SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Grassi Investment Management

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

Reported Value
$1.1B
Q1 2025
Positions
122
Filings on Record
28
2019–present window
Filed
Apr 10, 2025
original filing

Summary

Grassi Investment Management reported $1.1B in U.S.-listed holdings across 122 positions for Q1 2025.

Its largest position, NVDA, represents 16.6% of the portfolio.

Compared with Q4 2024, the fund opened 1 new position and exited 9.

Portfolio Metrics

Turnover
+3.2%
vs prior filed quarter
Top-10 Concentration
+53.4%
share of reported value
Largest Position
+16.6%
Nvidia
New / Exited
1 / 9
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: 10.4%REIT: 5.1%ETP: 2.3%ADR: 1.1%Other: 0.2%
  • Common Stock · 80.8% · $873M
  • Other · 10.4% · $113M
  • REIT · 5.1% · $55M
  • ETP · 2.3% · $25M
  • ADR · 1.1% · $12M
  • Other · 0.2% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MRVLMARVELL TECHNOLOGYNEW+27.3K27.3K+$2M$2M
VSTVISTRA CORPADDED+9.7K12.5K+$1M$1M
VRTVERTIV HOLDINGSADDED+35.8K47.9K+$2M$3M
DRAFTKINGSSOLD OUT−29.5K0−$1M$0
DRIVGLOBAL X ELECTRIC VEHICLESSOLD OUT−15.6K0−$358,000$0
AMERICAN BATTERY TECHSOLD OUT−114.2K0−$281,000$0
RHRHSOLD OUT−6000−$236,000$0
ADPAUTOMATIC DATASOLD OUT−7760−$227,000$0

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

Holdings — Q1 2025

121 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPhistory →COM16.65%$180M1.66M
2AAPLAPPLE COMPUTERhistory →COM6.81%$74M331.4K
3LLYLILLY, ELI & COhistory →COM6.09%$66M79.7K
4MSFTMICROSOFT CORPhistory →COM5.61%$61M161.5K
5BROADCOM LTDCOM4.24%$46M273.8K
6AMATAPPLIED MATERIALShistory →COM3.69%$40M274.9K
7VISA INC CL ACOM3.22%$35M99.2K
8PLDPROLOGIShistory →COM2.65%$29M256.1K
9JPMJP MORGAN CHASEhistory →COM2.38%$26M105.0K
10CATCATERPILLARhistory →COM2.04%$22M66.9K
11ABBVABBVIE INC.history →COM1.88%$20M97.3K
12PGPROCTER & GAMBLEhistory →COM1.65%$18M104.4K
13BACBANK OF AMERICAhistory →COM1.64%$18M424.8K
14ABTABBOTT LABS COMhistory →COM1.50%$16M122.4K
15BLACKSTONECOM1.48%$16M114.4K
16AMDADVANCED MICRO DEVhistory →COM1.37%$15M144.0K
17IBMIBM CORPORATIONhistory →COM1.34%$14M58.3K
18MSMORGAN STANLEYhistory →COM1.30%$14M120.8K
19ORCLORACLE CORPhistory →COM1.27%$14M98.2K
20AMZNAMAZON.COMhistory →COM1.25%$13M70.9K
21WFCWELLS FARGO & COhistory →COM1.23%$13M185.4K
22HDHOME DEPOT INChistory →COM1.23%$13M36.3K
23HONHONEYWELL INTLhistory →COM1.14%$12M58.2K
24MARMARRIOTT INTLhistory →COM1.10%$12M50.0K
25SNOWSNOWFLAKE CLASS Ahistory →COM1.10%$12M81.3K
26UNPUNION PACIFIChistory →COM1.09%$12M50.0K
27RIORIO TINTOhistory →COM1.08%$12M194.9K
28LMTLOCKHEED MARTINhistory →COM1.07%$12M25.8K
29AMTAMERICAN TOWERhistory →COM1.02%$11M50.5K
30VMCVULCAN MATERIALShistory →COM0.97%$10M45.0K
31JNJJOHN. & JOHN.COM0.89%$10M58.3K
32GOOGLALPHABET CLASS ACOM0.89%$10M61.9K
33MERCK & CO INCCOM0.87%$9M104.9K
34CVXCHEVRON CORPCOM0.87%$9M56.0K
35SCHWCHARLES SCHWABCOM0.86%$9M118.5K
36CRMSALESFORCE.COMCOM0.83%$9M33.5K
37WMTWAL-MART STORESCOM0.83%$9M101.7K
38NOWSERVICENOW, INCCOM0.79%$8M10.7K
39UBERUBER TECHNOLOGIESCOM0.77%$8M113.5K
40DLRDIGITAL REALTY TRCOM0.72%$8M54.3K
41STZCONSTELLATIONCOM0.70%$8M41.0K
42BABOEINGCOM0.64%$7M40.7K
43BMYBRISTOL-MYERSCOM0.61%$7M108.4K
44XLKTECHNOLOGYCOM0.57%$6M30.1K
45AXPAMERICAN EXPRESSCOM0.55%$6M22.1K
46DISDISNEY, WALT COCOM0.53%$6M58.3K
47PEPPEPSICO INCCOM0.52%$6M37.2K
48MOALTRIA GROUP INCCOM0.52%$6M92.8K
49QQQINVESCO QQQCOM0.49%$5M11.3K
50COSTCOSTCO WHOLESALECOM0.47%$5M5.4K
51CMCSACOMCAST CL ACOM0.46%$5M133.4K
52SHOPSHOPIFY INCCOM0.41%$4M46.4K
53BSXBOSTON SCIENTIFICCOM0.36%$4M38.6K
54DELL INCCOM0.34%$4M40.5K
55SPGSIMON PPTY GRP INCCOM0.34%$4M22.0K
56VRTVERTIV HOLDINGSCOM0.32%$3M47.9K
57WDAYWORKDAY INCCOM0.29%$3M13.5K
58GDGENERAL DYNAMICSCOM0.28%$3M11.2K
59XLIINDUSTRIALSCOM0.28%$3M23.0K
60XLVHEALTH CARECOM0.26%$3M19.2K
61EXMOCEXXON MOBIL CORPCOM0.23%$2M20.8K
62MMM3M COMPANYCOM0.18%$2M13.1K
63MRVLMARVELL TECHNOLOGYCOM0.16%$2M27.3K
64VSTVISTRA CORPCOM0.14%$1M12.5K
65PANWPALO ALTO NETWORKSCOM0.13%$1M8.4K
66ALLIANCE RES PTNRSCOM0.13%$1M52.0K
67IWMISHARES RUSSELL 2000COM0.12%$1M6.7K
68EPDENTERPRISE PRODSCOM0.12%$1M37.4K
69XLYCONSUMER DISCRCOM0.11%$1M6.0K
70TSLATESLA MOTORSCOM0.09%$1M3.9K
71RTXRAYTHEONCOM0.09%$979,0007.4K
72RCLROYAL CARIBBEANCOM0.09%$935,0004.5K
73CCICROWN CASTLE INT'LCOM0.09%$925,0008.9K
74METAMETA PLATFORMSCOM0.08%$916,0001.6K
75PFEPFIZER INCCOM0.08%$891,00035.2K
76CLXCLOROX COMPANYCOM0.08%$883,0006.0K
77AIQGLOBAL X AI & TECHCOM0.08%$835,00023.0K
78AMGNAMGEN INCCOM0.07%$810,0002.6K
79CPTCAMDEN PROPERTYCOM0.07%$784,0006.4K
80AVBAVALONBAYCOM0.07%$726,0003.4K
81XLBMATERIALSCOM0.07%$710,0008.3K
82HP INC.COM0.07%$709,00025.6K
83UNHUNITEDHEALTH GROUPCOM0.07%$707,0001.4K
84STWDSTARWOOD PROPCOM0.07%$706,00035.7K
85CICIGNA CORPCOM0.06%$658,0002.0K
86VZVERIZON COMMCOM0.05%$578,00012.7K
87FINANCIALCOM0.05%$568,00011.4K
88AONAON PLCCOM0.05%$559,0001.4K
89JOETVIRTUS TERRANOVACOM0.05%$549,00015.0K
90GAPGAP INCCOM0.05%$548,00026.6K
91XLCCOMM SERVICESCOM0.05%$517,0005.4K
92OKEONEOK INCCOM0.05%$496,0005.0K
93DIASPDR DOW JONES INDCOM0.05%$495,0001.2K
94VFIAXVANGUARD 500 INDEXCOM0.05%$493,000952
95DVYSELECT DIVIDENDCOM0.04%$447,0003.3K
96HACKAMPLIFY CYBERSECURITYCOM0.04%$428,0006.0K
97VTRVENTAS INC.COM0.04%$413,0006.0K
98BERKSHIRE HATH.COM0.04%$408,000767
99HPEHEWLETT-PACKARDCOM0.04%$395,00025.6K
100IGMEXPANDED TECHCOM0.04%$386,0004.3K

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 ↗.