In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), M.D. Sass, LLC reported 33 stock positions worth $1.3 billion . Its top holding was Api (APG) at 6.3% of the portfolio, followed by Charles River Laboratories (CRL, 5.5% ) and Vanguard S&P 500 ETF (VOO, 5.4% ). Compared with Q3 2024, it opened 6 new positions, sold out of 7, added to 7 and reduced 15. The biggest buy was a new position in Aon Class A (AON) and the biggest sale an exit from Target (TGT).
Location New York, NY
CIK 0000922940
Portfolio Value $1.3B (Q4 2024) Holdings 33 stocks · $1.3B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 APG Api Group Corp. 2,276,407 $81.9M Reduce -1.6% CRL Charles River Laboratories 391,824 $72.3M Add +22.0% VOO Vanguard S&P 500 ETF 131,018 $70.6M Reduce -11.0% MRVL Marvell Technology Inc. 599,096 $66.2M Reduce -43.5% AME Ametek Inc. 359,328 $64.8M Reduce -9.3% CLH Clean Harbors Inc. 278,358 $64.1M Reduce -14.3% BDX Becton Dickinson and Co. 280,610 $63.7M Add +51.5% FWONK Liberty Media Corp. Class C 666,532 $61.8M Reduce -45.2% AON Aon PLC Class A 171,341 $61.5M New CP Canadian Pacific Kansas City 843,934 $61.1M New JBL Jabil Inc. 417,980 $60.1M Add +1.3% ICE Intercontinental Exchange Inc. 403,415 $60.1M Add +30.1% SBAC SBA Communications Corp. 290,925 $59.3M Reduce -6.8% CCK Crown Holdings Inc. 677,043 $56.0M Reduce -22.0% CACI Caci International Inc. Class A 134,202 $54.2M Reduce -16.7% MLM Martin Marietta Materials 100,158 $51.7M Reduce -1.9% CBRE CBRE Group Inc. Class A 385,221 $50.6M Reduce -18.1% WELL Welltower Inc. 386,946 $48.8M New IWD iShares Russell 1000 Value E 197,774 $36.6M Add +189.6% DHR Danaher Corp. 155,987 $35.8M Reduce -11.5% JPM JPMorgan Chase & Co. 128,302 $30.8M New WD Walker & Dunlop Inc. 264,855 $25.7M Add +57.4% EQH Equitable Holdings Inc. 543,868 $25.7M New AMZN Amazon.com Inc. 43,165 $9.5M No change SPY SS SPDR S&P 500 ETF Trust-US 10,220 $6.0M No change PANW Palo Alto Networks Inc. 32,044 $5.8M Add +28.9% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 62,650 $4.9M New MSFT Microsoft Corp. 9,788 $4.1M No change OWL Blue Owl Capital Inc. 157,586 $3.7M Reduce -30.6% NVDA Nvidia Corp. 19,831 $2.7M Reduce -3.5% ACWX iShares MSCI Acwi Ex US ETF 49,100 $2.6M No change GOOGL Alphabet Inc. Class A 10,920 $2.1M No change WAB Wabtec Corp. 5,268 $999K Reduce -97.1%
Options reported separately and not counted above: HYG puts ($23.6M).
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ TGT Target Corp. Sold out 0.00% −3.32 FWONK Liberty Media Corp. Class C Reduce -45.2% 4.73% −2.58 APD Air Products & Chemicals Inc. Sold out 0.00% −2.49 WAB Wabtec Corp. Reduce -97.1% 0.08% −2.45 CCK Crown Holdings Inc. Reduce -22.0% 4.29% −2.17 CACI Caci International Inc. Class A Reduce -16.7% 4.15% −2.16 DG Dollar General Corp. Sold out 0.00% −1.99 SBAC SBA Communications Corp. Reduce -6.8% 4.54% −1.29 CLH Clean Harbors Inc. Reduce -14.3% 4.91% −1.19 DHR Danaher Corp. Reduce -11.5% 2.74% −1.06 MRVL Marvell Technology Inc. Reduce -43.5% 5.07% −0.87 CBRE CBRE Group Inc. Class A Reduce -18.1% 3.87% −0.67 VOO Vanguard S&P 500 ETF Reduce -11.0% 5.41% −0.63 AAPL Apple Inc. Sold out 0.00% −0.32 AME Ametek Inc. Reduce -9.3% 4.96% −0.32 MLM Martin Marietta Materials Reduce -1.9% 3.96% −0.30 COR Cencora Inc. Sold out 0.00% −0.22 OPCH Option Care Health Inc. Sold out 0.00% −0.07 OWL Blue Owl Capital Inc. Reduce -30.6% 0.28% −0.06 BIL SS SPDR BB 1-3M T-Bill ETF Sold out 0.00% −0.03 NVDA Nvidia Corp. Reduce -3.5% 0.20% +0.01 APG Api Group Corp. Reduce -1.6% 6.27% +0.34
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ AON Aon PLC Class A New 4.71% +4.71 CP Canadian Pacific Kansas City New 4.68% +4.68 WELL Welltower Inc. New 3.74% +3.74 JPM JPMorgan Chase & Co. New 2.36% +2.36 EQH Equitable Holdings Inc. New 1.97% +1.97 IWD iShares Russell 1000 Value E Add +189.6% 2.80% +1.80 BDX Becton Dickinson and Co. Add +51.5% 4.88% +1.41 JBL Jabil Inc. Add +1.3% 4.61% +0.77 ICE Intercontinental Exchange Inc. Add +30.1% 4.60% +0.74 CRL Charles River Laboratories Add +22.0% 5.54% +0.63 WD Walker & Dunlop Inc. Add +57.4% 1.97% +0.49 HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 0.38% +0.38 PANW Palo Alto Networks Inc. Add +28.9% 0.45% +0.12
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -20.0% 400,000 $23.6M SPY SS SPDR S&P 500 ETF Trust-US put Sold out 40,000 $23.0Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 38 $1.5B HSIC, AMZN, WMB, CLH, AME Q1 2026 36 $1.3B HSIC, WMB, AME, CLH, SASS Q4 2025 35 $1.3B HSIC, WMB, CLH, AME, APG Q3 2025 34 $1.2B HSIC, WMB, DHR, AME, APG Q2 2025 35 $1.2B PRMB, HSIC, CLH, AME, DHR Q1 2025 32 $1.1B APH, CLH, APG, WELL, DHR Q4 2024 33 $1.3B APG, CRL, VOO, MRVL, AME Q3 2024 34 $1.3B FWONK, CCK, CACI, CLH, VOO Q2 2024 32 $1.2B FWONK, CACI, APG, CLH, VOO Q1 2024 32 $845.0M VOO, FWONK, APG, CACI, CLH