13F
中
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M.D. Sass, LLC

13F equity value
$1.3B
Positions
36
Top 10 concentration
52.6%
Quarters / total new picks
31 / 113
13F equity value over time
$0M$660M$1B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 31 quarters, returned +4.7% per quarter — versus +3.1% per quarter from simply owning every 13F stock. It beat that baseline in only 58.1% of quarters (excess t = 0.71, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+1.8%
t-stat
0.71
Quarterly win rate
58%
Annualized excess
+6.6%
$1 → follow vs universe
$3.52 vs $2.25
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720191231: universe 0.90920200331: universe 1.09620200630: universe 1.21120200930: universe 1.48520201231: universe 1.55320210331: universe 1.56620210630: universe 1.69220210930: universe 1.51920211231: universe 1.29220220331: universe 1.38720220630: universe 1.28520220930: universe 1.38120230331: universe 1.45520230630: universe 1.40320230930: universe 1.59220231231: universe 1.66320240331: universe 1.70120240630: universe 1.85520240930: universe 1.83920241231: universe 1.71720250331: universe 1.87120250630: universe 1.93020250930: universe 2.17020251231: universe 2.245 20180331: follow 1.04020180630: follow 0.98420180930: follow 1.03220181231: follow 1.12820190331: follow 1.20520190630: follow 1.33020190930: follow 1.43620191231: follow 1.22720200331: follow 1.44220200630: follow 1.53320200930: follow 1.71220201231: follow 2.08420210331: follow 1.97120210630: follow 2.16120210930: follow 1.92520211231: follow 1.73920220331: follow 1.95020220630: follow 1.87820220930: follow 1.74420230331: follow 1.96820230630: follow 1.93120230930: follow 2.53420231231: follow 2.41620240331: follow 2.34020240630: follow 2.74020240930: follow 2.71020241231: follow 2.68520250331: follow 2.86920250630: follow 2.93320250930: follow 3.73920251231: follow 3.514 0.84 2.44 4.04 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 36 · 2026 Q1

Ticker Value Weight QoQ
HSIC $94M
7.1%
ADD
WMB $85M
6.5%
TRIM
AME $78M
5.9%
TRIM
CLH $72M
5.5%
TRIM
PRMB $64M
4.8%
HOLD
MLM $61M
4.6%
ADD
ICE $59M
4.5%
ADD
DGX $59M
4.5%
NEW
APG $56M
4.3%
TRIM
SARO $56M
4.2%
ADD
AMZN $55M
4.2%
ADD
COF $53M
4.0%
ADD
WELL $51M
3.8%
TRIM
SGI $47M
3.6%
ADD
FICO $47M
3.6%
ADD
AON $46M
3.5%
ADD
CBRE $39M
3.0%
HOLD
DHR $38M
2.9%
TRIM
CHRW $38M
2.8%
NEW
PWR $35M
2.6%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

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Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.