Generali Asset Management SPA SGR
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Generali Asset Management SPA SGR reported 499 stock positions worth $4.7 billion. Its top holding was Nvidia (NVDA) at 8.4% of the portfolio, followed by Microsoft (MSFT, 6.7%) and Apple (AAPL, 3.4%). Compared with Q2 2025, it opened 27 new positions, sold out of 26, added to 250 and reduced 187. The biggest buy was Nvidia (NVDA, shares +1%) and the biggest sale Alcon (ALC, shares −77%).
- Most Recent 13F
- Q2 2026
- Location
- TRIESTE, L6
- CIK
- 0002046751
- Portfolio Value
- $4.7B (Q3 2025)
- SEC Filing
- 0001123292-25-000576 ↗ filed Oct 21, 2025
Holdings Value
Holdings 499 stocks · $4.7B
| NVDA Nvidia Corp. | 8.37% | 2,099,195 | $391.7M | Add +0.5% |
| MSFT Microsoft Corp. | 6.68% | 603,377 | $312.5M | Add +1.4% |
| AAPL Apple Inc. | 3.35% | 615,558 | $156.7M | Reduce -0.9% |
| GOOGL Alphabet Inc. Class A | 2.59% | 497,788 | $121.0M | Add +0.9% |
| TSLA Tesla Inc. | 2.23% | 234,856 | $104.4M | Add +2.3% |
| ARCC Ares Capital Corp. | 2.20% | 5,052,119 | $103.1M | No change |
| GOOG Alphabet Inc. Class C | 2.14% | 411,914 | $100.3M | Add +0.1% |
| AVGO Broadcom Inc. | 1.89% | 267,688 | $88.3M | Add +3.0% |
| AMZN Amazon.com Inc. | 1.73% | 367,734 | $80.7M | Add +1.2% |
| UBS UBS Group AG-Reg | 1.62% | 2,337,752 | $76.0M | Add +19.4% |
| AEM Agnico Eagle Mines Ltd. | 1.44% | 349,679 | $67.5M | Reduce -21.0% |
| NEM Newmont Corp. | 1.35% | 746,694 | $63.0M | Reduce -7.1% |
| META Meta Platforms Inc. Class A | 1.27% | 81,198 | $59.6M | Reduce -0.6% |
| JPM JPMorgan Chase & Co. | 1.20% | 177,397 | $56.0M | Reduce -1.3% |
| OBDC Blue Owl Capital Corp. | 1.19% | 4,377,807 | $55.9M | No change |
| BXSL Blackstone Secured Lending F | 1.14% | 2,044,480 | $53.3M | Add +1.6% |
| V Visa Inc. Class A | 1.05% | 144,245 | $49.2M | Add +1.7% |
| LLY Eli Lilly & Co. | 1.00% | 61,292 | $46.8M | Reduce -9.5% |
| SPOT Spotify Technology SA | 1.00% | 68,023 | $46.7M | Add +30.9% |
| MA Mastercard Inc. Class A | 0.98% | 80,658 | $45.9M | Add +3.1% |
| WPM Wheaton Precious Metals Corp. | 0.84% | 326,668 | $39.4M | Reduce -27.6% |
| FSK FS KKR Capital Corp. | 0.81% | 2,546,371 | $38.0M | Add +2.5% |
| STLA Stellantis NV | 0.80% | 4,743,160 | $37.3M | Add +2.2% |
| GBDC Golub Capital BDC Inc. | 0.77% | 2,630,739 | $36.0M | Add +4.7% |
| HD Home Depot Inc. | 0.75% | 86,680 | $35.1M | Add +0.5% |
| GSBD Goldman Sachs BDC Inc. | 0.72% | 3,294,022 | $33.5M | No change |
| BIZD Vaneck BDC Income ETF | 0.70% | 2,200,000 | $32.9M | New |
| PG The Procter & Gamble Co. | 0.64% | 195,222 | $30.0M | Add +2.0% |
| MSDL Morgan Stanley Direct Lendin | 0.63% | 1,829,964 | $29.4M | Add +3.9% |
| MRK Merck & Co. Inc. | 0.61% | 340,540 | $28.6M | Add +42.0% |
| GE General Electric filed as GE AEROSPACE | 0.59% | 91,318 | $27.5M | Add +5.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.59% | 54,626 | $27.5M | Add +0.2% |
| OCSL Oaktree Specialty Lending Co. | 0.58% | 2,087,981 | $27.2M | Add +10.6% |
| GS Goldman Sachs Group Inc. | 0.52% | 30,695 | $24.4M | Reduce -1.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.52% | 468,468 | $24.2M | Add +1.6% |
| C Citigroup Inc. | 0.50% | 230,952 | $23.4M | Reduce -0.4% |
| NFLX Netflix Inc. | 0.50% | 19,519 | $23.4M | Reduce -1.1% |
| COST Costco Wholesale Corp. | 0.50% | 25,173 | $23.3M | Add +22.3% |
| RACE Ferrari NV | 0.49% | 55,690 | $22.9M | Add +28.9% |
| MSTR Strategy Inc. | 0.46% | 67,272 | $21.7M | Reduce -0.8% |
| LIN Linde PLC | 0.46% | 44,981 | $21.4M | Add +14.0% |
| CRM Salesforce Inc. | 0.46% | 89,910 | $21.3M | Add +8.0% |
| SHOP Shopify Inc. Class A | 0.44% | 100,145 | $20.7M | Add +7.1% |
| CAT Caterpillar Inc. | 0.44% | 42,889 | $20.5M | Reduce -3.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.44% | 72,221 | $20.4M | Reduce -8.8% |
| XOM Exxon Mobil Corp. | 0.43% | 177,156 | $20.0M | Reduce -1.1% |
| COIN Coinbase Global Inc. Class A | 0.43% | 59,050 | $19.9M | Add +0.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.42% | 170,884 | $19.6M | Add +1.4% |
| AMD Advanced Micro Devices | 0.42% | 120,212 | $19.4M | Add +4.4% |
| ORCL Oracle Corp. | 0.42% | 69,135 | $19.4M | Add +43.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.41% | 69,388 | $19.4M | No change |
| MS Morgan Stanley | 0.41% | 121,014 | $19.2M | Add +3.2% |
| AXP American Express Co. | 0.41% | 57,315 | $19.0M | Reduce -1.7% |
| TD Toronto-Dominion Bank | 0.40% | 169,504 | $18.9M | Reduce -6.4% |
| WMT Walmart Inc. | 0.40% | 181,202 | $18.7M | Reduce -3.4% |
| SPGI S&P Global Inc. | 0.39% | 37,494 | $18.2M | Add +20.8% |
| VZ Verizon Communications Inc. | 0.39% | 411,772 | $18.1M | Add +2.8% |
| ABBV Abbvie Inc. | 0.39% | 78,122 | $18.1M | Reduce -7.3% |
| KO The Coca-Cola Co. | 0.38% | 268,815 | $17.8M | Reduce -3.1% |
| LRCX Lam Research Corp. | 0.37% | 130,721 | $17.5M | Add +14.3% |
| INTU Intuit Inc. | 0.37% | 25,489 | $17.4M | Add +5.7% |
| BKNG Booking Holdings Inc. | 0.37% | 3,171 | $17.1M | Add +3.9% |
| NOW ServiceNow Inc. | 0.36% | 18,429 | $17.0M | Add +4.2% |
| APP AppLovin Corp. Class A | 0.36% | 23,303 | $16.7M | Add +0.1% |
| ACN Accenture PLC Class A | 0.35% | 65,595 | $16.2M | Add +18.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.34% | 111,473 | $16.1M | Reduce -1.7% |
| ADBE Adobe Inc. | 0.34% | 44,757 | $15.8M | Add +15.6% |
| BLK BlackRock Inc. | 0.33% | 13,387 | $15.6M | Reduce -3.7% |
| PLTR Palantir Technologies Inc. Class A | 0.33% | 83,571 | $15.2M | Add +13.0% |
| CMCSA Comcast Corp. Class A | 0.31% | 464,630 | $14.6M | Add +7.9% |
| PGR Progressive Corp. | 0.31% | 59,004 | $14.6M | Add +3.2% |
| LOW Lowe's Cos Inc. | 0.30% | 56,422 | $14.2M | Add +13.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.29% | 75,352 | $13.7M | Reduce -21.7% |
| CSCO Cisco Systems Inc. | 0.28% | 188,379 | $12.9M | Reduce -2.6% |
| PEP Pepsico Inc. | 0.27% | 90,978 | $12.8M | Add +4.4% |
| MELI MercadoLibre Inc. | 0.27% | 5,451 | $12.7M | Add +7.0% |
| PANW Palo Alto Networks Inc. | 0.27% | 61,639 | $12.6M | Add +16.1% |
| UBER Uber Technologies Inc. | 0.27% | 126,589 | $12.4M | Add +26.1% |
| MU Micron Technology Inc. | 0.26% | 74,069 | $12.4M | Add +33.2% |
| DB Deutsche Bank AG-Registered | 0.26% | 408,691 | $12.2M | Add +51.9% |
| ADP Automatic Data Processing | 0.26% | 41,348 | $12.1M | Reduce -6.7% |
| TT Trane Technologies PLC | 0.26% | 28,654 | $12.1M | Reduce -14.9% |
| DHR Danaher Corp. | 0.25% | 59,821 | $11.9M | Reduce -5.0% |
| RY Royal Bank of Canada | 0.25% | 56,394 | $11.6M | Reduce -13.8% |
| PLD Prologis Inc. | 0.25% | 100,314 | $11.5M | Add +33.4% |
| MRSH Marsh & McLennan Cos | 0.24% | 56,880 | $11.5M | Reduce -2.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.24% | 122,774 | $11.0M | Add +2.8% |
| BMY Bristol-Myers Squibb Co. | 0.23% | 242,287 | $10.9M | Reduce -16.5% |
| ABT Abbott Laboratories | 0.23% | 81,564 | $10.9M | Reduce -1.1% |
| AMGN Amgen Inc. | 0.23% | 38,690 | $10.9M | Add +2.9% |
| T AT&T Inc. | 0.23% | 379,449 | $10.7M | Add +0.5% |
| INTC Intel Corp. | 0.23% | 314,993 | $10.6M | Add +20.8% |
| ANET Arista Networks Inc. | 0.23% | 72,393 | $10.5M | Add +4.5% |
| CVX Chevron Corp. | 0.23% | 67,790 | $10.5M | Reduce -9.6% |
| UNP Union Pacific Corp. | 0.22% | 44,387 | $10.5M | Reduce -20.9% |
| QCOM Qualcomm Inc. | 0.22% | 62,994 | $10.5M | Add +17.1% |
| ETN Eaton Corp. PLC | 0.22% | 27,784 | $10.4M | Reduce -23.6% |
| AMAT Applied Materials Inc. | 0.22% | 50,151 | $10.3M | Reduce -25.1% |
| CDNS Cadence Design SYS Inc. | 0.22% | 28,949 | $10.2M | Add +6.1% |
| SCHW Schwab (charles) Corp. | 0.21% | 104,264 | $10.0M | Reduce -16.4% |
Portfolio Sells Q2 2025 → Q3 2025
| ALC Alcon Inc. | Reduce -77.2% | 0.05% | −0.22 |
| LLY Eli Lilly & Co. | Reduce -9.5% | 1.00% | −0.20 |
| WPM Wheaton Precious Metals Corp. | Reduce -27.6% | 0.84% | −0.17 |
| MSTR Strategy Inc. | Reduce -0.8% | 0.46% | −0.16 |
| PM Philip Morris International | Reduce -46.1% | 0.13% | −0.16 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -98.4% | 0.00% | −0.13 |
| COR Cencora Inc. | Reduce -54.3% | 0.09% | −0.11 |
| AMT American Tower Corp. | Reduce -27.6% | 0.15% | −0.10 |
| NFLX Netflix Inc. | Reduce -1.1% | 0.50% | −0.10 |
| META Meta Platforms Inc. Class A | Reduce -0.6% | 1.27% | −0.10 |
| MCK McKesson Corp. | Reduce -43.5% | 0.13% | −0.10 |
| TXN Texas Instruments Inc. | Reduce -30.1% | 0.14% | −0.10 |
| IBM Intl Business Machines Corp. | Reduce -8.8% | 0.44% | −0.10 |
| CL Colgate-Palmolive Co. | Reduce -25.5% | 0.13% | −0.08 |
| TT Trane Technologies PLC | Reduce -14.9% | 0.26% | −0.08 |
| EMR Emerson Electric Co. | Reduce -32.2% | 0.13% | −0.08 |
| ELV Elevance Health Inc. | Reduce -20.1% | 0.12% | −0.08 |
| ETN Eaton Corp. PLC | Reduce -23.6% | 0.22% | −0.07 |
| DE Deere & Co. | Reduce -16.8% | 0.17% | −0.07 |
| BMY Bristol-Myers Squibb Co. | Reduce -16.5% | 0.23% | −0.07 |
| NKE Nike Inc. Class B | Reduce -45.7% | 0.07% | −0.07 |
| UNP Union Pacific Corp. | Reduce -20.9% | 0.22% | −0.07 |
| APD Air Products & Chemicals Inc. | Reduce -39.4% | 0.09% | −0.07 |
| CM Can Imperial BK of Commerce | Reduce -92.3% | 0.01% | −0.07 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.07 |
| UPS United Parcel Service Class B | Reduce -21.8% | 0.10% | −0.07 |
| KO The Coca-Cola Co. | Reduce -3.1% | 0.38% | −0.07 |
| AMAT Applied Materials Inc. | Reduce -25.1% | 0.22% | −0.06 |
| GWW WW Grainger Inc. | Reduce -27.7% | 0.10% | −0.06 |
| GRMN Garmin Ltd. | Reduce -99.2% | 0.00% | −0.06 |
| ITW Illinois Tool Works | Reduce -24.7% | 0.17% | −0.06 |
| ALL Allstate Corp. | Reduce -39.3% | 0.09% | −0.06 |
| GIB Cgi Inc. | Reduce -50.3% | 0.04% | −0.06 |
| CI The Cigna Group | Reduce -10.3% | 0.16% | −0.06 |
| WAB Wabtec Corp. | Sold out | 0.00% | −0.06 |
| CTAS Cintas Corp. | Reduce -22.8% | 0.11% | −0.05 |
| HIG Hartford Insurance Group Inc. | Reduce -37.4% | 0.09% | −0.05 |
| PFE Pfizer Inc. | Reduce -31.0% | 0.11% | −0.05 |
| TGT Target Corp. | Reduce -35.6% | 0.06% | −0.05 |
| ADP Automatic Data Processing | Reduce -6.7% | 0.26% | −0.05 |
| STZ Constellation Brands Inc. Class A | Reduce -73.5% | 0.01% | −0.05 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −0.05 |
| DASH DoorDash Inc. Class A | Reduce -50.4% | 0.05% | −0.05 |
| CBOE Cboe Global Markets Inc. | Reduce -66.2% | 0.03% | −0.05 |
| EA Electronic Arts Inc. | Reduce -49.3% | 0.07% | −0.05 |
| SCHW Schwab (charles) Corp. | Reduce -16.4% | 0.21% | −0.05 |
| AIG American International Group | Reduce -76.8% | 0.01% | −0.05 |
| FTNT Fortinet Inc. | Reduce -34.7% | 0.04% | −0.05 |
| ROST Ross Stores Inc. | Reduce -53.4% | 0.05% | −0.05 |
| TW Tradeweb Markets Inc. Class A | Sold out | 0.00% | −0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +0.5% | 8.37% | +0.85 |
| BIZD Vaneck BDC Income ETF | New | 0.70% | +0.70 |
| GOOGL Alphabet Inc. Class A | Add +0.9% | 2.59% | +0.61 |
| TSLA Tesla Inc. | Add +2.3% | 2.23% | +0.57 |
| GOOG Alphabet Inc. Class C | Add +0.1% | 2.14% | +0.48 |
| UBS UBS Group AG-Reg | Add +19.4% | 1.62% | +0.43 |
| AVGO Broadcom Inc. | Add +3.0% | 1.89% | +0.25 |
| MRK Merck & Co. Inc. | Add +42.0% | 0.61% | +0.18 |
| ORCL Oracle Corp. | Add +43.3% | 0.42% | +0.18 |
| APP AppLovin Corp. Class A | Add +0.1% | 0.36% | +0.17 |
| LRCX Lam Research Corp. | Add +14.3% | 0.37% | +0.12 |
| MU Micron Technology Inc. | Add +33.2% | 0.26% | +0.11 |
| SPOT Spotify Technology SA | Add +30.9% | 1.00% | +0.11 |
| SHOP Shopify Inc. Class A | Add +7.1% | 0.44% | +0.11 |
| DB Deutsche Bank AG-Registered | Add +51.9% | 0.26% | +0.11 |
| DHI D.R. Horton Inc. | Add +76.1% | 0.19% | +0.10 |
| PLTR Palantir Technologies Inc. Class A | Add +13.0% | 0.33% | +0.10 |
| INTC Intel Corp. | Add +20.8% | 0.23% | +0.09 |
| RACE Ferrari NV | Add +28.9% | 0.49% | +0.08 |
| GE General Electric | Add +5.5% | 0.59% | +0.08 |
| GEV GE Vernova Inc. | Add +45.0% | 0.20% | +0.07 |
| PLD Prologis Inc. | Add +33.4% | 0.25% | +0.07 |
| ANET Arista Networks Inc. | Add +4.5% | 0.23% | +0.06 |
| FAST Fastenal Co. | Add +170.7% | 0.10% | +0.06 |
| MDT Medtronic PLC | Add +71.4% | 0.14% | +0.06 |
| GM General Motors Co. | Add +59.5% | 0.13% | +0.06 |
| MPC Marathon Petroleum Corp. | Add +36.8% | 0.17% | +0.06 |
| KKR KKR & Co. Inc. | Add +132.5% | 0.10% | +0.06 |
| UBER Uber Technologies Inc. | Add +26.1% | 0.27% | +0.05 |
| HOOD Robinhood Markets Inc. Class A | New | 0.05% | +0.05 |
| TPR Tapestry Inc. | New | 0.05% | +0.05 |
| LOW Lowe's Cos Inc. | Add +13.0% | 0.30% | +0.05 |
| PHM Pultegroup Inc. | New | 0.05% | +0.05 |
| ARES Ares Management Corp. Class A | New | 0.05% | +0.05 |
| ULTA Ulta Beauty Inc. | Add +2732.7% | 0.05% | +0.05 |
| CHRW C.H. Robinson Worldwide Inc. | Add +1393.0% | 0.05% | +0.05 |
| SNA Snap-on Inc. | New | 0.04% | +0.04 |
| JCI Johnson Controls Internation | Add +67.4% | 0.11% | +0.04 |
| PINS Pinterest Inc. Class A | New | 0.04% | +0.04 |
| AMD Advanced Micro Devices | Add +4.4% | 0.42% | +0.04 |
| CG The Carlyle Group Inc. | New | 0.04% | +0.04 |
| ROK Rockwell Automation Inc. | New | 0.04% | +0.04 |
| TOST Toast Inc. Class A | New | 0.04% | +0.04 |
| ES Eversource Energy | Add +41.5% | 0.12% | +0.04 |
| LNG Cheniere Energy Inc. | Add +48.9% | 0.14% | +0.04 |
| CSGP Costar Group Inc. | Add +641.9% | 0.04% | +0.04 |
| JBL Jabil Inc. | New | 0.04% | +0.04 |
| WTW Willis Towers Watson PLC | Add +92.8% | 0.07% | +0.04 |
| LIN Linde PLC | Add +14.0% | 0.46% | +0.03 |
| TEL Te Connectivity PLC | Add +9.7% | 0.14% | +0.03 |
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 |