High-Tech Focus: Cantillon Capital's Top Broadcom Stake
William Von Mueffling's Cantillon Capital portfolio, as of December 31, 2025, is dominated by Broadcom Inc. (AVGO) and other high-value tech and financial stocks, reflecting a concentrated strategy.
Top Holdings Analysis
Cantillon Capital Management's portfolio, managed by William Von Mueffling as of December 31, 2025, is characterized by significant concentration in specific sectors. The largest position by value is Broadcom Inc. (AVGO), holding a substantial 8.62% allocation. This is followed by Alphabet Inc. (GOOGL) at 7.13% and several other large-cap names.
The top ten holdings by value represent a core part of the portfolio, with a combined value significantly exceeding the $18.5 billion total portfolio value. These holdings include:
- Broadcom Inc. (AVGO) - 8.62% allocation
- Alphabet Inc. (GOOGL) - 7.13% allocation
- S&P Global Inc. (SPGI) - 4.96% allocation
- Taiwan Semiconductor Manufacturing Co. (TSM) - 4.65% allocation
- Interactive Brokers Group Inc. (IBKR) - 4.44% allocation
- Applied Materials Inc. (AMAT) - 4.13% allocation
- CBRE Group Inc. (CBRE) - 3.88% allocation
- VISA Inc. (V) - 3.70% allocation
- Microsoft Corp. (MSFT) - 3.30% allocation
- Analog Devices Inc. (ADI) - 3.18% allocation
Sector Concentration
The portfolio exhibits a strong bias towards the Technology sector, with Broadcom Inc. (AVGO), Taiwan Semiconductor Manufacturing Co. (TSM), Microsoft Corp. (MSFT), and Analog Devices Inc. (ADI) all falling within this category. Collectively, these four Technology holdings account for approximately 22.68% of the portfolio's value. Alphabet Inc. (GOOGL) also contributes to the Technology sector, adding another 7.13%. This indicates a significant Technology focus.
Financial Services is another major sector, with a combined allocation of around 22.37% (S&P Global Inc., Interactive Brokers Group Inc., CBRE Group Inc., and VISA Inc.). This sector allocation is notably high, reflecting a core part of the investment strategy. The Technology and Financial Services sectors together represent over 45% of the portfolio's allocation, highlighting a concentrated approach across these two broad areas.
Investment Strategy and Recent Changes
The investment strategy appears to favor large-cap technology and financial services companies, suggesting a preference for established, potentially high-growth or stable dividend-paying firms. The portfolio's structure, with a few very large holdings and a significant allocation to specific sectors, indicates a concentrated approach.
Recent changes in holdings show varied activity. For instance, the position in Broadcom Inc. (AVGO) saw a slight reduction in shares (-2.03%), while Alphabet Inc. (GOOGL) experienced a small increase (+0.76%). Many of the other top holdings, including S&P Global, Taiwan Semiconductor, Interactive Brokers, Applied Materials, CBRE, VISA, Microsoft, and Analog Devices, have seen their share counts increase by approximately 0.76% in the latest period. This pattern of modest increases across multiple positions suggests a strategy of gradual accumulation or maintaining exposure in these key holdings.
The consistent allocation percentages for many holdings indicate stability, while the changes provide insight into the fund's ongoing adjustments. The focus remains on the top holdings and sectors identified, with little deviation in the core allocations during this period.