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.
New positions: Cantillon adjusted its BlackRock (BLK) position with a CUSIP change from "09247X" to "09290D", maintaining approximately the same position size.
Bought: Cantillon significantly increased its stake in Tencent Music Entertainment Group (TME) by 3.38M shares, Yum! Brands (YUM) by 452K shares, Ferguson plc (FERG) by 415K shares, Entegris (ENTG) by 292K shares, and IQVIA Holdings (IQV) by 226K shares, while making smaller additions to 14 other existing positions including Thermo Fisher Scientific (TMO) and Adobe (ADBE).
Sold: The firm completely liquidated positions in CDW Corporation (CDW) worth $290M and Credit Acceptance Corporation (CACC) worth $101M, while modestly reducing its stake in Trip.com Group (TCOM) by 120K shares.
Website: www.cantillon.com
Wikipedia: en.wikipedia.org/wiki/William_von_Mueffling
| Ticker | Company | Weight | Shares | Value | Q4 Return |
|---|---|---|---|---|---|
| AVGO | Broadcom Inc. | 17.6% | ▲ Added | $1,708,862,501 | + 35.12% |
| GOOGL | Alphabet Inc. | 8.8% | ▲ Added | $849,396,294 | + 14.75% |
| CBRE | CBRE Group, Inc. | 6.4% | ▲ Added | $623,415,598 | + 6.03% |
| IBKR | Interactive Brokers Group, Inc. | 6.2% | ▲ Added | $599,916,552 | + 27.45% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 6.1% | ▲ Added | $594,773,523 | + 14.32% |
| ICE | Intercontinental Exchange, Inc. | 5.5% | ▲ Added | $529,477,233 | - 6.74% |
| AMAT | Applied Materials, Inc. | 5.3% | ▲ Added | $514,789,327 | - 19.08% |
| TMO | Thermo Fisher Scientific Inc. | 5.0% | ▲ Added | $483,746,270 | - 2.12% |
| A | Agilent Technologies, Inc. | 4.6% | ▲ Added | $445,546,268 | - 9.04% |
| IQV | IQVIA Holdings Inc. | 4.2% | ▲ Added | $406,017,957 | - 6.89% |
| FERG | Ferguson plc | 3.8% | ▲ Added | $366,523,082 | + 8.79% |
| FAST | Fastenal Company | 3.7% | ▲ Added | $354,654,943 | + 1.22% |
| SSNC | SS&C Technologies Holdings, Inc. | 3.5% | ▲ Added | $343,516,879 | + 2.70% |
| TCOM | Trip.com Group Limited | 3.4% | ▼ Trimmed | $326,050,274 | + 12.69% |
| ADBE | Adobe Inc. | 2.8% | ▲ Added | $273,416,834 | + 1.62% |
| CP | Canadian Pacific | 2.8% | ▲ Added | $269,579,914 | - 14.94% |
| ENTG | Entegris, Inc. | 2.7% | ▲ Added | $259,176,027 | - 0.92% |
| YUM | Yum! Brands, Inc. | 2.6% | ▲ Added | $252,271,647 | + 26.44% |
| TME | Tencent Music Entertainment Group | 2.6% | ▲ Added | $247,893,250 | + 11.46% |
| UBER | Uber Technologies, Inc. | 2.5% | ▲ Added | $243,948,798 | - 19.31% |
| BLK | BlackRock | 0.0% | ▼ Liquidated | $0 | |
| CDW | CDW Corporation | 0.0% | ▼ Liquidated | $0 | |
| CACC | Credit Acceptance Corporation | 0.0% | ▼ Liquidated | $0 |
New Positions
BlackRock, Inc. BLK
William Alexander von Mueffling bought 483,793 shares of BlackRock, Inc. in Q4 2024. BlackRock, Inc. delivered strong financial performance over the last 12 months, with 14% revenue growth and 23% adjusted operating income growth driven by record net inflows and strategic acquisitions. The firm achieved $641 billion in 2024 net inflows, including two consecutive record quarters, while maintaining an industry-leading 44.5% adjusted operating margin. Recent acquisitions of GIP and planned purchases of HPS Investment Partners and Preqin position BlackRock to dominate private markets and alternative data services.
- Full-year 2024 diluted EPS grew 15% to $43.61 as adjusted.
- $84 billion Q1 2025 net inflows marked 3% annualized organic asset growth.
- Returned $4.7 billion to shareholders in 2024 through dividends and buybacks.
