Overview
M.D. Sass serves as an investment manager or general partner to private and public investment
funds, separately managed accounts and other investment vehicles with various investment
strategies, including, without limitation, investments in fixed income and equities. The Firm is
part of a group of affiliated investment advisers, certain of which are registered with the SEC.
We refer to the private and public investment funds, separately managed accounts and other
investment vehicles that we manage as “Clients” in this Brochure.
Investment strategies for our Clients may include concentrated value equities or fixed income,
and combinations of concentrated value equities and fixed income (which we refer to herein as
“balanced accounts”). M.D. Sass is also a sub-adviser to the Saratoga Large Capitalization Value
Portfolio, a mutual fund registered under the Investment Company Act of 1940. Separate
account and other investment vehicle management is continuously provided for each Client
based on agreed upon investment objectives and may be subject to additional restrictions
imposed by the Client.
M.D. Sass also participates as an investment manager in three wrap fee programs:
• The “Separately Managed Account Program”, sponsored by Envestnet Asset
Management, Inc.;
•The “Merrill Lynch Unified Managed Account, Merrill Lynch Consults and Merrill
Lynch Investment Advisory Programs,” sponsored by Merrill Lynch, Pierce, Fenner &
Smith Incorporated and Managed Account Advisors LLC (collectively “Merrill Lynch”);
•The “Select UMA,” sponsored by Morgan Stanley Smith Barney LLC;
•The “SMartX Platform,” sponsored by SMArtX Advisory Solutions, LLC.; and
•The “Custom Investment Management Program” sponsored by
Taiber Kosmala and
Associates, LLC and executed by Advisor OS LLC dba Taiko.
For wrap programs, M.D. Sass solely provides a model portfolio to the respective program
sponsor, which is then used to manage investor accounts either directly via the sponsor or by
another manager as directed by the sponsor; M.D. Sass does not actively manage any investor
account itself. M.D. Sass receives a portion of the wrap fee collected by the program sponsors
for M.D. Sass’s services.
M.D. Sass is also the investment manager of a private fund: M.D. Sass Government Agency
Portable Alpha, L.P., which is a Delaware limited partnership established in September 2019
(the “Portable Alpha Fund”). The Portable Alpha Fund invests the majority of its assets in a
portfolio of U.S. government agency issued and/or guaranteed mortgage backed securities
(“MBSs”), collateralized mortgage obligations (“CMOs”) and similar high credit quality
securities. The Portable Alpha Fund will also invest in interest and equity futures and/or swaps.
For the Portable Alpha Fund, investment advice is provided directly to the Portable Alpha Fund
and not individually to the investors in the Portable Alpha Fund. The Firm manages the assets
of the Portable Alpha Fund in accordance with the terms of the governing documents applicable
to the Portable Alpha Fund.
A limited liability company formed under the laws of the State of Delaware in November 2023,
M.D. Sass is owned directly or indirectly by Martin D. Sass, M.D. Sass’s Chairman, Chief
Executive Officer and Chief Investment Officer, and Ari D. Sass, M.D. Sass’s President. As of
January 1, 2024, M.D. Sass managed regulatory assets under management of $4,480,401,537 on
a discretionary basis.