M D SASS INVESTORS SERVICES INC's Q3 2025 13F: 2 new positions, 3 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 5, 2025 · 34 reported positions · accession 0001172661-25-004587
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | ALCON AG (ALC) | — | 3.1% | +3.1 pts | +512K sh | new |
| Reduced | AMPHENOL CORP NEW (APH) | 4.8% | 3.4% | −1.4 pts | −268K sh | −44% |
| New | STANDARDAERO INC (SARO) | — | 2.6% | +2.6 pts | +1.17M sh | new |
| Reduced | QUANTA SVCS INC (PWR) | 5.0% | 3.1% | −1.9 pts | −71,730 sh | −44% |
| Reduced | LIBERTY MEDIA CORP DEL (FWONK) | 4.5% | 2.9% | −1.6 pts | −194K sh | −36% |
| Reduced | WELLTOWER INC (WELL) | 5.3% | 4.8% | −0.5 pts | −97,756 sh | −23% |
| Reduced | MARTIN MARIETTA MATLS INC (MLM) | 5.4% | 5.0% | −0.4 pts | −25,797 sh | −21% |
| Reduced | CBRE GROUP INC (CBRE) | 4.5% | 3.8% | −0.7 pts | −103K sh | −26% |
| Reduced | CLEAN HARBORS INC (CLH) | 6.1% | 4.9% | −1.2 pts | −69,209 sh | −21% |
| Increased | SLM CORP (SLM) | 3.0% | 3.9% | +0.9 pts | +581K sh | +51% |
| Increased | HENRY SCHEIN INC (HSIC) | 6.4% | 7.1% | +0.7 pts | +230K sh | +21% |
| Increased | SOMNIGROUP INTERNATIONAL INC (SGI) | 2.4% | 4.0% | +1.6 pts | +151K sh | +35% |
| Exited | ISHARES TR (IWD) | 0.9% | — | −0.9 pts | −60,000 sh | −100% |
| Increased | WILLIAMS COS INC (WMB) | 5.2% | 6.2% | +1.0 pts | +168K sh | +16% |
| Reduced | API GROUP CORP (APG) | 3.9% | 5.4% | +1.5 pts | −218K sh | −10% |
| Reduced | PRIMO BRANDS CORPORATION (PRMB) | 6.4% | 4.4% | −1.9 pts | −210K sh | −8% |
| Reduced | AMETEK INC (AME) | 5.8% | 5.8% | −0.1 pts | −24,011 sh | −6% |
| Reduced | INTERCONTINENTAL EXCHANGE IN (ICE) | 5.1% | 4.5% | −0.6 pts | −16,970 sh | −5% |
| Reduced | CANADIAN PACIFIC KANSAS CITY (CP) | 5.0% | 4.5% | −0.5 pts | −35,859 sh | −5% |
| Reduced | CAPITAL ONE FINL CORP (COF) | 4.0% | 3.9% | −0.2 pts | −12,132 sh | −5% |
| Exited | ISHARES BITCOIN TRUST ETF (IBIT) | 0.2% | — | −0.2 pts | −34,631 sh | −100% |
| Increased | PALO ALTO NETWORKS INC (PANW) | 0.5% | 0.6% | +0.1 pts | +8,516 sh | +31% |
| Increased | DANAHER CORPORATION (DHR) | 5.7% | 5.9% | +0.2 pts | +8,735 sh | +2% |
| Increased | GUIDEWIRE SOFTWARE INC (GWRE) | 0.2% | 0.4% | +0.1 pts | +6,302 sh | +51% |
| Increased | CROWN HLDGS INC (CCK) | 2.4% | 2.3% | 0.0 pts | +13,904 sh | +5% |
| Reduced | AON PLC (AON) | 3.2% | 3.1% | −0.1 pts | −3,707 sh | −3% |
| Increased | BLUE OWL CAPITAL INC (OWL) | 0.4% | 0.4% | 0.0 pts | +57,326 sh | +24% |
| Reduced | EQUITABLE HLDGS INC (EQH) | 0.5% | 0.4% | −0.1 pts | −18,650 sh | −17% |
| Reduced | SPDR S&P 500 ETF TR (SPY) | 0.6% | 0.6% | 0.0 pts | −990 sh | −8% |
| Exited | FAIR ISAAC CORP (FICO) | 0.1% | — | −0.1 pts | −362 sh | −100% |
| Reduced | AMAZON COM INC (AMZN) | 0.7% | 0.7% | 0.0 pts | −1,445 sh | −3% |
| Reduced | MARVELL TECHNOLOGY INC (MRVL) | 0.5% | 0.6% | 0.0 pts | −1,394 sh | −2% |
| Reduced | MICROSOFT CORP (MSFT) | 0.3% | 0.4% | 0.0 pts | −210 sh | −2% |
| Reduced | ISHARES TR (ACWX) | 0.3% | 0.3% | 0.0 pts | −1,660 sh | −3% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 54.1% of the equity book
Changes in the top 10 this quarter: APG entered · PRMB left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | HENRY SCHEIN INC (HSIC) | 6.4% | 7.1% | |
| 2 | WILLIAMS COS INC (WMB) | 5.2% | 6.2% | |
| 3 | DANAHER CORPORATION (DHR) | 5.7% | 5.9% | |
| 4 | AMETEK INC (AME) | 5.8% | 5.8% | |
| 5 | API GROUP CORP (APG) | 3.9% | 5.4% | Entered the top 10 |
| 6 | MARTIN MARIETTA MATLS INC (MLM) | 5.4% | 5.0% | |
| 7 | CLEAN HARBORS INC (CLH) | 6.1% | 4.9% | |
| 8 | WELLTOWER INC (WELL) | 5.3% | 4.8% | |
| 9 | CANADIAN PACIFIC KANSAS CITY (CP) | 5.0% | 4.5% | |
| 10 | INTERCONTINENTAL EXCHANGE IN (ICE) | 5.1% | 4.5% | |
| — | PRIMO BRANDS CORPORATION (PRMB) | 6.4% | 4.4% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| New | ISHARES TR (HYG) | Put | 0 | 30,000 | $2.44M |