In a quarterly disclosure filed with the SEC, William Von Mueffling's Cantillon Capital Management reported a 95.4% reduction in its Alphabet stake, decreasing its holding from 3.72 million to just over 171,000 shares. This 13F filing reflects trades made during the second quarter of 2026. Notably, this substantial trim was part of a broader pattern, as the firm made similar ~95% reductions across most of its top holdings, suggesting the move may have been structural rather than a bearish view on Alphabet itself.
The sale occurred during a quarter where Alphabet reported strong revenue growth, driven by an 82% surge in its Google Cloud business. However, investor focus was squarely on the company's aggressive spending on AI infrastructure, which topped $45 billion for the quarter. This record capital expenditure pushed Alphabet to its first-ever quarter with negative free cash flow, raising market concerns about the high cost of its AI ambitions.