In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), M.D. Sass, LLC reported 35 stock positions worth $1.3 billion . Its top holding was Henry Schein (HSIC) at 7.4% of the portfolio, followed by Williams Cos (WMB, 6.3% ) and Clean Harbors (CLH, 6.2% ). Compared with Q3 2025, it opened 4 new positions, sold out of 3, added to 15 and reduced 12. The biggest buy was a new position in Fair Isaac (FICO) and the biggest sale an exit from Canadian Pacific Kansas City (CP).
Location New York, NY
CIK 0000922940
Portfolio Value $1.3B (Q4 2025) Holdings 35 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 2025 HSIC Henry Schein Inc. 1,237,873 $93.6M Reduce -5.8% WMB Williams Cos Inc. 1,339,634 $80.5M Add +12.3% CLH Clean Harbors Inc. 334,198 $78.4M Add +28.7% AME Ametek Inc. 378,980 $77.8M Add +0.6% APG Api Group Corp. 2,005,327 $76.7M Add +3.4% DHR Danaher Corp. 305,019 $69.8M Reduce -16.5% COF Capital One Financial Corp. 244,121 $59.2M Add +8.9% SARO Standardaero Inc. 1,991,537 $57.1M Add +69.5% MLM Martin Marietta Materials 91,204 $56.8M Reduce -6.2% FICO Fair Isaac Corp. 32,923 $55.7M New PRMB Primo Brands Corp. 3,394,495 $55.5M Add +37.8% SGI Somnigroup International Inc. 585,651 $52.3M Add +0.7% ICE Intercontinental Exchange Inc. 322,702 $52.3M Reduce -1.1% STE Steris PLC 205,936 $52.2M New WELL Welltower Inc. 273,040 $50.7M Reduce -16.5% CBRE CBRE Group Inc. Class A 295,737 $47.6M Add +0.7% PWR Quanta Services Inc. 91,663 $38.7M Add +0.7% AMZN Amazon.com Inc. 167,474 $38.7M Add +312.8% AON Aon PLC Class A 108,531 $38.3M Add +1.1% SLM SLM Corp. 1,399,804 $37.9M Reduce -19.1% ALC Alcon Inc. filed as ALCON AG 431,003 $34.0M Reduce -15.8% SPY SS SPDR S&P 500 ETF Trust-US 11,800 $8.0M No change APH Amphenol Corp. Class A 56,282 $7.6M Reduce -83.3% PANW Palo Alto Networks Inc. 36,228 $6.7M No change GWRE Guidewire Software Inc. 32,186 $6.5M Add +72.5% MRVL Marvell Technology Inc. 75,881 $6.4M Reduce -7.5% CACI Caci International Inc. Class A 9,316 $5.0M Reduce -2.5% IWD iShares Russell 1000 Value E 22,751 $4.8M New MSFT Microsoft Corp. 8,870 $4.3M Add +6.4% ACWX iShares MSCI Acwi Ex US ETF 60,600 $4.1M No change CDNS Cadence Design SYS Inc. 12,880 $4.0M No change OWL Blue Owl Capital Inc. 158,065 $2.4M Reduce -45.9% BWXT BWX Technologies Inc. 13,445 $2.3M New GOOGL Alphabet Inc. Class A 7,031 $2.2M Add +3.6% FWONK Liberty Media Corp. Class C 10,047 $990K Reduce -97.0%
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ CP Canadian Pacific Kansas City Sold out 0.00% −4.53 FWONK Liberty Media Corp. Class C Reduce -97.0% 0.08% −2.82 APH Amphenol Corp. Class A Reduce -83.3% 0.60% −2.80 CCK Crown Holdings Inc. Sold out 0.00% −2.35 SLM SLM Corp. Reduce -19.1% 2.99% −0.92 WELL Welltower Inc. Reduce -16.5% 3.99% −0.76 MLM Martin Marietta Materials Reduce -6.2% 4.48% −0.53 ALC Alcon Inc. Reduce -15.8% 2.68% −0.44 DHR Danaher Corp. Reduce -16.5% 5.50% −0.41 EQH Equitable Holdings Inc. Sold out 0.00% −0.39 ICE Intercontinental Exchange Inc. Reduce -1.1% 4.12% −0.37 OWL Blue Owl Capital Inc. Reduce -45.9% 0.19% −0.22 MRVL Marvell Technology Inc. Reduce -7.5% 0.51% −0.05 CACI Caci International Inc. Class A Reduce -2.5% 0.39% +0.00 HSIC Henry Schein Inc. Reduce -5.8% 7.37% +0.25
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ FICO Fair Isaac Corp. New 4.39% +4.39 STE Steris PLC New 4.11% +4.11 AMZN Amazon.com Inc. Add +312.8% 3.05% +2.32 SARO Standardaero Inc. Add +69.5% 4.50% +1.88 CLH Clean Harbors Inc. Add +28.7% 6.18% +1.25 COF Capital One Financial Corp. Add +8.9% 4.66% +0.77 APG Api Group Corp. Add +3.4% 6.05% +0.61 IWD iShares Russell 1000 Value E New 0.38% +0.38 AME Ametek Inc. Add +0.6% 6.13% +0.35 BWXT BWX Technologies Inc. New 0.18% +0.18 WMB Williams Cos Inc. Add +12.3% 6.35% +0.18 GWRE Guidewire Software Inc. Add +72.5% 0.51% +0.16 SGI Somnigroup International Inc. Add +0.7% 4.12% +0.12 GOOGL Alphabet Inc. Class A Add +3.6% 0.17% +0.04 MSFT Microsoft Corp. Add +6.4% 0.34% −0.01 CBRE CBRE Group Inc. Class A Add +0.7% 3.75% −0.03 PWR Quanta Services Inc. Add +0.7% 3.05% −0.03 PRMB Primo Brands Corp. Add +37.8% 4.37% −0.07 AON Aon PLC Class A Add +1.1% 3.02% −0.11
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 30,000 $2.4Mbefore 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