Generali Asset Management SPA SGR
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Generali Asset Management SPA SGR reported 494 stock positions worth $4.1 billion. Its top holding was Nvidia (NVDA) at 5.9% of the portfolio, followed by Microsoft (MSFT, 5.9%) and Apple (AAPL, 3.8%). Compared with Q4 2024, it opened 36 new positions, sold out of 22, added to 267 and reduced 156. The biggest buy was Ares Capital (ARCC, shares +53%) and the biggest sale Apple (AAPL, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- TRIESTE, L6
- CIK
- 0002046751
- Portfolio Value
- $4.1B (Q1 2025)
- SEC Filing
- 0001123292-25-000239 ↗ filed May 15, 2025
Holdings Value
Holdings 494 stocks · $4.1B
| NVDA Nvidia Corp. | 5.90% | 2,207,597 | $239.3M | Add +3.3% |
| MSFT Microsoft Corp. | 5.87% | 634,195 | $238.1M | Add +0.5% |
| AAPL Apple Inc. | 3.77% | 687,788 | $152.8M | Reduce -4.9% |
| ARCC Ares Capital Corp. | 3.23% | 5,919,811 | $131.2M | Add +53.5% |
| GOOGL Alphabet Inc. Class A | 2.15% | 564,103 | $87.2M | Add +5.1% |
| AEM Agnico Eagle Mines Ltd. | 1.86% | 625,154 | $75.3M | Add +16.6% |
| AMZN Amazon.com Inc. | 1.74% | 371,874 | $70.8M | Reduce -0.5% |
| GOOG Alphabet Inc. Class C | 1.66% | 429,983 | $67.2M | Add +3.3% |
| BXSL Blackstone Secured Lending F | 1.57% | 1,972,404 | $63.8M | Add +78.8% |
| OBDC Blue Owl Capital Corp. | 1.55% | 4,286,929 | $62.8M | Add +90.1% |
| TSLA Tesla Inc. | 1.46% | 228,049 | $59.1M | Add +8.5% |
| LLY Eli Lilly & Co. | 1.44% | 70,669 | $58.4M | Reduce -0.6% |
| JPM JPMorgan Chase & Co. | 1.33% | 220,146 | $54.0M | Add +3.1% |
| WPM Wheaton Precious Metals Corp. | 1.32% | 640,575 | $53.7M | Add +34.2% |
| NEM Newmont Corp. | 1.25% | 1,047,393 | $50.6M | Add +19.1% |
| META Meta Platforms Inc. Class A | 1.24% | 87,609 | $50.5M | Add +6.5% |
| V Visa Inc. Class A | 1.22% | 140,688 | $49.3M | Reduce -2.7% |
| AVGO Broadcom Inc. | 1.12% | 271,709 | $45.5M | Add +18.2% |
| STLA Stellantis NV | 1.12% | 4,431,237 | $45.5M | Add +3.6% |
| FSK FS KKR Capital Corp. | 1.05% | 2,042,891 | $42.8M | Add +152.0% |
| UBS UBS Group AG-Reg | 1.03% | 1,560,346 | $41.9M | Add +127.4% |
| MA Mastercard Inc. Class A | 1.02% | 75,287 | $41.3M | Reduce -30.1% |
| HD Home Depot Inc. | 0.99% | 109,853 | $40.3M | Reduce -9.7% |
| LIN Linde PLC | 0.80% | 69,722 | $32.5M | Add +63.3% |
| PG The Procter & Gamble Co. | 0.78% | 186,255 | $31.7M | Reduce -9.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.70% | 53,411 | $28.4M | Add +7.7% |
| GBDC Golub Capital BDC Inc. | 0.67% | 1,800,000 | $27.3M | New |
| GSBD Goldman Sachs BDC Inc. | 0.62% | 2,162,619 | $25.2M | Add +103.2% |
| CRM Salesforce Inc. | 0.61% | 92,619 | $24.9M | Add +1.9% |
| VZ Verizon Communications Inc. | 0.55% | 488,479 | $22.2M | Add +3.3% |
| KO The Coca-Cola Co. | 0.54% | 307,372 | $22.0M | Add +20.4% |
| XOM Exxon Mobil Corp. | 0.53% | 181,634 | $21.6M | Reduce -1.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.50% | 81,753 | $20.3M | Add +3.5% |
| NFLX Netflix Inc. | 0.50% | 21,755 | $20.3M | Add +8.3% |
| MRK Merck & Co. Inc. | 0.49% | 223,474 | $20.1M | Reduce -15.8% |
| ACN Accenture PLC Class A | 0.48% | 62,303 | $19.4M | Reduce -4.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.47% | 459,692 | $19.2M | Reduce -3.9% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.46% | 65,127 | $18.8M | Add +72.0% |
| GS Goldman Sachs Group Inc. | 0.46% | 34,358 | $18.8M | Add +30.3% |
| COST Costco Wholesale Corp. | 0.44% | 18,851 | $17.8M | Add +11.6% |
| AXP American Express Co. | 0.43% | 65,588 | $17.6M | Add +11.8% |
| ABBV Abbvie Inc. | 0.43% | 84,049 | $17.6M | Reduce -22.6% |
| MSDL Morgan Stanley Direct Lendin | 0.43% | 881,578 | $17.6M | New |
| C Citigroup Inc. | 0.43% | 245,243 | $17.4M | Add +101.6% |
| ADBE Adobe Inc. | 0.42% | 44,506 | $17.1M | Reduce -3.0% |
| SPGI S&P Global Inc. | 0.42% | 33,305 | $16.9M | Reduce -11.8% |
| OCSL Oaktree Specialty Lending Co. | 0.41% | 1,084,144 | $16.7M | Add +101.4% |
| PGR Progressive Corp. | 0.41% | 58,391 | $16.5M | Reduce -15.9% |
| MS Morgan Stanley | 0.41% | 141,335 | $16.5M | Reduce -10.0% |
| RACE Ferrari NV | 0.40% | 41,800 | $16.4M | Add +9.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.40% | 165,503 | $16.3M | Reduce -16.8% |
| SPOT Spotify Technology SA | 0.40% | 30,142 | $16.2M | Add +1963.1% |
| TD Toronto-Dominion Bank | 0.39% | 183,620 | $15.8M | Add +45.5% |
| PEP Pepsico Inc. | 0.38% | 102,275 | $15.3M | Add +7.1% |
| BMY Bristol-Myers Squibb Co. | 0.37% | 245,430 | $15.0M | Reduce -13.6% |
| CMCSA Comcast Corp. Class A | 0.37% | 405,131 | $14.9M | Add +18.2% |
| WMT Walmart Inc. | 0.37% | 169,767 | $14.9M | Reduce -30.1% |
| CAT Caterpillar Inc. | 0.36% | 44,834 | $14.8M | Reduce -16.8% |
| BKNG Booking Holdings Inc. | 0.36% | 3,179 | $14.6M | Reduce -19.8% |
| FISV Fiserv Inc. | 0.35% | 64,329 | $14.2M | Add +40.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.35% | 116,575 | $14.2M | Add +54.3% |
| INTU Intuit Inc. | 0.35% | 22,939 | $14.1M | Reduce -25.9% |
| NOW ServiceNow Inc. | 0.33% | 17,008 | $13.5M | Reduce -10.1% |
| BLK BlackRock Inc. | 0.33% | 14,051 | $13.3M | Reduce -27.9% |
| MRSH Marsh & McLennan Cos | 0.33% | 54,465 | $13.3M | Reduce -17.1% |
| UNP Union Pacific Corp. | 0.33% | 56,158 | $13.3M | Add +50.5% |
| CRH CRH PLC | 0.32% | 154,944 | $13.0M | Reduce -25.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.31% | 92,962 | $12.8M | Add +29.9% |
| ADP Automatic Data Processing | 0.31% | 41,739 | $12.8M | Reduce -19.0% |
| SHOP Shopify Inc. Class A | 0.31% | 92,790 | $12.7M | Add +48.3% |
| T AT&T Inc. | 0.31% | 441,598 | $12.5M | Reduce -22.4% |
| CVX Chevron Corp. | 0.31% | 74,179 | $12.4M | Reduce -8.7% |
| CSCO Cisco Systems Inc. | 0.30% | 198,384 | $12.2M | Add +48.2% |
| TXN Texas Instruments Inc. | 0.30% | 66,955 | $12.0M | Add +11.5% |
| QCOM Qualcomm Inc. | 0.30% | 78,148 | $12.0M | Reduce -2.4% |
| AMGN Amgen Inc. | 0.30% | 38,460 | $12.0M | Reduce -36.8% |
| LOW Lowe's Cos Inc. | 0.29% | 50,879 | $11.9M | Add +40.9% |
| LRCX Lam Research Corp. | 0.29% | 162,504 | $11.8M | Reduce -0.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.28% | 69,388 | $11.5M | New |
| AMAT Applied Materials Inc. | 0.28% | 78,089 | $11.3M | Reduce -17.3% |
| DHR Danaher Corp. | 0.28% | 54,760 | $11.2M | Add +15.6% |
| ELV Elevance Health Inc. | 0.27% | 25,267 | $11.0M | Reduce -15.9% |
| TT Trane Technologies PLC | 0.27% | 32,480 | $10.9M | Reduce -6.6% |
| COIN Coinbase Global Inc. Class A | 0.27% | 63,403 | $10.9M | Add +112.1% |
| ALC Alcon Inc. filed as ALCON AG | 0.26% | 128,894 | $10.7M | Add +83.3% |
| ABT Abbott Laboratories | 0.26% | 80,281 | $10.6M | Reduce -28.3% |
| AMT American Tower Corp. | 0.26% | 48,717 | $10.6M | Reduce -5.8% |
| ISRG Intuitive Surgical Inc. | 0.26% | 21,160 | $10.5M | Reduce -14.7% |
| UBER Uber Technologies Inc. | 0.26% | 142,461 | $10.4M | Add +6.0% |
| PLD Prologis Inc. | 0.25% | 92,277 | $10.3M | Add +40.3% |
| RY Royal Bank of Canada | 0.24% | 61,168 | $9.9M | Add +130.5% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.24% | 145,207 | $9.9M | Reduce -27.9% |
| CI The Cigna Group | 0.24% | 29,873 | $9.8M | Add +14.6% |
| SCHW Schwab (charles) Corp. | 0.24% | 123,755 | $9.7M | Add +71.2% |
| WMB Williams Cos Inc. | 0.24% | 159,943 | $9.6M | Add +47.3% |
| BSX Boston Scientific Corp. | 0.24% | 94,578 | $9.5M | Reduce -21.4% |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 19,068 | $9.5M | Add +21.6% |
| ETN Eaton Corp. PLC | 0.23% | 34,565 | $9.4M | Add +34.8% |
| TMUS T-Mobile US Inc. | 0.23% | 34,988 | $9.3M | Add +123.7% |
| MELI MercadoLibre Inc. | 0.22% | 4,624 | $9.0M | Add +66.9% |
Portfolio Sells Q4 2024 → Q1 2025
| AAPL Apple Inc. | Reduce -4.9% | 3.77% | −0.86 |
| MA Mastercard Inc. Class A | Reduce -30.1% | 1.02% | −0.43 |
| AMZN Amazon.com Inc. | Reduce -0.5% | 1.74% | −0.35 |
| HD Home Depot Inc. | Reduce -9.7% | 0.99% | −0.22 |
| WMT Walmart Inc. | Reduce -30.1% | 0.37% | −0.19 |
| BLK BlackRock Inc. | Reduce -27.9% | 0.33% | −0.18 |
| MRK Merck & Co. Inc. | Reduce -15.8% | 0.49% | −0.18 |
| NOW ServiceNow Inc. | Reduce -10.1% | 0.33% | −0.18 |
| DIS The Walt Disney Co. | Reduce -16.8% | 0.40% | −0.16 |
| CRH CRH PLC | Reduce -25.6% | 0.32% | −0.16 |
| BNS Bank of Nova Scotia | Reduce -27.9% | 0.24% | −0.15 |
| INTU Intuit Inc. | Reduce -25.9% | 0.35% | −0.15 |
| CF CF Industries Holdings Inc. | Reduce -63.0% | 0.07% | −0.15 |
| ORCL Oracle Corp. | Reduce -31.1% | 0.18% | −0.14 |
| BKNG Booking Holdings Inc. | Reduce -19.8% | 0.36% | −0.14 |
| MFC Manulife Financial Corp. | Reduce -76.1% | 0.04% | −0.14 |
| GM General Motors Co. | Reduce -60.6% | 0.07% | −0.14 |
| CAT Caterpillar Inc. | Reduce -16.8% | 0.36% | −0.14 |
| PFE Pfizer Inc. | Reduce -41.1% | 0.16% | −0.13 |
| ITW Illinois Tool Works | Reduce -50.4% | 0.11% | −0.13 |
| AMP Ameriprise Financial Inc. | Reduce -64.5% | 0.05% | −0.12 |
| SLF Sun Life Financial Inc. | Reduce -50.0% | 0.10% | −0.12 |
| AMAT Applied Materials Inc. | Reduce -17.3% | 0.28% | −0.11 |
| AMGN Amgen Inc. | Reduce -36.8% | 0.30% | −0.11 |
| ACN Accenture PLC Class A | Reduce -4.9% | 0.48% | −0.11 |
| PRU Prudential Financial Inc. | Reduce -62.5% | 0.06% | −0.11 |
| EA Electronic Arts Inc. | Reduce -79.2% | 0.03% | −0.10 |
| EIX Edison International | Reduce -39.8% | 0.08% | −0.10 |
| ADBE Adobe Inc. | Reduce -3.0% | 0.42% | −0.10 |
| TGT Target Corp. | Reduce -17.9% | 0.15% | −0.10 |
| MS Morgan Stanley | Reduce -10.0% | 0.41% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -9.3% | 0.78% | −0.10 |
| LEN Lennar Corp. Class A | Reduce -62.0% | 0.04% | −0.10 |
| MPWR Monolithic Power Systems Inc. | Sold out | 0.00% | −0.09 |
| PBA Pembina Pipeline Corp. | Reduce -49.1% | 0.10% | −0.09 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.09 |
| CAH Cardinal Health Inc. | Reduce -98.3% | 0.00% | −0.08 |
| PPG PPG Industries Inc. | Reduce -60.8% | 0.04% | −0.08 |
| SRE Sempra | Reduce -19.7% | 0.14% | −0.08 |
| CHD Church & Dwight Co. Inc. | Reduce -69.5% | 0.04% | −0.08 |
| TROW T Rowe Price Group Inc. | Reduce -96.9% | 0.00% | −0.08 |
| TRMB Trimble Inc. | Sold out | 0.00% | −0.08 |
| RJF Raymond James Financial Inc. | Sold out | 0.00% | −0.08 |
| SPG Simon Property Group Inc. | Reduce -73.8% | 0.03% | −0.08 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.08 |
| AER Aercap Holdings NV | Sold out | 0.00% | −0.08 |
| FDS Factset Research Systems Inc. | Sold out | 0.00% | −0.08 |
| F Ford Motor Co. | Reduce -66.3% | 0.04% | −0.08 |
| JKHY Jack Henry & Associates Inc. | Reduce -96.1% | 0.00% | −0.08 |
| IP International Paper Co. | Reduce -97.2% | 0.00% | −0.08 |
Portfolio Buys Q4 2024 → Q1 2025
| ARCC Ares Capital Corp. | Add +53.5% | 3.23% | +1.08 |
| OBDC Blue Owl Capital Corp. | Add +90.1% | 1.55% | +0.68 |
| GBDC Golub Capital BDC Inc. | New | 0.67% | +0.67 |
| AEM Agnico Eagle Mines Ltd. | Add +16.6% | 1.86% | +0.67 |
| BXSL Blackstone Secured Lending F | Add +78.8% | 1.57% | +0.66 |
| WPM Wheaton Precious Metals Corp. | Add +34.2% | 1.32% | +0.64 |
| FSK FS KKR Capital Corp. | Add +152.0% | 1.05% | +0.61 |
| UBS UBS Group AG-Reg | Add +127.4% | 1.03% | +0.55 |
| MSDL Morgan Stanley Direct Lendin | New | 0.43% | +0.43 |
| NEM Newmont Corp. | Add +19.1% | 1.25% | +0.41 |
| SPOT Spotify Technology SA | Add +1963.1% | 0.40% | +0.38 |
| LIN Linde PLC | Add +63.3% | 0.80% | +0.34 |
| GSBD Goldman Sachs BDC Inc. | Add +103.2% | 0.62% | +0.29 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.28% | +0.28 |
| C Citigroup Inc. | Add +101.6% | 0.43% | +0.21 |
| OCSL Oaktree Specialty Lending Co. | Add +101.4% | 0.41% | +0.20 |
| PLTR Palantir Technologies Inc. Class A | New | 0.19% | +0.19 |
| MSTR Strategy Inc. | Add +72.0% | 0.46% | +0.18 |
| APP AppLovin Corp. Class A | New | 0.16% | +0.16 |
| KLAC KLA Corp. | Add +211.8% | 0.21% | +0.14 |
| TD Toronto-Dominion Bank | Add +45.5% | 0.39% | +0.14 |
| TMUS T-Mobile US Inc. | Add +123.7% | 0.23% | +0.14 |
| KO The Coca-Cola Co. | Add +20.4% | 0.54% | +0.14 |
| RY Royal Bank of Canada | Add +130.5% | 0.24% | +0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +7.7% | 0.70% | +0.13 |
| ALC Alcon Inc. | Add +83.3% | 0.26% | +0.13 |
| TJX TJX Companies Inc. | Add +54.3% | 0.35% | +0.12 |
| CVS CVS Health Corp. | Add +130.2% | 0.16% | +0.12 |
| UNP Union Pacific Corp. | Add +50.5% | 0.33% | +0.11 |
| FISV Fiserv Inc. | Add +40.0% | 0.35% | +0.11 |
| APD Air Products & Chemicals Inc. | New | 0.11% | +0.11 |
| SCHW Schwab (charles) Corp. | Add +71.2% | 0.24% | +0.10 |
| MELI MercadoLibre Inc. | Add +66.9% | 0.22% | +0.10 |
| CSCO Cisco Systems Inc. | Add +48.2% | 0.30% | +0.10 |
| VLO Valero Energy Corp. | Add +87.5% | 0.20% | +0.10 |
| ABNB Airbnb Inc. Class A | Add +229.9% | 0.14% | +0.09 |
| MDT Medtronic PLC | Add +93.5% | 0.17% | +0.09 |
| MU Micron Technology Inc. | Add +129.3% | 0.15% | +0.09 |
| WMB Williams Cos Inc. | Add +47.3% | 0.24% | +0.09 |
| VRSK Verisk Analytics Inc. | Add +1688.2% | 0.09% | +0.08 |
| LNG Cheniere Energy Inc. | Add +75.7% | 0.18% | +0.08 |
| COIN Coinbase Global Inc. Class A | Add +112.1% | 0.27% | +0.08 |
| GS Goldman Sachs Group Inc. | Add +30.3% | 0.46% | +0.08 |
| PH Parker Hannifin Corp. | Add +93.4% | 0.17% | +0.08 |
| PLD Prologis Inc. | Add +40.3% | 0.25% | +0.08 |
| CB Chubb Ltd. | Add +62.0% | 0.18% | +0.08 |
| IQV Iqvia Holdings Inc. | Add +183.8% | 0.13% | +0.07 |
| FTNT Fortinet Inc. | Add +237.9% | 0.10% | +0.07 |
| HWM Howmet Aerospace Inc. | Add +52.1% | 0.17% | +0.07 |
| WSO Watsco Inc. | New | 0.07% | +0.07 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 526 | $5.5B | NVDA, MSFT, GOOGL, AAPL, GOOG |
| Q1 2026 | 484 | $4.8B | NVDA, MSFT, AAPL, GOOGL, AZN |
| Q4 2025 | 483 | $4.9B | NVDA, MSFT, AAPL, GOOGL, GOOG |
| Q3 2025 | 499 | $4.7B | NVDA, MSFT, AAPL, GOOGL, TSLA |
| Q2 2025 | 498 | $4.4B | NVDA, MSFT, AAPL, ARCC, GOOGL |
| Q1 2025 | 494 | $4.1B | NVDA, MSFT, AAPL, ARCC, GOOGL |
| Q4 2024Amended | 479 | $3.9B | NVDA, MSFT, AAPL, GOOGL, TSLA |