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"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q4 2022 Update"

"Prem Watsa’s 13F portfolio value increased from $3.90B to $4.02B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Resolute Forest Products, and Kennedy-Wilson. They together account for ~69% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 2/14/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2022.This quarter, Watsa’s 13F portfolio value increased ~3% from $3.90B to $4.02B. There are 75 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Resolute Forest Products, and Kennedy-Wilson. Together, they account for ~69% of the entire 13F portfolio.Note 1: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q3 2022 was ~$52B of which ~$8.2B was in cash and short-term positions. The bond allocation went up from ~$14B to ~$27.4B during the year. FRFHF currently trades at ~$649 compared to Book Value (Q3 2022) of ~$570 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.Note 2: Prominent equity allocations not in the 13F report include investments in Greece and India (FFXDF). Greek allocation primarily consists of a ~32% ownership of Eurobank (EGFEY) (EGFEF). Other prominent stakes include ~27% of Thomas Cook India, 54% of Bangalore International Airport Limited, and 31% of Quess Corp Limited.Stake Disposals:H&R Block (HRB): HRB was a small 1.13% of the portfolio position established in Q1 2021 at prices between ~$15.50 and ~$22. Q3 2021 saw a ~45% stake increase at prices between $23.35 and $26.30. The disposal this quarter was at prices between ~$36 and ~$44. The stock is now at $39.71.International Seaways (INSW): The very small 0.52% stake in INSW was sold this quarter.Stake Increases:Orla Mining (ORLA): ORLA is a small ~1% of the portfolio stake purchased last quarter at prices between ~$2.40 and ~$3.70. There was a minor ~5% stake increase this quarter. The stock currently trades at $4.11.Kept Steady:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at ~48% of the portfolio. It came about from exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at $6.50 per share. Later on, 25M in warrants that had a strike price of $8.05 was also exercised. The stock currently trades at $15.34. They have a 47.5% ownership stake in the business. Last August, Atlas Corp received a “take private” proposal from a consortium that included Fairfax at $14.45 per share. The offer was later increased and accepted at $15.50 per share.Resolute Forest Products (RFP): The large (top three) RFP stake is now at ~16% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$665M ($21.80 per share). Their ownership stake is just under ~39% of the business.Note: On 7/6/2022, Paper Excellence Group agreed to acquire Resolute Forest Products for $20.50 per share and one CVR (not tradeable) tied to potential duty refunds of $500M. Resolute to become a subsidiary of Domtar which was acquired by Paper Excellence Group last year.Kennedy-Wilson Holdings (KW): KW stake is a large (top three) 5.21% of the 13F portfolio position first purchased in 2010. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $18.11.Note 1: They also have a 13M share stake in the warrants (7-year term, $23 strike) that they received as part of a $300M investment in perpetual preferred stock (4.5% dividend) made last February.Note 2: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$240M.Micron Technology (MU): MU is a 4.30% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. That was followed with a whopping ~400% stake increase last quarter at prices between ~$49 and ~$65. The stock currently trades at $61.84.Blackberry Ltd (BB): BB stake is now at 3.78% of the portfolio. The position was first purchased in 2010 at around $50 for 2M shares. The stake was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $4.37. There has only been very minor activity in the last ten years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.4% of the business (~102M shares).Bank of America (BAC) and Occidental Petroleum (OXY): These two positions were built over the last two quarters. The 2.55% BAC stake was established at prices between ~$30 and ~$41 and the stock currently trades at $35.56. OXY is a 1.44% of the portfolio position purchased at prices between ~$55 and ~$75 and it is now at $62.90.Chevron Inc. (CVX): The 1.40% of the portfolio CVX stake was doubled in Q2 2022 at prices between ~$142 and ~$181. The stock is now at ~$169.Alphabet Inc. (GOOGL): GOOG is a 0.74% stake purchased in Q1 2020 at prices between ~$53 and ~$76 and it now goes for $97.10. There was a ~22% stake increase in Q4 2020 at prices between ~$71 and ~$91.Crescent Capital BDC (CCAP): CCAP is a 0.66% of the portfolio stake purchased in Q1 2020 at prices between $6.21 and $17.10 and the stock currently trades at $14.68. Last four quarters saw selling.Note: Their ownership stake in the business is ~6.8%.Franklin Resources (BEN): The 0.66% BEN position was established in Q1 2020 at prices between $15.30 and $26.25 and it is now at $31.74.Alibaba Group Holdings (BABA): BABA is a 0.64% of the portfolio position established in Q4 2021 at prices between ~$112 and ~$178. Q2 2022 saw a stake doubling at prices between ~$81 and ~$120. The stock currently trades at ~$103.Helmerich & Payne (HP) and Pfizer Inc. (PFE): These two very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Fairfax Financials’ 13F filings for Q3 2022 and Q4 2022.Q3 2022 Report: Book Value: ~$570 per share as of Q3 2022 compared to ~$631 as of EOY 2021. Investments: $51.47B total with $8.21B in cash-and-short-term – search for “Consolidated Balance Sheet” in the report and get the following information under “Portfolio Investments” section – Total from this section and the first line item which is cash-and-short-term.My Bullish Rating Text: “A business that compounded book value at ~18% over 35 years trading at a discount to book value is a compelling valuation.”Regulatory filings from 9/5/2022 to 11/14/2022: 13D – 11/8 – KW – 26.37M shares – 17.5% of business. 13D/A – 11/2 – ATCO – 131.8M shares – 45.9% of business, 13D/A – 10/4 & 9/27 – same."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q3 2022 Update"

"Prem Watsa’s 13F portfolio value increased from $2.84B to $3.90B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Resolute Forest Products, and Blackberry. They together account for ~66% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 11/14/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2022.This quarter, Watsa’s 13F portfolio value increased ~38% from $2.84B to $3.90B. The increase is primarily due to them including the Blackberry convertible debentures (1.75%, 11/2023 expiry, $6 strike) in the report. There are 73 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Resolute Forest Products, and Blackberry. Together, they account for ~66% of the entire 13F portfolio.Note 1: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q3 2022 was ~$52B of which ~$8.2B was in cash and short-term positions. The bond allocation went up from ~$14B to ~$27.4B during the year. FRFHF currently trades at ~$534 compared to Book Value (Q3 2022) of ~$570 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.Note 2: Prominent equity allocations not in the 13F report include investments in Greece and India (FFXDF). Greek allocation primarily consists of a ~32% ownership of Eurobank (EGFEY) (EGFEF). Other prominent stakes include ~27% of Thomas Cook India, 54% of Bangalore International Airport Limited, and 31% of Quess Corp Limited.Stake Increases:Micron Technology (MU): MU is a 4.45% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. That was followed with a whopping ~400% stake increase this quarter at prices between ~$49 and ~$65. The stock currently trades at $63.10.Bank of America (BAC), Occidental Petroleum (OXY), and Intel Corporation (INTC): These three positions were built over the last two quarters. The 2.40% BAC stake was established at prices between ~$30 and ~$41 and the stock currently trades at $37.70. OXY is a 1.45% of the portfolio position purchased at prices between ~$55 and ~$75 and it is now at $74.43. INTC is a minutely small 0.43% stake built over the last two quarters.Bank of Nova Scotia (BNS) and Pfizer Inc. (PFE): These very small (less than ~1% of the portfolio each) stakes were increased this quarter.Stake Decreases:H&R Block (HRB): HRB is a small 1.13% of the portfolio position established in Q1 2021 at prices between ~$15.50 and ~$22. Q3 2021 saw a ~45% stake increase at prices between $23.35 and $26.30. The stock is now at ~$41. There was a ~8% trimming this quarter.Crescent Capital BDC (CCAP): CCAP is a 0.80% of the portfolio stake purchased in Q1 2020 at prices between $6.21 and $17.10 and the stock currently trades at $14.12. Last four quarters have seen selling.Note: Their ownership stake in the business is ~6.8%.Kept Steady:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at ~45% of the portfolio. It came about from exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at $6.50 per share. Later on, 25M in warrants that had a strike price of $8.05 was also exercised. The stock currently trades at $15.32. They have a 47.5% ownership stake in the business. In August, Atlas Corp received a “take private” proposal from a consortium that included Fairfax at $14.45 per share. The offer was increased to $15.50 per share in September and was accepted earlier this month.Resolute Forest Products (RFP): The large (top three) RFP stake is now at ~16% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$615M ($21.09 per share). Their ownership stake is just under ~39% of the business.Note: On 7/6/2022, Paper Excellence Group agreed to acquire Resolute Forest Products for $20.50 per share and one CVR (not tradeable) tied to potential duty refunds of $500M. Resolute to become a subsidiary of Domtar which was acquired by Paper Excellence Group last year.Blackberry Ltd (BB): BB is Watsa’s third-largest position at 5.63% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $4.84. There has only been very minor activity in the last nine years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.4% of the business (~102M shares).Kennedy-Wilson Holdings (KW): KW stake is a large (top five) 5.28% of the 13F portfolio position. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $16.88.Note 1: They also have a 13M share stake in the warrants (7-year term, $23 strike) that they received as part of a $300M investment in perpetual preferred stock (4.5% dividend) made this February.Note 2: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$246M.Chevron Inc. (CVX): The 1.16% of the portfolio CVX stake was doubled last quarter at prices between ~$142 and ~$181. The stock is now at ~$188.Alphabet Inc. (GOOGL): GOOG is a 0.83% stake purchased in Q1 2020 at prices between ~$53 and ~$76 and it now goes for $98.72. There was a ~22% stake increase in Q4 2020 at prices between ~$71 and ~$91.Alibaba Group Holdings (BABA): BABA is a 0.60% of the portfolio position established in Q4 2021 at prices between ~$112 and ~$178. Last quarter saw a stake doubling at prices between ~$81 and ~$120. The stock currently trades below the low end of their purchase price ranges at $79.30.Franklin Resources (BEN): The 0.55% BEN position was established in Q1 2020 at prices between $15.30 and $26.25 and it is now at $26.92.Helmerich & Payne (HP), International Seaways (INSW), and Merck & Company (MRK): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Fairfax Financials’ 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/11/2022 to 9/5/2022: 13D/A – 8/8 – ATCO – 132M shares – 46.6% of business - $14.45 per share offer from consortium related filing, 8/5 – 132M shares – 51.1% of business. 13D/A – 7/7 – RFP – 30.55M shares – 39.8% of business – related to $20.50 + CVR valued at $5 in best-case offer, 7/5 - similar ."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2022 Update"

"Prem Watsa’s 13F portfolio value decreased from $3.01B to $2.84B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Resolute Forest Products, and Kennedy-Wilson. They together account for ~70% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 8/15/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2022.This quarter, Watsa’s 13F portfolio value decreased ~6% from $3.01B to $2.84B. There are 70 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Resolute Forest Products, and Kennedy-Wilson. Together, they account for ~70% of the entire 13F portfolio.Note 1: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q2 2022 was ~$52B of which ~$9.7B was in cash and short-term positions. The bond allocation went up from ~$14B to ~$25.6B during the year. FRFHF currently trades at ~$468 compared to Book Value (Q2 2022) of ~$588 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.Note 2: Prominent equity allocations not in the 13F report include investments in Greece and India (FFXDF). Greek allocation primarily consists of a ~32% ownership of Eurobank (EGFEY) (EGFEF). Other prominent stakes include 28.3% of Thomas Cook India, 54% of Bangalore International Airport Limited, and 31% of Quess Corp Limited.Stake Increases:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at 47.20% of the portfolio. It came about from exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at $6.50 per share. The increase this quarter is from the early exercise of 25M 7-year warrants that had a strike price of $8.05. The stock currently trades at $14.05. They have a 46.6% ownership stake in the business.Note 1: On August 4th, Atlas Corp received a “take private” proposal from a consortium that includes Fairfax at $14.45 per share.Note 2: In January 2019, Fairfax added $500M more in a structure like the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B consisting of $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July 2019 resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Chevron Inc. (CVX): The 1.60% of the portfolio CVX stake was doubled during the quarter at prices between ~$142 and ~$181. The stock is now at ~$155.Micron Technology (MU): MU is a 1.35% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. The stock currently trades at $49.66. There was a marginal increase this quarter.Alphabet Inc. (GOOGL): GOOG is a 1.29% stake purchased in Q1 2020 at prices between ~$53 and ~$76 and it now goes for ~$101. There was a ~22% stake increase in Q4 2020 at prices between ~$71 and ~$91. This quarter saw a marginal further increase.Alibaba Group Holdings (BABA): BABA is a 1.17% of the portfolio position established in Q4 2021 at prices between ~$112 and ~$178. This quarter saw a stake doubling at prices between ~$81 and ~$120. The stock currently trades at $80.71.Stake Decreases:Crescent Capital BDC (CCAP): CCAP is a 1.21% of the portfolio stake purchased in Q1 2020 at prices between $6.21 and $17.10 and the stock currently trades at $17.05. Last three quarters have seen selling.Note: Their ownership stake in the business is ~7.2%.Kept Steady:Resolute Forest Products (RFP): The large (top three) RFP stake is now at ~14% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$620M ($20.30 per share). Their ownership stake is just under ~39% of the business.Note: On 7/6/2022, Paper Excellence Group agreed to acquire Resolute Forest Products for $20.50 per share and one CVR (not tradeable) tied to potential duty refunds of $500M. Resolute to become a subsidiary of Domtar which was acquired by Paper Excellence Group last year.Kennedy-Wilson Holdings (KW): KW stake is a large (top three) ~9% of the 13F portfolio position. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $16.36.Note 1: They also have a 13M share stake in the warrants (7-year term, $23 strike) that they received as part of a $300M investment in perpetual preferred stock (4.5% dividend) made this February.Note 2: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$246M.Blackberry Ltd (BB): BB is Watsa’s fourth-largest position at ~9% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $5.24. There has only been very minor activity in the last nine years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.4% of the business (~102M shares).H&R Block (HRB): HRB is a small 1.39% of the portfolio position established in Q1 2021 at prices between ~$15.50 and ~$22. Q3 2021 saw a ~45% stake increase at prices between $23.35 and $26.30. The stock is now at ~$44.Franklin Resources (BEN): The 0.82% BEN position was established in Q1 2020 at prices between $15.30 and $26.25 and it is now at $23.71.Bank of Nova Scotia (BNS): BNS is a small 0.51% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades at $51.82.General Motors (GM): GM is a small 0.42% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now at $37.38.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between ~$102 and ~$122 and that was followed with a one-third further increase next quarter at prices between ~$90 and ~$114. Q4 2018 saw another ~30% increase at prices between ~$54 and ~$110. The stock currently trades at $65.36, and the stake is at 0.39%.Helmerich & Payne (HP), Merck & Company (MRK), and Pfizer Inc. (PFE): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Fairfax Financials’ 13F filings for Q1 2022 and Q2 2022.Note: Long-term Book Value & PPS growth is in the annual letter that comes around March 10th: Fairfax has compounded Book Value at 17.9% and PPS at 15% annually over a period of 35 years (1985-2020).Q1 2022 Report: Book Value: ~$626 per share as of Q1 2022 compared to ~$631 as of EOY 2021.My Bullish Rating Text: “A business that compounded book value at ~18% over 35 years trading at a discount to book value is a compelling valuation.”Regulatory filings from 4/11/2022 to 6/11/2022: None."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q1 2022 Update"

"Prem Watsa’s 13F portfolio value decreased from $3.12B to $3.01B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Resolute Forest Products, and Blackberry. They together account for ~73% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 5/16/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2021.This quarter, Watsa’s 13F portfolio value decreased marginally from $3.12B to $3.01B. There are 66 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Resolute Forest Products, and Blackberry. Together, they account for ~73% of the entire 13F portfolio.Note 1: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q1 2022 was ~$52B of which ~$13.5B was in cash and short-term positions. The bond allocation went up from ~$14B to ~$22B during the quarter. FRFHF currently trades at ~$496 compared to Book Value (Q1 2022) of ~$626 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.Note 2: Prominent equity allocations not in the 13F report include investments in Greece and India (FFXDF). Greek allocation primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank in Q2 2019 and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax owns ~32% of Eurobank. Other prominent stakes include 28.3% of Thomas Cook India, 54% of Bangalore International Airport Limited, and 31% of Quess Corp Limited.Stake Increases:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at 48.76% of the portfolio. It came about from exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at $6.50 per share. The stock currently trades at $11.21. They have a 47.2% ownership stake in the business. Last several quarters have seen minor increases.Note: In January 2019, Fairfax added $500M more in a structure like the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B consisting of $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July 2019 resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Stake Decreases:Crescent Capital BDC (CCAP): CCAP is a 1.47% of the portfolio stake purchased in Q1 2020 at prices between $6.21 and $17.10 and the stock currently trades at $15.48. Last quarter saw a ~12% trimming and that was followed with a ~25% reduction this quarter.Note: Their ownership stake in the business is ~8%.Kept Steady:Resolute Forest Products (RFP): The large (top three) RFP stake is now at ~13% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$420M ($13.70 per share). Their ownership stake is just under ~39% of the business.Blackberry Ltd (BB): BB is Watsa’s third-largest position at ~12% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $5.07. There has only been very minor activity in the last nine years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.4% of the business (~102M shares).Kennedy-Wilson Holdings (KW): KW stake is a large (top five) ~11% of the 13F portfolio position. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $18.45.Note 1: They also have a 13M share stake in the warrants (7-year term, $23 strike) that they received as part of a $300M investment in perpetual preferred stock (4.5% dividend) made this February.Note 2: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$246M.Micron Technology (MU): MU is a 1.79% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. The stock currently trades at $55.01.Alphabet Inc. (GOOGL): GOOG is a 1.55% stake purchased in Q1 2020 at prices between $1057 and $1527 and it now goes for ~$2121. There was a ~22% stake increase in Q4 2020 at prices between $1415 and $1827.H&R Block (HRB): HRB is a small 0.97% of the portfolio position established in Q1 2021 at prices between ~$15.50 and ~$22. Q3 2021 saw a ~45% stake increase at prices between $23.35 and $26.30. The stock is now at $33.27.Franklin Resources (BEN): The ~1% BEN position was established in Q1 2020 at prices between $15.30 and $26.25 and it is now at $23.15.General Motors (GM): GM is a small 0.55% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now at $31.42.Bank of Nova Scotia (BNS): BNS is a small 0.59% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades at $61.38.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between ~$102 and ~$122 and that was followed with a one-third further increase next quarter at prices between ~$90 and ~$114. Q4 2018 saw another ~30% increase at prices between ~$54 and ~$110. The stock currently trades at $65.29, and the stake is at 0.53%.Note: The prices quoted above are adjusted for the 1-for-8 reverse-stock-split last July.Alibaba Group Holdings (BABA): BABA is a 0.52% of the portfolio position established last quarter at prices between ~$112 and ~$178 and the stock currently trades at ~$101.Chevron Inc. (CVX), Helmerich & Payne (HP), and Pfizer Inc. (PFE): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Fairfax Financials’ 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/24/2021 to 4/11/2022: 13D/A – 4/8 – ATCO – 131.72M shares – 47.2% of business, 13G – 3/8 - KW –26.37M shares – 13.8% of business – 2/14 – 13G - 13.32M shares – 9.6% of business. The increase was due to 13M warrants (7-year term, $23 strike) they received as part of a $300M investment on perpetual preferred stock (4.5% dividend). 13G/As 2/14 – Prem Watsa’s holding in FRFHF – 2.34M shares – 9.5% of business. MCFT – 339K shares – 1.8% of business. CCAP – 2.96M shares – 9.6% of business"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q4 2021 Update"

"Prem Watsa’s 13F portfolio value increased from $3.07B to $3.12B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Resolute Forest Products, and Blackberry. They together account for ~74% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 2/14/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2021.This quarter, Watsa’s 13F portfolio value increased marginally from $3.07B to $3.12B. There are 63 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Resolute Forest Products, and Blackberry. Together, they account for ~74% of the entire 13F portfolio.Note: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q4 2021 was ~$52B of which ~$22B is in cash and short-term positions. Prominent equity allocations include investments in Greece, India (FFXDF) and Africa (FFXXF). They have a huge position in CPI linked derivative contracts ($62B notional amount, $0.7M fair value, ~1.75 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$549 compared to Book Value (Q4 2021) of ~$631 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.New Stakes:Alibaba Group Holdings (BABA): BABA is a 0.55% of the portfolio position established this quarter at prices between ~$112 and ~$178 and the stock currently trades below that range at ~$104.Stake Increases:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at 45.40% of the portfolio. It came about because of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at $6.50 per share. The stock currently trades at $13.22. Q1 2020 saw a ~30% stake increase due to Atlas Corp’s reorganization and acquisition of APR Energy. Last four quarters have seen minor increases. They have a 47.2% ownership stake in the business. There was a marginal increase this quarter.Note: In January 2019, Fairfax added $500M more in a structure like the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July 2019 resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Stake Decreases:Crescent Capital BDC (CCAP): CCAP is a 1.88% of the portfolio stake purchased in Q1 2020 at prices between $6.21 and $17.10 and the stock currently trades at $17.67. This quarter saw a ~12% trimming.Note: Regulatory filings since the quarter ended show them owning 2.96M shares (9.6% of the business). This is compared to 3.34M shares in the 13F Report.Kept Steady:Resolute Forest Products (RFP): The large (top three) RFP stake is now at ~15% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$368M ($12.04 per share). Their ownership stake is just under ~39% of the business.Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~14% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $6.80. There has only been very minor activity in the last nine years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.4% of the business (~102M shares).Kennedy-Wilson Holdings (KW): KW stake is a large (top five) ~10% of the 13F portfolio position. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $23.79.Note 1: Regulatory filings since the quarter ended show them beneficially owning 26.37M shares (13.8% of business). This is compared to 13.32M shares in the 13F report. The increase is due to 13M warrants (7-year term, $23 strike) they received as part of a $300 investment in perpetual preferred stock (4.5% dividend).Note 2: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$317M.Micron Technology (MU): MU is a ~2% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. The stock currently trades at $72.14. Q1 2021 saw marginal trimming while next quarter there was a minor increase.Alphabet Inc. (GOOGL): GOOG is a 1.55% stake purchased in Q1 2020 at prices between $1057 and $1527 and it now goes for ~$2666. There was a ~22% stake increase in Q4 2020 at prices between $1415 and $1827.Franklin Resources (BEN): The ~1% BEN position was established in Q1 2020 at prices between $15.30 and $26.25 and it is now at $26.28.H&R Block (HRB): HRB is a small 0.85% of the portfolio position established in Q1 2021 at prices between ~$15.50 and ~$22. Last quarter saw a ~45% stake increase at prices between $23.35 and $26.30. The stock is now at $26.63.General Motors (GM): GM is a small 0.71% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now well above that range at $39.35.Bank of Nova Scotia (BNS): BNS is a small 0.56% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades at $69.65.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between ~$102 and ~$122 and that was followed with a one-third further increase next quarter at prices between ~$90 and ~$114. Q4 2018 saw another ~30% increase at prices between ~$54 and ~$110. The stock currently trades at $89.74, and the stake is at 0.53%.Note: The prices quoted above are adjusted for the 1-for-8 reverse-stock-split in July.Chevron Inc. (CVX), Helmerich & Payne (HP), and Pfizer Inc. (PFE): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank in Q2 2019 and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax now owns ~31% of Eurobank. Their overall investment was ~$1.16B.The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Fairfax Financial’s 13F filings for Q3 2021 and Q4 2021.Note: Long-term Book Value & PPS growth is in the annual letter that comes around March 10th: Fairfax has compounded Book Value at 17.9% and PPS at 15% annually over a period of 35 years (1985-2020).Q3 2021 Report: Book Value: $561.88 per share as of 9/30/2021 compared to $478 as of EOY 2020.My Bullish Rating Text: “A business that compounded book value at ~18% over 35 years trading at a discount to book value is a compelling valuation.”Regulatory filings from 8/26/2021 to 11/24/2021: None."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q3 2021 Update"

"Prem Watsa’s 13F portfolio value decreased from $3.11B to $3.07B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Blackberry, and Resolute Forest Products. They together account for ~76% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 11/17/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2021.This quarter, Watsa’s 13F portfolio value decreased marginally from $3.11B to $3.07B. There are 61 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Blackberry, and Resolute Forest Products. Together, they account for ~76% of the entire 13F portfolio.Note: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q3 2021 was ~$52B of which around one-third is in cash and short-term positions. Prominent equity allocations include investments in Greece, India (FFXDF) and Africa (FFXXF). They have a huge position in CPI linked derivative contracts ($62.2B notional amount, $0.1M fair value, ~2 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$445 compared to Book Value (Q3 2021) of ~$562 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.Stake Disposals:Lumen Technologies (LUMN) previously CenturyLink: LUMN was a small 0.62% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. Q2 2019 saw another ~20% stake increase at prices between $11.50 and $16.75. Q1 2021 saw a ~35% selling at prices between ~$9.75 and ~$15.50. The remaining stake was sold this quarter at prices between ~$11.30 and ~$13.75. The stock currently trades at $12.95.Stake Increases:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at ~50% of the portfolio. It came about because of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at $6.50 per share. The stock currently trades at $13.85. Q1 2020 saw a ~30% stake increase due to Atlas Corp’s reorganization and acquisition of APR Energy. Last three quarters have seen minor increases. They have a ~48% ownership stake in the business. There was a marginal increase this quarter.Note: In January 2019, Fairfax added $500M more in a structure like the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July 2019 resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.H&R Block (HRB): HRB is a small 0.91% of the portfolio position established in Q1 2021 at prices between ~$15.50 and ~$22. This quarter saw a ~45% stake increase at prices between $23.35 and $26.30. The stock is now at ~$24.45.Stake Decreases:None.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~15% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $9.85. There has only been very minor activity in the last eight years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.4% of the business (~102M shares).Resolute Forest Products (RFP): The large (top three) RFP stake is now at ~12% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$350M ($11.51 per share). Their ownership stake is just under ~39% of the business.Kennedy-Wilson Holdings (KW): KW stake is a large (top five) ~9% of the 13F portfolio position. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $22.41. Watsa’s ownership stake in the business is ~9%.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$300M.Crescent Capital BDC (CCAP) and Franklin Resources (BEN): These two positions were established in Q1 2020. CCAP is a 2.36% of the portfolio stake purchased at prices between $6.21 and $17.10 and the stock currently trades at $18.62. The ~1% BEN position was established at prices between $15.30 and $26.25 and it is now at $33.75.Note: They have a ~13.5% ownership stake in CCAP.Micron Technology (MU): MU is a 1.60% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. The stock currently trades at $86.14. Q1 2021 saw marginal trimming while last quarter there was a minor increase.Alphabet Inc. (GOOGL): GOOG is a 1.46% stake purchased in Q1 2020 at prices between $1057 and $1527 and it now goes for ~$2922. There was a ~22% stake increase in Q4 2020 at prices between $1415 and $1827.General Motors (GM): GM is a small 0.65% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now well above that range at $59.86.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between ~$102 and ~$122 and that was followed with a one-third further increase next quarter at prices between ~$90 and ~$114. Q4 2018 saw another ~30% increase at prices between ~$54 and ~$110. The stock currently trades at $98.40 and the stake is at 0.58%.Note: The prices quoted above are adjusted for the 1-for-8 reverse-stock-split in July.Helmerich & Payne (HP): The very small 0.50% position in HP saw a 30% stake increase in Q1 2021 at prices between ~$23 and ~$33. The stock currently trades at $23.26.Bank of Nova Scotia (BNS): BNS is a small 0.50% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades at $63.84.Chevron Inc. (CVX) and Pfizer Inc. (PFE): These two very small ~0.55% stakes were kept steady this quarter.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank in Q2 2019 and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax now owns ~31% of Eurobank. Their overall investment was ~$1.16B.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Argan Inc. (AGX), Berkshire Hathaway (BRK.A), Brookfield Asset Management (BAM), Cannae Holdings (CNNE), Change Healthcare (CHNG), Colliers International (CIGI), CVS Health (CVS), Darling Ingredients (DAR), Denny’s Corp (DENN), Devon Energy (DVN), Dine Brands Global (DIN), Facebook (FB), Fidelity National Financial (FNF), Garrett Motion (GTX), Granite Real Estate (GRP.U), Helmerich & Payne (HP), Imax Corp (IMAX), IMAX Corp (IMAX), International Seaways (INSW), iRobot Corp (IRBT), Jacobs Engineering (J), Kansas City Southern (KSU), KKR & Company (KKR), Liberty Broadband (LBRDK), Liberty Trip Advisor ((LTRPA), Loral Space & Communications (LORL), Magnachip Semi (MX), Mastercraft Boat Holdings (MCFT), Merck (MRK), Middleby Corp (MIDD), Nuance Communications (NUAN), Osisko Gold (OR), Pioneer Natural Resources (PNQ), PNM Resources (PNM), PPD Inc. (PPD), Restaurant Brands (QSR), Soliton Inc. (SOLY), Strongbridge Biopharma (SBBP), Taiwan Semi (TSM), Trillium Therapeutics (TRIL), US Silica Holdings (SLCA), Under Armour (UA), Vanguard S&P ETF (VOO), Viemed Healthcare (VMD), and WW International (WW).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Fairfax Financial’s 13F filings for Q2 2021 and Q3 2021.Note: 9/2/2020 – Debenture conversion details that were used to do the Q3 2020 tracking update - - Together with common shares already owned by Fairfax and its subsidiaries and assuming full conversion of the purchased debentures, Fairfax would own 101.7M common shares, or ~16.5%-16.6% of BlackBerry's shares outstanding as of Aug. 28.Q2 2021 Report: Book Value: $540.62 per share as of 3/31/2021 compared to $478 as of EOY 2020.My Bullish Rating Text: “A business that compounded book value at ~18% over 35 years trading at a discount to book value is a compelling valuation.”Regulatory filings from 5/16/2021 thru 8/26/2021: 13D/A – 8/25 – BB – 101.85M shares – 16.4% of business. 13D/A – 8/25 – RFP – 30.55M shares – 38.6% of business. 13D/A – 8/25 – KW – 13.32M shares – 8.7% of business. 13D/A – 8/25 – Atlas Corp – ATCO – 131.61M shares – 47.4% of business, 13D/A – 6/15 - same."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2021 Update"

"Prem Watsa’s 13F portfolio value increased from $2.87B to $3.11B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Blackberry, and Resolute Forest Products. They together account for ~76% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 8/16/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2021.This quarter, Watsa’s 13F portfolio value increased ~8% from $2.87B to $3.11B. There are 59 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Blackberry, and Resolute Forest Products. Together, they account for ~76% of the entire 13F portfolio.Note: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q2 2021 was ~$46B of which around one-third is in cash and short-term positions. Prominent equity allocations include investments in Greece, India (FFXDF) and Africa (FFXXF). They have a huge position in CPI linked derivative contracts ($66.69B notional amount, $0.2M fair value, ~2.25 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$421 compared to Book Value (Q2 2021) of ~$541 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.New Stakes:None.Stake Increases:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at ~46% of the portfolio. It came about because of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at t $6.50 per share. The stock currently trades at $15.67. Q1 2020 saw a ~30% stake increase due to Atlas Corp’s reorganization and acquisition of APR Energy. Last three quarters have seen minor increases. They have a 47.4% ownership stake in the business.Note: In January 2019, Fairfax added $500M more in a structure like the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July 2019 resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Micron Technology (MU): MU is a 1.89% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. The stock currently trades at $74.30. Last quarter saw marginal trimming while this quarter there was a minor increase.Stake Decreases:Mastercraft Boat Holdings (MCFT): MCFT was a 1.56% of the portfolio position that was built in Q1 2020 at prices between $5.90 and $19.80. There was a ~17% stake increase in Q2 2020 at prices between $5.15 and $19.30. This quarter saw the position reduced to a minutely small 0.28% of the portfolio stake at prices between ~$25 and ~$33. The stock currently trades at $25.61.Booking Holdings (BKNG): The minutely small 0.25% stake in BKNG was reduced by ~45% during the quarter.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~14% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $10.03. There has only been very minor activity in the last eight years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.4% of the business (~102M shares).Resolute Forest Products (RFP): The large (top three) RFP stake is now at ~12% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$317M ($10.39 per share). Their ownership stake is just under ~39% of the business.Kennedy-Wilson Holdings (KW): KW stake is a large (top five) 8.52% of the 13F portfolio position. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $21.17. Watsa’s ownership stake in the business is ~9%.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$280M.Crescent Capital BDC (CCAP) and Franklin Resources (BEN): These two positions were established in Q1 2020. CCAP is a 2.28% of the portfolio stake purchased at prices between $6.21 and $17.10 and the stock currently trades at $19. The ~1% BEN position was established at prices between $15.30 and $26.25 and it is now at $31.33.Note: They have a ~13.5% ownership stake in CCAP.Alphabet Inc. (GOOGL): GOOG is a 1.31% stake purchased in Q1 2020 at prices between $1057 and $1527 and it now goes for ~$2829. There was a ~22% stake increase in Q4 2020 at prices between $1415 and $1827.General Motors (GM): GM is a small 0.72% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now well above that range at $51.33.Lumen Technologies (LUMN) previously CenturyLink: LUMN is a small 0.62% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. Q2 2019 saw another ~20% stake increase at prices between $11.50 and $16.75. Last quarter saw a ~35% selling at prices between ~$9.75 and ~$15.50. The stock currently trades at $12.94.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between ~$102 and ~$122 and that was followed with a one-third further increase next quarter at prices between ~$90 and ~$114. Q4 2018 saw another ~30% increase at prices between ~$54 and ~$110. The stock currently trades at ~$100 and the stake is at 0.60%.Note: The prices quoted above are adjusted for the 1-for-8 reverse-stock-split in July.Helmerich & Payne (HP): The very small 0.58% position in HP saw a 30% stake increase last quarter at prices between ~$23 and ~$33. The stock currently trades at ~$26.H&R Block (HRB): HRB is a very small 0.58% of the portfolio position established last quarter at prices between ~$15.50 and ~$22 and the stock is now at ~$25.Bank of Nova Scotia (BNS): BNS is a small 0.52% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades at $61.34.Chevron Inc. (CVX): The very small 0.52% CVX stake was kept steady this quarter.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank in Q2 2019 and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax now owns ~31% of Eurobank. Their overall investment was ~$1.16B.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Argan Inc. (AGX), Berkshire Hathaway (BRK.A), Brookfield Asset Management (BAM), Change Healthcare (CHNG), Colliers International (CIGI), CVS Health (CVS), Darling Ingredients (DAR), Delek US Holdings (DK), Denny’s Corp (DENN), Diamond S Shipping (DSSI), Dine Brands Global (DIN), Fidelity National Financial (FNF), Garrett Motion (GTX), Granite Real Estate (GRP.U), Helmerich & Payne (HP), Imax Corp (IMAX), iRobot Corp (IRBT), Jacobs Engineering (J), Kansas City Southern (KSU), KKR & Company (KKR), Kulicke & Soffa (KLIC), Liberty Broadband (LBRDK), Liberty Trip Advisor ((LTRPA), Loral Space & Communications (LORL), Magnachip Semi (MX), Merck (MRK), Middleby Corp (MIDD), Northwest Pipe (NWPX), Nuance Communications (NUAN), Organon & Co (OGN), Osisko Gold (OR), Pfizer (PFE), Restaurant Brands (QSR), Strongbridge Biopharma (SBBP), Taiwan Semi (TSM), US Silica Holdings (SLCA), Under Armour (UA), Vanguard S&P ETF (VOO), Viemed Healthcare (VMD), and WW International (WW).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Fairfax Financial’s 13F filings for Q1 2021 and Q2 2021.Note: Long-term Book Value & PPS growth is in the annual letter that comes around March 10th: Fairfax has compounded Book Value at 17.9% and PPS at 15% annually over a period of 35 years (1985-2020).Note: 9/2/2020 – Debenture conversion details that were used to do the Q3 2020 tracking update - - Together with common shares already owned by Fairfax and its subsidiaries and assuming full conversion of the purchased debentures, Fairfax would own 101.7M common shares, or ~16.5%-16.6% of BlackBerry's shares outstanding as of Aug. 28.Q1 2021 Report: Book Value: $497.23 per share as of 3/31/2021 compared to $478 as of EOY 2020.My Bullish Rating Text: “A business that compounded book value at ~18% over 35 years trading at a discount to book value is a compelling valuation.”Regulatory filings thru 5/16/2021: None."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q1 2021 Update"

"Prem Watsa’s 13F portfolio value increased from $2.25B to $2.87B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Blackberry, and Resolute Forest Products. They together account for ~73% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 5/14/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2020.This quarter, Watsa’s 13F portfolio value increased ~28% from $2.25B to $2.87B. There are 57 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Blackberry, and Resolute Forest Products. Together, they account for ~73% of the entire 13F portfolio.Note: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q1 2021 was ~$45B of which around one-third is in cash and short-term positions. Prominent equity allocations include investments in Greece, India (FFXDF), and Africa (FFXXF). They have a huge position in CPI linked derivative contracts ($67.09B notional amount, $0.5M fair value, ~2.5 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$471 compared to Book Value (Q1 2021) of ~$497 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.New Stakes:H&R Block (HRB): HRB is a very small 0.59% of the portfolio position established this quarter at prices between ~$15.50 and ~$22 and the stock is now at $24.55.Stake Increases:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at ~48% of the portfolio. It came about because of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at t $6.50 per share. The stock currently trades at $13.74. Q1 2020 saw a ~30% stake increase due to Atlas Corp’s reorganization and acquisition of APR Energy. Last two quarters have seen marginal increases.Note: Regulatory filings from last March showed them owning 126.25M shares (46.5% of the business). This is compared to ~100M shares in the 13F report. In January 2019, Fairfax added $500M more in a structure like the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July 2019 resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Helmerich & Payne (HP): The very small 0.52% position in HP saw a 30% stake increase this quarter at prices between ~$23 and ~$33. The stock currently trades at $29.35.Stake Decreases:Micron Technology (MU): MU is a 2.11% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. The stock currently trades at $79.70. This quarter saw marginal trimming.Mastercraft Boat Holdings (MCFT): MCFT is a 1.56% of the portfolio position that was built in Q1 2020 at prices between $5.90 and $19.80. There was a ~17% stake increase in Q2 2020 at prices between $5.15 and $19.30. The stock currently trades at $32.65. Fairfax has a ~9% ownership stake in the business. There was a ~10% trimming this quarter.Lumen Technologies (LUMN) previously CenturyLink: LUMN is a small 0.66% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. Q2 2019 saw another ~20% stake increase at prices between $11.50 and $16.75. This quarter saw a ~35% selling at prices between ~$9.75 and ~$15.50. The stock currently trades at $14.43.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~14% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $8.44. There has only been very minor activity in the last eight years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.7% of the business (~101.9M shares).Resolute Forest Products (RFP): The large (top three) RFP stake is now at ~12% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$455M ($14.89 per share) – in the books, the carrying value listed is ~$134M as they wrote down losses. Their ownership stake is just under 25% of the business.Kennedy-Wilson Holdings (KW): KW stake is a large (top five) 9.40% of the 13F portfolio position. Watsa’s ownership stake in the business is ~9%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $19.58.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$260M.Crescent Capital BDC (CCAP) and Franklin Resources (BEN): These two positions were established in Q1 2020. CCAP is a 2.26% of the portfolio stake purchased at prices between $6.21 and $17.10 and the stock currently trades at $18.85. The ~1% BEN position was established at prices between $15.30 and $26.25 and it is now at $34.54.Note: They have a ~13.5% ownership stake in CCAP.Alphabet Inc. (GOOGL): GOOG is a 1.20% stake purchased at prices between $1057 and $1527 and it now goes for ~$2316. There was a ~22% stake increase last quarter at prices between $1415 and $1827.General Motors (GM): GM is a small 0.75% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now well above that range at $56.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase next quarter at prices between $11.25 and $14.20. Q4 2018 saw another ~30% increase at prices between $6.75 and $13.75. The stock currently trades at $13.26 and the stake is at 0.67%.Bank of Nova Scotia (BNS): BNS is a small 0.54% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades at $65.84.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. Q1 2020 saw a ~50% selling at prices between $111 and $154. The stock currently trades at ~$170 and the position is at 0.54% of the portfolio.Chevron Inc. (CVX) and Booking Holdings (BKNG): These two are very small (less than ~1% of the portfolio each) stakes established in Q1 2020 and kept steady this quarter.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank in Q2 2019 and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax now owns ~31% of Eurobank. Their overall investment was ~$1.16B.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Argan Inc. (AGX), Atlantic Power Corp (AT), Berkshire Hathaway (BRK.A), Brookfield Asset Management (BAM), Change Healthcare (CHNG), Colliers International (CIGI), CRH Medical Corp (CRHM), Crown Castle (CCI), CVS Health (CVS), Darling Ingredients (DAR), Delek US Holdings (DK), Denny’s Corp (DENN), Diamond S Shipping (DSSI), Dine Brands Global (DIN), Fidelity National Financial (FNF), GrafTech Intl. (EAF), Granite Real Estate (GRP.U), Helmerich & Payne (HP), Imax Corp (IMAX), Jacobs Engineering (J), KKR & Company (KKR), Kulicke & Soffa (KLIC), Liberty Broadband (LBRDK), Liberty Trip Advisor ((LTRPA), Loral Space & Communications (LORL), Madison Square Garden Entertainment (MSGE), Merck (MRK), Middleby Corp (MIDD), Momo Inc. (MOMO), Northwest Pipe (NWPX), Osisko Gold (OR), Pfizer (PFE), RealPage Inc. (RP), Restaurant Brands (QSR), Stellantis NV (STLA), Taiwan Semi (TSM), US Silica Holdings (SLCA), Under Armour (UA), and WW International (WW).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Fairfax Financial’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 2/14/2020: 13G/A – 2/12 – appears to be reporting Prem Watsa’s 2.34 share ownership of Fairfax – 8.7% of business through Sixty Two Investment. 13G/A – 2/9 – MasterCraft Boat – MCFT – 1.87M shares – 9.9% of business, 2/4 – Form 5, Form 3 & 13G 1/29 - CCAP – 3.8M shares (13.5% of business) – indirect through Allied World – 306.4K shares purchased for ~$6M due to a capital call notice, Form 4 – 12/3 – BB – 55M shares in convertible note (11/13/2023 expiry, 1.75%)priced at $330M (based on the $6 strike),"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q4 2020 Update"

"Prem Watsa’s 13F portfolio value increased from $1.77B to $2.25B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Blackberry, and Kennedy-Wilson. They together account for ~72% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 2/12/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2020.This quarter, Watsa’s 13F portfolio value increased ~11% from $1.77B to $2.25B. There are 59 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Blackberry, and Kennedy-Wilson. Together, they account for ~72% of the entire 13F portfolio.Note: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q3 2020 was ~$40B of which ~29% is in cash and short-term positions. Prominent equity allocations include investments in Greece, India (FFXDF), and Africa (FFXXF). They have a huge position in CPI linked derivative contracts ($75.7B notional amount, $12.1M fair value, 2.9 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$404, well below Book Value (Q3 2020) of ~$442 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.Stake Disposals:Fitbit Inc. (FIT): FIT was a small 0.84% merger-arbitrage stake established in Q4 2019 at prices between $3.45 and $7.15. In November 2019, Google agreed to acquire Fitbit for $7.35 per share cash and the transaction closed last month.Gildan Activewear (GIL): GIL is a very small 0.81% of the portfolio position established in Q2 2020 at prices between $12.50 and $18 and disposed this quarter at prices between ~$20 and ~$28. The stock currently trades at $28.10.Stake Increases:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at ~48% of the portfolio. It came about because of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at t $6.50 per share. The stock currently trades at $13.14. Q1 2020 saw a ~30% stake increase due to Atlas Corp’s reorganization and acquisition of APR Energy. This quarter saw a marginal increase.Note: Regulatory filings from last March showed them owning 126.25M shares (46.5% of the business). This is compared to ~100M shares in the 13F report. In January 2019, Fairfax added $500M more in a structure like the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July 2019 resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Alphabet Inc. (GOOGL): GOOG is a 1.30% stake purchased at prices between $1057 and $1527 and it now goes for ~$2100. There was a ~22% stake increase this quarter at prices between $1415 and $1827.Stake Decreases:Lumen Technologies (LUMN) previously CenturyLink: LUMN is a small ~1% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. Q2 2019 saw another ~20% stake increase at prices between $11.50 and $16.75. The stock currently trades at $11.78. This quarter saw a ~5% trimming.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~14% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $13.04. There has only been very minor activity in the last seven years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.7% of the business (~101.9M shares).Kennedy-Wilson Holdings (KW): KW stake is a large (top three) ~11% of the 13F portfolio position. Watsa’s ownership stake in the business is ~9%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $17.75.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$235M.Resolute Forest Products (RFP): The RFP stake is now at ~9% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$320M (~$10.45 per share) – in the books, the carrying value listed is ~$166M as they wrote down losses.Crescent Capital BDC (CCAP) and Franklin Resources (BEN): These two positions were established in Q1 2020. CCAP is a 2.46% of the portfolio stake purchased at prices between $6.21 and $17.10 and the stock currently trades at $15.98. The 1.11% BEN position was established at prices between $15.30 and $26.25 and it is now at $27.62.Note: They have a ~13.5% ownership stake in CCAP.Micron Technology (MU): MU is a 2.34% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. The stock currently trades at ~$88.Mastercraft Boat Holdings (MCFT): MCFT is a ~2% of the portfolio position that was built in Q1 2020 at prices between $5.90 and $19.80. There was a ~17% stake increase in Q2 2020 at prices between $5.15 and $19.30. The stock currently trades at $27.28. Fairfax has a ~10% ownership stake in the business.General Motors (GM): GM is a small 0.70% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now well above that range at $53.60.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase next quarter at prices between $11.25 and $14.20. Q4 2018 saw another ~30% increase at prices between $6.75 and $13.75. The stock currently trades at $11.73 and the stake is at 0.67%.Bank of Nova Scotia (BNS): BNS is a small 0.59% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades at $55.92.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. Q1 2020 saw a ~50% selling at prices between $111 and $154. The stock currently trades at ~$167 and the position is at 0.51% of the portfolio.Chevron Inc. (CVX) and Booking Holdings (BKNG): These two are very small (less than ~1% of the portfolio each) stakes established in Q1 2020 and kept steady this quarter.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank in Q2 2019 and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax now owns ~30.5% of Eurobank. Their overall investment was ~$1.16B.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Argan Inc. (AGX), Berkshire Hathaway (BRK.A), Brookfield Asset Management (BAM), Cellular Biomedicine Group (CBMG), Cirrus Logic (CRUS), Colliers International (CIGI), CoreLogic (CLGX), Crown Castle (CCI), CVS Health (CVS), Darling Ingredients (DAR), Delek US Holdings (DK), Denny’s Corp (DENN), Diamond S Shipping (DSSI), Dine Brands Global (DIN), Fidelity National Financial (FNF), FLIR Systems (FLIR), FreightCar America (RAIL), GrafTech Intl. (EAF), Granite Real Estate (GRP.U), Helmerich & Payne (HP), Imax Corp (IMAX), iRobot Corporation (IRBT), Jacobs Engineering (J), KKR & Company (KKR), Kulicke & Soffa (KLIC), LHC Group (LHCG), Liberty Broadband (LBRDK), Liberty Trip Advisor ((LTRPA), Loral Space & Communications (LORL), Madison Square Garden Entertainment (MSGE), Madison Square Garden Sports (MSGS), Merck (MRK), Middleby Corp (MIDD), Northwest Pipe (NWPX), Osisko Gold (OR), Pfizer (PFE), Restaurant Brands (QSR), Taiwan Semi (TSM), Tiffany (TIF), TransAlta Corp (TAC), US Silica Holdings (SLCA), Under Armour (UA), and WW International (WW).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q4 2020:Q3 2020 Report: Book Value: $442.17 per share as of 9/30/2020 compared to $486.10 as of EOY 2019 – decreased ~10% from EOY 2019.Regulatory filings thru 11/15/2020: None."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q3 2020 Update"

"Prem Watsa’s 13F portfolio value increased from $1.59B to $1.77B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Blackberry, and Kennedy-Wilson. They together account for ~73% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 11/13/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2020.This quarter, Watsa’s 13F portfolio value increased ~11% from $1.59B to $1.77B. There are 60 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Blackberry, and Kennedy-Wilson. Together, they account for ~73% of the entire 13F portfolio.Note: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q3 2020 was ~$40B of which ~29% is in cash and short-term positions. Prominent equity allocations include investments in Greece, India (FFXDF), and Africa (FFXXF). They have a huge position in CPI linked derivative contracts ($75.7B notional amount, $12.1M fair value, 2.9 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$317, well below Book Value (Q3 2020) of ~$442 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.Stake Increases:None.Stake Decreases:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at ~50% of the portfolio. It came about because of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at t $6.50 per share. The stock currently trades at $11.03. Q1 2020 saw a ~30% stake increase due to Atlas Corp’s reorganization and acquisition of APR Energy.Note: Regulatory filings from March show them owning 126.25M shares (46.5% of the business). This is compared to 100M shares in the 13F report. Last January, Fairfax added $500M more in a structure like the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July last year resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~12% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares in the following years. Their net cost on a fully converted basis is ~$10 per share and the stock currently trades at $5.11. There has only been very minor activity in the last six years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. On 9/2/2020, those were redeemed, and new ones issued ($330M in 1.75% debentures convertible at $6 due 11/13/2023). Assuming full conversion of these debentures, Fairfax would beneficially own ~16.7% of the business (~101.9M shares).Kennedy-Wilson Holdings (KW): KW stake is a large (top three) ~11% of the 13F portfolio position. Watsa’s ownership stake in the business is ~9%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $15.20.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$200M.Resolute Forest Products (RFP): The RFP stake is now at ~8% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$153M (~$5 per share) – in the books, the carrying value listed is ~$166M as they wrote down losses.Crescent Capital BDC (CCAP), Franklin Resources (BEN), and Alphabet Inc. (GOOGL): These three positions were established in Q1 2020. CCAP is a 2.73% of the portfolio stake purchased at prices between $6.21 and $17.10 and the stock currently trades at $13.86. The 1.15% BEN position was established at prices between $15.30 and $26.25 and it is now at $20.51. GOOG is a 1.13% stake purchased at prices between $1057 and $1527 and it now goes for $1777.Micron Technology (MU): MU is a 1.86% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% in Q1 2020 at prices between $34.50 and $60. The stock currently trades at $57.93.Mastercraft Boat Holdings (MCFT): MCFT is a 1.85% of the portfolio position that was built in Q1 2020 at prices between $5.90 and $19.80. There was a ~17% stake increase last quarter at prices between $5.15 and $19.30. The stock currently trades at $23.45. Fairfax has a ~10% ownership stake in the business.Lumen Technologies (LUMN) previously CenturyLink (CTL): LUMN is a small 1.34% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. Q2 2019 saw another ~20% stake increase at prices between $11.50 and $16.75. The stock currently trades at $9.85.Fitbit Inc. (FIT): FIT is a small 0.84% merger-arbitrage stake established in Q4 2019 at prices between $3.45 and $7.15 and the stock currently trades at $7.15. Last November, Google agreed to acquire Fitbit for $7.35 per share cash.Gildan Activewear (GIL): GIL is a very small 0.81% of the portfolio position established last quarter at prices between $12.50 and $18 and the stock currently trades at $23.89.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. Q1 2020 saw a ~50% selling at prices between $111 and $154. The stock currently trades at ~$150 and the position is at 0.62% of the portfolio.Bank of Nova Scotia (BNS): BNS is a small 0.58% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades well below that range at $46.27.General Motors (GM): GM is a small 0.63% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now at $41.19.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase next quarter at prices between $11.25 and $14.20. Q4 2018 saw another ~30% increase at prices between $6.75 and $13.75. The stock currently trades at $9.25 and the stake is at 0.49%.Diamond S Shipping (DSSI): DSSI is a small 0.40% of the portfolio stake established in Q2 2019 because of its Direct Listing in March. Fairfax’s investment goes back to 2011 when they were part of a $1B funding round headed by Wilbur Ross. Shares started trading at $10.40 and currently goes for $6.11.Chevron Inc. (CVX) and Booking Holdings (BKNG): These two are very small (less than ~1% of the portfolio each) stakes established in Q1 2020 and kept steady this quarter.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank in Q2 2019 and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax now owns ~30.5% of Eurobank. Their overall investment was ~$1.16B and its current value is around half that.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Argan Inc. (AGX), Berkshire Hathaway (BRK.A), Central European Media Enterprises (CETV), Cirrus Logic (CRUS), Colliers International (CIGI), Crown Castle (CCI), Culp Inc. (CULP), CVS Health (CVS), Darling Ingredients (DAR), Delek US Holdings (DK), Dine Brands Global (DIN), El Paso Electric (EE), Fidelity National Financial (FNF), FLIR Systems (FLIR), FreightCar America (RAIL), GCI Liberty (GLIBA), GrafTech Intl. (EAF), Granite Real Estate (GRP.U), Helmerich & Payne (HP), Immunomedics Inc. (IMMU), InnerWorkings Inc. (INWK), iRobot Corporation (IRBT), Jacobs Engineering (J), KKR & Company (KKR), Kulicke & Soffa (KLIC), LHC Group (LHCG), Liberty Trip Advisor ((LTRPA), Loral Space & Communications (LORL), Madison Square Garden Entertainment (MSGE), Madison Square Garden Sports (MSGS), Middleby Corp (MIDD), NetEase Inc. (NTES), Norbord Inc. (OSB), Northwest Pipe (NWPX), Osisko Gold (OR), Restaurant Brands (QSR), Safety Insurance Group (SAFT), Taiwan Semi (TSM), Tiffany (TIF), TransAlta Corp (TAC), US Silica Holdings (SLCA), and Zebra Technologies (ZBRA).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q3 2020:Regulatory filings thru 8/24/2020: 13G/A – 7/7 – Baillie Gifford related – they own ~4% of Fairfax."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2020 Update"

"Prem Watsa’s 13F portfolio value increased from $1.44B to $1.59B this quarter.Fairfax Financials’ largest three stakes are Atlas Corp, Blackberry, and Kennedy-Wilson. They together account for ~75% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 08/14/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2020.This quarter, Watsa’s 13F portfolio value increased ~10% from $1.44B to $1.59B. There are 59 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Blackberry, and Kennedy-Wilson. Together, they account for ~75% of the entire 13F portfolio.Note: Fairfax Financials’ (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q1 2020 was ~$39B of which ~25% is in cash and short-term positions. Prominent equity allocations include investments in Greece, India (FFXDF), and Africa (FFXXF). They have a huge position in CPI linked derivative contracts ($77.8B notional amount, $14.2M fair value, 3 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$311, well below Book Value (Q2 2020) of ~$435 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.New Stakes:Gildan Activewear (GIL): GIL is a very small 0.71% of the portfolio position established this quarter at prices between $12.50 and $18 and the stock currently trades at $20.15.Stake Disposals:None.Stake Increases:Mastercraft Boat Holdings (MCFT): MCFT is a very small 0.81% of the portfolio position that was built last quarter at prices between $5.90 and $19.80. There was a ~17% stake increase this quarter at prices between $5.15 and $19.30. The stock currently trades at $21.07. Fairfax has a ~10% ownership stake in the business.Stake Decreases:None.Kept Steady:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at ~48% of the portfolio. It came about because of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at t $6.50 per share. The stock currently trades at $8.21. Last quarter saw a ~30% stake increase due to Atlas Corp’s reorganization and acquisition of APR Energy.Note: Regulatory filings from March show them owning 126.25M shares (46.5% of the business). This is compared to 100M shares in the 13F report. Last January, Fairfax added $500M more in a structure like the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July last year resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~14% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares (~9% of the business) in the following years. Their net cost on a fully converted basis is $12.30 per share and the stock currently trades at $4.78. There has only been very minor activity in the last six years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed, and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement. Last month, Blackberry announced they will redeem those shares and new ones will be issued ($535M in 1.75% debentures convertible at $6 due 11/13/2023).Kennedy-Wilson Holdings (KW): KW stake is a large (top three) ~13% of the 13F portfolio position. Watsa’s ownership stake in the business is ~9%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $14.42.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$190M.Resolute Forest Products (RFP): The RFP stake is now at ~4% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$140M (~$4.70 per share) – in the books, the cost is listed at ~$200M as they wrote down losses.Crescent Capital BDC (CCAP), Franklin Resources (BEN), and Alphabet Inc. (GOOGL): CCAP is a ~3% of the portfolio stake purchased at prices between $6.21 and $17.10 and the stock currently trades at $12.24. The 1.32% BEN position was established at prices between $15.30 and $26.25 and it is now at $21.46. GOOG is a 1.22% stake purchased at prices between $1057 and $1527 and it now goes for $1608.Micron Technology (MU): MU is a 2.26% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% last quarter at prices between $34.50 and $60. The stock currently trades at ~$45.CenturyLink (CTL): CTL is a small 1.49% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. Q2 2019 saw another ~20% stake increase at prices between $11.50 and $16.75. The stock currently trades at $11.21.Fitbit Inc. (FIT): FIT is a small 0.87% merger-arbitrage stake established in Q4 2019 at prices between $3.45 and $7.15 and the stock currently trades at $6.46. Last November, Google agreed to acquire Fitbit for $7.35 per share cash.Chevron Inc. (CVX) and Booking Holdings (BKNG): These two are very small (less than ~1% of the portfolio each) stakes established last quarter were kept steady this quarter.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. Last quarter saw a ~50% selling at prices between $111 and $154. The stock currently trades at ~$152 and the position is at 0.65% of the portfolio.Bank of Nova Scotia (BNS): BNS is a small 0.64% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades well below that range at $42.60.General Motors (GM): GM is a small 0.60% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now at $29.69.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase next quarter at prices between $11.25 and $14.20. Q4 2018 saw another ~30% increase at prices between $6.75 and $13.75. The stock currently trades at $6.59 and the stake is at 0.60%.Diamond S Shipping (DSSI): DSSI is a small 0.52% of the portfolio stake established in Q2 2019 because of its Direct Listing in March. Fairfax’s investment goes back to 2011 when they were part of a $1B funding round headed by Wilbur Ross. Shares started trading at $10.40 and currently goes for $8.49.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank in Q2 2019 and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax now owns around one-third of Eurobank.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Argan Inc. (AGX), Berkshire Hathaway (BRK.A), Central European Media Enterprises (CETV), Cirrus Logic (CRUS), Colliers International (CIGI), Culp Inc. (CULP), CVS Health (CVS), Darling Ingredients (DAR), Delek US Holdings (DK), Dine Brands Global (DIN), El Paso Electric (EE), Fidelity National Financial (FNF), FLIR Systems (FLIR), FreightCar America (RAIL), Garrett Motion (GTX), GCI Liberty (GLIBA), Granite Real Estate (GRP.U), Helmerich & Payne (HP), iRobot Corporation (IRBT), Jacobs Engineering (J), KKR & Company (KKR), Kulicke & Soffa (KLIC), LHC Group (LHCG), Liberty Trip Advisor ((LTRPA), Loral Space & Communications (LORL), Madison Square Garden Entertainment (MSGE), Madison Square Garden Sports (MSGS), Middleby Corp (MIDD), NetEase Inc. (NTES), Norbord Inc. (OSB), Northwest Pipe (NWPX), Osisko Gold (OR), Pacific Biosciences (PACB), Penn National Gaming (PENN), Restaurant Brands (QSR), Safety Insurance Group (SAFT), Taiwan Semi (TSM), Tiffany (TIF), TransAlta Corp (TAC), and US Silica Holdings (SLCA).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q2 2020:Regulatory filings thru 5/22/2020: 13G – 3/27 – MCFT – 1.6M shares – 8.5% of business, 13D/A – 3/9 – ATCO – 126.25M shares – 46.5% of business."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q1 2020 Update"

"Prem Watsa’s 13F portfolio value decreased from $2.54B to $1.44B this quarter.Fairfax Financial’s largest three stakes are Atlas Corp, Blackberry, and Kennedy-Wilson. They together account for ~79% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 05/15/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2019.This quarter, Watsa’s 13F portfolio value decreased ~43% from $2.54B to $1.44B. There are 56 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Blackberry, and Kennedy-Wilson. Together, they account for 79% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q1 2020 was ~$40B of which ~25% is in cash and short-term positions. Prominent equity allocations include investments in Greece, India (FFXDF), and Africa (FFXXF). They have a huge position in CPI linked derivative contracts ($87.4B notional amount, $54.6M fair value, 2.9 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$251, well below Book Value (Q1 2020) of $422 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.New Stakes:Crescent Capital BDC (CCAP), Franklin Resources (BEN), and Alphabet Inc. (GOOGL): CCAP is a 2.54% of the portfolio stake purchased at prices between $6.21 and $17.10 and the stock currently trades at $10.98. The 1.16% BEN position was established at prices between $15.30 and $26.25 and it is now at $17.89. GOOG is a 1.10% stake purchased at prices between $1057 and $1527 and it now goes for $1410.Chevron Inc. (CVX) and Booking Holdings (BKNG): These two are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:None.Stake Increases:Atlas Corp (ATCO) previously Seaspan Corp: ATCO is currently the largest 13F stake at ~53% of the portfolio. It came about as a result of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at t $6.50 per share. The stock currently trades at $7.30. This quarter saw a ~30% stake increase which came about as a result of Atlas Corp’s reorganization and acquisition of APR Energy.Note: Regulatory filings from March show them owning 126.25M shares (46.5% of the business). This is compared to 100M shares in the 13F report. Last January, Fairfax added $500M more in a structure similar to the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July last year resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Micron Technology (MU): MU is a ~2% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. The position was increased by ~115% this quarter at prices between $34.50 and $60. The stock currently trades at ~$45.Mastercraft Boat Holdings (MCFT): MCFT is a very small 0.81% of the portfolio position that was built this quarter at prices between $5.90 and $19.80. The stock currently trades at $13.29. Faifax has a ~8.5% ownership stake in the business.Stake Decreases:Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. This quarter saw a ~50% selling at prices between $111 and $154. The stock currently trades at ~$144 and the position is at 0.67% of the portfolio.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~13% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares (~9% of the business) in the following years. Their net cost on a fully converted basis is $12.30 per share and the stock currently trades at $4.54. There has only been very minor activity in the last six years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Kennedy-Wilson Holdings (KW): KW stake is a large (top three) ~12% of the 13F portfolio position. Watsa’s ownership stake in the business is ~9%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $13.47.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was ~$105M. That is compared to current market value of ~$180M.Resolute Forest Products (RFP): The RFP stake is now at 2.67% of the portfolio. The position was first established in Q4 2010 when it was named Abitibi Bowater and the stake has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$57M (~$1.86 per share) – in the books, the cost is listed at ~$200M as they wrote down losses.CenturyLink (CTL): CTL is a small 1.55% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. Q2 2019 saw another ~20% stake increase at prices between $11.50 and $16.75. The stock currently trades at $9.82.Fitbit Inc. (FIT): FIT is a small ~1% merger-arbitrage stake established last quarter at prices between $3.45 and $7.15 and the stock currently trades at $6.43. Last November, Google agreed to acquire Fitbit for $7.35 per share cash.Diamond Shipping (DSSI): DSSI is a small 0.84% of the portfolio stake established in Q2 2019 as a result of its Direct Listing in March. Fairfax’s investment goes back to 2011 when they were part of a $1B funding round headed by Wilbur Ross. Shares started trading at $10.40 and currently goes for ~$10.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase next quarter at prices between $11.25 and $14.20. Q4 2018 saw another ~30% increase at prices between $6.75 and $13.75. The stock currently trades at $6.41 and the stake is at 0.76%.Bank of Nova Scotia (BNS): BNS is a small 0.61% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades well below that range at $36.54.General Motors (GM): GM is a small 0.54% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now at ~$26.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank in Q2 2019 and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax now owns around one-third of Eurobank.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Argan Inc. (AGX), Berkshire Hathaway (BRK.A), Callaway Golf (ELY), Cirrus Logic (CRUS), Colliers International (CIGI), Culp Inc. (CULP), CVS Health (CVS), Darling Ingredients (DAR), Delek US Holdings (DK), Dine Brands Global (DIN), FLIR Systems (FLIR), Forescout Technologies (FSCT), FreightCar America (RAIL), Garrett Motion (GTX), GCI Liberty (GLIBA), Granite Real Estate (GRP.U), Helmerich & Payne (HP), iRobot Corporation (IRBT), Jacobs Engineering (JEC), KKR & Company (KKR), Kulicke & Soffa (KLIC), LHC Group (LHCG), Liberty Trip Advisor ((LTRPA), Loral Space & Communications (LORL), Madison Square Garden (MSG), Middleby Corp (MIDD), NetEase Inc. (NTES), Northwest Pipe (NWPX), Osisko Gold (OR), Pacific Biosciences (PACB), Penn National Gaming (PENN), RA Pharmaceuticals (RARX), Restaurant Brands (QSR), Six Flags Entertainment (SIX), Taiwan Semi (TSM), Tiffany (TIF), TransAlta Corp (TAC), and Wabco Holdings (WBC).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q1 2020:Q4 2019 AR & Letter: Book Value: $486 per share – 14.8% increase including the $10 dividend. Believes they are poised to grow BV at ~15% over time. Repurchase: 1.3M shares bought back over the last 27 months. Commentary: very bullish on India.Regulatory filings thru 3/13/2020: 13D/A – 3/9 – filing related to Seaspan (SSW) rename as Atlas Corp (ATCO) – 126.25M shares – 46.5% of business. Form 3 – 3/2 – BB – minor. 13G/A – 2/14 – FRFHF – Prem Watsa’s ownership – 1.86M shares – 6.8% of business, 13G/A – 1/16 – similar filed by Baillie Gifford & Co (Scottish Partnership)."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q4 2019 Update"

"Prem Watsa’s 13F portfolio value increased from $2.17B to $2.54B this quarter.Fairfax Financial’s largest three stakes are Atlas Corp, Blackberry, and Kennedy-Wilson. They together account for two-thirds of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 02/14/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2019.This quarter, Watsa’s 13F portfolio value increased ~17% from $2.17B to $2.54B. There are 42 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Atlas Corp, Blackberry, and Kennedy-Wilson. Together, they account for two-thirds of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q4 2019 was ~$40B of which ~25% is in cash and short-term positions. Prominent equity allocations include investments in Greece, India (FFXDF), and Africa (FFXXF). They have a huge position in CPI linked derivative contracts (~$100B notional amount, $6.7M fair value, 2.8 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$377, below Book Value (Q4 2019) of $486 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.New Stakes:Fitbit Inc. (FIT): FIT is a very small 0.56% merger-arbitrage stake established this quarter at prices between $3.45 and $7.15 and the stock currently trades at $6.39. In November, Google agreed to acquire Fitbit for $7.35 per share cash.Stake Disposals:None.Stake Increases:None.Stake Decreases:None.Kept Steady:Atlas Corp (ATCO) previously Seaspan Corp. (SSW): ATCO is currently the largest 13F stake at ~43% of the portfolio. It came about as a result of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at t $6.50 per share. The stock currently trades at $7.74.Note: Regulatory filings from earlier this month show them owning 126.25M shares (46.5% of the business). This is compared to 77.16M shares in the 13F report. Last January, Fairfax added $500M more in a structure similar to the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July last year resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~12% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares (~9% of the business) in the following years. Their net cost on a fully converted basis is $12.30 per share and the stock currently trades at $4.38. There has only been very minor activity in the last six years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Kennedy-Wilson Holdings (KW): KW stake is a large (top three) ~12% of the 13F portfolio position. Watsa’s ownership stake in the business is ~9%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at ~$17.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was only $105M. That is compared to a current market value of ~$225M.Resolute Forest Products (RFP): RFP is the fourth-largest holding at ~5% of the portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$61M (~$2 per share) – in the books, the cost is listed at ~$200M as they wrote down losses.CenturyLink (CTL): CTL is a small 1.23% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. Q2 2019 saw another ~20% stake increase at prices between $11.50 and $16.75. The stock currently trades at $10.12.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at ~$134 and the position is at 0.84% of the portfolio.Micron Technology (MU): MU is a very small 0.69% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. Last quarter also saw a ~9% stake increase at prices between $39.50 and $51. The stock currently trades at ~$43.Diamond Shipping (DSSI): DSSI is a small 0.68% of the portfolio stake established in Q2 2019 as a result of its Direct Listing in March. Fairfax’s investment goes back to 2011 when they were part of a $1B funding round headed by Wilbur Ross. Shares started trading at $10.40 and currently goes for $12.34.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase next quarter at prices between $11.25 and $14.20. Q4 2018 saw another ~30% increase at prices between $6.75 and $13.75. The stock currently trades at $7.85 and the stake is at 0.61%.Bank of Nova Scotia (BNS): BNS is a small 0.55% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades at $42.81.General Motors (GM): GM is a small 0.54% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now at $24.71.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank in Q2 2019 and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax now owns around one-third of Eurobank.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Ampco-Pittsburgh (AP), Argan Inc. (AGX), Berkshire Hathaway (BRK.A), Colliers International (CIGI), Culp Inc. (CULP), CVS Health (CVS), Delek US Holdings (DK), Dine Brands Global (DIN), FreightCar America (RAIL), Garrett Motion (GTX), Helmerich & Payne (HP), Jacobs Engineering (JEC), KKR & Company (KKR), Kulicke & Soffa (KLIC), Loral Space & Communications (LORL), Madison Square Garden (MSG), Mastercraft Boat Holdings (MCFT), McDermott Intl (MDR), Middleby Corp (MIDD), NetEase Inc. (NTES), Northwest Pipe (NWPX), Osisko Gold (OR), Pacific Biosciences (PACB), Penn National Gaming (PENN), Restaurant Brands (QSR), Signature Bank New York (SBNY), Taiwan Semi (TSM), TransAlta Corp (TAC), and US Silica Holdings (SLCA).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q4 2019:Q3 2019 Interim : Book Value: Common shareholders’ equity at September 30, 2019 was $12,417.2 or $462.98 per basic share (excluding the unrecorded $561.8 pre-tax deficiency of fair value over the carrying value of investments in associates and certain consolidated subsidiaries) compared to $11,779.3 or $432.46 per basic share (excluding the unrecorded $48.3 pre-tax excess of fair value over the carrying value of investments in associates and certain consolidated subsidiaries) at December 31, 2018, representing an increase per basic share in the first nine months of 2019 of 7.1% (an increase of 9.5% adjusted to include the $10.00 per common share dividend paid in the first quarter of 2019). Repurchase: During the first nine months of 2019 the number of basic shares decreased primarily as a result of purchases of 249,361 subordinate voting shares for cancellation and net purchases of 168,529 subordinate voting shares for treasury (for use in the company’s share-based payment awards). At September 30, 2019 there were 26,820,057 common shares effectively outstanding.Regulatory filings thru 11/19/2019: None."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q3 2019 Update"

"Prem Watsa’s 13F portfolio value decreased from $2.29B to $2.17B this quarter.Fairfax Financial’s largest three stakes are Seaspan Corp, Kennedy-Wilson, and Blackberry. They together account for ~63% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 11/14/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2019.This quarter, Watsa’s 13F portfolio value decreased ~5% from $2.29B to $2.17B. There are 33 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Seaspan, Kennedy-Wilson, and Blackberry. Together, they account for ~63% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q3 2019 was $39.90B of which ~25% is in cash and short-term positions. The cash allocation has gone down as they purchased short-dated US Treasuries and other short-dated Corporate Bonds. Prominent equity allocations include investments in Greece, India (FFXDF), and Africa (FFXXF). They have a huge position in CPI linked derivative contracts (~$112B notional amount, $18M fair value, 2.9 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$452, below Book Value (Q3 2019) of $463 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.Stake Increases:Micron Technology (MU): MU is a very small 0.64% portfolio position that saw a ~60% stake increase in Q1 2019 at prices between $31 and $44. This quarter also saw a ~9% stake increase at prices between $39.50 and $51. The stock currently trades at $46.58.Kept Steady:Seaspan Corp. (SSW): SSW is currently the largest 13F stake at ~38% of the portfolio. It came about as a result of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at t $6.50 per share. The stock currently trades at $11.20.Note: Regulatory filings from earlier this year show them owning 102.6M shares (47.7% of the business). This is compared to 77.16M shares in the 13F report. In January, Fairfax added $500M more in a structure similar to the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July last year resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Kennedy-Wilson Holdings (KW): KW stake is a large (top three) ~14% of the 13F portfolio position. Watsa’s ownership stake in the business is ~9%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at ~$22.74.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was only $105M. That is compared to a current market value of ~$280M.Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~15% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares (~9% of the business) in the following years. Their net cost on a fully converted basis is $12.30 per share and the stock currently trades at $5.35. There has only been very minor activity in the last six years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Resolute Forest Products (RFP): RFP is the fourth-largest holding at ~10% of the portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$144M ($3.63 per share) – in the books, the cost is listed at $300M as they wrote down losses.CenturyLink (CTL): CTL is a small 1.36% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. Last quarter saw another ~20% stake increase at prices between $11.50 and $16.75. The stock currently trades at $15.08.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at ~$135 and the position is at 0.88% of the portfolio.General Motors (GM): GM is a small 0.65% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now at $36.38.Bank of Nova Scotia (BNS): BNS is a small 0.65% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades at $57.62.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase next quarter at prices between $11.25 and $14.20. Q4 2018 saw another ~30% increase at prices between $6.75 and $13.75. The stock currently trades at $11.50 and the stake is at 0.57%.Diamond Shipping (DSSI): DSSI is a small 0.53% of the portfolio stake established last quarter as a result of its Direct Listing in March. Fairfax’s investment goes back to 2011 when they were part of a $1B funding round headed by Wilbur Ross. Shares started trading at $10.40 and currently goes for ~$14.94.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank last quarter and Watsa’s 52.4% stake got converted to Eurobank shares. Fairfax now owns 32.4% of Eurobank.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Ampco-Pittsburgh (AP), Argan Inc. (AGX), Berkshire Hathaway (BRK.A), Delek US Holdings (DK), Destination Maternity (DEST), FreightCar America (RAIL), Garrett Motion (GTX), Helmerich & Payne (HP), Independence Contract Drilling (ICD), Jacobs Engineering (JEC), Kulicke & Soffa (KLIC), Mastercraft Boat Holdings (MCFT), McDermott Intl (MDR), NetEase Inc. (NTES), Northwest Pipe (NWPX), Pacific Biosciences (PACB), Quarterhill Inc. (QTRH), Signature Bank New York (SBNY), Spark Therapeutics (ONCE), Taiwan Semi (TSM), and US Silica Holdings (SLCA).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q3 2019:Q2 2019 Interim : Book Value: Common shareholders’ equity at June 30, 2019 was $12,496.3 or $464.86 per basic share (excluding the unrecorded $91.1 pre-tax deficiency of fair value over the carrying value of investments in associates and certain consolidated subsidiaries).Regulatory filings thru 8/18/2019: None."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2019 Update"

"Prem Watsa’s 13F portfolio value decreased from $2.42B to $2.29B this quarter.Fairfax Financial’s largest three stakes are Seaspan Corp, Blackberry, and Kennedy-Wilson. They together account for ~60% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 08/14/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2019.This quarter, Watsa’s 13F portfolio value decreased ~5% from $2.42B to $2.29B. There are 35 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Seaspan, Blackberry, and Kennedy-Wilson. Together, they account for ~60% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q2 2019 was $41.39B of which ~25% is in cash and short-term positions. The cash allocation has gone down as they purchased short-dated US Treasuries and other short-dated Corporate Bonds. Prominent equity allocations include investments in Greece, India (FFXDF), and Africa (FFXXF). They have a huge position in CPI linked derivative contracts (~$114B notional amount, $13.4M fair value, 3.1 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$440, below Book Value (Q2 2019) of $465 per share. The equity portfolio was 100% hedged starting from around 2003 but those were removed in Q4 2016.New Stakes:Diamond Shipping (DSSI): DSSI is a small 0.58% of the portfolio stake established this quarter as a result of its Direct Listing in March. Fairfax’s investment goes back to 2011 when they were part of a $1B funding round headed by Wilbur Ross. Shares started trading at $10.40 and currently goes for ~$11.Kept Steady:Seaspan Corp. (SSW): SSW is currently the largest 13F stake at almost one-third of the entire portfolio. It came about as a result of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at t $6.50 per share. The stock currently trades at $10.34.Note: Regulatory filings from earlier this year show them owning 102.6M shares (47.7% of the business). This is compared to 77.16M shares in the 13F report. In January, Fairfax added $500M more in a structure similar to the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July last year resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Blackberry Ltd (BB): BB is Watsa’s second-largest position at ~15% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares (~9% of the business) in the following years. Their net cost on a fully converted basis is $12.30 per share and the stock currently trades at $6.96. There has only been very minor activity in the last six years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Kennedy-Wilson Holdings (KW): KW stake is a large (top three) ~12% of the 13F portfolio position. Watsa’s ownership stake in the business is ~9%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at ~$21.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was only $105M. That is compared to a current market value of ~$280M.Resolute Forest Products (RFP): RFP is the fourth-largest holding at ~10% of the portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$140M ($4.60 per share) – in the books, the cost is listed at $300M as they wrote down losses.CenturyLink (CTL): CTL is a small 1.21% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. This quarter saw another ~20% stake increase this quarter at prices between $11.50 and $16.75. The stock currently trades near the low end of those ranges at $11.53.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at ~$132 and the position is at 0.89% of the portfolio.General Motors (GM): GM is a small 0.63% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now at $37.36.General Electric (GE): GE was a minutely small stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase next quarter at prices between $11.25 and $14.20. Q4 2018 saw another ~30% increase at prices between $6.75 and $13.75. The stock currently trades at $8.67 and the stake is at 0.63%.Bank of Nova Scotia (BNS): BNS is a small 0.58% of the portfolio position established in Q4 2018 at prices between $49 and $60 and the stock currently trades at $51.40.Micron Technology (MU): MU is a very small 0.50% portfolio position that saw a ~60% stake increase last quarter at prices between $31 and $44. The stock currently trades just above that range at ~$45.Note: Greek allocation in the investment portfolio primarily consists of Eurobank (EGFEY) (EGFEF) and Praktiker. Grivalia Properties merged into Eurobank during the quarter and Watsa’s 52.4% stake got converted to Eurobank shares. Including that, Fairfax’s ownership stake in Eurobank will be at 32.4% following merger completion.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Ampco-Pittsburgh (AP), Argan Inc. (AGX), Array BioPharma (ARRY), Berkshire Hathaway (BRK.A), Cray Inc. (CRAY), Destination Maternity (DEST), FreightCar America (RAIL), Garrett Motion (GTX), Helmerich & Payne (HP), Independence Contract Drilling (ICD), Jacobs Engineering (JEC), K12 Inc. (LRN), Kulicke & Soffa (KLIC), McDermott Intl (MDR), NetEase Inc. (NTES), Northwest Pipe (NWPX), Pacific Biosciences (PACB), Quarterhill Inc. (QTRH), Red Hat (RHT), Signature Bank New York (SBNY), Spark Therapeutics (ONCE), Taiwan Semi (TSM), and US Silica Holdings (SLCA).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q2 2019:Regulatory filings thru 5/20/2019: None."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q1 2019 Update"

"Prem Watsa’s 13F portfolio value increased from $1.79B to $2.42B this quarter.Fairfax Financial’s largest three stakes are Seaspan Corp, Blackberry, and Kennedy-Wilson. They together account for ~59% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 05/15/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2018.This quarter, Watsa’s 13F portfolio value increased ~35% from $1.79B to $2.42B. There are 36 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Seaspan, Blackberry, and Kennedy-Wilson. Together, they account for ~59% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q1 2019 was $38.75B of which ~18% is in cash and short-term positions. The cash allocation has gone down as they purchased short-dated US Treasuries and other short-dated Corporate Bonds. Prominent equity allocations include investments in Greece, India (FFXDF), and Africa (FFXXF). They have a huge position in CPI linked derivative contracts (~$114B notional amount, $16.2M fair value, 3.4 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$451 right at book value as of Q1 2019. The equity portfolio was over 100% hedged as of Q3 2016 but those were removed in the following quarter.Stake Disposals:POSCO ADR (PKX): PKX was a very small 0.58% of the 13F portfolio stake established in Q3 2015 at prices between $34.50 and $51. It was disposed this quarter at prices between $52 and $62. The stock currently trades at $48.50.Stake Decreases:Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to ~1% of the portfolio stake at prices between $46.50 and $61. The stock is currently at $55.01. This quarter saw a ~60% selling at prices between $48 and $58 and the stake is now very small at 0.32% of the portfolio.Stake Increases:Seaspan Corp. (SSW): The large (top three) ~28% SSW position came about as a result of exercising 38.46M in warrants in July 2018 and the same amount in January 2019 at t $6.50 per share. The stock currently trades at $9.96.Note: Regulatory filings from earlier this year show them owning 102.6M shares (47.7% of the business). This is compared to 77.16M shares in the 13F report. In January, Fairfax added $500M more in a structure similar to the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July last year resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.CenturyLink (CTL): CTL is a small 1.17% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. This quarter saw another ~20% stake increase this quarter at prices between $11.50 and $16.75. The stock currently trades below the low end of those ranges at $10.13.Micron Technology (MU): MU is a very small 0.51% portfolio position that saw a ~60% stake increase this quarter at prices between $31 and $44. The stock currently trades at $34.62.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s largest position at ~20% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares (~9% of the business) in the following years. Their net cost on a fully converted basis is $12.30 per share and the stock currently trades at $8.19. There has only been very minor activity in the last six years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Kennedy-Wilson Holdings (KW): KW stake is a large (top three) 11.77% of the 13F portfolio position. Watsa’s ownership stake in the business is ~9%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $20.86.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was only $105M. That is compared to a current market value of ~$280M.Resolute Forest Products (RFP): RFP is the fourth-largest holding at ~10% of the portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Over the years, their net investment in RFP was $745M ($24.39 per share) and the current value is ~$89M ($6.65 per share) – in the books, the cost is listed at $300M as they wrote down losses.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at ~$138 and the position is at 0.85% of the portfolio.General Motors (GM): GM is a small 0.58% position. Q3 2018 saw a huge ~370% stake increase at prices between $33.50 and $40. The stock is now at $36.97.General Electric (GE): GE was a minutely small 0.31% of the portfolio stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase next quarter at prices between $11.25 and $14.20. Last quarter saw another ~30% increase at prices between $6.75 and $13.75. The stock currently trades at $9.88.Bank of Nova Scotia (BNS): BNS is a small 0.54% of the portfolio position established last quarter at prices between $49 and $60 and the stock currently trades at $53.17.Note: Greek allocation in the investment portfolio includes the following individual securities: ~$1B in Eurobank (EGFEY) (EGFEF) and ~$500M in others including Grivalia Properties, Mytilineos (MYTHY), Praktiker, etc. Their overall cost-basis on Eurobank is 94 Euro Cents per share compared to current price of 80 Euro Cents.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Ampco-Pittsburgh (AP), Argan Inc. (AGX), Berkshire Hathaway (BRK.A), Celgene Corp (CELG), Cray Inc. (CRAY), Destination Maternity (DEST), FreightCar America (RAIL), Garrett Motion (GTX), Independence Contract Drilling (ICD), Integrated Device Technology (IDTI), Jacobs Engineering (JEC), K12 Inc. (LRN), Kulicke & Soffa (KLIC), McDermott Intl (MDR), NetEase Inc. (NTES), Northwest Pipe (NWPX), Pacific Biosciences (PACB), Quarterhill Inc. (QTRH), Red Hat (RHT), Signature Bank New York (SBNY), Spark Therapeutics (ONCE), Stamps.com (STMP), Taiwan Semi (TSM), and US Silica Holdings (SLCA).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q1 2019:Regulatory filings thru 2/21/2019: 13D/A – 1/17 – SSW – 102.6M shares – 47.7% - another $500M investment for total of $1B invested so far - $500M each in equity (originally 38.46M warrants * 2 which were converted early by agreement) & debt – the early conversion of warrants resulted in Faifax also getting 25M in 7-year warrants exercisable at $8.05 per share. So, beneficial ownership is 38.46*2+25=~102. See details of the investments at and , 13D/A – 12/21 – 64.14M shares – 36.3% - 38.46M shares in the 13F report PLUS the 25M warrants that is termed beneficially owned approximates to the 64.14M shares in the 13D/A."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q4 2018 Update"

"Prem Watsa’s 13F portfolio value decreased from $2.37B to $1.79B this quarter.Fairfax Financial’s largest three stakes are Blackberry, Seaspan Corp, and Resolute Forest Products. They together account for ~49% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 02/14/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2018.This quarter, Watsa’s 13F portfolio value decreased ~24% from $2.37B to $1.79B. There are 34 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Blackberry, Seaspan, and Resolute Forest Products. Together, they account for ~49% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q3 2018 was $37.45B of which ~25% is in cash and short-term positions. The cash allocation went down that quarter as they purchased short-dated US Treasury Bonds. Prominent equity allocations include investments in Greece, India (FFXDF), and Africa (FFXXF). They have a huge position in CPI linked derivative contracts (~$115B notional amount, $11.8M fair value, 3.9 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$495 compared to a book value of ~$450. The equity portfolio was over 100% hedged as of Q3 2016 but those were removed in the following quarter.New Stakes:Bank of Nova Scotia (BNS): BNS is a small 0.69% of the portfolio position established this quarter at prices between $49 and $60 and the stock currently trades at $57.10.Stake Increases:General Electric (GE): GE was a minutely small 0.31% of the portfolio stake as of Q1 2018. Q2 2018 saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase last quarter at prices between $11.25 and $14.20. This quarter saw another ~30% increase at prices between $6.75 and $13.75. The stock currently trades at $10.03.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s largest position at ~19% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. The position was aggressively built up to 46.7M shares (~9% of the business) in the following years. His cost-basis is ~$17 and the stock currently trades at $8.37. There has only been very minor activity in the last six years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Seaspan Corp. (SSW): The large (top three) ~17% SSW position came about as a result of exercising 38.46M in warrants on July 16, 2018 at $6.50 per share. The stock currently trades at $8.89.Note: Regulatory filings from last month show them owning 102.6M shares (47.7% of the business). This is compared to 38.69M shares in the 13F report. In January, Fairfax added $500M more in a structure similar to the first tranche made in March 2018 (debt + warrants converted early). Total investment is $1B - $500M each in equity (38.46M warrants * 2 converted at $6.50 per share) and debt. The early conversion of warrants in July last year resulted in Fairfax also getting 25M in 7-year warrants exercisable at $8.05 per share.Resolute Forest Products (RFP): RFP is the third-largest holding at ~14% of the portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s cost-basis on RFP is much higher than the current quote of $8.42.Kennedy-Wilson Holdings (KW): KW stake is a large (top five) 13.50% of the 13F portfolio position. Watsa’s ownership stake in the business is ~12%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades at $21.34.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was only $105M. That is compared to a current market value of ~$285M.CenturyLink (CTL): CTL is a small 1.66% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. The stock currently trades just below the low end of those ranges at $13.33.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at ~$135 and the position is at ~1% of the portfolio.Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to the current ~1% of the portfolio stake at prices between $46.50 and $61. The stock is currently at $55.56. There was marginal trimming in Q1 2018.General Motors (GM): GM is a small 0.70% position. Last quarter a huge ~370% stake increase at prices between $33.50 and $40. The stock is now at $39.62.POSCO ADR (PKX): PKX is a very small 0.58% of the 13F portfolio stake established in Q3 2015 at prices between $34.50 and $51. The stock currently trades above that range at $60.76. There was marginal selling in Q1 2018.McDermott International (MDR): MDR is a very small 0.24% of the portfolio position. It came about as a result of MdDermott’s all-stock (0.82407 shares of MDR for each share held) deal for Chicago Bridge & Iron. Fairfax had a small position in CBI purchased in Q3 2017 at prices between $9.55 and $20. MDR currently trades at $7.59.Note: Greek allocation in the investment portfolio includes the following individual securities: ~$1B in Eurobank (EGFEY) and ~$500M in others including Grivalia Properties, Mytilineos (MYTHY), Praktiker, etc.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the portfolio each) that add up to a total allocation of less than 5%. The stakes are Ampco-Pittsburgh (AP), Argan Inc. (AGX), Bemis Inc. (BMS), Berkshire Hathaway (BRK.A), Cray Inc. (CRAY), Destination Maternity (DEST), FreightCar America (RAIL), Garrett Motion (GTX), Independence Contract Drilling (ICD), Jacobs Engineering (JEC), K12 Inc. (LRN), Kulicke & Soffa (KLIC), Micron Technology (MU), NetEase Inc. (NTES), Northwest Pipe (NWPX), Pacific Biosciences (PACB), Quarterhill Inc. (QTRH), Shire plc, Signature Bank New York (SBNY), Taiwan Semi (TSM), and US Silica Holdings (SLCA).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q4 2018:11/2 – & – BV $451.52,Seaspan – SSW – - The definitive agreement provides that on July 16, 2018 , Fairfax will exercise all of the warrants issued to Fairfax on February 14, 2018 , to acquire approximately 38.46 million Class A common shares at an exercise price of $6.50 per share. In January, 2019, Fairfax will immediately exercise all of the warrants that are issued to Fairfax in connection with the closing of Fairfax's second debenture investment of $250 million pursuant to the subscription agreement dated March 13, 2018 . Upon exercise of the warrants in January 2019 , Fairfax will acquire approximately 38.46 million Class A common shares at an exercise price of $6.50 per share, for a total equity investment of $500 million .Regulatory Filings thru 11/18/2018: None."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q3 2018 Update"

"Prem Watsa’s 13F portfolio value increased from $1.84B to $2.37B this quarter.Fairfax Financial’s largest three stakes are Blackberry, Resolute Forest Products, and Seaspan Corp. They together account for ~53% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 11/14/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2018.This quarter, Watsa’s 13F portfolio value increased ~26% from $1.84B to $2.37B. There are 34 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Blackberry, Resolute Forest Products, and Seaspan. Together, they account for ~53% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q3 2018 was $37.45B of which ~25% is in cash and short-term positions. The cash allocation is down this quarter as they purchased short-dated US Treasury Bonds during the quarter. Prominent equity allocations include investments in Greece and India at ~$1.5B and ~$5B respectively. They have a huge position in CPI linked derivative contracts (~$115B notional amount, $11.8M fair value, 3.9 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$464 compared to a book value of ~$451. The equity portfolio was over 100% hedged as of Q3 2016 but those were removed in the following quarter.Stake Disposals:International Business Machines (IBM): IBM is a ~2% of the 13F portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in the following quarter at prices between $151 and $190. Q2 2017 saw an about turn: position reduced by half at prices between $150 and $175 and that was followed with another ~60% selling the following quarter at prices between $140 and $156. The stock currently trades at ~$122. There was a ~6% trimming in Q4 2017 and the disposal this quarter was at prices between $140 and $153.Stake Increases:Seaspan Corp. (SSW): The large (top three) 13.57% SSW position came about as a result of exercising 38.46M in warrants on July 16, 2018 at $6.50 per share. They are also expected to exercise another 38.46M in warrants in January 2019 at the same strike. Combined, the total equity investment will then be $500M. They also have around the same amount in SSW debt. The stock currently trades at $9.41.General Motors (GM): GM was a minutely small 0.17% position as of last quarter. This quarter saw the stake increased by ~370% to a 0.53% portfolio position at prices between $33.50 and $40. The stock is now at $35.75.General Electric (GE): GE was a minutely small 0.31% of the portfolio stake as of Q1 2018. Last quarter saw a ~160% stake increase at prices between $12.75 and $15.25 and that was followed with a one-third further increase this quarter at prices between $11.25 and $14.20. The stock currently trades well below those ranges at $8.02.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s largest position at ~22% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to 46.7M shares (~9% of the business). His cost-basis is ~$17 and the stock currently trades at $8.97. There has only been very minor activity in the last five years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Resolute Forest Products (RFP): RFP is the second-largest holding at ~17% of the portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s cost-basis on RFP is much higher than the current quote of $11.80.Kennedy-Wilson Holdings (KW): KW stake is the fourth-largest position at ~12% of the 13F portfolio. Watsa’s ownership stake in the business is ~12%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase in Q1 2018. KW currently trades below their recent purchase price ranges at $18.84.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was only $105M. That is compared to a current market value of ~$250M.CenturyLink (CTL): CTL is a small ~2% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% next quarter at prices between $15.50 and $19. The stock currently trades at $19.17. Last quarter saw a ~6% stake increase.Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to the current 1% of the portfolio stake at prices between $46.50 and $61. The stock is currently at $62.59. There was marginal trimming in Q1 2018.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at ~$146 and the position is at 0.86%. There was a ~2% reduction in Q1 2018 and marginal trimming last quarter.POSCO ADR (PKX): PKX is a very small 0.53% of the 13F portfolio stake established in Q3 2015 at prices between $34.50 and $51. The stock currently trades above that range at $57.61. There was marginal selling in Q1 2018.McDermott International (MDR): MDR is a very small 0.51% of the portfolio position. It came about as a result of MdDermott’s all-stock (0.82407 shares of MDR for each share held) deal for Chicago Bridge & Iron. Fairfax had a small position in CBI purchased in Q3 2017 at prices between $9.55 and $20. MDR currently trades at $8.59.Note: Greek allocation in the investment portfolio includes the following individual securities: ~$1B in Eurobank (EGFEY) and ~$500M in others including Grivalia Properties, Mytilineos (MYTHY), Praktiker, etc.The 13F portfolio also has numerous very small equity stakes (less than ~0.5% of the portfolio each) that add up to a total allocation of ~4%. The following positions are sized between ~0.1% and ~0.5% of the portfolio: Argan Inc. (AGX), Carbo Ceramics (CRR), Cray Inc. (CRAY), FreightCar America Inc. (RAIL), Jacobs Engineering (JEC), Kulicke and Soffa Inds. (KLIC), Northwest Pipe (NWPX), and Signature Bank New York (SBNY).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q3 2018:8/3 – & – BV $453.99,5/18/2018: : we see rates going – 8-years of poor economic growth in the US – that is the reason housing is so strong – housing starts, autos, etc. were too low and so is doing catchup. Administration – rolling back regulations, 21% tax-rate, etc. are good for business – so good growth runway. CASH – reflection of valuation overall. INDIA – most excited – possibilities enormous.Regulatory Filings thru 8/15/2018: 13D/A – 7/27, 7/18 – Seaspan - SSW – 64.1M shares – 32.2% of business, 13D/A -6/4 – 39.1M shares – 28.8% of business – amendment related filing, 13G/A – 6/8 – IPI – 0,"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2018 Update"

"Prem Watsa’s 13F portfolio value increased from $1.34B to $1.84B this quarter.Fairfax Financial’s largest three stakes are Blackberry, Resolute Forest Products, and Kennedy Wilson. They together account for ~57% of the 13F assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 08/14/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2018.This quarter, Watsa’s 13F portfolio value increased ~38% from $1.34B to $1.84B. The increase was primarily due to 500M in convertible debentures of Blackberry that is listed in this quarter’s report. There are 34 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Blackberry, Resolute Forest Products, and Kennedy-Wilson. Together, they account for ~57% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q2 2018 was $37.47B of which one-third is in cash and short-term positions. Prominent equity allocations include investments in Greece and India at ~$1.4B and ~$5B respectively. The cash allocation is up a lot compared to 19.3% as of Q3 2016. They have a huge position in CPI linked derivative contracts (~$116B notional amount, $16M fair value, 4.1 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$550 compared to a book value of ~$454. The equity portfolio was over 100% hedged as of Q3 2016 but those were removed the following quarter.New Stakes:McDermott International (MDR): MDR is a very small 0.70% of the portfolio position. It came about as a result of MdDermott’s all-stock (0.82407 shares of MDR for each share held) deal for Chicago Bridge & Iron. Fairfax had a small position in CBI purchased in Q3 2017 at prices between $9.55 and $20. MDR currently trades at $18.18.Stake Disposals:USG Corp. (USG): The 4.62% USG position was established in Q4 2016 at prices between $24 and $32. There was a huge 335% stake increase in Q2 2017 at prices between $28.50 and $34.50. The disposal this quarter was at prices between $39.50 and $43.25. The stock currently trades at ~$43. USG accepted a $44 per share buyout offer from Germany’s Knauf in June.Intrepid Potash (IPI): IPI was a 4.52% of the portfolio stake established in Q1 2017 at prices between $1.40 and $2.45 and disposed this quarter at prices between $3.50 and $5. The stock currently trades at $3.18.Chicago Bridge & Iron: CBI was a very small ~1% portfolio position purchased in Q3 2017 at prices between $9.55 and $20. McDermott International (MDR) acquired CBI in an all-stock-deal that closed in May.Stake Increases:Centurylink (CTL): CTL is a small ~2% of the portfolio stake established in Q4 2017 at prices between $13.50 and $20.50 and increased by ~30% last quarter at prices between $15.50 and $19. The stock currently trades at $22.47. This quarter saw a ~6% stake increase.General Electric (GE): GE was a minutely small 0.31% of the portfolio stake as of last quarter. This quarter saw a ~160% stake increase at prices between $12.75 and $15.25 and the stock currently trades at $12.22.Stake Decreases:Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at ~$130 and the position is at ~1%. There was a ~2% reduction last quarter and marginal trimming this quarter.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s largest position at ~24% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to 46.7M shares (~9% of the business). His cost-basis is ~$17 and the stock currently trades at $9.95. There has only been very minor activity in the last five years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Resolute Forest Products (RFP): RFP is the second-largest holding at ~17% of the portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s cost-basis on RFP is much higher than the current quote of $12.15.Kennedy-Wilson Holdings (KW): KW stake is the third-largest position at ~15% of the 13F portfolio. Watsa’s ownership stake in the business is ~12%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase last quarter. KW currently trades at $21.10.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was only $105M. That is compared to a current market value of ~$282M.International Business Machines (IBM): IBM is a ~2% of the 13F portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in the following quarter at prices between $151 and $190. Q2 2017 saw an about turn: position reduced by half at prices between $150 and $175 and that was followed with another ~60% selling the following quarter at prices between $140 and $156. The stock currently trades at ~$144. There was a ~6% trimming in Q4 2017.Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to the current 1.19% of the portfolio stake at prices between $46.50 and $61. The stock is currently at $61.92. There was marginal trimming last quarter.POSCO ADR (PKX): PKX is a very small 0.76% of the 13F portfolio stake established in Q3 2015 at prices between $34.50 and $51. The stock currently trades well above that range at $68.79. There was marginal selling last quarter.Note 1: Fairfax has a huge ~$1B in total investments in Seaspan Corp (SSW) stock, warrants ($6.5 exercise price), and debt. Regulatory filings in July show them owning 64.1M shares (32.2% of business).Note 2: Greek allocation in the investment portfolio includes the following individual securities: ~$1B in Eurobank (EGFEY) and ~$400M in others including Grivalia Properties, Mytilineos (MYTHY), Praktiker, etc.The 13F portfolio also has numerous very small equity stakes (less than ~0.5% of the portfolio each) that add up to a total allocation of ~4%. The following positions are sized between ~0.1% and ~0.5% of the portfolio: Ampco-Pittsburgh (AP), Argan Inc. (AGX), Carbo Ceramics (CRR), Cray Inc. (CRAY), Envision Healthcare (EVHC), Fluor Corp (FLR), FreightCar America Inc. (RAIL), General Motors (GM), Independence Contract Drilling (ICD), Jacobs Engineering (JEC), Kulicke and Soffa Inds. (KLIC), NetEase Inc. (NTES), Northwest Pipe (NWPX), Seaspan Corp (SSW), Signature Bank New York (SBNY), and Stratasys Ltd. (SSYS).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q2 2018:Regulatory Filings thru 5/16/2018: 13G/A 5/11/2018, Form 4 5/8, 5/4 – IP – 10.4M shares – 7.9% of business – 4M disposed at $3.95, 2M disposed at $4.4, 13D/A 4/12 & 13D 2/26 – Seaspan Corp (SSW) – 39.14M shares – 28.8% of business – these are warrants associated with a $250M capital raise (38.5M shares at exercise price of $6.50),: BV 461.18,: Greek Investments - ~$1B in Eurobank & ~$400M in others including Grivalia Properties, Mytilineos, Praktiker, etc – Fair Value now is ~$1B, Debt and Warrant Deals:: (Letter dated March 9, 2018): Float at $819 per share – 13% increase from 2016. Allied World is the largest acquisition to date: gave ~32% premium to book value and funded with Fairfax shares issues at a ~6% premium to book value. India Investments @ over $5B as below:"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q1 2018 Update"

"Prem Watsa’s 13F portfolio value decreased ~6% from $1.42B to $1.34B this quarter.Fairfax Financial’s largest five stakes are Blackberry, Resolute Forest Products, Kennedy Wilson, USG, and Intrepid Potash. They together account for ~85% of the US long assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 05/15/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2017.This quarter, Watsa’s 13F portfolio value decreased ~6% from $1.42B to $1.34B. There are 38 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) equity holdings. The top three positions are Blackberry, Resolute Forest Products, and Kennedy-Wilson. Together, they account for ~76% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q1 2018 was $37.72B of which ~32% is in cash and short-term positions. Prominent equity allocations include investments in Greece and India at ~$1.4B and ~$5B respectively. The cash allocation is up a lot compared to 19.3% as of Q3 2016. They have a huge position in CPI linked derivative contracts (~$119B notional amount, $27M fair value, 4.4 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$557 compared to a book value of ~$461. The equity portfolio was over 100% hedged as of Q3 2016 but those were removed the following quarter.Stake Disposals:Pfizer Inc. (PFE): PFE was a very small 0.54% portfolio position disposed this quarter.Stake Increases:Centurylink (CTL): CTL is a small 2.27% of the portfolio stake established last quarter at prices between $13.50 and $20.50 and increased by ~30% this quarter at prices between $15.50 and $19. The stock currently trades at $19.26.Kennedy-Wilson Holdings (KW): KW stake is the third-largest position at ~17% of the 13F portfolio. Watsa’s ownership stake in the business is ~12%. Q4 2016 saw a ~40% increase at prices between $20 and $23 and that was followed with a ~8% increase this quarter. KW currently trades at $20.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Since then, they have invested another ~$85M. By EOY 2015, they had already received distributions of $625M and so the net investment was only $105M. That is compared to a current market value of ~$266M.Stake Decreases:Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to the current 1.71% of the portfolio stake at prices between $46.50 and $61. The stock is currently at $72.74. There was marginal trimming this quarter.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at ~$125 and the position is at 1.42%. There was a ~2% trimming this quarter.POSCO ADR (PKX): PKX is a very small ~1% of the 13F portfolio stake established in Q3 2015 at prices between $34.50 and $51. The stock currently trades well above that range at $85.94. There was marginal selling this quarter.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s largest position at ~40% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to 46.7M shares (~9% of the business). His cost-basis is ~$17 and the stock currently trades at $11.61. There has only been very minor activity in the last four years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Resolute Forest Products (RFP): RFP is the second-largest holding at ~19% of the portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s cost-basis on RFP is much higher than the current quote of around $10.30.USG Corp. (USG): The 4.62% USG position was established in Q4 2016 at prices between $24 and $32. There was a huge 335% stake increase in Q2 2017 at prices between $28.50 and $34.50. The stock currently trades at $41.51.Note: USG rejected a $42 per share buyout offer from Germany’s Knauf in March. Earlier this month, they agreed to restart talks following pressure from Berkshire Hathaway and others.Intrepid Potash (IPI): IPI is a 4.52% of the portfolio stake established in Q1 2017 at prices between $1.40 and $2.45 and the stock currently trades well above that range at $5.05.Note: A regulatory filing from earlier this month show them owning 10.4M shares of Intrepid Potash (7.9% of the business). This is compared to 16.67M shares in the 13F report. The reduction happened at ~$4.2 per share.International Business Machines (IBM): IBM is a ~3% of the 13F portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in the following quarter at prices between $151 and $190. Q2 2017 saw an about turn: position reduced by half at prices between $150 and $175 and that was followed with another ~60% selling the following quarter at prices between $140 and $156. The stock currently trades at ~$145. There was a ~6% trimming last quarter.Chicago Bridge & Iron: CBI was a very small ~1% portfolio position purchased in Q3 2017 at prices between $9.55 and $20. McDermott International (MDR) acquired CBI in an all-stock-deal that closed last week.Note 1: A regulatory filing from April show a 39.14M share (28.8% of business) beneficial ownership stake in Seaspan Corp (SSW). They were involved in a $250M capital-raise that included warrants (exercise price of $6.5 per share). SSW currently trades at $8.50. Fairfax Financial has participated in several other “debt and warrant deals”: Chorus Aviation (CHRRF), AGT Foods (AGXXF), Mosaic Capital, Altius Minerals (ATUSF), and Westaim (WEDXF).Note 2: Greek allocation in the investment portfolio includes the following individual securities: ~$1B in Eurobank (EGFEY) and ~$400M in others including Grivalia Properties, Mytilineos (MYTHY), Praktiker, etc.Note 3: Exco Resources (XCOOQ): Exco stake was first purchased in Q1 2012. The position was built up over several years. Recent regulatory filings show them owning 3.53M shares (16.3% of shares outstanding). They also hold securities higher up in the capital structure. The company filed for Chapter 11 bankruptcy in January. The 13F report does not show any Exco holdings as it is no longer a 13F security.The 13F portfolio also has numerous very small equity stakes (less than ~0.5% of the portfolio each) that add up to a total allocation of ~4%. The following positions are sized between ~0.1% and ~0.5% of the portfolio: Ampco-Pittsburgh (AP), Argan Inc. (AGX), Berkshire Hathaway (BRK.A) (BRK.B), Carbo Ceramics (CRR), Cray Inc. (CRAY), Destination Maternity (DEST), Fluor Corp (FLR), FreightCar America Inc. (RAIL), General Electric (GE), Jacobs Engineering (JEC), Kulicke and Soffa Inds. (KLIC), NetEase Inc. (NTES), Northwest Pipe (NWPX), Pengrowth Energy (PGH), RPX Corp. (RPXC), Signature Bank New York (SBNY), Stratasys Ltd. (SSYS), and Wells Fargo (WFC).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q1 2018. It excludes the 500M in convertible debentures of Blackberry which is in the 13F report:Regulatory Filings thru 2/15/2018: 13G/A – XCOOQ – 3.53M shares – 16.3% of business,(2/15/2018): Equity Hedges: Removed in Q4 2016. At September 30, 2016 equity hedges with a notional amount of $7,599.7 represented 112.7% of the company's equity and equity-related holdings of $6,744.6. Book Value: $449.55 per basic share as on 12/31/2017 compared to $415.48 per basic share on September 30, 2017 compared to $367.40 per basic share on December 31, 2016 compared to $403.1 as of December 31, 2015. Portfolio Investments: $37.01 billion compared to $27.29 billion on December 31, 2016. Cash: ~47% of investment portfolio - $17.38B compared to $9.9B on December 31, 2016 and $6.6B on December 31, 2015. Credit Risk: Treasury duration shortened to 1 year in Q4 2016. CPI linked derivative hedges against deflation (): As of June 30 2017, continues to ~$114B notional amount derivatives - these contracts had a remaining weighted average life of just over 5 years – will hold for some time – fair value is around 58M (December 31, 2016 - $83.4).11/18/2017: Reader request to add Fairfax’s insurance interest – I said I will look into it for the next round – “it may be helpful to other investors to mention his equity positions in the various insurance companies held by Fairfax”"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q4 2017 Update"

"Prem Watsa’s 13F portfolio value increased ~16% from $1.22B to $1.42B this quarter.Fairfax Financial’s largest five stakes are Blackberry, Resolute Forest Products, Kennedy Wilson, Intrepid Potash, and USG. They together account for ~85% of the US long assets.The 13F securities form a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 02/14/2018. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2017.This quarter, Watsa’s 13F portfolio value increased ~16% from $1.22B to $1.42B. There are 44 securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top three positions are Blackberry, Resolute Forest Products, and Kennedy-Wilson. Together, they account for ~76% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q4 2017 was $37.01B of which ~47% is in cash and short-term positions. The cash allocation is up a lot compared to 19.3% as of Q3 2016. They have a huge position in CPI linked derivative contracts (~$116B notional amount, $60M fair value, 4.9 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$505 compared to a book value of ~$450. The equity portfolio was over 100% hedged as of Q3 2016 but those were removed the following quarter.New Stakes:Centurylink (CTL): CTL is a small 1.68% of the portfolio stake established this quarter at prices between $13.50 and $20.50 and the stock currently trades at $19.13.Stake Decreases:International Business Machines (IBM): IBM is a 2.87% of the 13F portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in the following quarter at prices between $151 and $190. Q2 2017 saw an about turn: position reduced by half at prices between $150 and $175 and that was followed with another ~60% selling last quarter at prices between $140 and $156. The stock currently trades at $156. There was a ~6% further trimming this quarter.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s largest position at ~37% of the portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to 46.7M shares (~9% of the business). His cost-basis is ~$17 and the stock currently trades at $12.12. There has only been very minor activity in the last four years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Resolute Forest Products (RFP): RFP is the second-largest holding at ~24% of the portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s cost-basis on RFP is much higher than the current quote of around $8.05.Kennedy-Wilson Holdings (KW): KW stake is the third-largest position at ~15% of the 13F portfolio. Watsa’s ownership stake in the business is ~11%. Q4 2016 saw a ~40% increase at prices between $20 and $23. KW currently trades at $16.65.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. By EOY 2015, they had already received distributions of $625M and so the net investment was only $20M. In Q4 2016, they invested another ~$70M. That is compared to a current market value of ~$205M.Intrepid Potash (IPI): IPI is a ~6% of the portfolio stake established in Q1 2017 at prices between $1.40 and $2.45 and the stock currently trades well above that range at $3.54.USG Corp. (USG): The ~4% USG position was established in Q4 2016 at prices between $24 and $32. There was a huge 335% stake increase in Q2 2017 at prices between $28.50 and $34.50. The stock currently trades at $33.87.Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to the current 1.60% of the portfolio stake at prices between $46.50 and $61. The stock is currently at $65.73.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at $131 and the position is at 1.49%.POSCO ADR (PKX): PKX is a very small ~1% of the US long portfolio stake established in Q3 2015 at prices between $34.50 and $51. The stock currently trades well above that range at $86.62.Chicago Bridge & Iron (CBI): CBI is a ~1% portfolio position purchased last quarter at prices between $9.55 and $20 and the stock is currently at $18.67.Pfizer Inc. (PFE): PFE is a very small 0.54% portfolio position kept steady this quarter.Note 1: Exco Resources (XCOOQ): Exco stake was first purchased in Q1 2012. The position was built up over several years. Recent regulatory filings show them owning 3.53M shares (16.3% of shares outstanding). They also hold securities higher up in the capital structure. The company filed for Chapter 11 bankruptcy in January. The 13F report does not show any Exco holdings as it is no longer a 13F security.Note 2: Alere Inc.: Alere was a 1.52% position established last quarter. In October 2017, Abbott Laboratories (ABT) closed on a deal to acquire Alere at $51 per share. The deal, first announced in February 2016 finally got done after the price was negotiated down from the original offer of $56 per share.The 13F portfolio also has numerous very small equity stakes (less than ~0.5% of the US long portfolio each) that add up to a total allocation of ~4.5%. The following positions are sized between ~0.1% and ~0.5% of the portfolio: Ampco-Pittsburgh (AP), Argan Inc. (AGX), Berkshire Hathaway (BRK.A) (BRK.B), Carbo Ceramics (CRR), Centennial Resource (CDEV), Cray Inc. (CRAY), FreightCar America Inc. (RAIL), Jacobs Engineering (JEC), Kulicke and Soffa Inds. (KLIC), Leucadia National (LUK), MYR Group Inc. (MYRG), NetEase Inc. (NTES), Northwest Pipe (NWPX), Pengrowth Energy (PGH), RPX Corp. (RPXC), Signature Bank New York (SBNY), Stratasys Ltd. (SSYS), Turquoise Hill Resources (TRQ), and Wells Fargo (WFC).The spreadsheet below highlights changes to Watsa’s 13F stock holdings in Q4 2017:Regulatory Filings thru 11/16/2017: None.: Equity Hedges: Removed in Q4 2016. At September 30, 2016 equity hedges with a notional amount of $7,599.7 represented 112.7% of the company's equity and equity-related holdings of $6,744.6. Book Value: $415.48 per basic share on September 30, 2017 compared to $367.40 per basic share on December 31, 2016 compared to $403.1 as of December 31, 2015. Portfolio Investments: $37.38 billion compared to $27.29 billion on December 31, 2016. Cash: ~43% of investment portfolio - $15.90B compared to $9.9B on December 31, 2016 and $6.6B on December 31, 2015. Credit Risk: Treasury duration shortened to 1 year in Q4 2016. CPI linked derivative hedges against deflation (): As of June 30 2017, continues to ~$114B notional amount derivatives - these contracts had a remaining weighted average life of just over 5 years – will hold for some time – fair value is around 58M (December 31, 2016 - $83.4)."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q3 2017 Update"

"Prem Watsa’s US long portfolio value increased ~8% from $1.13B to $1.22B this quarter.Fairfax Financial’s largest five 13F stakes are Blackberry, Kennedy Wilson, Resolute Forest Products, Intrepid Potash, and USG. They together account for ~84% of the US long assets.The 13F portfolio is a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 11/14/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2017.This quarter, Watsa’s US long portfolio value increased ~8% from $1.13B to $1.22B. There are 48 13F securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top three holdings are Blackberry, Kennedy-Wilson, and Resolute Forest Products and together they account for ~74% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q3 2017 was $37.38B of which ~43% is in cash and short-term positions. The cash allocation is up a lot compared to 19.3% as of Q3 2016. They have a huge position in CPI linked derivative contracts (~$116B notional amount, $60M fair value, 4.9 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$533 compared to a book value of ~$416. The equity portfolio was over 100% hedged as of Q3 2016 but those were removed the following quarter.New Stakes:Alere Inc. and Chicago Bridge & Iron (CBI): ALR is a 1.52% position established this quarter. Last month, Abbott Laboratories (ABT) closed on a deal to acquire Alere at $51 per share. The deal, first announced in February 2016, finally got done after the price was negotiated down from the original offer of $56 per share. CBI is a ~1% portfolio position purchased this quarter at prices between $9.55 and $20 and the stock is currently at $15.36.Stake Decreases:International Business Machines (IBM): IBM is a 3.34% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in the following quarter at prices between $151 and $190. Last quarter saw the position reduced by half at prices between $150 and $175 and that was followed with another ~60% selling this quarter at prices between $140 and $156. The stock currently trades at $149.US Bancorp (USB): The bulk of the ~2% USB stake as of last quarter was purchased in Q4 2016 at prices between $42.50 and $52.50. It was almost sold out this quarter at prices between $50 and $54. The stock is now at $51.81.Leucadia National (LUK): LUK is now a minutely small 0.21% portfolio position. The stake saw a two-thirds reduction this quarter.Kept Steady:Blackberry Ltd (BB): BB is Watsa’s largest position at ~43% of the 13F portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to 46.7M shares (~9% of the business). His cost-basis is ~$17 and the stock currently trades at $10.38. There has only been very minor activity in the last 3+ years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Kennedy-Wilson Holdings (KW): KW stake is the second-largest position at ~19% of the US long portfolio. Watsa’s ownership stake in the business is ~11%. Q4 2016 saw a ~40% increase at prices between $20 and $23. KW currently trades at $18.70.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. By EOY 2015, they had already received distributions of $625M and so the net investment was only $20M. In Q4 2016, they invested another ~$70M. That is compared to a current market value of ~$240M.Resolute Forest Products (RFP): RFP is the third-largest holding at ~13% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s cost-basis on RFP is much higher than the current quote of around $8.90. The stock lost ~55% in 2015 and is up ~15% since. Last month saw a ~50% rebound in the stock.Intrepid Potash (IPI): IPI is a ~6% of the portfolio stake established in Q1 2017 at prices between $1.40 and $2.45 and the stock currently trades well above that range at $3.61.USG Corp. (USG): The ~4% USG position was established in Q4 2016 at prices between $24 and $32. There was a huge 335% stake increase last quarter at prices between $28.50 and $34.50. The stock currently trades at $34.44.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at $139 and the position is at 1.61%.Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to the current 1.49% of the portfolio stake at prices between $46.50 and $61. The stock is currently at $54.37.POSCO ADR (PKX): PKX is a very small ~1% of the US long portfolio stake established in Q3 2015 at prices between $34.50 and $51. The stock currently trades at $70.82.Exco Resources (XCO): XCO is a 0.21% of the US long portfolio stake first purchased in Q1 2012. The position was built up at much higher prices compared to the current price. The stock currently trades at $0.81. The 13F position was substantially increased last quarter as Exco paid interest to Fairfax in stock in lieu of cash.Note: XCO had a 1-for-15 reverse stock-split in June. Including warrants held and the implied dilutions, Fairfax’s ownership stake in the business is ~46% of the business.Pfizer Inc. (PFE): PFE is a very small 0.61% portfolio position kept steady this quarter.The 13F portfolio also has numerous very small equity stakes (less than ~0.5% of the US long portfolio each) that add up to a total allocation of ~4.6%. The following positions are sized between ~0.1% and ~0.5% of the portfolio: Ampco-Pittsburgh (AP), Argan Inc. (AGX), Berkshire Hathaway (BRK.A) (BRK.B), Carbo Ceramics (CRR), Cray Inc. (CRAY), FreightCar America Inc. (RAIL), Jacobs Engineering (JEC), Kulicke and Soffa Inds. (KLIC), MYR Group Inc. (MYRG), Northwest Pipe (NWPX), Pengrowth Energy (PGH), RPX Corp. (RPXC), Stratasys Ltd. (SSYS), Terraform Global (GLBL), Turquoise Hill Resources (TRQ) and Wells Fargo (WFC).The spreadsheet below highlights changes to Watsa’s US stock holdings in Q3 2017:Regulatory Filings thru 8/12/2017: Form 3,4 – XCO – 8/8-9/2017 – Acquired 1.657M shares at $10.05 (paid in lieu of accrued interest in Notes held). Warrants - ~12.5M shares also held. 13D – 7/14/2017 – AWHHF – Swiss based Allied World Assurance – merger related filing. 13D – 6/9/2017 – XCO – 45.8% ownership including warrants.: Equity Hedges: Removed in Q4 2016. At September 30, 2016 equity hedges with a notional amount of $7,599.7 represented 112.7% of the company's equity and equity-related holdings of $6,744.6. Book Value: $377.97 per basic share on June 30, 2017 compared to $367.40 per basic share on December 31, 2016 compared to $403.1 as of December 31, 2015. Investment Portfolio: $27.93 billion compared to $27.29 billion on December 31, 2016. Cash: 40% of investment portfolio - $11.14B compared to $9.9B on December 31, 2016 and $6.6B on December 31, 2015. Credit Risk: Treasury duration shortened to 1 year in Q4 2016. CPI linked derivative hedges against deflation: As of June 30 2017, continues to ~$114B notional amount derivatives - these contracts had a remaining weighted average life of just over 5 years – will hold for some time – fair value is around 58M (December 31, 2016 - $83.4).5/16/2017 - Reader Input - the phrase “BBRY is the largest position in the US long portfolio” is inaccurate as BBRY is a Canadian company - should adjust it to say “13F portfolio” from the next round."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2017 Update"

"Prem Watsa’s US long portfolio value decreased ~9% from $1.24B to $1.13B this quarter.Fairfax Financial’s largest five 13F stakes are Blackberry, Kennedy Wilson, Resolute Forest Products, International Business Machines, & USG. They together account for ~87% of the US long assets.The 13F portfolio is a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s 13F portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 08/11/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2017.This quarter, Watsa’s US long portfolio decreased ~9% from $1.24B to $1.13B. There are 29 13F securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five positions represent 86.74% of the US long assets. The top three holdings are Blackberry, Kennedy-Wilson, and Resolute Forest Products and together they account for ~74% of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q2 2017 was $27.93B of which 40% is in cash and short-term positions. The cash allocation is up a lot compared to 19.3% as of Q3 2016. They have a huge position in CPI linked derivative contracts (~$114B notional amount, $58M fair value, >5 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$475 compared to a book value of ~$378. The equity portfolio was over 100% hedged as of Q3 2016 but those were removed after the US election results.Stake Increases:Exco Resources (XCO): XCO is a 0.82% of the US long portfolio stake first purchased in Q1 2012. The position was built up at much higher prices compared to the current price. The stock currently trades at $1.26. The 13F position was substantially increased this quarter as Exco paid interest to Fairfax in stock in lieu of cash.Note: XCO had a 1-for-15 reverse stock-split in June. Including warrants held and the implied dilutions, Fairfax’s ownership stake in the business is ~46% of the business.Stake Decreases:International Business Machines (IBM): IBM is a large (top five) ~9% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in Q4 2014 at prices between $151 and $190. This quarter saw the position reduced by half at prices between $150 and $175. The stock currently trades at $142.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at ~41% of the 13F portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to 46.7M shares (~9% of the business). His cost-basis is ~$17 and the stock currently trades at $8.78. There has only been very minor activity in the last 3+ years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Kennedy-Wilson Holdings (KW): KW stake is the second-largest position at ~21% of the US long portfolio. Watsa’s ownership stake in the business is ~11%. Q4 2016 saw a ~40% increase at prices between $20 and $23. KW currently trades at $19.70.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Over the years they received distributions of $625M and so the net investment was only $20M. In Q4 2016, they invested another ~$70M. That is compared to a current market value of ~$240M.Resolute Forest Products (RFP): RFP is the third-largest holding at ~12% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. In Q2 2013, the original stake was increased by ~17% at prices between $12.50 and $16.50. Q2 2016 saw another ~5% increase at prices between $4.75 and $6.75 Watsa’s cost-basis on RFP is much higher than the current quote of around $4.65. The stock lost ~55% in 2015 and has since lost another ~40%.USG Corp. (USG): The ~4% USG position was established in Q4 2016 at prices between $24 and $32. There was a huge 335% stake increase last quarter at prices between $28.50 and $34.50. The stock currently trades at $26.67. For investors attempting to follow Watsa, USG is a good option to consider for further research.Intrepid Potash (IPI): IPI is a 3.32% of the portfolio stake established last quarter at prices between $1.40 and $2.45 and the stock currently trades well above that range at $3.40.US Bancorp (USB): The bulk of the ~1.9% USB stake was purchased in Q4 2016 at prices between $42.50 and $52.50 and the stock is now at $52.05.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Q4 2016 saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at $133 and the position is at 1.77%.Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to the current 1.68% of the portfolio stake at prices between $46.50 and $61. The stock is currently at $46.18.POSCO ADR (PKX): PKX is a very small ~1% of the US long portfolio stake established in Q3 2015 at prices between $34.50 and $51. The stock currently trades at $70.50.Leucadia National (LUK) and Pfizer Inc. (PFE): These two very small stakes (less than ~1% of the portfolio each) were kept steady this quarter.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the US long portfolio each) that add up to a total allocation ~1.4%. The stakes are Berkshire Hathaway (BRK.A) (BRK.B), Colfax Corp. (CFX), CSX Corp. (CSX), Destination Maternity Corp. (DEST) previously Mothers Work, General Dynamics (GD), K12 Inc. (LRN), Monsanto Company (MON), National Oilwell Varco (NOV), NetEase Inc. (NTES), New Oriental Education (EDU), Rayonier Advanced Materials (RYAM), Sherwin Williams (SHW), Thermo Fisher Scientific (TMO), Turquoise Hill Resources (TRQ), and Wells Fargo (WFC).The spreadsheet below highlights changes to Watsa’s US stock holdings in Q2 2017:: Equity Hedges: Removed in Q4 2016. At September 30, 2016 equity hedges with a notional amount of $7,599.7 represented 112.7% of the company's equity and equity-related holdings of $6,744.6. Book Value: $361.02 per basic share on March 31, 2017 compared to $367.40 per basic share on December 31, 2016 compared to $403.1 as of December 31, 2015. Investment Portfolio: $27.56 billion compared to $27.29 billion on December 31, 2016. Cash: 40.4% of investment portfolio - $10.9B compared to $9.9B on December 31, 2016 and $6.6B on December 31, 2015. Credit Risk: Treasury duration shortened to 1 year in Q4 2016. CPI linked derivative hedges against deflation: As of March 31 2017, these contracts have a remaining weighted average life of 5.4 years (December 31, 2016 - 5.6 years), a notional amount of $111.07 billion (December 31, 2016 - $110.4 billion) and a fair value of $71M (December 31, 2016 - $83.4).2/21/2017: A reader pointed out that I should update the convertible debenture change transaction of August 2016. I added a new line to the Note under Blackberry below to include that. For details, follow the ."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q1 2017 Update"

"Prem Watsa’s US long portfolio value increased from $1.17B to $1.24B this quarter.Fairfax Financial’s largest five 13F stakes are Blackberry, Kennedy Wilson, International Business Machines, Resolute Forest Products, & USG. They together account for ~88% of the US long assets.The 13F portfolio is a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 05/12/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2016.This quarter, Watsa’s US long portfolio increased ~6% from $1.17B to $1.24B. There are 31 13F securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five positions represent 87.62% of the US long assets. The top-three holdings are Blackberry, Kennedy-Wilson, and International Business Machines and together they account for more than two-thirds of the entire 13F portfolio.Note: Fairfax Financial’s (FRFHF) 13F holdings only represent a small portion of their overall investment portfolio. The total size as of Q1 2017 was $27.56B of which 40.4% is in cash and short-term positions. The cash allocation is up a lot compared to 19.3% as of Q3 2016. They have a huge position in CPI linked derivative contracts ($111.07B notional amount, $71M fair value, 5.4 years average maturity) designed to protect against global deflation. FRFHF currently trades at ~$443 compared to a book value of ~$361. The equity portfolio was over 100% hedged as of Q3 2016 but those were removed after the US election results.New Stakes:Intrepid Potash (IPI): IPI is a 2.3% of the portfolio stake established this quarter at prices between $1.40 and $2.45 and the stock currently trades near the top end of that range at $2.20.Stake Disposals:Overstock.com Inc. (OSTK): OSTK was a top-five position at ~5% of the US long portfolio as of last quarter. The original stake was purchased in Q4 2008 at prices between $9 and $17 and had since been kept relatively steady. The disposal happened this quarter at ~$16 per share. The stock currently trades at $15.40.Baldwin & Lyons Inc. (BWINB): BWINB was a very small 0.81% of the portfolio position last quarter. Q3 2016 had seen a ~60% stake reduction at prices between $23.50 and $27.50. The remaining position was disposed of this quarter at prices between $23 and $25.40. It was a very long-term stake that was kept steady over many years. The stock is now at $24.30.Stake Increases:USG Corp. (USG): The ~4% USG position was established last quarter at prices between $24 and $32. There was a huge 335% stake increase this quarter at prices between $28.50 and $34.50. The stock currently trades at $30.60. For investors attempting to follow Watsa, USG is a good option to consider for further research.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at ~29% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to 46.7M shares (~9% of the business). His cost-basis is ~$17 and the stock currently trades at $9.35. There has only been very minor activity in the last three years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Kennedy-Wilson Holdings (KW): KW stake is the second-largest position at ~22% of the US long portfolio. Watsa’s ownership stake in the business is ~11%. Last quarter saw a ~40% increase at prices between $20 and $23. KW currently trades at $20.55.Note: The original 2010 stake was from a private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Over the years they received distributions of $625M and so the net investment was only $20M. Last quarter, they invested another ~$70M. That is compared to a current market value of ~$270M.International Business Machines (IBM): IBM is a large (top three) ~19% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in Q4 2014 at prices between $151 and $190. The stock currently trades at $150. For investors attempting to follow Watsa, IBM is a good option to consider for further research.Resolute Forest Products (RFP): RFP is the fourth-largest holding at ~13% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. In Q2 2013, the original stake was increased by ~17% at prices between $12.50 and $16.50. Q2 2016 saw another ~5% increase at prices between $4.75 and $6.75 Watsa’s cost-basis on RFP is much higher than the current quote of around $4.75. The stock lost ~55% in 2015 and has since lost another ~38%.Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to the current 1.88% of the portfolio stake at prices between $46.50 and $61. The stock is currently at $57.42.US Bancorp (USB): The bulk of the ~1.7% USB stake was purchased last quarter at prices between $42.50 and $52.50 and the stock is now at $51.41.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. Last quarter saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at $124 and the position is still very small at ~1.5%.Exco Resources (XCO): XCO is a ~2% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.50 and $9. Q4 2015 saw another ~50% increase at prices between $0.75 and $1.36. The stock currently trades at $0.41. Watsa controls ~10% of the business. Last quarter saw a minor ~8% increase.Note: In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what they would have received by exercising their rights.POSCO ADR (PKX): PKX is a very small 1% of the US long portfolio stake established in Q3 2015 at prices between $34.50 and $51. The stock currently trades at $59.89.Leucadia National (LUK) and Pfizer Inc. (PFE): These two very small stakes (less than ~1% of the portfolio each) were kept steady this quarter.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the US long portfolio each) that add up to a total allocation ~1.4%. The stakes are Berkshire Hathaway (BRK.A) (BRK.B), Carlisle Cos. (CSL), Colfax Corp. (CFX), CSX Corp. (CSX), Destination Maternity Corp. (DEST) previously Mothers Work, General Dynamics (GD), K12 Inc. (LRN), Monsanto Company (MON), National Oilwell Varco (NOV), NetEase Inc. (NTES), New Oriental Education (EDU), Rayonier Advanced Materials (RYAM), Sherwin Williams (SHW), Thermo Fisher Scientific (TMO), Turquoise Hill Resources (TRQ), The Valspar Corp (VAL), and Wells Fargo (WFC).The spreadsheet below highlights changes to Watsa’s US stock holdings in Q1 2017:Regulatory Filings thru 2/20/2017: 13G/A on 2/14/2017: XCO - 27.5M shares - 9.8%. 13G/A on 2/14/2017: OSTK - 0. 13D/A on 12/22/2016: RFP - 30.55M shares - 34.1%.: Equity Hedges: Removed. At September 30, 2016 equity hedges with a notional amount of $7,599.7 represented 112.7% of the company's equity and equity-related holdings of $6,744.6. Book Value: $367.40 per basic share on December 31. 2016 compared to $406.65 per basic share on September 30, 2016 compared to $403.1 as of December 31, 2015. Investment Portfolio: $27.29 billion on December 31, 2016 compared to $27.83 billion on December 31, 2015. Cash: At $9.9B compared to $6.6B on December 31, 2015. Treasury duration shortened to 1 year. CPI linked derivative hedges against deflation: At December 21, 2016 these contracts have a remaining weighted average life of 5.6 years (December 31, 2015 - 6.6 years), a notional amount of $110.4 billion (December 31, 2015 - $109.4 billion) and a fair value of $83.4M (December 31, 2015 - $272.6)."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q4 2016 Update"

"Prem Watsa’s US long portfolio increased from $1.11B to $1.17B this quarter.Fairfax Financial’s largest five 13F stakes are Blackberry, Kennedy Wilson, International Business Machines, Resolute Forest Products, & Overstock.com. They together account for ~87% of the US long assets.The 13F portfolio is a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 02/13/2017. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2016.This quarter, Watsa’s US long portfolio increased ~5% from $1.11B to $1.17B. There are 29 13F securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five positions represent ~87% of the US long assets. The top-three holdings are Blackberry, Kennedy-Wilson, and International Business Machines and together they account for more than two-thirds of the entire 13F portfolio.Note: Fairfax Financial (FRFHF) had a negative view on equities and the stock portfolio was hedged 112.7% as of September 30, 2016. The US election results prompted a huge change: equity hedges removed and bond portfolio duration shortened to one year. The 13F holdings only represent a small portion of the overall investment portfolio. The total size of their investment portfolio as of Q4 2016 was $27.29B of which 37.4% is in cash and short-term positions. The cash allocation is up a lot compared to 19.3% as of last quarter. They still have a huge position in CPI linked derivative contracts ($110.4B notional amount, $83.4M fair value, 5.6 years average maturity) designed to protect against global deflation. FRFHF currently trades at $473 compared to a book value of ~$367.Stake Decreases:International Business Machines (IBM): IBM is a large (top three) ~19% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in Q4 2014 at prices between $151 and $190. The stock currently trades at $181. For investors attempting to follow Watsa, IBM is a good option to consider for further research. This quarter saw marginal trimming.Baldwin & Lyons Inc. (BWINB): BWINB was a small 2.24% of the portfolio position last quarter. This quarter saw a ~60% reduction to a very small 0.81% stake at prices between $23.50 and $27.50. The stock is now at $23. It is a very long-term stake that was kept steady over many years. The large reduction this quarter indicates a bearish bias.Stake Increases:Kennedy-Wilson Holdings (KW): KW stake is the second-largest position at ~22% of the US long portfolio. Watsa’s ownership stake in the business is ~11%. This quarter saw a ~40% increase at prices between $20 and $23. KW currently trades at $21.30.Note: The original stake is from a 2010 private placement for Kennedy Wilson convertible preferred stock. The total investment from that point thru Q3 2016 was $645M. Over the years they received distributions of $625M and so the net investment was only $20M. This quarter, they invested another ~$70M. That is compared to a current market value of ~$260M.Exco Resources (XCO): XCO is a ~2% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.50 and $9. Q4 2015 saw another ~50% increase at prices between $0.75 and $1.36. The stock currently trades at $0.64. Watsa controls ~10% of the business. This quarter saw a minor ~8% increase.Note: In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what they would have received by exercising their rights.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.50 and $94.50 and in the following quarter the remaining stake was almost eliminated at prices between $85.50 and $96. This quarter saw an about turn: ~80% increase at prices between $111 and $120. The stock currently trades at $119 and the position is still very small at ~1.5%.US Bancorp (USB) and USG Corp. (USG): These were minutely small stakes last quarter. They were both increased to significantly large positions this quarter. The ~1.8% USB stake was purchased at prices between $42.50 and $52.50 and the stock is now above that range at $54.88. The ~0.9% USG position was established at prices between $24 and $32 and the stock currently trades just above that range at $32.74.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at ~28% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to 46.7M shares (~9% of the business). His cost-basis is ~$17 and the stock currently trades at $7.49. There has only been very minor activity in the last two years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution took their ownership up to ~16.5% of the business. In Q3 2016, those shares were redeemed and new ones issued ($605M in 3.75% debentures convertible at $10 due 11/13/2020) to the same entities in a private placement.Resolute Forest Products (RFP): RFP is the fourth-largest holding at ~14% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. In Q2 2013, the original stake was increased by ~17% at prices between $12.50 and $16.50. Q2 2016 saw another ~5% increase at prices between $4.75 and $6.75 Watsa’s cost-basis on RFP is much higher than the current quote of around $4.65. The stock lost ~55% in 2015 and has since lost another ~40%.Overstock.com Inc. (OSTK): OSTK is a top-five position at ~5% of the US long portfolio. The original stake was purchased in Q4 2008 at prices between $9 and $17 and has since been kept relatively steady. The stock currently trades at $18.60.Note: Regulatory filings since the quarter ended show Fairfax no longer holding Overstock shares. The exit happened at ~$16 per share.Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to the current 2.32% of the portfolio stake at prices between $46.50 and $61. The stock is currently at $68.26.POSCO ADR (PKX): PKX is a very small 0.86% of the US long portfolio stake established in Q3 2015 at prices between $34.50 and $51. The stock currently trades at $62.06.Leucadia National (LUK) and Pfizer Inc. (PFE): These two very small stakes (less than ~1% of the portfolio each) were kept steady this quarter.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the US long portfolio each) that add up to a total allocation ~1.5%. The stakes are Berkshire Hathaway (BRK.A) (BRK.B), Colfax Corp. (CFX), Destination Maternity Corp. (DEST) previously Mothers Work, General Dynamics (GD), K12 Inc. (LRN), Monsanto Company (MON), National Oilwell Varco (NOV), NetEase Inc. (NTES), New Oriental Education (EDU), Rayonier Advanced Materials (RYAM), TeamHealth Holdings (TMH), Turquoise Hill Resources (TRQ), The Valspar Corp (VAL), and Wells Fargo (WFC).Note: Blackstone (BX) acquired TeamHealth at $43.50 per share in a transaction that closed earlier this month. Blackstone had originally brought it public at the end of 2009 at ~$15 per share.The spreadsheet below highlights changes to Watsa’s US stock holdings in Q4 2016:Per Q3 2016 Interim Report & earnings call transcript: Equity Hedges: At September 30, 2016 equity hedges with a notional amount of $7,599.7 (December 31, 2015 - $5,894.8) represented 112.7% (December 31, 2015 - 88.1%) of the company's equity and equity-related holdings of $6,744.6 (December 31,2015 - $6,687.4).Book Value: $406.65 per basic share on September 30, 2016 compared to $403.1 as of December 31, 2015. Investment Portfolio: $28.53 billion on September 30, 2016 compared to $27.83 billion on December 31, 2015. Cash: As of September 30, 2016 we had $5.5 billion in cash and short-term investments in our portfolios which is 19.3% of our total investment portfolios. After quarter ended, we sold approximately 90% of our U.S. long term treasuries in our investment portfolio. And as a result we will have cash and short term investments in excess of $10 billion or 35% of the portfolio. Since we began buying treasuries in 2010 we have realized a cumulative gain. Now this is a cumulative gain of over $1 billion. CPI linked derivative hedges against deflation: At September 30, 2016 these contracts have a remaining weighted average life of 5.9 years (December 31, 2015 - 6.6 years), a notional amount of $113.65 billion (December 31, 2015 - $109.4 billion) and a fair value of $155.9 (December 31, 2015 - $272.6). The company’s CPI-linked derivative contracts produced net unrealized losses of $77.3M compared to $2M in the second quarter of 2016."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q3 2016 Update"

"Prem Watsa’s US long portfolio decreased from $1.53B to $1.11B this quarter.Fairfax Financial’s largest five 13F stakes are Blackberry, International Business Machines, Kennedy Wilson, Resolute Forest Products, & Overstock.com. They together account for ~89% of the US long assets.The 13F portfolio is a small portion of their overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 11/11/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2016.This quarter, Watsa’s US long portfolio decreased ~27% from $1.53B to $1.11B. The decrease was primarily due to a ~$450M position in Blackberry convertible debt (see note under Blackberry section below for details) that is no longer listed in the 13F. There are 29 13F securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five positions represent ~89% of the US long assets. The top-two holdings are Blackberry and International Business Machines and together they account for over half the entire 13F portfolio.Note: Fairfax Financial (FRFHF) has a negative view on equities, the stock portfolio is hedged (112.7% as of September 30, 2016), and the 13F holdings only represent a small portion of the overall investment portfolio. The total size of their investment portfolio as of Q3 2016 was $28.5B of which 19.3% is in cash and short-term positions. Also, they have a huge position in CPI linked derivative contracts ($113.65B notional amount, $155.9M fair value, 5.9 years average maturity) designed to protect against global deflation. FRFHF currently trades at $491 compared to a book value of ~$407.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at 33.58% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to 46.7M shares (~9% of the business). His cost-basis is ~$17 and the stock currently trades at $7.17. There has only been very minor activity in the last eleven quarters.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes their ownership up to ~16.5% of the business. The huge position in the converts valued at ~$450M is not listed in the 13F this quarter.Exco Resources (XCO): XCO is a 2.46% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. Q4 2015 saw another ~46% increase at prices between $0.75 and $1.36. The stock currently trades at $1.06. Watsa controls ~9% of the business.Note: In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what they would have received by exercising their rights.Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position built up to the current 2.12% of the portfolio stake at prices between $46.86 and $61. The stock is currently just above that range at $63.69.International Business Machines (IBM): IBM is a large (second largest) 19.51% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in Q4 2014 at prices between $151 and $190. The stock currently trades at $160. For investors attempting to follow Watsa, IBM is a good option to consider for further research.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the position was sold at prices between $85.86 and $94.39 and in the following quarter the remaining stake was almost eliminated at prices between $85.61 and $95.63. The stock currently trades at $120 and the position is now very small at 0.88%.Kennedy-Wilson Holdings (KW): KW stake in the common stock is the third-largest at 18.19% of the US long portfolio. Watsa’s ownership stake in the business is ~8%. KW currently trades at $22.45 and his cost-basis is $11.90.Note: The original stake is from a 2010 private placement for Kennedy Wilson convertible preferred stock. The total investment from that point on was $645M. Over the years they received distributions of $625M and so the net investment is only $20M compared to the current value of ~$200M.Overstock.com Inc. (OSTK): OSTK is a top-five position at 4.39% of the US long portfolio. The original stake was purchased in Q4 2008 at prices between $9 and $17 and has since been kept relatively steady. The stock currently trades at $16.50.POSCO ADR (PKX): PKX is a very small 0.88% of the US long portfolio stake established in Q3 2015 at prices between $34.64 and $50.83. The stock currently trades at $52.93.Resolute Forest Products (RFP): RFP is the fourth-largest holding at 13% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. In Q2 2013, the original stake was increased by ~17% at prices between $12.70 and $16.49. Last quarter saw another ~5% increase at prices between $4.81 and $6.72 Watsa’s cost-basis on RFP is much higher than the current quote of around $4.05. The stock lost ~55% in 2015 and another ~47% YTD.Baldwin & Lyons Inc. (BWINB), Leucadia National (LUK), and Pfizer Inc. (PFE): BWINB is a very small 2.24% of the portfolio position kept steady this quarter. It is a very long-term holding that has been in the portfolio since before the financial crisis. LUK & PFE are even smaller (less than ~1% of the portfolio each) stakes kept steady this quarter.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the US long portfolio each) that add up to a total allocation ~1.5%. The stakes are Berkshire Hathaway (BRK.A) (BRK.B), CSX Corporation (CSX), Colfax Corp. (CFX), Cvent Inc. (CVT), General Dynamics (GD), K12 Inc. (LRN), Lexmark Intl. (LXK), National Oilwell Varco (NOV), NetEase Inc. (NTES), New Oriental Education (EDU), Rayonier Advanced Materials (RYAM), Turquoise Hill Resources (TRQ), US Bancorp (USB), USG Corporation (USG), Virgin America Inc. (VA), and Wells Fargo (WFC).The spreadsheet below highlights changes to Watsa’s US stock holdings in Q3 2016:Per Q2 2016 Interim Report & earnings call transcript: Equity Hedges: At June 30, 2016 equity hedges with a notional amount of $7,321.1 (December 31, 2015 - $5,894.8) represented 115.3% (December 31, 2015 - 88.1%) of the company's equity and equity-related holdings of $6,351.8 (December 31,2015 - $6,687.4). Book Value: $406.07 per basic share on June 30, 2016 compared to $403.1 as of December 31, 2015. Investment Portfolio: $28.04 billion on June 30, 2016 compared to $28.07 billion on March 31, 2016. Cash: As of June 30, 2016, $5.18 billion (18.3% of investment portfolio) in cash and short-term investments compared to $6.64B (23.9% of investment portfolio) as of December 31, 2015. CPI linked derivative hedges against deflation: At June 30, 2016 these contracts have a remaining weighted average life of 6.1 years (December 31, 2015 - 6.6 years), a notional amount of $112.4 billion (December 31, 2015 - $109.4 billion) and a fair value of $227.3 (December 31, 2015 - $272.6). The company’s CPI-linked derivative contracts produced net unrealized losses of $2M compared to $54.6M in the first quarter of 2016.Regulatory Filings thru 8/13/2016: OSTK - 13GA on 5/19/2016 - 3.18M shares - 12.6%."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2016 Update"

"Prem Watsa’s US long portfolio decreased from $1.66B to $1.53B this quarter.Fairfax Financial’s largest five 13F stakes are Blackberry, International Business Machines, Kennedy Wilson, Resolute Forest Products, & Overstock.com. They together account for ~59% of the US long assets.The 13F portfolio is a small portion of the overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 08/12/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2016.This quarter, Watsa’s US long portfolio decreased 7.96% from $1.66B to $1.53B. There are 28 13F securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five positions represent 59.10% of the US long assets. The top-two holdings are Blackberry and International Business Machines and together they account for just over one-third the entire 13F portfolio.Note: Fairfax Financial (FRFHF) has a negative view on equities, the stock portfolio is hedged (115.3% as of June 30, 2016), and the 13F holdings only represent a small portion of the overall investment portfolio. The total size of their investment portfolio as of Q2 2016 was $28.04B of which 18.5% is in cash and short-term positions. Also, they have a huge position in CPI linked derivative contracts ($112.4B notional amount, $227.3M fair value, 6.1 years average maturity) designed to protect against global deflation. FRFHF currently trades at $565 compared to a book value of $406.07.Stake Disposals:ICICI Bank (IBN) and BCE Inc. (BCE): IBN was a very small 0.65% of the 13F portfolio stake established last quarter at prices between $5.18 and $7.83 and disposed of this quarter at prices between $6.38 and $7.85. The stock currently trades at $7.19. The very small 0.74% of portfolio stake in BCE was a very long-term position established before the financial crisis. It was eliminated this quarter at prices between $45.30 and $47.46. The stock is now at $48.76.Stake Increases:Resolute Forest Products (RFP): RFP is the fourth-largest holding at 10.58% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. In Q2 2013, the original stake was increased by ~17% at prices between $12.70 and $16.49. This quarter saw another ~5% increase at prices between $4.81 and $6.72 Watsa’s cost-basis on RFP is much higher than the current quote of around $5.85. The stock lost ~55% in 2015 and another ~25% YTD.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at 20.50% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to 46.7M shares (~9% of the business). His cost-basis is ~$17 and the stock currently trades at $8.08. There has only been very minor activity in the last ten quarters.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes their ownership up to ~16.5% of the business. The huge position in the converts currently valued at ~$496M is also listed in the 13F.Exco Resources (XCO): XCO is a 2.17% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. Q4 2015 saw another ~46% increase at prices between $0.75 and $1.36. The stock currently trades at $1.34. Watsa controls ~9% of the business.Note: In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what they would have received by exercising their rights.Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. The following quarter saw the position increased to a 1.52% of the portfolio stake at prices between $46.86 and $61. The stock is currently just above that range at $61.87.International Business Machines (IBM): IBM is a large (second largest) 13.54% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in Q4 2014 at prices between $151 and $190. The stock currently trades at $162. For investors attempting to follow Watsa, IBM is a good option to consider for further research.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the stake was sold at prices between $85.86 and $94.39 and in the following quarter the remaining position was almost eliminated at prices between $85.61 and $95.63. The stock currently trades at $123 and the stake is now very small at 0.66%.Kennedy-Wilson Holdings (KW): KW stake in the common stock is the third-largest at 11.12% of the US long portfolio. Watsa’s ownership stake in the business is ~8%. KW currently trades at $21.51 and his cost-basis is $11.90.Note: The original stake is from a 2010 private placement for Kennedy Wilson convertible preferred stock. The total investment from that point on was $645M. Over the years they received distributions of $625M and so the net investment is only $20M compared to the current value of ~$170M.Overstock.com Inc. (OSTK): OSTK is a top-five position at 3.36% of the US long portfolio. The original stake was purchased in Q4 2008 at prices between $9 and $17 and has since been kept relatively steady. The stock currently trades at $16.02.POSCO ADR (PKX): PKX is a very small 0.56% of the US long portfolio stake established in Q3 2015 at prices between $34.64 and $50.83. The stock currently trades at $48.85.Baldwin & Lyons Inc. (BWINB): BWINB is a very small 1.57% of the portfolio position kept steady this quarter. It is a very long-term holding that has been in the portfolio since before the financial crisis.The 13F portfolio also has numerous very small equity positions (less than ~0.5% of the US long portfolio each) that add up to a total allocation ~1.5%. The stakes are Berkshire Hathaway (BRK.A) (BRK.B), Colfax Corp. (CFX), CSX Corporation (CSX), Cvent Inc. (CVT), General Dynamics (GD), K12 Inc. (LRN), Leucadia National (LUK), Lexmark Intl. (LXK), National Oilwell Varco (NOV), New Oriental Education (EDU), Pfizer Inc. (PFE), Rayonier Advanced Materials (RYAM), Turquoise Hill Resources (TRQ), US Bancorp (USB), USG Corporation (USG), and Wells Fargo (WFC).The spreadsheet below highlights changes to Watsa’s US stock holdings in Q2 2016:Per Q1 2016 Interim Report & earnings call transcript: Equity Hedges: At March 31, 2016 equity hedges with a notional amount of $7,049.9M (December 31, 2015 - $5,894.8) represented 107.2% (December 31, 2015 - 100.3%) of the company's equity and equity-related holdings of $6,575.7 (December 31, 2015 - $6,687.4). Book Value: $398.83 per basic share on March 31, 2016 compared to $403.1 as of December 31, 2015. Investment Portfolio: $28.6 billion on March 31, 2016 compared to $27.8 billion as of December 31, 2015. Cash: As of March 31, 2016, $5.25 billion (18.3% of investment portfolio) in cash and short-term investments compared to $6.64B (23.9% of investment portfolio) as of December 31, 2015. CPI linked derivative hedges against deflation: At March 31, 2016 these contracts have a remaining weighted average life of 6.3 years (December 31, 2015 - 6.6 years), a notional amount of $112.1 billion (December 31, 2015 - $109.4 billion) and a fair value of $228.9 (December 31, 2015 - $272.6). The company’s CPI-linked derivative contracts produced net unrealized losses of $54.6 in the first quarter of 2016, compared to net unrealized gains of $75.2 in the first quarter of 2015Info from 2015 Letter: Record low underwriting combined ratio of 89.9% overall. Book Value - $403 - has compounded at 21.2% (including dividends) from 1985. Size of investment portfolio - $29B. Equity Hedges & deflation hedges thru CPI linked derivative contracts. The contracts have 6.6 years to maturity, has a notional value of $109B, $656M cost, and market value of $272.6M.Regulatory Filings thru 5/13/2016: RFP - 13D/A on 5/13/2016 - 29,485,689 shares - 32.9%."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q1 2016 Update"

"Prem Watsa’s US long portfolio increased from $1.23B to $1.66B this quarter.Fairfax Financial’s largest five 13F stakes are Blackberry, International Business Machines, Kennedy Wilson, Resolute Forest Products, & Overstock.com. They together account for ~60% of the US long assets.The 13F portfolio is a small portion of the overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 05/13/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2015.This quarter, Watsa’s US long portfolio increased 34.69% from $1.23B to $1.66B. The increase was primarily due to a $533M position in Blackberry convertible debt (see note under Blackberry section below for details) that is newly listed in the 13F. There are 30 13F securities in the portfolio, but it is concentrated among a few large stakes. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five positions represent 59.47% of the US long assets. The top-two holdings are Blackberry and International Business Machines and together they account for ~35% of the entire 13F portfolio.Note: Fairfax Financial (FRFHF) has a negative view on equities, the stock portfolio is hedged (107.2% as of March 31, 2016), and the 13F holdings only represent a small portion of the overall investment portfolio. The total size of their investment portfolio as of Q1 2016 was $28.6B of which 18.3% is in cash and short-term positions. Also, they have a huge position in CPI linked derivative contracts ($112.1B notional amount, $228.9M fair value, 6.3 years average maturity) designed to protect against global deflation. FRFHF currently trades at $511 compared to a book value of $399.Stake Disposals:Sandridge Energy (SDOC): SDOC was a 0.91% of the US long portfolio stake as of last quarter. It was first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. Q4 2014 also saw a ~57% stake increase at prices between $1.64 and $4.57. The position was eliminated this quarter at prices between 3c and 14c. The OTC traded stock is now at 6c.New Stakes:ICICI Bank (IBN): IBN is a small 0.65% of the 13F portfolio stake established this quarter at prices between $5.18 and $7.83. The stock currently trades at $6.74.Stake Increases:Helmerich & Payne (HP): HP was a minutely small stake as of Q3 2015. Last quarter saw the position increased to a 1.52% of the portfolio stake at prices between $46.86 and $61. The stock is currently at $58.08. This quarter saw a marginal further increase.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at 22.83% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current stake of almost 46.7M shares (~9% of the business). His cost-basis is around $17 and the stock currently trades at $6.68. There has only been very minor activity in the last two years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes their ownership up to ~16.5% of the business.Exco Resources (XCO): XCO is a 1.52% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. Last quarter saw another ~46% increase at prices between $0.75 and $1.36. The stock currently trades at $0.72. Watsa controls ~9% of the business.Note: In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what he would have received by exercising his rights.International Business Machines (IBM): IBM is a large (second largest) 12.44% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in Q4 2014 at prices between $151 and $190. The stock currently trades below the low end of those ranges at around $148. For investors attempting to follow Watsa, IBM is a very good option to consider for further research.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the stake was sold at prices between $85.86 and $94.39 and in the following quarter the remaining position was almost eliminated at prices between $85.61 and $95.63. The stock currently trades at $114 and the stake is now very small at 0.54%.Kennedy-Wilson Holdings (KW): KW stake in the common stock is the third-largest at 11.81% of the US long portfolio. Watsa’s ownership stake in the business is ~8%. KW currently trades at $20.01 and his cost-basis is $11.90.Note: The original stake is from a 2010 private placement for Kennedy Wilson convertible preferred stock. The total investment from that point on was $645M. Over the years they received distributions of $625M and so the net investment is only $20M compared to the current value of close to $200M.Overstock.com Inc. (OSTK): OSTK is a top-five position at 2.76% of the US long portfolio. The original stake was purchased in Q4 2008 at prices between $9 and $17 and has since been kept relatively steady. The stock currently trades at $14.70.Pfizer Inc. (PFE): The very small 0.37% portfolio stake in PFE saw a ~11% reduction last quarter at prices between $31.33 and $35.45. The stock is now at $33.18.POSCO ADR (PKX): PKX is a very small 0.55% of the US long portfolio stake established in Q3 2015 at prices between $34.64 and $50.83. The stock currently trades near the low end of that range at $43.38.Resolute Forest Products (RFP): RFP is the fourth-largest holding at 9.63% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. In Q2 2013, the original stake was increased by ~17% at prices between $12.70 and $16.49. Since then, the position has remained relatively steady. Watsa’s cost-basis on RFP is much higher than the current quote of around $5.46. The stock lost ~55% in 2015 and another ~30% YTD.Note: A regulatory 13D/A filing on 5/13/2016 shows Fairfax owning 29,485,689 shares (32.9% of the business). This is compared to 29.05M shares in the 13F.Baldwin & Lyons Inc. (BWINB) and BCE Inc. (BCE): These are very small (less than ~2%) positions that were kept steady this quarter.The 13F portfolio also has numerous very small positions (less than ~0.5% of the US long portfolio each) that add up to a total allocation of ~2%. The stakes are The ADT Corporation (ADT), Cleco Corporation (CNL), Colfax Corp. (CFX), CSX Corporation (CSX), Eros International (EROS), K12 Inc. (LRN), Leucadia National (LUK), New Oriental Education (EDU), Rayonier Advanced Materials (RYAM), Starwood Hotels & Resorts (HOT), Turquoise Hill Resources (TRQ), US Bancorp (USB), USG Corporation (USG), and Wells Fargo (WFC). Of these, ADT, CNL, CSX, HOT, and LUK are new this quarter.Note: In the 2015 investor letter, Watsa identified their investment in Eurobank (EGFEY) as having the largest unrealized losses ever.The spreadsheet below highlights changes to Watsa’s US stock holdings in Q1 2016:Note: Include info from 2015 annual & Q1 2016 interim reports for Q1 2016 Update. It was not ready for Q4 2015 report and so was not included. See below Q4 2015 article for an example of what can be gleaned from these reports."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q4 2015 Update"

"Prem Watsa’s US long portfolio increased from $1.08B to $1.23B this quarter.Fairfax Financial’s largest five positions are Blackberry, Resolute Forest Products, Kennedy Wilson, International Business Machines, & Overstock.com. They together account for ~89% of the US long assets.The 13F portfolio is a small portion of the overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 02/12/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2015.This quarter, Watsa’s US long portfolio increased 13.88% from $1.08B to $1.23B. Although there are 33 13F securities in the portfolio, it is still very concentrated: a few large stakes and numerous minute positions. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five positions represent 88.87% of the US long assets. The top-two holdings are Blackberry and Resolute Forest Products and together they account for ~53% of the entire 13F portfolio.It should be noted that Fairfax Financial (FRFHF) has a negative view on equities, the stock portfolio is hedged, and the 13F holdings only represent a small portion of the overall investment portfolio.Stake Decreases:International Business Machines (IBM): IBM is a large (third largest) 15.22% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in Q4 2014 at prices between $151 and $190. The stock currently trades well below the low end of those ranges at around $121. This quarter saw a marginal reduction. For investors attempting to follow Watsa, IBM is a very good option to consider for further research.Pfizer Inc. (PFE): The very small 0.55% portfolio stake in PFE saw a ~11% reduction this quarter at prices between $31.33 and $35.45. The stock is now at $29.35.Stake Increases:Exco Resources (XCO): XCO is a 2.57% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. This quarter saw another ~46% increase at prices between $0.75 and $1.36. The stock currently trades at $0.915. Watsa controls 9.1% of the business.Note: In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what he would have received by exercising his rights.Helmerich & Payne (HP): HP was a minutely small stake as of last quarter. This quarter saw the position increased to a 1.52% of the portfolio stake at prices between $46.86 and $61. The stock is currently at $47.41.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at 35.17% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current stake of almost 46.7M shares (~9% of the business). His cost-basis is around $17 and the stock currently trades at $6.68. There has only been very minor activity in the last two years.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes their ownership up to ~16.5% of the business.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the stake was sold at prices between $85.86 and $94.39 and in the following quarter the remaining position was almost eliminated at prices between $85.61 and $95.63. The stock currently trades at $102 and the stake is now very small at 0.69%.Kennedy-Wilson Holdings (KW): KW stake in the common stock is the third-largest at 17.50% of the US long portfolio. Watsa’s ownership stake in the business is ~8%. KW currently trades at $16.06 and his cost-basis is $11.90.Note: The original stake is from a 2010 private placement for Kennedy Wilson convertible preferred stock.Overstock.com Inc. (OSTK): OSTK is a top-five position at 3.17% of the US long portfolio. The original stake was purchased in Q4 2008 at prices between $9 and $17 and has since been kept relatively steady. The stock currently trades at $13.53.POSCO ADR (PKX): PKX is a very small 0.55% of the US long portfolio stake established last quarter at prices between $34.64 and $50.83. The stock currently trades near the low end of that range at $37.72.Resolute Forest Products (RFP): RFP is the second-largest holding at 17.80% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. In Q2 2013, the original stake was increased by ~17% at prices between $12.70 and $16.49. Since then, the position has remained relatively steady. Watsa’s cost-basis on RFP is much higher than the current quote of around $4.20. The stock lost ~55% in 2015 and another ~45% YTD.Sandridge Energy (SDOC): SDOC is a 0.91% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. Q4 2014 saw a ~57% stake increase at prices between $1.64 and $4.57. Last quarter saw a ~13% increase at prices between $0.26 and $0.88. The stock is now OTC traded and is at 3.5c.Baldwin & Lyons Inc. (BWINB) and BCE Inc. (BCE): These are very small (less than ~2%) positions that were kept steady this quarter.The 13F portfolio also has numerous very small positions (less than ~0.5% of the US long portfolio each) that add up to a total allocation of 1.62%. The stakes are Atwood Oceanics (ATW), Berkshire Hathaway (BRK.A) (BRK.B), Colfax Corp. (CFX), Dex Media Inc. (DXM), Eros International (EROS), General Dynamics (GD), K12 Inc. (LRN), New Oriental Education (EDU), Omnivision Technologies (OVTI), Penn West Pete. (PWE), Precision Castparts (PCP), Rayonier Advanced Materials (RYAM), Reald Inc. (RLD), Solera Holdings (SLH), Turquoise Hill Resources (TRQ), USG Corporation (USG), Ultra Petroleum (UPL), US Bancorp (USB), and Wells Fargo (WFC). The following very small stakes as of last quarter were sold-out this quarter: Altera Corp. (ALTR), BP plc (BP), Citigroup (C), CSX Corporation (CSX), Hologic Inc. (HOLX), Lumenis Ltd. (LMNS), MBIA Inc. (MBI), Merck & Co. (MRK), Nam Tai Property (NTP), New York Community Bancorp (NYCB), New Tork Times (NYT), Patterson UTI Energy (PTEN), Sterling Bancorp (STL), and Yodlee Inc. (YDLE).The spreadsheet below highlights changes to Watsa’s US stock holdings in Q4 2015:& earnings call transcript: Equity Hedges: At September 30, 2015 equity hedges with a notional amount of $5,959.9 (December 31, 2014 - $6,856.9) represented 100.3% (December 31, 2014 - 89.6%) of the company's equity and equity-related holdings of $5,939.2 (December 31, 2014 - $7,651.7). The increase in the hedge ratio principally resulted from net unrealized depreciation of equity and equity-related holdings due to significant market declines and the impact of the strengthening of the U.S. dollar in the first nine months of 2015 on holdings denominated in the euro and Canadian dollar. Book Value: Common shareholders’ equity at September 30, 2015 was $8,894.6 or $399.65 per basic share (excluding the unrecorded $703.2 excess of fair value over the carrying value of investments in associates and certain consolidated subsidiaries) compared to $8,361.0 or $394.83 per basic share (excluding the unrecorded $830.5 excess of fair value over the carrying value of investments in associates and certain consolidated subsidiaries) at December 31, 2014 representing an increase per basic share in the first nine months of 2015 of 1.2% (without adjustment for the $10.00 per common share dividend paid in the first quarter of 2015, or an increase of 3.7% adjusted to include that dividend). Investment Portfolio: We ended the third quarter with an investment portfolio inclusive of holding company cash, $29.3 billion compared to $26.2 billion at the end of 2014, the majority of this increase related to the consolidation of the portfolio investments of Brit and Fairfax India, partially offset by net unrealized depreciation of bonds and common stocks in the unfavorable impact of foreign currency translations. Cash: As of September 2015, we have $7.7 billion of cash and short-term investments in our portfolio, which is 27% of our total investment portfolios to take advantage of opportunities that may come our way. As a result, in the short-term, our investment income will be reduced. Also, over $100B in deflation swaps exposure."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q3 2015 Update"

"Prem Watsa’s US long portfolio decreased from $1.36B to $1.08B this quarter.Fairfax Financial’s largest five positions are Blackberry, Resolute Forest Products, Kennedy Wilson, International Business Machines, & Overstock.com. They together account for ~90% of the US long assets.The 13F portfolio is a small portion of the overall investment portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 11/13/20115. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2015.This quarter, Watsa’s US long portfolio decreased 20.68% from $1.36B to $1.08B. Although there are 40 13F securities in the portfolio, it is still very concentrated: a few large stakes and numerous minute positions. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five holdings represent 90.42% of the US long assets. The top-two holdings are Blackberry and Resolute Forest Products and together they account for ~49% of the entire 13F portfolio.It should be noted that Fairfax Financial (FRFHF) has a negative view on equities, the stock portfolio is hedged, and the 13F holdings only represent a small portion of the overall ~$29B investment portfolio. As of Q3 2015, their equity portfolio is 100.3% hedged - it was 89.6% as of EOY 2014. Fairfax continues to have a fairly large 27% cash allocation ($7.7B) in the overall investment portfolio.New Stakes:POSCO ADR (PKX): PKX is a very small 0.62% of the US long portfolio stake established this quarter at prices between $34.64 and $50.83. The stock currently trades near the low end of that range at $36.32.Stake Decreases:Kennedy-Wilson Holdings (KW): KW stake in the common stock is the third-largest at 18.36% of the US long portfolio. This quarter saw a marginal reduction. Watsa’s ownership stake in the business is ~8%. KW currently trades at $24.66.Note: In a , Prem Watsa disclosed that his overall cost-basis in Kennedy-Wilson was $11.90. The original stake is from a 2010 private placement for Kennedy Wilson convertible preferred stock.Stake Increases:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at 26.45% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current stake of almost 46.7M shares (~9% of the business). His cost-basis is around $17 and the stock currently trades at $7.22. There has only been very minor activity in the last seven quarters.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes their ownership up to ~16.5% of the business.Sandridge Energy (SD): SD is a 1.43% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. Q4 2014 saw a ~57% stake increase at prices between $1.64 and $4.57. This quarter saw a ~13% increase at prices between $0.26 and $0.88. The stock currently trades at $0.39.Note: A 02/13/2015 13G filing showed a share-count of 62.55M shares compared to 50.89M shares in the Q1 2015 13F.Kept Steady:Resolute Forest Products (RFP): RFP is the second-largest holding at 22.29% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. In Q2 2013, the original stake was increased by ~17% at prices between $12.70 and $16.49. Since then, the position has remained relatively steady. Watsa’s average cost-basis on RFP is much higher than the current quote of around $7.54. The stock has lost ~57% so far this year. For investors attempting to follow Watsa, RFP is a good option to consider for further research.Exco Resources (XCO): XCO is a 1.22% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what he would have received by exercising his rights. The stock currently trades well below the low-end of his purchase price ranges at $1.08. Watsa controls 6.4% of the business.International Business Machines (IBM): IBM is a large (third largest) 18.27% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in Q4 2014 at prices between $151 and $190. The stock currently trades below the low end of those ranges at around $132. For investors attempting to follow Watsa, IBM is a very good option to consider for further research.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at a cost-basis of $62.29. In Q3 2013, roughly half the stake was sold at prices between $85.86 and $94.39 and in the following quarter the remaining position was almost eliminated at prices between $85.61 and $95.63. The stock currently trades at $100 and the stake is now very small at 0.71%.Overstock.com Inc. (OSTK): OSTK is a top-five position at 5.05% of the US long portfolio. The original stake was purchased in Q4 2008 at prices between $9 and $17 and has since been kept relatively steady. The stock currently trades at $13.58.Baldwin & Lyons Inc. (BWINB), BCE Inc. (BCE), and Pfizer Inc. (PFE): These are very small (less than ~2%) positions that were kept steady this quarter.The 13F portfolio also has numerous very small positions (less than ~0.5% of the US long portfolio each) that add up to a total allocation of ~2%. The very small stakes are Altera Corp. (ALTR), Berkshire Hathaway (BRK.A) (BRK.B), BP plc (BP), Citigroup (C ), CSX Corporation (CSX), Dex Media Inc. (DXM), General Dynamics (GD), Helmerich & Payne Inc. (HP), Hologic Inc. (HOLX), K12 Inc. (LRN), Lumenis Ltd. (LMNS), MBIA Inc. (MBI), Merck & Co. (MRK), Nam Tai Property (NTP), New Oriental Education (EDU), New York Community Bancorp (NYCB), New Tork Times (NYT), Omnivision Technologies (OVTI), Patterson UTI Energy (PTEN), Penn West Pete. (PWE), Pfizer Inc. (PFE), Rayonier Advanced Materials (RYAM), Sterling Bancorp (STL), USG Corporation (USG), Ultra Petroleum (UPL), US Bancorp (USB), Wells Fargo (WFC), and Yodlee Inc. (YDLE).Note: Of the minutely small 13F stakes, Altera Corp. (ALTR) and Yodlee Inc. (YDLE) were newly added this quarter while Advent Software Inc. (ADVS), Atwood Oceanics Inc. (ATW), Biglari Holdings (BH), Catamaran Corp. (CTRX), Colfax Corporation (CFX), Dresser-Rand Group Inc. (DRC), Geeknet Inc. (GKNT), Newmarket Corporation (NEU), Old Republic Intl. (ORI), Polypore International (PPO), Precision Castparts (PCP), and Wendy’s Co (WEN) were dropped.The spreadsheet below highlights changes to Watsa’s US stock holdings in Q3 2015:: At June 30, 2015 equity hedges with a notional amount of $6,803.5 (December 31, 2014 - $6,856.9) represented 101.0% (December 31, 2014 - 89.6%) of the company's equity and equity-related holdings of $6,738.7 (December 31, 2014 - $7,651.7). The increase in the hedge ratio principally resulted from net sales of equity and equity-related holdings and net unrealized depreciation of equity and equity-related holdings denominated in the euro and Canadian dollar as a result of the strengthening of the U.S. dollar in the first six months of 2015.Note: In the , Prem Watsa disclosed that his ownership of Kennedy-Wilson is at 10.7% of the business (11.5M shares, $11.90 cost-basis)., , , & : Equity portfolio is $94.4% hedged as of Q1 2015- it was 90% hedged last quarter and 100% hedged before. 22.7% cash ($5.7B) as of Q1 2014 vs 23% cash ($6.1B) last quarter."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2015 Update"

"Prem Watsa’s US long portfolio decreased from $1.42B to $1.36B this quarter.Fairfax Financial’s largest five positions are Blackberry, Resolute Forest Products, International Business Machines, Kennedy Wilson, & Overstock.com. They together account for ~90% of the US long assets.Kennedy-Wilson is now a huge 16.15% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 08/14/20115. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2015.This quarter, Watsa’s US long portfolio decreased 3.94% from $1.42B to $1.36B. Although there are 49 13F securities in the portfolio, it is still very concentrated: a few large stakes and numerous minute positions. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five holdings represent 89.57% of the US long assets. The top-two holdings are Blackberry and Resolute Forest Products and together they account for ~52% of the entire 13F portfolio.It should be noted that Fairfax Financial (FRFHF) has a negative view on equities, the stock portfolio is hedged, and the 13F holdings only represent a small portion of the overall ~$28B investment portfolio. As of Q2 2015, their equity portfolio is 101% hedged - it was 94.4% hedged last quarter. Fairfax continues to have a fairly large 22.5% cash allocation ($6.3B) in the overall investment portfolio.Stake Disposals:None.New Stakes:None.Note: Please see the last paragraph for details on the minutely small (less than 0.5% of the US long portfolio each) stakes.Stake Decreases:None.Stake Increases:Resolute Forest Products (RFP): RFP is the second-largest holding at 23.94% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s average cost-basis on RFP is much higher than the current quote of around $9.89. In Q2 2013, the stake was increased by ~17% at prices between $12.70 and $16.49. Since then, the position has remained relatively steady. For investors attempting to follow Watsa, RFP is a good option to consider. The stock has lost ~45% so far this year. The position saw a very minor increase this quarter.Kennedy-Wilson Holdings (KW): KW stake in the common stock is now at 16.15% of the US long portfolio.Note: In a , Prem Watsa disclosed that his ownership of Kennedy-Wilson is at 10.7% of the business (11.5M shares, $11.90 cost-basis). The original stake is from a 2010 private placement for Kennedy Wilson convertible preferred stock. KW currently trades at $25.68.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at 27.97% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current stake of almost 46.7M shares (~9% of the business). His average cost-basis is around $17 and the stock currently trades at $7.66. There has only been very minor activity in the last six quarters: Q1 2014 saw a ~10% decrease while last quarter saw a marginal increase.Note: In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes their ownership up to ~16.5% of the business.Exco Resources (XCO): XCO is a 1.52% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what he would have received by exercising his rights. The stock currently trades well below the low-end of those ranges at $0.62. Watsa now controls 6.4% of the business. For investors attempting to follow Watsa, XCO is a good option to consider for further research.International Business Machines (IBM): IBM is a large 16.26% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% in Q4 2014 at prices between $151 and $190. The stock currently trades at around $156. It is currently Watsa’s third-largest position after Blackberry and Resolute Forest Products. The substantial stake build-up indicates a clear bullish bias. For investors attempting to follow Watsa, IBM is a very good option to consider for further research.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at an average cost-basis of $62.29. In Q3 2013, roughly half the stake was sold at prices between $85.86 and $94.39 and in the following quarter the remaining position was almost eliminated at prices between $85.61 and $95.63. The stock currently trades at $98.79 and the stake is now very small at 0.59%.Overstock.com Inc. (OSTK): OSTK is a top-five position at 5.26% of the US long portfolio. The original stake was purchased in Q4 2008 at prices between $9 and $17 and has since been kept relatively steady. The stock currently trades well outside that range at $21.30.Sandridge Energy (SD): SD is a 3.26% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. Q4 2014 saw a ~57% stake increase at prices between $1.64 and $4.57. The stock currently trades well below the low-end of his purchase-price-ranges at $0.51.Note: A 02/13/2015 13G filing showed a share-count of 62.55M shares compared to 50.89M shares in the 13F.Baldwin & Lyons Inc. (BWINB), BCE Inc. (BCE), and Pfizer Inc. (PFE): These are very small (less than ~2%) positions that were kept steady this quarter.The 13F portfolio also has numerous very small positions (less than ~0.5% of the US long portfolio each) that add up to a total allocation of ~2.01%. The very small stakes are in Advent Software Inc. (ADVS), Atwood Oceanics Inc. (ATW), BP plc (BP), Berkshire Hathaway (BRK.A) (BRK.B), Biglari Holdings (BH), Catamaran Corp. (CTRX), CSX Corporation (CSX), Citigroup (C ), Colfax Corporation (CFX), Dex Media Inc. (DXM), Dresser-Rand Group Inc. (DRC), Geeknet Inc. (GKNT), General Dynamics (GD), Helmerich & Payne Inc. (HP), Hologic Inc. (HOLX), K12 Inc. (LRN), Lumenis Ltd. (LMNS), MBIA Inc. (MBI), Merck & Co. (MRK), Nam Tai Property (NTP), New Oriental Education (EDU), New York Community Bancorp (NYCB), New Tork Times (NYT), Newmarket Corporation (NEU), Old Republic Intl. (ORI), Omnivision Technologies (OVTI), Patterson UTI Energy (PTEN), Penn West Pete. (PWE), Pfizer Inc. (PFE), Polypore International (PPO), Precision Castparts (PCP), Rayonier Advanced Materials (RYAM), Sterling Bancorp (STL), USG Corporation (USG), Ultra Petroleum (UPL), US Bancorp (USB), Wells Fargo (WFC), and Wendy’s Co (WEN).Note 1: Of the minutely small 13F stakes, Advent Software Inc. (ADVS), Biglari Holdings (BH), Catamaran Corp. (CTRX), Geeknet Inc. (GKNT), Lumenis Ltd. (LMNS), Omnivision Technologies (OVTI), Polypore International (PPO), and Wendy’s Co (WEN) were newly added this quarter while Talisman Energy (TLM) and Turquoise Hill Resources (TRQ) were dropped.Note 2: GameStop (GME) acquired Geeknet (GKNT) in a $20 cash deal that closed in July.The spreadsheet below highlights changes to Watsa’s US stock holdings in Q2 2015:"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q1 2015 Update"

"Prem Watsa’s US long portfolio decreased from $1.54B to $1.42B this quarter.Fairfax Financial’s largest five positions are Resolute Forest Products, Blackberry, International Business Machines, Sandridge Energy, & Overstock.com. They together account for ~92% of the US long assets.Watsa marginally increased the huge Blackberry position in the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 05/14/20115. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2014.This quarter, Watsa’s US long portfolio decreased 8.07% from $1.54B to $1.42B. Although there are 43 13F securities in the portfolio, it still is very concentrated: a few large stakes and numerous minute positions. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five holdings represent around 92% of the US long assets. The top-two holdings are Resolute Forest Products and Blackberry and together they account for around two-thirds of the entire 13F portfolio.It should be noted that Fairfax Financial (FRFHF) has a negative view on equities, the stock portfolio is hedged, and the 13F holdings only represent a small portion of the overall ~$25B investment portfolio. As of Q1 2015, their equity portfolio is 94.4% hedged - it was 90% hedged last quarter and was 100% hedged before. Fairfax continues to have a fairly large 22.7% cash allocation ($5.7B) in the overall investment portfolio.Stake Disposals:Cresud (CRESY): CRESY was a very small 0.47% of the US long portfolio position as of last quarter. It was eliminated this quarter at prices between $9.92 and $14.83. The stock currently trades at $13.92. The original position is from Q4 2008 when close to 2M shares were purchased at around $7 cost-basis. The majority of that stake was eliminated in Q4 2010 in the high-teens.New Stakes:None.Note: Please see the last paragraph for details on the minutely small (less than 0.5% of the US long portfolio each) stakes.Stake Decreases:None.Stake Increases:Blackberry Inc. (BBRY): BBRY is Watsa’s second-largest position at 29.33% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current stake of almost 46.7M shares (~9% of the business). His average cost-basis is around $17 and the stock currently trades at $10.32. In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes their ownership up to ~16.5% of the business. Q1 2014 saw a ~10% stake decrease in the 13F position while this quarter saw a marginal increase.Kept Steady:International Business Machines (IBM): IBM is a large 15.41% of the US long portfolio position established in Q3 2014 at prices between $181 and $196. The stake was increased by ~28% last quarter at prices between $151 and $190. The stock currently trades at around $174. It is currently Watsa’s third-largest position after Resolute Forest Products and Blackberry. The substantial stake build-up indicates a clear bullish bias. For investors attempting to follow Watsa, IBM is a very good option to consider for further research.Sandridge Energy (SD): SD is a 6.38% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. Last quarter saw a ~57% stake increase at prices between $1.64 and $4.57. The stock currently trades near the low-end of his purchase-price-ranges at $1.33. The share-price dropped by close to one-third this week as news came out about an with creditors.Note: A 02/13/2015 13G filing showed a share-count of 62.55M shares compared to 50.89M shares in the 13F.Exco Resources (XCO): XCO is a 2.26% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what he would have received by exercising his rights. The stock currently trades well below the low-end of those ranges at $1.69. Watsa now controls 6.4% of the business. For investors attempting to follow Watsa, XCO is a good option to consider for further research.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at an average cost-basis of $62.29. In Q3 2013, roughly half the stake was sold at prices between $85.86 and $94.39. In Q4 2013, the position was almost eliminated at prices between $85.61 and $95.63. The stock currently trades at $102. The remaining stake stands at 0.59% of the portfolio.Resolute Forest Products (RFP): RFP is the largest holding at 35.26% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s average cost-basis on RFP is much higher than the current quote of around $12.34. In Q2 2013, the stake was increased by ~17% at prices between $12.70 and $16.49. Since then, the position has remained relatively steady. For investors attempting to follow Watsa, RFP is a good option to consider. The stock has lost just over 30% in the last month - the company widely missed Q1 estimates on both earnings and revenue.Overstock.com Inc. (OSTK): OSTK is a top-five position at 5.43% of the US long portfolio. The original stake was purchased in Q4 2008 at prices between $9 and $17 and has since been kept relatively steady. The stock currently trades well outside that range at $21.71.Kennedy-Wilson Holdings (KW), Baldwin & Lyons Inc. (BWINB) & BCE Inc. (BCE): These are very small (less than ~1%) positions that were kept steady this quarter.Note: In the , Prem Watsa disclosed that his ownership of Kennedy-Wilson is at 10.7% of the business (11.5M shares, $11.90 cost-basis). KW currently trades at $25.10.The 13F portfolio also has numerous minutely small positions (less than 0.5% of the US long portfolio each) that add up to a total allocation of 1.64%. The very small stakes are in Atwood Oceanics Inc. (ATW), BP plc (BP), Berkshire Hathaway (BRK.A) (BRK.B), CSX Corporation (CSX), Citigroup (C ), Colfax Corporation (CFX), Dex Media Inc. (DXM), Dresser-Rand Group Inc. (DRC), General Dynamics (GD), Helmerich & Payne Inc. (HP), Hologic Inc. (HOLX), K12 Inc. (LRN), MBIA Inc. (MBI), Merck & Co. (MRK), New Oriental Education (EDU), New York Community Bancorp (NYCB), New Tork Times (NYT), Newmarket Corporation (NEU), Old Republic Intl. (ORI), Patterson UTI Energy (PTEN), Penn West Pete. (PWE), Pfizer Inc. (PFE), Precision Castparts (PCP), Rayonier Advanced Materials (RYAM), Sterling Bancorp (STL), Talisman Energy (TLM), Turquoise Hill Resources (TRQ), US Bancorp (USB), USG Corporation (USG), Ultra Petroleum (UPL), Wells Fargo (WFC), and Nam Tai Property (NTP). Atwood Oceanics Inc. (ATW), Dresser-Rand Group Inc. (DRC), Helmerich & Payne Inc. (HP), and Talisman Energy (TLM) were newly added this quarter while Cubist Pharmaceuticals (CBST), Navient Corporation (NAVI), and SLM Corporation (SLM) were dropped.The spreadsheet below highlights changes to Watsa’s US stock holdings in Q1 2015:: Equity portfolio is 90% hedged - it was 79% hedged last quarter and 100% hedged before but now he has bought more stocks without additional hedging. 23% cash ($6.1B)."

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q4 2014 Update"

"Prem Watsa’s US long portfolio increased from $1.48B to $1.54B this quarter.Fairfax Financial’s largest five positions are Blackberry, Resolute Forest Products, International Business Machines, Sandridge Energy, & Exco Resources. They together account for 89% of the US long assets.Watsa significantly increased stakes in International Business Machines and Sandridge Energy this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 02/13/20115. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2014.This quarter, Watsa’s US long portfolio increased 4.41% from $1.48B to $1.54B. Although there are 43 13F securities in the portfolio, it still is very concentrated: a few large stakes and numerous minute positions. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five holdings represent around 89% of the US long assets. The top-two holdings are Blackberry and Resolute Forest Products and they account for around one-third of the entire 13F portfolio each.It should be noted that Fairfax Financial (FRFHF) has a negative view on equities, the stock portfolio is hedged, and the 13F holdings only represent a small portion of the overall $26.2B investment portfolio. Per Q4 2014 , their equity portfolio is 90% hedged - it was 79% hedged last quarter and was 100% hedged before. Fairfax continues to have a fairly large 23% cash allocation ($6.1B) in the overall investment portfolio.Stake Disposals:None.Note: The 13F portfolio listed Intel Corporation (INTC) convertible bonds (cusip:458140AD2, 2.95%, 12/2035, 31.53 strike) till last quarter. It is no longer in the current report.New Stakes:None.Stake Decreases:None.Stake Increases:International Business Machines (IBM): IBM is a large 14.16% of the US long portfolio position established last quarter at prices between $181 and $196. The stake was increased by ~28% this quarter at prices between $151 and $190. The stock currently trades at around $160. It is currently Watsa’s third-largest position after Blackberry and Resolute Forest Products. The substantial stake build-up indicates a clear bullish bias. For investors attempting to follow Watsa, IBM is a very good option to consider for further research.Sandridge Energy (SD): SD is a 5.96% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. This quarter saw a ~57% stake increase at prices between $1.64 and $4.57. The stock currently trades at $2.09. For investors attempting to follow Watsa, SD is a good option to consider for further research.Note: Fairfax has increased the position since the end of the quarter. A 02/13/2015 13G filing shows a share-count of 62.55M shares compared to 50.89M shares in the 13F.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at 33.16% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current position of almost 46.65M shares (~9% of the business). His average cost-basis is around $17 and the stock currently trades at $10.09. In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes their ownership up to ~16.5% of the business. Q1 2014 saw a ~10% stake decrease in the 13F position and since then has been kept steady.Exco Resources (XCO): XCO is a 2.46% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what he would have received by exercising his rights. The stock currently trades well below the low-end of those ranges at $2.52. Watsa now controls 6.4% of the business. For investors attempting to follow Watsa, XCO is a good option to consider for further research.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at an average cost-basis of $62.29. In Q3 2013, roughly half the stake was sold at prices between $85.86 and $94.39. In Q4 2013, the position was almost eliminated at prices between $85.61 and $95.63. The stock currently trades at $99.62. The remaining stake stands at 0.56% of the portfolio.Resolute Forest Products (RFP): RFP is the second-largest holding at 33.08% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s average cost-basis on RFP is much higher than the current quote of around $19.03. In Q2 2013, the stake was increased by ~17% at prices between $12.70 and $16.49. Since then, the position has remained relatively steady. For investors attempting to follow Watsa, RFP is a good option to consider. It has returned ~8% so far this year and it is up around 24% from the October 2014 lows.Overstock.com Inc. (OSTK): OSTK is a 5% of the US long portfolio position that was kept steady this quarter. The original stake was purchased in Q4 2008 at prices between $9 and $17 and has since been kept relatively steady. The stock currently trades well outside that range at $22.45.Kennedy-Wilson Holdings (KW): KW is a very small 0.73% of the US long portfolio position established in Q4 2013 at prices between $18 and $22.25. The stock currently trades outside that range at $27.50.Note: Fairfax has increased the position since the end of the quarter. A 02/03/2015 13D/A filing shows a share-count of 11.50M shares (10.80% of the business) compared to 400K shares in the 13F.Baldwin & Lyons Inc. (BWINB), BCE Inc. (BCE), & Cresud (CRESY): These are very small (less than ~1%) positions that were kept steady this quarter.The 13F portfolio also has numerous minutely small positions (less than 0.5% of the US long portfolio each) that add up to a total allocation of 2.08%. The very small stakes are in BP plc (BP), Berkshire Hathaway (BRK.A) (BRK.B), CSX Corporation (CSX), Citigroup (C ), Colfax Corporation (CFX), Cubist Pharmaceuticals (CBST), Dex Media Inc. (DXM), General Dynamics (GD), Hologic Inc. (HOLX), K12 Inc. (LRN), MBIA Inc. (MBI), Merck & Co. (MRK), Navient Corporation (NAVI), New Oriental Education (EDU), New York Community Bancorp (NYCB), New Tork Times (NYT), Newmarket Corporation (NEU), Old Republic Intl. (ORI), Patterson UTI Energy (PTEN), Penn West Pete. (PWE), Pfizer Inc. (PFE), Precision Castparts (PCP), Rayonier Advanced Materials (RYAM), SLM Corporation (SLM), Sterling Bancorp (STL), Turquoise Hill Resources (TRQ), US Bancorp (USB), USG Corporation (USG), Ultra Petroleum (UPL), Wells Fargo (WFC), and Nam Tai Property (NTP).The spreadsheet below highlights changes to Watsa’s US stock holdings in Q4 2014:"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q3 2014 Update"

"Prem Watsa’s US long portfolio increased marginally from $1.46B to $1.48B this quarter.Fairfax Financial’s largest five positions are Blackberry, Resolute Forest Products, International Business Machines, Sandridge Energy, & Exco Resources. They together account for 89% of the US long assets.Watsa established a large ~14% position in International Business Machines this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 11/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2014.This quarter, Watsa’s US long portfolio increased marginally from $1.46B to $1.48B. Although, there are 43 13F securities in the portfolio, it still is very concentrated: a few large stakes and numerous minute positions. The focus of this article is on the larger (greater than 0.5% of the portfolio each) holdings. The top five holdings represent just over 89% of the US long assets. The top-two holdings are Blackberry and Resolute Forest Products and they account for over 30% of the entire 13F portfolio each.It should be noted that Fairfax Financials (FRFHF) has a negative view on equities, the stock portfolio is hedged, and the 13F holdings only represent a small portion of the overall portfolio. Per Q3 2014 , their equity portfolio is 79% hedged - it was 100% hedged before but more stocks were bought without additional hedging to bring it down. Watsa continues to have a fairly large 23% cash ($5.9B) allocation.Stake Disposals:None.New Stakes:International Business Machines (IBM): IBM is a large 13.71% of the US long portfolio position established this quarter at prices between $181 and $196. The stock currently trades well below that range at $164. It is currently Watsa’s third-largest position after Blackberry and Resolute Forest Products. The substantial stake establishment indicates a clear bullish bias. For investors attempting to follow Watsa, IBM is a very good option to consider for further research.Stake Decreases:Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at an average cost-basis of $62.29. Since then, the position was adjusted with the net effect that Watsa owned slightly more than 5.9M shares at a cost-basis of around $60 as of Q2 2013. In Q3 2013, roughly half the stake was sold at prices between $85.86 and $94.39 and most of the remaining stake was eliminated in Q4 2013 at prices between $85.61 and $95.63. This quarter saw a minor reduction. The stock currently trades at around $108. The remaining stake stands at 0.60% of the portfolio.Stake Increases:None.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at 31.37% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current position of almost 46.65M shares (~9% of the business). His average cost-basis is around $17 and the stock currently trades at $11.20. In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes their ownership up to ~16.5% of the business. Q1 2014 saw a ~10% stake decrease in the 13F position and since then has been kept steady.Resolute Forest Products (RFP): RFP is the second-largest holding at 30.37% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s average cost-basis on RFP is much higher than the current quote of around $18.58. In Q2 2013, the stake was increased by ~17% at prices between $12.70 and $16.49. Since then, the position has remained relatively steady. For investors attempting to follow Watsa, RFP is a good option to consider. The stock spiked ~25% in the beginning of the year and then retreated. It has returned ~16% for the year and following the October lows has bounced ~20% in the last five weeks.Sandridge Energy (SD): SD is a 9.39% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. The stock currently trades below the low-end of that range at $3.90. For investors attempting to follow Watsa, SD is a good option to consider for further research.Exco Resources (XCO): XCO is a 3.95% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what he would have received by exercising his rights. The stock currently trades below the low-end of those ranges at $3.24. Watsa now controls 6.4% of the business. For investors attempting to follow Watsa, XCO is a good option to consider for further research.Overstock.com Inc. (OSTK): OSTK is a 3.63% of the US long portfolio position that was kept steady this quarter. The original stake was purchased in Q4 2008 at prices between $9 and $17 and had since been kept relatively steady. The stock currently trades well outside that range at $24.32.Kennedy-Wilson Holdings (KW): KW is a very small 0.73% of the US long portfolio position established in Q4 2013 at prices between $18 and $22.25. The stock currently trades outside that range at $26.56.Baldwin & Lyons Inc. (BWINB), BCE Inc. (BCE), & Cresud (CRESY): These are very small (less than ~1%) positions that were kept steady this quarter.The 13F portfolio also has Intel Corporation (INTC) convertible bonds (cusip:458140AD2, 2.95%, 12/2035, 31.53 strike) and numerous minute positions (less than 0.5% of the US long portfolio each) that add up to a total allocation of 3.06%. The very small stakes are in BP plc (BP), Bally Technologies (BYI), Berkshire Hathaway (BRK.A) (BRK.B), CSX Corporation (CSX), Citigroup (C ), Dex Media Inc. (DXM), General Dynamics (GD), Hologic Inc. (HOLX), K12 Inc. (LRN), MBIA Inc. (MBI), Navient Corporation (NAVI), New Oriental Education (EDU), New York Community Bancorp (NYCB), New Tork Times (NYT), Newmarket Corporation (NEU), Old Republic Intl. (ORI), Patterson UTI Energy (PTEN), Penn West Pete. (PWE), Pfizer Inc. (PFE), Precision Castparts (PCP), Rayonier Advanced Materials (RYAM), SLM Corporation (SLM), Sterling Bancorp (STL), Turquoise Hill Resources (TRQ), US Bancorp (USB), USG Corporation (USG), Ultra Petroleum (UPL), Wells Fargo (WFC), and Nam Tai Property (NTP).The spreadsheet below highlights changes to Watsa’s US stock holdings in Q3 2014:"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2014 Update"

"Prem Watsa’s US long portfolio increased marginally from $1.43B to $1.46B this quarter.Fairfax Financial’s largest five positions are Blackberry, Resolute Forest Products, Sandridge Energy, Exco Resources, and Overstock. They together account for 92% of the US long assets.Watsa is negative on equities overall and the portfolio is hedged.This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 08/13/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2014.This quarter, Watsa’s US long portfolio increased marginally from $1.43B to $1.46B. It should be noted that Fairfax Financials (FRFHF) has a negative view on equities overall and his stock portfolio is hedged. Although, there are 42 13F securities in the portfolio, it still is very concentrated: a few large stakes and numerous minute positions. The top five holdings represent just over 92% of the US long assets. The top-two holdings are Resolute Forest Products and Blackberry and they account for about one-third of the entire portfolio each.Stake Disposals:None.New Stakes:None.Stake Decreases:None.Stake Increases:None.Kept Steady:Blackberry Inc. (BBRY): BBRY is Watsa’s second-largest position at 32.67% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current position of almost 46.65M shares (~9% of the business). His average cost-basis is around $17 and the stock currently trades at $9.37. In Q4 2013, Fairfax co-sponsored a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - they financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes their ownership up to ~16.5% of the business. Last quarter saw a ~10% stake decrease in the 13F position and this quarter the position was kept steady.Resolute Forest Products (RFP): RFP is the largest holding at 33.31% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s average cost-basis on RFP is much higher than the current quote of around $16.79. In Q2 2013, the stake was increased by ~17% at prices between $12.70 and $16.49. Since then, the position has remained relatively steady. For investors attempting to follow Watsa, RFP is a good option to consider. The stock spiked ~25% in the beginning of the year but has since retreated.Sandridge Energy (SD): SD is a 15.87% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. The stock currently trades near the low-end of that range at $5.27. For investors attempting to follow Watsa, SD is a good option to consider.Exco Resources (XCO): XCO is a 7.06% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what he would have received by exercising his rights. The stock currently trades below the low-end of those ranges at $4.36. Watsa now controls 6.4% of the business. For investors attempting to follow Watsa, XCO is a good option to consider.Overstock.com Inc. (OSTK): OSTK is a 3.43% of the US long portfolio position that was kept steady this quarter. The original stake was purchased in Q4 2008 at prices between $9 and $17 and had since been kept relatively steady. The stock currently trades just outside that range at $17.23.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at an average cost-basis of $62.29. Since then, the position was adjusted with the net effect that Watsa owned slightly more than 5.9M shares at a cost-basis of around $60 as of Q2 2013. In Q3 2013, roughly half the stake was sold at prices between $85.86 and $94.39 and most of the remaining stake was eliminated in Q4 2013 at prices between $85.61 and $95.63. The stock currently trades at around $102. Watsa harvested long-term gains from this position and the remaining stake stands at 0.61% of the portfolio.Kennedy-Wilson Holdings (KW): KW is a very small 0.73% of the US long portfolio position established in Q4 2013 at prices between $18 and $22.25. The stock currently trades outside that range at $25.32.Baldwin & Lyons Inc. (BWINB), BCE Inc. (BCE), & Cresud (CRESY): These are very small (less than ~1%) positions that were kept steady this quarter.The 13F portfolio also has Intel Corporation (INTC) convertible bonds (cusip:458140AD2, 2.95%, 12/2035, 31.53 strike) and numerous minute positions (less than 0.5% of the US long portfolio each) that add up to a total allocation of 3.14%.The spreadsheet below highlights changes to Watsa’s US stock holdings in Q2 2014:"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q1 2014 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 05/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2013.This quarter, Watsa’s US long portfolio increased ~9% from $1.31B to $1.43B. It should be noted that Fairfax Financials (FRFHF) has a negative view on equities overall and his stock portfolio is hedged. Although, there are 42 14F securities in the portfolio, it still is very concentrated: a few large stakes and numerous minute positions. The top five holdings represent just over 92% of the US long assets. The largest holding is Resolute Forest Products followed by Blackberry accounting for 40.88% and 26.42% of the US long portfolio respectively.Stake Disposals:None.New Stakes:None.Stake Decreases:Blackberry Inc. (BBRY): BBRY is Watsa’s second-largest position at 26.42% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current position of almost 46.65M shares (~9% of the business). His average cost-basis is around $17 and the stock currently trades at $7.33. Watsa announced a $4.7B going-private transaction in Q3 2013 but the plans were later abandoned. Instead, he went for a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - Watsa financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes his ownership up to ~16.5% of the business. This quarter saw a ~10% stake decrease in the 13F position.Stake Increases:Exco Resources (XCO): XCO is a 6.89% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. The stock currently trades below that range at $5.29. In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what he would have received by exercising the right. Watsa now controls 6.4% of the business. For investors attempting to follow Watsa, XCO is a good option to consider.Kept Steady:Resolute Forest Products (RFP): RFP is the largest holding at 40.88% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s average cost-basis on RFP is much higher than the current quote of around $15.73. In Q2 2013, the stake was increased by ~17% at prices between $12.70 and $16.49 and Q3 2013 saw a marginal increase. For investors attempting to follow Watsa, RFP is a good option to consider. The stock spiked ~25% in the beginning of the year but has since retreated.Sandridge Energy (SD): SD is a 13.99% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. The stock currently trades near the middle of that range at $6.83. For investors attempting to follow Watsa, SD is a good option to consider.Overstock.com Inc. (OSTK): OSTK is a 7.51% of the US long portfolio position that was reduced by ~6% in Q2 2013 at prices between $11.46 and $28.20. The original stake was purchased in Q4 2008 at prices between $9 and $17 and had since been kept steady. The stock currently trades at $15.51.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at an average cost-basis of $62.29. Since then, the position was adjusted with the net effect that Watsa owned slightly more than 5.9M shares at a cost-basis of around $60 as of Q2 2013. In Q3 2013, roughly half the stake was sold at prices between $85.86 and $94.39 and most of the remaining stake was eliminated last quarter at prices between $85.61 and $95.63. The stock currently trades at $101. Watsa harvested long-term gains from this position and the remaining stake stands at 0.58% of the portfolio.Kennedy-Wilson Holdings (KW): KW is a very small 0.68% of the US long portfolio position established last quarter at prices between $18 and $22.25. The stock currently trades just outside that range at $23.57.Baldwin & Lyons Inc. (BWINB), & BCE Inc. (BCE): These are very small (less than ~2%) positions that were kept steady this quarter.The 13F portfolio also has Intel Corporation (INTC) convertible bonds (cusip:458140AD2, 2.95%, 12/2035, 31.53 strike) and numerous minute positions (less than 0.5% of the US long portfolio each) that add up to a total allocation of 3.61%.The spreadsheet below highlights changes to Watsa’s US stock holdings in Q1 2014:"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q4 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 02/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2013.This quarter, Watsa’s US long portfolio decreased ~18% from $1.60B to $1.31B as he harvested gains from a couple of his large positions. Although, there are 42 14F securities in the portfolio, it still is very concentrated - a few large stakes and numerous minute positions. The top five holdings represent just over 92% of the US long assets. The largest holding is Resolute Forest Products followed by Blackberry accounting for 35.59% and 29.52% of the US long portfolio respectively.Stake Disposals:Dell Inc. (DELL): DELL was a 4.81% of the US long portfolio position as of Q2 2013. It was reduced to an insignificantly small position last quarter at prices between $12.66 and $13.90. The stake was first acquired in 2007 immediately after Michael Dell’s come back as CEO. The ~8.5M share position was purchased in the $20s price-range and was marginally increased over the years. DELL was taken private at $13.75 per share effective 10/29/2013, well below Watsa’s average cost-basis, thus eliminating his remaining stake.New Stakes:Kennedy-Wilson Holdings (KW): KW is a very small 0.68% of the US long portfolio position established this quarter at prices between $18 and $22.25. The stock currently trades at $24.51.Stake Decreases:Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at an average cost-basis of $62.29. Since then, the position was adjusted with the net effect that Watsa owned slightly more than 5.9M shares at a cost-basis of around $60 as of Q2 2013. Last quarter, roughly half the stake was sold at prices between $85.86 and $94.39 and most of the remaining stake was eliminated this quarter at prices between $85.61 and $95.63. The stock currently trades at $92.76. Watsa harvested long-term gains from this position.Stake Increases:None.The rest of the portfolio remained steady this quarter:Resolute Forest Products (RFP): RFP is the largest holding at 35.59% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s average cost-basis on RFP is much higher than the current quote of around $19.78. In Q2 2013, the stake was increased by ~17% at prices between $12.70 and $16.49 and last quarter saw a marginal increase. For investors attempting to follow Watsa, RFP is a good option to consider. The stock is on a roll so far this year having returned ~24% in less than two months.Blackberry Inc. (BBRY): BBRY is Watsa’s second-largest position at 29.52% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current position of almost 52M shares (~10% of the business). His average cost-basis is around $17 and the stock currently trades at $8.98. Watsa announced a $4.7B going-private transaction last quarter but the plans were later abandoned. Instead, he went for a cash-infusion of $1B through convertible debentures ($10 conversion price earning 6% interest) - Watsa financed $500M of that transaction and the remaining was funded by a consortium of other investment funds - the implied dilution takes his ownership up to 17.7% of the business. For investors attempting to follow Watsa, BBRY is a good option to consider.Sandridge Energy (SD): SD is a 15.06% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. The stock currently trades near the low end of that range at $6.41. For investors attempting to follow Watsa, SD is a good option to consider.Overstock.com Inc. (OSTK): OSTK is a 7.51% of the US long portfolio position that was reduced by ~6% in Q2 2013 at prices between $11.46 and $28.20. The original stake was purchased in Q4 2008 at prices between $9 and $17 and had since been kept steady. The stock currently trades at $18.62.Exco Resources (XCO): XCO is a 2.87% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. The stock currently trades below that range at $5.04. In January 2014, XCO had a rights offering (one new share at $5 for every four shares of XCO held) and Watsa increased his stake from 10.81M shares to 17.54M shares as a result - Prem Watsa along with Wilbur Ross agreed to backstop the offering thereby acquiring more shares than what he would have received by exercising the right. Watsa now controls 6.4% of the business. For investors attempting to follow Watsa, XCO is a good option to consider.Baldwin & Lyons Inc. (BWINB), & BCE Inc. (BCE): These are very small (less than ~2%) positions that were kept steady this quarter.The 13F portfolio also has Intel Corporation (INTC) convertible bonds (cusip:458140AD2, 2.95%, 12/2035, 31.53 strike) and numerous minute positions (less than 0.5% of the US long portfolio each) that add up to a total allocation of 2.76%. It had a 5.70% allocation in Level 3 Communicates Notes as of last quarter but that is no longer present this quarter - Watsa either sold the position or has chosen not to disclose it anymore, as it is not a 13F security.The spreadsheet below highlights changes to Watsa’s US stock holdings in Q4 2013:"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q3 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 11/14/2013. Please visit our to get an idea of his investment philosophy and the fund’s moves in Q2 2013.This quarter, Watsa’s US long portfolio decreased ~36% from $2.48B to $1.60B as he harvested gains from several of his larger positions. Although, there are 42 14F securities in the portfolio, it still is very concentrated - there are numerous minute positions and a few large stakes. The top five holdings represent just over 77% of the US long assets. The largest holding is Blackberry followed by Resolute Forest Products accounting for 25.76% and 24.06% of the US long portfolio respectively.Stake Disposals:Level 3 Communications Inc. (LVLT): LVLT was a large 10.25% of the US long portfolio position that was eliminated this quarter at prices between $20 and $27.50. The stock currently trades at $30.30. It was reduced by ~6.6% last quarter at prices between $19.34 and $24. The position was first established in Q4 2008 and increased by ~50% in Q3 2011 at prices between $22 and $39 (adjusted for the 1 for 15 stock-split in October 2011). The large stake disposal signifies a clear bearish bias.Wal-Mart Stores Inc. (WMT): WMT was a small 0.66% position that was disposed of this quarter at prices between $72 and $79. The position was in the portfolio since 2009 and the stake was kept steady for the entire holding period. Watsa harvested gains from the position and has moved on.New Stakes:None.Stake Decreases:Dell Inc. (DELL): DELL was a 4.81% of the US long portfolio position as of last quarter. It was reduced to an insignificantly small position this quarter at prices between $12.66 and $13.90. The stake was first acquired in 2007 immediately after Michael Dell’s come back as CEO. The ~8.5M share position was purchased in the $20s price-range and was marginally increased over the years. DELL was taken private at $13.75 per share effective 10/29/2013, well below Watsa’s average cost-basis.Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at an average cost-basis of $62.29. Since then, the position was adjusted with the net effect that Watsa owned slightly more than 5.9M shares at a cost-basis of around $60 as of last quarter. Last quarter saw a minor trimming at prices between $81 and $89. This quarter, roughly half the stake was sold at prices between $85.86 and $94.39. The stock currently trades in the middle of that range at $89.37. Watsa is harvesting gains from this position.Wells Fargo & Company (WFC) & US Bancorp (USB): USB was a 4.23% of the US long portfolio stake that has been in the portfolio since Q4 2008. A huge 15.9M share position was built in Q1 2009 at prices between $8.82 and $25. The bulk of that stake was disposed of over multiple quarters in 2010 at much higher prices. The remaining position was marginally reduced in Q1 2013 and kept steady last quarter. This quarter, the position was reduced to an insignificantly small stake at prices between $36 and $38. The stock currently trades at $38.31. WFC was a 2.20% of the US long portfolio stake that was purchased in the same timeframe as USB. His cost basis was very low and the position was almost sold-out this quarter at prices between $41 and $44.63. The stock currently trades at $43.54. Watsa liquidated large gains on these positions.JNJ, WFC, and USB transactions demonstrate Watsa’s trading style perfectly - generate long-term capital gains perpetually by liquidating profitable positions although other parts of the portfolio may be showing paper losses (BBRY, RFP, etc.).Stake Increases:Resolute Forest Products (RFP): RFP is the second-largest holding at 24.06% of the US long portfolio. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s average cost-basis on RFP is much higher than the current quote of around $14.75. Last quarter, the stake was increased by ~17% at prices between $12.70 and $16.49 and this quarter saw a marginal increase. For investors attempting to follow Watsa, RFP is a very good option to consider.The rest of the portfolio remained steady this quarter:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at 25.76% of the US long portfolio. The stake was first purchased in 2010 at around $50 for 2M shares. Since then, the position was aggressively built up to the current position of almost 52M shares (~10% of the business). His average cost-basis is around $17 and the stock currently trades at around $6.43. Watsa announced plans to take the company private in a $4.7B transaction ($10 per share) but the plans were abandoned this month. For investors attempting to follow Watsa, BBRY is a good option to consider.Sandridge Energy (SD): SD is a 6.38% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. The stock currently trades near the low end of that range at $5.89. For investors attempting to follow Watsa, SD is a good option to consider.Exco Resources (XCO): XCO is a 2.87% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. The stock currently trades below that range at $5.26. For investors attempting to follow Watsa, XCO is another good option to consider.Overstock.com Inc. (OSTK): OSTK is a 3.61% of the US long portfolio position that was reduced by ~6% last quarter at prices between $11.46 and $28.20. The original stake was purchased in Q4 2008 at prices between $9 and $17 and had since been kept steady. The stock currently trades at $26.50.Baldwin & Lyons Inc. (BWINB), & BCE Inc. (BCE): These are very small (less than 1%) positions that were kept steady this quarter.The 13F portfolio also has a 5.70% allocation in Level 3 Communicates Notes, a small 0.78% allocation in Intel Corporation (INTC) convertible bonds (cusip:458140AD2, 2.95%, 12/2035, 31.53 strike), and numerous minute positions (less than 0.5% of the US long portfolio) that add up to a total allocation of 2.42%.The spreadsheet below highlights changes to Watsa’s US stock holdings in Q3 2013:"

"Tracking Prem Watsa’s Fairfax Financial Holdings Portfolio – Q2 2013 Update"

"This article is first in a series that provides an ongoing analysis of the changes made to Prem Watsa’s US stock portfolio on a quarterly basis. It is based on Watsa’s regulatory filed on 08/15/2013. Prem Watsa is the Chairman and CEO of Fairfax Financial Holdings, an insurance and investment company he founded in 1985. The business is structured in the same mold as Warren Buffett’s Berkshire Hathaway and performance is comparable as well, although over a somewhat shorter timeframe - per the EOY 2012 letter to shareholders, the Book Value of Fairfax grew at a Compounded Annual Growth Rate (CAGR) of 23% and the share price increased at a CAGR of 19% over the last 27 years. The similarities are so striking that he is often referred to as “Canadian Warren Buffett”. Watsa’s investment style is strictly value-oriented with the goal of establishing positions at the point of maximum pessimism. He also shoots to realize long-term capital gains perpetually even though other parts of his portfolio may be showing unrealized capital losses - thorough research allows him to hold on to positions that show losses for many years as the focus is on the single-minded pursuit to wait until the value is recognized. He has made several contrarian bets over the years, the latest of which is insuring against the possibility of deflation in the United States. Also, it is important to realize that his 13F equity portfolio is completely hedged as of EOY 2012.This quarter, Watsa’s US long portfolio decreased ~7.5% from $2.68B to $2.48B. Although, there are 41 14F securities in the portfolio, it still very concentrated - there are numerous minute positions and a few large stakes. The top five holdings represent just over 74% of the US long assets. The largest holding is Blackberry (BBRY) followed by Johnson & Johnson (JNJ) accounting for 21.80% and 20.45% of the US long portfolio respectively.Stake Disposals:Novadeq Technologies Inc. (NVDQ): NVDQ was a very small 0.87% of the US long portfolio position eliminated this quarter at prices between $9.91 and $14.76. The original stake was established in Q1 2012 at around $5 and was increased by ~15% over the next several quarters before the stake disposal this quarter. The stock currently trades at $13.45. Watsa harvested long-term capital gains from this position.New Stakes:None.Stake Decreases:Johnson & Johnson (JNJ): JNJ is a long-term position that has been in the portfolio since 2007. The original stake was 5.9M shares purchased at an average cost-basis of $62.29. Since then, the position has been adjusted but the net effect is that Watsa currently owns slightly more than 5.9M shares at a cost-basis of around $60. This quarter, the position was trimmed slightly at prices between $81 and $89. The stock currently trades just outside that range at $89.37. Watsa is very bullish on JNJ.Level 3 Communications Inc. (LVLT): LVLT is a10.25% of the US long portfolio position that was reduced by ~6.6% this quarter at prices between $19.34 and $24. The position was first established in Q4 2008 and increased by ~50% in Q3 2011 at prices between $22 and $39 (adjusted for the 1 for 15 stock-split in October 2011). The stock currently trades near the low-end of that range at $22.53.Overstock.com Inc. (OSTK): OSTK is a 3.61% of the US long portfolio position that was reduced by ~6% this quarter at prices between $11.46 and $28.20. The original stake was purchased in Q4 2008 at prices between $9 and $17 and had since been kept steady. The stock currently trades at $29.61. Watsa appears to be harvesting long-term capital gains from this position.Stake Increases:Resolute Forest Products (RFP): RFP is the largest US long portfolio holding at 15.34%. The stake was first established in Q4 2010 when it was named Abitibi Bowater and the position has since been more than doubled. Watsa’s average cost-basis on RFP is much higher. This quarter, the stake was increased by ~17% and prices between $12.70 and $16.49. The stock currently trades near the low-end of that range at $13. For investors attempting to follow Watsa, RFP is a very good option to consider.The rest of the portfolio remained steady this quarter:Blackberry Inc. (BBRY): BBRY is Watsa’s largest position at 21.80% of the US long portfolio. The position was first purchased in 2010 at around $50 for 2M shares. Since then, the stake was aggressively built up to the current position of almost 52M shares (~10% of the business). His average cost-basis is around $17 and the stock currently trades at around $10.50. Watsa continues to be very bullish on BBRY, despite the drop in price. For investors attempting to follow Watsa, BBRY is a good option to consider.Sandridge Energy (SD): SD is a 6.38% of the US long portfolio stake first purchased in Q4 2008. The bulk of the position was acquired in Q4 2012 at prices between $5.19 and $7.38. The stock currently trades near the low end of that range at $5.21. For investors attempting to follow Watsa, SD is a good option to consider.Dell Inc. (DELL): DELL is a 4.81% of the US long portfolio position first acquired in 2007 immediately after Michael Dell’s come back as CEO. The ~8.5M share stake was purchased in the $20s price-range and has been marginally increased over the years. DELL currently trades at $13.82, well below Watsa’s cost-basis.US Bancorp (USB): USB is a 4.23% of the US long portfolio stake that has been in the portfolio since Q4 2008. A huge 15.9M share position was built in Q1 2009 at prices between $8.82 and $25. The bulk of that stake was disposed of over multiple quarters in 2010 at much higher prices. The remaining position was marginally reduced last quarter and kept steady this quarter. The current stake is still sizable and indicates a bullish bias.Exco Resources (XCO): XCO is a 2.87% of the US long portfolio stake first purchased in Q1 2012. The bulk of the current position was purchased in Q4 2012 at prices between $6.77 and $8.93. The stock currently trades in the middle of that range at $7.54.Wells Fargo & Company (WFC), Baldwin & Lyons Inc. (BWINB), Wal-Mart Stores (WMT), & BCE Inc. (BCE): These are very small (less than 1%) positions that were kept steady this quarter.The 13F portfolio also has a 3.51% allocation to Level 3 Communicates Notes, a small 0.50% allocation to Intel Corporation (INTC) convertible bonds (cusip:458140AD2, 2.95%, 12/2035, 31.53 strike), and numerous minute positions (less than 0.5% of the US long portfolio) that add up to a total allocation of 1.71%.The spreadsheet below highlights changes to Watsa’s US stock holdings in Q2 2013:"

"Tracking Ron Baron’s BAMCO Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 8/14/2023. The 13F portfolio value increased from $33.31B to $36.11B this quarter. The holdings are diversified with recent 13F reports showing around 375 positions. There are 38 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, CoStar Group, Gartner Inc, Arch Capital Group, and Idexx Labs. They add up to ~30% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2023.Baron Capital currently has ~$55B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 11.31% annualized for Baron Asset Fund compared to 10.10% for the Russell Midcap Growth and 15.40% annualized for Baron Partners Fund compared to 9.79% for the Russell Midcap Growth.Stake Increases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$14.50 per share. The three quarters through Q1 2021 had seen a ~25% selling at prices between ~$148 and ~$294. The stock currently trades at ~$x and is now the largest 13F position at ~13% of the portfolio. The last several quarters saw a marginal increase.Note 1: In a CNBC interview in October 2021, it was revealed that their TSLA cost-basis is ~$14.50. They are still very bullish and expect to hold it long-term.Note 2: The prices quoted above are adjusted for the 3-for-1 stock split last August.CoStar Group (CSGP): CSGP is a top three stake at 4.71% of the portfolio. It is a very long-term position that has been in the portfolio for over two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$1.75 and ~$4.70. 2014 also saw a ~45% stake increase at prices between $14.20 and $21.20. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows. The two years through Q4 2020 saw a ~22% selling at prices between ~$29.50 and ~$94. The stock currently trades at ~$x. The last few quarters have seen only minor adjustments.Note: Baron Capital owns ~5% of CoStar Group. The prices quoted above are adjusted for the 10-for-1 stock-split in June 2021.Arch Capital Group (ACGL): ACGL is a 4.41% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $x.Note: Baron Capital owns ~5.8% of Arch Capital Group.Idexx Labs (IDXX): IDXX is a 3.31% of the portfolio stake first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. The last four years have seen a ~40% selling. The stock currently trades at ~$x. There was a marginal increase this quarter.Vail Resorts (MTN): MTN is a 3.26% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$x. The last ten quarters have seen only minor adjustments.Note: Baron Capital owns ~11.5% of Vail Resorts.FactSet Research (FDS): FDS is a ~3% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced through minor selling almost every quarter. The stake is now at ~2.7M shares and the stock is at ~$x. The last several quarters have seen only minor adjustments.Note: Baron Capital owns ~7.1% of FactSet Research.MSCI Inc. (MSCI): MSCI is a 2.92% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the position has remained relatively steady. The stock currently trades at ~$x. The last several quarters have seen only minor adjustments.Iridium Communications (IRDM): IRDM is a 2.50% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The stake had remained relatively steady since. H1 2019 saw a one-third increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. Q4 2021 saw another ~15% stake increase at prices between ~$37 and ~$43. The stock currently trades at ~$x. There was a marginal increase this quarter.Note: Baron Capital owns ~11% of Iridium Communications.Ansys Inc. (ANSS): The bulk of the 1.82% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake increased by ~15% over the next two years but has been reduced since. The four years through 2018 saw a ~25% selling at prices between ~$143 and ~$190. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$x. The seven quarters through Q3 2022 saw a ~17% trimming while the last three quarters saw a minor increase.Hyatt Hotels (H): The 1.69% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost double at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake had remained relatively steady although adjustments were made every quarter. There was a ~15% stake increase in Q3 2021 at prices between ~$69 and ~$81. The stock currently trades at ~$x. There was a minor ~3% increase this quarter.Note: Baron Capital owns ~9.5% of Hyatt Hotels.Choice Hotels International (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then, the position was relatively steady till 2014. The five years through 2019 saw minor trimming in most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$x. The last eleven quarters saw marginal trimming while this quarter saw a minor increase.Note: Baron Capital owns ~8% of Choice Hotels.Guidewire Software (GWRE): Guidewire had an IPO in January 2012. The 1.50% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then, the activity has been minor. The stock currently trades at $x.Note: Baron Capital owns ~7.5% of Guidewire Software.Bio-Techne Corp (TECH): The 1.22% of the portfolio TECH stake goes back to 2014 when it was acquired at a cost-basis of ~$22.50 per share. By 2018, the stake was built from ~1M shares to ~1.5M shares at prices up to ~$50. Since then, there has only been minor activity. The stock is currently at $x.Note: the prices quoted above are adjusted for the 4-for-1 stock split last November.ASGN Inc. (ASGN), Alibaba Group Holdings (BABA), Charles Schwab (SCHW), Ceridian HCM Holding (CDAY), FIGS Inc. (FIGS), Morningstar Inc. (MORN), Marriott Vacations Worldwide (VAC), Nvidia Corp (NVDA), Red Rock Resorts (RRR), Trex Co Inc. (TREX), and Verisk Analytics (VRSK): These small (less than ~1.2% of the portfolio each) stakes were increased this quarter.Note: Baron Capital owns significant ownership stakes in the following businesses: Marriott Vacations Worldwide, and Red Rock ResortsStake Decreases:Gartner Inc. (IT): IT is a 4.58% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: the seven quarters through Q3 2020 saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$x. The last several quarters have also seen minor trimming.Note: Baron Capital owns ~5.8% of Gartner Inc.Kinsale Capital (KNSL): KNSL is a 2.13% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters through Q2 2020 saw a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$x. There was a ~15% increase over the six quarters through Q2 2022 while the last four quarters saw minor trimming.Note: Baron Capital owns ~9% of Kinsale Capital.Mettler Toledo International (MTD): MTD is a 1.22% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~87% reduction at prices between ~$100 and ~$1702. The stock is now at ~$x. They are harvesting long-term gains.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year has seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase next year at prices between ~$35 and ~$59. There was a ~25% reduction over the first three quarters of 2020 at prices between ~$44 and ~$86. H2 2021 had seen a ~55% stake increase at prices between ~$108 and ~$125. Q2 2022 saw a ~15% trimming at prices between ~$77 and ~$105. The last quarter saw a ~11% increase while this quarter there was a similar reduction. The stock currently trades at ~$x, and the stake is at ~1% of the portfolio.Bright Horizons Family (BFAM), Cohen & Steers (CNS), Dexcom Inc. (DXCM), Floor & Décor Holdings (FND), Gaming & Leisure Properties (GLPI), Icon plc (ICLR), PENN Entertainment (PENN), Primerica Inc. (PRI), SiteOne Landscape (SITE), and West Pharma (WST): These small (less than ~1.20% of the portfolio each) stakes were decreased this quarter.Note: Baron Capital owns significant ownership stakes in the following businesses: Cohen & Steers and Penn Entertainment.Note: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Afya Limited (AFYA), BRP Group (BRP), Clearwater Analytics (CWAN), FIGS Inc. (FIGS), Grid Dynamics (GDYN), Installed Building Products (IBP), Indie Semi (INDI), Repay Holdings (RPAY), and UTZ Brands (UTZ).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q2 2023:Source: John Vincent. Data constructed from Ron Baron’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/22/2023 to 5/24/2023: None."

"Tracking Ron Baron’s BAMCO Portfolio – Q1 2023 Update"

"BAMCO’s 13F portfolio value increased from $29.78B to $33.31B this quarter.Ron Baron increased Charles Schwab, Taiwan Semi, and Alibaba Group Holdings while decreasing SiteOne Landscape this quarter.Their top five positions are at ~28% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 5/15/2023. The 13F portfolio value increased from $29.78B to $33.31B this quarter. The holdings are diversified with recent 13F reports showing around 375 positions. There are 39 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, Gartner Inc, Arch Capital Group, CoStar Group, and MSCI Inc. They add up to ~28% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022.Baron Capital currently has ~$50B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 11.29% annualized for Baron Asset Fund compared to 9.99% for the Russell Midcap Growth and 15% annualized for Baron Partners Fund compared to 9.66% for the Russell Midcap Growth.Stake Increases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$14.50 per share. The three quarters through Q1 2021 had seen a ~25% selling at prices between ~$148 and ~$294. The stock currently trades at ~$256 and is now the largest 13F position at ~11% of the portfolio. The last several quarters saw a marginal increase.Note 1: In a CNBC interview in October 2021, it was revealed that their TSLA cost-basis is ~$14.50. They are still very bullish and expect to hold it long-term.Note 2: The prices quoted above are adjusted for the 3-for-1 stock split last August.FactSet Research (FDS): FDS is a 3.36% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced through minor selling almost every quarter. The stake is now at ~2.7M shares and the stock is at ~$422. The last several quarters have seen only minor adjustments.Note: Baron Capital owns ~7% of FactSet Research.Vail Resorts (MTN): MTN is a 3.25% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$251. The last nine quarters have seen only minor adjustments.Note: Baron Capital owns ~11.4% of Vail Resorts.Ansys Inc. (ANSS): The bulk of the ~2% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake increased by ~15% over the next two years but has been reduced since. The four years through 2018 saw a ~25% selling at prices between ~$143 and ~$190. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$337. The seven quarters through Q3 2022 saw a ~17% trimming while the last two quarters saw a minor increase.Guidewire Software (GWRE): Guidewire had an IPO in January 2012. The 1.50% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then, the activity has been minor. The stock currently trades at $73.75.Note: Baron Capital owns ~7.4% of Guidewire Software.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year has seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase next year at prices between ~$35 and ~$59. There was a ~25% reduction over the first three quarters of 2020 at prices between ~$44 and ~$86. H2 2021 had seen a ~55% stake increase at prices between ~$108 and ~$125. Q2 2022 saw a ~15% trimming at prices between ~$77 and ~$105. That was followed with a ~11% increase this quarter. The stock currently trades at ~$105, and the stake is at 1.20% of the portfolio.Alibaba Group Holdings (BABA), ASGN Inc. (ASGN), Charles Schwab (SCHW), Dexcom Inc. (DXCM), Endava plc (DAVA), Icon plc (ICLR), Marriott Vacations Worldwide (VAC), Red Rock Resorts (RRR), and Verisk Analytics (VRSK): These small (less than ~1.2% of the portfolio each) stakes were increased this quarter.Note: Baron Capital owns significant ownership stakes in the following businesses: Endava plc, Marriott Vacations Worldwide, and Red Rock ResortsStake Decreases:Gartner Inc. (IT): IT is a 4.69% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: the seven quarters through Q3 2020 saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$356. The last several quarters have also seen minor trimming.Note: Baron Capital owns ~6% of Gartner Inc.Arch Capital Group (ACGL): ACGL is a 4.34% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $70.15.Note: Baron Capital owns ~5.8% of Arch Capital Group.CoStar Group (CSGP): CSGP is a top three stake at ~4% of the portfolio. It is a very long-term position that has been in the portfolio for over two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$1.75 and ~$4.70. 2014 also saw a ~45% stake increase at prices between $14.20 and $21.20. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows. The two years through Q4 2020 saw a ~22% selling at prices between ~$29.50 and ~$94. The stock currently trades at ~$84. The last few quarters have seen only minor adjustments.Note: Baron Capital owns ~5% of CoStar Group. The prices quoted above are adjusted for the 10-for-1 stock-split in June 2021.MSCI Inc. (MSCI): MSCI is a 3.65% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the position has remained relatively steady. The stock currently trades at ~$488. The last several quarters have seen only minor adjustments.Idexx Labs (IDXX): IDXX is a 3.54% of the portfolio stake first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. The last four years have seen a ~40% selling. The stock currently trades at ~$481. They are harvesting gains.Iridium Communications (IRDM): IRDM is a 2.68% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The stake had remained relatively steady since. H1 2019 saw a one-third increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. Q4 2021 saw another ~15% stake increase at prices between ~$37 and ~$43. The stock currently trades at ~$61. The last several quarters have seen marginal trimming.Note: Baron Capital owns ~11% of Iridium Communications.Kinsale Capital (KNSL): KNSL is a 1.87% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters through Q2 2020 saw a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$350. There was a ~15% increase over the six quarters through Q2 2022 while the last three quarters saw minor trimming.Note: Baron Capital owns ~9% of Kinsale Capital.Hyatt Hotels (H): The 1.73% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost double at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake had remained relatively steady although adjustments were made every quarter. There was a ~15% stake increase in Q3 2021 at prices between ~$69 and ~$81. The stock currently trades at ~$113. The last several quarters have seen minor trimming.Note: Baron Capital owns ~9.4% of Hyatt Hotels.Choice Hotels International (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then, the position was relatively steady till 2014. The five years through 2019 saw minor trimming in most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$114. The last eleven quarters saw marginal trimming.Note: Baron Capital owns ~8% of Choice Hotels.Mettler Toledo International (MTD): MTD is a 1.54% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~87% reduction at prices between ~$100 and ~$1702. The stock is now at ~$1336. They are harvesting long-term gains.Bio-Techne Corp (TECH): The 1.20% of the portfolio TECH stake goes back to 2014 when it was acquired at a cost-basis of ~$22.50 per share. By 2018, the stake was built from ~1M shares to ~1.5M shares at prices up to ~$50. Since then, there has only been minor activity. The stock is currently at $76.61.Note: the prices quoted above are adjusted for the 4-for-1 stock split last November.Alexandria Real Estate (ARE), Bright Horizons Family (BFAM), Ceridian HCM Holding (CDAY), Cohen & Steers (CNS), Floor & Décor Holdings (FND), Gaming & Leisure Properties (GLPI), Morningstar Inc. (MORN), PENN Entertainment (PENN), Primerica Inc. (PRI), SiteOne Landscape (SITE), SBA Communications (SBAC), Trex Co Inc. (TREX), and West Pharma (WST): These small (less than ~1.30% of the portfolio each) stakes were decreased this quarter.Note: Baron Capital owns significant ownership stakes in the following businesses: Cohen & Steers and Penn Entertainment.Note: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Afya Limited (AFYA), BRP Group (BRP), Clearwater Analytics (CWAN), FIGS Inc. (FIGS), Grid Dynamics (GDYN), Installed Building Products (IBP), Indie Semi (INDI), MaxCyte (MXCT), Repay Holdings (RPAY), and UTZ Brands (UTZ).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q1 2023:Source: John Vincent. Data constructed from Ron Baron’s 13F filings for Q4 2022 and Q1 2023.1/2023 CNBC Interview: Bought and Sold BioNTech during the pandemic. Has rebought a little. Is bullish.Regulatory filings from 12/1/2022 to 3/22/2023: 13G/13Gas – 2/14 – UTZ – 3.28M shares – 4.06% of business, Membership Collective – 1M shares – 1.78% of business, MaxCyte – 2.19M shares – 2.14% of business, IBP – 1.28M shares – 4.48% of business, INDI – 5.05M shares – 4.04% of business, ForgeRock – 250K shares – 0.53% of business, MTN – 4.59M shares – 11.38% of business, RRR – 8.18M shares – 14.11% of business, PRI – 1.95M shares – 5.29% of business, PENN – 8.1M shares – 5.22% of business, VAC – 2.68M shares – 7% of business, KNSL – 2.08M shares – 9.08% of business, VLD – 9.81M shares – 5.26% of business, European Wax Center – 3M shares – 6.63% of business, Cheesecake Factory – 2.82M shares -5.48% of business, Couchbase – 2.35M shares – 5.21% of business, CDRO – 4.04M shares – 8.95% of business, FIGS – 16.25M shares – 10.21% of business, SRSA – zero, CHH – 4.29M shares – 8.04% of business, AFYA – 3.92M shares – 8.18% of business, ACGL – 21.42M shares – 5.79% of business, BRP – 3.8M shares – 6.18% of business, Clearwater Analytics – 3.3M shares – 5.56% of business, CNS – 3.06M shares – 6.28% of business, DAVA – 2.31M shares – 5.65% of business, FDS – 2.68M shares – 7% of business, IT – 4.9M shares – 6.21% of business, GWRE – 5.89M shares – 7.19% of business, H – 4.5M shares – 9.35% of business, IRDM – 13.66M shares – 10.86% of business."

"Tracking Ron Baron’s BAMCO Portfolio – Q4 2022 Update"

"BAMCO’s 13F portfolio value decreased from $30.95B to $29.78B this quarter.Ron Baron decreased Amazon and ZoomInfo substantially this quarter.Their top five positions are at ~26% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 2/14/2023. The 13F portfolio value decreased from $30.95B to $29.78B this quarter. The holdings are diversified with recent 13F reports showing around 375 positions. There are 40 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, Gartner Inc, CoStar Group, Arch Capital Group, and Vail Resorts. They add up to ~26% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022.Baron Capital currently has ~$50B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 11.21% annualized for Baron Asset Fund compared to 9.79% for the Russell Midcap Growth and 14.35% annualized for Baron Partners Fund compared to 9.43% for the Russell Midcap Growth.Stake Increases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$14.50 per share. The three quarters through Q1 2021 had seen a ~25% selling at prices between ~$148 and ~$294. The stock currently trades at ~$208 and is now the largest 13F position at ~7.25% of the portfolio. The last four quarters saw a marginal increase.Note 1: In a CNBC interview in October 2021, it was revealed that their TSLA cost-basis is ~$14.50. They are still very bullish and expect to hold it long-term.Note 2: The prices quoted above are adjusted for the 3-for-1 stock split last August.Ansys Inc. (ANSS): The bulk of the 1.58% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake increased by ~15% over the next two years but was reduced since. The four years through 2018 saw a ~25% selling at prices between ~$143 and ~$190. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$333. The last seven quarters saw a ~17% trimming while this quarter saw a ~3% stake increase.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase next year at prices between ~$35 and ~$59. There was a ~25% reduction over the first three quarters of 2020 at prices between ~$44 and ~$86. H2 2021 had seen a ~55% stake increase at prices between ~$108 and ~$125. Q2 2022 saw a ~15% trimming at prices between ~$77 and ~$105. The stock currently trades at ~$93, and the stake is at 0.96% of the portfolio. The last two quarters have seen only minor adjustments.Alexandria Real Estate (ARE), Icon plc (ICLR), SBA Communications (SBAC), Trex Co Inc. (TREX), and Verisk Analytics (VRSK): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Gartner Inc. (IT): IT is a 5.53% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: the seven quarters through Q3 2020 saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$326. The last several quarters have also seen minor trimming.Note: Baron Capital owns ~6.2% of Gartner Inc.CoStar Group (CSGP): CSGP is a top three stake at 4.96% of the portfolio. It is a very long-term position that has been in the portfolio for over two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$1.75 and ~$4.70. 2014 also saw a ~45% stake increase at prices between $14.20 and $21.20. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows. The two years through Q4 2020 saw a ~22% selling at prices between ~$29.50 and ~$94. The stock currently trades at ~$69. The last few quarters have seen only minor adjustments.Note: Baron Capital owns ~5% of CoStar Group. The prices quoted above are adjusted for the 10-for-1 stock-split in June 2021.Arch Capital Group (ACGL): ACGL is a 4.51% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at ~$68.Note: Baron Capital owns ~5.8% of Arch Capital Group.Vail Resorts (MTN): MTN is a 3.67% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$234. The last two years have seen only minor adjustments.Note: Baron Capital owns ~11.4% of Vail Resorts.FactSet Research (FDS): FDS is a 3.61% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced through minor selling almost every quarter. The stake is now at ~2.68M shares and the stock is at ~$415. The last several quarters have seen only minor adjustments.Note: Baron Capital owns ~7% of FactSet Research.MSCI Inc. (MSCI): MSCI is a 3.40% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the position has remained relatively steady. The stock currently trades at ~$560. The last several quarters have seen only minor adjustments.Idexx Labs (IDXX): IDXX is a 3.25% of the portfolio stake first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position had remained relatively steady although adjustments were made every quarter. The last fifteen quarters have seen a ~40% selling. The stock currently trades at ~$500. They are harvesting gains.Iridium Communications (IRDM): IRDM is a 2.50% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The stake had remained relatively steady since. H1 2019 saw a one-third increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. Q4 2021 saw another ~15% stake increase at prices between ~$37 and ~$43. The stock currently trades at ~$62. The last few quarters have seen marginal trimming.Note: Baron Capital owns ~11% of Iridium Communications.Kinsale Capital (KNSL): KNSL is a 1.82% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters through Q2 2020 saw a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$300. There was a ~15% increase over the six quarters through Q2 2022 while the last two quarters saw minor trimming.Note: Baron Capital owns ~9% of Kinsale Capital.Choice Hotels International (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then, the position was relatively steady till 2014. The five years through 2019 saw minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$117. The last ten quarters saw marginal trimming.Note: Baron Capital owns ~8% of Choice Hotels.Mettler Toledo International (MTD): MTD is a 1.66% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~85% reduction at prices between ~$100 and ~$1702. The stock is now at ~$1530. They are harvesting long-term gains.Hyatt Hotels (H): The 1.57% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake had remained relatively steady although adjustments were made every quarter. There was a ~15% stake increase in Q3 2021 at prices between ~$69 and ~$81. The stock currently trades at ~$112. The last few quarters have seen minor trimming.Note: Baron Capital owns ~9.4% of Hyatt Hotels.Bio-Techne Corp (TECH): The 1.54% of the portfolio TECH stake goes back to 2014 when it was acquired at a cost-basis of ~$22.50 per share. By 2018, the stake was built from ~1M shares to ~1.5M shares at prices up to ~$50. Since then, there has only been minor activity. The stock is currently at ~$74.Note: the prices quoted above are adjusted for the 4-for-1 stock split last November.Guidewire Software (GWRE): Guidewire had an IPO in January 2012. The 1.24% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then, the activity has been minor. The stock currently trades at ~$82.Note: Baron Capital owns ~7.2% of Guidewire Software.ASGN Inc. (ASGN), Amazon (AMZN), Alibaba Group Holdings (BABA),Charles Schwab (SCHW), Ceridian HCM Holding (CDAY), Cohen & Steers (CNS), Endava plc (DAVA), Gaming & Leisure Properties (GLPI), Marriott Vacations Worldwide (VAC), Morningstar Inc. (MORN), PENN Entertainment (PENN), Primerica Inc. (PRI), Red Rock Resorts (RRR), SiteOne Landscape (SITE), West Pharma (WST), and ZoomInfo Technologies (ZI): These small (less than ~1.60% of the portfolio each) stakes were decreased this quarter.Note: Baron Capital owns significant ownership stakes in the following businesses: Endava plc, Cohen & Steers, Marriott Vacations Worldwide, Penn Entertainment, and Red Rock Resorts.Kept Steady:Dexcom Inc. (DXCM): The very small 0.52% stake in DXCM was kept steady this quarter.Note: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Afya Limited (AFYA), BRP Group (BRP), Clearwater Analytics (CWAN), FIGS Inc. (FIGS), ForgeRock (FORG), Grid Dynamics (GDYN), Installed Building Products (IBP), Indie Semi (INDI), Manchester United (MANU), MaxCyte (MXCT), Repay Holdings (RPAY), and UTZ Brands (UTZ).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q4 2022:Source: John Vincent. Data constructed from Ron Baron’s 13F filings for Q3 2022 and Q4 2022.1/2023 CNBC Interview: Bought and Sold BioNTech during the pandemic. Has rebought a little. Is bullish.Regulatory filings from 9/4/2022 to 12/1/2022: 13G – 11/9 – FIGS – 16.09M shares – 10.13% of business."

"Tracking Ron Baron’s BAMCO Portfolio – Q3 2022 Update"

"BAMCO’s 13F portfolio value decreased from $31.14B to $30.95B this quarter.Ron Baron decreased Rivian Automotive and Alphabet during the quarter.Their top five positions are at ~31% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 11/14/2022. The 13F portfolio value decreased marginally from $31.14B to $30.95B this quarter. The holdings are diversified with recent 13F reports showing around 370 positions. There are 45 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, Gartner Inc, CoStar Group, FactSet Research, and Vail Resorts. They add up to ~31% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2022.Baron Capital currently has ~$50B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 10.93% annualized for Baron Asset Fund compared to 9.65% for the Russell Midcap Growth and 15.31% annualized for Baron Partners Fund compared to 9.27% for the Russell Midcap Growth.Stake Increases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$14.50 per share. The three quarters through Q1 2021 had seen a ~25% selling at prices between ~$148 and ~$294. The stock currently trades at ~$113 and is now the largest 13F position at ~15% of the portfolio. Last three quarters saw a marginal increase.Note 1: In a CNBC interview in October 2021, it was revealed that their TSLA cost-basis is ~$14.50. They are still very bullish and expect to hold it long-term.Note 2: The prices quoted above are adjusted for the 3-for-1 stock split last August.CoStar Group (CSGP): CSGP is a top three stake at 4.33% of the portfolio. It is a very long-term position that has been in the portfolio for over two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$1.75 and ~$4.70. 2014 also saw a ~45% stake increase at prices between $14.20 and $21.20. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows. The two years through Q4 2020 saw a ~22% selling at prices between ~$29.50 and ~$94. The stock currently trades at ~$77. Last few quarters have seen minor buying.Note: Baron Capital owns ~5% of CoStar Group. The prices quoted above are adjusted for the 10-for-1 stock-split in June 2021.FactSet Research (FDS): FDS is a 3.47% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced through minor selling almost every quarter. The stake is now at ~2.7M shares and the stock is at ~$405. Last several quarters have seen only minor adjustments.Note: Baron Capital owns ~7% of FactSet Research.Vail Resorts (MTN): MTN is a top-five 3.25% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$249. Last seven quarters have seen only minor adjustments.Note: Baron Capital owns ~11.5% of Vail Resorts.Arch Capital Group (ACGL): ACGL is a 3.16% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $63.90.Note: Baron Capital owns 5.6% of Arch Capital Group.Marriott Vacations Worldwide (VAC): VAC is a ~1% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The four quarters through Q1 2021 had seen a ~15% trimming while the next three quarters saw seen minor increases. The stock is now at ~$140. Last two quarters had seen a ~14% trimming while this quarter there was a ~7% increase.Note: Baron Capital owns ~6.6% of Marriott Vacations Worldwide.Alexandria Real Estate (ARE), Ceridian HCM Holding (CDAY), Cohen & Steers (CNS), Endava plc (DAVA), Icon plc (ICLR), SBA Communications (SBAC), Charles Schwab (SCHW), SiteOne Landscape (SITE), Trex Co Inc. (TREX), Verisk Analytics (VRSK), and ZoomInfo Technologies (ZI): These small (less than ~1.60% of the portfolio each) stakes were increased this quarter.Note: Baron Capital owns significant ownership stakes in the following businesses: Endava plc and Cohen & Steers.Stake Decreases:Gartner Inc. (IT): IT is a 4.62% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: the seven quarters through Q3 2020 saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$329. Last several quarters have also seen minor trimming.Note: Baron Capital owns ~5.8% of Gartner Inc.MSCI Inc. (MSCI): MSCI is a ~3% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the position has remained relatively steady. The stock currently trades at ~$469. Last several quarters have seen only minor adjustments.Idexx Labs (IDXX): IDXX is a top three 2.51% of the portfolio stake first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position had remained relatively steady although adjustments were made every quarter. Last fourteen quarters have seen a ~40% selling. The stock currently trades at ~$448. They are harvesting gains.Iridium Communications (IRDM): IRDM is a ~2% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The stake had remained relatively steady since. H1 2019 saw a one-third increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. Q4 2021 saw another ~15% stake increase at prices between ~$37 and ~$43. Next quarter also saw a ~8% increase. The stock currently trades at ~$60.Note: Baron Capital owns ~9.7% of Iridium Communications.Kinsale Capital (KNSL): KNSL is a 1.77% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters thru Q2 2020 had seen a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$272. There was a ~15% increase over the last six quarters while this quarter saw marginal trimming.Note: Baron Capital owns 9.3% of Kinsale Capital.Choice Hotels International (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then, the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$115. Last nine quarters saw marginal trimming.Note: Baron Capital owns ~8.1% of Choice Hotels.Hyatt Hotels (H): The 1.38% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake had remained relatively steady although adjustments were made every quarter. There was a ~15% stake increase in Q3 2021 at prices between ~$69 and ~$81. The stock currently trades at ~$95. Last few quarters have seen minor trimming.Note: Baron Capital owns ~9.8% of Hyatt Hotels.Ansys Inc. (ANSS): The bulk of the 1.36% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. The two years through 2020 had seen a ~10% trimming. The stock currently trades at ~$239. Last seven quarters also saw a ~17% trimming. They are harvesting gains.Bio-Techne Corp (TECH): The 1.31% of the portfolio TECH stake goes back to 2014 when it was acquired at a cost-basis of ~$22.50 per share. By 2018, the stake was built from ~1M shares to ~1.5M shares at prices up to ~$50. Since then, there has only been minor activity. The stock is currently at $82.52.Note: the prices quoted above are adjusted for the 4-for-1 stock split last November.Guidewire Software (GWRE): Guidewire had an IPO in January 2012. The 1.21% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then, the activity had been minor. The stock currently trades at ~$63. Last quarter saw a ~6% increase while this quarter there was marginal trimming.Note: Baron Capital owns ~7.3% of Guidewire Software.Mettler Toledo International (MTD): MTD is a 1.21% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~85% reduction at prices between ~$100 and ~$1702. The stock is now at ~$1450. They are harvesting long-term gains.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase next year at prices between ~$35 and ~$59. There was a ~25% reduction over the first three quarters of 2020 at prices between ~$44 and ~$86. H2 2021 had seen a ~55% stake increase at prices between ~$108 and ~$125. Last quarter saw a ~15% trimming at prices between ~$77 and ~$105. The stock currently trades at ~$78, and the stake is at 0.81% of the portfolio. There was a ~7% trimming this quarter.PENN Entertainment (PENN): PENN is a 0.76% of the portfolio stake that has been in the portfolio since 2005. Recent activity follows: the two years through Q2 2020 saw a ~50% stake increase at prices between ~$4.50 and ~$74. The stock is currently at $30.32. There was a ~14% trimming in the five quarters through Q3 2021 and that was followed with a ~18% selling last quarter. They are harvesting gains. This quarter also saw a minor ~1.5% trimming.Note: Baron Capital owns ~5% of PENN Entertainment.Rivian Automotive (RIVN): RIVN had an IPO last November. Shares started trading at ~$100 and currently goes for $16.40. Baron Capital’s stake goes back to a funding round in July 2020 at a valuation of ~$10B. This is compared to current valuation of ~$4B. There was a ~20% reduction this quarter at prices between ~$26 and ~$40.Alphabet Inc. (GOOG), Amazon (AMZN), Alibaba Group Holdings (BABA), argenx SE (ARGX), Bright Horizons Family Solutions (BFAM), Floor & Décor Holdings (FND), Gaming & Leisure Properties (GLPI), Morningstar Inc. (MORN), Primerica Inc. (PRI), Red Rock Resorts (RRR), Spotify Technology (SPOT), Veeva Systems (VEEV), and West Pharma (WST): These very small (less than ~1.30% of the portfolio each) stakes were reduced during the quarter.Note: They have a significant ownership stake in Red Rock Resorts.Kept Steady:ASGN Inc. (ASGN): The very small 0.61% stake in ASGN was kept steady this quarter.Note: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Afya Limited (AFYA), BRP Group (BRP), Clearwater Analytics (CWAN), FIGS Inc. (FIGS), ForgeRock (FORG), Grid Dynamics (GDYN), Installed Building Products (IBP), Indie Semi (INDI), Manchester United (MANU), MaxCyte (MXCT), Repay Holdings (RPAY), and UTZ Brands (UTZ).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q3 2022:Source: John Vincent. Data constructed from Ron Baron’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/19/2022 to 9/4/2022: 13G/A – 7/5 – MANU – 1.55M shares – 2.94% of business."

"Tracking Ron Baron’s BAMCO Portfolio – Q2 2022 Update"

"BAMCO’s 13F portfolio value decreased from $40.75B to $31.14B this quarter.Ron Baron increased SiteOne Landscape, ASGN, and Floor & Décor Holdings while reducing Taiwan Semi, Marriott Vacations Worldwide, and PENN Entertainment.Their top five positions are at ~27% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 8/15/2022. The 13F portfolio value decreased ~24% from $40.75B to $31.14B this quarter. The holdings are diversified with recent 13F reports showing around 400 positions. There are 47 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, Gartner Inc, CoStar Group, FactSet Research, and Vail Resorts. They add up to ~27% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2022.Baron Capital currently has ~$57B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 11.08% annualized for Baron Asset Fund compared to 9.75% for the Russell Midcap Growth and 15.08% annualized for Baron Partners Fund compared to 9.38% for the Russell Midcap Growth.Stake Increases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$14.50 per share. The three quarters through Q1 2021 had seen a ~25% selling at prices between ~$148 and ~$294. The stock currently trades at ~$265 and is now the largest 13F position at 15.33% of the portfolio. Last two quarters saw a marginal increase.Note 1: In a CNBC interview last October, it was revealed that their TSLA cost-basis is ~$14.50. They are still very bullish and expect to hold it long-term.Note 2: The prices quoted above are adjusted for the 3-for-1 stock split in August.CoStar Group (CSGP): CSGP is a top three stake at 3.73% of the portfolio. It is a very long-term position that has been in the portfolio for over two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$1.75 and ~$4.70. 2014 also saw a ~45% stake increase at prices between $14.20 and $21.20. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows. The two years through Q4 2020 saw a ~22% selling at prices between ~$29.50 and ~$94. The stock currently trades at $69.65. Last few quarters have seen minor buying.Note: Baron Capital owns ~5% of CoStar Group. The prices quoted above are adjusted for the 10-for-1 stock-split last June.Vail Resorts (MTN): MTN is a top-five 3.24% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$216. Last six quarters have seen only minor adjustments.Note: Baron Capital owns ~11.5% of Vail Resorts.Kinsale Capital (KNSL): KNSL is a 1.58% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters thru Q2 2020 had seen a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$255. There was a ~15% increase over the last six quarters.Note: Baron Capital owns 9.3% of Kinsale Capital.Guidewire Software (GWRE): Guidewire had an IPO in January 2012. The 1.41% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then, the activity had been minor. The stock currently trades at $61.58. This quarter saw a ~6% increase.Note: Baron Capital owns ~7.4% of Guidewire Software.ASGN Inc. (ASGN), Bright Horizons Family Solutions (BFAM), Ceridian HCM Holding (CDAY), Charles Schwab (SCHW), Cohen & Steers (CNS), Endava plc (DAVA), Floor & Décor Holdings (FND), Gaming & Leisure Properties (GLPI), Icon plc (ICLR), Red Rock Resorts (RRR), SBA Communications (SBAC), SiteOne Landscape (SITE), Spotify Technology (SPOT), Trex Co Inc. (TREX), Veeva Systems (VEEV), and Verisk Analytics (VRSK): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Note: Baron Capital owns significant ownership stakes in the following businesses: Endava plc, Cohen & Steers and Red Rock Resorts.Stake Decreases:Gartner Inc. (IT): IT is a ~4% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: the seven quarters through Q3 2020 saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$277. Last several quarters have also seen minor trimming.Note: Baron Capital owns ~5.8% of Gartner Inc.Arch Capital Group (ACGL): ACGL is a 3.14% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $45.54.Note: Baron Capital owns 5.6% of Arch Capital Group.MSCI Inc. (MSCI): MSCI is a 2.91% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the position has remained relatively steady. The stock currently trades at ~$422. Last several quarters have seen only minor adjustments.Idexx Labs (IDXX): IDXX is a top three 2.73% of the portfolio stake first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position had remained relatively steady although adjustments were made every quarter. Last thirteen quarters have seen a ~40% selling. The stock currently trades at ~$326. They are harvesting gains.Choice Hotels International (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then, the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$110. Last two years saw marginal trimming.Note: Baron Capital owns ~8.1% of Choice Hotels.Bio-Techne Corp (TECH): The 1.62% of the portfolio TECH stake goes back to 2014 when it was acquired at a cost-basis of ~$90 per share. By 2018, the stake was built from ~1M shares to ~1.5M shares at prices up to ~$200. Since then, there has only been minor activity. The stock is currently at ~$284.Ansys Inc. (ANSS): The bulk of the 1.46% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. The two years through 2020 had seen a ~10% trimming. The stock currently trades at ~$222. Last six quarters also saw a ~17% trimming. They are harvesting gains.Mettler Toledo International (MTD): MTD is a 1.32% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~85% reduction at prices between ~$100 and ~$1702. The stock is now at ~$1084. They are harvesting long-term gains.Hyatt Hotels (H): The 1.28% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake had remained relatively steady although adjustments were made every quarter. There was a ~15% stake increase in Q3 2021 at prices between ~$69 and ~$81. The stock currently trades at ~$81. Last three quarters have seen only minor adjustments.Note: Baron Capital owns ~10% of Hyatt Hotels.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase next year at prices between ~$35 and ~$59. There was a ~25% reduction over the first three quarters of 2020 at prices between ~$44 and ~$86. H2 2021 had seen a ~55% stake increase at prices between ~$108 and ~$125. This quarter saw a ~15% trimming at prices between ~$77 and ~$105. The stock currently trades at $68.56, and the stake is at ~1% of the portfolio.Marriott Vacations Worldwide (VAC): VAC is a 0.95% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The four quarters through Q1 2021 had seen a ~15% trimming while the next three quarters saw seen minor increases. The stock is now at ~$122. Last two quarters have seen a ~14% trimming.Note: Baron Capital owns ~6.2% of Marriott Vacations Worldwide.PENN Entertainment (PENN): PENN is a 0.85% of the portfolio stake that has been in the portfolio since 2005. Recent activity follows: the two years through Q2 2020 saw a ~50% stake increase at prices between ~$4.50 and ~$74. The stock is currently at $27.51. There was a ~14% trimming in the five quarters through Q3 2021 and that was followed with a ~18% selling this quarter. They are harvesting gains.Note: Baron Capital owns ~5% of PENN Entertainment.Rivian Automotive (RIVN): RIVN had an IPO last November. Shares started trading at ~$100 and currently goes for $32.91. Baron Capital’s stake goes back to a funding round in July 2020 at a valuation of ~$10B. This is compared to current valuation of ~$17B.Alexandria Real Estate (ARE), Alphabet Inc. (GOOG), Amazon (AMZN), Alibaba Group Holdings (BABA), argenx SE (ARGX), Morningstar Inc. (MORN), Primerica Inc. (PRI), SS&C Technologies (SSNC), Shopify (SHOP), West Pharma (WST), and ZoomInfo Technologies (ZI): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:FactSet Research (FDS): FDS is a 3.30% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced through minor selling almost every quarter. The stake is now at ~2.7M shares and the stock is at ~$400. Last several quarters have seen only minor adjustments.Note: Baron Capital owns ~7% of FactSet Research.Iridium Communications (IRDM): IRDM is a 1.75% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The stake had remained relatively steady since. H1 2019 saw a one-third increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. Q4 2021 saw another ~15% stake increase at prices between ~$37 and ~$43. Last quarter also saw a ~8% increase. The stock currently trades at $44.37.Note: Baron Capital owns ~9.7% of Iridium Communications.Note: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Afya Limited (AFYA), BRP Group (BRP), Clearwater Analytics (CWAN), ForgeRock (FORG), Grid Dynamics (GDYN), Installed Building Products (IBP), Indie Semi (INDI), Manchester United (MANU), MaxCyte (MXCT), Repay Holdings (RPAY), and UTZ Brands (UTZ).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q2 2022:Source: John Vincent. Data constructed from Ron Baron’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 3/8/2022 to 6/19/2022: 13G/A – 4/7 – AFYA – 4.54M shares – 10.07% of business, 13G/A – 4/7 – MANU – 5.58M shares – 10.25% of business."

"Tracking Ron Baron’s BAMCO Portfolio – Q1 2022 Update"

"BAMCO’s 13F portfolio value decreased from $47.14B to $40.75B this quarter.Ron Baron increased Spotify and Shopify while reducing Alphabet and Amazon.com.Their top five positions are at ~29% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 5/13/2022. The 13F portfolio value decreased ~14% from $47.14B to $40.75B this quarter. The holdings are diversified with recent 13F reports showing around 400 positions. There are 44 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, Gartner Inc, IDEXX Labs, CoStar Group, and Vail Resorts. They add up to ~29% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2021.Baron Capital currently has ~$60B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 11.92% annualized for Baron Asset Fund compared to 10.57% for the Russell Midcap Growth and 16.62% annualized for Baron Partners Fund compared to 10.32% for the Russell Midcap Growth.Stake Increases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$43 per share. The three quarters through Q1 2021 had seen a ~25% selling at prices between ~$445 and ~$883. The stock currently trades at ~$705 and is now the largest 13F position at 15.33% of the portfolio. This quarter saw a marginal increase.Note 1: In a CNBC interview last October, it was revealed that their TSLA cost-basis is $42.88. They are still very bullish and expect to hold it for a decade.Note 2: The prices quoted above are adjusted for the 5-for-1 stock split last August.CoStar Group (CSGP): CSGP is a top five stake at ~3% of the portfolio. It is a very long-term position that has been in the portfolio for over two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$1.75 and ~$4.70. 2014 also saw a ~45% stake increase at prices between $14.20 and $21.20. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows. The two years through Q4 2020 saw a ~22% selling at prices between ~$29.50 and ~$94. The stock currently trades at $59.38. Last five quarters have seen only minor adjustments.Note: Baron Capital owns ~5% of CoStar Group. The prices quoted above are adjusted for the 10-for-1 stock-split last June.Vail Resorts (MTN): MTN is a top-five ~3% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$225. Last five quarters have seen only minor adjustments.Note: Baron Capital owns ~11.5% of Vail Resorts.FactSet Research (FDS): FDS is a 2.85% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced through minor selling almost every quarter. The stake is now at ~2.7M shares and the stock is at ~$389. Last several quarters have seen only minor adjustments.Note: Baron Capital owns ~7% of FactSet Research.MSCI Inc. (MSCI): MSCI is a 2.73% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the position has remained relatively steady. The stock currently trades at ~$417. Last several quarters have seen only minor adjustments.Iridium Communications (IRDM): IRDM is a 1.44% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The stake had remained relatively steady since. H1 2019 saw a one-third increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. Last quarter saw another ~15% stake increase at prices between ~$37 and ~$43. This quarter also saw a ~8% increase. The stock currently trades at $37.02.Note: Baron Capital owns ~9.7% of Iridium Communications.Kinsale Capital (KNSL): KNSL is a 1.18% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters thru Q2 2020 had seen a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$218. There was a ~13% increase over the last five quarters.Note: Baron Capital owns 9.3% of Kinsale Capital.Alibaba Group Holdings (BABA), Cohen & Steers (CNS), Gaming & Leisure Properties (GLPI), Red Rock Resorts (RRR), Shopify (SHOP), Spotify Technology (SPOT), Trex Co Inc. (TREX), and ZoomInfo Technologies (ZI): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Note: They have significant ownership stakes in Cohen & Steers and Red Rock Resorts.Stake Decreases:Gartner Inc. (IT): IT is a 3.85% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: the seven quarters through Q3 2020 saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$241. Last several quarters have also seen minor trimming.Note: Baron Capital owns ~6% of Gartner Inc.Idexx Labs (IDXX): IDXX is a top three 3.33% of the portfolio stake first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position had remained relatively steady although adjustments were made every quarter. Last three years have seen a ~50% selling. The stock currently trades at ~$356. They are harvesting gains.Arch Capital Group (ACGL): ACGL is a 2.56% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $43.58.Note: Baron Capital owns 5.6% of Arch Capital Group.Choice Hotels International (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then, the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$111. Last seven quarters saw marginal trimming.Note: Baron Capital owns ~8.2% of Choice Hotels.Bio-Techne Corp (TECH): The 1.56% of the portfolio TECH stake goes back to 2014 when it was acquired at a cost-basis of ~$90 per share. By 2018, the stake was built from ~1M shares to ~1.5M shares at prices up to ~$200. Since then, there has only been minor activity. The stock is currently at ~$345.Ansys Inc. (ANSS): The bulk of the 1.54% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. The two years through 2020 had seen a ~10% trimming. The stock currently trades at ~$247. Last five quarters also saw a ~17% trimming.Guidewire Software (GWRE): Guidewire had an IPO in January 2012. The 1.35% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then, the activity has been minor. The stock currently trades at $75.32.Note: Baron Capital owns ~7% of Guidewire Software.Hyatt Hotels (H): The 1.28% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake had remained relatively steady although adjustments were made every quarter. There was a ~15% stake increase in Q3 2021 at prices between ~$69 and ~$81. The stock currently trades at $71.21. Last two quarters have seen only minor adjustments.Note: Baron Capital owns ~10% of Hyatt Hotels.Mettler Toledo International (MTD): MTD is a 1.23% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~85% reduction at prices between ~$100 and ~$1697. The stock is now at ~$1132. They are harvesting long-term gains.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase next year at prices between ~$35 and ~$59. There was a ~25% reduction over the first three quarters of 2020 at prices between ~$44 and ~$86. H2 2021 had seen a ~55% stake increase at prices between ~$108 and ~$125. The stock currently trades at ~$84 and the stake is at 1.16% of the portfolio. There was a minor ~2% trimming this quarter.Marriott Vacations Worldwide (VAC): VAC is a 1.12% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The four quarters through Q1 2021 had seen a ~15% trimming while the next three quarters have seen minor increases. The stock is now at ~$113. There was a minor ~2% trimming this quarter.Note: Baron Capital owns ~7% of Marriott Vacations Worldwide.Penn National Gaming (PENN): PENN is a 1.11% of the portfolio stake that has been in the portfolio since 2005. Recent activity follows: the two years through Q2 2020 saw a ~50% stake increase at prices between ~$4.50 and ~$74. The stock is currently at $28.51. There was a ~14% trimming in the five quarters through Q3 2021 while last quarter saw a ~2% stake increase. This quarter saw marginal trimming.Note: Baron Capital owns ~6.2% of Penn National Gaming.Rivian Automotive (RIVN): RIVN had an IPO last November. Shares started trading at ~$100 and currently goes for $29.47. Baron Capital’s stake goes back to a funding round in July 2020 at a valuation of ~$10B. This is compared to current valuation of ~$11.3B.Alexandria Real Estate (ARE), Alphabet Inc. (GOOG), Amazon (AMZN), Bright Horizons Family Solutions (BFAM), Ceridian HCM Holding (CDAY), Charles Schwab (SCHW), Endava plc (DAVA), EPAM Systems (EPAM), Icon plc (ICLR), Morningstar Inc. (MORN), Primerica Inc. (PRI), SBA Communications (SBAC), SS&C Technologies (SSNC), SiteOne Landscape (SITE), Verisk Analytics (VRSK), and West Pharma (WST): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Note 1: Baron Capital owns significant ownership stakes in the following businesses: Endava plc and Primerica.Note 2: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Afya Limited (AFYA), BRP Group (BRP), Clearwater Analytics (CWAN), ForgeRock (FORG), Grid Dynamics (GDYN), Installed Building Products (IBP), Indie Semi (INDI), Manchester United (MANU), MaxCyte (MXCT), Repay Holdings (RPAY), Sarissa Capital Acquisition (SRSA), and UTZ Brands (UTZ).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q1 2022:Source: John Vincent. Data constructed from Ron Baron’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/23/2021 to 3/8/2022: 13G/A – 3/3 – H – 4.8M shares – 9.54% of business. 13G/As – 2/15 – DM – zero, MXCT – MaxCyte – 5.13M shares – 5.07% of business, AFYA – 4.38M shares – 9.14% of business, CWAN – Clearwater Analytics – 2.85M shares – 6.02% of business. 13G/As – 2/14 – GDYN - Grid Dynamics – 1.8M shares – 2.7% of business, Repay Holdings – RPAY - 3.57M shares – 3.95% of business, Z – zero, Membership Collective Group – MCG – 3.17M shares – 5.20% of business, ForgeRock – FORG – 709K shares – 5.6% of business, INDI – 4.97M shares – 5.16% of business, ZoomInfo Tech - ZI - – 4.3M shares – 1.15% of business, Choice Hotels Intl - CHH - – 4.66M shares – 8.38% of business, Sarissa Capital Acq. – SRSA – 1.51M shares – 7.56% of business, DAVA - Endava plc – 2.37M shares – 6.16% of business, Cohen & Steers – CNS – 2.92M shares – 6.04% of business, IBP – 1.61M shares – 5.43% of business, PENN – 10.68M shares – 6.3% of business, Arch Capital Group – ACGL – 21.53M shares – 5.58% of business, Marriot Vacations – VAC – 2.94M shares – 6.94% of business, IT – 5.35M shares – 6.51% of business, BRP Group – 3.88M shares – 6.82% of business, GWRE – 5.91M shares – 7.1% of business, MANU – 9.76M shares – 18.49% of business, FDS – Factset Research – 2.66M shares – 7.03% of business, RRR – 7.61M shares – 11.08% of business, KNSL – Kinsale Capital Group – 2.12M shares – 9.29% of business, PRI – 2.09M shares – 5.28% of business, UTZ – 4.81M shares – 6.19% of business, MTN – 4.39M shares – 10.86% of business."

"Tracking Ron Baron’s BAMCO Portfolio – Q4 2021 Update"

"BAMCO’s 13F portfolio value increased from $44.15B to $47.14B this quarter.Ron Baron increased Taiwan Semi, Iridium Communications and Spotify while dropping Zillow Group.Their top five positions are at ~27% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 2/14/2022. The 13F portfolio value increased ~7% from $44.15B to $47.14B this quarter. The holdings are diversified with recent 13F reports showing around 400 positions. There are 48 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, Gartner Inc, IDEXX Labs, CoStar Group, and Vail Resorts. They add up to ~27% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2021.Baron Capital currently has ~$60B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 12.52% annualized for Baron Asset Fund compared to 11.08% for the Russell Midcap Growth and 17% annualized for Baron Partners Fund compared to 10.91% for the Russell Midcap Growth.New Stakes:Rivian Automotive (RIVN): RIVN had an IPO last November. Shares started trading at ~$100 and currently goes for $46.16. Baron Capital’s stake goes back to a funding round in July 2020 at a valuation of ~$10B. This is compared to current valuation of ~$43B.Stake Increases:FactSet Research (FDS): FDS is a 2.74% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced thru minor selling almost every quarter. The stake is now at ~2.7M shares and the stock is at ~$414. They are harvesting gains. Last five quarters saw marginal trimming while this quarter there was a marginal increase.Note: Baron Capital owns ~7% of FactSet Research.Arch Capital Group (ACGL): ACGL is a ~2% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $47.67.Note: Baron Capital owns 5.6% of Arch Capital Group.Guidewire Software (GWRE): Guidewire had an IPO in January 2012. The 1.42% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then, the activity has been minor. The stock currently trades at $91.85.Note: Baron Capital owns ~7% of Guidewire Software.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase next year at prices between ~$35 and ~$59. There was a ~25% reduction over the first three quarters of last year at prices between ~$44 and ~$86. Last two quarters have seen a ~55% stake increase at prices between ~$108 and ~$125. The stock currently trades at ~$108 and the stake is at 1.18% of the portfolio.Iridium Communications (IRDM): IRDM is a 1.17% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The position had remained relatively steady since. H1 2019 saw a one-third stake increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. This quarter saw another ~15% stake increase at prices between ~$37 and ~$43. The stock currently trades at $40.68.Note: Baron Capital owns ~9% of Iridium Communications.Penn National Gaming (PENN): PENN is a 1.17% of the portfolio stake that has been in the portfolio since 2005. Recent activity follows: the two years through Q2 2020 saw a ~50% stake increase at prices between ~$4.50 and ~$74. The stock is currently at $41.52. There was a ~14% trimming in the last five quarters while this quarter saw a ~2% stake increase.Note: Baron Capital owns ~6.3% of Penn National Gaming.Hyatt Hotels (H): The 1.11% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake had remained relatively steady although adjustments were made every quarter. There was a ~15% stake increase last quarter at prices between ~$69 and ~$81. The stock currently trades at $95.18. This quarter also saw a marginal increase.Note: Baron Capital owns ~10% of Hyatt Hotels.Kinsale Capital (KNSL): KNSL is a ~1% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters thru Q2 2020 had seen a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$232. There was a ~13% increase over the last four quarters.Note: Baron Capital owns 9.3% of Kinsale Capital.Marriott Vacations Worldwide (VAC): VAC is a ~1% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The four quarters through Q1 2021 had seen a ~15% trimming while the last three quarters have seen minor increases. The stock is now at ~$156.Note: Baron Capital owns ~7% of Marriott Vacations Worldwide.Alexandria Real Estate (ARE), Amazon (AMZN), Bright Horizons Family Solutions (BFAM), Cohen & Steers (CNS), Shopify (SHOP), Spotify Technology (SPOT), and ZoomInfo Technologies (ZI): These very small (less than ~1% of the portfolio each) positions were increased during the quarter.Note: They own ~6% of Cohen & Steers.Stake Decreases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$43 per share. The three quarters through Q1 2021 had seen a ~25% selling at prices between ~$445 and ~$883. The stock currently trades at ~$1011 and is now the largest 13F position at ~13% of the portfolio. There was minor trimming in the last three quarters.Note 1: In a CNBC interview last October, it was revealed that their TSLA cost-basis is $42.88. They are still very bullish and expect to hold it for a decade.Note 2: The prices quoted above are adjusted for the 5-for-1 stock split last August.Gartner Inc. (IT): IT is a 3.79% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: the seven quarters through Q3 2020 saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$295. Last few quarters have also seen minor trimming.Note: Baron Capital owns ~6% of Gartner Inc.Idexx Labs (IDXX): IDXX is a top three 3.53% of the portfolio stake first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position had remained relatively steady although adjustments were made every quarter. Last eleven quarters have seen a ~47% selling. The stock currently trades at ~$539. They are harvesting gains.CoStar Group (CSGP): CSGP is a top five stake at 3.63% of the portfolio. It is a very long-term position that has been in the portfolio for two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$1.75 and ~$4.70. 2014 also saw a ~45% stake increase at prices between $14.20 and $21.20. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows. Last two years saw a ~22% selling at prices between ~$29.50 and ~$94. The stock currently trades at $67.56. Last four quarters have seen only minor adjustments.Note: Baron Capital owns ~5% of CoStar Group. The prices quoted above are adjusted for the 10-for-1 stock-split in June.Vail Resorts (MTN): MTN is a top-five ~3% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$258. Last four quarters have seen only minor adjustments.Note: Baron Capital owns ~11% of Vail Resorts.MSCI Inc. (MSCI): MSCI is a 2.78% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the stake has remained relatively steady. Q1 2020 saw a ~5% stake increase while there was minor trimming over the next three quarters. The stock currently trades at ~$490. Last four quarters have seen only minor adjustments.Ansys Inc. (ANSS): The bulk of the 1.73% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. The two years through 2020 had seen a ~10% trimming. The stock currently trades at ~$309. Last four quarters also saw a ~14% trimming.Bio-Techne Corp (TECH): The 1.63% of the portfolio TECH stake goes back to 2014 when it was acquired at a cost-basis of ~$90 per share. By 2018, the stake was built from ~1M shares to ~1.5M shares at prices up to ~$200. Since then, there has only been minor activity. The stock is currently at ~$435.Choice Hotels (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then, the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$143. Last six quarters saw marginal trimming.Note: Baron Capital owns ~8.2% of Choice Hotels.Mettler Toledo International (MTD): MTD is a 1.35% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~85% reduction at prices between ~$100 and ~$1700. The stock is now at ~$1388. They are harvesting long-term gains.Alibaba Group Holdings (BABA), Alphabet Inc. (GOOG), Ceridian HCM Holding (CDAY), Endava plc (DAVA), EPAM Systems (EPAM), Gaming & Leisure Properties (GLPI), Icon plc (ICLR), Morningstar Inc. (MORN), Primerica Inc. (PRI), Red Rock Resorts (RRR), RingCentral (RNG), SBA Communications (SBAC), SS&C Technologies (SSNC), SiteOne Landscape (SITE), Trex Co Inc. (TREX), Verisk Analytics (VRSK), Veeva Systems (VEEV), Wix.com (WIX), West Pharma (WST), and Zillow Group (Z): These very small (less than ~1% of the portfolio each) stakes were reduced this quarter.Note 1: Baron Capital had owned ~12% of Zillow Group as of last quarter. The position was reduced to a minutely small stake this quarter.Note 2: Baron Capital owns significant ownership stakes in the following businesses: Endava plc, Primerica, and Red Rock Resorts.Note 3: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Afya Limited (AFYA), BRP Group (BRP), Clearwater Analytics (CWAN), ForgeRock (FORG), Grid Dynamics (GDYN), Installed Building Products (IBP), Indie Semi (INDI), Manchester United (MANU), MaxCyte (MXCT), Repay Holdings (RPAY), Sarissa Capital Acquisition (SRSA), and UTZ Brands (UTZ).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q4 2021:Source: John Vincent. Data constructed from Ron Baron’s 13F filings for Q3 2021 and Q4 2021.10/27/2021 – CNBC Interview – TSLA average cost is $42.88. Plans to hold for a decade at-least. MTN – average cost is $37.11 – 1997 first purchase at ~$17 per share – 2006 bought a lot more after Apollo distributed these shares in the 30s – ski passes are a tailwind – 50% coming from that.Regulatory filings from 8/24/2021 to 11/23/2021: None."

"Tracking Ron Baron’s BAMCO Portfolio – Q3 2021 Update"

"BAMCO’s 13F portfolio value increased from $43.68B to $44.15B this quarter.Ron Baron increased Zillow Group, Hyatt Hotels, Taiwan Semi, and Spotify while decreasing Manchester United, Zai Lab, and GDS Holdings.Their top five positions are at ~25% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 11/12/2021. The 13F portfolio value increased marginally from $43.68B to $44.15B this quarter. The holdings are diversified with recent 13F reports showing around 400 positions. There are 49 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, Gartner Inc, IDEXX Labs, CoStar Group, and Vail Resorts. They add up to ~25% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2021.Baron Capital currently has ~$55B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 12.46% annualized for Baron Asset Fund compared to 11.08% for the Russell Midcap Growth and 16.45% annualized for Baron Partners Fund compared to 10.90% for the Russell Midcap Growth.Stake Increases:Guidewire Software (GWRE): The 1.55% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. Guidewire had an IPO in January 2012. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then the activity has been minor. The stock currently trades at ~$114.Note: Baron Capital owns ~7% of Guidewire Software.Mettler Toledo International (MTD): MTD is a 1.19% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~85% reduction at prices between ~$100 and ~$1398. The stock is now at ~$1626. They are harvesting long-term gains.Zillow Group (Z): The ~1% position in Zillow goes back to 2011 when they established a very small stake following Zillow’s IPO that July. Shares started trading at ~$34 per share. 2015 saw the position built to ~3.8M shares at prices between ~$23 and ~$125. The stake has wavered. Recent activity follows: 2019 saw a ~50% stake increase at prices between ~$29.50 and ~$50 while Q1 2020 saw a two-thirds reduction at prices between ~$25 and ~$65. Next quarter saw the position increased by ~240% at prices between ~$30 and ~$63. This quarter saw another ~18% stake increase at prices between ~$85 and ~$120. The stock currently trades at $63.74.Note: Baron Capital owns ~12% of Zillow Group.Marriott Vacations Worldwide (VAC): VAC is a ~1% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The four quarters through Q1 2021 had seen a ~15% trimming while the last two quarters have seen minor increases. The stock is now at ~$167.Note: Baron Capital owns ~6% of Marriott Vacations Worldwide.Hyatt Hotels (H): The 0.94% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake had remained relatively steady although adjustments were made every quarter. There was a ~15% stake increase this quarter at prices between ~$69 and ~$81. The stock currently trades at $93.62.Note: Baron Capital owns ~15% of Hyatt Hotels.Gaming & Leisure Properties (GLPI): The 0.93% GLPI stake was established in 2013 because of its spin-off from Penn National Gaming. 2016 saw the stake increased by ~30% at prices between ~$25.50 and ~$36 while next year saw a similar reduction at prices between ~$30 and ~$39. The five quarters thru Q1 2020 had also seen a ~14% trimming. The stock currently trades at $46.50. Last several quarters have seen only minor adjustments.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase next year at prices between ~$35 and ~$59. There was a ~25% reduction over the first three quarters of last year at prices between ~$44 and ~$86. There was a ~20% stake increase this quarter at prices between ~$108 and ~$125. The stock currently trades at ~$121 and the stake is at 0.90% of the portfolio.Ceridian HCM Holding (CDAY): The 0.80% CDAY stake was established in Q2 2018. CDAY had an IPO in April 2018 and shares started trading at ~$34 per share. The position has since been increased by ~85% through consistent buying every quarter. The stock currently trades at ~$104.Kinsale Capital (KNSL): KNSL is a 0.77% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters thru Q2 2020 had seen a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$224. There was a ~12% increase over the last three quarters.Note: Baron Capital owns ~9% of Kinsale Capital.Amazon (AMZN): The 0.66% AMZN stake was increased by ~18% in Q4 2020 at prices between ~$3005 and ~$3445 and the stock currently trades at ~$3421. Last three quarters also saw minor buying.RingCentral (RNG): The RNG stake saw significant buying over the last three quarters. It is a 0.59% of the portfolio stake that was increased by roughly one-third in Q4 2020 at prices between ~$257 and ~$403. Last quarter saw another ~60% stake increase at prices between ~$235 and $331. It currently trades near the bottom of those ranges at ~$193. There was a marginal increase this quarter.Cohen & Steers (CNS), Red Rock Resorts (RRR), SBA Communications (SBAC), and Spotify Technology (SPOT): These very small (less than ~1% of the portfolio each) stakes were increased this quarter.Note: Baron Capital owns significant ownership stakes in the following businesses: Cohen & Steers and Red Rock Resorts.Stake Decreases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$43 per share. The three quarters through Q1 2021 had seen a ~25% selling at prices between ~$445 and ~$883. The stock currently trades at ~$1067 and is now the largest 13F position at ~11% of the portfolio. There was marginal trimming in the last two quarters.Note 1: In a CNBC interview in October, it was revealed that their TSLA cost-basis is $42.88. They are still very bullish and expect to hold it for a decade.Note 2: The prices quoted above are adjusted for the 5-for-1 stock split last August.Gartner Inc. (IT): IT is a 3.76% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: the seven quarters through Q3 2020 saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$326. Last few quarters have seen minor trimming.Note: Baron Capital owns ~6% of Gartner Inc.Idexx Labs (IDXX): IDXX is a top three 3.65% of the portfolio stake first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position had remained relatively steady although adjustments were made every quarter. Last ten quarters have seen a ~45% selling. The stock currently trades at ~$645. They are harvesting gains.CoStar Group (CSGP): CSGP is a top five stake at 3.63% of the portfolio. It is a very long-term position that has been in the portfolio for two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$1.75 and ~$4.70. 2014 also saw a ~45% stake increase at prices between $14.20 and $21.20. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows: last two years saw a ~22% selling at prices between ~$29.50 and ~$94. The stock currently trades at $79.94. Last three quarters have seen only minor adjustments.Note: Baron Capital owns ~5% of CoStar Group. The prices quoted above are adjusted for the 10-for-1 stock-split in June.Vail Resorts (MTN): MTN is a top-five 3.33% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$332. Last three quarters have seen only minor adjustments.Note: Baron Capital owns ~11% of Vail Resorts.MSCI Inc. (MSCI): MSCI is a ~3% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the stake has remained relatively steady. Q1 2020 saw a ~5% stake increase while there was minor trimming over the next three quarters. The stock currently trades at ~$611. Last three quarters have seen only minor adjustments.FactSet Research (FDS): FDS is a 2.37% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced thru minor selling almost every quarter. The stake is now at ~2.7M shares and the stock is at ~$480. They are harvesting gains. Last five quarters saw marginal trimming.Note: Baron Capital owns ~7% of FactSet Research.Arch Capital Group (ACGL): ACGL is a 1.83% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $43.48.Note: Baron Capital owns ~5% of Arch Capital Group.Penn National Gaming (PENN): PENN is a 1.71% of the portfolio stake that has been in the portfolio since 2005. Recent activity follows: the two years through Q2 2020 saw a ~50% stake increase at prices between ~$4.50 and ~$74. The stock is currently at $51.40. There was a ~14% trimming in the last five quarters.Note: Baron Capital owns ~6.5% of Penn National Gaming.Bio-Techne Corp (TECH): The 1.64% of the portfolio TECH stake goes back to 2014 when it was acquired at a cost-basis of ~$90 per share. By 2018, the stake was built from ~1M shares to ~1.5M shares at prices up to ~$200. Since then, there has only been minor activity. The stock is currently at ~$495.Ansys Inc. (ANSS): The bulk of the 1.59% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. The two years through 2020 had seen a ~10% trimming. The stock currently trades at ~$404. Last three quarters also saw a ~12% trimming.Choice Hotels (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$153. Last five quarters saw marginal trimming.Note: Baron Capital owns ~8.5% of Choice Hotels.Iridium Communications (IRDM): IRDM is a ~1% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The position had remained relatively steady since. H1 2019 saw a one-third stake increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. The stock currently trades at $42.29. Last few quarters have seen minor trimming.Note: Baron Capital owns ~9% of Iridium Communications.Bright Horizons Family Solutions (BFAM): The 0.79% BFAM stake was established in 2013 at prices between ~$28 and ~$38. BFAM had an IPO in Jan 2013 and shares started trading at ~$28 per share. The position had seen consistent selling since 2015. The stake was reduced by ~55% in the period thru Q1 2020 at prices between ~$55 and ~$175. The stock currently trades at ~$123. There was a ~12% stake increase in Q2 2020. Last five quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): BABA is a 0.72% of the portfolio position first purchased in 2014 at prices between ~$85 and ~$115 following their IPO in September 2014. The stake was built over the next three years at prices between ~$59 and ~$191. 2018 saw a ~27% selling at prices between ~$130 and ~$208 while next year there was a 75% increase at prices between ~$140 and ~$210. The stock currently trades at ~$119. Last few quarters have seen only minor adjustments.Alexandria Real Estate (ARE): ARE is a 0.56% of the portfolio stake established in 2009 at prices between ~$32 and ~$64. The sizing had remained relatively steady over the last decade. 2019 saw a ~25% stake increase at prices between ~$113 and ~$162. The stock currently trades at ~$218. Last six quarters had also seen incremental buying while this quarter saw marginal selling.GDS Holdings (GDS): The 0.30% GDS stake was established in 2018 and built at prices between ~$23 and ~$63. This quarter saw a ~50% reduction at prices between ~$50 and ~$76. The stock is now at $47.09.Alphabet Inc. (GOOG), Charles Schwab (SCHW), Douglas Emmett (DEI), Endava plc (DAVA), EPAM Systems (EPAM), Illumina Inc. (ILMN), Manchester United (MANU), Morningstar Inc. (MORN), Primerica Inc. (PRI), SS&C Technologies (SSNC), Trex Co Inc. (TREX), Veeva Systems (VEEV), Verisk Analytics (VRSK), West Pharma (WST), Wix.com (WIX), Zai Lab (ZLAB), and ZoomInfo Technologies (ZI): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Note 1: Baron Capital owns significant ownership stakes in the following businesses: Endava plc, Manchester United, Primerica, and ZoomInfo Technologies.Note 2: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Altair Engineering (ALTR), BRP Group (BRP), Fifth Wall Acquisition I (FWAA), Grid Dynamics (GDYN), Installed Building Products (IBP), Repay Holdings (RPAY), and Sarissa Capital Acquisition (SRSA).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q3 2021:Source: John Vincent. Data constructed from Ron Baron’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 6/27/2021 thru 8/24/2021: 13G – 7/8 – Fifth Wall Acq. – FWAA – 4.65M shares - 13.07% of business."

"Tracking Ron Baron’s BAMCO Portfolio – Q2 2021 Update"

"BAMCO’s 13F portfolio value increased from $40.57B to $43.68B this quarter.Ron Baron increased RingCentral and Cohen & Steers while decreasing Wix.com and Trex.Their top five positions are at ~23% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 8/24/2021. The 13F portfolio value increased ~8% from $40.57B to $43.68B this quarter. The holdings are diversified with recent 13F reports showing around 400 positions. There are 49 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, IDEXX Labs, CoStar Group, Vail Resorts, and Gartner Inc. They add up to ~23% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2021.Baron Capital currently has ~$60B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 12.56% annualized for Baron Asset Fund compared to 11.19% for the Russell Midcap Growth and 16.39% annualized for Baron Partners Fund compared to 11.03% for the Russell Midcap Growth.New Stakes:None.Stake Increases:Bio-Techne Corp (TECH): The 1.54% of the portfolio TECH stake goes back to 2014 when it was acquired at a cost-basis of ~$90 per share. By 2018, the stake was built from ~1M shares to ~1.5M shares at prices up to ~$200. Since then, there has only been minor activity. The stock is currently at ~$495.Guidewire Software (GWRE): The 1.47% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. Guidewire had an IPO in January 2012. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then the activity has been minor. The stock currently trades at ~$118.Note: Baron Capital owns ~7% of Guidewire Software.Zillow Group (Z): The 1.43% position in Zillow goes back to 2011 when they established a very small stake following Zillow’s IPO that July. Shares started trading at ~$34 per share. 2015 saw the position built to ~3.8M shares at prices between ~$23 and ~$125. The stake has wavered. Recent activity follows: 2019 saw a ~50% stake increase at prices between ~$29.50 and ~$50 while Q1 2020 saw a two-thirds reduction at prices between ~$25 and ~$65. Next quarter saw the position increased by ~240% at prices between ~$30 and ~$63. The stock currently trades at $99.24. Last four quarters have seen only minor adjustments.Note: Baron Capital owns ~10% of Zillow Group.Alibaba Group Holdings (BABA): BABA is a 1.21% of the portfolio position first purchased in 2014 at prices between ~$85 and ~$115 following their IPO in September 2014. The stake was built over the next three years at prices between ~$59 and ~$191. 2018 saw a ~27% selling at prices between ~$130 and ~$208 while next year there was a 75% increase at prices between ~$140 and ~$210. The stock currently trades at ~$160. Last few quarters have seen only minor adjustments.Marriott Vacations Worldwide (VAC): VAC is a ~1% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The stock is now at ~$155. Last four quarters had seen a ~15% trimming while this quarter there was a ~5% increase.Note: Baron Capital owns ~6% of Marriott Vacations Worldwide.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase last year at prices between ~$35 and ~$59. There was a ~25% reduction over the last three quarters at prices between ~$44 and ~$86. The stock currently trades at ~$119 and the stake is at 0.82% of the portfolio. Last three quarters have seen marginal increases.RingCentral (RNG): The RNG stake saw significant buying over the last three quarters. It is a 0.80% of the portfolio stake that was increased by roughly one-third in Q4 2020 at prices between ~$257 and ~$403. This quarter saw another ~60% stake increase at prices between ~$235 and $331. It currently trades near the bottom of those ranges at ~$258.Kinsale Capital (KNSL): KNSL is a 0.78% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters thru Q2 2020 had seen a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$181. There was a ~10% increase over the last two quarters.Note: Baron Capital owns ~9% of Kinsale Capital.Amazon (AMZN): The 0.70% AMZN stake was increased by ~18% in Q4 2020 at prices between ~$3005 and ~$3445 and the stock currently trades at ~$3350. Last two quarters also saw minor buying.Ceridian HCM Holding (CDAY): The 0.67% CDAY stake was established in Q2 2018. CDAY had an IPO in April 2018 and shares started trading at ~$34 per share. The position has since been increased by ~85% through consistent buying every quarter. The stock currently trades at ~$111.Alexandria Real Estate (ARE): ARE is a 0.55% of the portfolio stake established in 2009 at prices between ~$32 and ~$64. The sizing had remained relatively steady over the last decade. 2019 saw a ~25% stake increase at prices between ~$113 and ~$162. The stock currently trades at ~$205. Last six quarters have also seen incremental buying.Cohen & Steers (CNS), Douglas Emmett (DEI), Red Rock Resorts (RRR), and ZoomInfo Technologies (ZI): These very small (less than ~1% of the portfolio each) stakes were increased during the quarter.Baron Capital owns significant ownership stakes in the following businesses: Cohen & Steers, Red Rock Resorts, and ZoomInfo TechnologiesStake Decreases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$44 per share. The stock currently trades at ~$712 and is now the largest 13F position at ~10% of the portfolio. Last three quarters had seen a ~25% selling at prices between ~$445 and ~$883. There was marginal trimming this quarter.Note 1: In early December, Baron Funds released an FAQ detailing this position. Their overall cost-basis is $45 per share. They sold 745K shares in September at $445 per share on average and 308K shares in early December at $638 per share on average. They did this for portfolio management reasons but are still very bullish on Tesla. They expect Tesla’s share price to reach $2K per share by 2030.Note 2: The prices quoted above are adjusted for the 5-for-1 stock split last August.Idexx Labs (IDXX): IDXX is a top three 3.90% of the portfolio first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position has remained relatively steady although adjustments were made every quarter. Last nine quarters have seen a ~40% trimming. The stock currently trades at ~$668.CoStar Group (CSGP): CSGP is a top three stake at ~4% of the portfolio. It is a very long-term position that has been in the portfolio for two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$1.75 and ~$4.70. 2014 also saw a ~45% stake increase at prices between $14.20 and $21.20. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows: last two years saw a ~22% selling at prices between ~$29.50 and ~$94. The stock currently trades at $83.19. Last two quarters have seen only minor adjustments.Note: Baron Capital owns ~5% of CoStar Group. The prices quoted above are adjusted for the 10-for-1 stock-split in June.Vail Resorts (MTN): MTN is a top-five 3.23% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. The two years through 2020 saw a ~10% trimming. The stock currently trades at ~$304. Last two quarters have seen only minor adjustments.Note: Baron Capital owns ~11% of Vail Resorts.Gartner Inc. (IT): IT is a ~3% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: the seven quarters through Q3 2020 saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$308. Last three quarters have seen only minor adjustments.Note: Baron Capital owns ~6% of Gartner Inc.MSCI Inc. (MSCI): MSCI is a 2.68% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the stake has remained relatively steady. Q1 2020 saw a ~5% stake increase while there was minor trimming over the next three quarters. The stock currently trades at ~$630. Last two quarters have seen only minor adjustments.FactSet Research (FDS): FDS is a ~2% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced thru minor selling almost every quarter. The stake is now at ~2.7M shares and the stock is at ~$377. They are harvesting gains. Last four quarters saw marginal trimming.Note: Baron Capital owns ~7% of FactSet Research.Arch Capital Group (ACGL): ACGL is a 1.91% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $41.75.Note: Baron Capital owns ~5% of Arch Capital Group.Penn National Gaming (PENN): PENN is a 1.83% of the portfolio stake that has been in the portfolio since 2005. Recent activity follows: the two years through Q2 2020 saw a ~50% stake increase at prices between ~$4.50 and ~$74. The stock is currently at $83.56. There was a ~13% trimming in the last four quarters.Note: Baron Capital owns ~6.5% of Penn National Gaming.Ansys Inc. (ANSS): The bulk of the 1.70% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. The two years through 2020 had seen a ~10% trimming. The stock currently trades at ~$365. Last two quarters also saw a ~8% trimming.Choice Hotels (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$121. Last four quarters saw marginal trimming.Note: Baron Capital owns ~8.5% of Choice Hotels.Mettler Toledo International (MTD): MTD is a 1.21% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~85% reduction at prices between ~$100 and ~$1398. The stock is now at ~$1566. They are harvesting long-term gains.Iridium Communications (IRDM): IRDM is a ~1% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The position had remained relatively steady since. H1 2019 saw a one-third stake increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. The stock currently trades at $40.62. Last few quarters have seen minor trimming.Note: Baron Capital owns ~9% of Iridium Communications.Gaming & Leisure Properties (GLPI): The 0.92% GLPI stake was established in 2013 because of its spin-off from Penn National Gaming. 2016 saw the stake increased by ~30% at prices between ~$25.50 and ~$36 while next year saw a similar reduction at prices between ~$30 and ~$39. The five quarters thru Q1 2020 had also seen a ~14% trimming. The stock currently trades at $48.54. Last three quarters saw marginal trimming.Bright Horizons Family Solutions (BFAM): The 0.87% BFAM stake was established in 2013 at prices between ~$28 and ~$38. BFAM had an IPO in Jan 2013 and shares started trading at ~$28 per share. The position had seen consistent selling since 2015. The stake was reduced by ~55% in the period thru Q1 2020 at prices between ~$55 and ~$175. The stock currently trades at ~$146. There was a ~12% stake increase in Q2 2020. Last four quarters have seen only minor adjustments.GDS Holdings (GDS): The 0.84% GDS stake was established in 2018 and built at prices between ~$23 and ~$63. The stock is now at $51.20. There was ~9% stake increase in Q3 2020 while last quarter saw a similar increase. There was a minor ~4% trimming this quarter.Hyatt Hotels (H): The 0.83% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake has remained relatively steady although adjustments were made every quarter. The stock currently trades at $74.55. The three quarters through Q3 2020 had seen a minor increase while last three quarters saw a minor reduction.Note: Baron Capital owns ~13% of Hyatt Hotels.TripAdvisor (TRIP): TRIP is a small 0.41% of the portfolio position established last quarter at prices between ~$28 and ~$61 and the stock currently trades at $36.16. There was a ~10% trimming this quarter.Alphabet Inc. (GOOG), Charles Schwab (SCHW), Endava plc (DAVA), Illumina Inc. (ILMN), Installed Building Products (IBP), Manchester United (MANU), Morningstar Inc. (MORN), Primerica Inc. (PRI), SBA Communications (SBAC), SS&C Technologies (SSNC), Trex Co Inc. (TREX), Veeva Systems (VEEV), Verisk Analytics (VRSK), West Pharma (WST), Wix.com (WIX), Zai Lab (ZLAB): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Note 1: Baron Capital owns significant ownership stakes in the following businesses: Endava plc, Installed Building Products, Manchester United, and Primerica.Note 2: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Altair Engineering (ALTR), BRP Group (BRP), Fifth Wall Acquisition I (FWAA), Grid Dynamics (GDYN), Repay Holdings (RPAY), and Sarissa Capital Acquisition (SRSA).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q2 2021:Source: John Vincent. Data constructed from Ron Baron’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 2/21/2021 through 6/27/2021: 13G – 3/3 – Sarissa Capital Acq. – SRSA – 1.51M shares – 7.56% of business."

"Tracking Ron Baron’s BAMCO Portfolio – Q1 2021 Update"

"BAMCO’s 13F portfolio value increased marginally from $40.42B to $40.57B this quarter.Ron Baron added TripAdvisor while increasing Alphabet during the quarter.Their top five positions are at ~24% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 05/19/2021. The 13F portfolio value increased marginally from $40.42B to $40.57B this quarter. The holdings are diversified with recent 13F reports showing around 375 positions. There are 50 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, CoStar Group, IDEXX Labs, Vail Resorts, and Penn National Gaming. They add up to ~24% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2020.Baron Capital currently has ~$50B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 12.34% annualized for Baron Asset Fund compared to 10.93% for the Russell Midcap Growth and 16.36% annualized for Baron Partners Fund compared to 10.73% for the Russell Midcap Growth.New Stakes:TripAdvisor (TRIP): TRIP is a small 0.66% of the portfolio position established this quarter at prices between ~$28 and ~$61 and the stock currently trades at $40.30.Stake Increases:CoStar Group (CSGP): CSGP is a top three stake at ~4% of the portfolio. It is a very long-term position that has been in the portfolio for two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$1.75 and ~$4.70. 2014 also saw a ~45% stake increase at prices between $14.20 and $21.20. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows: last two years saw a ~22% selling at prices between ~$29.50 and ~$94. The stock currently trades at $82.82. There was a marginal increase this quarter.Note: Baron Capital owns ~5% of CoStar Group. The prices quoted above are adjusted for the 10-for-1 stock-split in June.Vail Resorts (MTN): MTN is a top-five 3.23% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. Last two years saw a ~10% trimming. The stock currently trades at ~$317. This quarter saw a marginal increase.Note: Baron Capital owns ~11% of Vail Resorts.MSCI Inc. (MSCI): MSCI is a 2.31% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the stake has remained relatively steady. Q1 2020 saw a ~5% stake increase while there was minor trimming over the next three quarters. The stock currently trades at ~$533. This quarter saw a marginal increase.Arch Capital Group (ACGL): ACGL is a ~2% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $38.94.Note: Baron Capital owns ~5% of Arch Capital Group.Zillow Group (Z): The 1.62% position in Zillow goes back to 2011 when they established a very small stake following Zillow’s IPO that July. Shares started trading at ~$34 per share. 2015 saw the position built to ~3.8M shares at prices between ~$23 and ~$125. The stake has wavered. Recent activity follows: 2019 saw a ~50% stake increase at prices between ~$29.50 and ~$50 while Q1 2020 saw a two-thirds reduction at prices between ~$25 and ~$65. Next quarter saw the position increased by ~240% at prices between ~$30 and ~$63. The stock currently trades at ~$122. Last three quarters have seen only minor adjustments.Note: Baron Capital owns ~10% of Zillow Group.Alibaba Group Holdings (BABA): BABA is a 1.29% of the portfolio position first purchased in 2014 at prices between ~$85 and ~$115 following their IPO in September 2014. The stake was built over the next three years at prices between ~$59 and ~$191. 2018 saw a ~27% selling at prices between ~$130 and ~$208 while next year there was a 75% increase at prices between ~$140 and ~$210. The stock currently trades at ~$227. Last few quarters have seen only minor adjustments.Bright Horizons Family Solutions (BFAM): The 1.14% BFAM stake was established in 2013 at prices between ~$28 and ~$38. BFAM had an IPO in Jan 2013 and shares started trading at ~$28 per share. The position had seen consistent selling since 2015. The stake was reduced by ~55% in the period thru Q1 2020 at prices between ~$55 and ~$175. The stock currently trades at ~$147. There was a ~12% stake increase in Q2 2020. Last three quarters have seen only minor adjustments.GDS Holdings (GDS): The ~1% GDS stake was established in 2018 and built at prices between ~$23 and ~$63. The stock is now at $78.49. There was ~9% stake increase in Q3 2020 while this quarter saw a similar increase.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase last year at prices between ~$35 and ~$59. There was a ~25% reduction over the last three quarters at prices between ~$44 and ~$86. The stock currently trades at ~$120 and the stake is at 0.86% of the portfolio. Last two quarters have seen marginal increases.Kinsale Capital (KNSL): KNSL is a 0.80% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters thru Q2 2020 had seen a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$165. There was a minor ~5% increase this quarter.Note: Baron Capital owns ~8.5% of Kinsale Capital.Amazon (AMZN) and RingCentral (RNG): These very small stakes saw significant buying last quarter. The 0.67% AMZN stake was increased by ~18% at prices between ~$3005 and ~$3445 and the stock currently trades at ~$3440. RNG is a 0.55% of the portfolio stake that was increased by roughly one-third at prices between ~$257 and ~$403. It currently trades at ~$291. Both positions were marginally increased this quarter.Ceridian HCM Holding (CDAY): The 0.62% CDAY stake was established in Q2 2018. CDAY had an IPO in April 2018 and shares started trading at ~$34 per share. The position has since been increased by ~85% through consistent buying every quarter. The stock currently trades at $95.92.Alexandria Real Estate (ARE): ARE is a 0.52% of the portfolio stake established in 2009 at prices between ~$32 and ~$64. The sizing had remained relatively steady over the last decade. 2019 saw a ~25% stake increase at prices between ~$113 and ~$162. The stock currently trades at ~$182. Last five quarters saw a marginal increase.Alphabet Inc. (GOOG), Bio-Techne Corp (TECH), Douglas Emmett (DEI), Installed Building Products (IBP), Manchester United (MANU), Red Rock Resorts (RRR), and Veeva Systems (VEEV): These small (less than ~1.5% of the portfolio each) stakes saw increases this quarter.Note: Baron Capital owns significant ownership stakes in the following businesses: Installed Building Products, Manchester United, and Red Rock Resorts.Stake Decreases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$44 per share. The stock currently trades at ~$680 and is now the largest 13F position at ~10% of the portfolio. Last three quarters have seen a ~25% selling at prices between ~$445 and ~$883.Note 1: In early December, Baron Funds released an FAQ detailing this position. Their overall cost-basis is $45 per share. They sold 745K shares in September at $445 per share on average and 308K shares in early December at $638 per share on average. They did this for portfolio management reasons but are still very bullish on Tesla. They expect Tesla’s share price to reach $2K per share by 2030.Note 2: The prices quoted above are adjusted for the 5-for-1 stock split last August.Idexx Labs (IDXX): IDXX is a top three 3.51% of the portfolio first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position has remained relatively steady although adjustments were made every quarter. Last two years have seen a ~30% trimming. The stock currently trades at ~$632.Penn National Gaming (PENN): PENN is a 2.92% of the portfolio stake that has been in the portfolio since 2005. Recent activity follows: the two years through Q2 2020 saw a ~50% stake increase at prices between ~$4.50 and ~$74. The stock is currently at $76.49. There was minor trimming in the last three quarters.Note: Baron Capital owns ~7% of Penn National Gaming.Gartner Inc. (IT): IT is a 2.55% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: the seven quarters through Q3 2020 saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$242. Last two quarters have seen only minor adjustments.Note: Baron Capital owns ~6% of Gartner Inc.FactSet Research (FDS): FDS is a ~2% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced thru minor selling almost every quarter. The stake is now at ~2.7M shares and the stock is at ~$336. They are harvesting gains. Last three quarters saw marginal trimming.Note: Baron Capital owns ~7% of FactSet Research.Ansys Inc. (ANSS): The bulk of the 1.86% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. Last two years had seen a ~10% trimming. The stock currently trades at ~$347. This quarter also saw a ~3% trimming.Guidewire Software (GWRE): The 1.43% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. Guidewire had an IPO in January 2012. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then the activity has been minor. The stock currently trades at ~$113.Note: Baron Capital owns ~7% of Guidewire Software.Iridium Communications (IRDM): IRDM is a 1.28% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The position had remained relatively steady since. H1 2019 saw a one-third stake increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. The stock currently trades at ~$40. Last few quarters have seen minor trimming.Note: Baron Capital owns ~9% of Iridium Communications.Choice Hotels (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$119. Last three quarters saw marginal trimming.Note: Baron Capital owns ~8.5% of Choice Hotels.Mettler Toledo International (MTD): MTD is a 1.14% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~85% reduction at prices between ~$100 and ~$1335. The stock is now at ~$1385. They are harvesting long-term gains.Marriott Vacations Worldwide (VAC): VAC is a 1.11% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The stock is now at ~$159. Last four quarters have seen a ~15% trimming.Note: Baron Capital owns ~6% of Marriott Vacations Worldwide.Hyatt Hotels (H): The ~1% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake has remained relatively steady although adjustments were made every quarter. The stock currently trades at $77.64. The three quarters through Q3 2020 had seen a minor increase while last two quarters saw a minor reduction.Note: Baron Capital owns ~13% of Hyatt Hotels.Gaming & Leisure Properties (GLPI): The 0.92% GLPI stake was established in 2013 because of its spin-off from Penn National Gaming. 2016 saw the stake increased by ~30% at prices between ~$25.50 and ~$36 while next year saw a similar reduction at prices between ~$30 and ~$39. The five quarters thru Q1 2020 had also seen a ~14% trimming. The stock currently trades at $46.33. Last three quarters saw marginal trimming.Charles Schwab (SCHW), Endava plc (DAVA), Illumina Inc. (ILMN), Morningstar Inc. (MORN), Primerica Inc. (PRI), SBA Communications (SBAC), SS&C Technologies (SSNC), Siteone Landscape Supply (SITE), The Trade Desk (TTD), Trex Co Inc. (TREX), Verisk Analytics (VRSK), West Pharma (WST), Wix.com (WIX), Zai Lab (ZLAB), and ZoomInfo Technologies (ZI): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Note 1: Baron Capital owns significant ownership stakes in the following businesses: Primerica, Endava plc, and Zoominfo Technologies.Note 2: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Altair Engineering (ALTR), BRP Group (BRP), Cohen & Steers Inc (CNS), Grid Dynamics (GDYN), Repay Holdings (RPAY), and Sarissa Capital Acquisition (SRSA).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q1 2021:Source: John Vincent. Data constructed from Ron Baron’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 2/20/2021: 13G/As – 2/12 – Hudson Ltd. – 0, CSGP – 1.93M shares – 4.91% of business, RPAY – 4.07M shares – 5.08% of business, CHH – 4.71M shares – 8.49% of business, ACGL – 21M shares – 4.93% of business, KNSL – 1.87M shares – 8.28% of business, MANU – 11.36M shares – 29.17% of business, BRP Group – BRP - 3.59M shares – 8.16% of business, H – 4.91M shares – 12.75% of business, GWRE – 5.73M shares – 6.84% of business, IBP – 1.97M shares – 6.62% of business, PENN – 11.42M shares – 7.35% of business, Red Rock Resorts – RRR – 7.12M shares – 10% of business, IT – 5.68M shares – 6.36% of business, MTN – 4.42M shares – 11% of business, VAC – 2.58M shares – 6.28% of business, PRI – 2.24M shares – 5.71% of business, Cohen & Steers – CNS – 2.46M shares – 5.15% of business, Z – 3.05M shares – 5.04% of business, FDS – 2.7M shares – 7.11% of business, GDYN – 2.61M shares – 5.14% of business, ZI – 4.22M shares – 5.16% of business, Endava - DAVA – 2.46M shares – 7.13% of business."

"Tracking Ron Baron’s BAMCO Portfolio – Q4 2020 Update"

"BAMCO’s 13F portfolio value increased from $32.58B to $40.42B this quarter.Ron Baron decreased Tesla while increasing RingCentral and Amazon during the quarter.Their top five positions are at ~26% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 02/12/2021. The 13F portfolio value increased ~24% from $32.58B to $40.42B this quarter. The holdings are diversified with recent 13F reports showing around 375 positions. There are 49 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, CoStar Group, IDEXX Labs, Vail Resorts, and MSCI Inc. They add up to ~26% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q3 2020.Baron Capital currently has ~$45B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 12.47% annualized for Baron Asset Fund compared to 11.03% for the Russell Midcap Growth and 16.52% annualized for Baron Partners Fund compared to 10.85% for the Russell Midcap Growth.Stake Increases:Gartner Inc. (IT): IT is a 2.25% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: last seven quarters saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$184. This quarter saw a marginal increase.Note: Baron Capital owns ~6% of Gartner Inc.Guidewire Software (GWRE): The 1.82% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. Guidewire had an IPO in January 2012. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Since then the activity has been minor. This quarter saw a marginal increase. The stock currently trades at ~$126.Note: Baron Capital owns ~7% of Guidewire Software.GDS Holdings (GDS): The ~1% GDS stake was established in 2018 and built at prices between ~$23 and ~$63. The stock is now at $116. There was ~9% stake increase last quarter and that was followed with a marginal increase this quarter.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase last year at prices between ~$35 and ~$59. There was a ~25% reduction over the last three quarters at prices between ~$44 and ~$86. The stock currently trades at ~$137 and the stake is at 0.0.79% of the portfolio. This quarter saw a ~2% increase.Ceridian HCM Holding (CDAY): The 0.76% CDAY stake was established in Q2 2018. CDAY had an IPO in April 2018 and shares started trading at ~$34 per share. The position has since been increased by ~85% through consistent buying every quarter. The stock currently trades at $96.23.Alexandria Real Estate (ARE): ARE is a 0.56% of the portfolio stake established in 2009 at prices between ~$32 and ~$64. The sizing had remained relatively steady over the last decade. 2019 saw a ~25% stake increase at prices between ~$113 and ~$162. The stock currently trades at ~$166. Last four quarters saw a marginal increase.ZoomInfo Technologies (ZI): ZI is a small 0.50% of the portfolio position established in Q2 2020 at prices between $34 and $53 and the stock currently trades at $54.74. ZoomInfo had an IPO last June and the shares started trading at ~$34.Note: Baron Capital owns ~5% of ZoomInfo Technologies.Amazon (AMZN), Illumina Inc. (ILMN), and RingCentral (RNG): These very small stakes saw significant buying this quarter. The 0.69% AMZN stake was increased by ~18% at prices between ~$3005 and ~$3445 and the stock currently trades at ~$3250. ILMN is a 0.55% of the portfolio position that saw a ~15% stake increase at prices between ~$293 and ~$371 and it is now at $486. RNG is a 0.66% of the portfolio stake that was increased by roughly one-third at prices between ~$257 and ~$403. It currently trades at ~$427.Equinix Inc. (EQIX), Veeva Systems (VEEV), and Zai Lab (ZLAB): These very small (less than ~1% of the portfolio each) stakes saw marginal increases this quarter.Stake Decreases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$44 per share. The stock currently trades at ~$781 and is now the largest 13F position at ~12% of the portfolio. There was a ~10% trimming last quarter and that was followed with a ~8% trimming this quarter.Note 1: In early December, Baron Funds released an FAQ detailing this position. Their overall cost-basis is $45 per share. They sold 745K shares in September at $445 per share on average and 308K shares in early December at $638 per share on average. They did this for portfolio management reasons but are still very bullish on Tesla. They expect Tesla’s share price to reach $2K per share by 2030.Note 2: The prices quoted above are adjusted for the 5-for-1 stock split last August.CoStar Group (CSGP): CSGP is a top three stake at 4.42% of the portfolio. It is a very long-term position that has been in the portfolio for two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$17.50 and ~$47. 2014 also saw a ~45% stake increase at prices between $142 and $212. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows: last two years saw a ~22% selling at prices between ~$295 and ~$940. The stock currently trades at ~$913.Note: Baron Capital owns ~5% of CoStar Group.Idexx Labs (IDXX): IDXX is a top three 3.84% of the portfolio first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position has remained relatively steady although adjustments were made every quarter. Last seven quarters have seen a ~22% trimming. The stock currently trades at ~$544.Vail Resorts (MTN): MTN is a top-five ~3% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. Last two years saw a ~10% trimming. The stock currently trades at ~$304.Note: Baron Capital owns ~11% of Vail Resorts.MSCI Inc. (MSCI): MSCI is a 2.46% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the stake has remained relatively steady. Q1 2020 saw a ~5% stake increase while there was minor trimming over the last three quarters. The stock currently trades at ~$433.Penn National Gaming (PENN): PENN is a 2.43% of the portfolio stake that has been in the portfolio since 2005. Recent activity follows: last two years saw a ~50% stake increase at prices between ~$4.50 and ~$74. The stock is currently at ~$120. There was minor trimming in the last two quarters.Note: Baron Capital owns ~7% of Penn National Gaming.FactSet Research (FDS): FDS is a 2.22% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced thru minor selling almost every quarter. The stake is now at ~2.7M shares and the stock is at ~$314. They are harvesting gains. Last two quarters saw marginal trimming.Note: Baron Capital owns ~7% of FactSet Research.Ansys Inc. (ANSS): The bulk of the ~2% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. Last two years have seen a ~10% trimming. The stock currently trades at ~$395.Arch Capital Group (ACGL): ACGL is a 1.87% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $35.09.Note: Baron Capital owns ~5% of Arch Capital Group.Zillow Group (Z): The 1.62% position in Zillow goes back to 2011 when they established a very small stake following Zillow’s IPO that July. Shares started trading at ~$34 per share. 2015 saw the position built to ~3.8M shares at prices between ~$23 and ~$125. The stake has wavered. Recent activity follows: 2019 saw a ~50% stake increase at prices between ~$29.50 and ~$50. That was followed with a two-thirds reduction in Q1 2020 at prices between ~$25 and ~$65. Next quarters saw the position increased by ~240% at prices between ~$30 and ~$63. The stock currently trades at ~$181. Last two quarters have seen only minor adjustments.Note: Baron Capital owns ~10% of Zillow Group.Iridium Communications (IRDM): IRDM is a 1.25% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The position had remained relatively steady since. H1 2019 saw a one-third stake increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. The stock currently trades at $47.37. Last few quarters have seen minor trimming.Note: Baron Capital owns ~10% of Iridium Communications.Choice Hotels (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$111. Last two quarters saw marginal trimming.Note: Baron Capital owns ~8.5% of Choice Hotels.Mettler Toledo International (MTD): MTD is 1.21% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~80% reduction at prices between ~$100 and ~$1193. The stock is now at ~$1166. They are harvesting long-term gains.Alibaba Group Holdings (BABA): BABA is a 1.19% of the portfolio position first purchased in 2014 at prices between ~$85 and ~$115 following their IPO in September 2014. The stake was built over the next three years at prices between ~$59 and ~$191. 2018 saw a ~27% selling at prices between ~$130 and ~$208 while last year there was a 75% increase at prices between ~$140 and ~$210. The stock currently trades at ~$264. Last two quarters saw minor trimming.Bright Horizons Family Solutions (BFAM): The 1.15% BFAM stake was established in 2013 at prices between ~$28 and ~$38. BFAM had an IPO in Jan 2013 and shares started trading at ~$28 per share. The position had seen consistent selling since 2015. The stake was reduced by ~55% in the period thru Q1 2020 at prices between ~$55 and ~$175. The stock currently trades at ~$170. There was a ~12% stake increase in Q2 2020 while last two quarters saw marginal trimming.Gaming & Leisure Properties (GLPI): The 0.93% GLPI stake was established in 2013 because of its spin-off from Penn National Gaming. 2016 saw the stake increased by ~30% at prices between ~$25.50 and ~$36 while next year saw a similar reduction at prices between ~$30 and ~$39. The five quarters thru Q1 2020 had also seen a ~14% trimming. The stock currently trades at $43.11. Last two quarters saw marginal trimming.Kinsale Capital (KNSL): KNSL is a 0.93% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. The six quarters thru Q2 2020 had seen a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$180. Last two quarters saw marginal trimming.Note: Baron Capital owns ~8.3% of Kinsale Capital.Hyatt Hotels (H): The 0.90% Hyatt stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake has remained relatively steady although adjustments were made every quarter. The stock currently trades at $82.26. Last three quarters had seen a minor increase while this quarter there was a marginal reduction.Note: Baron Capital owns ~13% of Hyatt Hotels.Marriott Vacations Worldwide (VAC): VAC is a 0.88% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The stock is now at ~$156. Last three quarters have seen a ~15% trimming.Note: Baron Capital owns ~6% of Marriott Vacations Worldwide.Americold Realty (COLD), Bio-Techne Corp (TECH), Charles Schwab (SCHW), Clarivate Analytics (CCC), Dexcom Inc. (DXCM), Installed Building Products (IBP), Manchester United (MANU), Morningstar Inc. (MORN), Primerica Inc. (PRI), SS&C Technologies (SSNC), SBA Communications (SBAC), Siteone Landscape Supply (SITE), The Trade Desk (TTD), Trex Co Inc. (TREX), Verisk Analytics (VRSK), Wix.com (WIX), and West Pharma (WST): These very small (less than ~1% of the portfolio each) stakes saw reductions this quarter.Note 1: Baron Capital owns ~6.6% of Installed Building Products, ~29% of Manchester United, and ~5.7% of Primerica.Note 2: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Altair Engineering (ALTR), BRP Group (BRP), Cohen & Steers Inc (CNS), Endava plc (DAVA), Grid Dynamics (GDYN), Red Rock Resorts (RRR), and Repay Holdings (RPAY).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q4 2020:Regulatory filings thru 12/20/2020: None."

"Tracking Ron Baron’s BAMCO Portfolio – Q3 2020 Update"

"BAMCO’s 13F portfolio value increased from $27.66B to $32.58B this quarter.Ron Baron decreased Tesla while increasing ZoomInfo Tech during the quarter.Their top five positions are at ~25% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 11/13/2020. The 13F portfolio value increased ~18% from $27.66B to $32.58B this quarter. The holdings are diversified with recent 13F reports showing around 350 positions. There are 55 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, CoStar Group, IDEXX Labs, Vail Resorts, and FactSet Research. They add up to ~25% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q2 2020.Baron Capital currently has ~$30B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 12.09% annualized for Baron Asset Fund compared to 10.54% for the Russell Midcap Growth and 15.24% annualized for Baron Partners Fund compared to 10.27% for the Russell Midcap Growth.Note 1: Some of the top holdings in their Emerging Market, International and Global funds are not in the 13F report as they are not 13F securities. Such positions include Tencent Holdings (TCEHY), Samsung Electronics (SSNLF), Reliance Industries, Meituan-Dianping, Nestle (NSRGY), and LVMH Moet-Hennessy (LVMUY).Note 2: In recent months, the firm released a couple of research making the case for international equities and emerging market equities to outperform in the coming years.Stake Increases:Zillow Group (Z): The ~1% position in Zillow goes back to 2011 when they established a very small stake following Zillow’s IPO that July. Shares started trading at ~$34 per share. 2015 saw the position built to ~3.8M shares at prices between ~$23 and ~$125. The stake has wavered. Recent activity follows: 2019 saw a ~50% stake increase at prices between ~$29.50 and ~$50. That was followed with a two-thirds reduction in Q1 2020 at prices between ~$25 and ~$65. Last quarter saw the position increased by ~240% at prices between ~$30 and ~$63. The stock currently trades at ~$136. There was a marginal increase this quarter.GDS Holdings (GDS): The 1.10% GDS stake was established in 2018 and built at prices between ~$23 and ~$63. The stock is now at $93.40. There was ~9% stake increase this quarter.Hyatt Hotels (H): The 1.55% H stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake has remained relatively steady although adjustments were made every quarter. The stock currently trades at $72.35. Last three quarters have seen minor increases.Note: Baron Capital owns ~13% of Hyatt Hotels.Ceridian HCM Holding (CDAY): The 0.73% CDAY stake was established in Q2 2018. CDAY had an IPO in April 2018 and shares started trading at ~$34 per share. The position has since been increased by ~85% through consistent buying every quarter. The stock currently trades at $98.82.Alexandria Real Estate (ARE): ARE is a 0.62% of the portfolio stake established in 2009 at prices between ~$32 and ~$64. The sizing had remained relatively steady over the last decade. Last year saw a ~25% stake increase at prices between ~$113 and ~$162. The stock currently trades at ~$175. Last three quarters saw a marginal increase.ZoomInfo Technologies (ZI): ZI is a small 0.52% of the portfolio position established last quarter at prices between $34 and $53 and the stock currently trades at $44.20. ZoomInfo had an IPO in June and the shares started trading at ~$34.Americold Realty (COLD), Amazon (AMZN), Charles Schwab (SCHW), Douglas Emmett Inc. (DEI), Equinix Inc. (EQIX), Illumina Inc. (ILMN), Installed Building Products (IBP), Transunion (TRU), and Veeva Systems (VEEV): These very small (less than ~1% of the portfolio each) stakes saw minor increases during the quarter.Stake Decreases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$44 per share. The stock currently trades at ~$650 and is now the largest 13F position at 9.64% of the portfolio. There was a ~10% trimming this quarter at $445 per share.Note 1: Earlier this month, Baron Funds released an FAQ detailing this position. Their overall cost-basis is $45 per share. They sold 745K shares in September at $445 per share on average and 308K shares in early December at $638 per share on average. They did this for portfolio management reasons but are still very bullish on Tesla. They expect Tesla’s share price to reach $2K per share by 2030.Note 2: The prices quoted above are adjusted for the 5-for-1 stock split on August 31st.CoStar Group (CSGP): CSGP is a top three stake at 5.22% of the portfolio. It is a very long-term position that has been in the portfolio for two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$17.50 and ~$47. 2014 also saw a ~45% stake increase at prices between $142 and $212. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows: last two years saw a ~20% selling at prices between ~$295 and ~$740. There have only been minor adjustments in the last three quarters. The stock currently trades at ~$916.Note: Baron Capital owns ~6% of CoStar Group.Idexx Labs (IDXX): IDXX is a top three 3.91% of the portfolio first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position has remained relatively steady although adjustments were made every quarter. Last six quarters have seen a ~17% trimming. The stock currently trades at ~$490.Vail Resorts (MTN): MTN is a top-five ~3% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. Last seven quarters saw a ~8% trimming. The stock currently trades at ~$271.Note: Baron Capital owns ~10% of Vail Resorts.FactSet Research (FDS): FDS is a 2.80% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced thru minor selling almost every quarter. The stake is now at ~2.73M shares and the stock is at ~$333. They are harvesting gains. This quarter saw marginal trimming.Note: Baron Capital owns ~7% of FactSet Research.Penn National Gaming (PENN): PEN is a 2.61% of the portfolio stake that has been in the portfolio since 2005. Recent activity follows: last two years saw a ~50% stake increase at prices between ~$4.50 and ~$74. The stock is currently at $92.72. There was minor trimming this quarter.Note: Baron Capital owns ~8% of Penn National Gaming.MSCI Inc. (MSCI): MSCI is a 2.47% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the stake has remained relatively steady. Q1 2020 saw a ~5% stake increase while there was minor trimming over the last two quarters. The stock currently trades at ~$435.Ansys Inc. (ANSS): The bulk of the 2.39% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. Last seven quarters have seen a ~6% trimming. The stock currently trades at ~$356.Gartner Inc. (IT): IT is a 2.17% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: last seven quarters saw a ~20% selling at prices between ~$83 and ~$171. The stock currently trades at ~$157.Note: Baron Capital owns ~6% of Gartner Inc.Arch Capital Group (ACGL): ACGL is a 1.91% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Since then, the activity has been minor. The stock is now at $34.37.Note: Baron Capital owns ~5% of Arch Capital Group.Alibaba Group Holdings (BABA): BABA is a 1.89% of the portfolio position first purchased in 2014 at prices between ~$85 and ~$115 following their IPO in September 2014. The stake was built over the next three years at prices between ~$59 and ~$191. 2018 saw a ~27% selling at prices between ~$130 and ~$208 while last year there was a 75% increase at prices between ~$140 and ~$210. The stock currently trades at ~$260. This quarter saw minor trimming.Guidewire Software (GWRE): The 1.82% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. Guidewire had an IPO in January 2012. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. The stock currently trades at ~$125. This quarter saw marginal trimming.Note: Baron Capital owns ~7% of Guidewire Software.Mettler Toledo International (MTD): MTD is 1.30% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~80% reduction at prices between ~$100 and ~$1000. The stock is now at ~$1135. They are harvesting long-term gains.Bright Horizons Family Solutions (BFAM): The 1.29% BFAM stake was established in 2013 at prices between ~$28 and ~$38. BFAM had an IPO in Jan 2013 and shares started trading at ~$28 per share. The position had seen consistent selling since 2015. The stake was reduced by ~55% in the period thru Q1 2020 at prices between ~$55 and ~$175. The stock currently trades at ~$167. There was a ~12% stake increase last quarter while this quarter saw marginal trimming.Choice Hotels (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at ~$102. This quarter saw marginal trimming.Note: Baron Capital owns ~8.5% of Choice Hotels.Kinsale Capital (KNSL): KNSL is a 1.10% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. Last six quarters had seen a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$249. This quarter saw marginal trimming.Note: Baron Capital owns ~8.5% of Kinsale Capital.Gaming & Leisure Properties (GLPI): The ~1% GLPI stake was established in 2013 because of its spin-off from Penn National Gaming. 2016 saw the stake increased by ~30% at prices between ~$25.50 and ~$36 while next year saw a similar reduction at prices between ~$30 and ~$39. The five quarters thru Q1 2020 had also seen a ~14% trimming. The stock currently trades at $42.03. This quarter saw marginal trimming.Iridium Communications (IRDM): IRDM is a ~1% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The position had remained relatively steady since. H1 2019 saw a one-third stake increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. The stock currently trades at $37.33. Last few quarters have seen minor trimming.Note: Baron Capital owns ~10% of Iridium Communications.Marriott Vacations Worldwide (VAC): VAC is a 0.73% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The stock is now at $131. Last two quarters have seen a ~13% trimming.Note: Baron Capital owns ~6% of Marriott Vacations Worldwide.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase last year at prices between ~$35 and ~$59. There was a ~25% reduction over the last three quarters at prices between ~$44 and ~$86. The stock currently trades at ~$105 and the stake is at 0.71% of the portfolio.Bio-Techne Corp (TECH), Clarivate Analytics (CCC), Cohen & Steers Inc. (CNS), Dexcom Inc. (DXCM), Fidelity National Information Services (FIS), Manchester United (MANU), MarketAxess Holdings (MKTX), Morningstar Inc. (MORN), Primerica Inc. (PRI), SBA Communications (SBAC), SS&C Technologies (SSNC), Siteone Landscape Supply (SITE), The Trade Desk (TTD), Trex Co Inc. (TREX), Verisk Analytics (VRSK), Verisign Inc. (VRSN), Wix.com (WIX), West Pharma (WST), and Zai Lab (ZLAB): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.Note 1: Baron Capital owns ~5.4% of Cohen & Steers Inc, ~5.6% of Primerica and ~30% of Manchester United.Note 2: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Altair Engineering (ALTR), BRP Group (BRP), Endava plc (DAVA), and Repay Holdings (RPAY).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q3 2020:Regulatory filings thru 8/31/2020: 13G/A – 7/10 – Endava plc – DAVA – 2.04M shares – 10.64% of business, 13G/A – 7/9 – same."

"Tracking Ron Baron’s BAMCO Portfolio – Q2 2020 Update"

"BAMCO’s 13F portfolio value increased from $20.41B to $27.66B this quarter.Ron Baron added ZoomInfo Tech and increased Zillow Group during the quarter.Their top five positions are at ~22% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 08/14/2020. The 13F portfolio value increased ~35% from $20.41B to $27.66B this quarter. The holdings are diversified with recent 13F reports showing around 350 positions. There are 56 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Tesla Motors, CoStar Group, IDEXX Labs, FactSet Research, and Vail Resorts. They add up to ~22% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q1 2020.Baron Capital currently has ~$30B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 11.91% annualized for Baron Asset Fund compared to 10.32% & 9.72% respectively for the Russell Midcap Growth & S&P 500 Indexes respectively and 13.82% annualized for Baron Partners Fund compared to 10.02% & 9.59% respectively for the Russell Midcap Growth & S&P 500 Indexes. The other funds in the group are Baron Discovery Fund (BDFIX), Baron Growth Fund (BGRIX), Baron Small Cap Fund (BSFIX), Baron Focused Growth Fund (BFGIX), Baron Durable Advantage Fund (BDAIX), Baron Fifth Avenue Growth Fund (BFTIX), Baron Opportunity Fund (BIOIX), Baron Emerging Markets Fund (BEXIX), Baron Global Advantage Fund (BGAIX), Baron International Growth Fund (BINIX), Baron FinTech Fund (BFIIX), and Baron Health Care Fund (BHCHX), Baron Real Estate Fund (BREIX), Baron Real Estate Income Fund (BRIIX), and Baron WealthBuilder Fund (BWBIX).Note: Some of the top holdings in their Emerging Market, International and Global funds are not in the 13F report as they are not 13F securities. Such positions include Tencent Holdings (TCEHY), Samsung Electronics (SSNLF), Sberbank of Russia (SBRCY), Reliance Industries, and Midea Group.New Stakes:ZoomInfo Technologies (ZI): ZI is a small 0.59% of the portfolio position established this quarter at prices between $34 and $53 and the stock currently trades just below that range at $32.34. ZoomInfo had an IPO in June and the shares started trading at ~$34.Stake Disposals:None.Stake Increases:Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$44 per share. Last six quarters have seen only minor adjustments. The stock currently trades at ~$442 and is now the largest 13F position at 6.31% of the portfolio.Note: The prices quoted above are adjusted for the 5-for-1 stock split on August 31st. Ron Baron has indicated that he is very bullish on Tesla Motors saying it could be worth ~$1.5T by 2030. This is compared to the current Market Cap of ~$410B.CoStar Group (CSGP): CSGP is a top three stake at 5.40% of the portfolio. It is a very long-term position that has been in the portfolio for almost two decades. The stake was first purchased in 2000 and the position remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$17.50 and ~$47. 2014 also saw a ~45% stake increase at prices between $142 and $212. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows: last two years saw a ~20% selling at prices between ~$295 and ~$740. There have only been minor adjustments in the last two quarters. The stock currently trades at ~$827.Note: Baron Capital owns ~6% of CoStar Group.Arch Capital Group (ACGL): ACGL is a 2.25% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Last five quarters had seen a ~6% trimming. The stock is now at $29.48. There was a marginal increase this quarter.Note: Baron Capital owns ~5.3% of Arch Capital Group.Alibaba Group Holdings (BABA): BABA is a 1.85% of the portfolio position first purchased in 2014 at prices between ~$85 and ~$115 following their IPO in September 2014. The stake was built over the next three years at prices between ~$59 and ~$191. 2018 saw a ~27% selling at prices between ~$130 and ~$208 while last year there was a 75% increase at prices between ~$140 and ~$210. The stock currently trades at ~$272. This quarter saw a ~9% increase.Choice Hotels (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at $94.91. Last two quarters have seen a marginal increase.Note: Baron Capital owns ~8.5% of Choice Hotels.Bright Horizons Family Solutions (BFAM): The 1.17% BFAM stake was established in 2013 at prices between ~$28 and ~$38. BFAM had an IPO in Jan 2013 and shares started trading at ~$28 per share. The position had seen consistent selling since 2015. The stake was reduced by ~55% in the period thru last quarter at prices between ~$55 and ~$175. The stock currently trades at ~$139. There was a ~12% stake increase this quarter.Gaming & Leisure Properties (GLPI): The 1.13% GLPI stake was established in 2013 because of its spin-off from Penn National Gaming. 2016 saw the stake increased by ~30% at prices between ~$25.50 and ~$36 while next year saw a similar reduction at prices between ~$30 and ~$39. Last five quarters had also seen a ~14% trimming. The stock currently trades at $37.24. There was a marginal increase this quarter.Kinsale Capital (KNSL): KNSL is a ~1% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. Last six quarters have seen a ~30% stake increase at prices between ~$58 and ~$157. The stock currently trades at ~$182.Note: Baron Capital owns ~8.5% of Kinsale Capital.Zillow Group (Z): The ~1% Z position goes back to 2011 when they established a very small stake following Zillow’s IPO that July. Shares started trading at ~$34 per share. 2015 saw the position built to ~3.8M shares at prices between ~$23 and ~$125. Since then, the stake has wavered. Recent activity follows: 2019 had seen a ~50% stake increase at prices between ~$29.50 and ~$50. That was followed with a two-thirds reduction last quarter at prices between ~$25 and ~$65. This quarter saw the position increased by ~240% at prices between ~$30 and ~$63. The stock currently trades at $95.87.Hyatt Hotels (H): The 1.55% H stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake has remained relatively steady although adjustments were made every quarter. The stock currently trades at $57.02. Last two quarters have seen minor increases.Note: Baron Capital owns ~13% of Hyatt Hotels.Ceridian HCM Holding (CDAY): The 0.81% CDAY stake was established in Q2 2018. CDAY had an IPO in April 2018 and shares started trading at ~$34 per share. The position has since been increased by ~85% through consistent buying every quarter. The stock currently trades at $75.03. This quarter saw a marginal increase.Alexandria Real Estate (ARE): ARE is a 0.74% of the portfolio stake established in 2009 at prices between ~$32 and ~$64. The sizing had remained relatively steady over the last decade. Last year saw a ~25% stake increase at prices between ~$113 and ~$162. The stock currently trades at ~$159. Last two quarters saw a marginal increase.Amazon (AMZN), Americold Realty (COLD), Aspen Technology (AZPN), Charles Schwab (SCHW), Illumina Inc. (ILMN), Installed Building Products (IBP), MarketAxess Holdings (MKTX), Penn National Gaming (PENN), Transunion (TRU), and Veeva Systems (VEEV): These small (less than ~1.5% of the portfolio each) positions were increased during the quarter.Note: Baron Capital owns ~9% of Penn National Gaming.Stake Decreases:Idexx Labs (IDXX): IDXX is a top three 4.10% of the portfolio first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position has remained relatively steady although adjustments were made every quarter. Last six quarters have seen a ~17% trimming. The stock currently trades at ~$355.FactSet Research (FDS): FDS is a 3.28% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced thru minor selling almost every quarter. The stake is now at ~2.76M shares and the stock is at ~$336. They are harvesting gains. This quarter saw marginal trimming.Note: Baron Capital owns ~7.3% of FactSet Research.Vail Resorts (MTN): MTN is a top-five ~3% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. Last six quarters saw a ~7% trimming. The stock currently trades at ~$219.Note: Baron Capital owns ~11% of Vail Resorts.MSCI Inc. (MSCI): MSCI is a 3.26% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the stake has remained relatively steady. Last quarter saw a ~5% stake increase while this quarter there was marginal trimming. The stock currently trades at ~$345.Ansys Inc. (ANSS): The bulk of the 2.64% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. Last six quarters have seen only minor adjustments. The stock currently trades at ~$305.Gartner Inc. (IT): IT is a 2.54% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Recent activity follows: last six quarters saw a ~18% trimming at prices between ~$83 and ~$171. The stock currently trades at ~$131.Note: Baron Capital owns ~6.5% of Gartner Inc.Guidewire Software (GWRE): The 2.29% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. Guidewire had an IPO in January 2012. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. The stock currently trades at ~$103. There was a ~7% trimming this quarter.Note: Baron Capital owns ~7% of Guidewire Software.Mettler Toledo International (MTD): MTD is 1.34% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~80% reduction at prices between ~$100 and ~$870. The stock is now at ~$976. They are harvesting long-term gains.Iridium Communications (IRDM): IRDM is a 1.19% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The position had remained relatively steady since. H1 2019 saw a one-third stake increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. The stock currently trades at $27.31. This quarter saw marginal trimming.Note: Baron Capital owns ~10% of Iridium Communications.GDS Holdings (GDS): The 1.16% GDS stake was established in 2018 and built at prices between ~$23 and ~$63. The stock is now at $78.34. There was marginal trimming this quarter.Marriott Vacations Worldwide (VAC): VAC is a 0.83% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The stock is now at $92.89. This quarter saw a ~7% trimming.Note: Baron Capital owns ~6.5% of Marriott Vacations Worldwide.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year had seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase last year at prices between ~$35 and ~$59. There was a ~20% reduction over the last two quarters at prices between ~$47 and ~$58. The stock currently trades at $80.23 and the stake is at 0.63% of the portfolio.Bio-Techne Corp (TECH), Clarivate Analytics (CCC), Dexcom Inc. (DXCM), Douglas Emmett Inc. (DEI), Equinix Inc. (EQIX), Fidelity National Information Services (FIS), Manchester United (MANU), Morningstar Inc. (MORN), Primerica Inc. (PRI), SBA Communications (SBAC), SS&C Technologies (SSNC), Siteone Landscape Supply (SITE), Teladoc Inc. (TDOC), Trex Co Inc. (TREX), The Trade Desk (TTD), Verisign Inc. (VRSN), Verisk Analytics (VRSK), West Pharma (WST), Wix.com (WIX), and Zai Lab (ZLAB): These small (less than ~1.75% of the portfolio each) positions were reduced this quarter.Note: Baron Capital owns ~5.6% of Primerica and ~30% of Manchester United.Kept Steady:Cohen & Steers Inc. (CNS): The very small 0.62% CNS stake was kept steady this quarter.Note: Baron Capital owns ~5.4% of Cohen & Steers Inc.Note: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Altair Engineering (ALTR), BRP Group (BRP), Endava plc (DAVA), and Repay Holdings (RPAY).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q2 2020:Regulatory filings thru 6/2/2020: 13G/A – 4/9 – BNFT – BenefitFocus - ~105K shares – 0.32% of business."

"Tracking Ron Baron’s BAMCO Portfolio – Q1 2020 Update"

"BAMCO’s 13F portfolio decreased from $26.19B to $20.41B this quarter.Ron Baron increased GDS Holdings while reducing Zillow.Their top five positions are at ~21% of the overall portfolio.This article is part of a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 05/15/2020. The 13F portfolio value decreased ~22% from $26.19B to $20.41B this quarter. The holdings are diversified with recent 13F reports showing around 350 positions. There are 54 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are CoStar Group, IDEXX Labs, Tesla Motors, FactSet Research, and Vail Resorts. They add up to 20.50% of the portfolio. Please visit our series to get an idea of their investment philosophy and the fund’s moves during Q4 2019.Baron Capital currently has ~$30B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 11.17% annualized for Baron Asset Fund compared to 9.52% & 9.17% respectively for the Russell Midcap Growth & S&P 500 Indexes respectively and 12.34% annualized for Baron Partners Fund compared to 9.09% & 8.95% respectively for the Russell Midcap Growth & S&P 500 Indexes. The other funds in the group are Baron Discovery Fund (BDFIX), Baron Growth Fund (BGRIX), Baron Small Cap Fund (BSFIX), Baron Focused Growth Fund (BFGIX), Baron Durable Advantage Fund (BDAIX), Baron Fifth Avenue Growth Fund (BFTIX), Baron Opportunity Fund (BIOIX), Baron Emerging Markets Fund (BEXIX), Baron Global Advantage Fund (BGAIX), Baron International Growth Fund (BINIX), Baron FinTech Fund (BFIIX), and Baron Health Care Fund (BHCHX), Baron Real Estate Fund (BREIX), Baron Real Estate Income Fund (BRIIX), and Baron WealthBuilder Fund (BWBIX).Note: Some of the top holdings in their Emerging Market, International and Global funds are not in the 13F report as they are not 13F securities. Such holdings include Tencent Holdings (TCEHY), Samsung Electronics (SSNLF), Sberbank of Russia (SBRCY), Reliance Industries, and Midea Group.New Stakes:None.Stake Disposals:None.Stake Increases:MSCI Inc. (MSCI): MSCI is a 3.26% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the position reduced by ~75% at prices between ~$26 and ~$50. Since then, the stake has remained relatively steady. Last four quarters saw marginal trimming while this quarter there was a ~5% stake increase. The stock currently trades at ~$321.Iridium Communications (IRDM): IRDM is a 1.42% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The position had remained relatively steady since. H1 2019 saw a one-third stake increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the next two quarters. The stock currently trades at $25.69. This quarter also saw a marginal further increase.Note: Baron Capital owns ~10% of Iridium Communications.Choice Hotels (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then the position was relatively steady till 2014. The five years thru 2019 had seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at $83. This quarter saw a marginal increase.Note: Baron Capital owns ~8.5% of Choice Hotels.GDS Holdings (GDS): The 1.15% GDS stake was established in 2018 and built over the last five quarters at prices between ~$23 and ~$63. The stock is now at $67.25.Hyatt Hotels (H): The 1.55% H stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake has remained relatively steady although adjustments were made every quarter. The stock currently trades at $55.92. This quarter saw a minor increase.Note: Baron Capital owns ~12.5% of Hyatt Hotels.Kinsale Capital (KNSL): KNSL is a 0.91% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. Last four quarters have seen a ~22% stake increase at prices between ~$57 and ~$107. The stock currently trades at ~$152. There was a marginal increase this quarter.Note: Baron Capital owns ~8% of Kinsale Capital.Alexandria Real Estate (ARE): ARE is a 0.84% of the portfolio stake established in 2009 at prices between ~$32 and ~$64. The sizing had remained relatively steady over the last decade. Last year saw a ~25% stake increase at prices between ~$113 and ~$162. The stock currently trades at ~$159. This quarter saw a marginal increase.Ceridian HCM Holding (CDAY): The 0.69% CDAY stake was established in Q2 2018. CDAY had an IPO in April 2018 and shares started trading at ~$34 per share. The position has since been increased by ~85% through consistent buying every quarter. The stock currently trades at $72.61.Amazon (AMZN), Americold Realty (COLD), Clarivate Analytics (CCC), Dexcom Inc. (DXCM), Illumina Inc. (ILMN), MarketAxess Holdings (MKTX), Penn National Gaming (PENN), Red Rock Resorts (RRR), SBA Communications (SBAC), Teladoc Inc. (TDOC), Transunion (TRU), Veeva Systems (VEEV), Verisign Inc. (VRSN), and Zai Lab (ZLAB): These small (less than ~1.5% of the portfolio each) positions were increased during the quarter.Stake Decreases:CoStar Group (CSGP): CSGP is now the largest position in the 13F portfolio at ~6%. It is a very long-term stake that has been in the portfolio for almost two decades. The position was first purchased in 2000 and the stake remained very small for the next three years. The bulk of the current position was built in the 2003-2004 timeframe at prices between ~$17.50 and ~$47. 2014 also saw a ~45% stake increase at prices between $142 and $212. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows: last nine quarters saw a ~20% selling at prices between ~$295 and ~$740. The stock currently trades at ~$668.Note: Baron Capital owns ~6% of CoStar Group.Idexx Labs (IDXX): IDXX is a top three 4.20% of the portfolio first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position has remained relatively steady although adjustments were made every quarter. Last five quarters have seen a ~14% trimming. The stock currently trades at ~$303.Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$220 per share. Last five quarters saw minor trimming. The stock currently trades at ~$935.Note: Ron Baron has indicated that he is extremely bullish on Tesla Motors saying it could be worth ~$1.5T by 2030.FactSet Research (FDS): FDS is a 3.54% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced thru minor selling almost every quarter. The stake is now at ~2.77M shares and the stock is at ~$287. They are harvesting gains. This quarter saw a ~3% trimming.Note: Baron Capital owns ~7.3% of FactSet Research.Vail Resorts (MTN): MTN is a top-five 3.27% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. Last five quarters saw a ~7% trimming. The stock currently trades at ~$184.Note: Baron Capital owns ~11% of Vail Resorts.Arch Capital Group (ACGL): ACGL is a ~3% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Last five quarters saw a ~6% trimming. The stock is now at $30.61.Note: Baron Capital owns ~5.3% of Arch Capital Group.Gartner Inc. (IT): IT is a 2.92% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Since then, the stake has been relatively steady. Recent activity follows: last five quarters saw a ~15% trimming at prices between ~$80 and ~$170. The stock currently trades at ~$119.Note: Baron Capital owns ~6.8% of Gartner Inc.Ansys Inc. (ANSS): The bulk of the 2.86% ANSS position was purchased in 2009 at prices between ~$20 and ~$43. The stake was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. Last five quarters have seen only minor adjustments. The stock currently trades at ~$270.Guidewire Software (GWRE): The original 2.40% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. Guidewire had an IPO in January 2012. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Last five quarters have seen minor trimming. The stock currently trades at ~$104.Note: Baron Capital owns ~7.5% of Guidewire Software.Alibaba Group Holdings (BABA): BABA is a 1.85% of the portfolio position first purchased in 2014 at prices between ~$85 and ~$115 following their IPO in September 2014. The stake was built over the next three years at prices between ~$59 and ~$191. 2018 saw a ~27% selling at prices between ~$130 and ~$208 while last year there was a 75% increase at prices between ~$140 and ~$210. The stock currently trades at ~$218. This quarter saw a ~2% trimming.Mettler Toledo International (MTD): MTD is a 1.59% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling: ~80% reduction since at prices between ~$100 and ~$870. The stock is now at ~$764. They are harvesting long-term gains.Bright Horizons Family Solutions (BFAM): The 1.24% BFAM stake was established in 2013 at prices between ~$28 and ~$38. BFAM had an IPO in Jan 2013 and shares started trading at ~$28 per share. The position has seen consistent selling since 2015. The stake was reduced by ~55% over that period at prices between ~$55 and ~$175. The stock currently trades at ~$122.Gaming & Leisure Properties (GLPI): The 1.22% GLPI stake was established in 2013 as a result of its spin-off from Penn National Gaming. 2016 saw the stake increased by ~30% at prices between ~$25.50 and ~$36 while next year saw a similar reduction at prices between ~$30 and ~$39. Last five quarters have also seen a ~14% trimming. The stock currently trades at $38.28.Marriott Vacations Worldwide (VAC): VAC is a 0.82% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the position built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The stock is now at $89.17. There was marginal trimming this quarter.Note: Baron Capital owns ~7% of Marriott Vacations Worldwide.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year has seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase last year at prices between ~$35 and ~$59. The stock currently trades at ~$56 and the stake is at 0.86% of the portfolio. This quarter saw a ~4% trimming.Zillow Group (Z): The 0.26% Z position goes back to 2011 when they established a very small stake following Zillow’s IPO that July. Shares started trading at ~$34 per share. 2015 saw the position built to ~3.8M shares at prices between ~$23 and ~$125. Since then, the stake has wavered. Recent activity follows: last four quarters had seen a ~50% stake increase at prices between ~$29.50 and ~$50. That was followed with a two-thirds reduction this quarter at prices between ~$25 and ~$65. The stock currently trades at $56.79.SS&C Technologies (SSNC), Bio-Techne Corp (TECH), Primerica Inc. (PRI), and Charles Schwab (SCHW): These small (less than ~1.5% of the portfolio each) positions saw reductions during the quarter.Note: Baron Capital owns ~5.7% of Primerica.Aspen Technology (AZPN), Cohen & Steers Inc. (CNS), Douglas Emmett Inc. (DEI), Equinix Inc. (EQIX), Fidelity National Information Services (FIS), Manchester United (MANU), Morningstar Inc. (MORN), Siteone Landscape Supply (SITE), Trex Co Inc. (TREX), Verisk Analytics (VRSK), West Pharma (WST), and Wix.com (WIX): These very small (less than ~1% of the portfolio each) stakes were reduced this quarter.Note: Baron Capital owns ~31% of Manchester United, ~16% of Red Rock Resorts, ~9% of Penn National Gaming, and ~5.4% of Cohen & Steers Inc.Kept Steady:None.Note: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: Endava plc (DAVA), Repay Holdings (RPAY), Altair Engineering (ALTR), Installed Building Products (IBP), Hudson Ltd (HUD), and BRP Group (BRP).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q1 2020:Regulatory filings thru 2/28/2020: 13Gs/13GAs on 2/18: 8.83% of ChaSerg Technology Acquisition (CTAC) – 2M shares, 6.9% of Endava plc (DAVA) - 1.32M shares, 5.58% of Repay Holdings (RPAY) – 3.5M shares, Cision Limited (CISN) – 0, 4.79% of Altair Engineering (ALTR) – 1.94M shares. 13Gs/13Gas on 2/14: 4.96% of Bright Horizons Family Solutions (BFAM) – 2.89M shares, Bloom Energy Corp (BE) – 0, 8.44% of Choice Hotels (CHH) – 4.7M shares, 12.36% of Hyatt Hotels (H) – 4.52M shares, 30.85% of Manchester United plc (MANU) – 12.5M shares, 13.72% of Red Rock Resorts (RRR) – 9.6M shares, 11.41% of Benefitfocus Inc. (BNFT) – 3.73M shares, 11.31% of Vail Resorts (MTN) – 4.55M shares, 5.58% of Installed Building Products (IBP) – 1.67M shares, 5.73% of Primerica (PRI) – 2.37M shares, 9.88% of Iridium Communications (IRDM) – 12.96M shares, 7.19% of Gartner Inc. (IT) – 6.43M shares, 7.22% of Marriott Vacations Worldwide (VAC) – 3.04M shares, 8.13% of Penn National Gaming (PENN) – 9.42M shares, 6.2% of CoStar Group (CSGP) – 2.27M shares, 7.62% of Hudson Ltd (HUD) – 3M shares, 8% of Kinsale Capital Group (KNSL) – 1.77M shares, 7.73% of Guidewire Software (GWRE) – 6.38M shares, 7.51% of FactSet Research (FDS) – 2.85M shares, 5.42% of Arch Capital Group (ACGL) – 21.98M shares, 5.36% of Cohen & Steers Inc. (CNS) – 2.53M shares, 5.03% of Zillow Group (Z) – 2.94M shares, 13.19% of BRP Group (BRP) – 2.59M shares."

"Tracking Ron Baron’s BAMCO Portfolio – Q4 2019 Update"

"BAMCO’s 13F portfolio increased from $24.31B to $26.19B this quarter.Ron Baron increased Alibaba Group Holdings, Kinsale Capital, and GDS Holdings while decreasing The Trade Desk and Siteone Landscape Supply.Their top five positions are at 20.50% of the overall portfolio.This article is first in a series that provides an ongoing analysis of the changes made to BAMCO Inc.’s 13F stock portfolio on a quarterly basis. It is based on Ron Baron’s regulatory filed on 02/18/2020. The 13F portfolio value increased ~8% from $24.31B to $26.19B this quarter. The holdings are diversified with recent 13F reports showing around 350 positions. There are 48 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are CoStar Group, Vail Resorts, Gartner Inc., IDEXX Labs, and Arch Capital Group. They add up to 20.50% of the portfolio.Ron Baron started managing client assets in 1975, founded Baron Capital in 1982, and BAMCO Inc. in 1987. Baron Capital currently has ~$30B under management. The assets are distributed among several mutual funds with the common theme of long-term research-driven growth investment solutions. Their flag ship mutual funds are Barron Asset Fund (BARIX) incepted in 1987 and Baron Partners Fund (BPTIX) incepted in 1992. Both funds have produced significant alpha over their lifetimes – 11.88% annualized for Baron Asset Fund compared to 10.35% & 9.98% respectively for the Russell Midcap Growth & S&P 500 Indexes respectively and 13.39% annualized for Baron Partners Fund compared to 10.05% & 9.89% respectively for the Russell Midcap Growth & S&P 500 Indexes. The other funds in the group are Baron Discovery Fund (BDFIX), Baron Growth Fund (BGRIX), Baron Small Cap Fund (BSFIX), Baron Focused Growth Fund (BFGIX), Baron Durable Advantage Fund (BDAIX), Baron Fifth Avenue Growth Fund (BFTIX), Baron Opportunity Fund (BIOIX), Baron Emerging Markets Fund (BEXIX), Baron Global Advantage Fund (BGAIX), Baron International Growth Fund (BINIX), Baron FinTech Fund (BFIIX), and Baron Health Care Fund (BHCHX), Baron Real Estate Fund (BREIX), Baron Real Estate Income Fund (BRIIX), and Baron WealthBuilder Fund (BWBIX).Note: Some of the top holdings in their Emerging Market, International and Global funds are not in the 13F report as they are not 13F securities. Such holdings include Tencent Holdings (TCEHY), Samsung Electronics (SSNLF), Sberbank of Russia (SBRCY), Reliance Industries, Midea Group, RIB Software SE (RSTAY), and Trainline plc (TNLIF).New Stakes:None.Stake Disposals:None.Stake Increases:Alibaba Group Holdings (BABA): BABA is a 1.61% of the portfolio position first purchased in 2014 at prices between ~$85 and ~$115 following their IPO in September 2014. The stake was built over the next three years at prices between ~$59 and ~$191. 2018 saw a ~27% selling at prices between ~$130 and ~$208 while last year there was a 75% increase at prices between ~$140 and ~$210. The stock currently trades at ~$181.Hyatt Hotels (H): The 1.55% H stake was established in the high-20s price range in 2009 following their IPO that November. The next five years saw the position almost doubled at prices between ~$29 and ~$64. 2016 saw a ~30% selling at prices between ~$37 and ~$58. Since then, the stake has remained relatively steady although adjustments were made every quarter. The stock currently trades at ~$47.Note: Baron Capital owns ~12.4% of Hyatt Hotels.Iridium Communications (IRDM): IRDM is a 1.22% of the portfolio position first purchased in 2014 at prices between ~$6 and ~$10. The position had remained relatively steady since. H1 2019 saw a one-third stake increase at prices between ~$18.50 and ~$28 and that was followed with minor increases over the last two quarters. The stock currently trades at $19.50.Note: Baron Capital owns ~10% of Iridium Communications.Taiwan Semiconductors (TSM): A very small position in TSM was established in 2013 at prices between ~$16 and ~$20. Since then, every year has seen consistent buying. Recent activity follows: 2018 saw a ~30% stake increase at prices between ~$35 and ~$46 and that was followed with a ~12% further increase last year at prices between ~$35 and ~$59. The stock currently trades at $44.53 and the stake is at 0.85% of the portfolio.Alexandria Real Estate (ARE): ARE is a 0.77% of the portfolio stake established in 2009 at prices between ~$32 and ~$64. The sizing had remained relatively steady over the last decade. Last year saw a ~25% stake increase at prices between ~$113 and ~$162. The stock currently trades at ~$123.Zillow Group (Z): The 0.74% Z position goes back to 2011 when they established a very small stake following Zillow’s IPO that July. Shares started trading at ~$34 per share. 2015 saw the position built to ~3.8M shares at prices between ~$23 and ~$125. Since then, the stake has wavered. Recent activity follows: last four quarters have seen a ~50% stake increase at prices between ~$29.50 and ~$50. The stock currently trades at $27.19.Note: Baron Capital owns ~5% of Zillow Group.Ceridian HCM Holding (CDAY): The 0.72% CDAY stake was established in Q2 2018. CDAY had an IPO in April 2018 and shares started trading at ~$34 per share. The position has since been increased by ~85% through consistent buying every quarter. The stock currently trades at $47.76.Kinsale Capital (KNSL): KNSL is a 0.69% of the portfolio stake. A very small position was established in 2016 following Kinsale’s IPO. Most of the current position was built next year at prices between ~$28 and ~$45. Last four quarters have seen a ~22% stake increase at prices between ~$57 and $107. The stock currently trades at $86.37.Note: Baron Capital owns ~8% of Kinsale Capital.GDS Holdings (GDS): The 0.64% GDS stake was established in 2018 and built over the last four quarters at prices between ~$23 and ~$54. The stock is now at $51.46.Aspen Technology (AZPN), Fidelity National Information Services (FIS), Illumina Inc. (ILMN), PagSeguro Digital (PAGS), Transunion (TRU), and Verisign Inc. (VRSN): These very small (less than ~0.60% of the portfolio each) positions were increased during the quarter.Stake Decreases:CoStar Group (CSGP): CSGP is now the largest position in the 13F portfolio at 5.19%. It is a very long-term position that has been in the portfolio for almost two decades. The position was first purchased in 2000 and the stake remained very small for the next three years. The bulk of the current stake was built in the 2003-2004 timeframe at prices between ~$17.50 and ~$47. 2014 also saw a ~45% stake increase at prices between $142 and $212. Since then, the position had remained relatively steady although adjustments were made in most quarters. Recent activity follows: last two years saw a ~13% selling at prices between ~$311 and ~$634. The stock currently trades at ~$551.Note: Baron Capital owns ~6.2% of CoStar Group.Vail Resorts (MTN): MTN is a top-three 4.17% very long-term stake. During their first 13F filing in Q1 1999, the position was already very large at 11.6M shares. That original stake was sold down by around two-thirds in the 2003-2004 timeframe at prices between ~$11.50 and ~$23. Since then, there has only been minor activity. Last four quarters saw a ~6% trimming. The stock currently trades at ~$145.Note: Baron Capital owns ~11% of Vail Resorts.Gartner Inc. (IT): IT is a top-three 3.78% of the portfolio position first purchased in 2007 at prices between ~$16 and ~$28. The next three years saw consistent buying as the original position was increased by ~50% at prices between ~$9 and ~$28. The 2014-2015 timeframe saw a ~22% reduction at prices between ~$66 and ~$93. Since then, the stake has been relatively steady. Recent activity follows: last four quarters saw a ~7% trimming at prices between ~$126 and ~$171. The stock currently trades at $83.24.Note: Baron Capital owns ~7.2% of Gartner Inc.Idexx Labs (IDXX): IDXX is a top-five 3.76% of the portfolio first purchased in 2005. The next three years saw a large stake build-up at prices between ~$15 and ~$30. Since then, the position has remained relatively steady although adjustments were made every quarter. Last four quarters have seen a ~7% trimming. The stock currently trades at ~$183.Arch Capital Group (ACGL): ACGL is a top-five 3.60% of the portfolio stake first purchased in 2007 at prices between ~$7 and ~$8.25. The position remained relatively steady over the next three years. 2011 saw a ~17% stake increase at prices between ~$9.50 and ~$12.50 and that was followed with a similar increase in 2018 at prices between ~$25.50 and ~$31. Last four quarters saw a ~5% trimming. The stock is now at ~$26.Note: Baron Capital owns ~5.4% of Arch Capital Group.FactSet Research (FDS): FDS is a 2.92% long-term stake first purchased in 2006. The next two years saw a 4.7M share stake built at prices between $34 and $69. The position has since been reduced thru minor selling almost every quarter. The position is now at ~2.85M shares and the stock is at ~$218. They are harvesting gains.Note: Baron Capital owns ~7.5% of FactSet Research.Guidewire Software (GWRE): The original 2.67% GWRE position was purchased in the 2012-2013 timeframe at prices between ~$20 and ~$49. Guidewire had an IPO in January 2012. 2017 also saw a ~25% stake increase at prices between ~$51 and ~$83. Last four quarters have seen minor trimming. The stock currently trades at ~$82.Note: Baron Capital owns ~7.7% of Guidewire Software.Tesla Motors (TSLA): TSLA was a minutely small stake first purchased in 2012. The current position was built from 2014 at an average cost of ~$220 per share. Last four quarters saw minor trimming. The stock currently trades at ~$428.Note: Ron Baron has indicated that he is extremely bullish on Tesla Motors and had held thru the parabolic recent rise in the stock price.Ansys Inc. (ANSS): The bulk of the 2.47% ANSS position was purchased at prices between ~$20 and ~$43 in 2009. The position was increased by ~15% over the next two years but was reduced since. The four years thru 2018 saw a ~25% selling at prices between ~$143 and ~$190. Last four quarters have seen only minor adjustments. The stock currently trades at ~$213.MSCI Inc. (MSCI): MSCI is a 2.17% of the portfolio position established in 2007. Next year saw the stake built to a ~9.9M share position at prices between ~$12.50 and ~$36. The 2012-2014 timeframe saw the stake reduced by ~75% at prices between ~$26 and ~$50. Since then, the position has remained relatively steady. Last four quarters saw marginal trimming. The stock currently trades at ~$243.Choice Hotels (CHH): CHH was already a huge 19.4M share position in their first 13F filing in Q1 1999. That original stake was reduced by ~90% to a ~1.9M share stake by 2004 at prices between ~$3 and $22. 2007 saw a ~70% stake increase at prices between ~$26.50 and ~$34. Since then the position was relatively steady till 2014. The last five years have seen minor trimming most quarters – overall, there was a ~15% selling during that period at prices between ~$42 and ~$105. The stock currently trades at $57.67.Note: Baron Capital owns ~8.4% of Choice Hotels.Bright Horizons Family Solutions (BFAM): The 1.66% BFAM stake was established in 2013 at prices between ~$28 and ~$38. BFAM had an IPO in Jan 2013 and shares started trading at ~$28 per share. The position has seen consistent selling over the last five years. The stake was reduced by ~50% over that period at prices between ~$46.50 and ~$165. The stock currently trades at ~$84.Note: Baron Capital owns ~5% of Bright Horizons Family Solutions.Mettler Toledo International (MTD): MTD is a 1.55% of the portfolio position established in 2008 at prices between ~$68 and ~$110. Next year saw a ~150% stake increase at prices between ~$47 and ~$100. Since 2009, the position has seen consistent selling - ~80% reduction over the last decade at prices between ~$100 and ~$860. The stock is now at ~$645. They are harvesting long-term gains.Gaming & Leisure Properties (GLPI): The 1.52% GLPI stake was established in 2013 as a result of its spin-off from Penn National Gaming. 2016 saw the stake increased by ~30% at prices between ~$25.50 and ~$36 while next year saw a similar reduction at prices between ~$30 and ~$39. Last four quarters have also seen a ~10% trimming. The stock currently trades at $19.13.Marriott Vacations Worldwide (VAC): VAC is a ~1.5% portfolio position. A minutely small stake was purchased in 2012 and the following two years saw the stake built to a ~2M share position at prices between ~$42 and ~$75. 2018 also saw a ~50% increase at prices between ~$62.50 and ~$152. The stock is now at $48.81.Note: Baron Capital owns ~7.2% of Marriott Vacations Worldwide.SS&C Technologies (SSNC), Bio-Techne Corp (TECH), Primerica Inc. (PRI), and Charles Schwab (SCHW): These small (less than ~1.5% of the portfolio each) positions saw reductions during the quarter.Note: Baron Capital owns ~5.7% of Primerica.SBA Communications (SBAC), Douglas Emmett Inc. (DEI), Manchester United (MANU), Penn National Gaming (PENN), Trex Co Inc. (TREX), Verisk Analytics (VRSK), Red Rock Resorts (RRR), West Pharma (WST), Wix.com (WIX), Morningstar Inc. (MORN), Cohen & Steers Inc. (CNS), Siteone Landscape Supply (SITE), Equinix Inc. (EQIX), and The Trade Desk (TTD): These very small (less than ~1% of the portfolio each) stakes were reduced this quarter.Note: Baron Capital owns ~31% of Manchester United, ~14% of Red Rock Resorts, ~8.1% of Penn National Gaming, and ~5.4% of Cohen & Steers Inc.Kept Steady:None.Note: Although the positions as a percentage of the portfolio are very small, Baron Capital has significant ownership stakes in the following businesses: ~8.8% of ChaSerg Technology Acquisition (CTAC), ~6.9% of Endava plc (DAVA), ~5.6% of Repay Holdings (RPAY), ~4.8% of Altair Engineering (ALTR), ~11.4% of Benefitfocus Inc. (BNFT), ~5.6% of Installed Building Products (IBP), ~7.6% of Hudson Ltd (HUD), and ~13.2% of BRP Group (BRP).The spreadsheet below highlights changes to Ron Barron’s US stock holdings in Q4 2019:"

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 8/9/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2023.This quarter, William von Mueffling’s 13F portfolio value increased ~17% from $12.28B to $14.31B. The number of holdings increased from 37 to 38. The portfolio continues to be heavily concentrated with the top five positions representing ~25% of the total 13F holdings. The largest stake is Broadcom, which accounts for 6.35% of the portfolio. The largest five positions are Broadcom, S&P Global, Analog Devices, Visa, and Alphabet.New Stakes:Live Nation Entertainment (LYV) and Tradeweb Markets (TW): LYV is a very small 0.71% of the portfolio stake established this quarter at prices between ~$65 and ~$91 and the stock currently trades at $85.60. The 0.59% TW position was purchased at prices between ~$67 and ~$79 and it is now above that range at ~$83.Stake Disposals:Armstrong World Industries (AWI): The very small ~1% stake in AWI was disposed during the quarter.Stake Increases:Broadcom Inc. (AVGO): AVGO is now in the top position at 6.35% of the portfolio. It was established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. The period since had seen a combined one-third reduction at prices between ~$192 and ~$665. The stock currently trades at ~$833. This quarter saw a ~6% stake increase.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at ~6% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. The stake was built through Q1 2016 at around the same price range. Since then, the position saw a ~52% selling at prices between ~$97 and ~$479. The stock currently trades at ~$387. There was a ~6% stake increase this quarter.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years through Q1 2020 saw a combined ~28% reduction at prices between ~$72 and ~$125. Q1 2021 saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$177 and the stake is at 4.49% of the portfolio. This quarter saw a ~6% stake increase.Visa Inc. (V): V is a 3.89% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by ~37% at prices between ~$90 and ~$251. The stock currently trades at ~$239. There was a ~6% stake increase this quarter.Alphabet Inc. (GOOG) (GOOGL): The original GOOG stake was established in 2010 and doubled in 2011 at very low prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $25.50 and $29. The stake has seen selling since Q3 2016: ~50% combined reduction through 2022 at prices between ~$35 and ~$151. That was followed with another ~50% selling last quarter at prices between ~$87 and ~$109. The stock currently trades at ~$129 and the stake is at 3.67% of the portfolio. This quarter saw a ~6% stake increase.Applied Materials (AMAT): The 3.61% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. This quarter also saw a ~6% stake increase. The stock currently trades at ~$138.Microsoft Corp (MSFT): MSFT is a 3.61% of the portfolio stake established in Q1 2020 at prices between $135 and $189. There was a ~55% stake increase in Q2 2021 at prices between ~$240 and ~$270. The three quarters through Q3 2022 saw another ~30% increase at prices between ~$242 and ~$335. There was a ~20% further increase last quarter at prices between ~$222 and ~$281. That was followed with a ~6% increase this quarter. The stock is now at ~$320.Equifax (EFX): EFX is a 3.41% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The period since Q1 2020 saw a ~17% selling at prices between ~$106 and ~$295. This quarter saw a ~6% increase. The stock is now at ~$193.Thermo Fisher Scientific (TMO): TMO is a 3.31% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The four years through Q1 2023 saw a combined ~19% selling at prices between ~$270 and ~$667. This quarter saw a ~11% stake increase at prices between ~$508 and ~$591. The stock currently trades at ~$529.Intercontinental Exchange (ICE): ICE is a 3.17% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost double at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The three years through Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$114. There was a ~6% stake increase this quarter.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Agilent Inc. (A): Agilent is a 3.15% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters saw a ~20% stake increase at prices between $65.50 and $82. There was a ~13% further increase this quarter at prices between ~$115 and ~$141. The stock currently trades at ~$121.Willis Towers Watson plc (WTW): The 3.10% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WTW shares. The original position is from Q3 2013, and their overall cost-basis is ~$110 compared to the current price of ~$196. The stake was reduced by ~50% over the four years through Q3 2021 at prices between ~$117 and ~$235. There was a ~6% stake increase this quarter.Aon plc (AON): The ~3% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$321. There was a ~10% stake increase in Q1 2019. This quarter also saw a ~6% increase.Iqvia Holdings (IQV): The 2.91% of the portfolio stake in IQV was established in Q1 2021 at prices between $173 and $195. Next quarter saw a ~20% stake increase at prices between ~$195 and ~$247. The three quarters through Q2 2022 saw another ~40% increase at prices between ~$197 and ~$283. That was followed with a ~14% increase this quarter at prices between ~$184 and ~$225. The stock is now at ~$215.Verisign Inc. (VRSN): The 2.84% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase in Q1 2021 at prices between $188 and $216. That was followed with a ~6% stake increase this quarter. The stock currently trades at ~$205.Brunswick Corp (BC): BC is a 2.67% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters through Q2 2020 saw a ~20% stake increase at prices between $26.50 and $66. The stock is currently at ~$83. There was a ~6% stake increase this quarter.Note: Cantillon has a ~6.8% ownership stake in the business.CBRE Group Inc. (CBRE): The 2.61% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. Q1 2021 saw a ~30% selling at prices between $59.50 and $81. The stock is now at ~$82. There was a ~6% stake increase this quarter.American Tower (AMT): AMT is a 2.54% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~39% at prices between ~$103 and ~$266. The stock currently trades at ~$178. This quarter saw a ~6% stake increase.CME Group (CME): CME is a 2.45% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The four years through Q1 2020 saw a combined ~30% selling at prices between ~$85 and ~$225. The last two quarters saw a ~20% stake increase at prices between ~$170 and ~$195. The stock currently trades at ~$206.BlackRock Inc. (BLK): The 2.41% of the portfolio position in BLK was built over the four quarters through Q3 2022 at prices between ~$550 and ~$970 and the stock currently trades at ~$672. There was a ~15% stake increase this quarter at prices between ~$626 and ~$711.Adobe Systems (ADBE), Autodesk (ADSK), Beckton Dickinson (BDX), Credit Acceptance Corporation (CACC), CDW Corp (CDW), Entegris (ENTG), Ecolab Inc. (ECL), Fastenal (FAST), Ferguson plc (FERG), Hayward Holdings (HAYW), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), SS&C Technologies (SSNC), TriNet Group Inc. (TNET), and Taiwan Semiconductor (TSM): These small (less than ~2.5% of the portfolio each) stakes were increased this quarter.Note: Cantillon controls ~6.2% of TriNet Group.Stake Decreases:Zoetis Inc. (ZTS): The 1.76% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling in Q1 2021 at prices between $144 and $169. That was followed with a similar reduction in Q4 2021 at prices between ~$194 and ~$247. This quarter also saw a ~18% reduction at prices between ~$161 and ~$186. The stock currently trades at ~$186.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 2/6/2023 to 5/8/2023: 13G/As – 2/10 – TNET – 3.85M shares – 6.19% of business, BC – 4.69M shares – 6.47% of business.4/30/2020 Correction request: A reader pointed out that his last name is Von Mueffling, not Mueffling. So, should correct that."

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q1 2023 Update"

"William von Mueffling's 13F portfolio value increased this quarter from $11.81B to $12.28B.Cantillon added Ferguson plc and increased CDW Corp while decreasing Alphabet and dropping Fidelity National Information Services.The portfolio continues to be very concentrated with the top five positions accounting for ~24% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 5/4/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2022.This quarter, William von Mueffling’s 13F portfolio value increased ~4% from $11.81B to $12.28B. The number of holdings decreased from 38 to 37. The portfolio continues to be heavily concentrated with the top five positions representing ~24% of the total 13F holdings. The largest stake is S&P Global which accounts for 5.74% of the portfolio. The largest five positions are S&P Global, Broadcom, Analog Devices, Visa, and Thermo Fisher Scientific.New Stakes:Ferguson plc (FERG): FERG is a small 1.13% of the portfolio position established this quarter at prices between ~$128 and ~$150 and the stock currently trades at ~$141.Stake Disposals:Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Recent activity follows. The five years through Q3 2021 had seen a combined ~50% selling at prices between $58 and ~$157 while next quarter there was a ~9% stake increase at prices between ~$102 and ~$125. The disposal this quarter was at prices between ~$50 and ~$78. The stock currently trades at ~$56.Endeavor Group Holdings (EDR): The very small 0.76% of the portfolio stake in EDR was eliminated this quarter.Stake Increases:Microsoft Corp (MSFT): MSFT is a 3.35% of the portfolio stake established in Q1 2020 at prices between $135 and $189. There was a ~55% stake increase in Q2 2021 at prices between ~$240 and ~$270. The three quarters through Q3 2022 saw another ~30% increase at prices between ~$242 and ~$335. There was a ~20% further increase this quarter at prices between ~$222 and ~$281. The stock is now at ~$309.CME Group (CME): CME is a 2.77% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The four years through Q1 2020 saw a combined ~30% selling at prices between ~$85 and ~$225. There was a ~12% stake increase this quarter at prices between ~$169 and ~$192. The stock currently trades at ~$186.Iqvia Holdings (IQV): The 2.63% of the portfolio stake in IQV was established in Q1 2021 at prices between $173 and $195. Next quarter saw a ~20% stake increase at prices between ~$195 and ~$247. The three quarters through Q2 2022 saw another ~40% increase at prices between ~$197 and ~$283. The stock is now at ~$190. The last three quarters have seen only minor adjustments.Interactive Brokers Group Inc. (IBKR): IBKR is a 2.42% of the portfolio position purchased during Q2 & Q3 2017 at prices between ~$34 and ~$46. There was a ~45% stake increase in the last two quarters at prices between ~$64 and ~$89. The stock is now at $78.11.CDW Corp (CDW): CDW is a 1.94% of the portfolio position built in the last two quarters at prices between ~$153 and ~$214 and the stock currently trades at ~$166.Beckton Dickinson (BDX) and SS&C Technologies (SSNC): These two small (less than ~2.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at 5.74% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. The stake was built through Q1 2016 at around the same price range. Since then, the position has seen a ~52% selling at prices between ~$97 and ~$479. The stock currently trades at ~$355.Broadcom Inc. (AVGO): AVGO is a top-three 5.15% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. The period since has seen a combined one-third reduction at prices between ~$192 and ~$665. The stock currently trades at ~$629.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years through Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. Q1 2021 saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$185 and the stake is at ~5% of the portfolio. The last few quarters have seen only minor adjustments.Visa Inc. (V): V is a ~4% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by ~37% at prices between ~$90 and ~$251. The stock currently trades at ~$232.Thermo Fisher Scientific (TMO): TMO is a 3.85% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The last four years have seen a combined ~19% selling at prices between ~$270 and ~$667. The stock currently trades at ~$543.Agilent Inc. (A): Agilent is a 3.72% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters saw a ~20% stake increase at prices between $65.50 and $82. There have only been minor adjustments since. The stock currently trades at ~$132.Alphabet Inc. (GOOG) (GOOGL): The original GOOG stake was established in 2010 and doubled in 2011 at very low prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $25.50 and $29. The stake has seen selling since Q3 2016: ~50% combined reduction through 2022 at prices between ~$35 and ~$151. That was followed with another ~50% selling this quarter at prices between ~$87 and ~$109. The stock currently trades at ~$108 and the stake is at 3.48% of the portfolio.Applied Materials (AMAT): The 3.36% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. Since then, there have only been minor adjustments. The stock currently trades at ~$116.Willis Towers Watson plc (WTW): The 3.35% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WTW shares. The original position is from Q3 2013, and their overall cost-basis is ~$110 compared to the current price of ~$229. The stake was reduced by ~50% over the four years through Q3 2021 at prices between ~$117 and ~$235. The next two quarters saw a ~12% stake increase while in the last four quarters there was minor trimming.Equifax (EFX): EFX is a 3.22% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The period since Q1 2020 has seen a ~17% selling at prices between ~$106 and ~$295. The stock is now at ~$201.Intercontinental Exchange (ICE): ICE is a 3.20% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The three years through Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$107. The last three years have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Aon plc (AON): The ~3% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$333. There was a ~10% stake increase in Q1 2019. The last several quarters have seen minor trimming.American Tower (AMT): AMT is a ~3% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~39% at prices between ~$103 and ~$266. The stock currently trades at ~$193.Verisign Inc. (VRSN): The 2.91% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase in Q1 2021 at prices between $188 and $216. There have only been minor adjustments since. The stock currently trades at ~$220.Brunswick Corp (BC): BC is a 2.77% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters through Q2 2020 saw a ~20% stake increase at prices between $26.50 and $66. The stock is currently at $82.68. The last several quarters have seen only minor adjustments.Note: Cantillon has a ~6.5% ownership stake in the business.CBRE Group Inc. (CBRE): The 2.58% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. Q1 2021 saw a ~30% selling at prices between $59.50 and $81. Since then, there have only been minor adjustments. The stock is now at $73.14.Zoetis Inc. (ZTS): The 2.42% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling in Q1 2021 at prices between $144 and $169. That was followed with a similar reduction in Q4 2021 at prices between ~$194 and ~$247. The stock currently trades at ~$185. The last five quarters have seen only minor adjustments.BlackRock Inc. (BLK): The 2.36% of the portfolio position in BLK was built over the four quarters through Q3 2022 at prices between ~$550 and ~$970 and the stock currently trades at ~$643. The last two quarters have seen only minor adjustments.Entegris (ENTG): The 1.94% ENTG stake was established in H2 2019 at prices between ~$36 and ~$51. The last two quarters saw another ~43% stake increase at prices between ~$64 and ~$110. The stock currently trades at $79.45. There was a minor ~2% trimming this quarter.Armstrong World Industries (AWI), Adobe Systems (ADBE), Autodesk (ADSK), Credit Acceptance Corporation (CACC), Ecolab Inc. (ECL), Fastenal (FAST), Hayward Holdings (HAYW), Moody’s Corp (MCO), Taiwan Semiconductor (TSM), and TriNet Group Inc. (TNET): These small (less than ~2.5% of the portfolio each) positions were reduced during the quarter.Note: Cantillon controls ~6.2% of TriNet Group.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/3/2022 to 2/6/2023: None.4/30/2020 Correction request: A reader pointed out that his last name is Von Mueffling, not Mueffling. So, should correct that."

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q4 2022 Update"

"William von Mueffling's 13F portfolio value increased this quarter from $11.04B to $11.81B.Cantillon added CDW Corp and increased BlackRock, Interactive Brokers, Entegris, and Armstrong World Industries during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~25% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 2/6/2023. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2022.This quarter, William von Mueffling’s 13F portfolio value increased ~7% from $11.04B to $11.81B. The number of holdings remained steady at 38. The portfolio continues to be heavily concentrated with the top five positions representing ~25% of the total 13F holdings. The largest stake is Alphabet which accounts for ~6% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Broadcom, Analog Devices, and Agilent Technologies.New Stakes:CDW Corp (CDW): CDW is a small 0.76% of the portfolio position purchased this quarter at prices between ~$153 and ~$193 and the stock currently trades above that range at ~$200.Stake Disposals:Meta Platforms (META) previously Facebook: The META stake was established during H1 2018 at prices between ~$157 and ~$202. There had been minor trimming since. This quarter saw the position sold at prices between ~$89 and ~$140. The stock currently trades at ~$186. They realized losses.Stake Increases:BlackRock Inc. (BLK): The 2.63% of the portfolio position in BLK was built over the last four quarters at prices between ~$550 and ~$970 and the stock currently trades at ~$742. There was a minor ~4% further increase this quarter.Interactive Brokers Group Inc. (IBKR): IBKR is a ~2% of the portfolio position purchased during Q2 & Q3 2017 at prices between ~$34 and ~$46. There was a ~30% stake increase this quarter at prices between ~$64 and ~$81. The stock is now at $84.55.Entegris (ENTG): The 1.64% ENTG stake was established in H2 2019 at prices between ~$36 and ~$51. Last two quarters have seen another ~43% stake increase at prices between ~$64 and ~$110. The stock currently trades at $82.14.Armstrong World Industries (AWI): The small ~1% stake in AWI saw a ~9% stake increase this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Cantillon’s largest position at ~6% of the portfolio. The original stake was established in 2010 and doubled in 2011 at very low prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $25.50 and $29. The stake has seen selling since Q3 2016: ~50% combined reduction at prices between ~$35 and ~$151. The stock currently trades at ~$104.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at 5.89% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. The stake was built through Q1 2016 at around the same price range. Since then, the position has seen a ~50% selling at prices between ~$97 and ~$479. The stock currently trades at ~$369.Broadcom Inc. (AVGO): AVGO is a top-three 4.74% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. The period since have seen a combined ~30% reduction at prices between ~$192 and ~$665. The stock currently trades at ~$601.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years thru Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. Q1 2021 saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$178 and the stake is at 4.39% of the portfolio. Last few quarters have seen only minor adjustments.Agilent Inc. (A): Agilent is a 4.26% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters had seen a ~20% stake increase at prices between $65.50 and $82. There have only been minor adjustments since. The stock currently trades at ~$152.Visa Inc. (V): V is a ~4% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by ~35% at prices between ~$90 and ~$251. The stock currently trades at ~$229.Thermo Fisher Scientific (TMO): TMO is a 3.89% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. Last four years have seen a combined ~17% selling at prices between ~$270 and ~$667. The stock currently trades at ~$576.Willis Towers Watson plc (WTW): The 3.73% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WTW shares. The original position is from Q3 2013, and their overall cost-basis is ~$110 compared to the current price of ~$254. The stake was reduced by ~50% over the four years through Q3 2021 at prices between ~$117 and ~$235. The next two quarters had seen a ~12% stake increase while in the last three quarters there was minor trimming.Intercontinental Exchange (ICE): ICE is a 3.33% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$108. Last eleven quarters have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Equifax (EFX): EFX is a 3.26% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. Last three years have seen a ~15% selling at prices between ~$106 and ~$295. The stock is now at ~$222.American Tower (AMT): AMT is a 3.22% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~37% at prices between ~$103 and ~$266. The stock currently trades at ~$221.Aon plc (AON): The ~3% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$318. There was a ~10% stake increase in Q1 2019. Last several quarters have seen minor trimming.Verisign Inc. (VRSN): The ~3% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase in Q1 2021 at prices between $188 and $216. There have only been minor adjustments since. The stock currently trades at ~$214.CBRE Group Inc. (CBRE): The 2.89% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. Q1 2021 saw a ~30% selling at prices between $59.50 and $81. Since then, there have only been minor adjustments. The stock is now at ~$86.Applied Materials (AMAT): The 2.82% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. Since then, there has only been minor adjustments. The stock currently trades at ~$118.Iqvia Holdings (IQV): The 2.65% of the portfolio stake in IQV was established in Q1 2021 at prices between $173 and $195. Next quarter saw a ~20% stake increase at prices between ~$195 and ~$247. The three quarters through Q2 2022 had seen another ~40% increase at prices between ~$197 and ~$283. The stock is now at ~$232. There was minor trimming in the last two quarters.Brunswick Corp (BC): BC is a 2.57% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters thru Q2 2020 had seen a ~20% stake increase at prices between $26.50 and $66. The stock is currently at ~$90. Last several quarters have seen only minor adjustments.Note: Cantillon has a ~5.6% ownership stake in the business.Microsoft Corp (MSFT): MSFT is a 2.41% of the portfolio stake established in Q1 2020 at prices between $135 and $189. There was a ~55% stake increase in Q2 2021 at prices between ~$240 and ~$270. Last three quarters had seen another ~30% increase at prices between ~$242 and ~$335. The stock is now at ~$257. This quarter saw a minor ~2% trimming.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Recent activity follows. The five years through Q3 2021 had seen a combined ~50% selling at prices between $58 and ~$157 while next quarter there was a ~9% stake increase at prices between ~$102 and ~$125. The stock currently trades at ~$73 and the stake is at 2.37% of the portfolio. There was marginal trimming in the last three quarters.CME Group (CME): CME is a 2.26% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last eleven quarters have seen only minor adjustments. The stock currently trades at ~$175.Zoetis Inc. (ZTS): The 2.26% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling in Q1 2021 at prices between $144 and $169. That was followed with a similar reduction in Q4 2021 at prices between ~$194 and ~$247. The stock currently trades at ~$165. Last four quarters have seen only minor adjustments.Adobe Systems (ADBE), Autodesk (ADSK), Beckton Dickinson (BDX), Credit Acceptance Corporation (CACC), Endeavor Group Holdings (EDR), Ecolab Inc. (ECL), Fastenal (FAST), Hayward Holdings (HAYW), Moody’s Corp (MCO), SS&C Technologies (SSNC), Taiwan Semiconductor (TSM), and TriNet Group Inc. (TNET): These small (less than ~2.5% of the portfolio each) positions were reduced during the quarter.Note: Cantillon controls ~6% of TriNet Group.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/3/2022 to 11/3/2022: None.4/30/2020 Correction request: A reader pointed out that his last name is Von Mueffling, not Mueffling. So, should correct that."

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q3 2022 Update"

"William von Mueffling's 13F portfolio value decreased this quarter from $11.98B to $11.04B.Cantillon increased Microsoft, BlackRock, Entegris, and SS&C Technologies during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~25% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 11/3/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2022.This quarter, William von Mueffling’s 13F portfolio value decreased ~8% from $11.98B to $11.04B. The number of holdings remained steady at 38. The portfolio continues to be heavily concentrated with the top five positions representing ~25% of the total 13F holdings. The largest stake is Alphabet which accounts for 7.19% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Broadcom, Analog Devices, and Thermo Fisher Scientific.Stake Increases:Microsoft Corp (MSFT): MSFT is a 2.55% of the portfolio stake established in Q1 2020 at prices between $135 and $189. There was a ~55% stake increase in Q2 2021 at prices between ~$240 and ~$270. Last three quarters have seen another ~30% increase at prices between ~$242 and ~$335. The stock is now at ~$221.BlackRock Inc. (BLK): The 2.12% of the portfolio position in BLK was built over the last four quarters at prices between ~$550 and ~$970 and the stock currently trades at ~$656.Entegris (ENTG), and SS&C Technologies (SSNC): These two small (less than ~2% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Cantillon’s largest position at 7.19% of the portfolio. The original stake was established in 2010 and doubled in 2011 at very lower prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $25.50 and $29. The stake had seen selling since Q3 2016: ~50% combined reduction at prices between ~$35 and ~$151. The stock currently trades at $86.70.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at ~6% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. The stake was built through Q1 2016 at around the same price range. Since then, the position has seen a ~50% selling at prices between ~$97 and ~$479. The stock currently trades at ~$316.Broadcom Inc. (AVGO): AVGO is a top-three 4.11% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Last three years have seen a combined ~20% reduction at prices between ~$192 and ~$665. The stock currently trades at ~$465.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years thru Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. Q1 2021 saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$144 and the stake is at ~4% of the portfolio. Last few quarters have seen only minor adjustments.Thermo Fisher Scientific (TMO): TMO is a 3.91% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. Last three years have seen a combined ~15% selling at prices between ~$270 and ~$667. The stock currently trades at ~$496.Agilent Inc. (A): Agilent is a 3.77% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters had seen a ~20% stake increase at prices between $65.50 and $82. The stock currently trades at ~$136. Last three years have seen only minor adjustments.Visa Inc. (V): V is a 3.67% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by roughly one-third at prices between ~$90 and ~$251. The stock currently trades at ~$197.American Tower (AMT): AMT is a 3.56% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The following years saw the position reduced by ~25% at prices between ~$103 and ~$266. The stock currently trades at ~$204. Last several quarters have seen only minor adjustments.Willis Towers Watson plc (WTW): The 3.34% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WTW shares. The original position is from Q3 2013, and their overall cost-basis is ~$110 compared to the current price of ~$221. The stake was reduced by ~50% over the four years through Q3 2021 at prices between ~$117 and ~$235. The next two quarters had seen a ~12% stake increase while in the last two quarters there was marginal trimming.Intercontinental Exchange (ICE): ICE is a 3.20% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$97. Last ten quarters have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Equifax (EFX): EFX is a 3.13% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. Last three years have seen a ~14% selling at prices between ~$106 and ~$295. The stock is now at ~$163.Aon plc (AON): The ~3% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$280. There was a ~10% stake increase in Q1 2019. Since then, there has only been minor adjustments.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Recent activity follows. The five years through Q3 2021 had seen a combined ~50% selling at prices between $58 and ~$157 while next quarter there was a ~9% stake increase at prices between ~$102 and ~$125. The stock currently trades at ~$60 and the stake is at 2.87% of the portfolio. There was marginal trimming in the last two quarters.Verisign Inc. (VRSN): The 2.76% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase in Q1 2021 at prices between $188 and $216. The stock currently trades at ~$177. Last two quarters had seen minor increases while this quarter saw marginal trimming.CBRE Group Inc. (CBRE): The 2.75% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. Q1 2021 saw a ~30% selling at prices between $59.50 and $81. The stock is now at $70.76. Last two quarters had seen minor increases while in this quarter there was marginal selling.CME Group (CME): CME is a 2.59% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last ten quarters have seen only minor adjustments. The stock currently trades at ~$171.Applied Materials (AMAT): The 2.58% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. Since then, there has only been minor adjustments. The stock currently trades at $91.70.Iqvia Holdings (IQV): The 2.56% of the portfolio stake in IQV was established in Q1 2021 at prices between $173 and $195. Next quarter saw a ~20% stake increase at prices between ~$195 and ~$247. Last three quarters had seen another ~40% increase at prices between ~$197 and ~$283. The stock is now at ~$204. There was marginal trimming this quarter.Brunswick Corp (BC): BC is a 2.55% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters thru Q2 2020 had seen a ~20% stake increase at prices between $26.50 and $66. The stock is currently at $67.41. Last several quarters have seen only minor adjustments.Note: Cantillon has a ~5.8% ownership stake in the business.Zoetis Inc. (ZTS): The 2.50% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling in Q1 2021 at prices between $144 and $169. That was followed with a similar reduction in Q4 2021 at prices between ~$194 and ~$247. The stock currently trades at ~$134. Last three quarters have seen only minor adjustments.Adobe Systems (ADBE) and Hayward Holdings (HAYW): These two small positions were established last quarter. ADBE is a ~1% of the portfolio stake purchased at prices between ~$361 and ~$469 and the stock currently trades well below that range at ~$286. HAYW had an IPO in March 2021. Shares started trading at ~$17 and currently goes for $8.98. The very small 0.43% of the portfolio position was established at prices between $13.33 and $17.28. Both stakes saw minor trimming this quarter.Armstrong World Industries (AWI), Autodesk (ADSK), Beckton Dickinson (BDX), Credit Acceptance Corporation (CACC), Endeavor Group Holdings (EDR), Ecolab Inc. (ECL), Fastenal (FAST), Interactive Brokers Group Inc. (IBKR), Meta Platforms (META) previously Facebook, Moody’s Corp (MCO), Taiwan Semiconductor (TSM), TriNet Group Inc. (TNET): These small (less than ~2.5% of the portfolio each) positions were reduced during the quarter.Note: Cantillon controls ~6% of TriNet Group.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/4/2022 to 8/3/2022: None.4/30/2020 Correction request: A reader pointed out that his last name is Von Mueffling, not Mueffling. So, should correct that."

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q2 2022 Update"

"William von Mueffling's 13F portfolio value decreased this quarter from $14.01B to $11.98B.Cantillon increased Microsoft, BlackRock, Interactive Brokers, and Endeavor Group Holdings during the quarter. They also added Adobe Systems and Hayward Holdings.The portfolio continues to be very concentrated with the top five positions accounting for ~26% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 8/3/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2022.This quarter, William von Mueffling’s 13F portfolio value decreased ~15% from $14.01B to $11.98B. The number of holdings increased from 36 to 38. The portfolio continues to be heavily concentrated with the top five positions representing ~26% of the total 13F holdings. The largest stake is Alphabet which accounts for 7.62% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Broadcom, Analog Devices, and American Tower.New Stakes:Adobe Systems (ADBE) and Hayward Holdings (HAYW): These are the new positions this quarter. ADBE is a 1.18% of the portfolio position purchased at prices between ~$361 and ~$469 and the stock currently trades at ~$425. HAYW had an IPO in March 2021. Shares started trading at ~$17 and currently goes for $11.71. The very small 0.66% of the portfolio position was established this quarter at prices between $13.33 and $17.28.Stake Increases:Iqvia Holdings (IQV): The 2.85% of the portfolio stake in IQV was established in Q1 2021 at prices between $173 and $195 and it is now at ~$233. Next quarter saw a ~20% stake increase at prices between ~$195 and ~$247. Last three quarters have seen another ~40% increase at prices between ~$197 and ~$283.CBRE Group Inc. (CBRE): The 2.79% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. Q1 2021 saw a ~30% selling at prices between $59.50 and $81. The stock is now at $83.60. Last two quarters have seen minor increases.Verisign Inc. (VRSN): The 2.46% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase in Q1 2021 at prices between $188 and $216. The stock currently trades at ~$196. Last two quarters have seen minor increases.Brunswick Corp (BC): BC is a 2.37% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters thru Q2 2020 had seen a ~20% stake increase at prices between $26.50 and $66. The stock is currently at ~$78. Last several quarters have seen only minor adjustments.Note: Cantillon has a ~5.8% ownership stake in the business.Microsoft Corp (MSFT): MSFT is a 2.29% of the portfolio stake established in Q1 2020 at prices between $135 and $189 and it is now at ~$282. There was a ~55% stake increase in Q2 2021 at prices between ~$240 and ~$270. Last two quarters have seen another ~16% increase at prices between ~$242 and ~$335.Beckton Dickinson (BDX): BDX is a 2.26% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$245. Last three years have seen only minor adjustments.Autodesk (ADSK), BlackRock Inc. (BLK), Endeavor Group Holdings (EDR), and Interactive Brokers Group Inc. (IBKR): These small (less than ~2% of the portfolio each) stakes were increased this quarter.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Cantillon’s largest position at 7.62% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $25.50 and $29. The stake had seen selling since Q3 2016: ~50% combined reduction at prices between ~$35 and ~$151. The stock currently trades at ~$119.Note: the prices quoted above are adjusted for the 20-for-1 stock split last month.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at ~6% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. The stake was built through Q1 2016 at around the same price range. Since then, the position has seen a ~50% selling at prices between ~$97 and ~$479. The stock currently trades at ~$368.Broadcom Inc. (AVGO): AVGO is a top-three 4.18% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Last three years have seen a combined ~20% reduction at prices between ~$192 and ~$665. The stock currently trades at ~$547.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years thru Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. Q1 2021 saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$176 and the stake is at ~4% of the portfolio. Last few quarters have seen only minor adjustments.American Tower (AMT): AMT is a 3.93% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The following years saw the position reduced by ~25% at prices between ~$103 and ~$266. Since then, the stake has seen only minor adjustments. The stock currently trades at ~$269.Thermo Fisher Scientific (TMO): TMO is a 3.89% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. Last three years have seen a combined ~15% selling at prices between ~$270 and ~$667. The stock currently trades at ~$588.Visa Inc. (V): V is a 3.78% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by roughly one-third at prices between ~$90 and ~$251. The stock currently trades at ~$209.Agilent Inc. (A): Agilent is a 3.43% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters had seen a ~20% stake increase at prices between $65.50 and $82. The stock currently trades at ~$135. Last eleven quarters have seen only minor adjustments.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Recent activity follows. The five years through Q3 2021 had seen a combined ~50% selling at prices between $58 and ~$157 while next quarter there was a ~9% stake increase at prices between ~$102 and ~$125. The stock currently trades at ~$104 and the stake is at 3.24% of the portfolio. There was marginal trimming this quarter.Equifax (EFX): EFX is a 3.10% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. Last three years have seen a ~14% selling at prices between ~$106 and ~$295. The stock is now at ~$213.Intercontinental Exchange (ICE): ICE is a ~3% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$103. Last nine quarters have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Willis Towers Watson plc (WTW): The ~3% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WTW shares. The original position is from Q3 2013, and their overall cost-basis is ~$110 compared to the current price of ~$208. The stake was reduced by ~50% over the four years through Q3 2021 at prices between ~$117 and ~$235. Last two quarters had seen a ~12% stake increase while this quarter there was a marginal reduction.CME Group (CME): CME is a 2.78% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last nine quarters have seen only minor adjustments. The stock currently trades at ~$198.Aon plc (AON): The 2.78% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$286. There was a ~10% stake increase in Q1 2019. Since then, there has only been minor adjustments.Zoetis Inc. (ZTS): The 2.68% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling in Q1 2021 at prices between $144 and $169. That was followed with a similar reduction in Q4 2021 at prices between ~$194 and ~$247. The stock currently trades at ~$180. Last two quarters have seen only minor adjustments.Applied Materials (AMAT): The 2.66% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. Since then, there has only been minor adjustments. The stock currently trades at ~$109.TriNet Group Inc. (TNET): The 2.32% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. Since then, there has only been minor adjustments. The stock has tripled and currently goes for $84.Note: Cantillon controls ~6% of TriNet Group.Ecolab Inc. (ECL): ECL is a 2.31% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by ~50% at prices between ~$103 and ~$236. The stock currently trades at ~$167.Taiwan Semiconductor (TSM): The 2.29% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. Since then, the activity has been minor. The stock is now at $86.51.Fastenal (FAST): The 2.28% FAST stake was purchased in Q2 2018 at prices between $24 and $28 and the stock currently trades at $51.82. Last four years have seen only minor adjustments.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May 2019.Armstrong World Industries (AWI), Credit Acceptance Corporation (CACC), Entegris (ENTG), Meta Platforms (META) previously Facebook, Moody’s Corp (MCO), and SS&C Technologies (SSNC): These small stakes (less than ~2% of the portfolio each) were reduced during the quarter.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 1/27/2022 to 5/4/2022: 13G/As – 2/9 – TNET – 3.87M shares – 5.89% of business, BC – 4.24M shares – 5.5% of business.4/30/2020 Correction request: A reader pointed out that his last name is Von Mueffling, not Mueffling. So, should correct that."

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q1 2022 Update"

"William von Mueffling's 13F portfolio value decreased this quarter from $15.14B to $14.01B.Cantillon increased Iqvia Holdings, BlackRock, and Armstrong World Industries during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~27% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 5/3/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2021.This quarter, William von Mueffling’s 13F portfolio value decreased from $15.14B to $14.01B. The number of holdings remained steady at 37. The portfolio continues to be heavily concentrated with the top five positions representing ~27% of the total 13F holdings. The largest stake is Alphabet which accounts for 8.36% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Broadcom, Analog Devices, and Intercontinental Exchange.Stake Disposals:Primerica Inc. (PRI): The very small 0.74% of the portfolio position in PRI was disposed this quarter.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Cantillon’s largest position at 8.36% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake had seen selling since Q3 2016: ~50% combined reduction at prices between ~$700 and ~$3014. The stock currently trades at ~$2452. This quarter saw a minor ~3% stake increase.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at 6.28% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. The stake was built through Q1 2016 at around the same price range. Since then, the position had seen a ~50% selling at prices between ~$97 and ~$479. The stock currently trades at ~$364. There was a minor ~3% stake increase this quarter.Broadcom Inc. (AVGO): AVGO is a top-three 4.66% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$604. Last ten quarters had seen a ~17% trimming while this quarter saw a ~3% increase.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years thru Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. Q1 2021 saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$165 and the stake is at 3.85% of the portfolio. There was a minor ~3% stake increase this quarter.Intercontinental Exchange (ICE): ICE is a 3.74% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$110. Last two years have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Visa Inc. (V): V is a 3.66% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by ~35% at prices between ~$90 and ~$251. The stock currently trades at ~$215. This quarter saw a ~3% stake increase.Thermo Fisher Scientific (TMO): TMO is a 3.64% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades at ~$563. Last three years had seen a ~18% trimming while this quarter there was a ~3% increase.Equifax (EFX): EFX is a 3.45% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$213. Last three years had seen a ~18% trimming while this quarter there was a ~3% stake increase.American Tower (AMT): AMT is a 3.32% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The following years saw the position reduced by ~25% at prices between ~$103 and ~$266. The stock currently trades at ~$246. Last two years have seen only minor adjustments.Applied Materials (AMAT): The 3.30% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. The stock currently trades at ~$119. Last several quarters had seen minor trimming while this quarter there was a ~3% stake increase.Agilent Inc. (A): Agilent is a 3.28% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters had seen a ~20% stake increase at prices between $65.50 and $82. The stock currently trades at ~$126. Last ten quarters have seen only minor adjustments.Willis Towers Watson plc (WLTW): The 3.14% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013, and their overall cost-basis is ~$110 compared to the current price of ~$220. The stake was reduced by ~50% over the four years through Q3 2021 at prices between ~$117 and ~$235. Last two quarters have seen a ~12% stake increase.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Recent activity follows. The five years through Q3 2021 had seen a combined ~50% selling at prices between $58 and ~$157 while last quarter there was a ~9% stake increase at prices between ~$102 and ~$125. This quarter also saw a ~3% stake increase. The stock currently trades at ~$104 and the stake is at ~3% of the portfolio.Aon plc (AON): The 2.88% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$292. There was a ~10% stake increase in Q1 2019. Last three years have seen only minor adjustments.CBRE Group Inc. (CBRE): The 2.88% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. Q1 2021 saw a ~30% selling at prices between $59.50 and $81. The stock is now at $85.57. There was minor trimming in the last three quarters while this quarter there was a ~3% stake increase.CME Group (CME): CME is a 2.78% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last two years have seen only minor adjustments. The stock currently trades at ~$221.Verisign Inc. (VRSN): The 2.67% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase in Q1 2021 at prices between $188 and $216. The stock currently trades at ~$187. Last three quarters had seen minor trimming while this quarter there was a ~3% stake increase.Zoetis Inc. (ZTS): The 2.53% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling in Q1 2021 at prices between $144 and $169. That was followed with a similar reduction last quarter at prices between ~$194 and ~$247. The stock currently trades at ~$177. This quarter saw a ~3% stake increase.TriNet Group Inc. (TNET): The 2.52% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has tripled and currently goes for $88.40. Last four years have seen only minor adjustments.Note: Cantillon controls ~6% of TriNet Group.Taiwan Semiconductor (TSM): The 2.51% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. Since then, the activity has been minor. The stock is now at ~$96.Iqvia Holdings (IQV): The 2.44% of the portfolio stake in IQV was established in Q1 2021 at prices between $173 and $195 and it is now at ~$223. Q2 2021 saw a ~20% stake increase at prices between ~$195 and ~$247. That was followed with a ~10% stake increase last quarter at prices between ~$238 and ~$283. This quarter saw another ~20% stake increase at prices between ~$211 and ~$274.Brunswick Corp (BC): BC is a 2.38% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters thru Q2 2020 had seen a ~20% stake increase at prices between $26.50 and $66. The stock is currently at $83.04. Last several quarters have seen only minor adjustments.Note: Cantillon has a ~5.5% ownership stake in the business.Fastenal (FAST): The 2.32% FAST stake was purchased in Q2 2018 at prices between $24 and $28 and the stock currently trades at $57.25. Last eleven quarters have seen only minor adjustments.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May 2019.Ecolab Inc. (ECL): ECL is a 2.27% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by ~50% at prices between ~$103 and ~$236. The stock currently trades at ~$174. There was a minor ~3% stake increase this quarter.Microsoft Corp (MSFT): MSFT is a ~2% of the portfolio stake established in Q1 2020 at prices between $135 and $189 and it is now at ~$290. There was a ~55% stake increase in Q2 2021 at prices between ~$240 and ~$270. Last few quarters have seen only minor adjustments.Beckton Dickinson (BDX): BDX is a ~2% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$254. Last eleven quarters have seen only minor adjustments.Armstrong World Industries (AWI), Autodesk (ADSK), BlackRock Inc. (BLK), Credit Acceptance Corporation (CACC), Endeavor Group Holdings (EDR), Entegris (ENTG), Interactive Brokers Group Inc. (IBKR), Meta Platforms (FB) previously Facebook, Moody’s Corp (MCO), and SS&C Technologies (SSNC): These small stakes (less than ~2% of the portfolio each) were increased during the quarter.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 10/26/2021 to 1/27/2022: None.4/30/2020 Correction request: A reader pointed out that his last name is Von Mueffling, not Mueffling. So, should correct that."

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q4 2021 Update"

"William von Mueffling's 13F portfolio value increased this quarter from $14.67B to $15.14B.Cantillon increased Fidelity National Information Services, Willis Towers Watson and Iqvia Holdings while reducing S&P Global, Zoetis, and Primerica. They also dropped Citrix Systems.The portfolio continues to be very concentrated with the top five positions accounting for ~26% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 1/27/2022. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2021.This quarter, William von Mueffling’s 13F portfolio value increased from $14.67B to $15.14B. The number of holdings increased from 36 to 37. The portfolio continues to be heavily concentrated with the top five positions representing ~26% of the total 13F holdings. The largest stake is Alphabet which accounts for 7.82% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Broadcom, Equifax, and Thermo Fisher Scientific.New Stakes:Endeavor Group Holdings (EDR) and BlackRock Inc. (BLK): These are the two new positions this quarter. EDR had an IPO in April 2021. Shares started trading at ~$25 and currently goes for $30.27. The small 0.79% of the portfolio stake was established at prices between ~$24 and ~$35. BLK is a small 0.62% of the portfolio position purchased this quarter at prices between ~$826 and ~$972 and the stock is now below that range at ~$808.Stake Disposals:Citrix Systems (CTXS): CTXS was a 1.89% of the portfolio stake established in Q1 2021 at prices between $126 and $145. The disposal this quarter was at prices between ~$79 and ~$108. The stock currently trades at ~$106.Stake Increases:Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Recent activity follows. The last five years had seen a combined ~50% selling at prices between $58 and ~$157 while this quarter there was a ~9% stake increase at prices between ~$102 and ~$125. The stock currently trades at ~$117 and the stake is at ~3% of the portfolio.Willis Towers Watson plc (WLTW): The 2.84% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013, and their overall cost-basis is ~$110 compared to the current price of ~$231. The stake was reduced by ~50% over the last four years at prices between ~$117 and ~$235. There was a ~8% stake increase this quarter.Iqvia Holdings (IQV): The 2.31% of the portfolio stake in IQV was established in Q1 2021 at prices between $173 and $195 and it is now at ~$239. Q2 2021 saw a ~20% stake increase at prices between ~$195 and ~$247. That was followed with a ~10% stake increase this quarter at prices between ~$238 and ~$283.Armstrong World Industries (AWI): The small 0.93% AWI stake was purchased in Q2 2018 at prices between $55 and $65. Since then, the activity has been minor. The stock is now at $97.65.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Cantillon’s largest position at 7.82% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake has seen selling since Q3 2016: ~50% combined reduction at prices between ~$700 and ~$3014. The stock currently trades at ~$2666. Cantillon is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at 6.50% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. The position was built through Q1 2016 at around the same price range. Since then, the position has seen a ~50% selling at prices between ~$97 and ~$479. The stock currently trades at ~$407.Broadcom Inc. (AVGO): AVGO is a 4.42% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$560. Last ten quarters have seen a ~17% trimming.Equifax (EFX): EFX is a 3.83% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$234. Last three years have seen a ~18% trimming.Thermo Fisher Scientific (TMO): TMO is a 3.69% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades at ~$572. Last three years have seen a ~18% trimming.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years thru Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. Q1 2021 saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$159 and the stake is at 3.68% of the portfolio.Agilent Inc. (A): Agilent is a 3.56% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters had seen a ~20% stake increase at prices between $65.50 and $82. The stock currently trades at ~$137. Last nine quarters have seen only minor adjustments.Applied Materials (AMAT): The 3.55% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. The stock currently trades at ~$132. Last several quarters have seen minor trimming.Intercontinental Exchange (ICE): ICE is a 3.48% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$124. Last seven quarters have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.American Tower (AMT): AMT is a 3.48% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The following years saw the position reduced by ~25% at prices between ~$103 and ~$266. The stock currently trades at ~$247. Last seven quarters have seen only minor adjustments.Visa Inc. (V): V is a 3.22% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by ~35% at prices between ~$90 and ~$251. The stock currently trades at ~$228.CBRE Group Inc. (CBRE): The ~3% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. Q1 2021 saw a ~30% selling at prices between $59.50 and $81. The stock is now at ~$98. There was minor trimming in the last three quarters.Zoetis Inc. (ZTS): The 2.94% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling in Q1 2021 at prices between $144 and $169. That was followed with a similar reduction this quarter at prices between ~$194 and ~$247. The stock currently trades at ~$195.Verisign Inc. (VRSN): The 2.74% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase in Q1 2021 at prices between $188 and $216. The stock currently trades at ~$212. Last three quarters have seen minor trimming.Ecolab Inc. (ECL): ECL is a 2.71% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by ~50% at prices between ~$103 and ~$236. The stock currently trades at ~$186.Taiwan Semiconductor (TSM): The 2.60% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. Since then, the activity has been minor. The stock is now at ~$118.Brunswick Corp (BC): BC is a 2.54% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters thru Q2 2020 had seen a ~20% stake increase at prices between $26.50 and $66. The stock is currently at $90.28. Last several quarters have seen only minor adjustments.Meta Platforms (FB) previously Facebook: FB is a 2.48% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. There was a ~25% stake increase in Q2 2021 at prices between ~$295 and ~$355. The stock currently trades at ~$302. Last two quarters have seen minor trimming.CME Group (CME): CME is a 2.40% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last seven quarters have seen only minor adjustments. The stock currently trades at ~$226.Aon plc (AON): The 2.39% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$270. There was a ~10% stake increase in Q1 2019. Last eleven quarters have seen only minor adjustments.Fastenal (FAST): The 2.26% FAST stake was purchased in Q2 2018 at prices between $24 and $28 and the stock currently trades at $55.83. Last ten quarters have seen only minor adjustments.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May 2019.TriNet Group Inc. (TNET): The 2.20% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has tripled and currently goes for $83.60. Last three years have seen only minor adjustments.Note: Cantillon controls ~6% of TriNet Group.Autodesk (ADSK): ADSK is a ~2% of the portfolio stake established in Q4 2019 at prices between $140 and $185 and the stock currently trades at ~$240. Last two years have seen only minor adjustments.Microsoft Corp (MSFT): MSFT is a ~2% of the portfolio stake established in Q1 2020 at prices between $135 and $189 and it is now at ~$308. There was a ~55% stake increase in Q2 2021 at prices between ~$240 and ~$270. This quarter saw minor trimming.SS&C Technologies (SSNC): SSNC is a 1.94% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase in Q2 2019 at prices between $54 and $68. It is now at $77.93. Last ten quarters have seen only minor adjustments.Entegris (ENTG): ENTG is a 1.86% of the portfolio position established in Q3 2019 at prices between $35.50 and $48 and increased by ~25% next quarter at prices between $45.50 and $51. The stock currently trades well above those ranges at ~$112. There was a ~14% trimming in Q1 2021 at prices between $94 and $114. Last three quarters have also seen minor trimming.Beckton Dickinson (BDX): BDX is a 1.73% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$256. Last ten quarters have seen only minor adjustments.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) were reduced during the quarter.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 5/3/2021 to 10/26/2021: None.4/30/2020 Correction request: A reader pointed out that his last name is Von Mueffling, not Mueffling. So, should correct that."

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q3 2021 Update"

"William von Mueffling's 13F portfolio value decreased this quarter from $14.85B to $14.67B.Cantillon increased Brunswick Corp while dropping Nielsen Holdings.The portfolio continues to be very concentrated with the top five positions accounting for ~26% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 10/26/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2021.This quarter, William von Mueffling’s 13F portfolio value decreased marginally from $14.85B to $14.67B. The number of holdings decreased from 37 to 36. The portfolio continues to be heavily concentrated with the top five positions representing ~26% of the total 13F holdings. The largest stake is Alphabet which accounts for 8.13% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Agilent Technologies, Analog Devices, and Equifax.New Stakes:None.Stake Disposals:Nielsen Holdings (NLSN): NLSN was a small 0.71% of the portfolio position purchased in Q1 2021 at prices between $20.25 and $26.75. The position was disposed this quarter at prices between ~$19 and ~$25. The stock is now at $19.42.Stake Increases:Brunswick Corp (BC): BC is a 2.66% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters thru Q2 2020 had seen a ~20% stake increase at prices between $26.50 and $66. The stock is currently at $90.42. Last several quarters had seen minor trimming while this quarter there was a ~5% stake increase.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Cantillon’s largest position at 8.13% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake had seen selling since Q3 2016: ~50% combined reduction at prices between ~$700 and ~$2905. The stock currently trades at ~$2924. Cantillon is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at 6.74% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. Since then, the position has seen a ~40% selling at prices between ~$97 and ~$412. The stock currently trades at ~$463.Agilent Inc. (A): Agilent is a 3.90% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters had seen a ~20% stake increase at prices between $65.50 and $82. The stock currently trades at ~$155. Last two years have seen only minor adjustments.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years thru Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. Q1 2021 saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$171 and the stake is at 3.89% of the portfolio. There was minor trimming in the last two quarters.Equifax (EFX): EFX is a 3.68% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$267. Last eleven quarters have seen only minor adjustments.Visa Inc. (V): V is a 3.87% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by around one-third at prices between ~$90 and ~$251. The stock currently trades at ~$216.Broadcom Inc. (AVGO): AVGO is a 3.58% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$523. Last nine quarters have seen only minor adjustments.Thermo Fisher Scientific (TMO): TMO is a 3.51% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades at ~$612. Last ten quarters have seen only minor adjustments.American Tower (AMT): AMT is a 3.50% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~25% at prices between ~$103 and ~$266. The stock currently trades at ~$285. Last six quarters have seen only minor adjustments.Intercontinental Exchange (ICE): ICE is a 3.24% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$133. Last six quarters have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Applied Materials (AMAT): The 3.22% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. The stock currently trades at ~$132. Last few quarters have seen minor trimming.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The last five years have seen a combined ~50% selling at prices between $58 and ~$157. The stock currently trades at ~$114 and the stake is at 3.14% of the portfolio.CBRE Group Inc. (CBRE): The 3.05% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. Q1 2021 saw a ~30% selling at prices between $59.50 and $81. The stock is now at ~$104. There was minor trimming in the last two quarters.Zoetis Inc. (ZTS): The 2.92% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling in Q1 2021 at prices between $144 and $169. The stock currently trades at ~$210. Last two quarters have also seen minor trimming.Facebook Inc. (FB): FB is a 2.77% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. There was a ~25% stake increase last quarter at prices between ~$295 and ~$355. The stock currently trades at ~$312. This quarter saw minor trimming.Ecolab Inc. (ECL): ECL is a 2.68% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by ~50% at prices between ~$103 and ~$230. The stock currently trades at ~$221.Taiwan Semiconductor (TSM): The 2.68% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. Since then, the activity has been minor. The stock is now at ~$114.Willis Towers Watson plc (WLTW): The 2.64% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$240. There was a ~12% increase in Q3 2016 at prices between $120 and $133. Since then, the stake was reduced by ~50% at prices between ~$117 and ~$235.Aon plc (AON): The 2.52% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$317. There was a ~10% stake increase in Q1 2019. Last ten quarters have seen only minor adjustments.Verisign Inc. (VRSN): The 2.46% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase in Q1 2021 at prices between $188 and $216. The stock currently trades at ~$212. Last two quarters have seen minor trimming.TriNet Group Inc. (TNET): The 2.42% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has tripled and currently goes for ~$98. Last eleven quarters have seen only minor adjustments.Note: Cantillon controls ~6% of TriNet Group.Autodesk (ADSK): ADSK is a 2.33% of the portfolio stake established in Q4 2019 at prices between $140 and $185 and the stock currently trades at ~$309. Last seven quarters have seen only minor adjustments.CME Group (CME): CME is a 2.26% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last six quarters have seen only minor adjustments. The stock currently trades at ~$217.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The ~2% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at $55.57. The small 0.77% AWI stake was purchased at prices between $55 and $65. The stock is now at ~$103. Last nine quarters have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May 2019.Microsoft Corp (MSFT): MSFT is a 1.90% of the portfolio stake established in Q1 2020 at prices between $135 and $189 and it is now at ~$323. There was a ~55% stake increase last quarter at prices between ~$240 and ~$270. This quarter saw minor trimming.Citrix Systems (CTXS) and Iqvia Holdings (IQV): These two stakes were established in Q1 2021. CTXS is a 1.89% of the portfolio stake established at prices between $126 and $145 and the stock currently trades well below that range at ~$95. The 1.84% of the portfolio stake in IQV was established at prices between $173 and $195 and it is now at ~$254. Last quarter saw a ~20% stake increase at prices between ~$195 and ~$247. This quarter saw marginal trimming in both positions.Beckton Dickinson (BDX): BDX is a 1.87% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$245. Last nine quarters have seen only minor adjustments.Entegris (ENTG): ENTG is a 1.87% of the portfolio position established in Q3 2019 at prices between $35.50 and $48 and increased by ~25% next quarter at prices between $45.50 and $51. The stock currently trades well above those ranges at ~$135. There was a ~14% trimming in Q1 2021 at prices between $94 and $114. Last two quarters have also seen minor trimming.SS&C Technologies (SSNC): SSNC is a 1.82% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase in Q2 2019 at prices between $54 and $68. It is now at $74.63. Last nine quarters have seen only minor adjustments.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) saw minor reductions this quarter.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q2 2021 and Q3 2021."

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q2 2021 Update"

"William von Mueffling's 13F portfolio value increased this quarter from $13.74B to $14.85B.Cantillon increased Facebook, Iqvia Holdings, & Microsoft during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~26% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 07/27/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2021.This quarter, William von Mueffling’s 13F portfolio value increased ~8% from $13.74B to $14.85B. The number of holdings decreased from 38 to 37. The portfolio continues to be heavily concentrated with the top five positions representing ~26% of the total 13F holdings. The largest stake is Alphabet which accounts for 7.52% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Visa, and Agilent Technologies.New Stakes:None.Stake Disposals:W R Grace & Co (GRA): The small 0.69% GRA position was purchased in Q1 2020 at prices between $28 and $70. The disposal this quarter was at prices between ~$60 and ~$69. The stock is currently at $69.60.Note: W R Grace is getting acquired by Standard Industries Holdings in a $70 all-cash deal announced in April.Stake Increases:Facebook Inc. (FB): FB is a 2.85% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. There was a ~25% stake increase this quarter at prices between ~$295 and ~$355. The stock currently trades at ~$356.Citrix Systems (CTXS) and Iqvia Holdings (IQV): These two stakes established last quarter were increased this quarter. CTXS is a ~2% of the portfolio stake established last quarter at prices between $126 and $145 and the stock currently trades well below that range at ~$101. There was a marginal increase this quarter. The 1.87% of the portfolio stake in IQV was established at prices between $173 and $195 and it is now at ~$248. This quarter saw a ~20% stake increase at prices between ~$195 and ~$247.Microsoft Corp (MSFT): MSFT is a 1.84% of the portfolio stake established in Q1 2020 at prices between $135 and $189 and it is now at ~$285. There was a ~55% stake increase this quarter at prices between ~$240 and ~$270.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Cantillon’s largest position at 7.52% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake had seen selling since Q3 2016: ~50% combined reduction at prices between ~$700 and ~$2545. The stock currently trades at ~$2703. Cantillon is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at 6.54% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. Since then, the position has seen a ~40% selling at prices between ~$97 and ~$412. The stock currently trades at ~$429.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years thru Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. Last quarter saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$167 and the stake is at ~4% of the portfolio. There was minor trimming this quarter.Visa Inc. (V): V is a 3.87% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by around one-third at prices between ~$90 and ~$237. The stock currently trades at ~$246.Agilent Inc. (A): Agilent is a 3.67% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters had seen a ~20% stake increase at prices between $65.50 and $82. The stock currently trades at ~$153. Last two years have seen only minor adjustments.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The last five years have seen a combined ~50% selling at prices between $58 and ~$157. The stock currently trades at ~$149 and the stake is at 3.67% of the portfolio.American Tower (AMT): AMT is a 3.58% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~25% at prices between ~$103 and ~$266. The stock currently trades at ~$283. Last five quarters have seen only minor adjustments.Applied Materials (AMAT): The 3.58% AMAT stake was purchased in Q1 2020 at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. The stock currently trades at ~$140. Last few quarters have seen minor trimming.Broadcom Inc. (AVGO): AVGO is a 3.53% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$485. Last two years have seen only minor adjustments.Equifax (EFX): EFX is a 3.49% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$261. Last ten quarters have seen only minor adjustments.Intercontinental Exchange (ICE): ICE is a 3.36% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. The stock currently trades at ~$120. Last five quarters have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Thermo Fisher Scientific (TMO): TMO is a 3.11% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades at ~$540. Last nine quarters have seen only minor adjustments.Taiwan Semiconductor (TSM): The 2.89% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. Since then, the activity has been minor. The stock is now at $117.Zoetis Inc. (ZTS): The 2.82% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling last quarter at prices between $144 and $169. The stock currently trades at ~$203. This quarter also saw a ~6% trimming.Verisign Inc. (VRSN): The 2.74% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase last quarter at prices between $188 and $216. The stock currently trades at ~$216. This quarter saw marginal trimming.CBRE Group Inc. (CBRE): The 2.70% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. Last quarter saw a ~30% selling at prices between $59.50 and $81. The stock is now at ~$96. There was minor trimming this quarter.Ecolab Inc. (ECL): ECL is a 2.66% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by one-third at prices between ~$103 and ~$211. The stock currently trades at ~$221. Last two quarters also saw a ~14% trimming.Willis Towers Watson plc (WLTW): The 2.63% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$206. There was a ~12% increase in Q3 2016 at prices between $120 and $133. Since then, the stake was reduced by ~30% at prices between ~$117 and ~$220. Last quarter saw another ~23% selling at prices between $199 and $235. This quarter also saw a ~6% trimming.Brunswick Corp (BC): BC is a 2.62% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters thru Q2 2020 had seen a ~20% stake increase at prices between $26.50 and $66. The stock is currently at ~$104. There was minor trimming in the last four quarters.CME Group (CME): CME is a 2.49% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last five quarters have seen only minor adjustments. The stock currently trades at ~$212.Autodesk (ADSK): ADSK is a 2.39% of the portfolio stake established in Q4 2019 at prices between $140 and $185 and the stock currently trades at ~$321. Last six quarters have seen only minor adjustments.Aon plc (AON): The 2.12% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$260. There was a ~10% stake increase in Q1 2019. Last nine quarters have seen only minor adjustments.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The ~2% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at ~$55. The small 0.87% AWI stake was purchased at prices between $55 and $65. The stock is now at ~$108. Last two years have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May 2019.SS&C Technologies (SSNC): SSNC is a ~2% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase in Q2 2019 at prices between $54 and $68. It is now at ~$78. Last two years have seen only minor adjustments.Beckton Dickinson (BDX): BDX is a 1.86% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$256. Last two years have seen only minor adjustments.TriNet Group Inc. (TNET): The 1.86% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has tripled and currently goes for ~$83. Last ten quarters have seen only minor adjustments.Note: Cantillon controls ~6% of TriNet Group.Entegris (ENTG): ENTG is a 1.83% of the portfolio position established in Q3 2019 at prices between $35.50 and $48 and increased by ~25% next quarter at prices between $45.50 and $51. The stock currently trades well above those ranges at ~$121. There was a ~14% trimming last quarter at prices between $94 and $114. This quarter saw marginal trimming.Nielsen Holdings (NLSN): NLSN is a small 0.71% of the portfolio position purchased last quarter at prices between $20.25 and $26.75. This quarter saw a minor reduction. The stock is now at $23.69.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) saw minor reductions this quarter.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Cantillon’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings thru 5/3/2021: 13Gs – 2/9 – TNET – 4.35M shares – 6.53% of business, BC – 4.52M shares – 5.76% of business.4/30/2020 Correction request: A reader pointed out that his last name is Von Mueffling, not Mueffling. So, should correct that."

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q1 2021 Update"

"William von Mueffling's 13F portfolio value increased this quarter from $13.34B to $13.74B.Cantillon added Citrix Systems, Iqvia Holdings, & Nielsen Holdings while reducing Analog Devices, Willis Towers Watson, CBRE Group, Ecolab, & Zoetis.The portfolio continues to be very concentrated with the top five positions accounting for ~25% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 05/03/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2020.This quarter, William von Mueffling’s 13F portfolio value increased ~3% from $13.34B to $13.74B. The number of holdings increased from 35 to 38. The portfolio continues to be heavily concentrated with the top five positions representing ~25% of the total 13F holdings. The largest stake is Alphabet which accounts for 6.91% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Fidelity National Information Services, Analog Devices, and Visa.New Stakes:Citrix Systems (CTXS), Iqvia Holdings (IQV), and Nielsen Holdings (NLSN): These are the new positions this quarter. CTXS is a medium-sized 2.68% of the portfolio stake established this quarter at prices between $126 and $145 and the stock currently trades below the low end of that range at ~$119. The 1.34% of the portfolio stake in IQV was established at prices between $173 and $195 and it is now at ~$233. NLSN is a small 0.79% of the portfolio position purchased at prices between $20.25 and $26.75 and it now goes for $25.77.Stake Disposals:None.Stake Increases:Verisign Inc. (VRSN): The 2.62% VRSN stake was purchased in Q3 2017 at prices between $93 and $106. The position saw a ~40% increase in Q4 2018 at prices between $134 and $165. There was a ~23% stake increase this quarter at prices between $188 and $216. The stock currently trades at ~$219.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Cantillon’s largest position at 6.91% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake had seen selling since Q3 2016: ~50% combined reduction at prices between ~$700 and ~$2140. The stock currently trades at ~$2354. Cantillon is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at 6.16% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. Since then, the position has seen a ~40% selling at prices between ~$97 and ~$380. The stock currently trades at ~$397.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades at ~$151 and the stake is at ~4% of the portfolio. The last five years have seen a combined ~50% selling at prices between $58 and ~$157.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years thru Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. This quarter saw a similar reduction at prices between $144 and $164. The stock currently trades at ~$152 and the stake is at 3.95% of the portfolio.Visa Inc. (V): V is a 3.83% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by around one-third at prices between ~$90 and ~$225. The stock currently trades at ~$232.Broadcom Inc. (AVGO): AVGO is a 3.76% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$445. Last seven quarters have seen only minor adjustments.Applied Materials (AMAT), Microsoft Corp (MSFT), and W R Grace & Co (GRA): These three positions were established in Q1 2020. The 3.67% AMAT stake was purchased at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. The stock currently trades at ~$129. MSFT is a 1.10% of the portfolio stake established at prices between $135 and $189 and it is now at ~$248. The small 0.69% GRA position was purchased at prices between $28 and $70 and it currently goes for $68.46. All three positions saw minor trimming over the last three quarters.American Tower (AMT): AMT is a 3.46% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~25% at prices between ~$103 and ~$260. The stock currently trades at ~$249. Last four quarters have seen only minor adjustments.Agilent Inc. (A): Agilent is a 3.46% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades at ~$131. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. The following two quarters had seen a ~20% stake increase at prices between $65.50 and $82. Last six quarters have seen only minor adjustments.Intercontinental Exchange (ICE): ICE is a 3.45% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at ~$115. The three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. Last four quarters have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Taiwan Semiconductor (TSM): The 3.11% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. Since then, the activity has been minor. The stock is now at $115.Thermo Fisher Scientific (TMO): TMO is a ~3% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades at ~$465. Last two years have seen only minor adjustments.Ecolab Inc. (ECL): ECL is a ~3% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by one-third at prices between ~$103 and ~$211. The stock currently trades at ~$229. This quarter also saw a ~12% trimming.Willis Towers Watson plc (WLTW): The ~3% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$263. There was a ~12% increase in Q3 2016 at prices between $120 and $133. Since then, the stake was reduced by ~30% at prices between ~$117 and ~$220. This quarter saw another ~23% selling at prices between $199 and $235.Equifax (EFX): EFX is a 2.90% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$237. Last nine quarters have seen only minor adjustments.CBRE Group Inc. (CBRE): The 2.76% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. This quarter saw a ~30% selling at prices between $59.50 and $81. The stock is now at $85.43.Brunswick Corp (BC): BC is a 2.74% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters thru Q2 2020 had seen a ~20% stake increase at prices between $26.50 and $66. The stock is currently at ~$112. There was minor trimming in the last three quarters.Zoetis Inc. (ZTS): The 2.73% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake had since been sold down by ~50% at prices between $45 and $146. There was another ~20% selling this quarter at prices between $144 and $169. The stock currently trades at ~$174.CME Group (CME): CME is a 2.61% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades at ~$204. The four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last four quarters have seen only minor adjustments.Autodesk (ADSK): ADSK is a 2.49% of the portfolio stake established in Q4 2019 at prices between $140 and $185 and the stock currently trades at ~$280. Last five quarters have seen only minor adjustments.Aon plc (AON): The 2.24% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$254. There was a ~10% stake increase in Q1 2019. Last two years have seen only minor adjustments.TriNet Group Inc. (TNET): The 2.19% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has tripled and currently goes for ~$79. Last nine quarters have seen only minor adjustments.Note: Cantillon controls ~6% of TriNet Group.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The 2.16% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at $53.29. The small 0.80% AWI stake was purchased at prices between $55 and $65. The stock is now at ~$106. Last eleven quarters have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May 2019.Facebook Inc. (FB): FB is a ~2% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. The stock is currently at ~$318.Beckton Dickinson (BDX): BDX is a ~2% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$252. Last seven quarters have seen only minor adjustments.SS&C Technologies (SSNC): SSNC is a ~2% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase in Q2 2019 at prices between $54 and $68. It is now at $73.21. Last seven quarters have seen only minor adjustments.Entegris (ENTG): ENTG is a 1.82% of the portfolio position established in Q3 2019 at prices between $35.50 and $48 and increased by ~25% next quarter at prices between $45.50 and $51. The stock currently trades well above those ranges at ~$109. There was a ~14% trimming this quarter at prices between $94 and $114.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) saw minor reductions this quarter.The spreadsheet below highlights changes to von Mueffling’s 13F stock holdings in Q1 2021:Regulatory filings thru 2/6/2021: None.4/30/2020 Correction request: A reader pointed out that his last name is Von Mueffling, not Mueffling. So, should correct that."

"Tracking William von Mueffling’s Cantillon Capital Management Portfolio – Q4 2020 Update"

"William von Mueffling's 13F portfolio value increased this quarter from $11.96B to $13.34B.All positions saw minor trimming during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~27% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on William von Mueffling’s regulatory filed on 02/03/2021. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2020.This quarter, William von Mueffling’s 13F portfolio value increased ~12% from $11.96B to $13.34B. The number of holdings remained steady at 35. The portfolio continues to be heavily concentrated with the top five positions representing ~27% of the total 13F holdings. The largest stake is Alphabet which accounts for 6.59% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Visa.New Stakes:None.Stake Disposals:None.Stake Increases:None.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Cantillon’s largest position at 6.59% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying was in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake had seen selling since Q3 2016: ~40% combined reduction at prices between ~$700 and ~$1530. The stock currently trades at ~$2098. Cantillon is harvesting huge long-term gains. Last three quarters have seen only minor adjustments.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the second-largest position at 6.40% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. Since then, the position had seen a one-third selling at prices between ~$97 and ~$310. The stock currently trades at ~$324. Last three quarters have seen only minor adjustments.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The three years thru Q1 2020 had seen a combined ~28% reduction at prices between ~$72 and ~$125. The stock currently trades at ~$149 and the stake is at 5.44% of the portfolio. Last three quarters have seen only minor adjustments.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades at ~$132. The four years thru Q1 2020 had seen a combined ~50% selling at prices between $58 and ~$158. Last three quarters have seen only minor adjustments.Visa Inc. (V): V is a 4.22% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by ~25% at prices between ~$90 and ~$214. The stock currently trades at ~$209. Last three quarters have seen only minor adjustments.Intercontinental Exchange (ICE): ICE is a 3.81% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at ~$114. The three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. Last three quarters have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Broadcom Inc. (AVGO): AVGO is a 3.79% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$466. Last six quarters have seen only minor adjustments.Willis Towers Watson plc (WLTW): The 3.69% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$224. There was a ~12% increase in Q3 2016 at prices between $120 and $133. Since then, the stake was reduced by ~30% at prices between ~$117 and ~$220. Last three quarters have seen only minor adjustments.Agilent Inc. (A): Agilent is a 3.63% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades at ~$123. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. Next two quarters had seen a ~20% stake increase at prices between $65.50 and $82. Last five quarters have seen only minor adjustments.Zoetis Inc. (ZTS): The 3.61% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake has since been sold down by ~50% at prices between $45 and $146. The stock currently trades at ~$159. Last three quarters have seen only minor adjustments.Ecolab Inc. (ECL): ECL is a 3.55% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by one-third at prices between ~$103 and ~$211. The stock currently trades at ~$213. Last three quarters have seen only minor adjustments.American Tower (AMT): AMT is a 3.48% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~25% at prices between ~$103 and ~$260. The stock currently trades at ~$233. Last three quarters have seen only minor adjustments.Thermo Fisher Scientific (TMO): TMO is a 3.37% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades at ~$493. Last seven quarters have seen only minor adjustments.Equifax (EFX): EFX is a 3.30% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$179. Last two years have seen only minor adjustments.CBRE Group Inc. (CBRE): The 3.14% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stake had seen a ~20% selling since. The stock is now at $67.42. Last three quarters have seen only minor adjustments.Taiwan Semiconductor (TSM): The ~3% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. It is now at $128.Autodesk (ADSK): ADSK is a 2.93% of the portfolio stake established in Q4 2019 at prices between $140 and $185 and the stock currently trades at ~$306. Last four quarters have seen only minor adjustments.Applied Materials (AMAT), Microsoft Corp (MSFT), and W R Grace & Co (GRA): These were three new positions established in Q1 2020. The 2.52% AMAT stake was purchased at prices between $38 and $67 and increased by ~60% next quarter at prices between $42 and $60. The stock currently trades at ~$101. MSFT is a 1.11% of the portfolio stake established at prices between $135 and $189 and it is now at ~$242. The small 0.67% GRA position was purchased at prices between $28 and $70 and it currently goes for $61. All three positions saw marginal trimming last two quarters.CME Group (CME): CME is a 2.48% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades at ~$191. The four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last three quarters have seen only minor adjustments.TriNet Group Inc. (TNET): The 2.42% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has tripled and currently goes for ~$78. Last two years have seen only minor adjustments.Note: Cantillon controls ~6% of TriNet Group.Verisign Inc. (VRSN): The 2.39% VRSN position saw a ~40% increase in Q4 2018 at prices between $134 and $165. The original stake was from Q3 2017 at prices between $93 and $106. The stock currently trades well above those ranges at ~$200. Last two years have seen only minor adjustments.Brunswick Corp (BC): BC is a 2.34% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The three quarters thru Q2 2020 had seen a ~20% stake increase at prices between $26.50 and $66. The stock is currently at $89.56. There was marginal trimming in the last two quarters.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The 2.24% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at $47.30. The small 0.69% AWI stake was purchased at prices between $55 and $65. The stock is now at $81.58. Last ten quarters have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May 2019.SS&C Technologies (SSNC): SSNC is a 2.24% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase in Q2 2019 at prices between $54 and $68. It is now at $69.39. Last six quarters have seen only minor adjustments.Beckton Dickinson (BDX): BDX is a 2.23% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$255. Last six quarters have seen only minor adjustments.Aon plc (AON): The 2.20% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$223. There was a ~10% stake increase in Q1 2019. Last seven quarters have seen only minor adjustments.Facebook Inc. (FB): FB is a ~2% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. The stock is currently at ~$268.Entegris (ENTG): ENTG is a 1.88% of the portfolio position established in Q3 2019 at prices between $35.50 and $48 and increased by ~25% next quarter at prices between $45.50 and $51. The stock currently trades above those ranges at $94.37.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) saw minor reductions this quarter.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q4 2020:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2020 Update"

"William Von Mueffling's 13F portfolio value increased this quarter from $11.51B to $11.96B.All positions saw minor trimming during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~28% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Von Mueffling’s regulatory filed on 10/30/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2020.This quarter, Von Mueffling’s 13F portfolio value increased ~4% from $11.51B to $11.96B. The number of holdings remained steady at 35. The portfolio continues to be heavily concentrated with the top five positions representing ~28% of the total 13F holdings. The largest stake is S&P Global which accounts for 7.86% of the portfolio. The largest five positions are S&P Global, Alphabet Inc., Fidelity National Information Services, Analog Devices, and Visa.New Stakes:None.Stake Disposals:None.Stake Increases:None.Stake Decreases:S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the largest position at 7.86% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. Since then, the position had seen a one-third selling at prices between $97 and ~$310. The stock currently trades at ~$323. Last two quarters have seen only minor adjustments.Alphabet Inc. (GOOG) (GOOGL): GOOG is Von Mueffling’s second-largest position at 6.18% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake has seen selling since Q3 2016: ~40% combined reduction at prices between ~$700 and ~$1530. The stock currently trades at ~$1621. Cantillon is harvesting huge long-term gains. Last two quarters have seen only minor adjustments.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at ~$125. The four years thru Q1 2020 had seen a combined ~50% selling at prices between $58 and ~$158. Last two quarters have seen only minor adjustments.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at ~$119 and the stake is at 4.82% of the portfolio. The three years thru Q1 2020 had seen a combined reduction of ~28% at prices between $72 and ~$125.Visa Inc. (V): V is a 4.32% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by ~25% at prices between ~$90 and ~$214. The stock currently trades at ~$182. Last two quarters have seen only minor adjustments.American Tower (AMT): AMT is a 4.20% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~25% at prices between ~$103 and ~$260. The stock currently trades at ~$230. Last two quarters have seen only minor adjustments.Willis Towers Watson plc (WLTW): The 4.10% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$183. There was a ~12% increase in Q3 2016 at prices between $120 and $133. Since then, the stake was reduced by ~30% at prices between ~$117 and ~$220. Last two quarters have seen only minor adjustments.Zoetis Inc. (ZTS): The ~4% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake has since been sold down by ~50% at prices between $45 and $146. The stock currently trades at ~$159. Last two quarters have seen only minor adjustments.Intercontinental Exchange (ICE): ICE is a 3.57% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $94.40. The three years thru Q1 2020 saw a combined ~28% selling at prices $57 and ~$102. Last two quarters have seen only minor adjustments.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Ecolab Inc. (ECL): ECL is a 3.68% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by one-third at prices between ~$103 and ~$211. The stock currently trades at ~$184. Last two quarters have seen only minor adjustments.Thermo Fisher Scientific (TMO): TMO is a 3.58% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades well above those ranges at ~$473. Last six quarters have seen only minor adjustments.Broadcom Inc. (AVGO): AVGO is a 3.54% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$350. Last five quarters have seen only minor adjustments.Agilent Inc. (A): Agilent is a 3.47% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at ~$102. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. Next two quarters had seen a ~20% stake increase at prices between $65.50 and $82. Last four quarters have seen only minor adjustments.Equifax (EFX): EFX is a ~3% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$137. Last two years have seen only minor adjustments.CBRE Group Inc. (CBRE): The 2.65% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stake had seen a ~20% selling since. The stock is now at $50.40. Last two quarters have seen only minor adjustments.CME Group (CME): CME is a 2.57% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$151. The four years thru Q1 2020 had seen a combined ~30% selling at prices between ~$85 and ~$225. Last two quarters have seen only minor adjustments.Autodesk (ADSK): ADSK is a 2.48% of the portfolio stake established in Q4 2019 at prices between $140 and $185 and the stock currently trades at ~$236. Last three quarters have seen only minor adjustments.Verisign Inc. (VRSN): The 2.54% VRSN position saw a ~40% increase in Q4 2018 at prices between $134 and $165. The original stake was from Q3 2017 at prices between $93 and $106. The stock currently trades well above those ranges at ~$191. Last seven quarters have seen only minor adjustments.Beckton Dickinson (BDX): BDX is a 2.34% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$231. Last five quarters have seen only minor adjustments.Aon plc (AON): The 2.41% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$184. There was a ~10% stake increase in Q1 2019. Last six quarters have seen only minor adjustments.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The 2.32% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at $43.23. The small 0.73% AWI stake was purchased at prices between $55 and $65. The stock is now at ~$59.90. Last two years have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split last May.Brunswick Corp (BC): BC is a ~2% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The stock is currently at $63.71. Last three quarters have seen a ~20% stake increase at prices between $26.50 and $66. There was marginal trimming this quarter.TriNet Group Inc. (TNET): The ~2% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has doubled and currently goes for $68.92. Last seven quarters have seen only minor adjustments.Note: Cantillon controls ~6% of TriNet Group.SS&C Technologies (SSNC): SSNC is a ~2% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase in Q2 2019 at prices between $54 and $68. It is now at $59.22. Last five quarters have seen only minor adjustments.Applied Materials (AMAT), Microsoft Corp (MSFT), and W R Grace & Co (GRA): These were three new positions established in Q1 2020. The ~2% AMAT stake was purchased at prices between $38 and $67 and increased by ~62% this quarter at prices between $42 and $60. The stock currently trades at $59.23. MSFT is a 1.17% of the portfolio stake established at prices between $135 and $189 and it is now at ~$203. The small 0.56% GRA position was purchased at prices between $28 and $70 and it currently goes for $43.49. All three positions saw marginal trimming during the quarter.Facebook Inc. (FB): FB is a 2.24% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. The stock is currently at ~$263.Taiwan Semiconductor (TSM): The 2.56% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. It is now at $83.87.Entegris (ENTG): ENTG is a 1.63% of the portfolio position established in Q3 2019 at prices between $35.50 and $48 and increased by ~25% next quarter at prices between $45.50 and $51. The stock currently trades above those ranges at $74.77.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) saw minor increases this quarter.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q3 2020:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q2 2020 Update"

"William Von Mueffling's 13F portfolio value increased this quarter from $9.04B to $11.51B.They increased Applied Materials, Brunswick, and Primerica during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~30% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Von Mueffling’s regulatory filed on 07/31/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2020.This quarter, Von Mueffling’s 13F portfolio value increased ~27% from $9.04B to $11.51B. The number of holdings remained steady at 35. The portfolio continues to be heavily concentrated with the top five positions representing ~30% of the total 13F holdings. The largest stake is S&P Global which accounts for 7.55% of the portfolio. The largest five positions are S&P Global, Alphabet Inc., Analog Devices, Fidelity National Information Services, and American Tower.New Stakes:None.Stake Disposals:None.Stake Increases:Applied Materials (AMAT), Microsoft Corp (MSFT), and W R Grace & Co (GRA): These were three new positions established last quarter. The ~2% AMAT stake was purchased at prices between $38 and $67 and increased by ~62% this quarter at prices between $42 and $60. The stock currently trades at ~$65. MSFT is a 1.19% of the portfolio stake established at prices between $135 and $189 and it is now at ~$217. This quarter saw a marginal increase. The small 0.74% GRA position was purchased at prices between $28 and $70 and it currently goes for ~$45. There was a minor increase this quarter.S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the largest position at 7.55% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. Since then, the position had seen a one-third selling at prices between $97 and ~$310. The stock currently trades at ~$351. This quarter saw a ~1% stake increase.Alphabet Inc. (GOOG) (GOOGL): GOOG is Von Mueffling’s second-largest position at 6.26% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake has seen selling since Q3 2016: ~40% combined reduction at prices between ~$700 and ~$1530. The stock currently trades at $1483. Cantillon is harvesting huge long-term gains. This quarter saw a marginal increase.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at ~$117 and the stake is at 5.32% of the portfolio. Last three years have seen a combined reduction of ~28% at prices between $72 and ~$125. There was a marginal increase this quarter.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at ~$149. Last four years had seen a combined ~50% selling at prices between $58 and ~$158. There was a marginal increase this quarter.American Tower (AMT): AMT is a 4.71% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~25% at prices between ~$103 and ~$260. The stock currently trades at ~$257. This quarter saw a marginal increase.Visa Inc. (V): V is a 4.39% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by ~25% at prices between ~$90 and ~$214. The stock currently trades at ~$191. This quarter saw a minor increase.Willis Towers Watson plc (WLTW): The ~4% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$205. There was a ~12% increase in Q3 2016 at prices between $120 and $133. Since then, the stake was reduced by ~30% at prices between ~$117 and ~$220. There was a marginal increase this quarter.Ecolab Inc. (ECL): ECL is a 3.85% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by one-third at prices between ~$103 and ~$211. The stock currently trades at ~$184. There was a minor increase this quarter.Intercontinental Exchange (ICE): ICE is a 3.57% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at ~$96. The last three years saw a combined ~28% selling at prices $57 and ~$102. This quarter saw a minor increase.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Zoetis Inc. (ZTS): The 3.52% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake has since been sold down by ~50% at prices between $45 and $146. The stock currently trades at ~$155. There was a marginal increase this quarter.Equifax (EFX): EFX is a 3.45% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$163. Last seven quarters have seen only minor adjustments.Broadcom Inc. (AVGO): AVGO is a 3.22% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$321. Last four quarters have seen only minor adjustments.Agilent Inc. (A): Agilent is a 3.19% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at ~$99. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. Next two quarters had seen a ~20% stake increase at prices between $65.50 and $82. Last three quarters have seen only minor adjustments.Thermo Fisher Scientific (TMO): TMO is a ~3% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades well above those ranges at ~$419. Last five quarters have seen only minor adjustments.Autodesk (ADSK): ADSK is a 2.70% of the portfolio stake established in Q4 2019 at prices between $140 and $185 and the stock currently trades at ~$240. Last two quarters have seen only minor adjustments.Verisign Inc. (VRSN): The 2.69% VRSN position saw a ~40% increase in Q4 2018 at prices between $134 and $165. The original stake was from Q3 2017 at prices between $93 and $106. The stock currently trades well above those ranges at ~$212. Last six quarters have seen only minor adjustments.CBRE Group Inc. (CBRE): The 2.67% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stake had seen a ~20% selling since. The stock is now at ~$41. This quarter saw a marginal increase.CME Group (CME): CME is a 2.62% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$163. Last four years have seen a combined ~30% selling at prices between ~$85 and ~$225. This quarter saw a minor increase.Beckton Dickinson (BDX): BDX is a 2.52% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$284. Last four quarters have seen only minor adjustments.Aon plc (AON): The 2.36% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$200. There was a ~10% stake increase in Q1 2019. Last five quarters have seen only minor adjustments.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The 2.32% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at ~$47.50. The small 0.87% AWI stake was purchased at prices between $55 and $65. The stock is now at ~$70.50. Last two years have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split last May.Brunswick Corp (BC): BC is a 2.31% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The stock is currently at ~$69.40. Last three quarters have seen a ~20% stake increase at prices between $26.50 and $66.TriNet Group Inc. (TNET): The 2.15% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has doubled and currently goes for ~$65. Last six quarters have seen only minor adjustments.Note: Cantillon controls ~6% of TriNet Group.SS&C Technologies (SSNC): SSNC is a ~2% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase in Q2 2019 at prices between $54 and $68. It is now at $58.30. Last four quarters have seen only minor adjustments.Facebook Inc. (FB): FB is a ~2% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. The stock is currently at ~$252.Taiwan Semiconductor (TSM): The 1.88% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. It is now at ~$79.Entegris (ENTG): ENTG is a 1.36% of the portfolio position established in Q3 2019 at prices between $35.50 and $48 and increased by ~25% next quarter at prices between $45.50 and $51. The stock currently trades above those ranges at ~$74.Primerica Inc. (PRI): The very small ~1% of the portfolio position saw a ~20% stake increase over the last two quarters.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), and Moody’s Corp (MCO): These small stakes (less than ~1.5% of the portfolio each) saw minor increases this quarter.Stake Decreases:None.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q2 2020:Regulatory Filings thru 5/10/2020: 13D/A – 2/14 – TNET – 4M shares – 5.8% of business."

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q1 2020 Update"

"William Von Mueffling's 13F portfolio value decreased this quarter from $10.75B to $9.04B.They added Applied Materials, Microsoft, and W R Grace & Co during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~30% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Von Mueffling’s regulatory filed on 04/30/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2019.This quarter, Von Mueffling’s 13F portfolio value decreased ~16% from $10.75B to $9.04B. The number of holdings increased from 33 to 35. The portfolio continues to be heavily concentrated with the top five positions representing ~30% of the total 13F holdings. The largest stake is S&P Global which accounts for ~7% of the portfolio. The largest five positions are S&P Global, Alphabet Inc., Fidelity National Information Services, American Tower, and Analog Devices.New Stakes:Applied Materials (AMAT), Microsoft Corp (MSFT), and W R Grace & Co (GRA): These are the three new positions this quarter. The 1.24% AMAT stake was purchased at prices between $38 and $67 and the stock currently trades at $53.81. MSFT is a 1.16% of the portfolio stake established at prices between $135 and $189 and it is now at $185. The small 0.65% GRA position was purchased at prices between $28 and $70 and it currently goes for $52.10.Stake Disposals:Sensata Technologies Holding N.V. (ST): ST was a ~1% of the 13F portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. The ten quarters thru Q2 2019 saw a ~24% selling at prices between $39 and $57. There was another ~55% selling last quarter at prices between $46 and $54 and the disposal this quarter was at prices between $23 and $54. It currently trades at $36.71.Stake Increases:Brunswick Corp (BC): BC is a 1.47% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% next quarter at around the same price range. The stock is currently at ~$50. This quarter also saw a ~10% stake increase.Primerica Inc. (PRI): The very small ~1% of the portfolio position saw a ~10% stake increase this quarter.Stake Decreases:S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the largest position at ~7% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. Since then, the position has seen a one-third selling at prices between $97 and ~$310. The stock currently trades at ~$298.Alphabet Inc. (GOOG) (GOOGL): GOOG is Von Mueffling’s second-largest position at 6.48% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake has seen selling since Q3 2016: ~40% combined reduction at prices between ~$700 and ~$1530. The stock currently trades at $1384. Cantillon is harvesting huge long-term gains.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at ~$128. Last four years have seen a combined ~50% selling at prices between $58 and ~$158.American Tower (AMT): AMT is a ~5% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~25% at prices between ~$103 and ~$260. The stock currently trades at ~$238.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at ~$110 and the stake is at ~5% of the portfolio. Last three years have seen a combined reduction of ~28% at prices between $72 and ~$125.Visa Inc. (V): V is a 4.61% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by ~25% at prices between ~$90 and ~$214. The stock currently trades at ~$185.Willis Towers Watson plc (WLTW): The 4.41% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$197. There was a ~12% increase in Q3 2016 at prices between $120 and $133. Since then, the stake was reduced by ~30% at prices between ~$117 and ~$220.Intercontinental Exchange (ICE): ICE is a ~4% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at ~$94. The last three years saw a combined ~28% selling at prices $57 and ~$102.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Zoetis Inc. (ZTS): The 3.80% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake has since been sold down by ~50% at prices between $45 and $146. The stock currently trades at ~$126.Ecolab Inc. (ECL): ECL is a 3.80% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by one-third at prices between ~$103 and ~$211. The stock currently trades at ~$198.CME Group (CME): CME is a 3.51% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$182. Last four years have seen a combined ~30% selling at prices between ~$85 and ~$225.Agilent Inc. (A): Agilent is a 3.26% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at ~$80. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. Next two quarters had seen a ~20% stake increase at prices between $65.50 and $82 while in the last two quarters there was minor trimming.Beckton Dickinson (BDX): BDX is a ~3% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$255. There was minor trimming in the last three quarters.Broadcom Inc. (AVGO): AVGO is a ~3% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$275. Last three quarters have seen minor selling.Thermo Fisher Scientific (TMO): TMO is a ~3% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades well above those ranges at ~$333. Last four quarters saw marginal trimming.Equifax (EFX): EFX is a ~3% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$149. Last six quarters have seen only minor adjustments.Verisign Inc. (VRSN): The ~3% VRSN position saw a ~40% increase in Q4 2018 at prices between $134 and $165. The original stake was from Q3 2017 at prices between $93 and $106. The stock currently trades well above those ranges at ~$210. There was minor trimming in the last five quarters.CBRE Group Inc. (CBRE): The 2.81% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stake has seen a ~20% selling since. The stock is now at $41.60.Aon plc (AON): The 2.55% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$190. There was a ~10% stake increase in Q1 2019 and minor trimming over the last four quarters.Autodesk (ADSK): ADSK is a 2.2% of the portfolio stake established last quarter at prices between $140 and $185 and the stock currently trades at ~$184. This quarter saw minor trimming.SS&C Technologies (SSNC): SSNC is a ~2% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase in Q2 2019 at prices between $54 and $68. It is now at $58.50. Last three quarters have seen minor trimming.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The ~2% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at ~$39. The small 1.11% AWI stake was purchased at prices between $55 and $65. The stock is now at $74.26. Last seven quarters have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split last May.Taiwan Semiconductor (TSM): The ~2% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. It is now at $52.91.Facebook Inc. (FB): FB is a 1.89% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. The stock is currently at ~$212.TriNet Group Inc. (TNET): The 2.13% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has doubled and currently goes for $51.60. There was marginal reduction over the last five quarters.Note: Cantillon controls ~6% of TriNet Group.Entegris (ENTG): ENTG is a 1.31% of the portfolio position established in Q3 2019 at prices between $35.50 and $48 and increased by ~25% last quarter at prices between $45.50 and $51. The stock currently trades above those ranges at $56.70.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and: These small stakes (less than ~1.5% of the portfolio each) saw minor trimming this quarter.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q1 2020:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q4 2019 Update"

"William Von Mueffling's 13F portfolio value increased this quarter from $10.29B to $10.75B.The Entergis stake was increased while adding Autodesk and decreasing Sensata Technologies.The portfolio continues to be very concentrated with the top five positions accounting for ~28% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 02/06/2020. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2019.This quarter, Mueffling’s 13F portfolio value increased ~5% from $10.29B to $10.75B. The number of holdings increased from 32 to 33. The portfolio continues to be heavily concentrated with the top five positions representing ~28% of the total 13F holdings. The largest stake is S&P Global which accounts for 6.65% of the portfolio. The largest five positions are S&P Global, Alphabet Inc., Analog Devices, Fidelity National Information Services, and Visa.New Stakes:Autodesk (ADSK): ADSK is a 2.2% of the portfolio stake established this quarter at prices between $140 and $185 and the stock currently trades well above that range at ~$207.Stake Disposals:None.Stake Increases:Entegris (ENTG): ENTG is a small ~1% of the portfolio position established last quarter at prices between $35.50 and $48 and increased by ~25% this quarter at prices between $45.50 and $51. The stock currently trades at ~$55.54.Stake Decreases:S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the largest position at 6.65% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. Since then, the position has seen a one-third selling at prices between $97 and $275. The stock currently trades at ~$295.Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s second-largest position at 6.29% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The stake has seen selling since Q3 2016: ~40% combined reduction at prices between ~$700 and $1355. The stock currently trades at $1479. Mueffling is harvesting huge long-term gains.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at ~$112. It is Mueffling’s third-largest position at 5.47% of the portfolio. Last three years have seen a combined reduction of ~27% at prices between $72 and $122.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at ~$146. Last four years have seen a combined ~50% selling at prices between $58 and $140.Visa Inc. (V): V is a 4.53% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. Since then, the position was reduced by ~25% at prices between ~$90 and ~$190. The stock currently trades at ~$203.American Tower (AMT): AMT is a 4.45% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. Since then, the position was reduced by ~25% at prices between ~$103 and ~$233. The stock currently trades at ~$239.Willis Towers Watson plc (WLTW): The 4.42% stake came about because of the merger between Willis Group Holdings and Towers Watson that closed in January 2016. Cantillon’s large stake in Willis Group Holdings got converted to WLTW shares. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$210. There was a ~12% increase in Q3 2016 at prices between $120 and $133. Since then, the stake was reduced by ~30% at prices between ~$117 and ~$206.Zoetis Inc. (ZTS): The 4.11% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. That original stake has since been sold down by ~45% at prices between $45 and $133. The stock currently trades at ~$139.Ecolab Inc. (ECL): ECL is a ~4% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the position was sold down by one-third at prices between ~$103 and ~$207. The stock currently trades at ~$206.CBRE Group Inc. (CBRE): The 3.85% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stake has seen a ~20% selling since. The stock is now at ~$64.Intercontinental Exchange (ICE): ICE is a 3.82% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at ~$93. The last three years saw a combined ~27% selling at prices $57 and $95.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.CME Group (CME): CME is a 3.43% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$213. Last four years have seen a combined ~28% selling at prices between ~$85 and ~$223.Broadcom Inc. (AVGO): AVGO is a 3.42% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. Q3 2018 saw a one-third reduction at prices between $202 and $251 while in Q1 2019 there was a ~10% stake increase at prices between $230 and $300. Q2 2019 also saw another ~20% stake increase at prices between $252 and $321. The stock currently trades at ~$315. Last two quarters have seen minor selling.Agilent Inc. (A): Agilent is a 3.27% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at ~$83. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. Last two quarters had seen a ~19% stake increase at prices between $65.50 and $82. This quarter saw a ~2% trimming.Beckton Dickinson (BDX): BDX is a ~3% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Q2 2019 saw a ~20% stake increase at prices between $223 and $252. The stock is now at ~$247. There was minor trimming in the last two quarters.Equifax (EFX): EFX is a ~3% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$156. Last five quarters have seen only minor adjustments.Thermo Fisher Scientific (TMO): TMO is a 2.94% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades well above those ranges at ~$326. Last three quarters saw marginal trimming.Aon plc (AON): The 2.69% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$230. There was a ~10% stake increase in Q1 2019 and minor trimming over the last three quarters.Verisign Inc. (VRSN): The 2.66% VRSN position saw a ~40% increase in Q4 2018 at prices between $134 and $165. The original stake was from Q3 2017 at prices between $93 and $106. The stock currently trades well above those ranges at ~$205. There was minor trimming in the last four quarters.SS&C Technologies (SSNC): SSNC is a 2.36% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase in Q2 2019 at prices between $54 and $68. It is now at $62.47. Last two quarters have seen minor trimming.TriNet Group Inc. (TNET): The 2.13% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has more than doubled and currently goes for ~$57. There was marginal reduction over the last four quarters.Note: Cantillon controls ~6% of TriNet Group.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The ~2% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at $37.35. The small 1.11% AWI stake was purchased at prices between $55 and $65. The stock is now at ~$103. Last five quarters have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May.Taiwan Semiconductor (TSM): The ~2% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. It is now at $56.20.Facebook Inc. (FB): FB is a ~2% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. The stock is currently at ~$212.Brunswick Corp (BC): BC is a ~2% of the portfolio stake established in Q2 2019 at prices between $41.50 and $54.50 and increased by ~45% last quarter at around the same price range. The stock is currently well above that range at $61.56.Sensata Technologies Holding N.V. (ST): ST is a ~1% of the 13F portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. The ten quarters thru Q2 2019 saw a ~24% selling at prices between $39 and $57. There was another ~55% selling this quarter at prices between $46 and $54. It currently trades at $47.52.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) saw minor trimming this quarter.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q4 2019:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2019 Update"

"William Von Mueffling's 13F portfolio value increased this quarter from $9.90B to $10.29B.The Brunswick stake was increased while adding Entegris.The portfolio continues to be very concentrated with the top five positions accounting for ~29% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 11/04/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q2 2019.This quarter, Mueffling’s 13F portfolio value increased ~4% from $9.90B to $10.29B. The number of holdings increased from 31 to 32. The portfolio continues to be heavily concentrated with the top five positions representing ~29% of the total 13F holdings. The largest stake is S&P Global which accounts for 6.7% of the portfolio. The largest five positions are S&P Global, Alphabet Inc., Analog Devices, Fidelity National Information Services, and American Tower.New Stakes:Entegris (ENTG): ENTG is a small ~1% of the portfolio position established this quarter at prices between $35.50 and $48 and the stock currently trades at the top end of that range at ~$48.Stake Disposals:None.Stake Increases:Brunswick Corp (BC): BC is a 1.77% of the portfolio stake established last quarter at prices between $41.50 and $54.50 and increased by ~45% this quarter at around the same price range. The stock is currently well above that range at $60.72.Agilent Inc. (A): Agilent is a ~3% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $75.79. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. Last two quarters have seen a ~19% stake increase at prices between $65.50 and $82.Stake Decreases:S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the largest position at 6.69% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock has doubled and currently trades at ~$253. The nine quarters thru Q3 2018 had seen a combined ~25% reduction at prices between $110 and $215. There were only minor adjustments in the last four quarters.Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s second-largest position at 6.45% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The two years thru Q3 2018 had seen a combined one-third reduction at prices between $755 and $1270. Last four quarters have also seen minor trimming. The stock currently trades at $1292. Mueffling is harvesting huge long-term gains.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at $112. It is Mueffling’s third-largest position at 5.50% of the portfolio. The six quarters thru Q3 2018 had seen a ~22% selling at prices between $76 and $102. Since then, there have only been minor adjustments.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at ~$131. The two years thru Q3 2018 had seen a ~43% reduction at prices between $74 and $110. It is Mueffling’s fourth-largest position at 5.36% of the 13F portfolio. Last four quarters have seen only minor adjustments.American Tower (AMT): AMT is a 4.57% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at $208. Last ten quarters had seen a ~25% selling at prices between $104 and $218. There was marginal trimming this quarter.Willis Towers Watson plc (WLTW): The 4.51% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$187. There was a ~27% trimming over the last three years at prices between $117 and $192. This quarter saw marginal trimming.Zoetis Inc. (ZTS): The 4.46% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. The next seven quarters had seen a ~18% reduction at prices between $45 and $72 and that was followed with a similar reduction in Q1 2018 at prices between $71 and $85. It currently trades at ~$122. Mueffling is harvesting gains. Last three quarters have also seen minor trimming.Visa Inc. (V): V is a 4.43% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The stock has doubled and it currently trades at ~$177. There was a ~23% selling over the last two years at prices between $124 and $175. This quarter saw marginal trimming.Ecolab Inc. (ECL): ECL is a 4.35% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. The stock currently trades at ~$193. Last four years saw a combined ~30% selling at prices between ~$100 and ~$200.Intercontinental Exchange (ICE): ICE is a ~4% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at ~$91. The Last eleven quarters saw a combined ~24% selling at prices $57 and $95.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.CME Group (CME): CME is a 3.86% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$199. Last three years had also seen a combined ~25% selling at prices between $85 and $195. Last two quarters saw minor trimming.CBRE Group Inc. (CBRE): The 3.56% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at ~$53.08. Last three years had seen a combined ~18% trimming. There was marginal trimming this quarter.Equifax (EFX): EFX is a 3.21% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$135. Last four quarters have seen only minor adjustments.Broadcom Inc. (AVGO): AVGO is a 3.19% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. The stock currently trades at $313. There was a one-third reduction in Q3 2018 at prices between $202 and $251 while Q1 2019 saw a ~10% stake increase at prices between $230 and $300. Last quarter also saw another ~20% stake increase at prices between $252 and $321. There was marginal trimming this quarter.Beckton Dickinson (BDX): BDX is a 3.03% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. The stock is now at ~$251. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. Last quarter saw a ~20% stake increase at prices between $223 and $252. There was marginal trimming this quarter.Thermo Fisher Scientific (TMO): TMO is a 2.81% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades above those ranges at $295. Last two quarters saw marginal trimming.Verisign Inc. (VRSN): The 2.78% VRSN position saw a ~40% increase in Q4 2018 at prices between $134 and $165. The original stake was from Q3 2017 at prices between $93 and $106. The stock currently trades well above those ranges at ~$186. There was minor trimming in the last three quarters.Aon plc (AON): The 2.69% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at ~$195. There was a ~10% stake increase in Q1 2019 and minor trimming over the last two quarters.TriNet Group Inc. (TNET): The 2.50% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has more than doubled and currently goes for ~$53. There was marginal reduction over the last three quarters.Note: Cantillon controls ~6% of TriNet Group.Sensata Technologies Holding N.V. (ST): ST is a 2.15% of the 13F portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. It currently trades at ~$54. The last ten quarters saw a ~24% selling at prices between $39 and $57. There was marginal trimming this quarter.SS&C Technologies (SSNC): SSNC is a 2.12% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase last quarter at prices between $54 and $68. It is now at $57.41. This quarter saw marginal trimming.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The ~2% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at $37.15. The small 1.22% AWI stake was purchased at prices between $55 and $65. The stock is now at $91.66. Last five quarters have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May.Facebook Inc. (FB): FB is a 1.81% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. The stock is currently at ~$192.Taiwan Semiconductor (TSM): The 1.75% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. It is now at $53.64.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) saw minor trimming this quarter.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q3 2019:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q2 2019 Update"

"William Von Mueffling's 13F portfolio value increased this quarter from $9.41B to $9.90B.Broadcom, Becton Dickinson, Agilent and SS&C Technologies stakes were increased while dropping Intel and adding Brunswick.The portfolio continues to be very concentrated with the top five positions accounting for ~28% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 07/26/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q1 2019.This quarter, Mueffling’s 13F portfolio value increased ~5% from $9.41B to $9.90B. The number of holdings remained steady at 31. The portfolio continues to be heavily concentrated with the top five positions representing ~28% of the total 13F holdings. The largest stake is S&P Global which accounts for ~6.5% of the portfolio. The largest five positions are S&P Global, Alphabet Inc., Analog Devices, Fidelity National Information Services, and Visa.New Stakes:Brunswick Corp (BC): BC is a small 1.13% of the portfolio stake established this quarter at prices between $41.50 and $54.50 and the stock currently trades near the middle of that range at $47.86.Stake Disposals:Intel Corp. (INTC): INTC was a 2.38% of the portfolio position established in Q2 2018 at prices between $48.50 and $57 and increased by ~70% next quarter at prices between $45 and $52.50. This quarter saw an about turn: the entire stake disposed at prices between $43.50 and $59. It is now at $51.59.Stake Increases:Broadcom Inc. (AVGO): AVGO is a 3.48% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. The stock currently trades at $301. There was a one-third reduction in Q3 2018 at prices between $202 and $251 while last quarter there was a ~10% stake increase at prices between $230 and $300. This quarter saw another ~20% stake increase at prices between $252 and $321.Beckton Dickinson (BDX): BDX is a 3.15% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. The stock is now at $254. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262. This quarter saw a ~20% stake increase at prices between $223 and $252.Agilent Inc. (A): Agilent is a ~3% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $69.50. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. This quarter saw a ~11% stake increase.SS&C Technologies (SSNC): SSNC is a 2.48% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase in Q4 2018 at prices between $41.50 and $56. There was another ~20% stake increase this quarter at prices between $54 and $68. It is now at $60.49.Stake Decreases:S&P Global (SPGI) previously McGraw Hill Financial: SPGI is currently the largest position at 6.51% of the portfolio. It was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock has doubled and currently trades at ~$244. The nine quarters thru Q3 2018 had seen a combined ~25% reduction at prices between $110 and $215. There were only minor adjustments in the last three quarters.Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s second-largest position at ~6% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The two years thru Q3 2018 had seen a combined one-third reduction at prices between $755 and $1270. The stock currently trades at $1250. Mueffling is harvesting huge long-term gains. Last three quarters have also seen minor trimming.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at $122. It is Mueffling’s third-largest position at 5.81% of the portfolio. The six quarters thru Q3 2018 had seen a ~22% selling at prices between $76 and $102. Since then, there has only been minor adjustments.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at ~$136. The two years thru Q3 2018 had seen a ~43% reduction at prices between $74 and $110. It is Mueffling’s fourth-largest position at 5.18% of the 13F portfolio.Visa Inc. (V): V is a 4.67% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The stock has doubled and it currently trades at ~$184. There was a ~23% selling over the last two years at prices between $124 and $175.Willis Towers Watson plc (WLTW): The 4.67% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$199. There was a ~27% trimming over the last three years at prices between $117 and $192.Ecolab Inc. (ECL): ECL is a 4.54% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. The stock currently trades at ~$200. Last fifteen quarters saw a combined ~30% selling at prices between $103 and $200.American Tower (AMT): AMT is a 4.42% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at $205. Last ten quarters have seen a ~25% selling at prices between $104 and $218.Zoetis Inc. (ZTS): The 4.25% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. The next seven quarters had seen a ~18% reduction at prices between $45 and $72 and that was followed with a similar reduction in Q1 2018 at prices between $71 and $85. It currently trades at $115. Mueffling is harvesting gains. Last two quarters have also seen minor trimming.Intercontinental Exchange (ICE): ICE is a ~4% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $89.59. The Last ten quarters saw a combined ~23% selling at prices $57 and $87.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.CME Group (CME): CME is a 3.70% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$201. Last three years had also seen a combined ~25% selling at prices between $85 and $195. This quarter also saw minor trimming.CBRE Group Inc. (CBRE): The 3.60% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at ~$53. Last three years have seen a combined ~18% trimming.Equifax (EFX): EFX is a 3.23% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$142. Last three quarters have seen only minor adjustments.Verisign Inc. (VRSN): The 3.22% VRSN position saw a ~40% increase in Q4 2018 at prices between $134 and $165. The original stake was from Q3 2017 at prices between $93 and $106. The stock currently trades well above those ranges at ~$217. There was minor trimming in the last two quarters.Thermo Fisher Scientific (TMO): TMO is a ~3% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% next quarter at prices between $208 and $252. The stock currently trades above those ranges at $287.TriNet Group Inc. (TNET): The 2.86% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has more than doubled and currently goes for ~$77. There was marginal reduction over the last two quarters.Note: Cantillon controls ~6% of TriNet Group.Aon plc (AON): The 2.80% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at $195. There was a ~10% stake increase last quarter and minor trimming this quarter.Sensata Technologies Holding N.V. (ST): ST is a 2.20% of the 13F portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. It currently trades at ~$195. The last ten quarters saw a ~24% selling at prices between $112 and $195.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions were established in Q2 2018. The ~2% FAST stake was purchased at prices between $24 and $28 and the stock currently trades at $31.63. The small 1.28% AWI stake was purchased at prices between $55 and $65. The stock is now at ~$99. Last four quarters have seen only minor adjustments to these two stakes.Note: The prices quoted above for Fastenal are adjusted for the 2-for-1 stock-split in May.Facebook Inc. (FB): FB is a ~2% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. The stock is currently at ~$200.Taiwan Semiconductor (TSM): The 1.55% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. It is now at $43.46.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) saw minor trimming this quarter.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q2 2019:Regulatory Filings thru 5/10/2019: 13G/A – TNET – 2/14 – 4.26M shares – 6.05%, BITA – 0."

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q1 2019 Update"

"William Von Mueffling's 13F portfolio value increased this quarter from $8.29B to $9.41B.Broadcom and Aon plc stakes were increased while dropping Baidu and Cimpress NV.The portfolio continues to be very concentrated with the top five positions accounting for ~29% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 05/01/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q4 2018.This quarter, Mueffling’s 13F portfolio value increased ~14% from $8.29B to $9.41B. The number of holdings decreased from 33 to 31. The portfolio continues to be heavily concentrated with the top five positions representing ~29% of the total 13F holdings. The largest stake is Alphabet Inc. which accounts for ~7% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Willis Towers Watson.New Stakes:None.Stake Disposals:Cimpress NV (CMPR): CMPR was a 1.50% of the portfolio position first purchased in Q3 2014. The bulk of the stake was purchased the following quarter at prices between $54 and $76 and the stock is now at $89.36. Last two years had seen a combined ~25% selling at prices between $83 and $171 and the disposal this quarter was at prices between $75 and $120.Baidu Inc. (BIDU): BIDU was a 1.64% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. The stock currently trades at ~$157. there was a ~45% reduction last quarter at prices between $155 and $227 and the elimination this quarter was at prices between $155 and $185. Mueffling harvested long-term gains.Stake Increases:Broadcom Inc. (AVGO): AVGO is a 3.22% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. The stock currently trades at $304. There was a one-third reduction in Q3 2018 at prices between $202 and $251 while this quarter there was a ~10% stake increase at prices between $230 and $300.Aon plc (AON): The 2.67% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at $179. There was a ~10% stake increase this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at ~7% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The two years thru Q3 2018 had seen a combined one-third reduction at prices between $755 and $1270. The stock currently trades at $1164. Mueffling is harvesting huge long-term gains. Last two quarters have seen only minor adjustments.S&P Global (SPGI) previously McGraw Hill Financial: The top-three ~6.5% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$214. The nine quarters thru Q3 2018 had seen a combined ~25% reduction at prices between $110 and $215. There were only minor adjustments in the last two quarters.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at $111. It is Mueffling’s third-largest position at 5.81% of the portfolio. The six quarters thru Q3 2018 had seen a ~22% selling at prices between $76 and $102.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at ~$117. The two years thru Q3 2018 had seen a ~43% reduction at prices between $74 and $110. It is Mueffling’s fourth-largest position at 5.12% of the 13F portfolio.Willis Towers Watson plc (WLTW): The 4.61% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$177. There was a ~22% trimming over the six quarters thru Q3 2018 at prices between $128 and $164.American Tower (AMT): AMT is a 4.57% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at $196. The seven quarters thru Q3 2018 saw a ~22% selling at prices between $104 and $151.Visa Inc. (V): V is a 4.52% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The stock is now well above those ranges at ~$161. There was a ~23% selling over the six quarters thru Q3 2018 at prices between $89 and $150.Ecolab Inc. (ECL): ECL is a 4.36% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. The stock currently trades at ~$181. The six quarters thru Q3 2018 saw a combined ~22% selling at prices between $111 and $160. There was a marginal increase this quarter.Zoetis Inc. (ZTS): The 4.05% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. The next seven quarters had seen a ~18% reduction at prices between $45 and $72 and that was followed with a similar reduction in Q1 2018 at prices between $71 and $85. It currently trades at $102. Mueffling is harvesting gains. There was a minor trimming this quarter.Intercontinental Exchange (ICE): ICE is a 3.78% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $81.36. The seven quarters thru Q3 2018 saw a combined ~22% selling at prices $57 and $78.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.CBRE Group Inc. (CBRE): The 3.72% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at $48.71. This quarter saw a marginal reduction.CME Group (CME): CME is a 3.37% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$183. Last three years have seen a combined ~25% selling at prices between $85 and $195.Equifax (EFX): EFX is a ~3% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Q3 2018 saw a ~30% stake increase at prices between $123 and $138. The stock is now at ~$119. This quarter saw a marginal reduction.Agilent Inc. (A): Agilent is a ~3% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $77.10. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. This quarter saw marginal selling.Verisign Inc. (VRSN): The ~3% VRSN position saw a ~40% increase last quarter at prices between $134 and $165. The original stake was from Q3 2017 at prices between $93 and $106. The stock currently trades well above those ranges at ~$195. There was a minor reduction this quarter.Thermo Fisher Scientific (TMO): TMO is a ~3% of the portfolio position established in Q3 2018 at prices between $206 and $249 and increased by ~90% last quarter at prices between $208 and $252. The stock currently trades above those ranges at $269.Beckton Dickinson (BDX): BDX is a 2.77% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. The stock is now at $225. There was a ~22% selling over the six quarters thru Q3 2018 at prices between $166 and $262.TriNet Group Inc. (TNET): The 2.69% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock has more than doubled and currently goes for $63. There was a marginal reduction this quarter.Note: Cantillon controls ~6% of TriNet Group.SS&C Technologies (SSNC): SSNC is a 2.40% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase last quarter at prices between $41.50 and $56. It is now at $58.86.Intel Corp. (INTC): INTC is a 2.38% of the portfolio position established in Q2 2018 at prices between $48.50 and $57 and increased by ~70% next quarter at prices between $45 and $52.50. It is now at $46.20. There was marginal selling this quarter. For investors attempting to follow Cantillon, INTC is a good option to consider for further research.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions established in Q2 2018 were increased last quarter. The 2.21% FAST stake was purchased at prices between $48 and $56 and increased by ~8% last quarter at prices between $48.50 and $60. The stock currently trades at $65.64. The small 1.13% AWI stake was purchased at prices between $55 and $65. The stock is now at $87.70.Sensata Technologies Holding N.V. (ST): ST is a 2.17% of the 13F portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. It currently trades at $48.87. The seven quarters thru Q3 2018 saw a ~24% selling at prices between $39 and $57.Facebook Inc. (FB): FB is a 1.91% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. The stock is currently at ~$188.Taiwan Semiconductor (TSM): The 1.73% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. It is now at $42.83.Credit Acceptance Corporation (CACC), Interactive Brokers Group Inc. (IBKR), Moody’s Corp (MCO), and Primerica Inc. (PRI): These small stakes (less than ~1.5% of the portfolio each) saw minor trimming this quarter.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q1 2019:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q4 2018 Update"

"William Von Mueffling's 13F portfolio value decreased this quarter from $8.89B to $8.29B.Verisign & Thermo Fisher Scientific stakes were increased while reducing Baidu and adding Moody’s.The portfolio continues to be very concentrated with the top five positions accounting for ~28% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 02/05/2019. Please visit our to get an idea of his investment philosophy and our for the fund’s moves during Q3 2018.This quarter, Mueffling’s 13F portfolio value decreased ~7% from $8.89B to $8.29B. The number of holdings remained steady at 33. The portfolio continues to be heavily concentrated with the top five positions representing ~28% of the total 13F holdings. The largest stake is Alphabet Inc. which accounts for ~7% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Willis Towers Watson.New Stakes:Moody’s Corp (MCO): MCO is a small ~1% portfolio stake established this quarter at prices between $129 and $170 and the stock currently trades at $162.Stake Disposals:ServiceMaster Global Holdings (SERV): SERV was a medium-sized 3.76% position as of Q2 2018. It was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% over the next three quarters at prices between $32.50 and $41.50. Last six quarters thru Q2 2018 saw a ~17% reduction at prices between $36.50 and $59.50 and that was followed with a ~80% selling last quarter at prices between $38 and $42. The disposal this quarter was at prices between $34.25 and $45.50. The stock is now at $39.22.Note: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share.Stake Increases:Verisign Inc. (VRSN): The 2.80% VRSN position saw a ~40% increase this quarter at prices between $134 and $165. The original stake is from Q3 2017 at prices between $93 and $106. The stock currently trades well above those ranges at ~$174.Thermo Fisher Scientific (TMO): TMO is a small new ~1.5% of the portfolio position established last quarter at prices between $206 and $249 and increased by ~90% this quarter at prices between $208 and $252. The stock currently trades at $247.SS&C Technologies (SSNC): SSNC is a 1.94% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and that was followed with a ~37% increase this quarter at prices between $41.50 and $56. It is now at $52.26.Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at ~7% of the portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. The two years thru Q3 2018 had seen a combined one-third reduction at prices between $755 and $1270. The stock currently trades at $1115. Mueffling is harvesting huge long-term gains. This quarter saw a marginal increase.S&P Global (SPGI) previously McGraw Hill Financial: The top-three ~6% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$193. The nine quarters thru Q3 2018 had seen a combined ~25% reduction at prices between $110 and $215. There was a marginal increase this quarter.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major buying was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at $102. It is Mueffling’s third-largest position at 5.41% of the portfolio. Last six quarters had seen a ~22% selling at prices between $76 and $102 while this quarter there was a marginal increase.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at ~$110. Last two years had seen a ~43% reduction at prices between $74 and $110 while this quarter saw a marginal increase. It is Mueffling’s fourth-largest position at 5.30% of the 13F portfolio.Willis Towers Watson plc (WLTW): The 4.53% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$166. There was a ~22% trimming over the last six quarters at prices between $128 and $164 while this quarter there was a marginal increase.CME Group (CME): CME is a 4.40% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$178. Last eleven quarters had seen a combined ~25% selling at prices between $85 and $175 while this quarter saw a marginal increase.Visa Inc. (V): V is a 4.35% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The stock is now well above those ranges at ~$142. There was a ~23% selling over the last six quarters at prices between $89 and $150 while this quarter there was a marginal increase.Intercontinental Exchange (ICE): ICE is a fairly large 4.26% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $77.39. Last seven quarters saw a combined ~22% selling at prices $57 and $78 while this quarter saw a marginal increase.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.American Tower (AMT): AMT is a 4.18% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at $170. Last seven quarters saw a ~22% selling at prices between $104 and $151 while this quarter there was a marginal increase.Ecolab Inc. (ECL): ECL is a 4.15% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. The stock currently trades at ~$159. Last six quarters saw a combined ~22% selling at prices between $111 and $160. There was a marginal increase this quarter.Zoetis Inc. (ZTS): The 3.93% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. The next seven quarters had seen a ~18% reduction at prices between $45 and $72 and that was followed with a similar reduction in Q1 2018 at prices between $71 and $85. It currently trades at $87.58. Mueffling is harvesting gains. Last two quarters also saw a combined ~10% trimming. This quarter saw a marginal increase.CBRE Group Inc. (CBRE): The 3.44% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at $46.28. There was a ~16% selling over the last two years at prices between $26 and $50. This quarter saw a marginal increase.Agilent Inc. (A): Agilent is a 2.90% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $76.30. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the next two quarters. This quarter saw a marginal increase.Beckton Dickinson (BDX): BDX is a 2.86% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. The stock is now at $243. There was a ~22% selling over the last six quarters at prices between $166 and $262 while this quarter saw a marginal increase.Broadcom Inc. (AVGO): AVGO is a 2.81% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. The stock currently trades at $276. There was a one-third reduction last quarter at prices between $202 and $251. This quarter saw a marginal increase.Equifax (EFX): EFX is a 2.72% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Last three quarters thru Q2 2018 had seen a combined ~12% trimming while last quarter saw a ~30% stake increase at prices between $123 and $138. The stock is now well below their purchase price ranges at ~$107. For investors attempting to follow Cantillon, EFX is a good option to consider for further research. This quarter also saw a marginal increase.Sensata Technologies Holding N.V. (ST): ST is a 2.47% of the 13F portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. It currently trades at $48.74. Last seven quarters had seen a ~24% trimming while this quarter there was a marginal increase.Intel Corp. (INTC): INTC is a 2.37% of the portfolio position established in Q2 2018 at prices between $48.50 and $57 and increased by ~70% last quarter at prices between $45 and $52.50. It is now at $49.90. There was a marginal increase this quarter. For investors attempting to follow Cantillon, INTC is a good option to consider for further research.Aon plc (AON): The 2.32% AON position was increased by ~50% in Q2 2018 at prices between $135 and $145 and the stock is now at $168. Last quarter saw a ~6% trimming while this quarter there was a marginal increase.TriNet Group Inc. (TNET): The 2.16% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. There was a ~15% increase over the two quarters thru Q2 2018 while last quarter saw a ~6% trimming. The stock is now at $46.32. There was a marginal increase this quarter.Note: Cantillon controls ~6% of TriNet Group.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions established in Q2 2018 were increased this quarter. The ~2% FAST stake was purchased at prices between $48 and $56 and increased by ~8% this quarter at prices between $48.50 and $60. The stock currently trades at $61.52. The very small 0.94% AWI stake was purchased at prices between $55 and $65 and it currently goes for $67.92. This quarter saw a marginal increase.Taiwan Semiconductor (TSM): The 1.78% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. It is now at $38.74. Last two quarters saw a combined ~10% trimming while this quarter saw a marginal increase.Interactive Brokers Group Inc. (IBKR): IBKR is a small 1.74% of the portfolio stake established in Q2 2017 at prices between $34 and $38 and increased by ~11% the following quarter. There was another ~25% increase in Q1 2018 at prices between $59 and $74. The stock currently trades at $50.81. There was a ~3% trimming in Q2 2018 while last quarter saw a ~6% increase. There was a marginal increase this quarter.Facebook Inc. (FB): FB is a 1.71% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% next quarter at prices between $155 and $202. The stock is currently at ~$171. There was a ~6% trimming last quarter and a marginal increase this quarter.Cimpress NV (CMPR): CMPR is a 1.50% of the portfolio position first purchased in Q3 2014. The bulk of the current stake was purchased the following quarter at prices between $54 and $76 and the stock is now at $79.59. The last nine quarters had seen a combined ~25% selling at prices between $83 and $171. There was a marginal increase this quarter.Note: Cantillon controls ~4% of Cimpress.Credit Acceptance Corporation (CACC) and Primerica Inc. (PRI): These two small stakes (less than ~1.5% of the portfolio each) saw marginal increases this quarter.Stake Decreases:Baidu Inc. (BIDU): BIDU is a 1.64% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. The stock currently trades at ~$174. Last two years saw a combined ~18% selling and that was followed with a ~45% reduction this quarter at prices between $155 and $227. Mueffling is harvesting gains.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q4 2018:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2018 Update"

"William Von Mueffling's 13F portfolio value decreased this quarter from $9.29B to $8.89B.Intel & Equifax were increased while decreasing ServiceMaster Global Holdings & Broadcom and dropping Allergan plc.The portfolio continues to be very concentrated with the top five positions accounting for ~29% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 11/09/2018. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2018.This quarter, Mueffling’s 13F portfolio value decreased ~4% from $9.29B to $8.89B. The number of holdings remained steady at 33. The portfolio continues to be heavily concentrated with the top five positions representing ~29% of the total 13F holdings. The largest stake is Alphabet Inc. which accounts for 7.53% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Visa.New Stakes:Thermo Fisher Scientific (TMO): TMO is a small new ~1.5% of the portfolio position established this quarter at prices between $206 and $249 and the stock currently trades at $244.Stake Disposals:Allergan plc (AGN): AGN was a minutely small 0.37% of the portfolio stake as of last quarter. The original position was established in Q2 2016 at prices between $202 and $278 and increased by one-third the following quarter at prices between $231 and $260. The first three quarters of 2017 had also seen a ~16% stake increase at prices between $203 and $256. The position was sold down by ~80% last quarter at prices between $144 and $177 and the remainder stake was disposed this quarter. The stock is now at ~$166.Stake Increases:Equifax (EFX): EFX is a 3.53% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. Last three quarters had seen a combined ~12% trimming while this quarter saw a ~30% stake increase at prices between $123 and $138. The stock is now well below their purchase price ranges at ~$102. For investors attempting to follow Cantillon, EFX is a good option to consider for further research.Intel Corp. (INTC): INTC is a 2.21% of the portfolio position established last quarter at prices between $48.50 and $57 and increased by ~70% this quarter at prices between $45 and $52.50. It is now at $48.11.Interactive Brokers Group Inc. (IBKR): IBKR is a small 1.63% of the portfolio stake established in Q2 2017 at prices between $34 and $38 and increased by ~11% the following quarter. There was another ~25% increase in Q1 2018 at prices between $59 and $74. The stock currently trades at $55.37. There was a ~3% trimming last quarter while this quarter saw a ~6% increase.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 7.53% of portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last two years have seen a combined one-third reduction at prices between $755 and $1270. The stock currently trades at $1066. Mueffling is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: The top-three 6.33% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$186. Last nine quarters have seen a combined ~25% reduction at prices between $110 and $215.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at $87.59. It is Mueffling’s third-largest position at 5.39% of the portfolio. There was a ~22% selling over the last six quarters at prices between $76 and $102.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at ~$107. Last two years have seen a ~43% reduction at prices between $74 and $110. It is still Mueffling’s fourth-largest position at 5.22% of the 13F portfolio.Visa Inc. (V): V is a 4.58% (top five) stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The stock is now well above those ranges at $144. There was a ~23% selling over the last six quarters at prices between $89 and $150.Ecolab Inc. (ECL): ECL is a ~4% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. The stock currently trades at ~$159. Last six quarters saw a combined ~22% selling at prices between $111 and $160.Baidu Inc. (BIDU): BIDU is a ~4% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. The stock currently trades at ~$184. Last two years saw a combined ~18% selling. Mueffling is harvesting gains.Intercontinental Exchange (ICE): ICE is a fairly large ~4% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $79.08. Last seven quarters saw a combined ~22% selling at prices $57 and $78.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Willis Towers Watson plc (WLTW): The 3.89% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$160. There was a ~22% trimming over the last six quarters at prices between $128 and $164.Zoetis Inc. (ZTS): The 3.89% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. The next seven quarters had seen a ~18% reduction at prices between $45 and $72 and that was followed with a similar reduction in Q1 2018 at prices between $71 and $85. It currently trades at $95.27. Mueffling is harvesting gains. Last two quarters also saw a combined ~10% trimming.CME Group (CME): CME is a 3.68% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$190. Last eleven quarters have seen a combined ~25% selling at prices between $85 and $175.American Tower (AMT): AMT is a 3.55% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at $160. Last seven quarters saw a ~22% selling at prices between $104 and $151.CBRE Group Inc. (CBRE): The 3.50% stake in CBRE was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at $42.99. There was a ~16% selling over the last two years at prices between $26 and $50.Beckton Dickinson (BDX): BDX is a ~3% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. The stock is now at $243. There was a ~22% trimming over the last six quarters at prices between $166 and $262.Agilent Inc. (A): Agilent is a 2.80% of the portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $67.27. There was a ~15% reduction in Q1 2018 at prices between $65 and $75 and that was followed with a ~10% trimming over the last two quarters.TriNet Group Inc. (TNET): The 2.68% of the portfolio stake in TNET was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. There was a ~15% increase over the last two quarters while this quarter saw a ~6% trimming. The stock is now at $46.43.Note: Cantillon controls ~6% of TriNet Group.Sensata Technologies Holding N.V. (ST): ST is a 2.53% of the 13F portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. It currently trades at $46.76. Last seven quarters have seen a ~24% trimming.Broadcom Inc. (AVGO): AVGO is a 2.52% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase in Q1 2018 at prices between $228 and $273. The stock currently trades at $239. There was a one-third reduction this quarter at prices between $202 and $251.Facebook Inc. (FB): FB is a ~2% of the portfolio stake established in Q1 2018 at prices between $152 and $193 and increased by ~60% last quarter at prices between $155 and $202. The stock is currently at ~$145. There was a ~6% trimming this quarter.Aon plc (AON): The ~2% AON position was increased by ~50% last quarter at prices between $135 and $145 and the stock is now at $166. This quarter saw a ~6% trimming.Taiwan Semiconductor (TSM): The ~2% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase in Q1 2018 at prices between $40 and $46.50. It is now at $38.07. Last two quarters saw a combined ~10% trimming.Fastenal (FAST) and Armstrong World Industries (AWI): These two positions established last quarter saw trimming this quarter. The ~2% FAST stake was purchased at prices between $48 and $56 and the stock currently trades at $54.76. The very small 0.84% AWI stake was purchased at prices between $55 and $65 and it currently goes for $67.22. Both stakes saw ~7% trimming this quarter.Cimpress NV (CMPR): CMPR is a ~2% of the portfolio position first purchased in Q3 2014. The bulk of the current stake was purchased the following quarter at prices between $54 and $76 and the stock is now at $118. The last nine quarters have seen a combined ~25% selling at prices between $83 and $171.Note: Cantillon controls ~4% of Cimpress.SS&C Technologies (SSNC): SSNC is a 1.66% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Q1 2018 saw a ~75% stake increase at prices between $40.50 and $53.50 and it is now at $49.94. There was minor trimming in the last two quarters.Credit Acceptance Corporation (CACC), Primerica Inc. (PRI), and Verisign Inc. (VRSN): These small stakes (less than ~2% of the portfolio each) saw reductions this quarter.ServiceMaster Global Holdings (SERV): SERV was a medium-sized 3.76% position last quarter. It was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% over the next three quarters at prices between $32.50 and $41.50. Last six quarters saw a ~17% reduction at prices between $36.50 and $59.50 and that was followed with a ~80% selling this quarter at prices between $38 and $42. It currently trades at $42.52 and the stake is now very small at 0.78% of the portfolio.Note: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share.The spreadsheet below highlights changes to Mueffling’s 13F stock holdings in Q3 2018:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q2 2018 Update"

"William Von Mueffling's 13F portfolio value increased this quarter from $8.80B to $9.29B.Facebook and Aon plc were increased while decreasing Allergan plc and dropping Bitauto Holding.The portfolio continues to be very concentrated with the top five positions accounting for ~29% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 08/07/2018. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2018.This quarter, Mueffling’s 13F portfolio value increased 5.58% from $8.80B to $9.29B. The number of holdings increased from 31 to 33. The portfolio continues to be heavily concentrated with the top five positions representing ~29% of the total 13F holdings. The largest stake is Alphabet Inc. which accounts for 7.18% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Baidu.New Stakes:Fastenal (FAST), Intel Corp. (INTC), and Armstrong World Industries (AWI): These are the new positions this quarter. The 1.66% FAST stake was purchased at prices between $48 and $56 and the stock currently trades just above that range at $57.29. INTC is a 1.31% of the portfolio position established at prices between $48.50 and $57 and it is now near the low end of that range at $49.70. The very small 0.71% AWI stake was purchased at prices between $55 and $65 and it currently goes for $69.70.Stake Disposals:Bitauto Holding (BITA): The very small 0.85% BITA stake was disposed this quarter.Stake Increases:CBRE Group Inc. (CBG): The 3.88% stake in CBG was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at $49.60. There was a ~19% selling over the last six quarters while this quarter saw a ~9% increase.TriNet Group Inc. (TNET): The 2.72% of the portfolio stake in TNET saw a ~15% increase over the last two quarters. The position was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock is now at $55.59.Note: Cantillon controls ~6.4% of TriNet Group.Facebook Inc. (FB): FB is a 2.40% of the portfolio stake established last quarter at prices between $152 and $193 and increased by ~60% this quarter at prices between $155 and $202. The stock is currently at ~$184.Aon plc (AON) and Primerica Inc. (PRI): These two small stakes saw substantial increases this quarter. The ~2% AON position was increased by ~50% at prices between $135 and $145 and the stock is now at $143. PRI is a small ~1% position that saw a ~10% increase this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 7.18% of portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last seven quarters have seen a combined ~30% reduction at prices between $750 and $1175. The stock currently trades at $1242. Mueffling is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: The top-three 6.72% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$202. Last two years have seen a combined ~21% reduction at prices between $145 and $210.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at $98.59. It is Mueffling’s third-largest position at 5.72% of the portfolio. There was a ~17% trimming over the last five quarters.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at $105. Last seven quarters have seen a ~40% reduction at prices between $74 and $108. It is still Mueffling’s fourth-largest position at 5.18% of the 13F portfolio.Baidu Inc. (BIDU): BIDU is a 4.31% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. The stock currently trades at $227. Last seven quarters saw a combined ~20% selling. Mueffling is harvesting gains.Willis Towers Watson plc (WLTW): The large 4.27% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and their overall cost-basis is ~$110 compared to the current price of ~$151. There was a ~17% trimming over the last five quarters.Visa Inc. (V): V is a 4.13% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The stock is now well above those ranges at $140. There was a ~17% selling over the last five quarters at prices between $90 and $135.Intercontinental Exchange (ICE): ICE is a large ~4% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $73.72. Last six quarters saw a combined ~17% trimming.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.ServiceMaster Global Holdings (SERV): The medium-sized 3.76% SERV position was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% over the next three quarters at prices between $32.50 and $41.50. It currently trades at $60.37. Last six quarters saw a ~17% reduction at prices between $36.50 and $59.50.Note 1: Cantillon controls ~4.4% of ServiceMaster Global Holdings.Note 2: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share.Ecolab Inc. (ECL): ECL is a 3.73% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. The stock currently trades at ~$149. Last five quarters saw a combined ~17% trimming.Zoetis Inc. (ZTS): The 3.69% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. The next seven quarters had seen a ~18% reduction at prices between $45 and $72 and that was followed with a similar reduction last quarter at prices between $71 and $85. It currently trades at $92.49. Mueffling is harvesting gains. This quarter also saw a ~3% trimming.Broadcom Inc. (AVGO): AVGO is a 3.64% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase last quarter at prices between $228 and $273. The stock currently trades at $220. This quarter saw minor trimming.CME Group (CME): CME is a 3.62% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$163. Last ten quarters have seen a combined ~20% selling.American Tower (AMT): AMT is a ~3.60% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at $150. Last six quarters saw a ~18% selling.Beckton Dickinson (BDX): BDX is a 2.87% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. The stock is now at $248. There was a ~17% trimming over the last five quarters.Agilent Inc. (A): Agilent is a 2.51% of the US long portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $67.66. There was a ~15% reduction last quarter at prices between $65 and $75 and that was followed with a ~3% trimming this quarter.Equifax (EFX): EFX is a 2.50% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. The stock is now at ~$128. Last three quarters have seen a combined ~12% trimming.Sensata Technologies Holding N.V. (ST): ST is a 2.48% of the 13F portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. It currently trades at $55.82. Last six quarters have seen a ~19% trimming.Cimpress NV (CMPR): CMPR is a ~2% of the portfolio position first purchased in Q3 2014. The bulk of the current stake was purchased the following quarter at prices between $54 and $76 and the stock is now at $144. The last two years have seen a combined ~20% selling at prices between $82 and $171.Note: Cantillon controls ~4.2% of Cimpress.Interactive Brokers Group Inc. (IBKR): IBKR is a 1.72% of the portfolio stake established in Q2 2017 at prices between $34 and $38 and increased by ~11% the following quarter. There was another ~25% increase last quarter at prices between $59 and $74. The stock currently trades at $60.98. There was a ~3% trimming this quarterTaiwan Semiconductor (TSM): The 1.66% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase last quarter at prices between $40 and $46.50. It is now at $41.24. This quarter saw a ~3% trimming.SS&C Technologies (SSNC): SSNC is a 1.54% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. Last quarter saw a ~75% stake increase at prices between $40.50 and $53.50 and it is now at $55.73. There was minor trimming this quarter.Allergan plc (AGN): AGN is now a minutely small 0.37% of the portfolio stake. The original position was established in Q2 2016 at prices between $202 and $278 and increased by one-third the following quarter at prices between $231 and $260. The first three quarters of 2017 had also seen a ~16% stake increase at prices between $203 and $256. The position was sold down by ~80% this quarter at prices between $144 and $177. The stock is now at $186.Credit Acceptance Corporation (CACC) and Verisign Inc. (VRSN): These small stakes (less than ~1.75% of the portfolio each) saw reductions this quarter.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q2 2018:Regulatory Filings thru 2/13/2018: None.Regulatory Filings thru 5/2/2017: 13G’s - 2/14/2017 - SERV - 7.1M shares - 5.3%, TNET - 4.55M shares - 6.6%, BITA - 3.5M shares - 4.9%, CMPR - 1.54M shares - 5%."

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q1 2018 Update"

"William Von Mueffling's 13F portfolio value increased this quarter from $8.44B to $8.80B.Broadcom was increased while decreasing Zoetis and Agilent during the quarter.The portfolio continues to be very concentrated with the top five positions accounting for ~30% of the 13F portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s 13F stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 05/08/2018. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2017.This quarter, Mueffling’s 13F portfolio value increased 4.20% from $8.44B to $8.80B. The number of holdings increased from 30 to 31. The portfolio continues to be heavily concentrated with the top five positions representing ~30% of the total 13F holdings. The largest stake is Alphabet Inc. which accounts for 7.18% of the portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Willis Towers Watson.New Stakes:Facebook Inc. (FB): FB is a small 1.32% of the portfolio stake established this quarter at prices between $152 and $193 and the stock is currently at $179.Stake Disposals:None.Stake Increases:Broadcom Ltd. (AVGO): AVGO is a 3.83% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% in Q3 2017 at prices between $230 and $257. There was another ~20% stake increase this quarter at prices between $228 and $273. The stock currently trades at $239.TriNet Group Inc. (TNET): The ~2% of the portfolio stake in TNET saw a ~6% increase this quarter. The position was established in Q2 2016 with the bulk purchased in the following two quarters at prices between $18.50 and $26. The stock is now at $52.56.Note: Cantillon controls ~6.5% of TriNet Group.Taiwan Semiconductor (TSM): The ~2% TSM stake was established in Q3 2017 at prices between $34.50 and $38.50. The position saw an almost two-thirds increase this quarter at prices between $40 and $46.50. It is now at $39.18.Interactive Brokers Group Inc. (IBKR): IBKR is a 1.94% of the portfolio stake established in Q2 2017 at prices between $34 and $38 and increased by ~11% the following quarter. There was another ~25% increase this quarter at prices between $59 and $74. The stock currently trades above those ranges at $77.81.SS&C Technologies (SSNC): SSNC is a 1.73% of the portfolio position built in H2 2016 at prices between $28.50 and $33.50. This quarter saw a ~75% stake increase at prices between $40.50 and $53.50 and it is now at $49.21.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 7.18% of portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last six quarters have seen a combined ~28% reduction at prices between $754 and $1176. The stock currently trades at $1054. Mueffling is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: The top-three 6.84% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$195. Last seven quarters have seen a combined ~20% reduction.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at $91.42. It is Mueffling’s third-largest position at 5.89% of the portfolio. There was a ~15% trimming over the last four quarters.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at $103. Last six quarters have seen a 38% reduction at prices between $74 and $103. It is still Mueffling’s fourth-largest position at 5.11% of the US long portfolio.Willis Towers Watson plc (WLTW): The large (top five) 4.66% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and his overall cost-basis is ~$110 compared to the current price of ~$153. There was a ~15% trimming over the last four quarters.Baidu Inc. (BIDU): BIDU is a 4.28% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. The stock currently trades at $263. Last six quarters saw a combined ~20% selling. Mueffling is harvesting gains.Intercontinental Exchange (ICE): ICE is a large 4.21% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $70.07. Last five quarters saw minor trimming.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Visa Inc. (V): V is a ~4% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The stock is now well above those ranges at $130. There was a ~14% selling over the last four quarters.Ecolab Inc. (ECL): ECL is a ~4% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. The stock currently trades at ~$145. Last four quarters saw a combined ~15% trimming.American Tower (AMT): AMT is a ~4% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at $137. Last five quarters saw minor selling.Zoetis Inc. (ZTS): The 3.92% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. It currently trades at $82. Last seven quarters had seen a ~18% reduction at prices between $45 and $72 and that was followed with a similar reduction this quarter at prices between $71 and $85. Mueffling is harvesting gains.CME Group (CME): CME is a 3.88% of the 13F portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$158. Last nine quarters have seen a combined ~18% selling.CBRE Group Inc. (CBG): The 3.72% stake in CBG was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at $46.48. There was ~19% selling over the last six quarters.ServiceMaster Global Holdings (SERV): The medium-sized 3.50% SERV position was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% over the next three quarters at prices between $32.50 and $41.50. It currently trades at $54.78. Last five quarters saw a ~15% reduction at prices between $36.50 and $55.Note 1: Cantillon controls ~4.5% of ServiceMaster Global Holdings.Note 2: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share.Agilent Inc. (A): Agilent is a ~3% of the US long portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $67.37. There was a ~15% reduction this quarter at prices between $65 and $75.Sensata Technologies Holding N.V. (ST): ST is a ~3% of the 13F portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. It currently trades at $51.29. Last five quarters have seen minor trimming.Beckton Dickinson (BDX): BDX is a 2.81% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. The stock is now at $221. There was a ~15% trimming over the last four quarters.Equifax (EFX): EFX is a 2.56% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase in Q3 2017 at prices between $93 and $146. The stock is now at ~$111. Last two quarters have seen a combined ~8% trimming.Cimpress NV (CMPR): CMPR is a 2.31% of the portfolio position first purchased in Q3 2014. The bulk of the current stake was purchased the following quarter at prices between $54 and $76 and the stock is now at $137. The last seven quarters have seen a combined ~19% selling at prices between $80 and $171.Note: Cantillon controls ~4% of Cimpress.Allergan plc (AGN): AGN is a 1.93% of the portfolio stake established in Q2 2016 at prices between $202 and $278 and increased by one-third the following quarter at prices between $231 and $260. The first three quarters of 2017 had also seen a ~16% stake increase at prices between $203 and $256. The stock is now well below those ranges at ~$144. There was minor selling in the last two quarters.Aon plc (AON), Bitauto Holding (BITA), Credit Acceptance Corporation (CACC), Primerica Inc. (PRI), and Verisign Inc. (VRSN): These small stakes (less than ~1.5% of the portfolio each) saw reductions this quarter.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q1 2018:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q4 2017 Update"

"William Von Mueffling's U.S. long portfolio value decreased marginally this quarter from $8.60B to $8.44B.All positions saw trimming this quarter.The portfolio continues to be very concentrated with the top five positions accounting for close to one-third of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 02/12/2018. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2017.This quarter, Mueffling’s US long portfolio value decreased marginally from $8.60B to $8.44B. The number of holdings remained steady at 30. The portfolio continues to be heavily concentrated with the top five positions representing ~31% of the total US long holdings. The largest stake is Alphabet Inc. which accounts for 7.76% of the US long portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Willis Towers Watson.New Stakes:None.Stake Disposals:None.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 7.76% of portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last five quarters have seen a combined ~25% reduction at prices between $750 and $1100. The stock currently trades at $1052. Mueffling is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: The top-three 6.48% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$180. Last six quarters have seen a combined ~17% reduction.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the portfolio. The position was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at $85.05. It is Mueffling’s third-largest position at 6.13% of the portfolio. There was a ~14% trimming over the last three quarters.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at $95.15. Last five quarters have seen a 36% reduction at prices between $74 and $97. It is still Mueffling’s fourth-largest position at 5.31% of the US long portfolio.Willis Towers Watson plc (WLTW): The large (top five) 5.31% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and his overall cost-basis is ~$110 compared to the current price of ~$154. There was a ~13% trimming over the last three quarters.Baidu Inc. (BIDU): BIDU is a 4.77% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. The stock currently trades at $222. Last five quarters saw a combined ~17% selling. Mueffling is harvesting gains.Intercontinental Exchange (ICE): ICE is a large 4.36% of the portfolio stake established in Q4 2014 at prices between $39 and $45. The following two quarters saw the position almost doubled at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $68.60. Last four quarters saw minor trimming.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Zoetis Inc. (ZTS): The 4.27% ZTS stake was established during Q4 2015 and Q1 2016 at prices between $39 and $48. It currently trades at $73.19. Last seven quarters saw a combined ~18% reduction at prices between $45 and $72.Ecolab Inc. (ECL): ECL is a 4.12% of the portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the activity has been very minor. The stock currently trades at $130. Last three quarters saw a combined ~13% trimming.American Tower (AMT): AMT is a 4.11% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at $136. Last four quarters saw minor selling.Visa Inc. (V): V is a 4.10% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% in 2016 at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The stock is now well above those ranges at $118. There was a ~15% selling over the last three quarters.ServiceMaster Global Holdings (SERV): The medium-sized 3.75% SERV position was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% over the next three quarters at prices between $32.50 and $41.50. It currently trades at $51.45. Last four quarters saw minor trimming.Note 1: Cantillon controls ~4.6% of ServiceMaster Global Holdings.Note 2: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share. The stock has tripled since.CME Group (CME): CME is a 3.72% of the US long portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades well above those ranges at ~$160. Last two years have seen a combined ~15% trimming.Broadcom Ltd. (AVGO): AVGO is a 3.63% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% last quarter at prices between $230 and $257. The stock currently trades at $244. There was minor trimming this quarter.CBRE Group Inc. (CBG): The 3.63% stake in CBG was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at $43.15. There was minor trimming in the last five quarters.Note: Jeffrey Ubben’s ValueAct has a ~8.5% ownership stake in CBRE Group.Agilent Inc. (A): Agilent is a medium-sized 3.61% of the US long portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 also saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $68.43. There was minor selling in the last four quarters.Sensata Technologies Holding N.V. (ST): ST is a ~3% of the US long portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. The stock currently trades at $51.99. Last four quarters have seen minor trimming.Beckton Dickinson (BDX): BDX is a ~3% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. The stock is now at $219. There was a ~13% trimming over the last three quarters.Equifax (EFX): EFX is a 2.73% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135. H1 2017 saw a ~80% stake increase at prices between $117 and $143 and that was followed with a ~130% increase last quarter at prices between $93 and $146. The stock is now at $114. There was a ~6% trimming this quarter.Allergan plc (AGN): AGN is a 2% of the portfolio stake established in Q2 2016 at prices between $202 and $278 and increased by one-third in Q3 2016 at prices between $231 and $260. The last three quarters had seen a ~16% stake increase at prices between $203 and $256. The stock is now well below those ranges at $162. There was minor selling this quarter.Bitauto Holding (BITA): BITA is a small 1.59% position first purchased in Q3 2014 at prices between $48 and $93. Q1 2015 saw a ~60% stake increase at prices between $47.50 and $89. That was followed with another one-third increase in Q3 2015 at prices between $25 and $50. 2016 also saw a ~75% stake increase at prices between $17 and $31. The stock is now at $28.73. Last two quarters had seen another one-third increase at prices between $23.50 and $47.50. There was a ~6% reduction this quarter.Note: Cantillon controls ~4.8% of Bitauto.Interactive Brokers Group Inc. (IBKR): IBKR is a small 1.43% of the portfolio stake established in Q2 2017 at prices between $34 and $38 and increased by ~11% last quarter. The stock is now at $63.68. There was minor selling this quarter.Verisign Inc. (VRSN) and Taiwan Semiconductor (TSM): These two positions were established last quarter. VRSN is a 1.69% of the portfolio position purchased at prices between $93 and $106 and the stock is now above that range at $111. The 1.25% TSM stake was established at prices between $34.50 and $38.50 and it is now at $42.53. Both positions saw minor trimming this quarter.Aon plc (AON), TriNet Group Inc. (TNET), Cimpress (CMPR), Credit Acceptance Corporation (CACC), Primerica Inc. (PRI), and SS&C Technologies (SSNC): These small stakes (less than ~1.5% of the portfolio each) saw minor reductions this quarter.Note: Cantillon controls ~6.5% of TriNet Group and ~5% of Cimpress.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q4 2017:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2017 Update"

"William Von Mueffling's U.S. long portfolio value increased this quarter from $8.01B to $8.60B.Mueffling increased Broadcom and Equifax while dropping NXP Semiconductors.The portfolio continues to be very concentrated with the top five positions accounting for close to one-third of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 11/13/2017. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2017.This quarter, Mueffling’s US long portfolio value increased 7.32% from $8.01B to $8.60B. The number of holdings increased from 29 to 30. The portfolio continues to be heavily concentrated with the top five positions representing ~31% of the total US long holdings. The largest stake is Alphabet Inc. which accounts for 7.52% of the US long portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Baidu.New Stakes:Verisign Inc. (VRSN) and Taiwan Semiconductor (TSM): These are the two new positions this quarter. VRSN is a 1.65% of the portfolio position purchased at prices between $93 and $106 and the stock is now above that range at $111. The 1.24% TSM stake was established at prices between $34.50 and $38.50 and it is now at $42.01.Stake Disposals:NXP Semiconductors (NXPI): NXPI was a fairly large 3.82% position purchased in Q3 2016 at prices between $76 and $102. Q4 2016 saw a ~9% increase at prices between $96.50 and $105. The position was eliminated this quarter at prices between $109 and $113. The stock is now at ~$116.Note: Last October, Qualcomm (QCOM) agreed to acquire NXPI for $110 per share cash.Stake Increases:Broadcom Ltd. (AVGO): AVGO is a 3.61% of the portfolio stake established in Q1 2017 at prices between $174 and $227 and increased by ~55% this quarter at prices between $230 and $257. The stock currently trades at $265.Allergan plc (AGN): AGN is a 2.63% of the portfolio stake established in Q2 2016 at prices between $202 and $278 and increased by one-third in Q3 2016 at prices between $231 and $260. The last three quarters have seen a ~16% stake increase at prices between $203 and $256. The stock is now well below those ranges at $174.Equifax (EFX): EFX is a 2.57% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135 and increased by ~55% the following quarter at prices between $117 and $137. Last quarter saw another 15% stake increase at prices between $134 and $143 and that was followed with a ~130% increase this quarter at prices between $93 and $146. The stock is now at $109. The build-up indicates a clear bullish bias.Bitauto Holding (BITA): BITA is a 2.35% position first purchased in Q3 2014 at prices between $48 and $93. Q1 2015 saw a ~60% increase at prices between $47.50 and $89. That was followed with another one-third increase in Q3 2015 at prices between $25 and $50. Last year also saw a ~75% stake increase at prices between $17 and $31. The stock is now at $48.57. Last two quarters have seen another one-third increase at prices between $23.50 and $47.50.Note: Cantillon controls ~6.4% of Bitauto.Interactive Brokers Group Inc. (IBKR): IBKR is a ~1% of the portfolio stake established last quarter at prices between $34 and $38 and increased by ~11% this quarter. The stock is now at $53.90.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 7.52% of the US long portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last three quarters had seen a combined ~20% reduction at prices between $736 and $984. The stock currently trades at $1026. Mueffling is harvesting huge long-term gains. There was a ~3% trimming this quarter.S&P Global (SPGI) previously McGraw Hill Financial: The top-three 6.27% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$158. Last five quarters have seen a combined ~13% trimming.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The position was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the stake saw a ~20% increase at prices between $43 and $58. The stock currently trades at $90.03. It is Mueffling’s third-largest position at 6.23% of the US long portfolio. There was a ~7% trimming over the last two quarters.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at $92.85. Last four quarters have seen a one-third reduction at prices between $74 and $94. It is still Mueffling’s fourth-largest position at 5.54% of the US long portfolio.Baidu Inc. (BIDU): BIDU is a 5.31% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. The stock currently trades at $237. Last four quarters saw a combined ~11% trimming. Mueffling is harvesting gains.Willis Towers Watson plc (WLTW): The large 5.28% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and his overall cost-basis is ~$110 compared to the current price of ~$162. There was a ~7% trimming over the last two quarters.Intercontinental Exchange (ICE): ICE is a large 4.46% of the US long portfolio stake established in Q4 2014 at prices between $39 and $45. In Q1 2015, the position was increased by ~50% at prices between $41 and $48 and the following quarter saw a further ~25% increase at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $67.08. Last three quarters saw minor trimming.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Ecolab Inc. (ECL): ECL is a 4.15% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 & Q1 2015 saw a combined one-third increase at prices between $99 and $117. Since then, the activity has been very minor. The stock currently trades at $132. Last two quarters saw a combined ~7% trimming.American Tower (AMT): AMT is a 4.13% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at ~$150. Last three quarters saw minor selling.Visa Inc. (V): V is a ~4% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% last year at prices between $70 and $83. Q1 2017 saw another ~15% stake increase at prices between $78 and $90. The stock is now well above those ranges at $111. There was a ~7% selling over the last two quarters.Zoetis Inc. (ZTS): The ~4% ZTS stake was established in Q4 2015 at prices between $41 and $48 and increased by ~170% the following quarter at prices between $39 and $48. It currently trades at $68.88. Last six quarters saw minor trimming.Agilent Inc. (A): Agilent is a medium-sized 3.64% of the US long portfolio position established in Q4 2015 at prices between $33.50 and $42.50. Q4 2016 also saw a ~17% increase at prices between $43 and $48. The stock currently trades well above those ranges at $67.13. There was marginal selling in the last three quarters.CME Group (CME): CME is a 3.63% of the US long portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades above those ranges at ~$140. Last seven quarters have seen a combined ~13% trimming.ServiceMaster Global Holdings (SERV): The medium-sized 3.59% SERV position was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% in the next three quarters at prices between $32.50 and $41.50. It currently trades at $46.89. Last three quarters saw minor trimming.Note 1: Cantillon controls ~5% of ServiceMaster Global Holdings.Note 2: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share. The stock has more than doubled since.CBRE Group Inc. (CBG): The 3.33% stake in CBG was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at $42.18. There was minor trimming in the last four quarters.Note: Jeffrey Ubben’s ValueAct has a ~10% ownership stake in CBRE Group.Sensata Technologies Holding N.V. (ST): ST is a ~3% of the US long portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. The stock currently trades at $47.38. Last three quarters have seen minor trimming.Beckton Dickinson (BDX): BDX is a 2.85% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% the following quarter at prices between $165 and $185. The stock is now at $220. There was a ~7% trimming over the last two quarters.Aon plc (AON), TriNet Group Inc. (TNET), Cimpress (CMPR), Credit Acceptance Corporation (CACC), Primerica Inc. (PRI), and SS&C Technologies (SSNC): These small stakes (less than ~1.5% of the portfolio each) saw minor reductions this quarter.Note: Cantillon controls ~6% of TriNet Group and ~4.5% of Cimpress.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q3 2017:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q2 2017 Update"

"William Von Mueffling's U.S. long portfolio value increased this quarter from $7.82B to $8.01B.Mueffling added Interactive Brokers while dropping Sabre Corp.The portfolio continues to be very concentrated with the top five positions accounting for close to one-third of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 08/07/2017. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2017.This quarter, Mueffling’s US long portfolio value increased 2.39% from $7.82B to $8.01B. The number of holdings remained steady at 29. The portfolio continues to be heavily concentrated with the top five positions representing ~32% of the total US long holdings. The largest stake is Alphabet Inc. which accounts for ~8% of the US long portfolio. The largest five positions are Alphabet Inc., S&P Global, Analog Devices, Fidelity National Information Services, and Willis Towers Watson.New Stakes:Interactive Brokers Group Inc. (IBKR): IBKR is a ~1% of the portfolio stake established this quarter at prices between $34 and $38 and the stock is now at $40.37.Stake Disposals:Sabre Corp. (SABR): A ~1% of the portfolio stake in SABR was purchased last quarter at prices between $21 and $25. It was disposed of this quarter at prices between $20.50 and $25. The stock currently goes for $19.13.Stake Increases:Equifax (EFX): EFX is a ~1.6% of the portfolio stake purchased in Q4 2016 at prices between $112 and $135 and increased by ~55% last quarter at prices between $117 and $137. This quarter saw another 15% stake increase at prices between $134 and $143. The stock is now at $145. The build-up indicates a clear bullish bias.Bitauto Holding (BITA): BITA is a ~1.4% position first purchased in Q3 2014 at prices between $48 and $93. Q1 2015 saw a ~60% increase at prices between $47.50 and $89. That was followed with another one-third increase in Q3 2015 at prices between $25 and $50. Last year also saw a ~75% stake increase at prices between $17 and $31. The stock is now at $37.72. This quarter saw a ~10% increase.Note: Cantillon controls 5.4% of Bitauto.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 7.92% of the US long portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last three quarters have seen a combined ~20% reduction at prices between $736 and $984. The stock currently trades at $929. Mueffling is harvesting huge long-term gains.S&P Global (SPGI) previously McGraw Hill Financial: The top-three 6.21% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$151. Last four quarters have seen a combined ~10% trimming.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the position saw a ~20% increase at prices between $43 and $58. The stock currently trades at $78.87. It is Mueffling’s third-largest position at ~6.24% of the US long portfolio. There was a ~4% trimming this quarter.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at $90.55. Last three quarters have seen a combined ~30% reduction at prices between $74 and $87. It is still Mueffling’s fourth-largest position at 5.75% of the US long portfolio.Willis Towers Watson plc (WLTW): The large (top five) 5.51% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and his overall cost-basis is ~$110 compared to the current price of ~$150. There was a ~4% trimming this quarter.Ecolab Inc. (ECL): ECL is a large 4.74% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 saw a ~20% increase at prices between $101 and $115 and the following quarter saw a further ~10% increase at prices between $99 and $117. Since then, the activity has been very minor. The stock currently trades at $132. This quarter saw a ~4% trimming.Intercontinental Exchange (ICE): ICE is a large 4.74% of the US long portfolio stake established in Q4 2014 at prices between $39 and $45. In Q1 2015, the position was increased by ~50% at prices between $41 and $48 and the following quarter saw a further ~25% increase at prices between $44 and $48. There was another ~17% increase in Q4 2016 at prices between $52.50 and $60. The stock currently trades at $64.37. Last two quarters saw minor trimming.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.American Tower (AMT): AMT is a 4.42% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase in Q4 2016 at prices between $101 and $117. The stock currently trades at ~$138. Last two quarters saw marginal selling.Zoetis Inc. (ZTS): The 4.3% ZTS stake was established in Q4 2015 at prices between $41 and $48 and increased by ~170% the following quarter at prices between $39 and $48. It currently trades at $61.83. Last five quarters saw minor trimming.Baidu Inc. (BIDU): BIDU is a 4.25% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. Since then, the activity has been very minor. The stock currently trades at $227. Mueffling is sitting on large gains on this position.Visa Inc. (V): V is a 3.91% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% last year at prices between $70 and $83. Last quarter saw another ~15% stake increase at prices between $78 and $90. The stock is now well above those ranges at $101. There was a ~4% selling this quarter.NXP Semiconductors (NXPI): NXPI is a fairly large 3.82% position purchased in Q3 2016 at prices between $76 and $102. Q4 2016 saw a ~9% increase at prices between $96.50 and $105. The stock is now at ~$113. Last two quarters saw minor selling.Note: NXPI share price experienced a 25% spike following Qualcomm’s (QCOM) announcement to acquire NXPI for $110 per share cash last October.Agilent Inc. (A): Agilent is a medium-sized 3.71% of the US long portfolio position established in Q4 2015 at prices between $33.50 and $42.50. The stock currently trades well above that range at $60.87. Q4 2016 saw a ~17% increase at prices between $43 and $48. There was marginal selling in the last two quarters.CME Group (CME): CME is a 3.7% of the US long portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades above those ranges at ~$125. Last six quarters have seen a combined ~10% trimming.CBRE Group Inc. (CBG): The 3.55% stake in CBG was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at $37.48. There was minor trimming in the last three quarters.Note: Jeffrey Ubben’s ValueAct has a ~10% ownership stake in CBRE Group.ServiceMaster Global Holdings (SERV): The medium-sized 3.33% SERV position was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% in the next three quarters at prices between $32.50 and $41.50. It currently trades at $44.79. Last two quarters saw minor trimming.Note 1: Cantillon controls ~5% of ServiceMaster Global Holdings.Note 2: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share. The stock has more than doubled since.Beckton Dickinson (BDX): BDX is a 3.14% of the portfolio stake established in Q4 2016 at prices between $163 and $180 and increased by ~30% last quarter at prices between $165 and $185. The stock is now at $198. There was a ~4% trimming this quarter.Allergan plc (AGN): AGN is a ~3% of the portfolio stake established in Q2 2016 at prices between $202 and $278 and increased by one-third in Q3 2016 at prices between $231 and $260. The stock is now at $241. Last quarter saw a ~10% increase while there was a ~4% selling this quarter.Sensata Technologies Holding N.V. (ST): ST is a 2.97% of the US long portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. The stock currently trades at $45.06. Last two quarters have seen minor trimming.Broadcom Ltd. (AVGO): AVGO is a 2.41% of the portfolio stake established last quarter at prices between $174 and $227 and the stock currently trades at $252. There was minor selling this quarter.Aon plc (AON), TriNet Group Inc. (TNET), Cimpress (CMPR), Credit Acceptance Corporation (CACC), Primerica Inc. (PRI), and SS&C Technologies (SSNC): These small stakes (less than ~1.5% of the portfolio each) saw minor reductions this quarter.Note: Cantillon controls 6.3% of TriNet Group and 4.8% of Cimpress.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q2 2017:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q1 2017 Update"

"William Von Mueffling's U.S. long portfolio increased this quarter from $7.14B to $7.82B.Mueffling substantially increased Visa, Becton Dickinson, Aon plc, and Equifax.The portfolio continues to be very concentrated with the top five positions accounting for close to one-third of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 05/01/2017. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2016.This quarter, Mueffling’s US long portfolio increased ~10% from $7.14B to $7.82B. The number of holdings increased from 28 to 29. The portfolio continues to be heavily concentrated with the top five positions representing ~32% of the total US long holdings. The largest stake is Alphabet Inc. which accounts for ~8% of the US long portfolio. The largest five positions are Alphabet Inc., Analog Devices, S&P Global, Fidelity National Information Services, and Willis Towers Watson.New Stakes:Broadcom Ltd. (AVGO) and Sabre Corp. (SABR): These are the two new positions this quarter. AVGO is a 2.42% of the portfolio stake established at prices between $174 and $227 and the stock currently trades at $221. The ~1% SABR stake was purchased at prices between $21 and $25 and it currently goes for $23.63.Stake Disposals:Harley Davidson (HOG): HOG was a fairly large ~5% of the US long portfolio position as of last quarter. The original stake was established in Q2 2013 at prices between $50 and $60. The position was increased by 56% the following quarter at prices between $54 and $65. The entire stake was eliminated this quarter at prices between $56 and $63. The stock currently trades at $56.39.Stake Increases:Visa Inc. (V): V is a medium-sized ~4% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~125% last year at prices between $70 and $83. This quarter saw another ~15% stake increase at prices between $78 and $90. The stock is now just above those ranges at $91.26.Allergan plc (AGN): AGN is a 3.19% of the portfolio stake established in Q2 2016 at prices between $202 and $278 and increased by one-third in Q3 2016 at prices between $231 and $260. The stock is now at $245. There was another ~10% increase this quarter.Beckton Dickinson (BDX): BDX is a 2.39% of the portfolio stake established last quarter at prices between $163 and $180 and increased by ~30% this quarter at prices between $165 and $185. The stock is now at $186.Equifax (EFX) and Aon plc (AON): These two are small (less than ~1.5% of the portfolio each) positions established last quarter and increased substantially this quarter. EFX is a ~1.4% of the portfolio stake purchased at prices between $112 and $135 and increased by ~55% this quarter at prices between $117 and $137. The stock is now at $135. The 1.61% AON position was established at prices between $108 and $116 and that stake was more than doubled this quarter at prices between $111 and $119. The stock currently trades at $120.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 7.71% of the US long portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last two quarters have seen a combined ~15% reduction at prices between $736 and $852. The stock currently trades at $913. Mueffling is starting to harvest huge long-term gains.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the position saw a ~20% increase at prices between $43 and $58. The stock currently trades at $76.22. It is Mueffling’s second-largest position at ~7% of the US long portfolio. There was very minor trimming this quarter.S&P Global (SPGI) previously McGraw Hill Financial: The top-three 6.21% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~20% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$135. Last four quarters saw minor trimming.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at $84.42. Last two quarters have seen a combined ~25% reduction this quarter at prices between $74 and $84. It is still Mueffling’s fourth-largest position at 5.72% of the US long portfolio.Willis Towers Watson plc (WLTW): The large (top five) 5.29% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase in Q3 2016 at prices between $120 and $133. The original position is from Q3 2013 and his overall cost-basis is ~$110 compared to the current price of ~$133. There was a marginal trimming this quarter.Ecolab Inc. (ECL): ECL is a large 4.78% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 saw a ~20% increase at prices between $101 and $115 and the following quarter saw a further ~10% increase at prices between $99 and $117. Since then, the activity has been very minor. The stock currently trades at $129.Intercontinental Exchange (ICE): ICE is a large 4.59% of the US long portfolio stake established in Q4 2014 at prices between $39 and $45. In Q1 2015, the position was increased by ~50% at prices between $41 and $48 and the following quarter saw a further ~25% increase at prices between $44 and $48. There was another ~17% increase last quarter at prices between $52.50 and $60. The stock currently trades at $60.40.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.Baidu Inc. (BIDU): BIDU is a large 4.38% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. Since then, the activity has been very minor. The stock currently trades at $180. Mueffling is sitting on large gains on this position.American Tower (AMT): AMT is a 4.34% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase last quarter at prices between $101 and $117. The stock currently trades at ~$128.Zoetis Inc. (ZTS): The 3.92% ZTS stake was established in Q4 2015 at prices between $41 and $48 and increased by ~170% the following quarter at prices between $39 and $48. It currently trades at $56.28. Last four quarters saw minor trimming.NXP Semiconductors (NXPI): NXPI is a fairly large 3.87% position purchased in Q3 2016 at prices between $76 and $102. Last quarter saw a ~9% increase at prices between $96.50 and $105. The stock is now at ~$106.Note: NXPI share price experienced a 25% spike following Qualcomm’s (QCOM) announcement to acquire NXPI for $110 per share cash last October.ServiceMaster Global Holdings (SERV): The medium-sized 3.78% SERV position was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% since at prices between $32.50 and $41.50. It currently trades at $38.03. For investors attempting to follow Mueffling, SERV is a good option to consider for further research.Note 1: Cantillon controls ~5% of ServiceMaster Global Holdings.Note 2: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share. The stock has more than doubled since.CME Group (CME): CME is a 3.75% of the US long portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades above those ranges at ~$117. Last five quarters have seen only very minor adjustments.CBRE Group Inc. (CBG): The 3.63% stake in CBG was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the next two quarters at prices between $24.50 and $31. The stock is now at $36.25. There was minor trimming in the last two quarters.Note: Jeffrey Ubben’s ValueAct has a ~10% ownership stake in CBRE Group.Agilent Inc. (A): Agilent is a medium-sized 3.53% of the US long portfolio position established in Q4 2015 at prices between $33.50 and $42.50. The stock currently trades well above that range at $55.80. Last quarter saw a ~17% increase at prices between $43 and $48. There was a marginal trimming this quarter.Sensata Technologies Holding N.V. (ST): ST is a 3.25% of the US long portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. The stock currently trades well below his purchase price ranges at $41.07. There was a very minor reduction this quarter.Cimpress (CMPR), TriNet Group Inc. (TNET), Bitauto Holding (BITA), Primerica Inc. (PRI), Credit Acceptance Corporation (CACC), and SS&C Technologies (SSNC): These small stakes (less than ~1.5% of the portfolio each) saw minor reductions this quarter.Note: Cantillon controls 6.6% of TriNet Group and ~5% each of Cimpress and Bitauto.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q1 2017:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q4 2016 Update"

"William Von Mueffling's U.S. long portfolio increased marginally this quarter from $7.08B to $7.14B.Mueffling substantially increased Intercontinental Exchange, American Tower, Agilent Technologies, & TriNet Group.The portfolio continues to be very concentrated with the top five positions accounting for close to one-third of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 02/10/2017. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2016.This quarter, Mueffling’s US long portfolio increased ~1% from $7.08B to $7.14B. The number of holdings remained steady at 28. The portfolio continues to be heavily concentrated with the top five positions representing 33.04% of the total US long holdings. The largest stake is Alphabet Inc. which accounts for 8.38% of the US long portfolio. The largest five positions are Alphabet Inc., Analog Devices, Fidelity National Information Services, S&P Global, and Willis Towers Watson.New Stakes:Beckton Dickinson (BDX): BDX is a 2.39% of the portfolio stake established this quarter at prices between $163 and $180. The stock is now at $178.Equifax (EFX) and Aon plc (AON): These two are small (less than ~1% of the portfolio each) positions established this quarter. EFX is a 0.84% of the portfolio stake purchased at prices between $112 and $135 and the stock is now at $131. The 0.81% AON position was established at prices between $108 and $116 and the stock currently trades at the top of that range at $116.Stake Disposals:Ambev SA (ABEV): ABEV was a small ~1% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.25 and $7.50. In Q3 2015, the stake was reduced by ~60% at prices between $4.50 and $6.25. The disposal this quarter was at prices between $4.75 and $6.25. The stock currently trades at $5.46.MSC Industrial Direct Inc. (MSM): MSM was a 1.58% of the US long portfolio position established in Q4 2013 at prices between $76 and $84. Q1 2014 saw a ~85% stake increase at prices between $80 and $89. In Q4 2014, the position saw another ~145% increase at prices between $77 and $86. There was a ~30% reduction in Q2 2016 at prices between $69 and $78. The disposal this quarter happened at prices between $70 and $95. The stock currently trades at $105.iShares MSCI ACWI Index (ACWI): ACWI was a 1.52% of the portfolio stake established last quarter at prices between $55.50 and $60 and sold this quarter at prices between $56.50 and $61. It now trades at $61.73.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 8.38% of the US long portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. This quarter saw a ~9% trimming at prices between $736 and $813. The stock currently trades at $814. Mueffling is starting to harvest huge long-term gains.Analog Devices (ADI): ADI is a long-term stake that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the position saw a ~18% increase at prices between $43 and $58. The stock currently trades at $76.53. It is Mueffling’s second-largest position at 6.87% of the US long portfolio. There was very minor trimming this quarter.Fidelity National Information Services (FIS): FIS was a minutely small position in Q1 2013. The following quarter saw the stake increased to a large ~6% position at prices between $39 and $46. Q3 2013 saw a 15% increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at $80.46. This quarter saw a ~16% selling at prices between $74 and $79. It is still Mueffling’s third-largest position at 6.70% of the US long portfolio.S&P Global (SPGI) previously McGraw Hill Financial: The top-five 5.64% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase next quarter at prices between $87 and $100. There was a further ~18% stake increase in Q1 2016 at prices between $81 and $100. The stock currently trades at ~$126. Last three quarters saw minor trimming.Willis Towers Watson plc (WLTW): The large (top five) 5.45% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase last quarter at prices between $120 and $133. The original position is from Q3 2013 and his overall cost-basis is ~$110 compared to the current price of ~$124. There was very minor trimming this quarter.Ecolab Inc. (ECL): ECL is a large 4.93% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 saw a ~20% increase at prices between $101 and $115 and the following quarter saw a further ~10% increase at prices between $99 and $117. Since then, the activity has been very minor. The stock currently trades at $121.Baidu Inc. (BIDU): BIDU is a large 4.61% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. Since then, the activity has been very minor. The stock currently trades at $184. Mueffling is sitting on large gains on this position.Harley Davidson (HOG): HOG is a fairly large 4.46% of the US long portfolio position. The original stake was established in Q2 2013 at prices between $50 and $60. The position was increased by 56% in Q3 2013 at prices between $54 and $65. Q2 2014 also saw a ~16% increase at prices between $65 and $74. The stock currently trades at $57.34. For investors attempting to follow Mueffling, HOG is a good option to consider for further research. Last two years have seen a combined ~13% overall reduction.Zoetis Inc. (ZTS): The 4.80% ZTS stake was established in Q4 2015 at prices between $41 and $48 and increased by ~170% the following quarter at prices between $39 and $48. It currently trades just outside those ranges at ~$55.73. Last three quarters saw minor trimming.CME Group (CME): CME is a ~4% of the US long portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades above those ranges at $119. Last four quarters have seen only very minor adjustments.CBRE Group Inc. (CBG): The 3.36% stake in CBG was purchased in Q1 2016 at prices between $23 and $34.50 and increased by ~125% over the last two quarters at prices between $24.50 and $31. The stock is now at $34. There was minor trimming this quarter.Note: Jeffrey Ubben’s ValueAct has a ~10% ownership stake in CBRE Group.Visa Inc. (V): V is a medium-sized 3.31% stake established in Q4 2015 at prices between $70 and $80. It was increased by ~130% over the last three quarters at prices between $68 and $83. The stock is now at $85.90. This quarter saw minor trimming.Allergan plc (AGN): AGN is a 2.86% of the portfolio stake established in Q2 2016 at prices between $202 and $278 and increased by one-third last quarter at prices between $231 and $260. The stock is now at $246. There was very minor trimming this quarter.Cimpress (CMPR) previously VistaPrint: CMPR was a minutely small position in Q3 2014. The following quarter saw the stake increased to a 1.52% of the US long portfolio position at prices between $52.50 and $76. Q2 2015 saw a ~15% increase at prices between $80.50 and $91 and the following quarter saw a further ~40% increase at prices between $64.50 and $84.50. The stock currently trades at $84.69. The stake is now at ~2% of the US long portfolio. Last five quarters have seen only minor activity.Credit Acceptance Corporation (CACC): CACC is a 1.21% of the US long portfolio position first purchased in 2012. The stake was increased by around 50% in Q2 2013 at prices between $96 and $122. Around ~14% of that original stake was sold since. The stock currently trades well above their purchase price ranges at ~$200.Primerica Inc. (PRI): PRI is a small ~1% position purchased in Q2 2016 at prices between $43 and $59 and it currently trades at $80.50. Last two quarters saw minor trimming.Stake Increases:Intercontinental Exchange (ICE): ICE is a large 4.78% of the US long portfolio stake established in Q4 2014 at prices between $39 and $45. In Q1 2015, the position was increased by ~50% at prices between $41 and $48 and the following quarter saw a further ~25% increase at prices between $44 and $48. There was another ~17% increase this quarter at prices between $52.50 and $60. The stock currently trades at $57.65.Note: Prices are adjusted for the 5-for-1 stock-split in October 2016.American Tower (AMT): AMT is a 4.17% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% the following quarter at prices between $103 and $113. There was another ~150% increase this quarter at prices between $101 and $117. The stock currently trades at $106. For investors attempting to follow Mueffling, AMT is a very good option to consider for further research.NXP Semiconductors (NXPI): NXPI is a fairly large ~4% position purchased last quarter at prices between $76 and $102. This quarter saw a ~9% increase at prices between $96.50 and $105. The stock is now at $102.Note: NXPI share price experienced a 25% spike following Qualcomm’s (QCOM) announcement to acquire NXPI for $110 per share cash last October.ServiceMaster Global Holdings (SERV): The medium-sized 3.12% SERV position was purchased in Q1 2016 at prices between $35 and $42.50 and increased by ~55% since at prices between $32.50 and $41.50. It currently trades at $38.01. For investors attempting to follow Mueffling, SERV is a good option to consider for further research.Note: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share. The stock has more than doubled since.Agilent Inc. (A): Agilent is a medium-sized 3.36% of the US long portfolio position established in Q4 2015 at prices between $33.50 and $42.50. The stock currently trades well above that range at $50.36. Last three quarters had seen minor reductions. There was an about turn this quarter: ~17% increase at prices between $43 and $48.Sensata Technologies Holding N.V. (ST): ST is a 3.19% of the US long portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. The stock currently trades well below his purchase price ranges at $41.78. Last quarter saw a ~12% trimming while this quarter saw a ~8% increase.TriNet Group Inc. (TNET): TNET is a 1.63% portfolio stake established in Q2 2016 at prices between $14 and $21 and increased by over 500% last quarter at prices between $20.50 and $23. There was another two-thirds increase this quarter at prices between $17.50 and $26.50. The stock is now at $24.74. The aggressive build-up indicates a clear bullish bias.Bitauto Holding (BITA): BITA is a small ~1% of the US long portfolio position established in Q3 2014 at prices between $46 and $96. Q1 2015 saw a ~60% increase at prices between $47 and $89. Q3 2015 also saw a further ~40% increase at prices between $25 and $51. Last year saw another ~75% stake increase at prices between $16 and $33. The stock currently trades at $20.18.SS&C Technologies (SSNC): SSNC is a very small 0.76% stake established last quarter at prices between $28 and $34 and increased by ~40% this quarter at prices between $28.50 and $33. The stock is now at $32.81.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q4 2016:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2016 Update"

"William Von Mueffling's U.S. long portfolio increased ~19% this quarter from $5.94B to $7.08B.Mueffling substantially increased Allergan plc, TriNet Group, and Visa while decreasing Sensata Technologies. They also added NXP Semiconductors and SS&C Technologies.The portfolio continues to be very concentrated with the top five positions accounting for ~37% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 11/07/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2016.This quarter, Mueffling’s US long portfolio increased 19.20% from $5.94B to $7.08B. The number of holdings increased from 25 to 28: stakes in iShares MSCI ACWI Index, NXP Semiconductors, and SS&C Technologies were added during the quarter. The portfolio continues to be heavily concentrated with the top five positions representing 37.06% of the total US long holdings. The largest stake is Alphabet Inc. which accounts for 9.42% of the US long portfolio. The largest five positions are Alphabet Inc., Fidelity National Information Services, S&P Global, Analog Devices, and Willis Towers Watson.New Stakes:iShares MSCI ACWI Index (ACWI), NXP Semiconductors (NXPI), and SS&C Technologies (SSNC): These are the thee new additions this quarter. ACWI is a 1.52% of the portfolio stake established at prices between $55.61 and $59.63 and it now trades at $57.90. NXPI is a fairly large 3.92% position purchased at prices between $76 and $102 and the stock is now at $98.72. SSNC is a very small 0.60% stake established at prices between $28 and $34 and the stock is now at $32.04.Note: NXPI share price experienced a 25% spike following Qualcomm’s (QCOM) announcement to acquire NXPI for $110 per share cash last month.Stake Disposals:None.Stake Decreases:Sensata Technologies Holding N.V. (ST): ST is a 2.95% of the US long portfolio position established in Q2 2014 at prices between $44 and $50. The first three quarters of 2015 saw the stake more than doubled at prices between $49 and $59. The stock currently trades well below his purchase price ranges at $36.52. This quarter saw a ~12% trimming at prices between $34.50 and $39.90.Ambev SA (ABEV): ABEV is a small ~1% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.23 and $7.45. In Q3 2015, the stake was reduced by ~57% at prices between $4.59 and $6.25. Last four quarters have seen only minor activity. The stock currently trades at $5.57.American Tower (AMT): AMT is a 2.18% position established in Q1 2016 at prices between $84 and $102 and increased by ~50% last quarter at prices between $103 and $113. The stock currently trades just above those ranges at $115. This quarter saw marginal trimming.Analog Devices (ADI): ADI is a long-term position that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the position saw a ~18% increase at prices between $43 and $58. The stock currently trades at $64.36. It is Mueffling’s fourth-largest position at 6.37% of the US long portfolio.Agilent Inc. (A): Agilent is a medium-sized 2.98% of the US long portfolio position established in Q4 2015 at prices between $33.74 and $42.36. The stock currently trades well above that range at $45.71. Last three quarters have seen minor reductions.Alphabet Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 9.42% of the US long portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last nine quarters have seen only very minor activity. The stock currently trades at $783. Mueffling is sitting on huge long-term gains on this position.Baidu Inc. (BIDU): BIDU is a large 5.32% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. Since then, the activity has been very minor. The stock currently trades at $172. Mueffling is sitting on large gains on this position.Cimpress (CMPR) previously VistaPrint: CMPR was a minutely small 0.17% of the US long portfolio position established in Q3 2014. The following quarter saw the stake increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. Q2 2015 saw a ~15% increase at prices between $80.51 and $91.16 and the following quarter saw a further ~38% increase at prices between $64.53 and $84.51. The stock currently trades at $84.74. The stake is now at 2.28% of the US long portfolio. Last four quarters have seen only minor activity.CME Group (CME): CME is a medium-sized 3.79% of the US long portfolio stake established in Q4 2014 at prices between $78 and $93. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades above those ranges at $105. Last three quarters have seen only very minor adjustments.Credit Acceptance Corporation (CACC): CACC is a ~1% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has seen a very minor ~10% trimming since. The stock currently trades well above their purchase price ranges at ~$168.Ecolab Inc. (ECL): ECL is a large 5.33% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 saw a ~21% increase at prices between $101 and $115 and the following quarter saw a further ~10% increase at prices between $99 and $117. Since then, the activity has been very minor. The stock currently trades at $113.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio stake at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $43 and $48 and the following quarter saw another 44% increase at prices between $49 and $57. The stock currently trades well above those ranges at $76.50. The almost three years since have seen only minor activity. FIS is Mueffling’s second-largest position at 8.18% of the US long portfolio.Harley Davidson (HOG): HOG is a fairly large 4.20% of the US long portfolio position. The original stake was established in Q2 2013 at prices between $50 and $60. The position was increased by 56% in Q3 2013 at prices between $54 and $65. Q2 2014 also saw a ~16% increase at prices between $65 and $74. The stock currently trades at $56.52. For investors attempting to follow Mueffling, HOG is a good option to consider for further research. Last two years have seen a combined ~10% overall reduction.Intercontinental Exchange (ICE): ICE is a 3.94% of the US long portfolio stake established in Q4 2014 at prices between $39 and $45. In Q1 2015, the position was increased by ~50% at prices between $41 and $48 and the following quarter saw a further ~26% increase at prices between $44 and $48. The stock currently trades outside those ranges at $54.43. There was only marginal activity over the last five quarters.Note: The stock prices quoted above are adjusted for the 5-for-1 stock split last month.MSC Industrial Direct Inc. (MSM): MSM is a 1.58% of the US long portfolio position established in Q4 2013 at prices between $76 and $84. Q1 2014 saw a ~85% stake increase at prices between $80 and $89. In Q4 2014, the position saw another ~145% increase at prices between $77 and $86. There was a ~30% reduction last quarter at prices between $69 and $78. The stock currently trades at $75.64. This quarter saw marginal trimming.Primerica Inc. (PRI): PRI is a small 0.83% position purchased last quarter at prices between $43 and $59 and it currently trades at $54.80. There was a marginal reduction this quarter.S&P Global (SPGI) previously McGraw Hill Financial: The top-five 6.91% SPGI stake was established in Q1 2015 at prices between $86 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase the following quarter at prices between $87 and $100. There was a further ~18% stake increase in Q1 2016 at prices between $80.77 and $99.46. The stock currently trades at ~$126. Last two quarters saw minor trimming.Zoetis Inc. (ZTS): The 4.80% ZTS stake was established in Q4 2015 at prices between $41 and $48 and increased by ~170% the following quarter at prices between $39 and $48. It currently trades just outside those ranges at ~$50. Last two quarters saw minor trimming.Stake Increases:Allergan plc (AGN) and TriNet Group Inc. (TNET): These two positions were established last quarter and increased substantially this quarter. AGN is a 2.86% of the portfolio stake established at prices between $202 and $278 and increased by one-third this quarter at prices between $231 and $260. The stock is now below those ranges at ~$200. TNET is a small 0.83% portfolio stake established last quarter at prices between $14 and $21 and increased by over 500% this quarter at prices between $20.53 and $22.65. The stock is now at $20.44. The aggressive build-ups indicate a clear bullish bias toward these businesses.Bitauto Holding (BITA): BITA is a small ~1% of the US long portfolio position established in Q3 2014 at prices between $46 and $96. Q1 2015 saw a ~60% increase at prices between $47 and $89. Q3 2015 also saw a further ~38% increase at prices between $25 and $51. Q1 2016 saw another ~18% stake increase at prices between $16 and $28. The stock currently trades at $25.65. This quarter also saw another ~21% increase at prices between $25 and $33.CBRE Group Inc. (CBG) and ServiceMaster Global Holdings (SERV): These two positions were established in Q1 2016 and increased substantially over the last two quarters. The 3.36% stake in CBG was purchased at prices between $23.32 and $34.58 and increased by ~125% over the last two quarters at prices between $24.54 and $31.04. The stock is now at $27.18. The medium-sized 3.12% SERV position was purchased at prices between $35.13 and $42.21 and increased by ~43% since at prices between $35.42 and $41.23. It currently trades at $36.41. For investors attempting to follow Mueffling, these two stocks are good options to consider for further research.Note 1: Jeffrey Ubben’s ValueAct has a ~10% ownership stake in CBRE Group.Note 2: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share. The stock has more than doubled since.Visa Inc. (V): V is a medium-sized 3.66% stake established in Q4 2015 at prices between $70 and $80 and increased by ~130% since at prices between $68 and $83. The stock is now at $82.51.Willis Towers Watson plc (WLTW): The large (top five) 6.18% stake came about as a result of the merger between Willis Group Holdings and Towers Watson that closed on January 6, 2016. It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc. Cantillon’s large stake in Willis Group Holdings was converted to WLTW shares. There was a ~12% increase this quarter at prices between $120 and $133. The original position is from Q3 2013 and his overall cost-basis is ~$110 compared to the current price of ~$118.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q3 2016:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q2 2016 Update"

"William Von Mueffling's U.S. long portfolio increased ~4% this quarter from $5.71B to $5.94B.Mueffling substantially increased CBRE Group, ServiceMaster Global, and American Tower while decreasing MSC Industrial Direct. They also added Allergan & Primerica.The portfolio continues to be very concentrated with the top five positions accounting for ~39% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 08/03/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2016.This quarter, Mueffling’s US long portfolio increased 3.91% from $5.71B to $5.94B. The number of holdings increased from 23 to 25: stakes in Allergan plc, Primerica, and TriNet were added during the quarter while eliminating WW Grainger. The portfolio continues to be heavily concentrated with the top five positions representing 39.23% of the total US long holdings. The largest stake is Alphabet Inc. which accounts for 9.96% of the US long portfolio. The largest five positions are Alphabet Inc., Fidelity National Information Services, S&P Global, Analog Devices, and Ecolab.New Stakes:Allergan plc (AGN), Primerica Inc. (PRI), and TriNet Group Inc. (TNET): These are the three new positions this quarter. AGN is a medium-sized 2.86% of the portfolio stake established at prices between $202 and $278 and the stock is now at $253. PRI is a small 1.07% position purchased at prices between $43 and $59 and it currently trades at $50.36. TNET is a minutely small 0.15% portfolio stake established at prices between $14 and $21 and the stock is now at $20.98.Stake Disposals:Grainger W. W. (GWW): GWW stake was established in Q3 2013 at prices between $247 and $274. The position was almost doubled the following quarter at prices between $248 and $272. H1 2015 also saw another ~60% increase at prices between $229 and $266. There was an about turn in Q3 2015: ~38% reduction at prices between $211 and $238. That was followed with a ~40% further selling the following quarter at prices between $191 and $231. The remaining position was eliminated this quarter at prices between $216 and $239. The stock is now at $217. The disposal indicates a bearish bias.Stake Decreases:Ambev SA (ABEV): ABEV is a small ~1% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.23 and $7.45. In Q3 2015, the stake was reduced by ~57% at prices between $4.59 and $6.25. Last three quarters have seen only minor activity. The stock currently trades at $5.73.Analog Devices (ADI): ADI is a long-term position that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the position saw a ~18% increase at prices between $43.10 and $57.49. The stock currently trades at $62.87. It is Mueffling’s fourth-largest position at 6.70% of the US long portfolio.Agilent Inc. (A): Agilent is a medium-sized 3.37% of the US long portfolio position established in Q4 2015 at prices between $33.74 and $42.36. The stock currently trades well above that range at $47.09. Last two quarters have seen minor reductions.Baidu Inc. (BIDU): BIDU is a large 5.79% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. Since then, the activity has been very minor. The stock currently trades at $162. Mueffling is sitting on large gains on this position.Bitauto Holding (BITA): BITA is a small ~1% of the US long portfolio position established in Q3 2014 at prices between $46 and $96. Q1 2015 saw a ~60% increase at prices between $47.39 and $89.11. Q3 2015 also saw a further ~38% increase at prices between $24.50 and $51. Last quarter saw another ~18% stake increase at prices between $16.41 and $28.28. The stock currently trades at $27.40. This quarter saw very minor trimming.Credit Acceptance Corporation (CACC): CACC is a 1.29% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady. The stock currently trades well above his most recent purchase price range at ~$196. This quarter saw minor trimming.Ecolab Inc. (ECL): ECL is a large (top-five) 6.20% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 saw a ~21% increase at prices between $101 and $115 and the following quarter saw a further ~10% increase at prices between $99 and $117. The stock currently trades above those ranges at $121. Last few quarters have seen only minor activity.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio stake at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50 and the following quarter saw another 44% increase at prices between $48.87 and $56.55. The stock currently trades well above those ranges at $78.15. FIS is Mueffling’s second-largest position at 9.36% of the US long portfolio. Last nine quarters have seen only minor activity.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is Mueffling’s largest position at 9.96% of the US long portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last eight quarters have seen only very minor activity. The stock currently trades at $773. Mueffling is sitting on huge long-term gains on this position.Harley Davidson (HOG): HOG is a fairly large 4.33% of the US long portfolio position. The original stake was established in Q2 2013 at prices between $50 and $60. The position was increased by 56% in Q3 2013 at prices between $54 and $65. Q2 2014 also saw a ~16% increase at prices between $65 and $74. The stock currently trades at $51.63. For investors attempting to follow Mueffling, HOG is a good option to consider for further research. Last few quarters have seen only very minor activity.MSC Industrial Direct Inc. (MSM): MSM is a 1.82% of the US long portfolio position established in Q4 2013 at prices between $75.50 and $83.50. Q1 2014 saw an 84% stake increase at prices between $80 and $89. In Q4 2014, the position saw another ~145% increase at prices between $77 and $86. Last five quarters had seen only minor activity. There was a ~30% reduction this quarter at prices between $69 and $78. The stock currently trades at $72.21.S&P Global (SPGI) previously McGraw Hill Financial (MHFI): The top-five 7.02% SPGI stake was established in Q1 2015 at prices between $85.76 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase the following quarter at prices between $87 and $100. There was a further ~18% stake increase last quarter at prices between $80.77 and $99.46. The stock currently trades at $121. This quarter saw minor trimming.Sensata Technologies Holding N.V. (ST): ST is a 3.58% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50. The stake was increased by ~30% in Q1 2015 at prices between $48.98 and $57.74 and another one-third the following quarter at prices between $52.56 and $58.66. Q3 2015 saw a further 26% increase at prices between $43 and $53. The stock currently trades well below his purchase price ranges at $36.72. Last two quarters had seen minor additional buying while this quarter saw a small reduction. For investors attempting follow Mueffling, ST is a good option to consider for further research.Visa Inc. (V) and Zoetis Inc. (ZTS): These medium-sized stakes were established in Q4 2015 and substantially increased last quarter. The 2.84% of the portfolio Visa position was purchased at prices between $70 and $80 and increased by ~73% last quarter at prices between $67.77 and $76.78. The stock is now at $78.71. The 4.80% ZTS stake was established at prices between $40.80 and $48.33 and increased by ~170% last quarter at prices between $39.33 and $48.01. It currently trades just outside those ranges at $51.21. This quarter saw minor trimming in both positions. For investors attempting to follow Mueffling, these two are good options to consider for further research.Willis Towers Watson plc (WLTW): The large 6.18% stake came about as a result of the merger between Willis Group Holdings (WSH) and Towers Watson (TW) that closed on January 6, 2016. It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc (WLTW). WSH shareholders received one share of WLWT in place of every 2.6490 shares of WSH held. Cantillon’s large stake in WSH was converted to WLTW shares. Last two quarters have seen very minor trimming. The original position is from Q3 2013 and his overall cost-basis is ~$110 compared to the current price of $124.Stake Increases:American Tower (AMT), CBRE Group Inc. (CBG), and ServiceMaster Global Holdings (SERV): These three positions were established last quarter and increased substantially this quarter. AMT is a 2.18% position established at prices between $84 and $102 and increased by ~50% this quarter at prices between $103 and $113. The stock currently trades at $116. The 3.29% stake in CBG was purchased at prices between $23.32 and $34.58 and increased by ~94% this quarter at prices between $25 and $31. The stock is now at $28.77. The medium-sized 3.84% SERV position was purchased at prices between $35.13 and $42.21 and increased by ~25% this quarter at prices between $35.42 and $40.31. It currently trades at $37.77. The aggressive build-up indicates a clear bullish bias toward these businesses.Note 1: Jeffrey Ubben’s ValueAct has a ~10% ownership stake in CBRE Group.Note 2: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share. The stock has more than doubled since.Cimpress (CMPR) previously VistaPrint: CMPR was a minutely small 0.17% of the US long portfolio position established in Q3 2014. The following quarter saw the stake increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. Q2 2015 saw a ~15% increase at prices between $80.51 and $91.16 and the following quarter saw a further ~38% increase at prices between $64.53 and $84.51. The stock currently trades at $93.11. The stake is now at 2.49% of the US long portfolio. Last three quarters have seen only minor activity.CME Group (CME): CME is a medium-sized 4.23% of the US long portfolio stake established in Q4 2014 at prices between $78.26 and $92.91. Q4 2015 saw a ~60% stake increase at prices between $87 and $100. The stock currently trades at $103 Last two quarters have seen only very minor adjustments.Intercontinental Exchange (ICE): ICE is a 4.48% of the US long portfolio stake established in Q4 2014 at prices between $194 and $227. In Q1 2015, the position was increased by ~50% at prices between $205 and $240 and the following quarter saw a further ~26% increase at prices between $222 and $242. The stock currently trades at $278. There was only marginal activity over the last four quarters.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q2 2016:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q1 2016 Update"

"William Von Mueffling's U.S. long portfolio increased ~8% this quarter from $5.32B to $5.71B.Mueffling substantially increased Zoetis Inc. and Visa Inc. while decreasing American Express.The portfolio continues to be very concentrated with the top five positions accounting for ~42% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 04/19/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2015.This quarter, Mueffling’s US long portfolio increased 7.47% from $5.32B to $5.71B. The number of holdings increased from 21 to 23: stakes in ServiceMaster Global Holdings and CBRE Group were added during the quarter. The portfolio continues to be heavily concentrated with the top five positions representing 41.56% of the total US long holdings. The largest stake is Alphabet Inc. which accounts for 11.48% of the US long portfolio. The largest five positions are Alphabet Inc., Fidelity National Information Services, Analog Devices, Baidu Inc., and S&P Global.New Stakes:CBRE Group Inc. (CBG) and ServiceMaster Global Holdings (SERV): These two are the new positions this quarter. The 1.92% stake in CBG was established at prices between $23.32 and $34.58 and the stock is now at $29.63. The medium-sized 3.02% SERV position was purchased at prices between $35.13 and $42.21 and it currently trades at $38.35.Note 1: Jeffrey Ubben’s ValueAct has a ~10% ownership stake in CBRE Group.Note 2: ServiceMaster was taken private in 2007 in a private equity transaction. In June 2014, it had an IPO at $17 per share. The stock has more than doubled since.Stake Decreases:American Express (AXP): AXP is a 1.35% of the US long portfolio position. It was established in Q1 2015 at prices between $78 and $93. This quarter saw an almost two-thirds stake reduction at prices between $51.11 and $69.55. The stock currently trades well below his purchase price range at $65.43.Ambev SA (ABEV): ABEV is a small ~1% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.23 and $7.45. In Q3 2015, the stake was reduced by ~57% at prices between $4.59 and $6.25. Last two quarters have seen only minor activity. The stock currently trades at $5.57.Analog Devices (ADI): ADI is a long-term position that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the position saw a ~18% increase at prices between $43.10 and $57.49. The stock currently trades at $56.32. It is currently Mueffling’s third-largest position at 7.47% of the US long portfolio.Agilent Inc. (A): Agilent is a medium-sized 3.22% of the US long portfolio position established last quarter at prices between $33.74 and $42.36. The stock currently trades at $40.92. This quarter saw a ~4% stake reduction.Baidu Inc. (BIDU): BIDU is a top-five 7.13% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. Since then, the activity has been very minor. The stock currently trades at $194. Mueffling is sitting on huge gains on this position.Cimpress (CMPR) previously VistaPrint: CMPR was a minutely small 0.17% of the US long portfolio position established in Q3 2014. The following quarter saw the stake increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. Q2 2015 saw a ~15% increase at prices between $80.51 and $91.16 and the following quarter saw a further ~38% increase at prices between $64.53 and $84.51. The stock currently trades at $87.87. The stake is now at 2.39% of the US long portfolio. Last two quarters have seen only minor activity.CME Group (CME): CME is a medium-sized 4.14% of the US long portfolio stake established in Q4 2014 at prices between $78.26 and $92.91. Last quarter saw a ~60% stake increase at prices between $87 and $100. The stock currently trades at $91.91. This quarter saw a minor stake reduction.Credit Acceptance Corporation (CACC): CACC is a 1.35% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady. The stock currently trades well above his most recent purchase price range at ~$196.Ecolab Inc. (ECL): ECL is a large 6.22% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 saw a ~21% increase at prices between $101 and $115 and the following quarter saw a further ~10% increase at prices between $99 and $117. The stock currently trades at $115. Last few quarters have seen only minor activity.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio stake at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50 and the following quarter saw another 44% increase at prices between $48.87 and $56.55. The stock currently trades outside those ranges at $65.80. FIS is Mueffling’s second-largest position at 8.59% of the US long portfolio. Last two years have seen only minor activity.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is Mueffling’s largest position at 11.48% of the US long portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last seven quarters have seen only very minor activity. The stock currently trades at $693. Mueffling is sitting on huge long-term gains from this position.Grainger W. W. (GWW): GWW stake was established in Q3 2013 at prices between $247 and $274. The position was almost doubled the following quarter at prices between $248 and $272. H1 2015 also saw another ~60% increase at prices between $229 and $266. There was an about turn in Q3 2015: ~38% reduction at prices between $211 and $238. That was followed with a ~40% further selling last quarter at prices between $191 and $231. The stake currently accounts for 1.94% of the US long portfolio. This quarter saw a ~4% further stake reduction. The stock is now at ~$235.Harley Davidson (HOG): HOG is a fairly large 5.23% of the US long portfolio position. The original stake was established in Q2 2013 at prices between $50 and $60. The position was increased by 56% in Q3 2013 at prices between $54 and $65. Q2 2014 also saw a ~16% increase at prices between $65 and $74. The stock currently trades well below his purchase price ranges at $47.83. For investors attempting to follow Mueffling, HOG is a good option to consider for further research. Last few quarters have seen only very minor activity.Intercontinental Exchange (ICE): ICE is a 4.19% of the US long portfolio stake established in Q4 2014 at prices between $194 and $227. In Q1 2015, the position was increased by ~50% at prices between $205 and $240 and the following quarter saw a further ~26% increase at prices between $222 and $242. The stock currently trades at $240. There was only marginal activity over the last three quarters.MSC Industrial Direct Inc. (MSM): MSM is a 2.93% of the US long portfolio position established in Q4 2013 at prices between $75.50 and $83.50. Q1 2014 saw an 84% stake increase at prices between $80 and $89. In Q4 2014, the position saw another ~145% increase at prices between $77 and $86. The stock currently trades at $77.50. Last five quarters have seen only minor activity.Stake Increases:Bitauto Holding (BITA): BITA is a small ~1% of the US long portfolio position established in Q3 2014 at prices between $46 and $96. Q1 2015 saw a ~60% increase at prices between $47.39 and $89.11. Q3 2015 also saw a further ~38% increase at prices between $24.50 and $51. This quarter saw a further ~18% stake increase at prices between $16.41 and $28.28. The stock currently trades at $24.96.S&P Global (SPGI) previously McGraw Hill Financial (MHFI): The top-five 6.90% SPGI stake was established in Q1 2015 at prices between $85.76 and $109. Q3 2015 saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase last quarter at prices between $87 and $100. There was a further ~18% stake increase this quarter at prices between $80.77 and $99.46. The stock currently trades at $107. The aggressive build-up indicates a clear bullish bias.Sensata Technologies Holding N.V. (ST): ST is a 4.24% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50. The stake was increased by ~30% in Q1 2015 at prices between $48.98 and $57.74 and another one-third the following quarter at prices between $52.56 and $58.66. Q3 2015 saw a further 26% increase at prices between $43 and $53. The stock currently trades well below his purchase price ranges at $37.67. Last two quarters have also seen minor additional buying. For investors attempting follow Mueffling, ST is a very good option to consider for further research.Visa Inc. (V) and Zoetis Inc. (ZTS): These medium-sized stakes were established last quarter and substantially increased this quarter. The 3.12% of the portfolio Visa position was purchased at prices between $70 and $80 and increased by ~73% this quarter at prices between $67.77 and $76.78. The stock is now at $77.27. The 4.77% ZTS stake was established at prices between $40.80 and $48.33 and increased by ~170% this quarter at prices between $39.33 and $48.01. It currently trades at $47.03. For investors attempting to follow Mueffling, these two are good options to consider for further research.Willis Towers Watson plc (WLTW): The stake came about as a result of the merger between Willis Group Holdings (WSH) and Towers Watson (TW) that closed on January 6, 2016. It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc (WLTW). WSH shareholders received one share of WLWT in place of every 2.6490 shares of WSH held. Cantillon’s large stake in WSH was converted to WLTW shares. Overall, there was a very minor stake reduction this quarter. The original position is from Q3 2013 and his overall cost-basis is ~$110 compared to the current price of $125.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q1 2016:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q4 2015 Update"

"William Von Mueffling's U.S. long portfolio increased ~13% this quarter from $4.69B to $5.32B.Mueffling substantially increased McGraw Hill Financial and CME Group while decreasing WW Grainger.The portfolio continues to be very concentrated with the top five positions accounting for ~46% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 02/03/2016. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2015.This quarter, Mueffling’s US long portfolio increased 13.31% from $4.69B to $5.32B. The number of holdings increased from 19 to 21: A medium-sized stake in Sirona Dental Systems was eliminated and Agilent, Visa, and Zoetis were added during the quarter. The portfolio continues to be heavily concentrated with the top five holdings representing 45.67% of the total US long holdings. The largest position is Alphabet Inc. which accounts for 13.07% of the US long portfolio. The largest five positions are Alphabet Inc., Fidelity National Information Services, Baidu Inc., Analog Devices, and Willis Group Holdings (now named Willis Towers Watson).Stake Disposals:Sirona Dental Systems (SIRO): SIRO was a 4.54% of the US long portfolio position as of last quarter. It was eliminated this quarter at prices between $93 and $113. The position was established in Q4 2013 at prices between $67 and $75. In Q2 2014, the stake was increased by ~40% at prices between $73.33 and $82.53. The stock currently trades at ~$107. Cantillon harvested long-term gains from this position.New Stakes:Agilent Inc. (A): Agilent is a medium-sized 3.78% of the US long portfolio position established this quarter at prices between $33.74 and $42.36. The stock currently trades at $37.42.Visa Inc. (V) and Zoetis Inc. (ZTS): These are ~2% of the portfolio stakes established this quarter. The V position was purchased at prices between $70 and $80 and the stock is now at $73.67. ZTS stake was established at prices between $40.80 and $48.33 and it currently trades near the low-end of that range at $41.54.Stake Decreases:Grainger W. W. (GWW): GWW stake was established in Q3 2013 at prices between $247 and $274. The original position was almost doubled in Q4 2013 at prices between $248 and $272 and increased by 50% the following quarter at prices between $229 and $266. Q4 2014 saw another ~36% increase at prices between $230 and $259. Last quarter saw an about turn: ~38% reduction at prices between $211 and $238. That was followed with a ~40% further selling this quarter at prices between $191 and $231. The stake currently accounts for 1.89% of the US long portfolio. The activity indicates a bearish bias. The stock is now at ~$208.Stake Increases:CME Group (CME): CME is a medium-sized 4.37% of the US long portfolio stake established in Q4 2014 at prices between $78.26 and $92.91. This quarter saw a ~60% stake increase at prices between $87 and $100. The stock currently trades at $86.33. The activity indicates a bullish bias.McGraw Hill Financial (MHFI): The fairly large 6.23% MHFI stake was established in Q1 2015 at prices between $85.76 and $109. Last quarter saw a huge ~140% increase at prices between $85 and $107 and that was followed with another ~75% increase this quarter at prices between $87 and $100. The stock currently trades at $87. The aggressive build-up indicates a clear bullish bias.Ambev SA (ABEV): ABEV is a small ~1% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.23 and $7.45. Last quarter, the stake was reduced by ~57% at prices between $4.59 and $6.25. This quarter saw a very minor increase. The stock currently trades at $4.74.American Express (AXP): AXP is a 2.78% of the US long portfolio position established in Q1 2015 at prices between $78 and $93. Last two quarters had seen marginal reductions while this quarter saw a very minor increase. The stock currently trades well below his purchase price range at $54.37.Analog Devices (ADI): ADI is a long-term position that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. The last major activity was in Q4 2014 when the position saw a ~18% increase at prices between $43.10 and $57.49. The stock currently trades at $51.67. It is currently Mueffling’s fourth-largest position at 7.83% of the US long portfolio.Baidu Inc. (BIDU): BIDU is a top-three 7.92% portfolio stake first purchased in 2012. The original position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in the following quarter at prices between $83 and $103. Since then, the activity has been very minor. The stock currently trades at $153. Mueffling is sitting on huge gains on this position. This quarter saw a marginal increase.Bitauto Holding (BITA): BITA is a small ~1% of the US long portfolio position established in Q3 2014 at prices between $46 and $96. Q1 2015 saw a ~60% increase at prices between $47.39 and $89.11. Last quarter also saw a further ~38% increase at prices between $24.50 and $51. The stock currently trades well below those ranges at $19.10. This quarter saw a very minor further increase.Cimpress (CMPR) previously VistaPrint: CMPR was a minutely small 0.17% of the US long portfolio position established in Q3 2014. The following quarter saw the stake increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. Q2 2015 saw a ~15% increase at prices between $80.51 and $91.16 and last quarter saw a further ~38% increase at prices between $64.53 and $84.51. The stock currently trades at $79.93. The stake is now at 2.39% of the US long portfolio. This quarter saw marginal further buying.Credit Acceptance Corporation (CACC): CACC is a 1.78% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady. The stock currently trades well above his most recent purchase price range at ~$174.Ecolab Inc. (ECL): ECL is a large 7.12% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 saw a ~21% increase at prices between $101 and $115 and the following quarter saw a further ~10% increase at prices between $99 and $117. The stock currently trades at $109. There was a marginal increase this quarter.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio stake at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50 and the following quarter saw another 44% increase at prices between $48.87 and $56.55. The stock currently trades outside those ranges at $60.17. FIS is Mueffling’s second-largest position at 9.21% of the US long portfolio. Last seven quarters have seen only minor activity.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is Mueffling’s largest position at 13.07% of the US long portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last six quarters have seen only very minor activity. The stock currently trades at $708. Mueffling is sitting on huge long-term gains from this position.Harley Davidson (HOG): HOG is a fairly large 5.18% of the US long portfolio position. The original position was established in Q2 2013 at prices between $50 and $60. The stake was increased by 56% in Q3 2013 at prices between $54 and $65. Q2 2014 also saw a ~16% increase at prices between $65 and $74. The stock currently trades well below his purchase price ranges at $41.25. For investors attempting to follow Mueffling, HOG is a good option to consider for further research. Last few quarters have seen only very minor activity.Intercontinental Exchange (ICE): ICE is a 5.12% of the US long portfolio stake established in Q4 2014 at prices between $194 and $227. In Q1 2015, the position was increased by ~50% at prices between $205 and $240 and the following quarter saw a further ~26% increase at prices between $222 and $242. The stock currently trades outside those ranges at $246. There was only marginal activity over the last two quarters.MSC Industrial Direct Inc. (MSM): MSM is a 2.94% of the US long portfolio position established in Q4 2013 at prices between $75.50 and $83.50. Q1 2014 saw an 84% stake increase at prices between $80 and $89. In Q4 2014, the position saw another ~145% increase at prices between $77 and $86. The stock currently trades well below his purchase price ranges at $65.74. Last four quarters have seen only very minor activity.Sensata Technologies Holding N.V. (ST): ST is a 5.20% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50. The stake was increased by ~30% in Q1 2015 at prices between $48.98 and $57.74 and another one-third the following quarter at prices between $52.56 and $58.66. Last quarter saw a further 26% increase at prices between $43 and $53. The stock currently trades well below his purchase price ranges at $33.45. This quarter also saw minor further buying. For investors attempting follow Mueffling, ST is a very good option to consider for further research.Willis Group Holdings (WSH): WSH was a small stake established in Q3 2013 at prices between $40.50 and $45. The position was increased by ~78% in Q4 2013 at prices between $42 and $46.50 and another one-third in Q1 2014 at prices between $41 and $45. The following two quarters saw an additional ~50% stake increase at prices between $40 and $44. Last three quarters have also seen minor buying. The position currently accounts for 7.64% of the US long portfolio.Note: On January 6, 2016, Willis Group Holdings (WSH) closed a merger with Towers Watson (TW). It was structured as a merger-split-rename transaction and the resultant entity was named Willis Towers Watson plc (WLTW). WSH shareholders received one share of WLWT in place of every 2.6490 shares of WSH held.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q4 2015:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2015 Update"

"William Von Mueffling's U.S. long portfolio decreased ~6% this quarter from $5.01B to $4.69B.Mueffling substantially increased McGraw Hill Financial, Biauto, Cimpress, and Sensata while decreasing Ambev and WW Grainger.The portfolio continues to be very concentrated with the top five positions accounting for ~47% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 11/04/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2015.This quarter, Mueffling’s US long portfolio decreased 6.29% from $5.01B to $4.69B. The number of holdings remained steady at 19. The portfolio continues to be heavily concentrated with the top five holdings representing 47.25% of the total US long holdings. The largest position is Alphabet Inc. which accounts for 11.84% of the US long portfolio. The largest five positions are Alphabet Inc., Fidelity National Information Services, Analog Devices, Ecolab Inc., and Willis Group Holdings.Stake Decreases:Ambev SA (ABEV): ABEV is a small 1.28% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.23 and $7.45. Last five quarters had seen only minor activity. This quarter, the stake was reduced by ~57% at prices between $4.59 and $6.25. The stock currently trades at $5.06.Grainger W. W. (GWW): GWW stake was established in Q3 2013 at prices between $247 and $274. The original position was almost doubled in Q4 2013 at prices between $248 and $272 and increased by 50% in Q1 2014 at prices between $229 and $266. Q4 2014 saw another ~36% increase at prices between $230 and $259. This quarter saw an about turn: ~38% reduction at prices between $211 and $238. The stake currently accounts for 3.78% of the US long portfolio. The activity indicates a bearish bias.American Express (AXP): AXP is a 3.29% of the US long portfolio position established in Q1 2015 at prices between $78 and $93. Last two quarters have seen marginal reductions. The stock currently trades below his purchase price range at $74.06.Analog Devices (ADI): ADI is a long-term position that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. Since then the position had been kept relatively steady. Q4 2014 saw a ~18% increase at prices between $43.10 and $57.49. Last three quarters have seen marginal selling. The stock currently trades at $60.49. It is currently Mueffling’s third-largest position at 9.02% of the US long portfolio.Baidu Inc. (BIDU): BIDU is a 6.49% portfolio stake first established in 2012. The position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in Q2 2013 at prices between $83 and $103. Since then, the activity has been very minor. Last two quarters have seen minor reductions. The stock currently trades at $198. Mueffling is sitting on huge gains on this position.Credit Acceptance Corporation (CACC): CACC is a 1.85% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady. Last two quarters have seen minor reductions. The stock currently trades well above his most recent purchase price range at $180.Ecolab Inc. (ECL): ECL is a top-five 7.61% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Q4 2014 saw a ~21% increase at prices between $101 and $115 and the following quarter saw a further ~10% increase at prices between $99 and $117. The stock currently trades at $118. There was a marginal reduction in the last two quarters.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio stake at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50 and the following quarter saw another 44% increase at prices between $48.87 and $56.55. The stock currently trades outside those ranges at $65.54. FIS is Mueffling’s second-largest position at 11.52% of the US long portfolio. Last six quarters have seen only minor activity.Alphabet Inc. (GOOG) (GOOGL) previously Google: GOOG is Mueffling’s largest position at 11.84% of the US long portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last five quarters have seen only very minor activity. The stock currently trades at $728. Mueffling is sitting on large long-term gains from this position.Harley Davidson (HOG): HOG is a large 7.09% of the US long portfolio position. The stake saw a marginal reduction in the last two quarters. The original position was established in Q2 2013 at prices between $50 and $60. The stake was increased by 56% in Q3 2013 at prices between $54 and $65. Q2 2014 also saw a ~16% increase at prices between $65 and $74. The stock currently trades below his purchase price ranges at $48.87. For investors attempting to follow Mueffling, HOG is a good option to consider for further research.Intercontinental Exchange (ICE): ICE is a medium-sized 5.30% of the US long portfolio stake established in Q4 2014 at prices between $194 and $227. In Q1 2015, the position was increased by ~50% at prices between $205 and $240 and last quarter saw a further ~26% increase at prices between $222 and $242. The stock currently trades outside those ranges at $260. There was a marginal reduction this quarter.MSC Industrial Direct Inc. (MSM): MSM is a 2.94% of the US long portfolio position established in Q4 2013 at prices between $75.50 and $83.50. Q1 2014 saw an 84% stake increase at prices between $80 and $89. In Q4 2014, the position saw another ~145% increase at prices between $77 and $86. Last three quarters saw minor reductions. The stock currently trades well below his purchase price ranges at $64.08.Sirona Dental Systems (SIRO): SIRO is a 4.54% of the US long portfolio position established in Q4 2013 at prices between $67 and $75. In Q2 2014, the stake was increased by ~40% at prices between $73.33 and $82.53. The stock currently trades well outside those ranges at $110. Last three quarters have seen a combined ~10% reduction. Cantillon is starting to harvest long-term gains from this position.Stake Increases:McGraw Hill Financial (MHFI): The 3.54% MHFI stake was established in Q1 2015 at prices between $85.76 and $109. This quarter saw a huge ~140% increase at prices between $85 and $107. The stock currently trades at $97.30.Cimpress (CMPR) previously VistaPrint: CMPR was a minutely small 0.17% of the US long portfolio position established in Q3 2014 at prices between $37 and $55. In Q4 2014, the stake was increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. Last quarter saw a ~15% increase at prices between $80.51 and $91.16 and this quarter saw a further ~38% increase at prices between $64.53 and $84.51. The stock currently trades at $79.99. The stake is now at 2.53% of the US long portfolio.Bitauto Holding (BITA): BITA is a small 1.26% of the US long portfolio position established in Q3 2014 at prices between $46 and $96. Q1 2015 saw a ~60% increase at prices between $47.39 and $89.11. This quarter saw a further ~38% increase at prices between $24.50 and $51. The stock currently trades at $33.76.Sensata Technologies Holding N.V. (ST): ST is a 5.64% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50. The stake was increased by ~30% in Q1 2015 at prices between $48.98 and $57.74 and another one-third last quarter at prices between $52.56 and $58.66. This quarter saw a further 26% increase at prices between $43 and $53. The stock currently trades at $48.94. The aggressive build-up indicates a clear bullish bias.CME Group (CME): CME is a medium-sized 3.16% of the US long portfolio stake established in Q4 2014 at prices between $78.26 and $92.91. Last two quarters had seen minor reductions while this quarter saw a marginal increase. The stock currently trades at $95.39.Willis Group Holdings (WSH): WSH was a small stake established in Q3 2013 at prices between $40.50 and $45. The position was increased by ~78% in Q4 2013 at prices between $42 and $46.50 and another one-third in Q1 2014 at prices between $41 and $45. The following two quarters saw an additional ~50% stake increase at prices between $40 and $44. Last two quarters have also seen minor buying. The position currently accounts for 7.27% of the US long portfolio. The stock is trading near Mueffling’s purchase price ranges at $44.98 and is a good option to consider for further research.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q3 2015:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q2 2015 Update"

"William Von Mueffling's U.S. long portfolio decreased ~2% this quarter from $5.11B to $5.01B.Mueffling substantially increased Sensata Technologies, Intercontinental Exchange, and Cimpress N V stakes during the quarter.The portfolio continues to be very concentrated with the top-five positions accounting for ~45% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 07/27/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2015.This quarter, Mueffling’s US long portfolio decreased ~2% from $5.11B to $5.01B. The number of holdings remained steady at 19: three of those positions were substantially increased while all other positions were marginally reduced. The portfolio continues to be heavily concentrated with the top five holdings representing 45.24% of the total US long holdings. The largest position is Fidelity National Information Services which accounts for 9.97% of the US long portfolio. The largest five positions are Fidelity National Information Services, Analog Devices, Google Inc., Baidu Inc., and Ecolab Inc.Stake Disposals:None.New Stakes:None.Stake Decreases:Ambev SA (ABEV): ABEV is a 3.47% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.23 and $7.45. Last five quarters have seen only minor activity. The stock currently trades at $5.60.American Express (AXP) & McGraw Hill Financial (MHFI): These two positions were established last quarter and saw marginal reductions this quarter. AXP is a 3.29% of the US long portfolio position established at prices between $78 and $93. The stock currently trades near the low end of that range at $75.72. The 1.67% MHFI stake was established at prices between $85.76 and $109 and the stock currently trades at $101.Analog Devices (ADI): ADI is a long-term position that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. Since then the position had been kept relatively steady. Q4 2014 saw a ~18% increase at prices between $43.10 and $57.49. Last two quarters have seen marginal selling. The stock currently trades at $58.79. It is Mueffling’s second-largest position currently at 9.64% of the US long portfolio.Baidu Inc. (BIDU): BIDU is Mueffling’s fourth-largest position at 8.83% of the US long portfolio. It was a ~5% stake first established in 2012. The position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in Q2 2013 at prices between $83 and $103. Since then, the activity has been very minor. This quarter saw a minor reduction. The stock currently trades at $172. Mueffling is sitting on huge gains on this position.Bitauto Holding (BITA): BITA is a small 1.47% of the US long portfolio position established in Q3 2014 at prices between $46 and $96. Last quarter saw a ~60% increase at prices between $47.39 and $89.11 and there was a marginal reduction this quarter. The stock currently trades below his purchase price ranges at $40.52.CME Group (CME): CME is a medium-sized 2.71% of the US long portfolio stake established in Q4 2014 at prices between $78.26 and $92.91. Last two quarters have seen minor reductions. The stock currently trades at $97.01.Credit Acceptance Corporation (CACC): CACC is a 2.18% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady. This quarter saw a minor reduction. The stock currently trades at almost double his most recent purchase price range at $233.Ecolab Inc. (ECL): ECL is a top-five 7.36% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Since then the stake had been kept almost steady. Q4 2014 saw a ~21% increase at prices between $101 and $115 and last quarter saw a further ~10% increase at prices between $99 and $117. The stock currently trades at $115. There was a minor decrease this quarter.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio stake at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50 and the following quarter saw another 44% increase at prices between $48.87 and $56.55. The stock currently trades outside those ranges at $63.24. FIS is Mueffling’s largest position at 9.97% of the US long portfolio. Last five quarters have seen only minor activity.Google Inc. (GOOG) (GOOGL): GOOG is Mueffling’s third-largest position at 9.44% of the US long portfolio. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Last four quarters have seen only very minor activity. The stock currently trades at $632. Mueffling is sitting on large long-term gains from this position.Grainger W. W. (GWW): GWW stake was established in Q3 2013 at prices between $247 and $274. The original position was almost doubled in Q4 2013 at prices between $248 and $272 and increased by 50% in Q1 2014 at prices between $229 and $266. Q4 2014 saw another ~36% increase at prices between $230 and $259. Last two quarters have seen minor reductions. The stake currently accounts for 6.29% of the US long portfolio. The stock is trading just below Mueffling’s purchase price ranges at $227. For investors attempting to follow him, GWW is a good option to consider for further research.Harley Davidson (HOG): HOG is a large 6.84% of the US long portfolio position. The stake saw a marginal reduction this quarter. The original position was established in Q2 2013 at prices between $50 and $60. The stake was increased by 56% in Q3 2013 at prices between $54 and $65. Q2 2014 also saw a ~16% increase at prices between $65 and $74. The stock currently trades at $58.65.MSC Industrial Direct Inc. (MSM): MSM is a 3.15% of the US long portfolio position established in Q4 2013 at prices between $75.50 and $83.50. Q1 2014 saw an 84% stake increase at prices between $80 and $89. In Q4 2014, the position saw another ~145% increase at prices between $77 and $86. Last two quarters saw minor reductions. The stock currently trades below his purchase price ranges at $70.11.Sirona Dental Systems (SIRO): SIRO is a 4.82% of the US long portfolio position established in Q4 2013 at prices between $67 and $75. In Q2 2014, the stake was increased by ~40% at prices between $73.33 and $82.53. The stock currently trades well outside those ranges at $102.50. Last two quarters saw minor reductions.Willis Group Holdings (WSH): WSH was a small stake established in Q3 2013 at prices between $40.50 and $45. The position was increased by ~78% in Q4 2013 at prices between $42 and $46.50 and another one-third in Q1 2014 at prices between $41 and $45. The following two quarters saw an additional ~50% stake increase at prices between $40 and $44. Last quarter also saw a ~8% increase at prices between $42.84 and $49.36. The position currently accounts for 7.30% of the US long portfolio. This quarter saw minor selling. The stock is trading near Mueffling’s purchase price ranges at $46.87 and is a good option to consider for further research.Stake Increases:Cimpress (CMPR) previously VistaPrint: CMPR was a minutely small 0.17% of the US long portfolio position established in Q3 2014 at prices between $37 and $55. In Q4 2014, the stake was increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. This quarter saw a ~15% increase at prices between $80.51 and $91.16. The stock currently trades at $79.75. The stake is now at 1.91% of the US long portfolio.Intercontinental Exchange (ICE): ICE is a medium-sized 4.74% of the US long portfolio stake established in Q4 2014 at prices between $194 and $227. Last quarter, the position was increased by ~50% at prices between $205 and $240 and this quarter saw a further ~26% increase at prices between $222 and $242. The stock currently trades at $228. For investors attempting to follow Cantillon, ICE is a good option to consider.Sensata Technologies Holding N.V. (ST): ST is a 4.98% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50. The stake was increased by ~30% last quarter at prices between $48.98 and $57.74 and another one-third this quarter at prices between $52.56 and $58.66. The stock currently trades at $49.10. The aggressive build-up indicates a clear bullish bias.Kept Steady:None.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q2 2015:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q1 2015 Update"

"William Von Mueffling's U.S. long portfolio increased this quarter from $4.85B to $5.11B.Mueffling added new positions in American Express and McGraw Hill Financial while dropping Altera Corporation and H&R Block.The portfolio continues to be very concentrated with the top-five positions accounting for 47.35% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 05/04/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2014.This quarter, Mueffling’s US long portfolio increased from $4.85B to $5.11B. The number of holdings remained steady at 19: new positions in American Express and McGraw Hill Financial replaced Altera Corporation and H&R Block. The portfolio continues to be heavily concentrated with the top five holdings representing 47.35% of the total US long holdings. The largest position is Fidelity National Information Services which accounts for 11.07% of the US long portfolio. The largest five positions are Fidelity National Information Services, Google Inc., Analog Devices, Baidu Inc., and Willis Group Holdings.Stake Disposals:Altera Corporation (ALTR): ALTR was a 4.26% of the US long portfolio stake first purchased in 2011. The position was almost doubled in Q1 2013 at prices between $33 and $36.50. Q3 2013 saw a 25% stake increase at prices between $33 and $39. This quarter, the entire stake was eliminated at prices between $32.93 and $44.39. The stock currently trades at $45.02.Note: The stock experienced a one-third price-spike in late March following disclosure of merger discussions with Intel Corporation (INTC) - the talks ended soon after as they could not agree on price.H&R Block (HRB): HRB was a small 1.65% of the US long portfolio position established in Q2 2014 at prices between $27.40 and $33.52. The stake was eliminated this quarter at prices between $31.58 and $35.64. The stock currently trades at $30.85. The quick turnaround indicates a bearish bias.New Stakes:American Express (AXP) & McGraw Hill Financial (MHFI): AXP is a 3.33% of the US long portfolio position established this quarter at prices between $78 and $93. The stock currently trades near the low end of that range at $78.28. The 1.67% MHFI stake was established at prices between $85.76 and $109 and the stock currently trades at $106.Stake Decreases:Ambev SA (ABEV): ABEV is a 3.29% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.23 and $7.45. Last four quarters have seen only minor activity. The stock currently trades at $6.27. Mueffling continues to be bullish on ABEV.Analog Devices (ADI): ADI is a long-term position that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. Since then the position had been kept relatively steady. Last quarter saw a ~18% increase at prices between $43.10 and $57.49 and this quarter saw marginal selling. The stock currently trades at $63.25. The top-five position now accounts for 9.53% of the US long portfolio.Baidu Inc. (BIDU): BIDU is Mueffling’s fourth-largest position at 9.32% of the US long portfolio. It was a ~5% stake first established in 2012. The position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in Q2 2013 at prices between $83 and $103. Since then, the activity has been very minor. The stock currently trades at around $204. Mueffling is sitting on huge gains as the stock has doubled from his purchase price ranges.CME Group (CME): CME is a medium-sized 2.78% of the US long portfolio stake established last quarter at prices between $78.26 and $92.91. This quarter saw a very minor reduction. The stock currently trades at $90.82.Credit Acceptance Corporation (CACC): CACC is a 1.73% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady. The stock currently trades well above his most recent purchase price range at $228.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio stake at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50 and the following quarter saw another 44% increase at prices between $48.87 and $56.55. Last four quarters have seen only minor activity. The stock currently trades at $63.25 and is Mueffling’s largest position at 11.07% of the US long portfolio.Google Inc. (GOOG) (GOOGL): GOOG is Mueffling’s second-largest position at 9.88% of the US long portfolio. Last three quarters have seen only very minor activity. The stock currently trades at around $541. The original stake was established in 2010 and doubled in 2011 at much lower prices. The last significant buying happened in Q2 2014 when the position was increased by ~14% at prices between $510 and $580. Mueffling is sitting on large long-term gains from this position.Grainger W. W. (GWW): GWW was a 6.32% of the US long portfolio stake established in Q3 2013 at prices between $247 and $274. The position was almost doubled in Q4 2013 at prices between $248 and $272 and increased by 50% in Q1 2014 at prices between $229 and $266. Last quarter saw another ~36% increase at prices between $230 and $259. This quarter saw a very minor reduction. The stake currently accounts for 6.32% of the US long portfolio. The stock is trading well within Mueffling’s purchase price ranges at $249. For investors attempting to follow him, GWW is a good option to consider for further research.Harley Davidson (HOG): HOG is a large 7.44% of the US long portfolio position. The stake saw a marginal reduction this quarter. The original position was established in Q2 2013 at prices between $50 and $60. The stake was increased by 56% in Q3 2013 at prices between $54 and $65. Q2 2014 also saw a ~16% increase at prices between $65 and $74. The stock currently trades at $56.70.MSC Industrial Direct Inc. (MSM): MSM is a 3.29% of the US long portfolio position established in Q4 2013 at prices between $75.50 and $83.50. Q1 2014 saw an 84% stake increase at prices between $80 and $89. Last quarter, the position saw another ~145% increase at prices between $77 and $86 and this quarter saw a very minor reduction. The stock currently trades below his purchase price ranges at $72.71.Sirona Dental Systems (SIRO): SIRO is a 4.35% of the US long portfolio position established in Q4 2013 at prices between $67 and $75. In Q2 2014, the stake was increased by ~40% at prices between $73.33 and $82.53. The stock currently trades well outside those ranges at $94.53. This quarter saw a minor decrease.Stake Increases:Bitauto Holding (BITA): BITA is a small 1.47% of the US long portfolio position established in Q3 2014 at prices between $46 and $96. This quarter saw a ~60% increase at prices between $47.39 and $89.11. The stock currently trades at $62.81. The activity indicates a bullish bias.Cimpress (CMPR) previously VistaPrint (VPRT): CMPR was a minutely small 0.17% of the US long portfolio position established in Q3 2014 at prices between $37 and $55. Last quarter, the stake was increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. This quarter saw very minor buying. The stock currently trades well above those ranges at $86.06.Ecolab Inc. (ECL): ECL is a 7.51% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Since then the stake had been kept almost steady. Last quarter saw a ~21% increase at prices between $101 and $115 and this quarter saw a further ~10% increase at prices between $99 and $117. The stock currently trades at $114.Intercontinental Exchange (ICE): ICE is a medium-sized 3.85% of the US long portfolio stake established last quarter at prices between $194 and $227. This quarter, the position was increased by ~50% at prices between $205 and $240. The stock currently trades at $227.Sensata Technologies Holding N.V. (ST): ST is a 3.98% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50. The stake was increased by ~30% this quarter at prices between $48.98 and $57.74. The stock currently trades at $55.43.Willis Group Holdings (WSH): WSH was a 2.41% of the US long portfolio stake established in Q3 2013 at prices between $40.50 and $45. The position was increased by ~78% in Q4 2013 at prices between $42 and $46.50 and another one-third in Q1 2014 at prices between $41 and $45. The following two quarters saw an additional ~50% stake increase at prices between $40 and $44 and last quarter saw minor additional buying. This quarter saw a ~8% increase at prices between $42.84 and $49.36. The position currently accounts for 7.56% of the US long portfolio. The stock is trading near Mueffling’s purchase price ranges at $47.90 and so is a good option to consider for further research.Kept Steady:None.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q1 2015:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q4 2014 Update"

"William Von Mueffling's U.S. long portfolio increased this quarter from $4.43B to $4.85B.Mueffling substantially increased positions in Analog Devices, Cimpress, Ecolab, W.W. Grainger, & MSC Industrial while dropping Brink’s, Coca Cola, and Solera.The portfolio continues to be very concentrated with the top-five positions accounting for ~50% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 02/09/2015. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2014.This quarter, Mueffling’s US long portfolio increased from $4.43B to $4.85B. The number of holdings decreased from 20 to 19: new positions in CME Group and Intercontinental Exchange replaced Brink’s Company, Coca Cola, and Solera Holdings. The portfolio continues to be heavily concentrated with the top five holdings representing 48.91% of the total US long holdings. The largest position is Baidu Inc. which was first established in 2010 and now accounts for 10.78% of the US long portfolio. The largest five positions are Baidu Inc., Fidelity National Information Services, Google Inc., Analog Devices, and Harley-Davidson Inc.Stake Disposals:Brink’s Company (BCO): BCO was a 1.68% of the US long portfolio stake first established in 2012. The position was increased by ~20% in Q3 2013 at prices between $25.50 and $28.50 and since then had been kept relatively steady. Cantillon’s ownership of the business was at over 6% as of last quarter. This quarter, the stake was eliminated at prices between $20.10 and $24.59. The stock currently trades at $25.06. The elimination indicates a clear bearish bias.Solera Holdings (SLH): SLH was a 4.17% of the US long portfolio position that was increased by ~60% in Q2 2014 at prices between $61.71 and $67.76. It was increased by another ~19% last quarter at prices between $56 and $69. This quarter saw an about turn as the entire stake was disposed of at prices between $46.20 and $58. The stock currently trades at $52.88.Coca Cola (KO): KO was a 3.11% of the US long portfolio position that was reduced by over 50% in Q1 2014 at prices between $37 and $41. The original position was a ~2.5M share stake established in 2010 at prices between $25 and $33. The position was increased by 40% in 2011 and doubled in 2012 as well. This quarter, the stake was eliminated at prices between $40.39 and $44.83. The stock currently trades at $41.23.New Stakes:CME Group (CME) & Intercontinental Exchange (ICE): CME & ICE are medium-sized ~2.50% of the US long portfolio stakes established this quarter. The CME position was purchased at prices between $78.26 and $92.91 and the stock currently trades just outside that range at $93.82. The ICE stake was established at prices between $194 and $227 and the stock currently trades just above that range at $229.Stake Decreases:Bitauto Holding (BITA): BITA is a small 1.63% of the US long portfolio position established last quarter at prices between $46 and $96. This quarter, the position was reduced marginally. The stock currently trades at $56.67.Stake Increases:Analog Devices (ADI): ADI is a long-term position that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. Since then the position had been kept relatively steady. This quarter saw a ~18% increase at prices between $43.10 and $57.49. The stock currently trades at $54.56. The top-five position now accounts for 8.87% of the US long portfolio. The activity this quarter indicates a bullish bias.Cimpress (CMPR) previously VistaPrint (VPRT): CMPR was a minutely small 0.17% of the US long portfolio position established last quarter at prices between $37 and $55. This quarter, the stake was increased to a 1.52% of the US long portfolio position at prices between $52.63 and $75.98. The stock currently trades well above those ranges at $81.19.Ecolab Inc. (ECL): ECL is a 6.56% of the US long portfolio stake first purchased in 2012. The original position was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Since then the stake had been kept almost steady. This quarter saw a ~21% increase at prices between $101 and $115. The stock currently trades near the middle of that range at $107.Grainger W. W. (GWW): GWW was a 2.35% of the US long portfolio stake established in Q3 2013 at prices between $247 and $274. The position was almost doubled in Q4 2013 at prices between $248 and $272 and increased by 50% in Q1 2014 at prices between $229 and $266. This quarter saw another ~36% increase at prices between $230 and $259. The stake currently accounts for 7.22% of the US long portfolio. The stock is trading well within Mueffling’s purchase price ranges at $239. For investors attempting to follow him, GWW is a good option to consider for further research.MSC Industrial Direct Inc. (MSM): MSM is a 3.91% of the US long portfolio position established in Q4 2013 at prices between $75.50 and $83.50. Q1 2014 saw an 84% stake increase at prices between $80 and $89. This quarter, the position saw another ~145% increase at prices between $77 and $86. The stock currently trades at $75.79.Altera Corporation (ALTR): ALTR is a 4.26% of the US long portfolio stake first purchased in 2011. The position was almost doubled in Q1 2013 at prices between $33 and $36.50. Q3 2013 saw a 25% stake increase at prices between $33 and $39. Last three quarters have seen only very minor activity. The stock currently trades near the low-end of his purchase prices ranges at around $33.76. For investors attempting to follow Mueffling, ALTR is a good option to consider for further research.Ambev SA (ABEV): ABEV is a 4.33% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.23 and $7.45. Last three quarters have seen only minor activity. The stock currently trades at $6.53. Mueffling continues to be bullish on ABEV.Baidu Inc. (BIDU): BIDU is Mueffling’s largest position at 10.78% of the US long portfolio. It was a ~5% stake first established in 2012. The position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in Q2 2013 at prices between $83 and $103. Since then, the activity has been very minor. The stock currently trades at around $215. Mueffling is bullish on Baidu and the stock has more than doubled from his purchase price ranges.Credit Acceptance Corporation (CACC): CACC is a 1.28% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady. The stock currently trades well above his most recent purchase price range at $173.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio stake at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50 and the following quarter saw another 44% increase at prices between $48.87 and $56.55. Last three quarters have seen only minor activity. The stock currently trades at $63.61 and is Mueffling’s second-largest position at 10.71% of the US long portfolio.Google Inc. (GOOG) (GOOGL): GOOG is Mueffling’s third-largest position at 10.01% of the US long portfolio. In Q2 2014, the position was increased by ~14% at prices between $510 and $580. Last two quarters have seen only very minor activity. The stock currently trades at around $528. The original stake was established in 2010 and doubled in 2011 at much lower prices. Mueffling is sitting on large long-term gains from this position.H&R Block (HRB): HRB is a small 1.65% of the US long portfolio position established in Q2 2014 at prices between $27.40 and $33.52. Last quarter saw a marginal reduction and this quarter a marginal increase. The stock currently trades at $35.Harley Davidson (HOG): HOG is a top-five position at 8.54% of the US long portfolio. The stake saw a marginal increase this quarter. The original position was established in Q2 2013 at prices between $50 and $60. The stake was increased by 56% in Q3 2013 at prices between $54 and $65. Q2 2014 also saw a ~16% increase at prices between $65 and $74. The stock currently trades at $63.79.Sensata Technologies Holding N.V. (ST): ST is a 2.96% of the US long portfolio position established in Q2 2014 at prices between $44.50 and $50 and the stock currently trades at $52.58. This quarter saw a very minor increase.Sirona Dental Systems (SIRO): SIRO is a 4.46% of the US long portfolio position established in Q4 2013 at prices between $67 and $75. In Q2 2014, the stake was increased by ~40% at prices between $73.33 and $82.53. The stock currently trades well outside those ranges at $89.18. This quarter saw a minor increase.Willis Group Holdings (WSH): WSH was a 2.41% of the US long portfolio stake established in Q3 2013 at prices between $40.50 and $45. The position was increased by ~78% in Q4 2013 at prices between $42 and $46.50 and another one-third in Q1 2014 at prices between $41 and $45. Last two quarters had seen an additional ~50% stake increase at prices between $40 and $44 and this quarter saw minor additional buying. The position currently accounts for 6.86% of the US long portfolio. The stock is trading well within Mueffling’s purchase price ranges at $44.82 and so is a good option to consider for further research.Kept Steady:None.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q4 2014:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2014 Update"

"William Von Mueffling's U.S. long portfolio increased this quarter from $4.31B to $4.43B.Mueffling substantially increased positions in Solera Holdings & Willis Group while establishing significant new stakes in Sensata Technologies & Bitauto Holding.The portfolio continues to be very concentrated with the top-five positions accounting for ~50% of the US long portfolio.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 11/12/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q2 2014.This quarter, Mueffling’s US long portfolio increased from $4.31B to $4.43B. The number of holdings increased from 19 to 20: new positions in Sensata Technologies, Bitauto Holding, and VistaPrint replaced Colgate Palmolive and Priceline Inc. The portfolio continues to be heavily concentrated with the top five holdings representing around 50% of the total US long holdings. The largest position is Google which was first established in 2010 and now accounts for 12.06% of the US long portfolio. The largest five positions are Google Inc., Baidu Inc., Fidelity National Information Services, Harley-Davidson Inc., and Analog Devices.Stake Disposals:Priceline Inc. (PCLN): PCLN was a top-five position at 8.26% of the US long portfolio as of Q1 2014. The bulk of the stake was purchased in 2011 and 2012 at much lower prices. The position was sold down drastically last quarter at prices between $1108 and $1291 and was eliminated this quarter. The stock currently trades at around $1161. Mueffling harvested large long-term gains from this position.Colgate Palmolive (CL): CL was a very long-term position that accounted for 2.70% of the US long portfolio as of Q1 2014. In early 2013, it accounted for over 7% of the US long portfolio but was reduced by more than half in Q2 2013 at prices between $56 and $63. It was reduced to a minutely small position last quarter at prices between $64 and $69.43 and eliminated this quarter. The stock currently trades at around $68.70. The activity indicates a bearish bias.New Stakes:Sensata Technologies Holding N.V. (ST) & Bitauto Holding (BITA): ST and BITA are small 2.74% and 1.63% of the US long portfolio positions respectively established this quarter. The ST stake was purchased at prices between $44.50 and $50 and the stock currently trades at $48.83. The BITA position was established at prices between $46 and $96 and the stock currently trades at $79.32. The activity indicates a mild bullish bias toward these businesses.VistaPrint (VPRT): VPRT is a minutely small 0.17% of the US long portfolio position established this quarter at prices between $37 and $55. The stock currently trades well outside that range at $68.38. The sizing is too small to indicate a clear bias.Stake Decreases:Altera Corporation (ALTR): ALTR is a 4.51% of the US long portfolio stake first purchased in 2011. The position was almost doubled in Q1 2013 at prices between $33 and $36.50. Q3 2013 saw a 25% stake increase at prices between $33 and $39. Last two quarters saw marginal activity - a minor increase last quarter and a minor decrease this quarter. The stock currently trades near the low-end of his purchase prices ranges at around $34.94. For investors attempting to follow Mueffling, ALTR is a good option to consider for further research.Ambev SA (ABEV): ABEV is a 4.33% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Q1 2014 saw a one-third stake increase at prices between $6.23 and $7.45. Last two quarters have seen only minor activity. The stock currently trades at $6.43. Mueffling continues to be bullish on ABEV.Analog Devices (ADI): ADI is a long-term positon that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The stake was increased by two-thirds in 2011 as well. Since then the position has remained relatively steady. Last quarter saw minor buying and this quarter saw marginal selling. The position now accounts for 7.33% of the US long portfolio.Baidu Inc. (BIDU): BIDU is Mueffling’s second-largest position at 11.27% of the US long portfolio. It was a ~5% stake first established in 2012. The position was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in Q2 2013 at prices between $83 and $103. Since then, the activity has been very minor. The stock currently trades at around $250. Mueffling is bullish on Baidu and the stock has more than doubled from his purchase price ranges.Brink’s Company (BCO): BCO is a 1.68% of the US long portfolio stake first established in 2012. The position was increased by ~20% in Q3 2013 at prices between $25.50 and $28.50 and since then has been kept relatively steady. The stock currently trades well below his most recent purchase price range at $21.57. For investors attempting to follow Mueffling, BCO is a good option to consider for further research.Coca Cola (KO): KO is a 3.11% of the US long portfolio position that was reduced by over 50% in Q1 2014 at prices between $37 and $41. Last two quarters also saw minor stake reductions. The stock currently trades at $42.71. The original position was a ~2.5M share stake established in 2010 at prices between $25 and $33. The position was increased by 40% in 2011 and doubled in 2012.Credit Acceptance Corporation (CACC): CACC is a 1.29% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady. The stock currently trades well above his most recent purchase price range at $162.Ecolab Inc. (ECL): ECL is a 6.52% of the US long portfolio stake first purchased in 2012. The original stake was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Since then the position has been kept almost steady. This quarter saw a minor decrease. The stock currently trades at $113.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio position at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50. In Q1 2014, the position was increased by 44% at prices between $48.87 and $56.55 and last quarter saw an additional 8% increase at prices between $51 and $55. This quarter saw a very minor decrease. The stock currently trades at $58.91 and is Mueffling’s third-largest position at 10.57% of the US long portfolio.Google Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 12.06% of the US long portfolio. Last quarter, the position was increased by ~14% at prices between $510 and $580. This quarter saw minor selling. The stock currently trades at around $547. The original stake was established in 2010 and doubled in 2011 at much lower prices. Mueffling is sitting on large long-term gains from this position.Grainger W. W. (GWW): GWW was a 2.35% of the US long portfolio stake established in Q3 2013 at prices between $247 and $274. The position was almost doubled in Q4 2013 at prices between $248 and $272 and increased by another 50% in Q1 2014 at prices between $229 and $266. Last two quarters have seen only minor activity. The stake currently accounts for 5.73% of the US long portfolio. The stock is trading well within Mueffling’s purchase price ranges at $247. For investors attempting to follow him, GWW is a good option to consider for further research.H&R Block (HRB): HRB is a small 1.65% of the US long portfolio position established last quarter at prices between $27.40 and $33.52. The stake saw a marginal reduction this quarter. The stock currently trades at $32.94.Harley Davidson (HOG): HOG is a top-five 8.22% of the US long portfolio position that was established in Q2 2013 at prices between $50 and $60. The stake was increased by 56% in Q3 2013 at prices between $54 and $65. Last quarter saw a ~16% increase at prices between $65 and $74 and this quarter saw a minor reduction. The stock currently trades at $67.11.MSC Industrial Direct Inc. (MSM): MSM is a 1.85% of the US long portfolio position established in Q4 2013 at prices between $75.50 and $83.50. Q1 2014 saw an 84% stake increase at prices between $80 and $89. Last two quarters have seen only very minor activity. The stock currently trades at $84.51.Sirona Dental Systems (SIRO): SIRO is a 4.28% of the US long portfolio position established in Q4 2013 at prices between $67 and $75. Last quarter, the stake was increased by ~40% at prices between $73.33 and $82.53. This quarter saw a minor reduction. The stock currently trades at $82.26. The aggressive buying pattern in the previous two quarters indicates a clear bullish bias.Stake Increases:Solera Holdings (SLH): SLH is a 4.17% of the US long portfolio position that was increased by ~60% last quarter at prices between $61.71 and $67.76. It was increased by another ~19% this quarter at prices between $56 and $69. The stock currently trades below those ranges at $55.18. The original position was purchased in 2010 and increased substantially in 2011. The substantial increase this quarter indicates a bullish bias.Willis Group Holdings (WSH): WSH was a 2.41% of the US long portfolio stake established in Q3 2013 at prices between $40.50 and $45. The position was increased by ~78% in Q4 2013 at prices between $42 and $46.50 and another one-third in Q1 2014 at prices between $41 and $45. Last two quarters have seen an additional ~50% stake increase at prices between $40 and $44. The position currently accounts for 6.91% of the US long portfolio. The stock is trading well within Mueffling’s purchase price ranges at $41.27 and so is a good option to consider for further research.Kept Steady:None.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q3 2014:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q2 2014 Update"

"William Von Mueffling's U.S. long portfolio decreased marginally this quarter from $4.32B to $4.31B.Mueffling substantially increased positions in Fidelity National Information Svcs, Google, Harley Davidson, Sirona Dental, Solera, & Willis Group while reducing Colgate Palmolive & Priceline.The portfolio became more concentrated this quarter with the top-five positions now accounting for ~52% of the US long portfolio compared to ~45% last quarter.This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 08/07/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q1 2014.This quarter, Mueffling’s US long portfolio decreased marginally from $4.32B to $4.31B. The number of holdings in the portfolio decreased from 20 to 19: a new position in H&R Block was added and positions in LKQ Corporation and Waters Corporation were eliminated. The portfolio continues to be heavily concentrated with the top five holdings representing around 52% of the total US long holdings. The largest position is Google which was first established in 2010 and now accounts for 12.42% of the US long portfolio. The largest five positions are Google Inc., Fidelity National Information Services, Harley-Davidson Inc., Baidu Inc., and Analog Devices.Stake Disposals:LKQ Corporation (LKQ): LKQ was a 2.63% of the US long portfolio position that was disposed of this quarter at prices between $26.35 and $29.55. The stake was reduced by ~22% last quarter as well at prices between $24.77 and $32.90. The stock currently trades at $25.98. The position was first purchased in 2012 and was substantially increased in Q1 2013 at prices between $20 and $24. The stake elimination indicates a bearish bias.Waters Corporation (WAT): WAT was a very small 0.35% position that was eliminated this quarter at prices between $99 and $114. Last quarter saw a huge 87% stake reduction at prices between $98 and $115. The stock currently trades at around $103. The position was first purchased in 2011 and peaked in 2012 at 3.5% of the US long portfolio.New Stakes:H&R Block (HRB): HRB is a small 1.86% of the US long portfolio position established this quarter at prices between $27.40 and $33.52. The stock currently trades at $32.38.Stake Decreases:Coca Cola (KO): KO is a 3.20% of the US long portfolio position that was reduced by over 50% last quarter at prices between $37 and $41. This quarter saw a minor stake reduction. The stock currently trades at $39.35. The original stake was a ~2.5M share position established in 2010 at prices between $25 and $33. The position was increased by 40% in 2011 and doubled in 2012.Colgate Palmolive (CL): CL was a very long-term position that accounted for 2.70% of the US long portfolio as of last quarter. In the beginning of 2013, it accounted for over 7% of the US long portfolio but was reduced by more than half in Q2 2013 at prices between $56 and $63. It was almost eliminated this quarter at prices between $64 and $69.43. The stock currently trades at around $64.45. The activity indicates a bearish bias.Priceline Inc. (PCLN): PCLN was a top-five position at 8.26% of the US long portfolio as of last quarter. The bulk of the stake was purchased in 2011 and 2012 at much lower prices. This quarter, the position was almost eliminated at prices between $1108 and $1291. The stock currently trades at around $1285. Mueffling harvested large long-term gains from this position.Stake Increases:Altera Corporation (ALTR): ALTR is a 4.53% of the US long portfolio stake first purchased in 2011. The position was almost doubled in Q1 2013 at prices between $33 and $36.50. Q3 2013 saw a 25% stake increase at prices between $33 and $39. This quarter saw marginal buying. The stock currently trades near the low-end of his purchase prices ranges at around $32.67. For investors attempting to follow Mueffling, ALTR is a very good option to consider.Ambev SA (ABEV): ABEV is a 4.82% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. Last quarter saw a one-third stake increase at prices between $6.23 and $7.45 and this quarter saw a minor increase. The stock currently trades at $6.73. Mueffling continues to be bullish on ABEV.Analog Devices (ADI): ADI is a long-term positon that has been in the portfolio since 2010. At the time, it accounted for just over 10% of the US long portfolio. The position was increased by two-thirds in 2011 as well. Since then the stake has remained relatively steady. This quarter saw minor buying and the position now accounts for 8.3% of the US long portfolio.Baidu Inc. (BIDU): BIDU is a top-five position at 10.03% of the US long portfolio. It was a ~5% position first established in 2012. The stake was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in Q2 2013 at prices between $83 and $103. The position was marginally decreased in each of the following three quarters. This quarter saw minor buying. The stock currently trades at around $214. Mueffling is bullish on Baidu. However, the stock is trading well above his purchase price ranges and so investors attempting to follow him will have to wait for a better entry point.Brink’s Company (BCO): BCO is a 2.04% of the US long portfolio stake first established in 2012. The position was increased by ~20% in Q3 2013 at prices between $25.50 and $28.50 and the stake saw minor trimming in the last two quarters. This quarter saw a minor increase. The stock currently trades at $26.62. For investors attempting to follow Mueffling, BCO is a good option to consider for further research.Credit Acceptance Corporation (CACC): CACC is a 1.35% of the US long portfolio position first purchased in 2012. The original stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady - last quarter saw marginal trimming while this quarter saw a minor increase. The stock currently trades at around $120. The activity does not indicate a clear bias.Ecolab Inc. (ECL): ECL is a 6.56% of the US long portfolio stake first purchased in 2012. The original stake was increased by around 75% in Q1 2013 at prices between $72.50 and $80. Since then the position has been kept almost steady. This quarter saw a minor increase. The stock currently trades at around $108.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio position at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50. Last quarter, the position was increased by 44% at prices between $48.87 and $56.55 and this quarter saw an additional 8% increase at prices between $51 and $55. The stock currently trades at $54.86 and is Mueffling’s second-largest position at 10.62% of the US long portfolio.Google Inc. (GOOG) (GOOGL): GOOG is Mueffling’s largest position at 12.42% of the US long portfolio. This quarter, the position was increased by ~14% at prices between $510 and $580. The stock currently trades at around $563. The original position was established in 2010 and doubled in 2011 at much lower prices. Mueffling is sitting on large long-term gains from this position.Grainger W. W. (GWW): GWW was a 2.35% of the US long portfolio stake established in Q3 2013 at prices between $247 and $274. The position was almost doubled in Q4 2013 at prices between $248 and $272 and increased by another 50% last quarter at prices between $229 and $266. This quarter saw a minor increase. The stake currently accounts for 6% of the US long portfolio. The stock is trading near the low-end of Mueffling’s purchase price ranges at $233. For investors attempting to follow him, GWW is a very good option to consider for further research.Harley Davidson (HOG): HOG is a top-five 10.21% of the US long portfolio position that was established in Q2 2013 at prices between $50 and $60. The stake was increased by 56% in Q3 2013 at prices between $54 and $65. This quarter saw a ~16% stake increase at prices between $65 and $74. The stock currently trades at $60.63. The activity indicates a bullish bias.MSC Industrial Direct Inc. (MSM): MSM is a 2.15% of the US long portfolio position established in Q4 2013 at prices between $75.50 and $83.50. Last quarter saw an 84% stake increase at prices between $80 and $89. This quarter saw minor additional buying. The stock currently trades at $86.85.Sirona Dental Systems (SIRO): SIRO is a 4.76% of the US long portfolio position established last quarter at prices between $67 and $75. This quarter, the stake was increased by ~40% at prices between $73.33 and $82.53. The stock currently trades at $79.13. The aggressive buying pattern indicates a clear bullish bias.Solera Holdings (SLH): SLH is a 4.27% of the US long portfolio position that was increased by ~60% this quarter at prices between $61.71 and $67.76. The stock currently trades at $64. The original position was purchased in 2010 and increased substantially in 2011.Willis Group Holdings (WSH): WSH was a 2.41% of the US long portfolio stake established in Q3 2013 at prices between $40.50 and $45. The position was increased by ~78% in Q4 2013 at prices between $42 and $46.50 and another one-third last quarter at prices between $41 and $45. This quarter saw an additional one-third stake increase at prices between $41 and $44.20. The position currently accounts for 6.72% of the US long portfolio. The stock is trading near the low-end of Mueffling’s purchase price ranges at $40.31 and so is a good option to consider for further research.Kept Steady:None.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q2 2014:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q1 2014 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 05/09/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q4 2013.This quarter, Mueffling’s US long portfolio increased marginally from $4.22B to $4.32B. The number of holdings in the portfolio increased from 19 to 20: a new position in Sirona Dental Systems was added and none of the existing positions were eliminated. The portfolio continues to be heavily concentrated with the top five holdings representing around 45% of the total US long holdings. The largest position is Google which was first established in 2010 and now accounts for 10.47% of the US long portfolio. The largest five positions are Google Inc., Fidelity National Information Services, Harley-Davidson Inc., Priceline Group Inc., and Baidu Inc.Stake Disposals:None.New Stakes:Sirona Dental Systems (SIRO): SIRO is a 3.09% of the US long portfolio position established this quarter at prices between $67 and $75. The stock currently trades at $74.70. The substantial stake establishment indicates a bullish bias.Stake Decreases:Baidu Inc. (BIDU): BIDU is Mueffling’s fourth-largest position at 8.16% of the US long portfolio. It was a ~5% position first established in 2012. The stake was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in Q2 2013 at prices between $83 and $103. The position was marginally decreased in each of the last three quarters. The stock currently trades at around $153. Mueffling is bullish on Baidu. However, the stock is trading well above his purchase price ranges and so investors attempting to follow him will have to wait for a better entry point.Brink’s Company (BCO): BCO is a 2.06% of the US long portfolio stake first established in 2012. The position was increased by ~20% in Q3 2013 at prices between $25.50 and $28.50 and the stake saw minor trimming in the last two quarters. The stock currently trades at $25.25. For investors attempting to follow Mueffling, BCO is a good option to consider for further research.Coca Cola (KO): KO is a 3.03% of the US long portfolio position that was reduced by over 50% this quarter at prices between $37 and $41. The stock currently trades at $40.87. The original stake was a ~2.5M share position established in 2010 at prices between $25 and $33. The position was increased by 40% in 2011 and doubled in 2012. The large stake reduction this quarter indicates a clear bearish bias.Colgate Palmolive (CL): CL is a very long-term position which currently accounts for 2.70% of the US long portfolio - in the beginning of 2013, it accounted for over 7% of the US long portfolio: the stake was reduced by more than half in Q2 2013 at prices between $56 and $63 and was marginally reduced in the last three quarters. The stock currently trades at around $67.65. The activity indicates a bearish bias.Credit Acceptance Corporation (CACC): CACC was a ~1% of the US long portfolio position established in 2012. The stake was increased by around 50% in Q2 2013 at prices between $96 and $122. The position has since been kept relatively steady - last quarter saw a minor stake increase while this quarter saw marginal trimming. The stock currently trades at around $131. The activity does not indicate a clear bias.Harley Davidson (HOG): HOG is a large 8.41% of the US long portfolio position that was established in Q2 2013 at prices between $50 and $60. The stake was increased by 56% in Q3 2013 at prices between $54 and $65. The stock currently trades well above the top-end of those ranges at $72.12. The position saw minor trimming in the last two quarters but is currently his third largest position after Google and Fidelity National Information Services.LKQ Corporation (LKQ): LKQ is a 2.63% of the US long portfolio position that was reduced by ~24% in Q3 2013 at prices between $25.50 and $32. The stock currently trades at $28.78. The position was first purchased in 2012 and was substantially increased in Q1 2013 at prices between $20 and $24. The stake was reduced marginally last quarter. This quarter saw a ~22% stake reduction at prices between $24.77 and $32.90. The activity indicates a mild bearish bias.Altera Corporation (ALTR): ALTR is a 4.71% of the US long portfolio stake first purchased in 2011. The position was almost doubled in Q1 2013 at prices between $33 and $36.50. Q3 2013 saw a 25% stake increase at prices between $33 and $39. Last two quarters saw minor trimming. The stock currently trades near the low-end of his purchase prices ranges at around $32.38. For investors attempting to follow Mueffling, ALTR is a very good option to consider.The following positions were marginally reduced this quarter: Analog Devices (ADI) at 8.01%, Ecolab (ECL) at 6.35%, Google Inc. (GOOG) at 10.47%, Priceline Inc. (PCLN) at 8.26%, Solera Holdings (SLH) at 2.53%, and Waters Corporation (WSH) at 0.35%. The minor activity does not indicate a change in bias.Stake Increases:Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio position at prices between $39 and $46. Q3 2013 saw a 15% stake increase at prices between $42.50 and $47.50. This quarter, the position was increased by 44% at prices between $48.87 and $56.55. The stock currently trades at $53.75 and is Mueffling’s second-largest position at 9.58% of the US long portfolio.Ambev SA (ABEV): ABEV is a 3.87% of the US long portfolio position established in November 2013 as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. This quarter saw a one-third stake increase at prices between $6.23 and $7.45. The stock currently trades at $7.39. Mueffling is bullish on ABEV.Grainger W. W. (GWW): GWW was a 2.35% of the US long portfolio stake established in Q3 2013 at prices between $247 and $274. The position was almost doubled last quarter at prices between $248 and $272 and increased by another 50% this quarter at prices between $229 and $266. The stake currently accounts for 5.94% of the US long portfolio. The stock is trading near the low-end of Mueffling’s purchase price ranges at $251. For investors attempting to follow him, GWW is a very good option to consider for further research.Willis Group Holdings (WSH): WSH was a 2.41% of the US long portfolio stake established in Q3 2013 at prices between $40.50 and $45. The position was increased by ~78% last quarter at prices between $42 and $46.50 and another one-third this quarter at prices between $41 and $45. The stake currently accounts for 5.11% of the US long portfolio. The stock is trading near the low-end of Mueffling’s purchase price ranges at $41.59 and so is a good option to consider when following him.MSC Industrial Direct Inc. (MSM): MSM is a 1.94% of the US long portfolio position established last quarter at prices between $75.50 and $83.50. This quarter saw an 84% stake increase at prices between $80 and $89. The stock currently trades at $89.81.Kept Steady:None.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q1 2014:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q4 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 02/10/2014. Please visit our to get an idea of his investment philosophy and our highlighting the fund’s moves during Q3 2013.This quarter, Mueffling’s US long portfolio increased ~10% from $3.83B to $4.22B. The number of holdings in the portfolio decreased from 21 to 19: positions in Banco Bradesco, Companhia Bebidas, Open Table, and Philip Morris were eliminated and replaced with positions in Ambev SA and MSC Industrial Direct. The portfolio continues to be heavily concentrated with the top five holdings representing 46.05% of the total US long holdings. The largest holding is Google which has been in the portfolio since 2010 and now accounts for 10.84% of the US long portfolio.Stake Disposals:Companhia Bebidas (ABV): ABV was a 5.21% of the US long portfolio stake first established in 2010. The position was increased by 50% in Q2 2013 at prices between $33 and $44. The stake was further increased by ~52% last quarter at prices between $34 and $39. The stock currently trades at around $37. In November, the position was replaced by shares in Ambev SA as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each ABV share they held.Philip Morris (PM): PM was a large long-term position in the portfolio that was built-up aggressively in 2010 and 2011. In 2012, the position was reduced by around 50% to a still significant 3.67% of the US long portfolio. Since then, the position had been kept steady, although minor adjustments were made. This quarter, the position was eliminated at prices between $84 and $92. The stock currently trades below that range at around $79. PM announced in November that 2014 will be viewed as an investment year and since then the stock has been especially weak. The stake elimination indicates a bearish bias.Banco Bradesco (BBD): BBD was a 2.11% position first established in 2011 at prices between $13.50 and $19.20. It was kept relatively steady until this quarter with the position size increasing a cumulative ~10% in the interim. The stake was eliminated this quarter at prices between $12 and $15.50. The stock currently trades below that range at $11.Open Table (OPEN): OPEN was a small 1.10% of the US long portfolio position first established in 2011. The position was doubled to a 2% stake in 2012. The stake was reduced by more than half in Q2 2013 at prices between $55 and $70 and was almost eliminated last quarter at prices between $62 and $77. The minute 0.02% position that remained was eliminated this quarter. The stock currently trades at around $73. The activity indicates a clear bearish bias.New Stakes:MSC Industrial Direct Inc. (MSM): MSM is a 1.01% of the US long portfolio position established this quarter at prices between $75.50 and $83.50. The stock currently trades at $81.50.Ambev SA (ABEV): ABEV is a 3.87% of the US long portfolio position established in November as a result of a stock-swap merger transaction that resulted in ABV holders receiving 5 shares of Ambev SA for each share they held. The stock currently trades at $6.70. Mueffling is bullish on ABEV.Stake Decreases:Baidu Inc. (BIDU): BIDU is Mueffling’s second-largest position at 9.84% of the US long portfolio. It was a ~5% position first established in 2012. The stake was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% in Q2 2013 at prices between $83 and $103. The position was marginally decreased last quarter and saw another minor trimming this quarter. The stock currently trades at around $165 having vaulted over 63% in Q3 2013 and a few more points since. Mueffling is bullish on Baidu. However, the stock is trading well above his purchase price ranges and so investors attempting to follow him will have to wait for a better entry point.Altera Corporation (ALTR): ALTR is a 4.35% of the US long portfolio stake first purchased in 2011. The position was almost doubled in Q1 2013 at prices between $33 and $36.50. Last quarter saw a 25% increase in the position size at prices between $33 and $39. This quarter saw a minor stake decrease. The stock currently trades near the low-end of his purchase prices ranges at around $33.91. For investors attempting to follow Mueffling, ALTR is a very good option to consider.Brinks Corporation (BCO): BCO is a 2.53% of the US long portfolio stake first established in 2012. The position was increased by ~20% last quarter at prices between $25.50 and $28.50 and the stake saw minor trimming this quarter. The stock currently trades at around $31.Colgate Palmolive (CL): CL is a very long-term position which currently accounts for 2.80% of the US long portfolio - in the beginning of the year, it accounted for over 7% of the US long portfolio: the position was reduced by more than half in Q2 2013 at prices between $56 and $63 and was marginally reduced last two quarters. The stock currently trades at around $61.50. The activity indicates a bearish bias.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. In Q2 2013, the position was increased to a large 6.11% of the US long portfolio position at prices between $39 and $46. Last quarter saw a 15% stake increase at prices between $42.50 and $47.50. This quarter saw a slight stake-decrease and the position now stands at 6.83% of the US long portfolio. The stock currently trades outside those ranges at $53.Harley Davidson (HOG): HOG is a large 9.03% of the US long portfolio position that was established in Q2 2013 at prices between $50 and $60. The stake was increased by 56% last quarter at prices between $54 and $65. The stock currently trades at the top-end of those ranges at around $65. The position saw minor trimming this quarter but is currently his third largest position after Google and Baidu.LKQ Corporation (LKQ): LKQ is a 4.32% of the US long portfolio position that was reduced by ~24% last quarter at prices between $25.50 and $32. The stock currently trades at $27.35. The position was first purchased in 2012 and was substantially increased in Q1 2013 at prices between $20 and $24. The stake was reduced marginally this quarter.The following positions were marginally reduced this quarter: Analog Devices (ADI) at 8.01%, Coca Cola (KO) at 7%, Ecolab (ECL) at 6.31%, Google Inc. (GOOG) at 10.84%, Priceline Inc. (PCLN) at 8.33%, Solera Holdings (SLH) at 2.89%, and Waters Corporation (WSH) at 2.52%. The minor activity does not indicate a change in bias.Stake Increases:Grainger W. W. (GWW): GWW was a 2.35% of the US long portfolio stake established last quarter at prices between $247 and $274. The position was almost doubled this quarter at prices between $248 and $272. The stake currently accounts for 4.08% of the US long portfolio. The stock is trading below Mueffling’s purchase price ranges at $234 and so is a good option to consider when following him.Willis Group Holdings (WSH): WSH was a 2.41% of the US long portfolio stake established last quarter at prices between $40.50 and $45. The position was increased by ~78% this quarter at prices between $42 and $46.50. The stake currently accounts for 4.01% of the US long portfolio. The stock is trading within Mueffling’s purchase price ranges at $43 and so is a good option to consider when following him.Credit Acceptance Corporation (CACC): CACC was a ~1% of the US long portfolio position established in 2012. The stake was increased by around 50% in Q2 2013 to a ~1.50% position at prices between $96 and $122. The position has since been kept relatively steady. The stock currently trades at around $129. The activity does not indicate a clear bias.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q4 2013:"

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q3 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 11/12/2013. Please visit our to get an idea of his investment philosophy and the fund’s moves during Q2 2013.This quarter, Mueffling’s US long portfolio increased ~17% from $3.27B to $3.83B. The number of holdings in the portfolio increased from 21 to 22: a 4.96% position in Oracle Corporation was disposed of and new positions in Grainger W.W. and Willis Group Holdings were established this quarter. The portfolio has become more concentrated as the top five holdings now represent 51.70% of the US long portfolio compared to just over 40% as of last quarter. The largest holding is Baidu Inc. which has been in the portfolio since 2010 and now accounts for 11.08% of the US long portfolio.Stake Disposals:Oracle (ORCL): ORCL was a fairly large 6.10% of the US long portfolio position in 2009. In 2010 the stake was increased by almost 4 times and was doubled again in 2011. Last year Oracle (ORCL) and Google (GOOG) were the top two positions and each had an allocation just over 10% of the US long portfolio. The Oracle position was increased by 25% in Q1 2013 at prices between $31 and $37. Last quarter saw an about-turn as the position was reduced by half to a still significant ~5% of the US long portfolio at prices between $30 and $35. This quarter, the position was eliminated at prices between $30 and $34. The stock currently trades at around $34.70. The stake elimination indicates a clear bearish bias.New Stakes:Grainger W. W. (GWW) & Willis Group Holdings (WSH): GWW and WSH are similarly sized small (2.75% and 2.71% of the US long portfolio) stakes established this quarter. GWW stake was established at prices between $247 and $274 and it currently trades at $268. WSH stake was established at prices between $40.50 and $45 and it currently trades at $44.74. The stocks are trading within Mueffling’s purchase price ranges and so are good options to consider when following him.Stake Decreases:Baidu Inc. (BIDU): BIDU was a ~5% of the US long portfolio position established in 2012. The stake was increased by over 30% in Q1 2013 at prices between $84 and $113 and another 30% last quarter at prices between $83 and $103. The position was marginally decreased this quarter. The stock currently trades at around $150 having vaulted over 63% during the quarter. Mueffling is bullish on Baidu. However, the stock is trading well above his purchase price ranges and so investors attempting to follow him will have to wait for a better entry point.Colgate Palmolive (CL): CL is a very long-term position which currently accounts for 3.29% of the US long portfolio - in the beginning of the year, it accounted for over 7% of the US long portfolio: the position was reduced by more than half last quarter at prices between $56 and $63 and was marginally reduced this quarter. The stock currently trades at around $65. The activity indicates a bearish bias.Open Table (OPEN): OPEN was a small 1.10% of the US long portfolio position first established in 2011. The position was doubled to a 2% stake in 2012. The stake was reduced by more than half last quarter to a 0.88% of the US long portfolio position at prices between $55 and $70. The position was almost eliminated this quarter at prices between $62 and $77. The stock currently trades outside those ranges at around $82. The activity indicates a clear bearish bias.LKQ Corporation (LKQ): LKQ is a 5.39% of the US long portfolio position that was reduced by ~24% this quarter at prices between $25.50 and $32. The stock currently trades at $31. The position was first purchased in 2012 and was substantially increased in Q1 2013 at prices between $20 and $24. The stake reduction indicates a mild bearish bias.Credit Acceptance Corporation (CACC): CACC was a ~1% of the US long portfolio position established in 2012. The stake was increased by around 50% last quarter to a ~1.50% position at prices between $96 and $122. The position was marginally reduced this quarter and the stock currently trades at around $126. The activity does not indicate a clear bias.The following positions were marginally reduced this quarter: Analog Devices (ADI) at 9.55%, Banco Bradesco (BBD) at 2.11%, Coca Cola (KO) at 8.28%, Ecolab (ECL) at 7.72%, Google Inc. (GOOG) at 10.93%, Philip Morris (PM) at 3.07%, Priceline Inc. (PCLN) at 9.34%, Solera Holdings (SLH) at 2.79%, and Waters Corporation (WSH) at 3.45%. The minor activity does not indicate a change in bias.Stake Increases:Harley Davidson (HOG): HOG is a large 10.80% of the US long portfolio position that was established last quarter at prices between $50 and $60. The stake was increased by 56% this quarter at prices between $54 and $65. The stock currently trades at around $64. It is currently his third largest position after Baidu and Google. For investors attempting to follow Mueffling, HOG is a good option to consider.Companhia Bebidas (ABV): ABV is a 5.21% of the US long portfolio stake first established in 2010. The position was increased by 50% last quarter at prices between $33 and $44. The stake was further increased by ~52% this quarter at prices between $34 and $39. The stock currently trades at around $37. The consistent stake increase indicates a clear bullish bias. For investors attempting to follow Mueffling, ABV is a good option to consider.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established in Q1 2013. Last quarter, the position was increased to a large 6.11% of the US long portfolio position at prices between $39 and $46. This quarter saw a 15% stake increase at prices between $42.50 and $47.50. The stock currently trades outside that range at around $49. The consistent stake increase indicates a clear bullish bias.Altera Corporation (ALTR): ALTR is a fairly large 6.42% of the US long portfolio stake first purchased in 2011. The position was almost doubled in Q1 2013 at prices between $33 and $36.50. This quarter saw a 25% increase in the position size at prices between $33 and $39. The stock currently trades near the low-end of those ranges at around $33. For investors attempting to follow Mueffling, ALTR is a very good option to consider.Brinks Corporation (BCO): BCO is a 2.71% of the US long portfolio stake first established in 2012. The position was increased by ~20% this quarter at prices between $25.50 and $28.50. The stock currently trades at around $31.70.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q3 2013:To learn more about how to profit from a strategy of following the moves of the best money managers, check-out our book “ ."

"Tracking William Von Mueffling’s Cantillon Capital Management Portfolio – Q2 2013 Update"

"This article is first in a series that provides an ongoing analysis of the changes made to William Von Mueffling’s US stock portfolio on a quarterly basis. It is based on Mueffling’s regulatory filed on 07/11/2013. William Von Mueffling shot to fame while at Lazard Asset Management by posting 30% annualized returns in the 1998-2003 timeframe. That level of return during the extended market turmoil was made possible through timely short positions on several Internet highfliers. Mueffling founded Cantillon Capital Management in 2003. By 2007, Assets Under Management (AUM) had grown to around $10B. In 2008, the business had net outflows as his funds lost money. The following year he surprised everyone by abandoning shorting as an investment strategy explaining that it was very difficult to short when the government is printing money. As a result, his long/short funds were closed and all except around $1B in the long-only global equity funds (launched in 2005) were returned. Currently, the firm has around $8B in AUM of which around 40% is in US listed stocks. In the , Mueffling classified his investment style as “high-ROE investing” whereby the focus is on picking stocks that show consistently high Returns On Equity (ROE) that are “neither super-expensive nor super-cheap, where the market has a hard time trying to figure out what the right price is”.This quarter, Mueffling’s US long portfolio increased marginally from $3.15B to $3.27B. The number of holdings in the portfolio remained steady at 21. The top five holdings represent more than 40% of the US long assets. The largest holding is Google Inc. (GOOG) which has been in the portfolio since 2010 and now accounts for 11.11% of the US long portfolio.Stake Disposals:Core Laboratories (CLB): CLB is a 1.59% of the US long portfolio position established in 2012. In Q1 2013, the position was doubled to a 3.27% stake at prices between $109 and $140. This quarter, the entire position was eliminated at prices between $126 and $154. The stock currently trades at around $154. The about-turn this quarter indicates a clear bearish bias.New Stakes:Harley Davidson (HOG): HOG is a fairly large 5.92% of the US long portfolio position that was established this quarter at prices between $50 and $60. The stock currently trades at near the mid-point of that range at $56. For investors attempting to follow Mueffling, HOG is a good option to consider.Stake Decreases:Colgate Palmolive (CL): CL is a very long-term position which accounted for over 7% of the US long portfolio as of last quarter. The position was reduced by more than half this quarter at prices between $56 and $63. The stock currently trades at $59. The significant stake reduction of a large long-term position indicates a clear bearish bias.Open Table (OPEN): OPEN was a small 1.10% of the US long portfolio position first established in 2011. The position was doubled to a 2% stake in 2012. The position was reduced by more than half this quarter to a 0.88% of the US long portfolio position at prices between $55 and $70. The stock currently trades at around $68. The significant stake reduction indicates a bearish bias.Oracle (ORCL): ORCL was a fairly large 6.10% of the US long portfolio position in 2009. In 2010 the position was increased by almost 4 times and was doubled in 2011 as well. Last year Oracle (ORCL) and Google (GOOG) were the top two positions and each had an allocation just over 10% of the US long portfolio. The position was increased by 25% last quarter at prices between $31 and $37. This quarter saw an about-turn as the position was reduced by half to a still significant ~5% of the US long portfolio at prices between $30 and $35. The stock currently trades at around $31. The large stake reduction indicates a bearish bias.Stake Increases:Baidu Inc. (BIDU): BIDU was a ~5% of the US long portfolio position established in 2012. The stake was increased by over 30% last quarter at prices between $84 and $113 and another 30% this quarter at prices between $83 and $103. The stock currently trades at $97. The aggressive stake build-up over several quarters indicates a clear bullish bias.Companhia Bebidas (ABV): ABV was a 3.29% of the US long portfolio stake first established in 2010. The position was increased by 50% this quarter at prices between $33 and $44. The stock currently trades at around $36. Despite the increase in the number of shares owned, the stake only represent about 3.34% of the US long portfolio stake, as his US long-only assets has increased significantly during the last three years. The stake increase indicates a bullish bias.Credit Acceptance Corporation (CACC): CACC was a ~1% of the US long portfolio position established in 2012. The position was increased by around 50% this quarter to a ~1.50% position at prices between $96 and $122. The stock currently trades at $110. The activity indicates a mild bullish bias.Fidelity National Information Services (FIS): FIS was a minute 0.20% of the US long portfolio position established last quarter. This quarter, the position was increased to a large 6.11% of the US long portfolio position at prices between $39 and $46. The stock currently trades at the top end of that range at around $45. The stake increase indicates a clear bullish bias.The rest of the positions were marginally increased this quarter. Significantly large positions among them include Altera Corporation (ALTR) at 4.56%, Analog Devices (ADI) at 9.24%, Coca Cola (KO) at 8.87%, Ecolab Inc. (ECL) at 6.72%, Google Inc. (GOOG) at 11.11%, LKQ Corporation (LKQ) at 5.72%, Philip Morris (PM) at 3.10%, Priceline Inc. (PCLN) at 7.71%, Solera Holdings (SLH) at 2.98%, and Waters Corporation (WAT) at 3.29%. Banco Bradesco (BBD) and Brinks (BCO) are smaller 2% positions also in the portfolio.The spreadsheet below highlights changes to Mueffling’s US stock holdings in Q2 2013:"

"Tracking Baker Brothers Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 8/14/2023. The 13F portfolio value decreased from $18.38B to $17.28B. Although there are ~120 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 16 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Seagen, Incyte, BeiGene, ACADIA Pharma, and Madrigal Pharma. They add up to ~83% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q1 2023.Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns through prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), Salix (acquired by Valeant), Alexion (acquired by AstraZeneca), Global Blood Therapeutics (acquired by Pfizer), and ChemoCentryx (acquired by Amgen).Stake Increases:Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. There was a ~13% stake increase over the two quarters through Q1 2022 at prices between ~$63 and ~$80. The stock currently trades at $65.25, and it is a top-three stake at ~13% of the portfolio. There was a marginal increase in the last two quarters.Note: Baker Brothers controls ~16.3% of the business.ACADIA Pharmaceuticals (ACAD): The ~6% ACAD stake was established in the 2012-2013 timeframe at very low prices. The last major activity was in Q4 2018 when there was a ~40% stake increase at prices between ~$14 and ~$22. The stock currently trades at ~$27. There was a marginal increase in the last two quarters.Note: They have a ~26% ownership stake in the business.AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently go for $5.80. Baker Brothers’ stake goes back to funding rounds prior to the IPO. There was a ~60% stake increase this quarter at prices between $5.66 and $7.60.Kymera Therapeutics (KYMR), and Roivant Sciences (ROIV): These two very small stakes saw substantial increases this quarter. The 0.58% KYMR stake was increased by ~50% at prices between ~$22.50 and ~$35. It is now below that range at $19.59. ROIV is a 0.55% position that was doubled this quarter at prices between ~$7 and ~$10. It now trades above that range at $11.58.Stake Decreases:Seagen Inc. (SGEN): SGEN is currently the largest position by far at ~50% of the entire portfolio. It is a very long-term stake that has been in the portfolio for over fifteen years. The position was built to ~20.5M shares in the 2004-2011 timeframe at prices between low-single-digits and low-20s. Q1 2014 to Q1 2016 saw another stake doubling at prices between ~$30 and ~$55. There was a ~5% trimming this quarter. The stock currently trades at ~$207.Note: They have ~25% ownership stake in the business. In March, Pfizer (PFE) agreed to acquire Seagen in a $229 per share all-cash deal.Kept Steady:BeiGene Limited (BGNE): The large (top three) ~12% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently goes for ~$211. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor.Note: Baker Brothers controls ~13% of the business.Madrigal Pharmaceuticals (MDGL): The last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. The stock is now at ~$178. There was a minor ~3% stake increase during Q4 2022.Note: Baker Brothers controls ~9% of Madrigal Sciences.BioMarin Pharmaceutical (BMRN): A small stake in BMRN was first purchased in 2006 but was eliminated the following year at higher prices. The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. 2017 saw a ~60% stake increase at prices between ~$80 and ~$95. The last quarter saw the position reduced by ~50% at prices between ~$88 and ~$117. The stock is now at ~$94, and the stake is at 1.91% of the portfolio.Immunocore Holdings plc (IMCR): IMCR is a very small 0.87% of the portfolio position that was kept steady this quarter. They have a ~10% ownership stake in the business.Kodiak Sciences (KOD): KOD is now a small 0.69% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently goes for $2.25. The last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76. They have a ~30% ownership stake in the business. Q2 2022 saw a ~9% stake increase.Note: In December 2019, Baker Brothers struck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M.Akero Therapeutics (AKRO): AKRO is a 0.64% of the portfolio stake built during Q3 2022 at prices between ~$10 and ~$34. The stock currently trades well above that range at $49.71.Note: They have a ~5% ownership stake in the business.argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase in Q1 2021 at prices between ~$268 and ~$380. Q3 2022 saw a ~75% reduction at prices between ~$343 and ~$396. The stock currently trades at ~$503 and the stake is at 0.63% of the portfolio.Rhythm Pharma (RYTM): The small 0.62% of the portfolio stake in RYTM saw a ~47% stake increase during Q2 2022 at prices between $4.30 and $30.85 and the stock is now at ~$26. The last two quarters saw minor increases.Note: They have a ~11.5% ownership stake in Rhythm Pharma.Replimune Group (REPL): The very small 0.62% REPL stake saw a ~18% increase during Q4 2022 at prices between ~$17 and ~$28. The stock is now at ~$21.Note: they have a ~10% ownership stake in the business.BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is still a small position at 0.52% of the portfolio. The last major activity was in 2019 when Q2 to Q4 saw a one-third selling at prices between ~$1.60 and ~$8.70. The stock currently trades at $6.94.Note: Baker Brothers controls ~10% of BioCryst Pharmaceuticals.Note: Baker Brothers has significant ownership stakes in the following businesses – 2seventy Bio (TSVT), Achilles Therapeutics (ACHL), Aeglea BioTherapeutics (AGLE), Aerovate (AVTE), Aravive Inc. (ARAV), Biomea Fusion (BMEA), Cabaletta Bio (CABA), Cerus Pharma (CERS), HOOKIPA Pharma (HOOK), Immatics (IMTX), Kala Pharma (KALA), Neoleukin Therapeutics (NLTX), Nurix Therapeutics (NRIX), Opthea Ltd. (OPT), Talis Biomedical (TLIS), and TScan Therapeutics (TCRX).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q2 2023:Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/23/2023 to 5/24/2023: 13D/A – 5/5 – BGNE – 152.5M shares – 11.2% of business. 13D, Form 3 – 5/5 – BLCM – Bellicum – 2.2M shares (~20% of business – includes ownership based on warrants to buy). 13D/A – 5/3 – SGEN – 44.62M shares – 23.8% of business, Form 4s – 5/3 – minor. Form 4 – 4/4, 3/31 – IGMS – minor - ~2.90M shares. Form 4 – 4/4 – INCY - minor."

"Tracking Baker Brothers Portfolio – Q1 2023 Update"

"Baker Brothers’ 13F portfolio value increased from $16.65B to $18.38B this quarter.BioMarin Pharma stake was reduced, and Ascendis Pharma position was dropped during the quarter.The top three positions are Seagen, Incyte Corporation, and BeiGene, and they add up to almost ~80% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 5/15/2023. The 13F portfolio value increased from $16.65B to $18.38B. Although there are ~120 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 14 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Seagen, Incyte, BeiGene, ACADIA Pharma, and Madrigal Pharma. They add up to ~86% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q4 2022.Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns through prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), Salix (acquired by Valeant), Alexion (acquired by AstraZeneca), Global Blood Therapeutics (acquired by Pfizer), and ChemoCentryx (acquired by Amgen).Stake Disposals:Ascendis Pharma A/S (ASND): The 3.63% of the portfolio stake in ASND was built in 2017 at prices between ~$20 and ~$40. Q3 2021 saw a ~28% stake increase at prices between ~$113 and ~$177. The stake was sold this quarter at prices between ~$105 and ~$127. The stock currently trades at ~$87.Horizon Therapeutics (HZNP): HZNP was a small 0.66% of the portfolio stake that saw a ~50% stake increase in Q1 2022 at prices between ~$86 and ~$110. That was followed with a ~28% increase next quarter at prices between ~$80 and ~$116. The stake was sold this quarter at prices between ~$107 and ~$114. The stock currently trades at ~$100.Note: In December, Amgen (AMGN) agreed to acquire HZNP for $116.50 per share in cash. FTC has sued to block the deal.Stake Increases:Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. There was a ~13% stake increase over the two quarters through Q1 2022 at prices between ~$63 and ~$80. The stock currently trades at $61.55, and it is a top-three stake at 14.22% of the portfolio. There was a marginal increase this quarter.Note: Baker Brothers controls ~16.3% of the business.ACADIA Pharmaceuticals (ACAD): The ~4% ACAD stake was established in the 2012-2013 timeframe at very low prices. The last major activity was in Q4 2018 when there was a ~40% stake increase at prices between ~$14 and ~$22. The stock currently trades at $23.50. There was a marginal increase this quarter.Note: They have a ~26% ownership stake in the business.Rhythm Pharma (RYTM): The small 0.63% of the portfolio stake in RYTM saw a ~47% stake increase during Q2 2022 at prices between $4.30 and $30.85 and the stock is now at $16.66. The last two quarters saw minor increases.Note: They have a ~11.5% ownership stake in Rhythm Pharma.Stake Increases:BioMarin Pharmaceutical (BMRN): A small stake in BMRN was first purchased in 2006 but was eliminated the following year at higher prices. The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. 2017 saw a ~60% stake increase at prices between ~$80 and ~$95. This quarter saw the position reduced by ~50% at prices between ~$88 and ~$117. The stock is now at ~$87, and the stake is at ~2% of the portfolio.Kept Steady:Seagen Inc. (SGEN): SGEN is currently the largest position by far at ~52% of the entire portfolio. It is a very long-term stake that has been in the portfolio for over fifteen years. The position was built to ~20.5M shares in the 2004-2011 timeframe at prices between low-single-digits and low-20s. Q1 2014 to Q1 2016 saw another stake doubling at prices between ~$30 and ~$55. Since then, the activity has been minor. The stock currently trades at ~$196.Note: They have ~25% ownership stake in the business. In March, Pfizer (PFE) agreed to acquire Seagen in a $229 per share all-cash deal.BeiGene Limited (BGNE): The large (top three) 13.68% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently goes for ~$221. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor.Note: Baker Brothers controls ~13% of the business.Madrigal Pharmaceuticals (MDGL): The last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. The stock is now at ~$278. There was a minor ~3% stake increase last quarter.Note: Baker Brothers controls ~9% of Madrigal Sciences.Immunocore Holdings plc (IMCR): IMCR is a very small 0.68% of the portfolio position that was kept steady this quarter. They have a ~10% ownership stake in the business.Kodiak Sciences (KOD): KOD is now a small 0.58% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently goes for $5.93. The last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76. They have a ~30% ownership stake in the business. Q2 2022 saw a ~9% stake increase.Note: In December 2019, Baker Brothers struck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M.BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is still a small position at 0.58% of the portfolio. The last major activity was in 2019 when Q2 to Q4 saw a roughly one-third selling at prices between ~$1.60 and ~$8.70. The stock currently trades at $8.27.Note: Baker Brothers controls ~10% of BioCryst Pharmaceuticals.argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase in Q1 2021 at prices between ~$268 and ~$380. Q3 2022 saw a ~75% reduction at prices between ~$343 and ~$396. The stock currently trades at ~$389 and the stake is at 0.57% of the portfolio.Akero Therapeutics (AKRO): AKRO is a 0.49% of the portfolio stake built during Q3 2022 at prices between ~$10 and ~$34. The stock currently trades at $44.58.Note: They have a ~5% ownership stake in the business.Replimune Group (REPL): The very small 0.44% REPL stake saw a ~18% increase last quarter at prices between ~$17 and ~$28. The stock is now at ~$19.Note: they have a ~10% ownership stake in the business.AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently goes for $6.97. Baker Brothers’ stake goes back to funding rounds prior to the IPO.Note: Baker Brothers has significant ownership stakes in the following businesses – 2seventy Bio (TSVT), Achilles Therapeutics (AGLE), Aeglea BioTherapeutics (AGLE), Aerovate (AVTE), Aravive Inc. (ARAV), Biomea Fusion (BMEA), Cabaletta Bio (CABA), Cerus Pharma (CERS), HOOKIPA Pharma (HOOK), Immatics (IMTX), Kala Pharma (KALA), Kymera Therapeutics (KYMR), Nurix Therapeutics (NRIX), Opthea Ltd. (OPT), Talis Biomedical (TLIS), and Verastem (VSTM).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q1 2023:Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 1/5/2023 to 3/23/2023: 13D/A – 3/15 – INCY – 36.28M shares – 16.3% of business, . 13D/A – 3/13 – SGEN - ~47M shares – 25.1% of business. 13D/A – 3/10 – TLIS – 37.6M shares – 66.2% of business. 13G/As – 2/14 – CERS – 16.1M shares – 9.1% of business, Zymeworks – 3.81M shares – 5.9% of business, Biochryst Pharma – 19.1M shares – 9.91% of business, Verastem – ~27M shares – 13.5% of business, 2seventybio – 2.06M shares – 5.4% of business, Kala Pharma – 181K shares – 9.99% of business, Opthea Ltd. – 31.63M shares – 6.8% of business, HOOKIPA Pharma – 3.48M shares – 6.6% of business, Surrozen – 833K shares – 2.3% of business, Aravive – 4.59M shares – 7.5% of business, Akero Therapeutics – 2.37M shares – 5.1% of business, Madrigal Pharma – 1.55M shares – 9% of business, Nurix Therapeutics – 4.8M shares – 9.99% of business, Kymera Therapeutics – 2.88M shares – 5.2% of business, Inozyme Pharma – 2.17M shares – 5.1% of business, Rhythm Pharma – 6.35M shares – 11.3% of business, Replimune – 5.77M shares – 9.99% of business, Immatics NV – 5.19M shares – 6.8% of business, Cyteir Therapeutics – 2.49M shares – 7% of business, Cabaletta Bio – 1.34M shares – 5.2% of business, Biomea Fusion – 2.1M shares – 7.2% of business, Aerovate Therapeutics – 1.98M shares – 8% of business, Ascendis Pharma – 4.95M shares – 8.7% of business, Aeglea Bio Therapeutics – 6.38M shares – 9.9% of business, Achilles Therapeutics – 4.21M shares – 9.9% of business, Mereo Biopharma – 69.36M shares – 9.99% of business, Merus NV – zero, 13D – 2/10 – Otonomy – zero, 13D/A, Form 4 – 1/17 – ACAD - 42.16M shares – 26% of business."

"Tracking Baker Brothers Portfolio – Q4 2022 Update"

"Baker Brothers’ 13F portfolio value increased from $15.27B to $16.65B this quarter.Replimune Group stake was substantially increased this quarter.The top three positions are Seagen, Incyte Corporation, and BeiGene, and they add up to almost ~69% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 2/14/2023. The 13F portfolio value decreased from $15.27B to $16.65B. Although there are ~120 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 17 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Seagen, Incyte, BeiGene, BioMarin Pharma, and ACADIA Pharma. They add up to ~78% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous the fund’s moves during Q3 2022.Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns through prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), Salix (acquired by Valeant), Alexion (acquired by AstraZeneca), Global Blood Therapeutics (acquired by Pfizer), and ChemoCentryx (acquired by Amgen).Stake Disposals:Global Blood Therapeutics and ChemoCentryx Inc.: In August, Pfizer (PFE) agreed to acquire Global Blood Therapeutics in a $68.50 per share all-cash deal. The transaction closed in October. Amgen (AMGN) acquired ChemoCentryx in a $52 per share all-cash deal that closed in October.Stake Increases:Ascendis Pharma A/S (ASND): The bulk of the current 3.63% of the portfolio stake in ASND was built in 2017 at prices between ~$20 and ~$40. Q3 2021 saw a ~28% stake increase at prices between ~$113 and ~$177. The stock currently trades at $71.20. There was a minor ~2% stake increase this quarter.Note: Baker Brothers controls ~8.7% of the business.Madrigal Pharmaceuticals (MDGL): The last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. The stock is now at ~$241. There was a minor ~3% stake increase this quarter.Note: Baker Brothers controls ~9% of Madrigal Sciences.Rhythm Pharma (RYTM): The 1.11% of the portfolio stake in RYTM saw a ~47% stake increase during Q2 2022 at prices between $4.30 and $30.85 and the stock is now at ~$18. This quarter saw a minor ~5% further increase.Note: They have a ~11.3% ownership stake in Rhythm Pharma.Replimune Group (REPL): The very small 0.75% REPL stake saw a ~18% increase this quarter at prices between ~$17 and ~$28. The stock is now at $16.91.Note: they have a ~10% ownership stake in the business.Kept Steady:Seagen Inc. (SGEN): SGEN is currently the largest position by far at ~36% of the entire portfolio. It is a very long-term stake that has been in the portfolio for over fifteen years. The position was built to ~20.5M shares in the 2004-2011 timeframe at prices between low-single-digits and low-20s. Q1 2014 to Q1 2016 saw another stake doubling at prices between ~$30 and ~$55. Since then, the activity has been minor. The stock currently trades at ~$205.Note: They have ~25% ownership stake in the business. Last month, Pfizer (PFE) agreed to acquire Seagen in a $229 per share all-cash deal.Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. There was a ~13% stake increase over the two quarters through Q1 2022 at prices between ~$63 and ~$80. The stock currently trades at $72.65, and it is a top-three stake at 17.44% of the portfolio.Note: Baker Brothers controls ~16.3% of the business.BeiGene Limited (BGNE): The large (top three) 15.41% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently goes for ~$215. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor.Note: Baker Brothers controls ~13% of the business.BioMarin Pharmaceutical (BMRN): A small stake in BMRN was first purchased in 2006 but was eliminated the following year at higher prices. The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. The last major activity was a ~60% stake increase in 2017 at prices between ~$80 and ~$95. The stock is now at $95.43, and the stake is at 4.74% of the portfolio.ACADIA Pharmaceuticals (ACAD): The ~4% ACAD stake was established in the 2012-2013 timeframe at very low prices. The last major activity was in Q4 2018 when there was a ~40% stake increase at prices between ~$14 and ~$22. The stock currently trades at $18.48. There was a marginal increase in Q2 2022.Note: They have a ~26% ownership stake in the business.BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is still a small position at 0.88% of the portfolio. The last major activity was in 2019 when Q2 to Q4 saw a roughly one-third selling at prices between ~$1.60 and ~$8.70. The stock currently trades at $8.30.Note: Baker Brothers controls ~10% of BioCryst Pharmaceuticals.Immunocore Holdings plc (IMCR): IMCR is a very small 0.86% of the portfolio position that was kept steady this quarter. They have a ~10% ownership stake in the business.Akero Therapeutics (AKRO): AKRO is a 0.78% of the portfolio stake built last quarter at prices between ~$10 and ~$34. The stock currently trades at $37.78.Note: They have a ~5% ownership stake in the business.Kodiak Sciences (KOD): KOD is now a small 0.74% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently goes for $4.97. The last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76. They have a ~30% ownership stake in the business. Q2 2022 saw a ~9% stake increase.Note: In December 2019, Baker Brothers struck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M.Horizon Therapeutics (HZNP): HZNP is a small 0.66% of the portfolio stake that saw a ~50% stake increase in Q1 2022 at prices between ~$86 and ~$110. That was followed with a ~28% increase next quarter at prices between ~$80 and ~$116. The stock currently trades at ~$108. There was a ~15% trimming this quarter.Note: In December, Amgen (AMGN) agreed to acquire HZNP for $116.50 per share in cash.argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase in Q1 2021 at prices between ~$268 and ~$380. The last quarter saw a ~75% reduction at prices between ~$343 and ~$396. The stock currently trades at ~$367 and the stake is at 0.64% of the portfolio.AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently goes for $7.21. Baker Brothers’ stake goes back to funding rounds prior to the IPO.Mirati Therapeutics (MRTX): The last major activity in MRTX was a ~50% selling in Q3 2019 at prices between ~$76 and ~$106. The stock currently trades at $37.34.Note: Baker Brothers has significant ownership stakes in the following businesses – 2seventy Bio (TSVT), Achilles Therapeutics (AGLE), Aeglea BioTherapeutics (AGLE), Aerovate (AVTE), Aravive Inc. (ARAV), Biomea Fusion (BMEA), Cabaletta Bio (CABA), Cerus Pharma (CERS), Cyteir Therapeutics (CYT), HOOKIPA Pharma (HOOK), Immatics (IMTX), Inozyme Pharma (INZY), Kala Pharma (KALA), Kymera Therapeutics (KYMR), Mereo BioPharma (MREO), Nurix Therapeutics (NRIX), Opthea Ltd. (OPT), Surrozen (SRZN), Talis Biomedical (TLIS), Verastem (VSTM), and Zymeworks (ZYME).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q4 2022:Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/4/20022 to 1/5/2023: Form 4 – 1/5 – INCY – minor – 33.42M shares, 10/4 –minor – 33.42M shares. 13G/A – 12/12 – AMRN - zero. 13G/A – 11/10 – Otonomy – OTIC – 3.45M shares – 6.1% of business. 13G/A – 10/7 – Rhythm Pharma – RYTM – 6.07M shares – 10.9% of business."

"Tracking Baker Brothers Portfolio – Q3 2022 Update"

"Baker Brothers’ 13F portfolio value decreased from $17.63B to $15.27B this quarter.Rhythm Pharma and Akero Therapeutics were increased while decreasing argenx SE and Horizon Therapeutics.The top three positions are Seagen, Incyte Corporation, and BeiGene, and they add up to almost 68% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 11/14/2022. The 13F portfolio value decreased from $17.63B to $15.27B. Although there are ~120 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 18 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Seagen, Incyte, BeiGene, ACADIA Pharma, and BioMarin Pharma. They add up to ~77% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous the fund’s moves during Q2 2022.Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns thru prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), Salix (acquired by Valeant), Alexion (acquired by AstraZeneca), and Global Blood Therapeutics (acquired by Pfizer).Stake Increases:Akero Therapeutics (AKRO) and Rhythm Pharma (RYTM): AKRO is a 0.53% of the portfolio stake built this quarter at prices between ~$10 and ~$34. The stock currently trades at $44.74. The ~1% of the portfolio stake in RYTM saw a ~47% stake increase this quarter at prices between $4.30 and $30.85 and the stock is now at $30.29.Note: They have a ~11% ownership stake in Rhythm Pharma.Stake Decreases:argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase in Q1 2021 at prices between ~$268 and ~$380. This quarter saw a ~75% reduction at prices between ~$343 and ~$396. The stock currently trades at ~$374 and the stake is at 0.65% of the portfolio.Horizon Therapeutics (HZNP): HZNP is a small 0.39% of the portfolio stake that saw a ~50% stake increase in Q1 2022 at prices between ~$86 and ~$110. That was followed with a ~28% increase last quarter at prices between ~$80 and ~$116. The stock currently trades at ~$113. There was a ~15% trimming this quarter.Note: In December, Amgen (AMGN) agreed to acquire HZNP for $116.50 per share in cash.Kept Steady:Seagen Inc. (SGEN): SGEN is currently the largest position by far at ~42% of the entire portfolio. It is a very long-term stake that has been in the portfolio for over fifteen years. The position was built to ~20.5M shares in the 2004-2011 timeframe at prices between low-single-digits and low-20s. Q1 2014 to Q1 2016 saw another stake doubling at prices between ~$30 and ~$55. Since then, the activity has been minor. The stock currently trades at ~$136.Note: They have ~25% ownership stake in the business.Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. The stock currently trades at $80.16, and it is a top-three stake at 15.78% of the portfolio. There was a ~13% stake increase over the two quarters through Q1 2022 at prices between ~$63 and ~$80.Note: Baker Brothers controls ~16.5% of the business.BeiGene Limited (BGNE): The large (top three) ~10% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently goes for ~$243. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor.Note: Baker Brothers controls ~13% of the business.ACADIA Pharmaceuticals (ACAD): The 4.49% ACAD stake was established in the 2012-2013 timeframe at very low prices. Last major activity was in Q4 2018 when there was a ~40% stake increase at prices between ~$14 and ~$22. The stock currently trades at $17.22. There was a marginal increase last quarter.BioMarin Pharmaceutical (BMRN): A small stake in BMRN was first purchased in 2006 but was eliminated the following year at higher prices. The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. Last major activity was a ~60% stake increase in 2017 at prices between ~$80 and ~$95. The stock is now at ~$107, and the stake is at 4.23% of the portfolio.Ascendis Pharma A/S (ASND): The bulk of the current 3.28% of the portfolio stake in ASND was built in 2017 at prices between ~$20 and ~$40. Q3 2021 saw a ~28% stake increase at prices between ~$113 and ~$177. The stock currently trades at ~$124. Last quarter saw a minor ~7% stake increase.Note: Baker Brothers controls ~9.1% of the business.Global Blood Therapeutics (GBT): The 1.66% GBT position saw a ~13% stake increase last quarter at prices between ~$22 and ~$37. In August, Pfizer (PFE) agreed to acquire GBT in a $68.50 per share all-cash deal. The transaction closed in October.BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is still a small position at ~1% of the portfolio. Last major activity was in 2019 when Q2 to Q4 saw a roughly one-third selling at prices between ~$1.60 and ~$8.70. The stock currently trades at $11.72.Note: Baker Brothers controls ~10% of BioCryst Pharmaceuticals.Kodiak Sciences (KOD): KOD is now a small 0.88% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently goes for $8.61. Last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76. They have a ~30% ownership stake in the business. Last quarter saw a ~9% stake increase.Note: In December 2019, Baker Brothers stuck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M.Immunocore Holdings plc (IMCR): IMCR is a very small 0.77% of the portfolio position that was kept steady this quarter. They have a ~10% ownership stake in the business.AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently goes for $9.65. Baker Brothers’ stake goes back to funding rounds prior to the IPO.Madrigal Pharmaceuticals (MDGL) and Mirati Therapeutics (MRTX): These two small (less than ~1% of the portfolio each) stakes were kept steady this quarter. Last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. The stock is now at ~$272. Last major activity in MRTX was a ~50% selling in Q3 2019 at prices between ~$76 and ~$106. The stock currently trades at $46.97.Note: Baker Brothers controls ~10% of Madrigal Sciences.Note: Baker Brothers has significant ownership stakes in the following businesses – Aeglea BioTherapeutics (AGLE), Achilles Therapeutics (AGLE), Aligos Therapeutics (ALGS), Altimmune (ALT), Aerovate (AVTE), DBV Technologies (DBVT), Entrada Therapeutics (TRDA), Heron Therapeutics (HRTX), IGM Biosciences (IGMS), Immatics (IMTX), InVitae Corporation (NVTA), Kiniksa Pharma (KNSA), Kystal Biotech (KRYS), Neoleukin Therapeutics (NLTX), Nurix Therapeutics (NRIX), Opthea Ltd. (OPT), Otonomy (OTIC), Pacific Biosciences (PACB), Prelude Therapeutics (PRLD), Surrozen (SRZN), Talis Biomedical (TLIS), TScan Therapeutics (TCRX), Verastem (VSTM), and Zymeworks (ZYME).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q3 2022:Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/26/2022 to 9/4/20022: 13D/A – 7/20 – IMCR – 4.69M shares – 9.93% of business. Form 4 – 7/5 – KOD – 25K acquisition at $7.64. Form 4 – 7/1 – minor – 33.42M shares. Form 4 – 6/30 – Kiniksa Pharma – KNSA – 20K acquisition – 2.71M shares."

"Tracking Baker Brothers Portfolio – Q2 2022 Update"

"Baker Brothers’ 13F portfolio value increased from $17.40B to $17.63B this quarter.Global Blood Therapeutics, Horizon Therapeutics, and Kymera Therapeutics were increased during the quarter.The top three positions are Seagen, Incyte Corporation, and BeiGene, and they add up to almost 73% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 8/15/2022. The 13F portfolio value increased from $17.40B to $17.63B. Although there are ~120 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 16 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Seagen, Incyte, BeiGene, BioMarin Pharma, and ACADIA Pharma. They add up to ~80% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous the fund’s moves during Q1 2022.Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns thru prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), Salix (acquired by Valeant), Alexion (acquired by AstraZeneca), and Global Blood Therapeutics (being acquired by Pfizer).Stake Increases:Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. The stock currently trades at $67.66, and it is a top-three stake at 15.58% of the portfolio. There was a ~13% stake increase over the last two quarters at prices between ~$63 and ~$80. This quarter saw a marginal increase.Note: Baker Brothers controls ~16.5% of the business.ACADIA Pharmaceuticals (ACAD): The 3.35% ACAD stake was established in the 2012-2013 timeframe at very low prices. Last major activity was in Q4 2018 when there was a ~40% stake increase at prices between ~$14 and ~$22. The stock currently trades at $16.79. There was a marginal increase this quarter.Ascendis Pharma A/S (ASND): The bulk of the current 2.56% of the portfolio stake in ASND was built in 2017 at prices between ~$20 and ~$40. Q3 2021 saw a ~28% stake increase at prices between ~$113 and ~$177. The stock currently trades at ~$103. This quarter saw a minor ~7% stake increase.Note: Baker Brothers controls ~9.1% of the business.Kodiak Sciences (KOD): KOD is now a small 0.75% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently goes for $8.04. Last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76. They have a ~30% ownership stake in the business. This quarter saw a ~9% stake increase.Note: In December 2019, Baker Brothers stuck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M.Horizon Therapeutics (HZNP): HZNP is a small 0.52% of the portfolio stake that saw a ~50% stake increase last quarter at prices between ~$86 and ~$110. That was followed with a ~28% increase this quarter at prices between ~$80 and ~$116. The stock currently trades at $63.84.Global Blood Therapeutics (GBT) and Kymera Therapeutics (KYMR): The small 0.68% GBT position saw a ~13% stake increase this quarter at prices between ~$22 and ~$37. The stock is now at $68.11. KYMR is a minutely small 0.32% of the portfolio stake that saw a ~20% stake increase this quarter.Note: In August, Pfizer (PFE) agreed to acquire GBT in a $68.50 per share all-cash deal.Kept Steady:Seagen Inc. (SGEN): SGEN is currently the largest position by far at ~47% of the entire portfolio. It is a very long-term stake that has been in the portfolio for over fifteen years. The position was built to ~20.5M shares in the 2004-2011 timeframe at prices between low-single-digits and low-20s. Q1 2014 to Q1 2016 saw another stake doubling at prices between ~$30 and ~$55. Since then, the activity has been minor. The stock currently trades at ~$138.Note: They have ~25% ownership stake in the business.BeiGene Limited (BGNE): The large (top three) ~11% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently goes for ~$142. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor.Note: Baker Brothers controls ~13% of the business.BioMarin Pharmaceutical (BMRN): A small stake in BMRN was first purchased in 2006 but was eliminated the following year at higher prices. The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. Last major activity was a ~60% stake increase in 2017 at prices between ~$80 and ~$95. The stock is now at $85.84, and the stake is at 3.58% of the portfolio.argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase in Q1 2021 at prices between ~$268 and ~$380. The stock currently trades at ~$358 and the stake is at 2.41% of the portfolio.BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is still a small position at 0.76% of the portfolio. Last major activity was in 2019 when Q2 to Q4 saw a roughly one-third selling at prices between ~$1.60 and ~$8.70. The stock currently trades at $12.91.Note: Baker Brothers controls ~10% of BioCryst Pharmaceuticals.AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently goes for ~$10. Baker Brothers’ stake goes back to funding rounds prior to the IPO.Madrigal Pharmaceuticals (MDGL) and Mirati Therapeutics (MRTX): These two small (less than ~1% of the portfolio each) stakes were kept steady this quarter. Last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. The stock is now at $68.65. Last major activity in MRTX was a ~50% selling in Q3 2019 at prices between ~$76 and ~$106. The stock currently trades at $70.51.Note: Baker Brothers controls ~10% of Madrigal Sciences.Immunocore Holdings plc (IMCR): IMCR is a very small 0.53% of the portfolio position that was kept steady this quarter.Note 1: Regulatory filings since the quarter ended show them owning 4.69M shares (9.93% of business) of IMCR. This is compared to 2.52M shares in the 13F report.Note 2: Baker Brothers has significant ownership stakes in the following businesses – Aeglea BioTherapeutics (AGLE), Achilles Therapeutics (AGLE), Aligos Therapeutics (ALGS), Altimmune (ALT), Amarin (AMRN), Aerovate (AVTE), DBV Technologies (DBVT), Entrada Therapeutics (TRDA), Heron Therapeutics (HRTX), IGM Biosciences (IGMS), Immatics (IMTX), InVitae Corporation (NVTA), Kiniksa Pharma (KNSA), Kystal Biotech (KRYS), Neoleukin Therapeutics (NLTX), Nurix Therapeutics (NRIX), Opthea Ltd. (OPT), Otonomy (OTIC), Pacific Biosciences (PACB), Prelude Therapeutics (PRLD), Rhythm Pharma (RYTM), Surrozen (SRZN), Talis Biomedical (TLIS), TScan Therapeutics (TCRX), Verastem (VSTM), and Zymeworks (ZYME).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q2 2022:Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 3/15/2022 6/26/2022: Form 4 – 6/24 – BGNE – 11.7M shares - . Form 4 – 6/22 – PRLD – Prelude Therapeutics – 34.3K shares acquired at $4.74. Form 4 – 6/17 – INCY – minor, Form 4 – 4/4 - minor. Form 4, 13D/A – 6/13 – TLIS – Talis Biomedical – 95K acquired – 37.5M shares (66.4% of business) – includes preferred converts, . Form 4, 13D/A – 6/13 – DBVT – DBV Technologies - ~12M warrants – 23.5M shares – 24.98% of business – includes ADS holdings and warrants. Form 4 – 6/9 – ACAD – 42M shares – acquired ~29K shares @ 18.27 - . 13D/A, Form 4 – 6/6 – KOD – 17.35M shares – 33.4% of business - ~300K shares acquired in the mid-7s, Form 4 – 5/27 – 350K shares acquired at high 6s, Form 4 – 5/18 - ~450K shares at high 5s, 13D/A – 5/18 – 16.43M shares – 31.6% of business. Form 4 – 6/6 – TRDA – Entrada Therapeutics - ~40K shares acquired at ~$6.2, Form 4 – 5/24 - ~45K shares in the high 5s, Form 4 – 5/18 - ~70K shares acquired at low 6s, . Form 4 – 6/3 – TCRX – Tscan Therapeutics – minor, 13D/A – 5/12 – 2.78M shares – 14.7% of business, Form 4 – 5/12 – 1.45M shares acquired in the high 1s. Form 4 – 5/17 – SGEN - minor. Form 4 – 5/16 – NLTX – Neoleukin Therapeutics – 25K shares acquired at 1.07, . 13D/A – 4/5 – IGM – IGM Biosciences – 3.17M shares – 11.6% of business, Form 4 – 4/5 - ~2.8M shares acquired, Form 4 – 3/12 - ~30K shares acquired, ."