Breaking down the stocks William Alexander von Mueffling (Cantillon) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Cantillon's 13F filed on October 30, 2025.
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
Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AVGO | Broadcom | 14.6% | Trimmed (-14%) | $1.55B |
| GOOGL | Alphabet | 9.6% | Trimmed (-1%) | $1.02B |
| IBKR | Interactive Brokers Group | 8.2% | Trimmed (-1%) | $871.41M |
| TSM | Taiwan Semiconductor | 7.4% | Trimmed (-1%) | $784.24M |
| CBRE | CBRE | 6.6% | Trimmed (-1%) | $697.52M |
| AMAT | Applied Materials | 5.7% | Trimmed (-1%) | $604.24M |
| ICE | Intercontinental Exchange | 5.2% | Trimmed (-1%) | $558.17M |
| UBER | Uber | 4.7% | Trimmed (-1%) | $499.85M |
| LYV | Live Nation | 4.3% | Trimmed (-1%) | $453.59M |
| FAST | Fastenal | 4.2% | Trimmed (-1%) | $451.01M |
| TME | Tencent Music | 4.0% | Trimmed (-1%) | $430.67M |
| A | Agilent | 3.7% | Trimmed (-1%) | $396.88M |
| SSNC | SS&C Technologies | 3.5% | Trimmed (-1%) | $375.13M |
| IQV | IQVIA | 3.4% | Added (+27%) | $366M |
| ADBE | Adobe | 3.3% | Added (+17%) | $352.86M |
| TCOM | Trip.com | 3.3% | Added (+12%) | $346.38M |
| CP | Canadian Pacific Kansas City | 2.9% | Trimmed (-1%) | $310.92M |
| TW | Tradeweb | 2.0% | Added (+71%) | $214.67M |
| ALC | Alcon | 2.0% | Trimmed (-1%) | $210.37M |
| FWONK | Liberty Media | 1.1% | NEW | $121.8M |
| ECL | Ecolab | 0.2% | Trimmed (-93%) | $21.5M |
| ICLR | Icon | 0.0% | Exited | $-67.66M |
Current Investment Strategy
Cantillon Capital Management maintained its concentrated portfolio of high-quality large-cap technology and financial services companies in Q3 2025, with Broadcom, Microsoft, Visa, and Adobe comprising the core holdings, though von Mueffling trimmed the firm's Broadcom stake to harvest gains while continuing aggressive accumulation of Adobe shares. The $18.2 billion portfolio reflects Cantillon's disciplined fundamental approach targeting companies with sustainable competitive advantages and strong free cash flow generation, demonstrated by the new position in Liberty Media and the exit of contract research organization Icon, while payment processors Visa and Mastercard alongside IT consultancy Accenture remained among the firm's largest conviction positions.
New Investments
Liberty Media FWONK
William Alexander von Mueffling bought $121.8M of Liberty Media in Q3 2025. Liberty Media delivered mixed Q3 results with revenue of $1.09 billion beating consensus estimates by 27.45% and growing 28% year-over-year, but earnings per share of $0.24 significantly missed the $0.42 consensus estimate and declined sharply from the prior quarter's $1.52 EPS. The stock has underperformed the broader market, up 8.7% year-to-date versus the S&P 500's 15.1% gain. However, recent strategic wins including Apple's multi-year US broadcast partnership, the success of F1 The Movie which reached $630 million in global box office revenue, and the completed MotoGP acquisition provide significant growth catalysts moving forward.
- Q3 EPS of $0.24 declined 50% from the prior quarter's $1.52 and missed consensus by 42.86%.
- Revenue beat consensus estimates by 27.45%, reaching $1.09 billion with 28% year-over-year growth.
- Stock up 8.7% year-to-date but trailing S&P 500's 15.1% gain; analyst consensus is 'Moderate Buy' with $112.11 average price target.
Added, Trimmed, and Exited
Added
Cantillon increased four positions during Q3 2025: IQVIA (IQV) (+413,256 shares), Tradeweb (TW) (+804,413 shares), Trip.com (TCOM) (+508,890 shares), and Adobe (ADBE) (+143,679 shares).
What it means: These additions reveal a concentrated conviction in high-performing growth names across distinct sectors. IQVIA delivered the strongest return at 53.43%, followed by Trip.com at 44.17% and Tradeweb at 29.77%, suggesting von Mueffling is adding to winners with sustained momentum. The quartet spans healthcare analytics, financial technology infrastructure, Chinese online travel, and creative software—all businesses with strong secular tailwinds and pricing power. This concentrated approach to adding capital to just four positions while trimming many others indicates a high-conviction portfolio management style focused on quality growth at reasonable valuations.
Trimmed
Cantillon trimmed sixteen positions, most notably taking massive profits from Ecolab (ECL) with a 92.71% reduction, while making smaller reductions to major holdings including Broadcom (AVGO) (-781,041 shares), Tencent Music (TME) (-235,779 shares), Interactive Brokers Group (IBKR) (-139,605 shares), and Alphabet (GOOGL) (-46,058 shares).
What it means: The trimming activity reveals a disciplined profit-taking and rebalancing strategy. Several trimmed positions had generated strong returns—Alphabet (36.44%), Taiwan Semiconductor (TSM) (21.97%), and Interactive Brokers Group (22.83%)—suggesting von Mueffling is harvesting gains rather than riding momentum. The near-complete exit from Ecolab despite its position as a quality business indicates either valuation concerns or a strategic shift away from industrial chemicals. Meanwhile, trims to underperformers like Canadian Pacific Kansas City (CP) (-7.05%), Intercontinental Exchange (ICE) (-9.17%), and Alcon (ALC) (-16.49%) suggest reduced conviction where thesis expectations aren't materializing. The broad-based trimming across the portfolio appears to be funding the new Liberty Media position and additions to highest-conviction names.
Exited
Cantillon completely exited Icon (ICLR), liquidating a $67.7 million position in the contract research organization.
What it means: The full exit from Icon, combined with the near-complete elimination of Ecolab, suggests von Mueffling is rotating away from certain healthcare and life sciences exposures. Icon operates in the CRO space serving pharmaceutical and biotech clients—a sector facing headwinds from potential regulatory changes and pharma R&D budget pressures. This exit, alongside the significant increase in IQVIA (a larger, more diversified healthcare data and analytics player), indicates a preference for larger-scale, technology-enabled healthcare businesses over pure-play contract research services. The capital appears to be redeployed toward the new Liberty Media position and other high-conviction growth opportunities.
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.
