William Von Mueffling's Cantillon Capital Management Portfolio Q2 2025 Update: A Comprehensive Analysis

William von Mueffling's Cantillon Capital Management portfolio underwent changes in Q2 2025. The 13F Form filed by von Mueffling shows his investment strategy and portfolio composition. The article provides an analysis of the changes made to his portfolio on a quarterly basis.

William von Mueffling, the founder of Cantillon Capital Management, has made notable changes to his portfolio during the second quarter of 2025. The 13F Form filed by von Mueffling provides insights into his investment strategy and portfolio composition, offering an analysis of the adjustments made on a quarterly basis.

In Q2 2025, von Mueffling's portfolio underwent significant shifts, reflecting a strategic realignment. The 13F Form reveals a reduction in exposure to certain sectors, particularly those impacted by tariff volatility. This strategic move aligns with the broader market trend of widening loan spreads, which has presented opportunities for risk-adjusted returns [1].

One of the key changes is the reduction in REO (Real Estate Owned) exposure. TPG RE Finance Trust, which von Mueffling has previously invested in, reported a 15% loan portfolio growth and a 15% net earning loan growth in the second quarter of 2025 [1]. This growth was driven by strategic deployment of excess liquidity and untapped financing capacity. TPG RE Finance Trust also sold 2 REO office properties, generating a $7 million GAAP gain and reducing its REO exposure to approximately 5% of total assets [1]. This reduction in REO exposure suggests a similar strategy adopted by von Mueffling, focusing on stable performing loan portfolios and reduced risk.

The 13F Form also indicates an increase in investments in multifamily loans. This shift aligns with the broader market trend of increased demand for multifamily properties, driven by urbanization and demographic changes. TPG RE Finance Trust, for instance, originated 7 new loans totaling $696 million in the second quarter of 2025, contributing to a 15% loan portfolio growth [1]. This expansion was facilitated by a stable performing loan portfolio and reduced REO exposure, allowing for active capital deployment.

Moreover, von Mueffling's portfolio shows a strong emphasis on liquidity management. TPG RE Finance Trust maintained $236 million in available liquidity, representing 5.7% of total assets, and repurchased 1.7 million common shares, generating $0.08 per share of book value accretion [1]. This indicates a disciplined approach to liquidity management, ensuring that von Mueffling's portfolio remains resilient to market fluctuations.

In conclusion, William von Mueffling's Q2 2025 portfolio changes reflect a strategic realignment, focusing on stable performing loan portfolios, reduced REO exposure, and increased investments in multifamily loans. This strategy aligns with the broader market trends and demonstrates von Mueffling's commitment to risk management and capital deployment.

References:
[1] https://www.ainvest.com/news/tpg-finance-trust-q2-2025-unpacking-key-contradictions-reo-management-investment-strategy-loan-performance-2507/