GRANDFIELD & DODD, LLC

Grandfield & Dodd, LLC Firm Brochure & Supplement SEC Form ADV, Parts 2A & 2B March 24, 2025 CONTACT INFORMATION 28 Liberty Street, Suite 5901 New York, NY 10005 Phone: (212) 477-9626 Fax: (212) 777-7764 Email: info@grandfield-dodd.com Website: www.grandfield-dodd.com This brochure and supplement provides information about the qualifications and business practices of Grandfield & Dodd, LLC (“G&D”) and its investment professionals. If you have any questions about the contents of this brochure or supplement, please contact us at the phone number or e-mail address listed above. The information in this brochure and supplement has not been approved or verified by the United States Securities & Exchange Commission (“SEC”) or by any state securities authority. Additional information about G&D and our investment professionals is also available on the SEC’s website at: www.adviserinfo.sec.gov.  Grandfield & Dodd, LLC Material Changes This revised Firm Brochure & Supplement replaces the previous version dated February 28, 2025 and makes the following change:  Updates the Advisory Business section with assets under management data as of December 31, 2024.  Updates the Other Financial Industry Activities & Affiliations section to reflect that Cheryl Grandfield no longer serves on the Board of Trustees of St. Lawrence University. 2 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Table of Contents Material Changes ................................................................................................................ 2 Table of Contents ................................................................................................................ 3 Advisory Business .............................................................................................................. 4 Fees & Compensation ......................................................................................................... 5 Performance-Based Fees & Side-By-Side Management .................................................... 6 Types of Clients .................................................................................................................. 6 Methods of Analysis, Investment Strategies, & Risk of Loss ............................................ 6 Disciplinary Information ..................................................................................................... 8 Other Financial Industry Activities & Affiliations ............................................................. 8 Code of Ethics, Participation or Interest in Client Transactions, & Personal Trading ....... 8 Brokerage Practices ............................................................................................................ 9 Review of Accounts .......................................................................................................... 11 Client Referrals & Other Compensation ........................................................................... 12 Custody ............................................................................................................................. 12 Investment Discretion ....................................................................................................... 13 Voting Client Securities .................................................................................................... 13 Financial Information........................................................................................................ 14 Brochure Supplement—Investment Professionals ........................................................... 15 3 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Advisory Business Grandfield & Dodd, LLC (“G&D”) provides customized investment advisory and management services to individuals, families, trusts, and others. Since its founding in 2001, the firm has been independently-owned and currently has four principal owners—Cheryl Grandfield, Ted Cho, Jeffrey MacDonagh, and Andrea Sharkey. We seek to preserve and enhance the real purchasing power of our clients’ wealth over time through investments in publicly-traded securities and other assets. We work closely with each client to structure and manage diversified investment portfolios tailored to address their specific requirements, goals, and circumstances. Tax considerations and financial and estate planning needs are integral to the investment decision-making process for most clients, and we engage in ongoing discussion of these topics to orient investment portfolios accordingly. As part of our customized approach, we are responsive to client requests to consider social and environmental issues in their investments, and we allow clients to impose restrictions on certain securities or types of securities. We are not affiliated with any banks, broker-dealers, or other financial institutions; therefore, we are able to serve our clients free from undue influence and with minimal conflicts of interest. As of December 31, 2024, G&D managed the following client assets: $ Discretionary Non-Discretionary Total Assets Under Management $ 2,022,016,367 6,675,227 2,028,691,594 Note: Discretionary assets are held in accounts where we have permission to implement investment decisions without first consulting the client. Non-Discretionary assets are held in accounts where we may not arrange transactions without first obtaining specific client consent. Assets held in client accounts where we do not have the ability to arrange trades on behalf of the client are not included in the above figures. For additional information about discretion, please refer to the “Investment Discretion” section on page 13 of this brochure. 4 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Fees & Compensation G&D charges clients a management fee based on a percentage of assets under management. Our standard fee schedule is as follows: Assets Under Management Annual Fee Rate first $1 million next $4 million next $5 million next $10 million next $30 million balance over $50 million 1.00% 0.60% 0.50% 0.40% 0.30% 0.25% Management fees are assessed in advance each calendar quarter. We calculate our fees using the market value (or our best estimate of fair market value in the absence of market value) of assets under management at the end of the previous calendar quarter. Based on each client’s preference, we will either deduct our fees directly from client assets or bill the client via invoice each quarter. Sample Fee Calculation Second quarter (April 1 to June 30) management fees are calculated based on assets under management as of March 31. Assuming $8 million assets under management as of the market close on March 31, second quarter management fees are calculated as follows: Assets Under Management Quarterly Fee Rate Applied Quarterly Fee $ first $1 million next $4 million next $3 million 0.250% (1/4 of 1.00%) 0.150% (1/4 of 0.60%) 0.125% (1/4 of 0.50%) $ 2,500 6,000 3,750 12,250 These management fees would most likely be billed (or deducted) some time in April. Important Fee Disclosures We believe our standard fee schedule is highly competitive. However, comparable services may be available from other providers at lower rates. Because our fees are calculated based on assets under management, G&D has a financial incentive to recommend to clients that they add assets to accounts under our management in order to increase our management fees. 5 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Under certain circumstances, our fee arrangements may be negotiable. However, as a matter of policy, G&D does not and will not utilize any fee arrangement based on a share of capital gains on or capital appreciation of client assets. To the extent that certain assets are charged reduced fees or are exempt from fees, a potential conflict of interest will exist since we will have a financial incentive to shift funds into higher-fee assets. Our management fees do not include any fees or commissions charged by third parties in connection with our advisory services (e.g., custodial fees, transaction fees, broker commissions, fund expenses, etc.). Accordingly, we encourage clients to review all third- party fees and expenses as well as G&D’s management fees when evaluating the total cost of management. For additional information on brokerage costs, please refer to the “Brokerage Practices” section on page 9 of this brochure. A relationship may be terminated at any time, by G&D or a client, upon notification of the other party. G&D will refund any prepaid, unearned fees as calculated on a daily pro rata basis. New clients have the right to terminate an advisory relationship without penalty within five business days of establishing one. Performance-Based Fees & Side-By-Side Management As a matter of policy, G&D will not accept performance-based fees from a client. This type of fee arrangement is based on a share of capital gains on or capital appreciation of client assets. Types of Clients G&D primarily provides services to individuals and their families, including assets held in trusts, estates, foundations, and retirement plans. We also provide services to a small number of not-for-profit institutions. Our minimum client relationship size is $1 million assets under management. In certain situations, we may waive this minimum. Methods of Analysis, Investment Strategies, & Risk of Loss G&D seeks to preserve and enhance the real purchasing power of clients’ wealth over time through investments in publicly-traded securities and other assets. We base our investment recommendations and decisions on our analysis of the broad economic outlook and financial market conditions as well as fundamental research on industries and companies. We believe that investing in equity securities provides our clients with an excellent avenue for increasing their wealth while protecting it from the deleterious effects of inflation over time. We evaluate opportunities from the perspective of a potential business owner, and as 6 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC a result, we are long-term investors with a horizon that often extends well beyond one year. We specifically look for industry-leading companies that are positioned to grow in size and profitability through some sustainable competitive advantage. We prefer financially strong firms led by competent and experienced management teams. Valuation is very important; however, we recognize that different valuation criteria apply to different types of businesses and look for investment opportunities among smaller, higher growth enterprises as well as larger, more mature businesses. Equity markets frequently move to extremes driven by excessive investor enthusiasm or fear, and the risk of loss is ever-present. However, we believe this volatility creates investment opportunities. To manage this risk, diversification is necessary, and we avoid undue concentration in any one industry or company. We also believe participation in international markets through investments in foreign and/or global multi-national companies offers diversification benefits as well as higher growth potential. For many of our clients, fixed income securities (e.g., bonds) play an important role in their investment portfolios. Bonds can provide a higher level of income than equities and offer a counterbalance to the inherent volatility of the equity markets. Although these securities are relatively stable, there is the potential for investor loss from issuer default or changes in interest rates, and liquidity may be limited. To mitigate these risks, we favor higher- quality obligations generally maturing within five years and typically hold them to maturity. We consider opportunities across a broad range of publicly-traded debt (e.g., U.S. Treasury securities, municipal bonds, corporate bonds, etc.) to best fit the needs of the client. For example, we consider investing in tax-exempt municipal bonds to the extent that a client’s tax situation and/or comparative market yields warrant. All investing involves a risk of loss and the investment strategy offered by G&D could lose money over short or even long periods; thus, clients should be prepared to bear such risk of loss. Performance could be hurt by a number of different market risks including but not limited to:  Stock market risk, which is the chance that stock prices overall will decline. Equity markets tend to move in cycles, with periods of rising prices and periods of falling prices.  Sector risk, which is the chance that significant problems will affect a particular sector, or that returns from that sector will trail returns from the overall stock market. Daily fluctuations in specific market sectors are often more extreme than fluctuations in the overall market. Clients investing in fixed income securities may face additional risks, such as but not limited to:  Interest Rate risk, which is the chance that a change in prevailing interest rates will cause the securities in the account to fluctuate in value. 7 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC  Credit or Default risk, which is the chance that the issuer of a security will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. To the extent that the account is invested primarily in securities that are considered to be of high quality, credit risk should be very low.  Reinvestment risk, which is the chance that falling interest rates preclude the ability to reinvest proceeds at the same rate of return as the original investment.  Inflation risk, which is the chance that the purchasing power of the cash flows from an investment will be less in the future because of changes in general price levels in the economy. In addition, the identification of securities and other assets believed to be undervalued is a difficult task, and there are no assurances that such opportunities will be successfully recognized or acquired. Disciplinary Information There are no material legal or disciplinary events in G&D’s history. Other Financial Industry Activities & Affiliations G&D is independently-owned, and none of its principal owners or personnel are employed or affiliated with any bank, broker-dealer, or other financial institution or professional services firm (e.g., accounting, law, real estate). Code of Ethics, Participation or Interest in Client Transactions, & Personal Trading G&D personnel or related persons may buy or sell securities in their personal accounts that are identical to those recommended by G&D to clients. Furthermore, G&D personnel or related persons may have a pre-existing interest or position in securities that G&D may recommend to clients. These situations represent potential conflicts of interest, for example, if an employee recommends the purchase for client accounts of securities he or she owns personally or if the employee buys a security before G&D’s clients or sells a security that clients continue to hold. To address these conflicts, G&D has adopted a Code of Ethics designed to preserve our fiduciary duty to put client interests ahead of our own. The Code of Ethics requires personnel to disclose potential conflicts of interest and establishes numerous restrictions on the trading activities of G&D personnel and related persons including: 8 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC  Supervision and monitoring of personal trading activities and holdings.  Prohibition of certain transactions (e.g., IPO participation, short sales).  Restrictions on the purchase or sale of securities recommended to clients.  Minimum holding periods. The Code of Ethics requires all G&D personnel and related persons to comply with applicable federal and state regulations governing SEC-registered investment advisers. Violations of the Code of Ethics’ provisions may result in disciplinary action, including the possibility of termination. A complete copy of G&D’s Code of Ethics is available to any client or prospective client upon request. Brokerage Practices G&D has a fundamental fiduciary duty to seek best execution for client trade orders, and to this end, we direct client trades to broker-dealers that provide strong execution capability, reliable market access, breadth of available investment products, and competent trade support services at low transaction costs. On behalf of our clients, we have negotiated commission rates with selected broker-dealers that we believe are highly competitive but recognize that these negotiated rates may not necessarily be the lowest available in the marketplace. Potential Conflicts of Interest We evaluate and select broker-dealers primarily on the benefit that they provide to our clients; however, certain client relationships and ancillary services provided to G&D and our clients by broker-dealers give rise to the following potential conflicts of interest:  “Soft-dollar benefits.” Broker-dealers offer a range of products and services to G&D and other institutional customers. Many of these products and services benefit both G&D and our clients, but some benefit only G&D. When client brokerage commissions are used to obtain research or other products or services, G&D receives a benefit because it does not have to produce or pay for such research, product, or services. Benefits received in the past year include: technology to access account data and facilitate trade order entry and allocation, proprietary and third-party investment research reports and market data, direct assistance with back-office account administration, regulatory compliance newsletters, legal and technology consulting, publications and seminars on practice management issues, and access to group discounts from various third-party service providers. These soft-dollar benefits are not a material factor in our selection of a broker-dealer; nonetheless, they create an incentive for us to select a broker-dealer to obtain these benefits rather than achieve best execution.  Collective benefit. Commissions paid on a trade may yield a soft-dollar benefit that helps all G&D clients, and not just the client that placed the trade. For example, 9 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC a broker-dealer may provide a research report that benefits all of our clients, not just the clients who paid commissions to that broker-dealer.  Possible Offsetting of Losses. Trade errors occur infrequently in client accounts. Clients generally are made whole in connection with any losses resulting from a trade error in such client account. In situations where a trade error results in a gain to a client account, G&D generally will elect not to correct such error, and the resulting gain will remain in the client account. In the event, however, that G&D elects to correct such an error, any such gains resulting from the correction generally will be donated to charity or retained in an error account for use in offsetting future losses incurred by G&D clients resulting from trade errors. This creates a possible conflict, because the amount G&D will have to pay to correct such future trade errors would be reduced. To ensure that these potential conflicts of interest do not interfere with our fiduciary duty of best execution and fair treatment to our clients, we conduct an annual review of our brokerage relationships, which includes an examination of these potential conflicts. Directed Brokerage G&D also accepts client instructions to execute transactions through a specific broker- dealer of their choosing. However, in these situations, we may not have the authority or ability to negotiate commissions, obtain volume discounts, or otherwise achieve best execution. As a result, clients who direct G&D to use a specific broker-dealer may pay materially disparate commissions, greater spreads or transaction costs, or receive less favorable net prices on transactions for the account than would otherwise be the case. Aggregate (Block) Trading—Equities G&D may aggregate client trades of equities when we believe that liquidity will be materially improved, or when we wish to obtain consistent execution prices across related accounts. Otherwise, we generally do not aggregate client orders to obtain volume discounts on brokerage costs. Clients participating in these trades will share transaction costs on a pro rata basis, when possible, and receive the weighted average price achieved on the entire block. G&D personnel are prohibited from participating in block trades for client accounts. In addition, a client who designates the use of a particular broker/dealer should understand that it will lose possible advantages of participating in an aggregated client trade. 10 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Initial Public Offerings—Equities If we determine that participation in an equity initial public offering (“IPO”) is advantageous to our clients, we will identify the suitable accounts and the appropriate level of participation for each account and place an order based on the aggregate IPO interest for all of our clients. If we are unable to fill the entire order, we will allocate the quantity received on a pro rata basis. However, we may adjust the proration for considerations such as minimum position size or other client requirements. G&D personnel are prohibited from participating in any IPOs. Aggregate (Block) Trading & IPOs—Bonds G&D may trade large blocks of bonds on the secondary market or much less frequently via IPO in order to improve price, availability, and/or liquidity. These orders are placed against the aggregate need for or supply of the particular security across all client accounts as determined by the number of open bond inquiries (buy and sell) on the bond desk. Allocations are determined post-hoc based on suitability, portfolio fit, and age of client inquiry, among other factors. Review of Accounts G&D continuously reviews the securities held in client portfolios. Each client’s portfolio is reviewed at least quarterly by one or more investment professionals (see Brochure Supplement on page 15). Additional reviews may be triggered by changes to a client’s financial circumstances, market or economic conditions, or security-specific issues, among other reasons. These reviews include an assessment of the client portfolio’s asset allocation, diversification, and income generation relevant to client needs. We also evaluate the individual securities held in the portfolio based on their long-term prospects relative to other potential investments as well their continued suitability for the client. G&D provides statements of account holdings and market values to clients on a quarterly basis. We are able to provide these reports on a more frequent basis upon request. In addition to these quarterly appraisals, we routinely send written correspondence to individual clients describing specific recommendations for, or changes to, their portfolio on an ad hoc basis. From time to time, we also send clients a written commentary discussing market conditions or economic developments. For one-on-one meetings, G&D provides detailed portfolio reports including performance data, account holdings, market values, and a review of recent transactions. We believe that annual meetings with clients are valuable but will accommodate any reasonable schedule requested by the client. Privacy Policy G&D is responsible for protecting the security and confidentiality of non-public personal information about current and former clients. Therefore, it has been G&D’s long-standing 11 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC policy to prohibit our personnel from sharing the identity or non-public information of current or former clients with any third party, except when such sharing is:  necessary to provide services the client has requested or authorized;  necessary to maintain or service the client’s account; or  required by regulatory or law enforcement authorities. In addition, G&D has adopted an Information Security Program designed to ensure the security and confidentiality of non-public personal information maintained by the firm and to protect this information against potential security threats, hazards, and unauthorized access or use. G&D’s Information Security Program employs a range of physical, electronic, and procedural safeguards. Client Referrals & Other Compensation G&D does not compensate any third party for client referrals. However, we may refer clients to professional service providers (e.g., accountant, attorney, etc.) who are themselves G&D clients or have referred clients to us. Custody G&D allows clients to select the custodian for accounts managed by us, provided that they are qualified custodians as defined by the SEC (i.e., banks, registered broker-dealers, and certain foreign custodians) that provide at least quarterly account statements directly to the client or their independent representative. We urge our clients to compare the account statements provided by their qualified custodians with those received from G&D. If clients do not have a preferred custodian, we may recommend The Bank of New York Mellon (“BNY Mellon”) and/or Charles Schwab & Co., Inc. (“Schwab”). We believe that both provide quality services at competitive costs. However, both are public companies or subsidiaries of a public company with securities that we may either recommend or hold in client accounts or personal accounts owned by our personnel. Therefore, there is a potential conflict of interest as we may have an incentive to recommend a custodian to improve the value of our client or personal holdings. Relationship with Charles Schwab & Co., Inc. Schwab Advisor Services (formerly called Schwab Institutional) is Schwab’s business serving independent investment advisory firms like us. As long as G&D collectively maintains client assets of at least $10 million in Schwab accounts, Schwab Advisor Services provides G&D access to institutional trading, custody services, and other soft- dollar benefits (see “Brokerage Practices” section on page 9) that are not typically available to Schwab’s retail customers. Many of these services directly or indirectly benefit our clients, but some only benefit G&D. If our clients collectively maintain less than $10 12 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC million in Schwab accounts, Schwab may charge G&D quarterly service fees. Therefore, there is a potential conflict of interest since we have an incentive to recommend Schwab as a custodian in order to avoid paying these quarterly service fees. Investment Discretion G&D accepts written discretionary authority to manage client portfolios (i.e., we can make changes without seeking specific consent from a client). We can accommodate a wide range of limitations or restrictions on this authority to suit client needs. The level of discretionary authority with respect to each client account is determined through the execution of an investment advisory agreement. We classify accounts as either Discretionary or Non-Discretionary sub-divided into five different levels of discretion: Discretionary—G&D has the authority to make and implement investment decisions without prior consultation with Client in accordance with agreed upon investment objectives and guidelines. G&D further classifies Discretionary accounts as follows: o Blind—G&D will not discuss potential transactions with nor accept trade instructions from Client. o Full—G&D generally does not consult with Client prior to making changes. o Limited—G&D generally seeks to consult with Client prior to making changes but reserves the ability to make changes without Client consent. Non-Discretionary—G&D makes investment recommendations to Client and may not implement changes without consent or participation of Client. G&D further classifies Non- Discretionary accounts as follows: o None—G&D has trading authority but only places trades with specific Client consent. o Advisory—G&D does not have trading authority and cannot place trades on behalf of Client. Client is responsible for placing trade orders with or without G&D assistance. Any limitations on our investment discretion may affect an account’s investment performance relative to accounts where no such restrictions exist. Voting Client Securities G&D votes proxies on behalf of clients who have given us this authority, and we have adopted a formal set of guidelines for making proxy voting decisions. These guidelines are directed solely toward protecting shareholder interests, and are followed even in the event of a conflict of interest. We review each proxy and record our conclusions and vote. We generally vote all client proxies in the same manner but in certain situations, we may be able to accommodate a client request to direct their vote in a particular solicitation. Clients 13 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC can make such a request by contacting us directly. A complete copy of our Proxy Voting Guidelines is provided annually to clients and is also available upon request. In addition, clients can obtain information from G&D on how we voted their securities by contacting us. Clients who have elected to retain proxy voting authority should receive proxies or solicitations directly from their custodian or transfer agent, and may contact G&D in the even they have questions regarding a particular solicitation. Financial Information To the best of our knowledge, G&D is in good financial health. We are not aware of any financial condition that is reasonably likely to impair our ability to meet our contractual commitments to our clients. 14 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Brochure Supplement— Cheryl Grandfield Grandfield & Dodd, LLC 28 Liberty Street, Suite 5901 New York, NY 10005 Phone: (212) 477-9626 Email: info@grandfield-dodd.com March 24, 2025 is available on This brochure supplement provides information about Cheryl Grandfield that supplements the Grandfield & Dodd, LLC brochure included herewith. If you have any questions about our personnel, please contact us at the phone number or e-mail address above. Additional information about Ms. Grandfield the SEC’s website at www.adviserinfo.sec.gov. 15 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Educational Background & Business Experience Cheryl L. Grandfield, CFA Cheryl is a co-founder and Principal of Grandfield & Dodd. She has more than forty-five years of investment experience. From 1976 through 2000, she was with Brundage, Story & Rose (“BS&R”), where she was made a partner in 1984. At BS&R, her responsibilities included portfolio management for families and individuals, and equity research and analysis. At various times, she directed BS&R’s activities in equity research, tax-exempt bond analysis and trading, and regulatory compliance. Cheryl began her investment career in the Personal Trust Investment Department of Bankers Trust Co. in 1973. Cheryl holds the Chartered Financial Analyst* designation and earned a Master of Business Administration from Fordham University. She graduated from St. Lawrence University with a Bachelor of Arts in English Literature. Cheryl is past President of the Women’s Bond Club of New York and is a Trustee Emerita of St. Lawrence University. Cheryl was born in 1951. * The Chartered Financial Analyst (CFA) designation is awarded by the CFA Institute to individuals who pass a series of written examinations on investment principles and meet certain professional and ethical requirements. Disciplinary Information Ms. Grandfield has not been involved in any material legal or disciplinary events. Other Business Activities Ms. Grandfield is not actively engaged in any investment-related business or occupation outside of G&D. Additional Compensation Ms. Grandfield does not receive compensation or other economic benefits from a third- party in connection to providing advisory services to our clients. Supervision G&D’s principal owners are actively involved in every aspect of our advisory business including formulation and communication of the investment advice provided to our clients. In addition, G&D has a formal compliance program, which includes our Code of Ethics, to supervise the activities of our personnel and ensure that we fulfill our fiduciary duty to our clients. 16 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Brochure Supplement— Tae-Gene (Ted) Cho Grandfield & Dodd, LLC 28 Liberty Street, Suite 5901 New York, NY 10005 Phone: (212) 477-9626 Email: info@grandfield-dodd.com March 24, 2025 This brochure supplement provides information about Ted Cho that supplements the Grandfield & Dodd, LLC brochure included herewith. If you have any questions about our personnel, please contact us at the phone number or e-mail address above. 17 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Educational Background & Business Experience Tae-Gene (Ted) K. Cho, CFA Ted is Principal and Chief Compliance Officer of Grandfield & Dodd. He has more than twenty-five years of investment experience. He was made a partner of the firm in 2005 and has been managing client portfolios and conducting equity and credit research since joining the firm in 2002. Previously, he was Vice President at Banc of America Securities, where he was an equity research analyst covering the aerospace and defense industries. He has also worked as an equity research analyst at Salomon Smith Barney and Smith Barney covering industrial conglomerates. Ted began his investment career with Sanford C. Bernstein & Co. in 1995. Ted holds the Chartered Financial Analyst* designation and graduated from McGill University with a Bachelor of Arts in History. Ted was born in 1971. * The Chartered Financial Analyst (CFA) designation is awarded by the CFA Institute to individuals who pass a series of written examinations on investment principles and meet certain professional and ethical requirements. Disciplinary Information Mr. Cho has not been involved in any material legal or disciplinary events. Other Business Activities Mr. Cho is not actively engaged in any investment-related business or occupation outside of G&D. Additional Compensation Mr. Cho does not receive compensation or other economic benefits from a third-party in connection to providing advisory services to our clients. Supervision G&D’s principal owners are actively involved in every aspect of our advisory business including formulation and communication of the investment advice provided to our clients. In addition, G&D has a formal compliance program, which includes our Code of Ethics, to supervise the activities of our personnel and ensure that we fulfill our fiduciary duty to our clients. 18 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Brochure Supplement— Jeffrey MacDonagh Grandfield & Dodd, LLC 28 Liberty Street, Suite 5901 New York, NY 10005 Phone: (212) 477-9626 Email: info@grandfield-dodd.com March 24, 2025 information about Jeffrey MacDonagh This brochure supplement provides that supplements the Grandfield & Dodd, LLC brochure included herewith. If you have any questions about our personnel, please contact us at the phone number or e-mail address above. 19 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Educational Background & Business Experience Jeffrey T.S. MacDonagh, CFA Jeff is Principal of Grandfield & Dodd. He has more than twenty years of investment experience. He was made a partner of the firm in 2011 and has been managing client portfolios and conducting equity and credit research since joining the firm in 2008. Previously, he was Portfolio Manager and Director of Research at Domini Social Investments, a mutual fund family specializing in socially responsible investing. He has also worked as Assistant Portfolio Manager at Loring, Wolcott & Coolidge Fiduciary Advisors. Jeff began his investment career with KLD Research & Analytics, Inc. as an ESG (environmental, social, governance) analyst in 2000. Jeff holds a Chartered Financial Analyst* designation and earned a Master of Science in Engineering Systems and a Master of Science in Urban & Environmental Planning from Massachusetts Institute of Technology. He graduated from the University of Wisconsin with Bachelor of Science degrees in Physics, Mathematics, and Philosophy. Jeff is presently a member of the board of Pro Mujer and has served in various positions for the Metro New York Synod and United Lutheran Seminary. Jeff was born in 1976. * The Chartered Financial Analyst (CFA) designation is awarded by the CFA Institute to individuals who pass a series of written examinations on investment principles and meet certain professional and ethical requirements. Disciplinary Information Mr. MacDonagh has not been involved in any material legal or disciplinary events. Other Business Activities Mr. MacDonagh is not actively engaged in any investment-related business or occupation outside of G&D. Additional Compensation Mr. MacDonagh does not receive compensation or other economic benefits from a third- party in connection to providing advisory services to our clients. Supervision G&D’s principal owners are actively involved in every aspect of our advisory business including formulation and communication of the investment advice provided to our clients. In addition, G&D has a formal compliance program, which includes our Code of Ethics, to supervise the activities of our personnel and ensure that we fulfill our fiduciary duty to our clients. 20 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Brochure Supplement—Andrea Sharkey Grandfield & Dodd, LLC 28 Liberty Street, Suite 5901 New York, NY 10005 Phone: (212) 477-9626 Email: info@grandfield-dodd.com March 24, 2025 This brochure supplement provides information about Andrea Sharkey that supplements the Grandfield & Dodd, LLC brochure included herewith. If you have any questions about our personnel, please contact us at the phone number or e-mail address above. 21 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Educational Background & Business Experience Andrea G. Sharkey, CFA Andrea is Principal of Grandfield & Dodd. She has more than twenty years of investment experience. She was made a partner of the firm in 2019 and has been managing client portfolios and conducting equity and credit research since joining the firm in 2016. Previously, she was a research analyst at Third Avenue Management, a mutual fund family specializing in value investing. She has also worked as Assistant Vice President and Research Analyst at Gabelli & Company and before that as an equity analyst with Sidoti & Company. Andrea began her career at T. Rowe Price as an equity fund accounting associate in 2000. Andrea holds the Chartered Financial Analyst* designation and earned a Master of Business Administration from Columbia Business School. She graduated from Loyola University Maryland with a Bachelor of Arts degree in Finance & Business Economics. * The Chartered Financial Analyst (CFA) designation is awarded by the CFA Institute to individuals who pass a series of written examinations on investment principles and meet certain professional and ethical requirements. Disciplinary Information Ms. Sharkey has not been involved in any material legal or disciplinary events. Other Business Activities Ms. Sharkey is not actively engaged in any investment-related business or occupation outside of G&D. Additional Compensation Ms. Sharkey does not receive compensation or other economic benefits from a third-party in connection to providing advisory services to our clients. Supervision G&D’s principal owners are actively involved in every aspect of our advisory business including formulation and communication of the investment advice provided to our clients. In addition, G&D has a formal compliance program, which includes our Code of Ethics, to supervise the activities of our personnel and ensure that we fulfill our fiduciary duty to our clients. 22 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Brochure Supplement—Andrew Clarke Grandfield & Dodd, LLC 28 Liberty Street, Suite 5901 New York, NY 10005 Phone: (212) 477-9626 Email: info@grandfield-dodd.com March 24, 2025 This brochure supplement provides information about Andrew Clarke that supplements the Grandfield & Dodd, LLC brochure included herewith. If you have any questions about our personnel, please contact us at the phone number or e-mail address above. 23 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Educational Background & Business Experience Andrew P. Clarke Andy is Managing Director at Grandfield & Dodd. He has more than fifteen years of investment experience and joined the firm in 2020. Previously, he was Managing Director in the Public Finance Group at Kroll Bond Rating Agency. He has also held municipal finance positions at BNP Paribas, Ambac Assurance Corporation, and Crédit Agricole. Andy began his career at Standard & Poor’s in 2002 as a Ratings Specialist focused on U.S. Public Finance ratings. Andy earned a Master of Business Administration in Public Finance from the Nelson Rockefeller College of Public Affairs and Policy at the University of Albany. He graduated from the University of Albany with a Bachelor of Arts degree in Political Science. Andy was born in 1975. Disciplinary Information Mr. Clarke has not been involved in any material legal or disciplinary events. Other Business Activities Mr. Clarke is not actively engaged in any investment-related business or occupation outside of G&D. Additional Compensation Mr. Clarke does not receive compensation or other economic benefits from a third-party in connection to providing advisory services to our clients. Supervision G&D’s principal owners are actively involved in every aspect of our advisory business including formulation and communication of the investment advice provided to our clients. In addition, G&D has a formal compliance program, which includes our Code of Ethics, to supervise the activities of our personnel and ensure that we fulfill our fiduciary duty to our clients. 24 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Brochure Supplement—Michael Kaye Grandfield & Dodd, LLC 28 Liberty Street, Suite 5901 New York, NY 10005 Phone: (212) 477-9626 Email: info@grandfield-dodd.com March 24, 2025 This brochure supplement provides information about Michael Kaye that supplements the Grandfield & Dodd, LLC brochure included herewith. If you have any questions about our personnel, please contact us at the phone number or e-mail address above. 25 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Educational Background & Business Experience Michael A. Kaye, CFA Michael is Portfolio Associate at Grandfield & Dodd. He has more than twenty-five years of investment experience and joined the firm in 2015. Previously, he held performance and portfolio analyst roles at Citibank, First Republic, and Standard & Poor’s. Michael began his career at Morgan Stanley Dean Witter in 1995. Michael holds the Chartered Financial Analyst* designation and earned a Master of Business Administration in Finance from Fordham University. He graduated from George Washington University with a Bachelor of Arts degree in Economics. Michael was born in 1968. * The Chartered Financial Analyst (CFA) designation is awarded by the CFA Institute to individuals who pass a series of written examinations on investment principles and meet certain professional and ethical requirements. Disciplinary Information Mr. Kaye has not been involved in any material legal or disciplinary events. Other Business Activities Mr. Kaye is not actively engaged in any investment-related business or occupation outside of G&D. Additional Compensation Mr. Kaye does not receive compensation or other economic benefits from a third-party in connection to providing advisory services to our clients. Supervision G&D’s principal owners are actively involved in every aspect of our advisory business including formulation and communication of the investment advice provided to our clients. In addition, G&D has a formal compliance program, which includes our Code of Ethics, to supervise the activities of our personnel and ensure that we fulfill our fiduciary duty to our clients. 26 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Brochure Supplement—Anne Pennington Grandfield & Dodd, LLC 28 Liberty Street, Suite 5901 New York, NY 10005 Phone: (212) 477-9626 Email: info@grandfield-dodd.com March 24, 2025 This brochure supplement provides information about Anne Pennington that supplements the Grandfield & Dodd, LLC brochure included herewith. If you have any questions about our personnel, please contact us at the phone number or e-mail address above. 27 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Educational Background & Business Experience Anne E. Pennington Anne is Equity Research Analyst at Grandfield & Dodd. She has over six years of investment experience and joined the firm in 2023. Previously, Anne worked as a senior associate in investment banking at Citigroup and as an associate client advisor at Bessemer Trust. Anne graduated with a Master of Business Administration in Finance from the University of Southern California and from the University of Texas at Austin with a Bachelor of Arts in Economics. Disciplinary Information Ms. Pennington has not been involved in any material legal or disciplinary events. Other Business Activities Ms. Pennington is not actively engaged in any investment-related business or occupation outside of G&D. Additional Compensation Ms. Pennington does not receive compensation or other economic benefits from a third- party in connection to providing advisory services to our clients. Supervision G&D’s principal owners are actively involved in every aspect of our advisory business including formulation and communication of the investment advice provided to our clients. In addition, G&D has a formal compliance program, which includes our Code of Ethics, to supervise the activities of our personnel and ensure that we fulfill our fiduciary duty to our clients. 28 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Brochure Supplement—Eric Chung Grandfield & Dodd, LLC 28 Liberty Street, Suite 5901 New York, NY 10005 Phone: (212) 477-9626 Email: info@grandfield-dodd.com March 24, 2025 This brochure supplement provides information about Eric Chung that supplements the Grandfield & Dodd, LLC brochure included herewith. If you have any questions about our personnel, please contact us at the phone number or e-mail address above. 29 Firm Brochure & Supplement March 24, 2025  Grandfield & Dodd, LLC Educational Background & Business Experience as associate capital markets & banking Eric Chung, CFA Eric is Equity Research Analyst at Grandfield & Dodd. He has more than six years of investment experience and joined the firm in 2023. Previously, he was an equity research associate covering the life sciences tools & diagnostics industries at Stifel Financial. He has also worked as an environmental social governance (ESG) research analyst at JUST at covering an and Capital PricewaterhouseCoopers. Eric holds the Chartered Financial Analyst* designation and graduated from Washington University in St. Louis with a Bachelor of Arts degree in Biology. * The Chartered Financial Analyst (CFA) designation is awarded by the CFA Institute to individuals who pass a series of written examinations on investment principles and meet certain professional and ethical requirements. Disciplinary Information Mr. Chung has not been involved in any material legal or disciplinary events. Other Business Activities Mr. Chung is not actively engaged in any investment-related business or occupation outside of G&D. Additional Compensation Mr. Chung does not receive compensation or other economic benefits from a third-party in connection to providing advisory services to our clients. Supervision G&D’s principal owners are actively involved in every aspect of our advisory business including formulation and communication of the investment advice provided to our clients. In addition, G&D has a formal compliance program, which includes our Code of Ethics, to supervise the activities of our personnel and ensure that we fulfill our fiduciary duty to our clients. 30 Firm Brochure & Supplement March 24, 2025