We break down the stocks William Alexander von Mueffling (Cantillon) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Cantillon's 13F filed on August 05, 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 Q2 2024
New positions
Cantillon established four new positions during Q2 2024, led by Trip.com (TCOM) at $199.2M, Tencent Music (TME) at $185.3M, Uber (UBER) at $177.0M, and Flutter Entertainment (PDYPF) at $11.1M.
Bought
Cantillon added to only one existing position, increasing its stake in IQVIA (IQV) by 127,789 shares.
Sold
Cantillon completely liquidated two major positions, selling all shares of Autodesk (ADSK) worth $434.6M and Verisign (VRSN) worth $325.0M, while also trimming most other holdings including significant reductions in TriNet (TNET), Fastenal (FAST), CBRE (CBRE), Alphabet (GOOGL), and Taiwan Semiconductor (TSM).
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TCOM | Trip.com | 34.8% | NEW | $199.23M |
| TME | Tencent Music | 32.4% | NEW | $185.33M |
| UBER | Uber | 30.9% | NEW | $177.01M |
| PDYPF | Flutter Entertainment | 1.9% | NEW | $11.13M |
Trip.com TCOM
William Alexander von Mueffling bought $199.23M of Trip.com in Q2 2024. Trip.com Group reported strong revenue growth of 16% YoY to RMB13.8B ($1.9B) in Q1 2025, though net income remained flat due to margin compression from higher expenses. The company continues to gain market share in international markets with 25% YoY revenue growth in global operations. While EPS beat estimates by 30%, shares declined 4.1% post-earnings amid concerns about rising costs.
- Accommodation reservations revenue surged 23% YoY to RMB5.5B ($764M) in Q1 2025.
- Transportation ticketing revenue grew 8% YoY with sequential acceleration to 13% QoQ growth.
- Profit margin contracted 500bps YoY to 31% despite revenue growth, driving flat net income of CN¥4.28B.
Tencent Music TME
William Alexander von Mueffling bought $185.33M of Tencent Music in Q2 2024. Tencent Music Entertainment Group (TME) demonstrated strong growth in Q1 2025 with 8.7% year-over-year revenue growth to RMB7.36 billion, driven by a 16.6% surge in music subscription revenues. While net profit surged 201.8% YoY to RMB4.29 billion, this included a one-time RMB2.37 billion gain from an investment disposal. The company continues to expand its leadership position with 122.9 million paying users (+8.3% YoY) and strategic partnerships with major music labels.
- Music subscription revenues grew 16.6% YoY to RMB4.22 billion in Q1 2025.
- Monthly ARPPU increased to RMB11.4 from RMB10.6 in Q1 2024 (+7.5%).
- Declared US$0.18 per ADS dividend and repurchased 5.9 million ADSs for US$64.5 million in Q1.
Uber UBER
William Alexander von Mueffling bought $177.01M of Uber in Q2 2024. Uber demonstrated strong growth in Q1 2025 with trips increasing 18% YoY and free cash flow reaching $2.3B, though shares fell 6% due to a revenue miss. The company achieved profitability milestones with net income of $1.78B (vs. prior-year loss) and 35% YoY growth in Adjusted EBITDA. Recent autonomous vehicle partnerships and operational efficiency gains position Uber for sustained scale, though near-term investor concerns persist about growth deceleration in core segments.
- Gross Bookings grew 14% YoY to $42.8B, while constant currency growth accelerated to 18%.
- Adjusted EBITDA margin expanded to 4.4% of Gross Bookings ($1.9B), up from 3.7% in Q1 2024.
- Generated $2.3B free cash flow (19.5% margin) and forecasts Q2 Adjusted EBITDA of $2.02-2.12B.
Flutter Entertainment PDYPF
William Alexander von Mueffling bought $11.13M of Flutter Entertainment in Q2 2024. Flutter Entertainment posted strong Q1 2025 results with 8% revenue growth to $3.67B and a dramatic turnaround to $335M net profit from prior losses, driven by its dominant US sports betting operation FanDuel. The company achieved 20% adjusted EBITDA growth despite unfavorable March Madness outcomes, with CEO Peter Jackson highlighting sustained leadership in key markets.
- US revenue surged 18% YoY to $1.7B, maintaining 43% market share in online sports betting.
- Net income margin improved 1,440bps to 9.1% from -5.2% in Q1 2024.
- Monthly active players grew 8% to 14.88M, with US iGaming revenue jumping 32% to $472M.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SPGI | S&P Global | 8.8% | Trimmed (-8%) | $853.8M |
| GOOGL | Alphabet | 8.6% | Trimmed (-5%) | $837.24M |
| AMAT | Applied Materials | 7.8% | Trimmed (-5%) | $765.21M |
| ADI | Analog Devices | 7.0% | Trimmed (-5%) | $683.29M |
| V | Visa | 5.7% | Trimmed (-5%) | $557.95M |
| TSM | Taiwan Semiconductor | 5.5% | Trimmed (-5%) | $536.22M |
| ICE | Intercontinental Exchange | 5.1% | Trimmed (-5%) | $498.26M |
| EFX | Equifax | 4.7% | Trimmed (-5%) | $455.78M |
| A | Agilent | 4.5% | Trimmed (-5%) | $440.42M |
| CBRE | CBRE | 4.4% | Trimmed (-5%) | $433.46M |
| IBKR | Interactive Brokers Group | 4.4% | Trimmed (-5%) | $426.47M |
| IQV | IQVIA | 4.1% | Added (+7%) | $400.71M |
| AMT | American Tower | 4.0% | Trimmed (-5%) | $387.83M |
| FERG | Ferguson | 3.5% | Trimmed (-5%) | $338.29M |
| ENTG | Entegris | 3.3% | Trimmed (-5%) | $324.13M |
| FAST | Fastenal | 3.3% | Trimmed (-5%) | $317.48M |
| SSNC | SS&C Technologies | 3.0% | Trimmed (-5%) | $291.02M |
| LYV | Live Nation | 2.9% | Trimmed (-5%) | $285.9M |
| CP | Canadian Pacific Kansas City | 2.7% | Trimmed (-5%) | $267.25M |
| TCOM | Trip.com | 2.0% | NEW | $199.23M |
| TME | Tencent Music | 1.9% | NEW | $185.33M |
| UBER | Uber | 1.8% | NEW | $177.01M |
| TNET | TriNet | 0.8% | Trimmed (-74%) | $76.34M |
| PDYPF | Flutter Entertainment | 0.1% | NEW | $11.13M |
| ADSK | Autodesk | 0.0% | Exited | $0 |
| VRSN | Verisign | 0.0% | Exited | $0 |
Disclaimer: All posts on Scout 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.
