William Von Mueffling

Cantillon Capital's $15.05B portfolio remained highly concentrated and largely stable, but the headline move is a near-50% trim in AMAT (Applied Materials) to 3.46% — a notable pullback from semiconductor equipment even as AVGO (8.34%), TSM (5.60%), and ADI (4.04%) remain core holdings, suggesting Cantillon is selectively reducing capex-cycle exposure within semis rather than exiting the theme. The sole new position is Spotify (1.42%), a quality-growth addition consistent with Von Mueffling's preference for durable platform businesses with pricing power — it joins a book already featuring GOOGL (7.10%) and IBKR (5.01%). ORCL was added 49% to 1.25%, a modest but deliberate cloud-infrastructure build. Trims in Flutter (-39%), TME (-28%), and FWONK (-39%) reduce entertainment and gaming exposure across three names simultaneously — a coherent sector-rotation signal. With 38 positions and top-5 at 30.4%, Cantillon remains among the most disciplined concentrated portfolios in the cohort. Watch whether Spotify receives follow-on adds next quarter to confirm it's a high-conviction emerging core position.