Generali Asset Management SPA SGR
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 28, 2025), Generali Asset Management SPA SGR reported 498 stock positions worth $4.4 billion. Its top holding was Nvidia (NVDA) at 7.5% of the portfolio, followed by Microsoft (MSFT, 6.7%) and Apple (AAPL, 2.9%). Compared with Q1 2025, it opened 32 new positions, sold out of 29, added to 199 and reduced 225. The biggest buy was Spotify Technology (SPOT, shares +72%) and the biggest sale Apple (AAPL, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- TRIESTE, L6
- CIK
- 0002046751
- Portfolio Value
- $4.4B (Q2 2025)
- SEC Filing
- 0001123292-25-000320 ↗ filed Jul 28, 2025
Holdings Value
Holdings 498 stocks · $4.4B
| NVDA Nvidia Corp. | 7.52% | 2,088,317 | $329.9M | Reduce -5.4% |
| MSFT Microsoft Corp. | 6.75% | 595,117 | $296.0M | Reduce -6.2% |
| AAPL Apple Inc. | 2.91% | 621,455 | $127.5M | Reduce -9.6% |
| ARCC Ares Capital Corp. | 2.53% | 5,052,119 | $110.9M | Reduce -14.7% |
| GOOGL Alphabet Inc. Class A | 1.98% | 493,173 | $86.9M | Reduce -12.6% |
| AMZN Amazon.com Inc. | 1.82% | 363,368 | $79.7M | Reduce -2.3% |
| GOOG Alphabet Inc. Class C | 1.66% | 411,376 | $73.0M | Reduce -4.3% |
| TSLA Tesla Inc. | 1.66% | 229,660 | $73.0M | Add +0.7% |
| AVGO Broadcom Inc. | 1.63% | 260,002 | $71.7M | Reduce -4.3% |
| OBDC Blue Owl Capital Corp. | 1.43% | 4,377,807 | $62.8M | Add +2.1% |
| BXSL Blackstone Secured Lending F | 1.41% | 2,011,704 | $61.9M | Add +2.0% |
| META Meta Platforms Inc. Class A | 1.37% | 81,691 | $60.3M | Reduce -6.8% |
| AEM Agnico Eagle Mines Ltd. | 1.36% | 442,721 | $59.5M | Reduce -29.2% |
| LLY Eli Lilly & Co. | 1.20% | 67,722 | $52.8M | Reduce -4.2% |
| UBS UBS Group AG-Reg | 1.20% | 1,957,087 | $52.5M | Add +25.4% |
| JPM JPMorgan Chase & Co. | 1.19% | 179,815 | $52.1M | Reduce -18.3% |
| FSK FS KKR Capital Corp. | 1.18% | 2,485,265 | $51.6M | Add +21.6% |
| V Visa Inc. Class A | 1.15% | 141,885 | $50.4M | Add +0.8% |
| NEM Newmont Corp. | 1.07% | 803,639 | $46.8M | Reduce -23.3% |
| WPM Wheaton Precious Metals Corp. | 1.01% | 451,019 | $44.3M | Reduce -29.6% |
| MA Mastercard Inc. Class A | 1.00% | 78,213 | $44.0M | Add +3.9% |
| STLA Stellantis NV | 0.90% | 4,640,832 | $39.5M | Add +4.7% |
| SPOT Spotify Technology SA | 0.89% | 51,969 | $39.0M | Add +72.4% |
| GSBD Goldman Sachs BDC Inc. | 0.84% | 3,294,022 | $37.1M | Add +52.3% |
| GBDC Golub Capital BDC Inc. | 0.84% | 2,512,705 | $36.8M | Add +39.6% |
| MSDL Morgan Stanley Direct Lendin | 0.75% | 1,761,950 | $33.0M | Add +99.9% |
| HD Home Depot Inc. | 0.72% | 86,280 | $31.6M | Reduce -21.5% |
| PG The Procter & Gamble Co. | 0.70% | 191,380 | $30.5M | Add +2.8% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.62% | 67,806 | $27.4M | Add +4.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.60% | 54,494 | $26.5M | Add +2.0% |
| NFLX Netflix Inc. | 0.60% | 19,745 | $26.4M | Reduce -9.2% |
| OCSL Oaktree Specialty Lending Co. | 0.59% | 1,888,566 | $25.8M | Add +74.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.53% | 79,149 | $23.3M | Reduce -3.2% |
| CRM Salesforce Inc. | 0.52% | 83,247 | $22.7M | Reduce -10.1% |
| GE General Electric filed as GE AEROSPACE | 0.51% | 86,518 | $22.3M | Add +108.2% |
| GS Goldman Sachs Group Inc. | 0.50% | 31,103 | $22.0M | Reduce -9.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.50% | 460,842 | $21.8M | Add +0.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.48% | 168,436 | $20.9M | Add +1.8% |
| COIN Coinbase Global Inc. Class A | 0.47% | 58,657 | $20.6M | Reduce -7.5% |
| COST Costco Wholesale Corp. | 0.46% | 20,579 | $20.4M | Add +9.2% |
| C Citigroup Inc. | 0.45% | 231,837 | $19.7M | Reduce -5.5% |
| KO The Coca-Cola Co. | 0.45% | 277,506 | $19.6M | Reduce -9.7% |
| XOM Exxon Mobil Corp. | 0.44% | 179,126 | $19.3M | Reduce -1.4% |
| INTU Intuit Inc. | 0.43% | 24,125 | $19.0M | Add +5.2% |
| MRK Merck & Co. Inc. | 0.43% | 239,814 | $19.0M | Add +7.3% |
| AXP American Express Co. | 0.42% | 58,291 | $18.6M | Reduce -11.1% |
| LIN Linde PLC | 0.42% | 39,455 | $18.5M | Reduce -43.4% |
| WMT Walmart Inc. | 0.42% | 187,655 | $18.3M | Add +10.5% |
| NOW ServiceNow Inc. | 0.41% | 17,688 | $18.2M | Add +4.0% |
| TD Toronto-Dominion Bank | 0.41% | 181,040 | $18.1M | Reduce -1.4% |
| RACE Ferrari NV | 0.41% | 43,205 | $18.0M | Add +3.4% |
| BKNG Booking Holdings Inc. | 0.40% | 3,051 | $17.7M | Reduce -4.0% |
| VZ Verizon Communications Inc. | 0.40% | 400,563 | $17.3M | Reduce -18.0% |
| CAT Caterpillar Inc. | 0.39% | 44,195 | $17.2M | Reduce -1.4% |
| MS Morgan Stanley | 0.38% | 117,308 | $16.5M | Reduce -17.0% |
| ACN Accenture PLC Class A | 0.38% | 55,193 | $16.5M | Reduce -11.4% |
| SPGI S&P Global Inc. | 0.37% | 31,051 | $16.4M | Reduce -6.8% |
| AMD Advanced Micro Devices | 0.37% | 115,160 | $16.3M | Add +73.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.36% | 69,388 | $15.7M | No change |
| ABBV Abbvie Inc. | 0.36% | 84,294 | $15.6M | Add +0.3% |
| CMCSA Comcast Corp. Class A | 0.35% | 430,476 | $15.4M | Add +6.3% |
| PGR Progressive Corp. | 0.35% | 57,152 | $15.3M | Reduce -2.1% |
| ADBE Adobe Inc. | 0.34% | 38,728 | $15.0M | Reduce -13.0% |
| TT Trane Technologies PLC | 0.34% | 33,679 | $14.7M | Add +3.7% |
| SHOP Shopify Inc. Class A | 0.33% | 93,504 | $14.7M | Add +0.8% |
| BLK BlackRock Inc. | 0.33% | 13,904 | $14.6M | Reduce -1.1% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.33% | 96,224 | $14.5M | Add +3.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.32% | 113,424 | $14.0M | Reduce -2.7% |
| ADP Automatic Data Processing | 0.31% | 44,332 | $13.7M | Add +6.2% |
| BMY Bristol-Myers Squibb Co. | 0.31% | 290,157 | $13.4M | Add +18.2% |
| CSCO Cisco Systems Inc. | 0.31% | 193,439 | $13.4M | Reduce -2.5% |
| MELI MercadoLibre Inc. | 0.30% | 5,093 | $13.3M | Add +10.1% |
| ETN Eaton Corp. PLC | 0.30% | 36,390 | $13.0M | Add +5.3% |
| UNP Union Pacific Corp. | 0.29% | 56,085 | $12.9M | Reduce -0.1% |
| MRSH Marsh & McLennan Cos | 0.29% | 58,048 | $12.7M | Add +6.6% |
| PM Philip Morris International | 0.28% | 68,624 | $12.5M | Add +33.7% |
| DHR Danaher Corp. | 0.28% | 62,997 | $12.4M | Add +15.0% |
| AMAT Applied Materials Inc. | 0.28% | 66,964 | $12.3M | Reduce -14.3% |
| ALC Alcon Inc. filed as ALCON AG | 0.27% | 168,958 | $11.9M | Add +31.1% |
| RY Royal Bank of Canada | 0.27% | 65,447 | $11.7M | Add +7.0% |
| PEP Pepsico Inc. | 0.26% | 87,119 | $11.5M | Reduce -14.8% |
| SCHW Schwab (charles) Corp. | 0.26% | 124,726 | $11.4M | Add +0.8% |
| ABT Abbott Laboratories | 0.26% | 82,431 | $11.2M | Add +2.7% |
| MMM 3M Co. | 0.26% | 38,896 | $11.2M | Reduce -10.7% |
| LRCX Lam Research Corp. | 0.25% | 114,369 | $11.1M | Reduce -29.6% |
| LOW Lowe's Cos Inc. | 0.25% | 49,932 | $11.1M | Reduce -1.9% |
| AMT American Tower Corp. | 0.25% | 50,000 | $11.1M | Add +2.6% |
| T AT&T Inc. | 0.25% | 377,587 | $10.9M | Reduce -14.5% |
| PANW Palo Alto Networks Inc. | 0.25% | 53,098 | $10.9M | Add +48.4% |
| DE Deere & Co. | 0.25% | 21,161 | $10.8M | Add +60.4% |
| CVX Chevron Corp. | 0.24% | 74,954 | $10.7M | Add +1.0% |
| ORCL Oracle Corp. | 0.24% | 48,260 | $10.6M | Reduce -7.3% |
| AMGN Amgen Inc. | 0.24% | 37,593 | $10.5M | Reduce -2.3% |
| ISRG Intuitive Surgical Inc. | 0.24% | 19,151 | $10.4M | Reduce -9.5% |
| TXN Texas Instruments Inc. | 0.24% | 49,848 | $10.3M | Reduce -25.6% |
| FISV Fiserv Inc. | 0.23% | 59,588 | $10.3M | Reduce -7.4% |
| ITW Illinois Tool Works | 0.23% | 41,133 | $10.2M | Add +126.0% |
| PLTR Palantir Technologies Inc. Class A | 0.23% | 73,961 | $10.1M | Reduce -17.1% |
| MCK McKesson Corp. | 0.23% | 13,518 | $9.9M | Add +45.9% |
| UBER Uber Technologies Inc. | 0.21% | 100,369 | $9.4M | Reduce -29.6% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -9.6% | 2.91% | −0.86 |
| ARCC Ares Capital Corp. | Reduce -14.7% | 2.53% | −0.70 |
| AEM Agnico Eagle Mines Ltd. | Reduce -29.2% | 1.36% | −0.50 |
| LIN Linde PLC | Reduce -43.4% | 0.42% | −0.38 |
| WPM Wheaton Precious Metals Corp. | Reduce -29.6% | 1.01% | −0.31 |
| HD Home Depot Inc. | Reduce -21.5% | 0.72% | −0.27 |
| LLY Eli Lilly & Co. | Reduce -4.2% | 1.20% | −0.24 |
| NEM Newmont Corp. | Reduce -23.3% | 1.07% | −0.18 |
| CRH CRH PLC | Reduce -48.3% | 0.15% | −0.17 |
| GOOGL Alphabet Inc. Class A | Reduce -12.6% | 1.98% | −0.17 |
| VZ Verizon Communications Inc. | Reduce -18.0% | 0.40% | −0.15 |
| JPM JPMorgan Chase & Co. | Reduce -18.3% | 1.19% | −0.14 |
| KMI Kinder Morgan Inc. | Reduce -63.6% | 0.07% | −0.13 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.12 |
| FISV Fiserv Inc. | Reduce -7.4% | 0.23% | −0.12 |
| PEP Pepsico Inc. | Reduce -14.8% | 0.26% | −0.12 |
| ACN Accenture PLC Class A | Reduce -11.4% | 0.38% | −0.10 |
| SHW The Sherwin-Williams Co. | Reduce -43.8% | 0.11% | −0.10 |
| TMUS T-Mobile US Inc. | Reduce -32.3% | 0.13% | −0.10 |
| QCOM Qualcomm Inc. | Reduce -31.1% | 0.20% | −0.10 |
| WM Waste Management Inc. | Reduce -65.9% | 0.04% | −0.10 |
| CRM Salesforce Inc. | Reduce -10.1% | 0.52% | −0.10 |
| KO The Coca-Cola Co. | Reduce -9.7% | 0.45% | −0.10 |
| XOM Exxon Mobil Corp. | Reduce -1.4% | 0.44% | −0.09 |
| CAG Conagra Brands Inc. | Reduce -98.7% | 0.00% | −0.09 |
| MDT Medtronic PLC | Reduce -45.7% | 0.08% | −0.09 |
| TMO Thermo Fisher Scientific Inc. | Reduce -13.6% | 0.15% | −0.08 |
| ADBE Adobe Inc. | Reduce -13.0% | 0.34% | −0.08 |
| HPE Hewlett Packard Enterprise | Reduce -99.0% | 0.00% | −0.08 |
| OKE Oneok Inc. | Reduce -18.9% | 0.12% | −0.08 |
| VLO Valero Energy Corp. | Reduce -33.0% | 0.13% | −0.08 |
| PLD Prologis Inc. | Reduce -18.5% | 0.18% | −0.07 |
| IPG Interpublic Group of Cos Inc. | Reduce -66.9% | 0.03% | −0.07 |
| MCO Moody's Corp. | Reduce -32.8% | 0.15% | −0.07 |
| LNG Cheniere Energy Inc. | Reduce -38.8% | 0.11% | −0.07 |
| RPRX Royalty Pharma PLC Class A | Reduce -99.5% | 0.00% | −0.07 |
| ELV Elevance Health Inc. | Reduce -11.0% | 0.20% | −0.07 |
| PCAR Paccar Inc. | Reduce -59.6% | 0.04% | −0.07 |
| CVS CVS Health Corp. | Reduce -38.4% | 0.10% | −0.07 |
| LUV Southwest Airlines Co. | Sold out | 0.00% | −0.07 |
| WMB Williams Cos Inc. | Reduce -26.9% | 0.17% | −0.07 |
| FAST Fastenal Co. | Reduce -67.8% | 0.03% | −0.07 |
| DGX Quest Diagnostics Inc. | Reduce -60.0% | 0.04% | −0.07 |
| ULTA Ulta Beauty Inc. | Reduce -98.0% | 0.00% | −0.07 |
| PHM Pultegroup Inc. | Sold out | 0.00% | −0.06 |
| EQIX Equinix Inc. | Reduce -23.7% | 0.14% | −0.06 |
| CPAY Corpay Inc. | Sold out | 0.00% | −0.06 |
| WAT Waters Corp. | Reduce -61.9% | 0.03% | −0.06 |
| HOLX Hologic Inc. | Reduce -63.1% | 0.03% | −0.06 |
| TXN Texas Instruments Inc. | Reduce -25.6% | 0.24% | −0.06 |
Portfolio Buys Q1 2025 → Q2 2025
| SPOT Spotify Technology SA | Add +72.4% | 0.89% | +0.49 |
| MSDL Morgan Stanley Direct Lendin | Add +99.9% | 0.75% | +0.32 |
| GE General Electric | Add +108.2% | 0.51% | +0.30 |
| GSBD Goldman Sachs BDC Inc. | Add +52.3% | 0.84% | +0.22 |
| TSLA Tesla Inc. | Add +0.7% | 1.66% | +0.21 |
| AMD Advanced Micro Devices | Add +73.2% | 0.37% | +0.20 |
| OCSL Oaktree Specialty Lending Co. | Add +74.2% | 0.59% | +0.18 |
| GBDC Golub Capital BDC Inc. | Add +39.6% | 0.84% | +0.17 |
| UBS UBS Group AG-Reg | Add +25.4% | 1.20% | +0.16 |
| MSTR Strategy Inc. | Add +4.1% | 0.62% | +0.16 |
| COF Capital One Financial Corp. | Add +153.0% | 0.21% | +0.13 |
| FSK FS KKR Capital Corp. | Add +21.6% | 1.18% | +0.12 |
| ITW Illinois Tool Works | Add +126.0% | 0.23% | +0.12 |
| PANW Palo Alto Networks Inc. | Add +48.4% | 0.25% | +0.10 |
| EA Electronic Arts Inc. | Add +353.5% | 0.12% | +0.09 |
| DE Deere & Co. | Add +60.4% | 0.25% | +0.09 |
| RCL Royal Caribbean Cruises Ltd. | Add +124.4% | 0.13% | +0.09 |
| AMRZ Amrize Ltd. | New | 0.09% | +0.09 |
| GGG Graco Inc. | New | 0.09% | +0.09 |
| INTU Intuit Inc. | Add +5.2% | 0.43% | +0.09 |
| PM Philip Morris International | Add +33.7% | 0.28% | +0.08 |
| MELI MercadoLibre Inc. | Add +10.1% | 0.30% | +0.08 |
| NOW ServiceNow Inc. | Add +4.0% | 0.41% | +0.08 |
| HON Honeywell International Inc. | Add +85.0% | 0.16% | +0.08 |
| CBOE Cboe Global Markets Inc. | Add +7413.8% | 0.08% | +0.07 |
| DIS The Walt Disney Co. | Add +1.8% | 0.48% | +0.07 |
| MCK McKesson Corp. | Add +45.9% | 0.23% | +0.07 |
| ROST Ross Stores Inc. | Add +315.9% | 0.10% | +0.07 |
| GEV GE Vernova Inc. | Add +44.0% | 0.13% | +0.07 |
| ORLY O'reilly Automotive Inc. | Add +120.4% | 0.15% | +0.07 |
| AVY Avery Dennison Corp. | New | 0.07% | +0.07 |
| TFC Truist Financial Corp. | Add +182.1% | 0.10% | +0.07 |
| TT Trane Technologies PLC | Add +3.7% | 0.34% | +0.07 |
| NDAQ Nasdaq Inc. | New | 0.07% | +0.07 |
| ETN Eaton Corp. PLC | Add +5.3% | 0.30% | +0.06 |
| NBIX Neurocrine Biosciences Inc. | Add +296.6% | 0.08% | +0.06 |
| DG Dollar General Corp. | Add +516.6% | 0.07% | +0.06 |
| PYPL PayPal Holdings Inc. | Add +40.4% | 0.19% | +0.06 |
| SMLR Semler Scientific Inc. | New | 0.06% | +0.06 |
| CMG Chipotle Mexican Grill Inc. | Add +104.1% | 0.12% | +0.06 |
| STT State Street Corp. | Add +2483.7% | 0.06% | +0.06 |
| APH Amphenol Corp. Class A | Add +12.1% | 0.17% | +0.06 |
| CL Colgate-Palmolive Co. | Add +54.9% | 0.21% | +0.06 |
| CDNS Cadence Design SYS Inc. | Add +27.7% | 0.19% | +0.06 |
| CHTR Charter Communications Inc. Class A | Add +5696.3% | 0.06% | +0.06 |
| GWW WW Grainger Inc. | Add +59.9% | 0.16% | +0.06 |
| ATO Atmos Energy Corp. | Add +8266.7% | 0.06% | +0.06 |
| ALL Allstate Corp. | Add +72.5% | 0.15% | +0.05 |
| COR Cencora Inc. | Add +38.0% | 0.19% | +0.05 |
| BN Brookfield Corp. | Add +33.9% | 0.19% | +0.05 |
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 |