Breaking down the stocks William Alexander von Mueffling (Cantillon) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Cantillon's 13F filed on July 29, 2026.
Who are William von Mueffling and Cantillon Capital Management?
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 '26 13F filed with SEC
Holdings in Q2 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| Broadcom | 10.6% | Trimmed (-95%) | $70.55M | |
| Alphabet | 9.2% | Trimmed (-95%) | $61.13M | |
| TSMC | 8.2% | Trimmed (-95%) | $54.83M | |
| Interactive Brokers | 6.8% | Trimmed (-95%) | $45.07M | |
| Analog Devices | 5.3% | Trimmed (-95%) | $34.96M | |
| S&P Global | 4.4% | Trimmed (-95%) | $29.02M | |
| Visa | 4.3% | Trimmed (-95%) | $28.7M | |
| CBRE | 3.7% | Trimmed (-95%) | $24.39M | |
| Live Nation | 3.1% | Trimmed (-95%) | $20.78M | |
| Ferguson | 2.9% | Trimmed (-95%) | $19.12M | |
| Fastenal | 2.7% | Trimmed (-95%) | $18.06M | |
| Entegris | 2.7% | Trimmed (-95%) | $17.94M | |
| Canadian Pacific | 2.6% | Trimmed (-95%) | $17.32M | |
| Uber | 2.6% | Trimmed (-95%) | $17.24M | |
| Agilent Technologies | 2.5% | Trimmed (-95%) | $16.79M | |
| Intercontinental Exchange | 2.5% | Trimmed (-95%) | $16.68M | |
| Yum Brands | 2.0% | Trimmed (-95%) | $13.34M | |
| Tradeweb | 1.6% | Trimmed (-95%) | $10.86M | |
| Ss&C Tech Hldgs | 1.6% | Trimmed (-95%) | $10.72M | |
| Trip Com Group Ltd | 1.3% | Trimmed (-95%) | $8.54M | |
| Thermo Fisher | 0.0% | Exited | $-378.33M | |
| Aon | 0.0% | Exited | $-353.63M | |
| Equifax | 0.0% | Exited | $-322.57M | |
| IQVIA | 0.0% | Exited | $-291.78M | |
| American Tower | 0.0% | Exited | $-278.28M | |
| Adobe | 0.0% | Exited | $-247.87M | |
| Alcon Ag | 0.0% | Exited | $-188.91M | |
| Flutter | 0.0% | Exited | $-140.26M | |
| Tencent Music | 0.0% | Exited | $-124.19M | |
| LPL Financial | 0.0% | Exited | $-97.75M | |
| Liberty Media | 0.0% | Exited | $-88.05M |
Current Investment Strategy
As of the second quarter of 2026, William von Mueffling's Cantillon Capital Management maintained its highly concentrated, long-only bet on global "quality compounders," with core positions in Broadcom, Alphabet, Taiwan Semiconductor Manufacturing, Interactive Brokers and S&P Global anchoring a portfolio built around durable moats, pricing power and strong free-cash-flow generation. The firm continued to prune its non-core holdings during the quarter, exiting Thermo Fisher, Aon, Equifax, IQVIA and American Tower without initiating any new positions, underscoring a defensive, capital-preservation-minded stance that favored consolidating around its highest-conviction technology and financial-infrastructure names rather than expanding into new sectors.
New Investments
Cantillon did not open any new positions during Q2 2026.
Added, Trimmed, and Exited
Added
Cantillon made no additions to any existing positions this quarter — every single modified holding was reduced, not increased.
What it means: The complete absence of any position increases, combined with the trimming activity below, signals this was not a rotation between ideas but rather a broad-based, top-to-bottom reduction across nearly the entire book.
Trimmed
Cantillon slashed all 20 of its remaining positions by roughly 92-96% in share count, including Interactive Brokers (-95.4% shares, $754.3M to $45.1M), Broadcom (-95.4% shares, $1.26B to $70.5M), Alphabet (-95.4% shares, $1.07B to $61.1M), TSMC (-95.4% shares, $842.7M to $54.8M), S&P Global (-95.4% shares, $658.1M to $29.0M), Fastenal (-95.4% shares, $378.9M to $18.1M), Canadian Pacific (-95.4% shares, $341.7M to $17.3M), and CBRE (-95.4% shares, $532.6M to $24.4M), among others.
What it means: The remarkably uniform ~95% cut across every remaining position — rather than selective trimming based on individual conviction — strongly suggests a structural event rather than a change in stock-picking view. This pattern is far more consistent with a large redemption, a shift of assets to a separately managed account or new vehicle not required to report on this 13F, or a wind-down of this reporting entity, than with a genuine bearish reassessment of names like Alphabet, Broadcom, and TSMC, which remain core, high-quality holdings for the firm.
Exited
Cantillon fully liquidated 11 positions, led by Thermo Fisher ($378.3M), Aon ($353.6M), Equifax ($322.6M), IQVIA ($291.8M), American Tower ($278.3M), Adobe ($247.9M), Alcon Ag ($188.9M), Flutter ($140.3M), Tencent Music ($124.2M), LPL Financial ($97.7M), and Liberty Media ($88.1M).
What it means: Together with the near-total trims above, the fund's 13F-reportable assets collapsed from roughly $15.1B to just $665M — a decline of over 95% in a single quarter. This scale of reduction across virtually every holding, spanning healthcare, financials, tech, and consumer names alike, points to an account-level event (such as a major client withdrawal, reclassification of assets, or transfer of the bulk of AUM outside of 13F-reportable vehicles) rather than a coordinated fundamental shift away from these long-held, high-quality businesses.
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.
