SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Grassi Investment Management

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

Reported Value
$806M
Q1 2023
Positions
126
Filings on Record
28
2019–present window
Filed
Apr 11, 2023
original filing

Summary

Grassi Investment Management reported $806M in U.S.-listed holdings across 126 positions for Q1 2023.

Its largest position, NVDA, represents 9.5% of the portfolio.

Compared with Q4 2022, the fund opened 11 new positions and exited 4.

Portfolio Metrics

Turnover
+5.3%
vs prior filed quarter
Top-10 Concentration
+42.1%
share of reported value
Largest Position
+9.5%
Nvidia
New / Exited
11 / 4
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: 79.4%Other: 8.7%REIT: 6.8%ETP: 2.9%ADR: 1.9%Other: 0.3%
  • Common Stock · 79.4% · $640M
  • Other · 8.7% · $70M
  • REIT · 6.8% · $55M
  • ETP · 2.9% · $24M
  • ADR · 1.9% · $15M
  • Other · 0.3% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SLBSCHLUMBERGERNEW+39.0K39.0K+$2M$2M
GDXMKT VECT GOLD MNRSNEW+15.7K15.7K+$508,000$508,000
TRPTC ENERGY CORPNEW+10.0K10.0K+$389,000$389,000
SEDGSOLAREDGE TECHNEW+1.0K1.0K+$304,000$304,000
LAM RESEARCH CORPNEW+460460+$244,000$244,000
COINCOINBASE GLBNEW+3.4K3.4K+$230,000$230,000
XLCCOMM SERVICESNEW+3.8K3.8K+$223,000$223,000
AGRIBUSINESSNEW+2.4K2.4K+$210,000$210,000

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

Holdings — Q1 2023

125 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM9.49%$76M275.3K
2AAPLAPPLE COMPUTERhistory →COM7.11%$57M347.4K
3MSFTMICROSOFT CORPhistory →COM5.76%$46M161.0K
4AMATAPPLIED MATERIALShistory →COM4.24%$34M278.3K
5LLYLILLY, ELI & COhistory →COM3.38%$27M79.4K
6PLDPROLOGIShistory →COM2.96%$24M191.2K
7VISA INC CL ACOM2.84%$23M101.6K
8QUOTIENT TECH.COM2.16%$17M5.31M
9BROADCOM LTDCOM2.09%$17M26.2K
10ABBVABBVIE INC.history →COM2.03%$16M102.8K
11CATCATERPILLARhistory →COM1.96%$16M69.0K
12PGPROCTER & GAMBLEhistory →COM1.93%$16M104.4K
13JPMJP MORGAN CHASEhistory →COM1.76%$14M108.8K
14RIORIO TINTOhistory →COM1.73%$14M202.7K
15BACBANK OF AMERICAhistory →COM1.58%$13M444.0K
16AMDADVANCED MICRO DEVhistory →COM1.57%$13M128.9K
17HONHONEYWELL INTLhistory →COM1.54%$12M65.1K
18LMTLOCKHEED MARTINhistory →COM1.52%$12M26.0K
19BLACKSTONECOM1.46%$12M133.6K
20NOWSERVICENOW, INChistory →COM1.45%$12M25.2K
21MERCK & CO INCCOM1.41%$11M107.0K
22ABTABBOTT LABS COMhistory →COM1.41%$11M111.9K
23ACTIVISIONCOM1.40%$11M132.2K
24HDHOME DEPOT INChistory →COM1.37%$11M37.3K
25BABOEINGhistory →COM1.37%$11M51.8K
26JNJJOHN. & JOHN.history →COM1.36%$11M70.6K
27AMTAMERICAN TOWERhistory →COM1.34%$11M52.7K
28MSMORGAN STANLEYhistory →COM1.34%$11M122.7K
29STZCONSTELLATIONhistory →COM1.32%$11M47.3K
30UNPUNION PACIFIChistory →COM1.30%$11M52.2K
31ORCLORACLE CORPhistory →COM1.15%$9M99.6K
32CVXCHEVRON CORPhistory →COM1.14%$9M56.4K
33CCICROWN CASTLE INT'Lhistory →COM1.09%$9M65.8K
34DISDISNEY, WALT COhistory →COM1.03%$8M83.0K
35MARMARRIOTT INTLhistory →COM1.03%$8M50.0K
36IBMIBM CORPORATIONCOM1.00%$8M61.4K
37VMCVULCAN MATERIALSCOM0.97%$8M45.8K
38BMYBRISTOL-MYERSCOM0.95%$8M110.3K
39PEPPEPSICO INCCOM0.91%$7M40.4K
40WFCWELLS FARGO & COCOM0.91%$7M196.2K
41CRMSALESFORCE.COMCOM0.84%$7M33.9K
42PFEPFIZER INCCOM0.77%$6M151.6K
43WYNNWYNN RESORTS LTDCOM0.76%$6M54.7K
44UBERUBER TECHNOLOGIESCOM0.72%$6M184.1K
45DLRDIGITAL REALTY TRCOM0.71%$6M57.9K
46RCLROYAL CARIBBEANCOM0.65%$5M80.0K
47WMTWAL-MART STORESCOM0.63%$5M34.7K
48CMCSACOMCAST CL ACOM0.63%$5M133.6K
49ABNBAIRBNBCOM0.61%$5M39.4K
50VZVERIZON COMMCOM0.60%$5M124.3K
51MOALTRIA GROUP INCCOM0.59%$5M107.4K
52XLKTECHNOLOGYCOM0.58%$5M30.8K
53AMZNAMAZON.COMCOM0.51%$4M40.1K
54GOOGLALPHABET CLASS ACOM0.51%$4M39.4K
55AXPAMERICAN EXPRESSCOM0.47%$4M23.0K
56KRESPDR S&P REGIONAL BANKINGCOM0.46%$4M85.3K
57QQQINVESCO QQQCOM0.44%$4M11.0K
58WDAYWORKDAY INCCOM0.44%$4M17.0K
59FREEPORT MCMORANCOM0.43%$3M85.0K
60SPGSIMON PPTY GRP INCCOM0.37%$3M26.3K
61EXMOCEXXON MOBIL CORPCOM0.35%$3M25.8K
62XLVHEALTH CARECOM0.32%$3M20.1K
63RTXRAYTHEONCOM0.32%$3M26.0K
64XLIINDUSTRIALSCOM0.31%$3M24.9K
65COSTCOSTCO WHOLESALECOM0.31%$2M5.0K
66SCHWCHARLES SCHWABCOM0.24%$2M36.9K
67SLBSCHLUMBERGERCOM0.24%$2M39.0K
68FRCBFIRST REPUBLICCOM0.23%$2M130.0K
69IBBBIOTECHNOLOGYCOM0.19%$2M12.0K
70MMM3M COMPANYCOM0.18%$1M14.1K
71EPDENTERPRISE PRODSCOM0.16%$1M51.2K
72GDGENERAL DYNAMICSCOM0.13%$1M4.7K
73SONYSONY CORPCOM0.13%$1M11.7K
74TUTELUS CORPCOM0.13%$1M52.1K
75STWDSTARWOOD PROPCOM0.13%$1M58.3K
76XLYCONSUMER DISCRCOM0.13%$1M6.8K
77SBUXSTARBUCKS CORPCOM0.12%$972,0009.3K
78XLBMATERIALSCOM0.12%$957,00011.9K
79CLXCLOROX COMPANYCOM0.12%$949,0006.0K
80CPTCAMDEN PROPERTYCOM0.10%$829,0007.9K
81LENDINGCLUB CORPCOM0.10%$801,000111.2K
82TSLATESLA MOTORSCOM0.10%$800,0003.9K
83HP INC.COM0.09%$751,00025.6K
84AVBAVALONBAYCOM0.09%$703,0004.2K
85DVYSELECT DIVIDENDCOM0.08%$640,0005.5K
86BENFRANKLIN RESCOM0.08%$614,00022.8K
87VFIAXVANGUARD 500 INDEXCOM0.07%$603,0001.6K
88FINANCIALCOM0.07%$538,00016.7K
89CICIGNA CORPCOM0.06%$511,0002.0K
90GDXMKT VECT GOLD MNRSCOM0.06%$508,00015.7K
91DRIVGLOBAL X ELECTRIC VEHICLESCOM0.06%$474,00019.9K
92JOETVIRTUS TERRANOVACOM0.06%$454,00016.5K
93DIASPDR DOW JONES INDCOM0.05%$427,0001.3K
94HPEHEWLETT-PACKARDCOM0.05%$408,00025.6K
95MAGELLANCOM0.05%$396,0007.3K
96TRPTC ENERGY CORPCOM0.05%$389,00010.0K
97IGMEXPANDED TECHCOM0.05%$365,0001.1K
98AT&TCOM0.04%$346,00018.0K
99METAMETA PLATFORMSCOM0.04%$324,0001.5K
100UNHUNITEDHEALTH GROUPCOM0.04%$324,000685

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 ↗.