Return Attribution — Cantillon Capital Management
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
Cantillon Capital Management (13F portfolio cloned at quarter-end weights) delivered a +1.23% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → latest: MSFT (+1.51%), A (+0.67%), ICE (+0.67%). Biggest drags: AMAT (-1.62%), AVGO (-0.49%), TSM (-0.31%). Across all 20 segmented periods, 15 stocks made a positive cumulative contribution and 25 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q2 → latest segment return
+1.23%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.9% |
+39.1% |
+1.51% |
| A |
2.5% |
+26.6% |
+0.67% |
| ICE |
2.5% |
+26.6% |
+0.67% |
| CME |
2.1% |
+25.2% |
+0.53% |
| SSNC |
1.6% |
+30.4% |
+0.49% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMAT |
5.5% |
-29.7% |
-1.62% |
| AVGO |
10.6% |
-4.6% |
-0.49% |
| TSM |
8.2% |
-3.7% |
-0.31% |
| ENTG |
2.7% |
-9.7% |
-0.26% |
| FERG |
2.9% |
-8.3% |
-0.24% |
2026-Q1 → 2026-Q2 segment return
+11.99%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMAT |
3.5% |
+110.6% |
+3.82% |
| TSM |
5.6% |
+39.6% |
+2.22% |
| AVGO |
8.3% |
+21.0% |
+1.75% |
| GOOGL |
7.1% |
+24.3% |
+1.72% |
| IBKR |
5.0% |
+29.9% |
+1.5% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CME |
2.7% |
-25.2% |
-0.69% |
| ICE |
3.1% |
-21.4% |
-0.66% |
| TCOM |
1.5% |
-20.1% |
-0.3% |
| TW |
1.9% |
-15.3% |
-0.28% |
| ADBE |
1.6% |
-15.7% |
-0.26% |
2025-Q4 → 2026-Q1 segment return
-7.15%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMAT |
4.1% |
+33.9% |
+1.4% |
| ADI |
3.2% |
+17.3% |
+0.55% |
| TSM |
4.6% |
+11.7% |
+0.54% |
| ENTG |
1.1% |
+39.3% |
+0.44% |
| FAST |
2.0% |
+16.1% |
+0.32% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FLUT |
2.6% |
-52.6% |
-1.38% |
| SPGI |
5.0% |
-18.9% |
-0.94% |
| AVGO |
8.6% |
-9.8% |
-0.84% |
| TME |
1.8% |
-46.6% |
-0.83% |
| MSFT |
3.3% |
-22.8% |
-0.75% |
2025-Q3 → 2025-Q4 segment return
+0.65%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
5.6% |
+28.8% |
+1.61% |
| AMAT |
3.3% |
+26.1% |
+0.87% |
| TMO |
2.3% |
+19.5% |
+0.45% |
| TSM |
4.3% |
+9.6% |
+0.42% |
| SPGI |
4.7% |
+8.2% |
+0.38% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TME |
2.4% |
-24.6% |
-0.58% |
| FLUT |
3.1% |
-15.3% |
-0.48% |
| UBER |
2.8% |
-16.5% |
-0.45% |
| FAST |
2.5% |
-18.1% |
-0.45% |
| ORCL |
1.3% |
-30.9% |
-0.41% |
2025-Q2 → 2025-Q3 segment return
+7.34%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AVGO |
8.7% |
+20.0% |
+1.75% |
| GOOGL |
4.3% |
+37.9% |
+1.63% |
| IBKR |
4.1% |
+24.3% |
+1.0% |
| TSM |
3.7% |
+22.9% |
+0.85% |
| CBRE |
3.6% |
+12.4% |
+0.45% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SPGI |
5.4% |
-8.1% |
-0.43% |
| FLUT |
3.8% |
-11.1% |
-0.42% |
| AMT |
2.3% |
-12.2% |
-0.29% |
| ICE |
3.6% |
-7.9% |
-0.28% |
| TW |
1.0% |
-24.2% |
-0.23% |
2025-Q1 → 2025-Q2 segment return
+14.5%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AVGO |
6.8% |
+65.7% |
+4.49% |
| IBKR |
3.5% |
+34.1% |
+1.2% |
| TSM |
3.1% |
+37.2% |
+1.17% |
| MSFT |
3.2% |
+33.0% |
+1.04% |
| FLUT |
3.4% |
+29.0% |
+0.97% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TMO |
2.9% |
-15.7% |
-0.46% |
| AON |
3.3% |
-10.6% |
-0.35% |
| IQV |
2.3% |
-10.6% |
-0.24% |
| TCOM |
1.5% |
-7.8% |
-0.11% |
| ENTG |
1.4% |
-7.7% |
-0.11% |
2024-Q4 → 2025-Q1 segment return
-4.5%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ICE |
3.2% |
+16.1% |
+0.51% |
| V |
4.0% |
+10.5% |
+0.41% |
| AMT |
2.2% |
+18.6% |
+0.4% |
| TME |
1.5% |
+26.2% |
+0.39% |
| AON |
2.9% |
+11.8% |
+0.34% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AVGO |
10.3% |
-28.2% |
-2.91% |
| GOOGL |
5.1% |
-18.3% |
-0.94% |
| TSM |
3.6% |
-16.6% |
-0.6% |
| FLUT |
3.8% |
-14.3% |
-0.54% |
| MSFT |
3.4% |
-11.3% |
-0.39% |
2024-Q3 → 2024-Q4 segment return
+0.49%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AVGO |
8.0% |
+34.6% |
+2.75% |
| IBKR |
3.0% |
+26.9% |
+0.8% |
| V |
3.6% |
+14.9% |
+0.53% |
| TSM |
3.3% |
+13.8% |
+0.45% |
| LYV |
2.0% |
+18.3% |
+0.37% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMAT |
4.0% |
-19.3% |
-0.77% |
| AMT |
2.8% |
-19.9% |
-0.56% |
| TMO |
3.1% |
-15.9% |
-0.49% |
| IQV |
2.7% |
-17.1% |
-0.47% |
| UBER |
1.9% |
-19.7% |
-0.37% |
2024-Q2 → 2024-Q3 segment return
+8.84%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
5.9% |
+34.0% |
+2.0% |
| CBRE |
3.0% |
+39.7% |
+1.21% |
| SPGI |
6.0% |
+15.8% |
+0.95% |
| AVGO |
8.7% |
+7.3% |
+0.64% |
| ICE |
3.5% |
+17.7% |
+0.62% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMAT |
5.4% |
-14.8% |
-0.8% |
| ENTG |
2.3% |
-16.8% |
-0.38% |
| TME |
1.3% |
-14.5% |
-0.19% |
| MSFT |
4.3% |
-4.1% |
-0.18% |
| ADBE |
1.7% |
-7.2% |
-0.12% |
2024-Q1 → 2024-Q2 segment return
+1.76%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AVGO |
7.1% |
+21.2% |
+1.51% |
| TSM |
2.9% |
+27.8% |
+0.81% |
| ADI |
4.1% |
+16.8% |
+0.69% |
| AMAT |
4.7% |
+14.9% |
+0.69% |
| SPGI |
5.8% |
+4.8% |
+0.28% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FAST |
2.7% |
-18.5% |
-0.5% |
| IQV |
3.0% |
-16.4% |
-0.49% |
| A |
3.4% |
-10.8% |
-0.37% |
| AON |
2.6% |
-11.1% |
-0.29% |
| CBRE |
3.3% |
-8.4% |
-0.28% |
2023-Q4 → 2024-Q1 segment return
+6.85%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AVGO |
7.3% |
+19.0% |
+1.38% |
| AMAT |
4.0% |
+27.4% |
+1.08% |
| IBKR |
2.2% |
+34.9% |
+0.76% |
| TSM |
2.4% |
+31.2% |
+0.75% |
| FAST |
2.5% |
+19.1% |
+0.47% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ZTS |
2.0% |
-14.1% |
-0.28% |
| AMT |
3.2% |
-8.5% |
-0.28% |
| ADBE |
1.6% |
-15.4% |
-0.25% |
| SPGI |
6.6% |
-3.4% |
-0.22% |
| VRSN |
2.5% |
-8.0% |
-0.2% |
2023-Q3 → 2023-Q4 segment return
+12.74%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AVGO |
6.1% |
+33.7% |
+2.05% |
| SPGI |
6.1% |
+20.6% |
+1.25% |
| A |
3.2% |
+24.8% |
+0.8% |
| AMT |
2.4% |
+33.7% |
+0.8% |
| MSFT |
3.7% |
+18.9% |
+0.7% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AON |
3.1% |
-10.2% |
-0.32% |
| BDX |
2.7% |
-5.3% |
-0.14% |
| IBKR |
2.6% |
-4.1% |
-0.1% |
| GOOGL |
4.4% |
+0.0% |
+0.0% |
| CP |
0.7% |
+6.0% |
+0.04% |
2023-Q2 → 2023-Q3 segment return
-5.53%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| IBKR |
2.3% |
+4.3% |
+0.1% |
| ADBE |
1.4% |
+4.4% |
+0.06% |
| ZTS |
1.8% |
+1.2% |
+0.02% |
| ADSK |
1.9% |
+1.2% |
+0.02% |
| GOOGL |
3.8% |
+0.0% |
+0.0% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SPGI |
6.3% |
-8.6% |
-0.55% |
| ADI |
4.7% |
-10.1% |
-0.47% |
| AMT |
2.6% |
-15.2% |
-0.4% |
| ENTG |
2.5% |
-15.2% |
-0.38% |
| IQV |
3.0% |
-12.5% |
-0.38% |
2023-Q1 → 2023-Q2 segment return
+7.1%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AVGO |
5.3% |
+35.0% |
+1.87% |
| SPGI |
5.9% |
+16.0% |
+0.95% |
| ENTG |
2.0% |
+35.3% |
+0.71% |
| MSFT |
3.5% |
+18.0% |
+0.63% |
| AMAT |
3.5% |
+17.7% |
+0.62% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| A |
3.9% |
-12.8% |
-0.49% |
| TMO |
4.0% |
-9.4% |
-0.37% |
| AMT |
3.0% |
-3.6% |
-0.11% |
| ADI |
5.2% |
-1.3% |
-0.07% |
| ADSK |
2.1% |
-1.5% |
-0.03% |
2022-Q4 → 2023-Q1 segment return
+6.12%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ADI |
4.5% |
+20.0% |
+0.9% |
| AMAT |
2.9% |
+26.1% |
+0.76% |
| AVGO |
4.9% |
+14.6% |
+0.71% |
| TSM |
2.1% |
+24.7% |
+0.52% |
| MSFT |
2.5% |
+20.1% |
+0.5% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| A |
4.4% |
-7.6% |
-0.33% |
| WTW |
3.8% |
-4.6% |
-0.18% |
| CBRE |
3.0% |
-5.4% |
-0.16% |
| AMT |
3.3% |
-3.5% |
-0.12% |
| IQV |
2.7% |
-2.9% |
-0.08% |
2022-Q3 → 2022-Q4 segment return
+8.41%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AVGO |
4.2% |
+25.9% |
+1.09% |
| A |
3.9% |
+23.5% |
+0.91% |
| WTW |
3.4% |
+22.1% |
+0.76% |
| ADI |
4.1% |
+18.0% |
+0.74% |
| V |
3.8% |
+16.9% |
+0.63% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ENTG |
2.0% |
-20.9% |
-0.41% |
| FIS |
2.9% |
-10.2% |
-0.3% |
| AWI |
1.3% |
-13.4% |
-0.17% |
| GOOG |
2.1% |
-7.6% |
-0.16% |
| META |
1.4% |
-11.2% |
-0.16% |
2022-Q2 → 2022-Q3 segment return
-7.35%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| IBKR |
1.2% |
+16.4% |
+0.19% |
| ADSK |
1.8% |
+8.6% |
+0.16% |
| VRSN |
2.5% |
+3.8% |
+0.1% |
| A |
3.5% |
+2.5% |
+0.09% |
| WTW |
3.1% |
+2.2% |
+0.07% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMT |
4.0% |
-16.0% |
-0.64% |
| FIS |
3.3% |
-17.6% |
-0.58% |
| SPGI |
6.1% |
-9.4% |
-0.58% |
| IQV |
2.9% |
-16.5% |
-0.48% |
| CME |
2.8% |
-13.5% |
-0.38% |
2022-Q1 → 2022-Q2 segment return
-13.05%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMT |
3.4% |
+2.9% |
+0.1% |
| GOOGL |
6.0% |
+0.0% |
+0.0% |
| BDX |
2.1% |
-4.7% |
-0.1% |
| IQV |
2.5% |
-6.2% |
-0.15% |
| IBKR |
1.1% |
-16.4% |
-0.17% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SPGI |
6.4% |
-17.8% |
-1.13% |
| AMAT |
3.3% |
-32.3% |
-1.08% |
| AVGO |
4.7% |
-22.9% |
-1.08% |
| ICE |
3.8% |
-28.5% |
-1.08% |
| VRSN |
2.7% |
-24.8% |
-0.67% |
2021-Q4 → 2022-Q1 segment return
-8.38%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AON |
2.4% |
+8.3% |
+0.2% |
| BDX |
1.7% |
+6.1% |
+0.11% |
| V |
3.2% |
+2.4% |
+0.08% |
| GOOGL |
5.6% |
+0.0% |
+0.0% |
| WTW |
2.9% |
-0.2% |
-0.01% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SPGI |
6.5% |
-13.1% |
-0.86% |
| META |
2.5% |
-33.8% |
-0.84% |
| ZTS |
3.0% |
-22.6% |
-0.67% |
| ECL |
2.7% |
-24.5% |
-0.67% |
| A |
3.6% |
-17.0% |
-0.61% |
2021-Q3 → 2021-Q4 segment return
+5.52%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AVGO |
3.6% |
+36.9% |
+1.32% |
| SPGI |
6.7% |
+11.1% |
+0.75% |
| AMAT |
3.2% |
+21.9% |
+0.71% |
| TMO |
3.5% |
+16.8% |
+0.59% |
| VRSN |
2.5% |
+23.8% |
+0.59% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| V |
3.7% |
-2.8% |
-0.1% |
| ADSK |
2.3% |
-1.6% |
-0.04% |
| META |
2.8% |
-0.7% |
-0.02% |
| GOOGL |
5.7% |
+0.0% |
+0.0% |
| AON |
2.5% |
+5.2% |
+0.13% |
Cumulative Contribution (all segments)