Breaking down the stocks William Alexander von Mueffling (Cantillon) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Cantillon's 13F filed on July 30, 2025.
Who is Cantillon?
Cantillon Capital Management is a global equity investment firm founded in 2003 by William von Mueffling, who previously achieved prominence at Lazard Asset Management for his prescient bearish stance during the dot-com bubble. Managing over $14 billion in assets, Cantillon employs a fundamental, research-intensive approach focused on high-quality companies with sustainable competitive advantages and strong free cash flow generation. Von Mueffling's disciplined investment process emphasizes capital preservation alongside long-term growth, resulting in a strong track record of risk-adjusted returns.
Cantillon.com
Wikipedia on William Alexander von Mueffling
Q2 '25 13F filed with SEC
Portfolio Changes in Q2 2025
New positions
Cantillon initiated a new position in Icon (ICLR), purchasing 465,197 shares valued at $67.7 million.
Bought
Cantillon significantly increased several existing positions, most notably adding 9.5 million shares to Interactive Brokers Group (IBKR) and 4.5 million shares to Fastenal (FAST). The firm also substantially increased holdings in Alcon (ALC) by 1.4 million shares, Canadian Pacific Kansas City (CP) by 607,000 shares, Trip.com (TCOM) by 520,000 shares, and Yum Brands (YUM) by 239,000 shares.
Sold
Cantillon reduced positions across several holdings, with the largest reduction being 826,000 shares of Broadcom (AVGO), followed by trimming 552,000 shares of Tencent Music (TME), 491,000 shares of IQVIA (IQV), and 150,000 shares of Uber (UBER).
New Investments in Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| ICLR | Icon | 100.0% | NEW | $67.66M |
Icon ICLR
William Alexander von Mueffling bought $67.66M of Icon in Q2 2025. Icon demonstrated resilience in Q2 2025 with sequential improvement despite challenging market conditions, delivering $2.02 billion in revenue that exceeded expectations and adjusted EPS of $3.26 beating consensus by $0.08. The clinical research organization showed strong business development momentum with gross business wins surging 10.6% quarter-over-quarter to $2.97 billion, while implementing aggressive capital returns through a $500 million share buyback program. However, year-to-date performance reflects broader industry headwinds with revenue declining 4.6% year-over-year and adjusted EBITDA down 12.0%, though margins improved to 19.6% demonstrating effective cost management.
- Q2 2025 adjusted EPS of $3.26 beat consensus estimates by 2.52%.
- Gross business wins increased 10.6% sequentially to $2.97 billion in Q2 2025.
- Stock surged 18.53% following Q2 earnings announcement and $500 million buyback authorization.
Holdings at the end of Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AVGO | Broadcom | 30.9% | Trimmed (-13%) | $1.51B |
| IBKR | Interactive Brokers Group | 14.5% | Added (+289%) | $709.45M |
| UBER | Uber | 9.8% | Trimmed (-3%) | $481.26M |
| FAST | Fastenal | 8.0% | Added (+94%) | $390.52M |
| TME | Tencent Music | 7.4% | Trimmed (-3%) | $364.23M |
| CP | Canadian Pacific Kansas City | 6.8% | Added (+17%) | $334.51M |
| YUM | Yum Brands | 6.2% | Added (+13%) | $305.72M |
| ALC | Alcon | 5.1% | Added (+95%) | $251.9M |
| TCOM | Trip.com | 4.9% | Added (+15%) | $240.26M |
| IQV | IQVIA | 4.9% | Trimmed (-24%) | $238.54M |
| ICLR | Icon | 1.4% | NEW | $67.66M |
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
