In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), M.D. Sass, LLC reported 32 stock positions worth $1.1 billion . Its top holding was Amphenol Class A (APH) at 6.0% of the portfolio, followed by Clean Harbors (CLH, 6.0% ) and Api (APG, 5.7% ). Compared with Q4 2024, it opened 6 new positions, sold out of 7, added to 10 and reduced 16. The biggest buy was a new position in Amphenol Class A (APH) and the biggest sale an exit from Charles River Laboratories (CRL).
Location New York, NY
CIK 0000922940
Portfolio Value $1.1B (Q1 2025) Holdings 32 stocks · $1.1B 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 Q4 2024 APH Amphenol Corp. Class A 1,045,366 $68.6M New CLH Clean Harbors Inc. 347,335 $68.5M Add +24.8% APG Api Group Corp. 1,810,751 $64.8M Reduce -20.5% WELL Welltower Inc. 422,000 $64.7M Add +9.1% DHR Danaher Corp. 313,321 $64.2M Add +100.9% AME Ametek Inc. 366,994 $63.2M Add +2.1% ICE Intercontinental Exchange Inc. 360,036 $62.1M Reduce -10.8% CP Canadian Pacific Kansas City 856,161 $60.1M Add +1.4% MLM Martin Marietta Materials 124,356 $59.5M Add +24.2% WMB Williams Cos Inc. 980,392 $58.6M New AON Aon PLC Class A 140,434 $56.0M Reduce -18.0% PWR Quanta Services Inc. 207,373 $52.7M New CBRE CBRE Group Inc. Class A 377,417 $49.4M Reduce -2.0% FWONK Liberty Media Corp. Class C 502,774 $45.3M Reduce -24.6% COF Capital One Financial Corp. 243,583 $43.7M New SLM SLM Corp. 1,270,579 $37.3M New EQH Equitable Holdings Inc. 699,064 $36.4M Add +28.5% JBL Jabil Inc. 260,953 $35.5M Reduce -37.6% JPM JPMorgan Chase & Co. 108,585 $26.6M Reduce -15.4% CCK Crown Holdings Inc. 285,835 $25.5M Reduce -57.8% WD Walker & Dunlop Inc. 253,435 $21.6M Reduce -4.3% VOO Vanguard S&P 500 ETF 40,830 $21.0M Reduce -68.8% IWD iShares Russell 1000 Value E 58,228 $11.0M Reduce -70.6% IWM iShares Russell 2000 ETF 40,000 $8.0M New AMZN Amazon.com Inc. 36,761 $7.0M Reduce -14.8% SPY SS SPDR S&P 500 ETF Trust-US 10,980 $6.1M Add +7.4% PANW Palo Alto Networks Inc. 27,712 $4.7M Reduce -13.5% OWL Blue Owl Capital Inc. 180,638 $3.6M Add +14.6% ACWX iShares MSCI Acwi Ex US ETF 61,760 $3.4M Add +25.8% MSFT Microsoft Corp. 8,519 $3.2M Reduce -13.0% CACI Caci International Inc. Class A 6,239 $2.3M Reduce -95.3% GOOGL Alphabet Inc. Class A 10,684 $1.7M Reduce -2.2%
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ CRL Charles River Laboratories Sold out 0.00% −5.54 MRVL Marvell Technology Inc. Sold out 0.00% −5.07 BDX Becton Dickinson and Co. Sold out 0.00% −4.88 SBAC SBA Communications Corp. Sold out 0.00% −4.54 CACI Caci International Inc. Class A Reduce -95.3% 0.20% −3.95 VOO Vanguard S&P 500 ETF Reduce -68.8% 1.85% −3.56 CCK Crown Holdings Inc. Reduce -57.8% 2.25% −2.04 IWD iShares Russell 1000 Value E Reduce -70.6% 0.96% −1.84 JBL Jabil Inc. Reduce -37.6% 3.13% −1.48 FWONK Liberty Media Corp. Class C Reduce -24.6% 3.98% −0.75 APG Api Group Corp. Reduce -20.5% 5.70% −0.57 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −0.38 NVDA Nvidia Corp. Sold out 0.00% −0.20 AMZN Amazon.com Inc. Reduce -14.8% 0.62% −0.11 WAB Wabtec Corp. Sold out 0.00% −0.08 WD Walker & Dunlop Inc. Reduce -4.3% 1.90% −0.07 MSFT Microsoft Corp. Reduce -13.0% 0.28% −0.03 PANW Palo Alto Networks Inc. Reduce -13.5% 0.42% −0.03 GOOGL Alphabet Inc. Class A Reduce -2.2% 0.15% −0.01 JPM JPMorgan Chase & Co. Reduce -15.4% 2.34% −0.01 AON Aon PLC Class A Reduce -18.0% 4.93% +0.22 CBRE CBRE Group Inc. Class A Reduce -2.0% 4.34% +0.47 ICE Intercontinental Exchange Inc. Reduce -10.8% 5.47% +0.86
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ APH Amphenol Corp. Class A New 6.04% +6.04 WMB Williams Cos Inc. New 5.16% +5.16 PWR Quanta Services Inc. New 4.64% +4.64 COF Capital One Financial Corp. New 3.84% +3.84 SLM SLM Corp. New 3.28% +3.28 DHR Danaher Corp. Add +100.9% 5.65% +2.91 WELL Welltower Inc. Add +9.1% 5.69% +1.96 MLM Martin Marietta Materials Add +24.2% 5.23% +1.27 EQH Equitable Holdings Inc. Add +28.5% 3.21% +1.24 CLH Clean Harbors Inc. Add +24.8% 6.03% +1.12 IWM iShares Russell 2000 ETF New 0.70% +0.70 CP Canadian Pacific Kansas City Add +1.4% 5.29% +0.61 AME Ametek Inc. Add +2.1% 5.56% +0.60 ACWX iShares MSCI Acwi Ex US ETF Add +25.8% 0.30% +0.11 SPY SS SPDR S&P 500 ETF Trust-US Add +7.4% 0.54% +0.08 OWL Blue Owl Capital Inc. Add +14.6% 0.32% +0.04
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 400,000 $23.6Mbefore 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