SEC 13F Intelligence

Managers / Q2 2023 · view latest →

Grassi Investment Management

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

Reported Value
$909M
Q2 2023
Positions
125
Filings on Record
28
2019–present window
Filed
Jul 11, 2023
original filing

Summary

Grassi Investment Management reported $909M in U.S.-listed holdings across 125 positions for Q2 2023.

Its largest position, NVDA, represents 12.7% of the portfolio.

Compared with Q1 2023, the fund opened 3 new positions and exited 4.

Portfolio Metrics

Turnover
+1.9%
vs prior filed quarter
Top-10 Concentration
+46.5%
share of reported value
Largest Position
+12.7%
Nvidia
New / Exited
3 / 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: 80.9%Other: 8.6%REIT: 5.9%ETP: 2.7%ADR: 1.6%Other: 0.3%
  • Common Stock · 80.9% · $736M
  • Other · 8.6% · $78M
  • REIT · 5.9% · $53M
  • ETP · 2.7% · $25M
  • ADR · 1.6% · $14M
  • Other · 0.3% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AONAON PLCNEW+3.1K3.1K+$1M$1M
SHOPSHOPIFY INCNEW+3.7K3.7K+$238,000$238,000
INNOVATOR IBD 50NEW+8.0K8.0K+$205,000$205,000
FRCBFIRST REPUBLICSOLD OUT−130.0K0−$2M$0
AT&TSOLD OUT−18.0K0−$346,000$0
CMICUMMINS INCSOLD OUT−9100−$217,000$0
AGRIBUSINESSSOLD OUT−2.4K0−$210,000$0
GDXMKT VECT GOLD MNRSTRIMMED−8.0K7.7K−$276,000$232,000

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

Holdings — Q2 2023

124 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM12.75%$116M273.9K
2AAPLAPPLE COMPUTERhistory →COM7.39%$67M346.6K
3MSFTMICROSOFT CORPhistory →COM6.01%$55M160.5K
4AMATAPPLIED MATERIALShistory →COM4.43%$40M278.3K
5LLYLILLY, ELI & COhistory →COM4.10%$37M79.4K
6VISA INC CL ACOM2.65%$24M101.4K
7PLDPROLOGIShistory →COM2.58%$23M191.2K
8BROADCOM LTDCOM2.50%$23M26.2K
9QUOTIENT TECH.COM2.24%$20M5.31M
10CATCATERPILLARhistory →COM1.87%$17M69.0K
11PGPROCTER & GAMBLEhistory →COM1.74%$16M104.4K
12JPMJP MORGAN CHASEhistory →COM1.74%$16M108.8K
13AMDADVANCED MICRO DEVhistory →COM1.60%$15M127.4K
14NOWSERVICENOW, INChistory →COM1.55%$14M25.1K
15ABBVABBVIE INC.history →COM1.52%$14M102.7K
16HONHONEYWELL INTLhistory →COM1.48%$13M65.1K
17RIORIO TINTOhistory →COM1.42%$13M202.1K
18BACBANK OF AMERICAhistory →COM1.40%$13M442.8K
19BLACKSTONECOM1.36%$12M132.7K
20MERCK & CO INCCOM1.35%$12M106.4K
21ABTABBOTT LABS COMhistory →COM1.34%$12M111.9K
22LMTLOCKHEED MARTINhistory →COM1.32%$12M26.0K
23ORCLORACLE CORPhistory →COM1.30%$12M99.6K
24JNJJOHN. & JOHN.history →COM1.28%$12M70.6K
25STZCONSTELLATIONhistory →COM1.28%$12M47.2K
26HDHOME DEPOT INChistory →COM1.28%$12M37.3K
27ACTIVISIONCOM1.23%$11M132.2K
28BABOEINGhistory →COM1.20%$11M51.6K
29UNPUNION PACIFIChistory →COM1.17%$11M52.2K
30MSMORGAN STANLEYhistory →COM1.14%$10M121.0K
31AMTAMERICAN TOWERhistory →COM1.13%$10M53.0K
32VMCVULCAN MATERIALShistory →COM1.11%$10M45.0K
33MARMARRIOTT INTLhistory →COM1.01%$9M50.0K
34CVXCHEVRON CORPCOM0.98%$9M56.4K
35WFCWELLS FARGO & COCOM0.93%$8M197.0K
36RCLROYAL CARIBBEANCOM0.91%$8M80.0K
37UBERUBER TECHNOLOGIESCOM0.89%$8M186.4K
38IBMIBM CORPORATIONCOM0.89%$8M60.1K
39CCICROWN CASTLE INT'LCOM0.82%$7M65.6K
40DISDISNEY, WALT COCOM0.81%$7M82.3K
41CRMSALESFORCE.COMCOM0.79%$7M33.9K
42PEPPEPSICO INCCOM0.77%$7M38.0K
43BMYBRISTOL-MYERSCOM0.76%$7M108.6K
44DLRDIGITAL REALTY TRCOM0.71%$6M57.0K
45WYNNWYNN RESORTS LTDCOM0.64%$6M54.7K
46CMCSACOMCAST CL ACOM0.61%$6M133.6K
47WMTWAL-MART STORESCOM0.60%$5M34.7K
48AMZNAMAZON.COMCOM0.59%$5M40.8K
49PFEPFIZER INCCOM0.59%$5M145.1K
50XLKTECHNOLOGYCOM0.58%$5M30.6K
51ABNBAIRBNBCOM0.56%$5M39.4K
52GOOGLALPHABET CLASS ACOM0.52%$5M39.4K
53VZVERIZON COMMCOM0.50%$5M121.5K
54MOALTRIA GROUP INCCOM0.48%$4M95.4K
55KRESPDR S&P REGIONAL BANKINGCOM0.45%$4M99.9K
56QQQINVESCO QQQCOM0.44%$4M10.8K
57AXPAMERICAN EXPRESSCOM0.44%$4M23.0K
58WDAYWORKDAY INCCOM0.41%$4M16.5K
59FREEPORT MCMORANCOM0.37%$3M85.0K
60SPGSIMON PPTY GRP INCCOM0.31%$3M24.4K
61XLIINDUSTRIALSCOM0.29%$3M24.3K
62SCHWCHARLES SCHWABCOM0.28%$3M45.6K
63XLVHEALTH CARECOM0.28%$3M19.4K
64RTXRAYTHEONCOM0.28%$3M25.9K
65COSTCOSTCO WHOLESALECOM0.27%$2M4.6K
66EXMOCEXXON MOBIL CORPCOM0.25%$2M20.8K
67SLBSCHLUMBERGERCOM0.24%$2M45.0K
68IBBBIOTECHNOLOGYCOM0.17%$2M11.9K
69MMM3M COMPANYCOM0.14%$1M13.1K
70LENDINGCLUB CORPCOM0.13%$1M122.0K
71XLYCONSUMER DISCRCOM0.12%$1M6.7K
72EPDENTERPRISE PRODSCOM0.12%$1M41.2K
73TSLATESLA MOTORSCOM0.12%$1M4.1K
74AONAON PLCCOM0.12%$1M3.1K
75SONYSONY CORPCOM0.11%$1M11.6K
76TUTELUS CORPCOM0.11%$1M51.5K
77GDGENERAL DYNAMICSCOM0.11%$995,0004.6K
78STWDSTARWOOD PROPCOM0.11%$976,00050.3K
79CLXCLOROX COMPANYCOM0.10%$954,0006.0K
80XLBMATERIALSCOM0.10%$936,00011.3K
81SBUXSTARBUCKS CORPCOM0.10%$924,0009.3K
82CPTCAMDEN PROPERTYCOM0.09%$861,0007.9K
83AVBAVALONBAYCOM0.09%$792,0004.2K
84HP INC.COM0.09%$786,00025.6K
85VFIAXVANGUARD 500 INDEXCOM0.07%$656,0001.6K
86CICIGNA CORPCOM0.06%$561,0002.0K
87DVYSELECT DIVIDENDCOM0.06%$560,0004.9K
88DRIVGLOBAL X ELECTRIC VEHICLESCOM0.05%$493,00018.9K
89FINANCIALCOM0.05%$462,00013.7K
90MAGELLANCOM0.05%$455,0007.3K
91BENFRANKLIN RESCOM0.05%$449,00016.8K
92METAMETA PLATFORMSCOM0.05%$439,0001.5K
93DIASPDR DOW JONES INDCOM0.05%$438,0001.3K
94JOETVIRTUS TERRANOVACOM0.05%$437,00015.2K
95HPEHEWLETT-PACKARDCOM0.05%$430,00025.6K
96UNHUNITEDHEALTH GROUPCOM0.05%$425,000885
97IGMEXPANDED TECHCOM0.05%$423,0001.1K
98DEFIANCE HOTEL,CRUISECOM0.03%$296,00013.8K
99LAM RESEARCH CORPCOM0.03%$296,000460
100ADOBE SYSTEMSCOM0.03%$294,000600

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 ↗.