SEC 13F Intelligence

Managers / Q2 2025

Grassi Investment Management

CIK 0001608531 · 2350 MISSION COLLEGE BLVD STE 190, SANTA CLARA, CA, 95054 · 650-934-0770

Reported Value
$1.3B
Q2 2025
Positions
128
Filings on Record
28
2019–present window
Filed
Jul 21, 2025
original filing

Summary

Grassi Investment Management reported $1.3B in U.S.-listed holdings across 128 positions for Q2 2025.

The portfolio is heavily concentrated: NVDA alone accounts for 20.8% of reported value.

Compared with Q1 2025, the fund opened 7 new positions and exited 1.

Portfolio Metrics

Turnover
+2.6%
vs prior filed quarter
Top-10 Concentration
+56.7%
share of reported value
Largest Position
+20.8%
Nvidia
New / Exited
7 / 1
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $582MQ4 ’18Q1 ’19: $675MQ2 ’19: $678MQ3 ’19: $667MQ4 ’19: $739MQ4 ’19Q1 ’20: $572MQ2 ’20: $694MQ3 ’20: $706MQ4 ’20: $788MQ4 ’20Q1 ’21: $882MQ2 ’21: $921MQ3 ’21: $889MQ4 ’21: $1.0BQ4 ’21Q1 ’22: $957MQ2 ’22: $757MQ3 ’22: $686MQ1 ’23: $806MQ1 ’23Q2 ’23: $909MQ3 ’23: $869MQ4 ’23: $954MQ1 ’24: $1.1BQ1 ’24Q2 ’24: $1.1BQ3 ’24: $1.2BQ4 ’24: $1.2BQ1 ’25: $1.1BQ1 ’25Q2 ’25: $1.3Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 80.8%Other: 11.4%REIT: 4.4%ETP: 2.2%ADR: 0.9%Other: 0.2%
  • Common Stock · 80.8% · $1.0B
  • Other · 11.4% · $143M
  • REIT · 4.4% · $55M
  • ETP · 2.2% · $28M
  • ADR · 0.9% · $12M
  • Other · 0.2% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
WESTERN MIDSTREAMNEW+30.0K30.0K+$1M$1M
BKNGBOOKING HLDGNEW+5050+$289,000$289,000
IWDISHARES RUSSELL 1000 VALNEW+1.2K1.2K+$234,000$234,000
FBGRXFIDELITY BLUE CHIPNEW+975975+$231,000$231,000
COINCOINBASE GLBNEW+650650+$228,000$228,000
VOOVANGUARD S&P 500NEW+387387+$220,000$220,000
ESIELEMENT SOLNEW+9.0K9.0K+$204,000$204,000
STWDSTARWOOD PROPADDED+60.0K95.7K+$1M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

127 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM20.78%$261M1.65M
2MSFTMICROSOFT CORPhistory →COM6.32%$79M159.6K
3BROADCOM LTDCOM5.82%$73M265.6K
4AAPLAPPLE COMPUTERhistory →COM5.39%$68M330.2K
5LLYLILLY, ELI & COhistory →COM4.96%$62M79.9K
6AMATAPPLIED MATERIALShistory →COM3.99%$50M273.9K
7VISA INC CL ACOM2.80%$35M99.0K
8JPMJP MORGAN CHASEhistory →COM2.41%$30M104.4K
9PLDPROLOGIShistory →COM2.14%$27M256.1K
10CATCATERPILLARhistory →COM2.07%$26M66.9K
11ORCLORACLE CORPhistory →COM1.66%$21M95.6K
12AMDADVANCED MICRO DEVhistory →COM1.61%$20M142.9K
13BACBANK OF AMERICAhistory →COM1.59%$20M423.0K
14ABBVABBVIE INC.history →COM1.42%$18M96.0K
15BLACKSTONECOM1.35%$17M113.8K
16IBMIBM CORPORATIONhistory →COM1.35%$17M57.5K
17MSMORGAN STANLEYhistory →COM1.35%$17M120.0K
18PGPROCTER & GAMBLEhistory →COM1.32%$17M104.4K
19ABTABBOTT LABS COMhistory →COM1.31%$17M121.4K
20AMZNAMAZON.COMhistory →COM1.23%$15M70.6K
21WFCWELLS FARGO & COhistory →COM1.18%$15M185.4K
22MARMARRIOTT INTLhistory →COM1.09%$14M50.0K
23HONHONEYWELL INTLhistory →COM1.07%$13M57.6K
24HDHOME DEPOT INChistory →COM1.06%$13M36.3K
25LMTLOCKHEED MARTINhistory →COM0.95%$12M25.7K
26VMCVULCAN MATERIALShistory →COM0.93%$12M44.8K
27UNPUNION PACIFIChistory →COM0.91%$12M50.0K
28RIORIO TINTOhistory →COM0.90%$11M193.0K
29AMTAMERICAN TOWERhistory →COM0.88%$11M50.0K
30NOWSERVICENOW, INChistory →COM0.86%$11M10.6K
31SCHWCHARLES SCHWABhistory →COM0.85%$11M117.0K
32UBERUBER TECHNOLOGIEShistory →COM0.82%$10M110.5K
33WMTWAL-MART STORESCOM0.79%$10M101.7K
34SNOWSNOWFLAKE CLASS ACOM0.77%$10M43.5K
35BABOEINGCOM0.75%$9M45.0K
36DLRDIGITAL REALTY TRCOM0.75%$9M53.7K
37CRMSALESFORCE.COMCOM0.73%$9M33.6K
38JNJJOHN. & JOHN.COM0.71%$9M58.1K
39MERCK & CO INCCOM0.66%$8M104.4K
40CVXCHEVRON CORPCOM0.64%$8M56.0K
41XLKTECHNOLOGYCOM0.58%$7M28.7K
42DISDISNEY, WALT COCOM0.57%$7M58.1K
43GOOGLALPHABET CLASS ACOM0.57%$7M40.4K
44AXPAMERICAN EXPRESSCOM0.56%$7M22.1K
45VRTVERTIV HOLDINGSCOM0.53%$7M51.4K
46STZCONSTELLATIONCOM0.51%$6M39.6K
47QQQINVESCO QQQCOM0.50%$6M11.3K
48COSTCOSTCO WHOLESALECOM0.43%$5M5.4K
49DELL INCCOM0.42%$5M43.5K
50SHOPSHOPIFY INCCOM0.42%$5M46.0K
51MOALTRIA GROUP INCCOM0.42%$5M89.3K
52BMYBRISTOL-MYERSCOM0.40%$5M107.6K
53PEPPEPSICO INCCOM0.39%$5M37.4K
54CMCSACOMCAST CL ACOM0.38%$5M133.4K
55BSXBOSTON SCIENTIFICCOM0.33%$4M38.3K
56SPGSIMON PPTY GRP INCCOM0.27%$3M20.8K
57XLIINDUSTRIALSCOM0.26%$3M22.4K
58WDAYWORKDAY INCCOM0.25%$3M13.2K
59GDGENERAL DYNAMICSCOM0.25%$3M10.7K
60VSTVISTRA CORPCOM0.22%$3M14.2K
61XLVHEALTH CARECOM0.19%$2M17.7K
62MRVLMARVELL TECHNOLOGYCOM0.18%$2M29.4K
63EXMOCEXXON MOBIL CORPCOM0.18%$2M20.8K
64MMM3M COMPANYCOM0.16%$2M13.1K
65STWDSTARWOOD PROPCOM0.15%$2M95.7K
66PANWPALO ALTO NETWORKSCOM0.14%$2M8.4K
67RCLROYAL CARIBBEANCOM0.11%$1M4.6K
68ALLIANCE RES PTNRSCOM0.11%$1M52.0K
69IWMISHARES RUSSELL 2000COM0.11%$1M6.1K
70TSLATESLA MOTORSCOM0.10%$1M3.9K
71XLYCONSUMER DISCRCOM0.10%$1M5.6K
72METAMETA PLATFORMSCOM0.09%$1M1.6K
73WESTERN MIDSTREAMCOM0.09%$1M30.0K
74EPDENTERPRISE PRODSCOM0.09%$1M34.9K
75RTXRAYTHEONCOM0.09%$1M7.4K
76AIQGLOBAL X AI & TECHCOM0.08%$1M23.7K
77CCICROWN CASTLE INT'LCOM0.07%$851,0008.3K
78PFEPFIZER INCCOM0.07%$837,00034.5K
79AMGNAMGEN INCCOM0.06%$726,0002.6K
80CPTCAMDEN PROPERTYCOM0.06%$722,0006.4K
81CLXCLOROX COMPANYCOM0.06%$720,0006.0K
82AVBAVALONBAYCOM0.05%$689,0003.4K
83XLBMATERIALSCOM0.05%$662,0007.5K
84CICIGNA CORPCOM0.05%$661,0002.0K
85HP INC.COM0.05%$626,00025.6K
86XLCCOMM SERVICESCOM0.05%$602,0005.6K
87GAPGAP INCCOM0.05%$580,00026.6K
88VZVERIZON COMMCOM0.04%$552,00012.7K
89CRWDCROWDSTRIKE HLDGSCOM0.04%$549,0001.1K
90VFIAXVANGUARD 500 INDEXCOM0.04%$547,000955
91HACKAMPLIFY CYBERSECURITYCOM0.04%$526,0006.1K
92HPEHEWLETT-PACKARDCOM0.04%$524,00025.6K
93DIASPDR DOW JONES INDCOM0.04%$520,0001.2K
94JOETVIRTUS TERRANOVACOM0.04%$485,00011.9K
95UNHUNITEDHEALTH GROUPCOM0.04%$473,0001.5K
96FINANCIALCOM0.04%$448,0008.6K
97DVYSELECT DIVIDENDCOM0.03%$421,0003.2K
98IGMEXPANDED TECHCOM0.03%$410,0003.6K
99OKEONEOK INCCOM0.03%$408,0005.0K
100VTRVENTAS INC.COM0.03%$379,0006.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q2 2025$1.3B128Jul 21, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.1B122Apr 10, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.2B130Jan 21, 2025RESTATEMENTchanges · EDGAR ↗
Q3 2024$1.2B128Oct 22, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.1B130Jul 9, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.1B125Apr 10, 202413F-HRchanges · EDGAR ↗
Q4 2023$954M122Jan 10, 202413F-HRchanges · EDGAR ↗
Q3 2023$869M123Oct 11, 202313F-HRchanges · EDGAR ↗
Q2 2023$909M125Jul 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$806M126Apr 11, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review119Jan 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$686M121Oct 12, 202213F-HRchanges · EDGAR ↗
Q2 2022$757M125Jul 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$957M136Apr 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.0B146Jan 13, 202213F-HRchanges · EDGAR ↗
Q3 2021$889M142Oct 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$921M143Jul 9, 202113F-HRchanges · EDGAR ↗
Q1 2021$882M143Apr 12, 202113F-HRchanges · EDGAR ↗
Q4 2020$788M136Jan 19, 202113F-HRchanges · EDGAR ↗
Q3 2020$706M128Oct 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$694M130Jul 15, 202013F-HRchanges · EDGAR ↗
Q1 2020$572M107Apr 8, 202013F-HRchanges · EDGAR ↗
Q4 2019$739M112Jan 10, 202013F-HRchanges · EDGAR ↗
Q3 2019$667M120Oct 4, 201913F-HRchanges · EDGAR ↗
Q2 2019$678M119Jul 10, 201913F-HRchanges · EDGAR ↗
Q1 2019$675M136Apr 10, 201913F-HRchanges · EDGAR ↗
Q4 2018$582M111Jan 10, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.