- Sector Discipline: Financial services and tech dominate, but the fund is not afraid to own global leaders in other sectors, such as Flutter Entertainment in gaming and CBRE Group in real estate services.
- Contrarian Conviction: The massive increase in Interactive Brokers Group shows Von Mueffling’s willingness to make bold, concentrated bets when he sees mispricing—even as he trims other winners.
- Risk Management: The systematic, modest reductions across nearly all top holdings suggest a disciplined approach to risk and position sizing, avoiding overconcentration in any single name.
- Global Perspective: The portfolio includes U.S. giants as well as international leaders like Flutter Entertainment (UK/Ireland) and Taiwan Semiconductor (Taiwan), reflecting a global investment mandate.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Broadcom Inc | $1,510.8M | 8.7% | Reduce 13.10% |
| S&P Global Inc | $928.9M | 5.4% | Reduce 2.82% |
| Alphabet Inc | $745.4M | 4.3% | Reduce 2.82% |
| Interactive Brokers Group Inc | $709.4M | 4.1% | Add 288.72% |
| Visa Inc | $694.5M | 4.0% | Reduce 2.82% |
| Flutter Entertainment plc | $649.2M | 3.8% | Reduce 2.82% |
| Taiwan Semiconductor Mfg Ltd | $643.0M | 3.7% | Reduce 2.82% |
| Microsoft Corp | $629.9M | 3.6% | Reduce 2.82% |
| CBRE Group Inc | $627.2M | 3.6% | Reduce 2.82% |
| Intercontinental Exchange Inc | $614.5M | 3.6% | Reduce 2.82% |
The table above illustrates Cantillon’s disciplined approach to position sizing. No single holding dominates the portfolio, and even after the reduction, Broadcom Inc remains the largest position at 8.7%. The rest of the top 10 are tightly clustered between 3.6% and 5.4%, with Interactive Brokers Group the only name to see a major increase. This structure allows for meaningful exposure to a diversified set of industry leaders while mitigating single-stock risk.
Investment Lessons from William Von Mueffling’s Cantillon Capital
- Patience Pays: With an average holding period of 23 quarters, Cantillon demonstrates that long-term ownership of high-quality businesses is a proven path to compounding wealth.
- Selective Conviction: The fund is not afraid to make concentrated bets when the opportunity is compelling, as seen with the surge into Interactive Brokers Group, but such moves are rare and carefully considered.
- Systematic Risk Management: Modest, across-the-board trims in top holdings show a disciplined approach to locking in gains and avoiding overconcentration, even in favorite names.
- Global Opportunity Set: Cantillon’s willingness to invest outside the U.S. in companies like Flutter Entertainment and Taiwan Semiconductor highlights the value of a global investment mandate.
- Low-Turnover, High-Conviction: Ultra-low portfolio turnover reduces costs and taxes, allowing more capital to compound over time.
Looking Ahead: What Comes Next?
Cantillon’s Q2 2025 portfolio leaves the fund well-positioned for a range of market environments. The systematic trims have likely raised some cash, which could be deployed opportunistically if market volatility creates new bargains. The dramatic increase in Interactive Brokers Group suggests Von Mueffling sees particular value in financial infrastructure and trading platforms, a theme worth watching in coming quarters. Meanwhile, the fund’s core holdings in tech and financial services remain intact, albeit at slightly reduced weights, preserving exposure to sectors with durable growth and pricing power.
FAQ about Cantillon Capital’s Portfolio
Q: Why did Cantillon reduce so many top holdings this quarter?
A: The reductions were modest and systematic, suggesting a disciplined approach to risk management and profit-taking rather than a loss of conviction. This is common for long-term investors who periodically rebalance to maintain desired position sizes.
Q: What does the huge increase in Interactive Brokers Group signal?
A: The nearly 289% increase is a high-conviction bet that Interactive Brokers Group is undervalued relative to its growth potential, especially in a volatile market where trading activity may rise. It stands out as the only major addition in an otherwise cautious quarter.
Q: How concentrated is Cantillon’s portfolio?
A: The top 10 holdings make up 44.8% of the portfolio, but no single position exceeds 9%. This reflects a balance between concentration in high-conviction ideas and diversification to manage risk.
Q: Does Cantillon invest outside the U.S.?
A: Yes, the portfolio includes international leaders like Flutter Entertainment (UK/Ireland) and Taiwan Semiconductor (Taiwan), demonstrating a global investment mandate.
Q: How can I track Cantillon’s portfolio changes?
A: Cantillon’s holdings are disclosed quarterly via 13F filings, which are tracked and analyzed on ValueSense’s Cantillon Capital page. There is typically a 45-day lag between the end of the quarter and public disclosure.
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