We break down the stocks William Alexander von Mueffling (Cantillon) bought, sold, and held in Q1 2024, including their holdings at the end of the quarter. All data sourced from Cantillon's 13F filed on May 08, 2024.
Who are William Alexander von Mueffling and 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
Portfolio Changes in Q1 2024
New positions
Cantillon initiated two new positions during Q1 2024, adding Yum Brands (YUM) with 1.4 million shares valued at $200.7 million and Oracle (ORCL) with nearly 1 million shares worth $124.1 million.
Bought
Cantillon significantly increased its position in Canadian Pacific Kansas City (CP) by adding over 1.1 million shares, while also building larger stakes in Alphabet (GOOGL) with an additional 565,218 shares, Live Nation (LYV) with 458,893 more shares, and Adobe (ADBE) with 77,309 additional shares.
Sold
Cantillon completely exited its positions in Brunswick (BC) and Becton Dickinson (BDX), liquidating $231.8 million and $211.6 million respectively, while trimming most other holdings including notable reductions in TriNet (TNET), Broadcom (AVGO), Fastenal (FAST), and CBRE (CBRE) among others.
New Investments in Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| YUM | Yum Brands | 61.8% | NEW | $200.67M |
| ORCL | Oracle | 38.2% | NEW | $124.1M |
Yum Brands YUM
William Alexander von Mueffling bought $200.67M of Yum Brands in Q1 2024. Yum! Brands reported mixed Q1 2025 results with EPS of $1.30 beating estimates by 1.6% while revenue missed expectations at $1.79B. The company showed strong operational performance with 8% core operating profit growth, driven by Taco Bell's 9% U.S. same-store sales increase and KFC's 7% international unit growth, though Pizza Hut's 2% same-store sales decline remains a drag. Recent leadership transition plans and continued digital innovation through Byte by Yum! position the company for long-term growth despite near-term consumer pressures.
- Q1 EPS grew 13% YoY to $1.30 excluding special items.
- Taco Bell U.S. same-store sales surged 9% while KFC International units grew 7%.
- Stock dipped 1.14% premarket after revenue missed estimates by $60M.
Oracle ORCL
William Alexander von Mueffling bought $124.1M of Oracle in Q1 2024. Oracle has demonstrated accelerating cloud momentum with Q3 cloud services and license support revenues up 10% year-over-year to $11.0 billion, building on Q1's 21% cloud services growth. The company's remaining performance obligations surged 62% to $130 billion in Q3, reflecting strong demand for multi-cloud offerings. While on-premise license revenues declined 10% in Q3, Oracle's strategic focus on AI-driven cloud infrastructure and partnerships positions it for sustained growth.
- Remaining performance obligations grew 62% year-over-year to $130 billion in Q3, the strongest growth rate in a decade.
- Cloud revenue mix reached 78% of total revenues in Q3, up from 73% in Q1.
- Non-GAAP operating margin expanded to 44% in Q3, driven by cloud scale efficiencies.
Holdings at the end of Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AVGO | Broadcom | 10.1% | Trimmed (-12%) | $1.08B |
| SPGI | S&P Global | 8.3% | Trimmed (-2%) | $881.33M |
| GOOGL | Alphabet | 6.8% | Added (+13%) | $729.13M |
| AMAT | Applied Materials | 6.6% | Trimmed (-2%) | $702.7M |
| V | Visa | 5.9% | Trimmed (-2%) | $623.51M |
| ADI | Analog Devices | 5.8% | Trimmed (-2%) | $622.26M |
| EFX | Equifax | 5.0% | Trimmed (-2%) | $528.49M |
| ICE | Intercontinental Exchange | 4.9% | Trimmed (-2%) | $525.69M |
| A | Agilent | 4.9% | Trimmed (-2%) | $519.54M |
| CBRE | CBRE | 4.7% | Trimmed (-2%) | $497.17M |
| TSM | Taiwan Semiconductor | 4.1% | Trimmed (-2%) | $441.12M |
| AMT | American Tower | 3.9% | Trimmed (-2%) | $414.22M |
| FAST | Fastenal | 3.8% | Trimmed (-2%) | $409.56M |
| IBKR | Interactive Brokers Group | 3.8% | Trimmed (-2%) | $408.38M |
| TNET | TriNet | 3.6% | Trimmed (-12%) | $388.2M |
| ENTG | Entegris | 3.3% | Trimmed (-2%) | $353.58M |
| LYV | Live Nation | 3.2% | Added (+17%) | $339.07M |
| CP | Canadian Pacific Kansas City | 3.0% | Added (+49%) | $314.56M |
| SSNC | SS&C Technologies | 3.0% | Trimmed (-2%) | $314.14M |
| ADBE | Adobe | 2.2% | Added (+20%) | $231.97M |
| YUM | Yum Brands | 1.9% | NEW | $200.67M |
| ORCL | Oracle | 1.2% | NEW | $124.1M |
| BC | Brunswick | 0.0% | Exited | $0 |
| BDX | Becton Dickinson | 0.0% | Exited | $0 |
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