In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), M.D. Sass, LLC reported 34 stock positions worth $1.2 billion . Its top holding was Henry Schein (HSIC) at 7.1% of the portfolio, followed by Williams Cos (WMB, 6.2% ) and Danaher (DHR, 5.9% ). Compared with Q2 2025, it opened 2 new positions, sold out of 3, added to 9 and reduced 20. The biggest buy was a new position in Alcon (ALC) and the biggest sale Primo Brands (PRMB, shares −8% ).
Location New York, NY
CIK 0000922940
Portfolio Value $1.2B (Q3 2025) Holdings 34 stocks · $1.2B 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 Q2 2025 HSIC Henry Schein Inc. 1,314,603 $87.3M Add +21.3% WMB Williams Cos Inc. 1,192,900 $75.6M Add +16.4% DHR Danaher Corp. 365,389 $72.4M Add +2.5% AME Ametek Inc. 376,870 $70.9M Reduce -6.0% APG Api Group Corp. 1,938,574 $66.6M Reduce -10.1% MLM Martin Marietta Materials 97,235 $61.3M Reduce -21.0% CLH Clean Harbors Inc. 259,660 $60.3M Reduce -21.0% WELL Welltower Inc. 326,832 $58.2M Reduce -23.0% CP Canadian Pacific Kansas City 745,376 $55.5M Reduce -4.6% ICE Intercontinental Exchange Inc. 326,463 $55.0M Reduce -4.9% PRMB Primo Brands Corp. 2,464,200 $54.5M Reduce -7.8% SGI Somnigroup International Inc. 581,739 $49.1M Add +35.2% SLM SLM Corp. 1,729,791 $47.9M Add +50.5% COF Capital One Financial Corp. 224,137 $47.6M Reduce -5.1% CBRE CBRE Group Inc. Class A 293,669 $46.3M Reduce -25.9% APH Amphenol Corp. Class A 336,397 $41.6M Reduce -44.4% AON Aon PLC Class A 107,298 $38.3M Reduce -3.3% ALC Alcon Inc. filed as ALCON AG 511,800 $38.1M New PWR Quanta Services Inc. 91,046 $37.7M Reduce -44.1% FWONK Liberty Media Corp. Class C 340,094 $35.5M Reduce -36.3% SARO Standardaero Inc. 1,174,964 $32.1M New CCK Crown Holdings Inc. 297,562 $28.7M Add +4.9% AMZN Amazon.com Inc. 40,574 $8.9M Reduce -3.4% SPY SS SPDR S&P 500 ETF Trust-US 11,800 $7.9M Reduce -7.7% PANW Palo Alto Networks Inc. 36,228 $7.4M Add +30.7% MRVL Marvell Technology Inc. 82,039 $6.9M Reduce -1.7% OWL Blue Owl Capital Inc. 292,271 $4.9M Add +24.4% CACI Caci International Inc. Class A 9,552 $4.8M No change EQH Equitable Holdings Inc. 93,773 $4.8M Reduce -16.6% CDNS Cadence Design SYS Inc. 12,880 $4.5M No change MSFT Microsoft Corp. 8,334 $4.3M Reduce -2.5% GWRE Guidewire Software Inc. 18,655 $4.3M Add +51.0% ACWX iShares MSCI Acwi Ex US ETF 60,600 $3.9M Reduce -2.7% GOOGL Alphabet Inc. Class A 6,789 $1.7M No change
Options reported separately and not counted above: HYG puts ($2.4M).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ PRMB Primo Brands Corp. Reduce -7.8% 4.45% −1.93 PWR Quanta Services Inc. Reduce -44.1% 3.08% −1.87 FWONK Liberty Media Corp. Class C Reduce -36.3% 2.90% −1.59 APH Amphenol Corp. Class A Reduce -44.4% 3.40% −1.41 CLH Clean Harbors Inc. Reduce -21.0% 4.92% −1.20 IWD iShares Russell 1000 Value E Sold out 0.00% −0.94 CBRE CBRE Group Inc. Class A Reduce -25.9% 3.78% −0.69 ICE Intercontinental Exchange Inc. Reduce -4.9% 4.49% −0.58 WELL Welltower Inc. Reduce -23.0% 4.75% −0.50 CP Canadian Pacific Kansas City Reduce -4.6% 4.53% −0.45 MLM Martin Marietta Materials Reduce -21.0% 5.00% −0.43 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.17 COF Capital One Financial Corp. Reduce -5.1% 3.89% −0.16 EQH Equitable Holdings Inc. Reduce -16.6% 0.39% −0.12 AON Aon PLC Class A Reduce -3.3% 3.12% −0.06 AME Ametek Inc. Reduce -6.0% 5.79% −0.05 FICO Fair Isaac Corp. Sold out 0.00% −0.05 AMZN Amazon.com Inc. Reduce -3.4% 0.73% −0.01 SPY SS SPDR S&P 500 ETF Trust-US Reduce -7.7% 0.64% +0.01 MSFT Microsoft Corp. Reduce -2.5% 0.35% +0.01 ACWX iShares MSCI Acwi Ex US ETF Reduce -2.7% 0.32% +0.02 MRVL Marvell Technology Inc. Reduce -1.7% 0.56% +0.04 APG Api Group Corp. Reduce -10.1% 5.44% +1.50
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ ALC Alcon Inc. New 3.11% +3.11 SARO Standardaero Inc. New 2.62% +2.62 SGI Somnigroup International Inc. Add +35.2% 4.01% +1.65 WMB Williams Cos Inc. Add +16.4% 6.17% +0.99 SLM SLM Corp. Add +50.5% 3.91% +0.88 HSIC Henry Schein Inc. Add +21.3% 7.12% +0.75 DHR Danaher Corp. Add +2.5% 5.92% +0.24 PANW Palo Alto Networks Inc. Add +30.7% 0.60% +0.15 GWRE Guidewire Software Inc. Add +51.0% 0.35% +0.12 OWL Blue Owl Capital Inc. Add +24.4% 0.40% +0.04 CCK Crown Holdings Inc. Add +4.9% 2.35% −0.00
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 30,000 $2.4M
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