Generali Asset Management SPA SGR

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Generali Asset Management SPA SGR reported 483 stock positions worth $4.9 billion. Its top holding was Nvidia (NVDA) at 8.0% of the portfolio, followed by Microsoft (MSFT, 6.1%) and Apple (AAPL, 3.4%). Compared with Q3 2025, it opened 23 new positions, sold out of 40, added to 235 and reduced 183. The biggest buy was a new position in Totalenergies (TTE) and the biggest sale Meta Platforms Class A (META, shares −24%).

Most Recent 13F
Q2 2026
Location
TRIESTE, L6
CIK
0002046751
Portfolio Value
$4.9B (Q4 2025)
SEC Filing
0001123292-26-000085 ↗ filed Feb 3, 2026

Holdings Value

0$2.0B$4.0B$6.0B Q4 2024: $3.9B Q4 2024 Q1 2025: $4.1B Q1 2025 Q2 2025: $4.4B Q2 2025 Q3 2025: $4.7B Q3 2025 Q4 2025: $4.9B $4.9B Q4 2025 Q1 2026: $4.8B Q1 2026 Q2 2026: $5.5B Q2 2026

Holdings 483 stocks · $4.9B
NVDA Nvidia Corp. 8.03% 2,106,216 $392.8M Add +0.3%
MSFT Microsoft Corp. 6.11% 618,233 $299.0M Add +2.5%
AAPL Apple Inc. 3.38% 609,182 $165.6M Reduce -1.0%
GOOGL Alphabet Inc. Class A 3.23% 504,479 $157.9M Add +1.3%
GOOG Alphabet Inc. Class C 2.79% 435,030 $136.5M Add +5.6%
TSLA Tesla Inc. 2.18% 236,885 $106.5M Add +0.9%
ARCC Ares Capital Corp. 2.09% 5,052,119 $102.2M No change
UBS UBS Group AG-Reg 1.87% 2,480,242 $91.7M Add +6.1%
AVGO Broadcom Inc. 1.80% 254,804 $88.2M Reduce -4.8%
AMZN Amazon.com Inc. 1.72% 365,279 $84.3M Reduce -0.7%
NEM Newmont Corp. 1.56% 764,758 $76.4M Add +2.4%
TTE Totalenergies SE 1.48% 1,300,900 $72.3M New
LLY Eli Lilly & Co. 1.47% 66,708 $71.7M Add +8.8%
AEM Agnico Eagle Mines Ltd. 1.33% 333,174 $65.1M Reduce -4.7%
OBDC Blue Owl Capital Corp. 1.11% 4,377,807 $54.4M No change
BXSL Blackstone Secured Lending F 1.10% 2,044,480 $53.8M No change
JPM JPMorgan Chase & Co. 1.09% 164,980 $53.2M Reduce -7.0%
V Visa Inc. Class A 1.07% 149,928 $52.6M Add +3.9%
MA Mastercard Inc. Class A 0.91% 77,610 $44.3M Reduce -3.8%
STLA Stellantis NV 0.90% 4,675,319 $44.2M Reduce -1.4%
META Meta Platforms Inc. Class A 0.84% 62,004 $40.9M Reduce -23.6%
WPM Wheaton Precious Metals Corp. 0.83% 318,297 $40.4M Reduce -2.6%
SPOT Spotify Technology SA 0.78% 66,459 $37.9M Reduce -2.3%
FSK FS KKR Capital Corp. 0.77% 2,546,371 $37.7M No change
GBDC Golub Capital BDC Inc. 0.73% 2,630,739 $35.7M No change
MRK Merck & Co. Inc. 0.66% 308,173 $32.4M Reduce -9.5%
BIZD Vaneck BDC Income ETF 0.64% 2,200,000 $31.2M No change
GSBD Goldman Sachs BDC Inc. 0.62% 3,294,022 $30.6M No change
GE General Electric filed as GE AEROSPACE 0.62% 99,228 $30.6M Add +8.7%
AMD Advanced Micro Devices 0.62% 142,235 $30.5M Add +18.3%
BRK.B Berkshire Hathaway Inc. Class B 0.62% 60,539 $30.4M Add +10.8%
MSDL Morgan Stanley Direct Lendin 0.62% 1,829,964 $30.2M No change
HD Home Depot Inc. 0.61% 86,733 $29.8M Add +0.1%
PG The Procter & Gamble Co. 0.60% 204,014 $29.2M Add +4.5%
RACE Ferrari NV 0.56% 86,389 $27.5M Add +55.1%
CAT Caterpillar Inc. 0.54% 46,526 $26.7M Add +8.5%
OCSL Oaktree Specialty Lending Co. 0.54% 2,087,981 $26.6M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.51% 84,445 $25.0M Add +16.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.50% 443,875 $24.4M Reduce -5.3%
CRM Salesforce Inc. 0.48% 89,475 $23.7M Reduce -0.5%
AXP American Express Co. 0.48% 63,184 $23.4M Add +10.2%
GS Goldman Sachs Group Inc. 0.47% 26,213 $23.0M Reduce -14.6%
MS Morgan Stanley 0.47% 128,964 $22.9M Add +6.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.46% 195,825 $22.3M Add +14.6%
TD Toronto-Dominion Bank 0.44% 165,513 $21.4M Reduce -2.4%
LIN Linde PLC 0.43% 49,593 $21.1M Add +10.3%
TSM Taiwan Semiconductor-SP ADR 0.43% 69,388 $21.1M No change
C Citigroup Inc. 0.42% 177,364 $20.7M Reduce -23.2%
LRCX Lam Research Corp. 0.40% 115,412 $19.8M Reduce -11.7%
ABBV Abbvie Inc. 0.40% 86,410 $19.7M Add +10.6%
KO The Coca-Cola Co. 0.40% 277,047 $19.4M Add +3.1%
AMAT Applied Materials Inc. 0.40% 75,303 $19.4M Add +50.1%
VZ Verizon Communications Inc. 0.38% 452,166 $18.4M Add +9.8%
INTU Intuit Inc. 0.38% 27,801 $18.4M Add +9.1%
COST Costco Wholesale Corp. 0.37% 21,266 $18.3M Reduce -15.5%
SPGI S&P Global Inc. 0.37% 34,997 $18.3M Reduce -6.7%
NFLX Netflix Inc. 0.37% 193,814 $18.2M Reduce -0.7%
BKNG Booking Holdings Inc. 0.36% 3,299 $17.7M Add +4.0%
WMT Walmart Inc. 0.34% 150,423 $16.8M Reduce -17.0%
AMGN Amgen Inc. 0.34% 51,104 $16.7M Add +32.1%
ACN Accenture PLC Class A 0.34% 61,859 $16.6M Reduce -5.7%
SHOP Shopify Inc. Class A 0.34% 74,594 $16.5M Reduce -25.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.33% 105,468 $16.2M Reduce -5.4%
BLK BlackRock Inc. 0.33% 15,071 $16.1M Add +12.6%
XOM Exxon Mobil Corp. 0.33% 132,825 $16.0M Reduce -25.0%
CSCO Cisco Systems Inc. 0.32% 206,329 $15.9M Add +9.5%
PEP Pepsico Inc. 0.32% 110,404 $15.8M Add +21.4%
COIN Coinbase Global Inc. Class A 0.32% 69,775 $15.8M Add +18.2%
NOW ServiceNow Inc. 0.32% 101,919 $15.6M Add +10.6%
ALC Alcon Inc. filed as ALCON AG 0.32% 244,247 $15.5M Add +533.8%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.32% 86,672 $15.4M Add +15.0%
ADBE Adobe Inc. 0.31% 43,706 $15.3M Reduce -2.4%
PGR Progressive Corp. 0.31% 66,925 $15.2M Add +13.4%
APP AppLovin Corp. Class A 0.31% 22,415 $15.1M Reduce -3.8%
ORCL Oracle Corp. 0.29% 73,391 $14.3M Add +6.2%
BMY Bristol-Myers Squibb Co. 0.29% 260,127 $14.0M Add +7.4%
DHR Danaher Corp. 0.28% 60,811 $13.9M Add +1.6%
MU Micron Technology Inc. 0.27% 46,860 $13.4M Reduce -36.7%
DB Deutsche Bank AG-Registered 0.27% 400,958 $13.3M Reduce -1.9%
PLTR Palantir Technologies Inc. Class A 0.27% 74,350 $13.2M Reduce -11.0%
CMCSA Comcast Corp. Class A 0.27% 435,059 $13.0M Reduce -6.4%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.26% 127,615 $12.9M Add +3.9%
RY Royal Bank of Canada 0.26% 54,867 $12.8M Reduce -2.7%
UNP Union Pacific Corp. 0.26% 54,902 $12.7M Add +23.7%
SCHW Schwab (charles) Corp. 0.25% 122,958 $12.3M Add +17.9%
ISRG Intuitive Surgical Inc. 0.25% 21,624 $12.2M Add +5.7%
INTC Intel Corp. 0.25% 330,990 $12.2M Add +5.1%
TMO Thermo Fisher Scientific Inc. 0.25% 21,047 $12.2M Add +25.7%
ADP Automatic Data Processing 0.25% 47,402 $12.2M Add +14.6%
MSTR Strategy Inc. 0.24% 77,608 $11.8M Add +15.4%
APH Amphenol Corp. Class A 0.24% 87,072 $11.8M Add +20.2%
PLD Prologis Inc. 0.23% 89,925 $11.5M Reduce -10.4%
TT Trane Technologies PLC 0.23% 29,262 $11.4M Add +2.1%
QCOM Qualcomm Inc. 0.23% 66,355 $11.4M Add +5.3%
MRSH Marsh & McLennan Cos 0.22% 59,102 $11.0M Add +3.9%
COF Capital One Financial Corp. 0.22% 43,934 $10.6M Reduce -1.1%
PANW Palo Alto Networks Inc. 0.22% 57,763 $10.6M Reduce -6.3%
LOW Lowe's Cos Inc. 0.21% 43,361 $10.5M Reduce -23.1%
ABT Abbott Laboratories 0.21% 80,139 $10.0M Reduce -1.8%
HWM Howmet Aerospace Inc. 0.20% 48,107 $9.9M Reduce -4.3%

Show all 483 holdings

Portfolio Sells Q3 2025 → Q4 2025
META Meta Platforms Inc. Class A Reduce -23.6% 0.84% −0.44
SPOT Spotify Technology SA Reduce -2.3% 0.78% −0.22
NFLX Netflix Inc. Reduce -0.7% 0.37% −0.13
CVX Chevron Corp. Reduce -52.7% 0.10% −0.13
COST Costco Wholesale Corp. Reduce -15.5% 0.37% −0.12
AEM Agnico Eagle Mines Ltd. Reduce -4.7% 1.33% −0.11
JPM JPMorgan Chase & Co. Reduce -7.0% 1.09% −0.11
SHOP Shopify Inc. Class A Reduce -25.5% 0.34% −0.11
FISV Fiserv Inc. Reduce -22.9% 0.07% −0.11
K Kellanova Sold out 0.00% −0.11
XOM Exxon Mobil Corp. Reduce -25.0% 0.33% −0.10
FAST Fastenal Co. Reduce -99.0% 0.00% −0.10
MELI MercadoLibre Inc. Reduce -20.7% 0.18% −0.09
LOW Lowe's Cos Inc. Reduce -23.1% 0.21% −0.09
AVGO Broadcom Inc. Reduce -4.8% 1.80% −0.09
C Citigroup Inc. Reduce -23.2% 0.42% −0.08
UBER Uber Technologies Inc. Reduce -10.3% 0.19% −0.08
MA Mastercard Inc. Class A Reduce -3.8% 0.91% −0.08
T AT&T Inc. Reduce -19.4% 0.16% −0.07
KKR KKR & Co. Inc. Reduce -67.2% 0.03% −0.07
ZTS Zoetis Inc. Reduce -26.8% 0.10% −0.07
LNG Cheniere Energy Inc. Reduce -29.2% 0.08% −0.06
ADSK Autodesk Inc. Reduce -23.2% 0.13% −0.06
CI The Cigna Group Reduce -32.5% 0.10% −0.06
WMT Walmart Inc. Reduce -17.0% 0.34% −0.06
BN Brookfield Corp. Reduce -25.9% 0.13% −0.06
PLTR Palantir Technologies Inc. Class A Reduce -11.0% 0.27% −0.06
DHI D.R. Horton Inc. Reduce -11.7% 0.14% −0.06
GS Goldman Sachs Group Inc. Reduce -14.6% 0.47% −0.05
NVR NVR Inc. Reduce -42.7% 0.05% −0.05
KMB Kimberly-Clark Corp. Reduce -38.0% 0.05% −0.05
PANW Palo Alto Networks Inc. Reduce -6.3% 0.22% −0.05
DASH DoorDash Inc. Class A Reduce -92.8% 0.00% −0.05
PYPL PayPal Holdings Inc. Reduce -16.0% 0.12% −0.05
APP AppLovin Corp. Class A Reduce -3.8% 0.31% −0.05
CMG Chipotle Mexican Grill Inc. Reduce -55.0% 0.03% −0.05
PHM Pultegroup Inc. Sold out 0.00% −0.05
LII Lennox International Inc. Reduce -96.1% 0.00% −0.05
CDNS Cadence Design SYS Inc. Reduce -7.7% 0.17% −0.05
CMCSA Comcast Corp. Class A Reduce -6.4% 0.27% −0.05
EXC Exelon Corp. Reduce -29.9% 0.08% −0.05
MPC Marathon Petroleum Corp. Reduce -9.2% 0.12% −0.05
D Dominion Energy Inc. Sold out 0.00% −0.05
ILMN Illumina Inc. Reduce -98.5% 0.00% −0.04
PINS Pinterest Inc. Class A Sold out 0.00% −0.04
CSL Carlisle Cos Inc. Sold out 0.00% −0.04
DG Dollar General Corp. Reduce -79.5% 0.01% −0.04
CEG Constellation Energy Reduce -33.8% 0.09% −0.04
MDT Medtronic PLC Reduce -26.7% 0.10% −0.04
CG The Carlyle Group Inc. Sold out 0.00% −0.04

Portfolio Buys Q3 2025 → Q4 2025
TTE Totalenergies SE New 1.48% +1.48
GOOG Alphabet Inc. Class C Add +5.6% 2.79% +0.65
GOOGL Alphabet Inc. Class A Add +1.3% 3.23% +0.64
LLY Eli Lilly & Co. Add +8.8% 1.47% +0.47
ALC Alcon Inc. Add +533.8% 0.32% +0.27
UBS UBS Group AG-Reg Add +6.1% 1.87% +0.25
NEM Newmont Corp. Add +2.4% 1.56% +0.22
AMD Advanced Micro Devices Add +18.3% 0.62% +0.21
AMAT Applied Materials Inc. Add +50.1% 0.40% +0.18
WFC Wells Fargo & Co. New 0.13% +0.13
AMGN Amgen Inc. Add +32.1% 0.34% +0.11
CAT Caterpillar Inc. Add +8.5% 0.54% +0.11
RTX RTX Corp. Add +241.1% 0.12% +0.08
TRP TC Energy Corp. Add +261.0% 0.12% +0.08
CMI Cummins Inc. Add +117.1% 0.13% +0.08
IBM Intl Business Machines Corp. Add +16.9% 0.51% +0.08
TMO Thermo Fisher Scientific Inc. Add +25.7% 0.25% +0.08
HCA HCA Healthcare Inc. Add +63.8% 0.18% +0.07
RACE Ferrari NV Add +55.1% 0.56% +0.07
AXP American Express Co. Add +10.2% 0.48% +0.07
COR Cencora Inc. Add +72.2% 0.15% +0.07
AIG American International Group Add +493.8% 0.07% +0.06
EW Edwards Lifesciences Corp. Add +79.7% 0.13% +0.06
KLAC KLA Corp. Add +32.5% 0.19% +0.06
KR Kroger Co. Add +162.9% 0.10% +0.06
MS Morgan Stanley Add +6.6% 0.47% +0.06
ISRG Intuitive Surgical Inc. Add +5.7% 0.25% +0.05
BMY Bristol-Myers Squibb Co. Add +7.4% 0.29% +0.05
PFE Pfizer Inc. Add +55.7% 0.17% +0.05
EA Electronic Arts Inc. Add +76.3% 0.12% +0.05
PEP Pepsico Inc. Add +21.4% 0.32% +0.05
CSCO Cisco Systems Inc. Add +9.5% 0.32% +0.05
APH Amphenol Corp. Class A Add +20.2% 0.24% +0.05
PSX Phillips 66 Add +63.5% 0.15% +0.05
MFC Manulife Financial Corp. Add +1092.2% 0.05% +0.05
MTB M & T Bank Corp. New 0.05% +0.05
TFC Truist Financial Corp. Add +70.1% 0.10% +0.04
CB Chubb Ltd. Add +21.7% 0.20% +0.04
MMM 3M Co. Add +35.2% 0.18% +0.04
RJF Raymond James Financial Inc. New 0.04% +0.04
CM Can Imperial BK of Commerce Add +590.4% 0.05% +0.04
WPC WP Carey Inc. New 0.04% +0.04
LPLA LPL Financial Holdings Inc. New 0.04% +0.04
SCHW Schwab (charles) Corp. Add +17.9% 0.25% +0.04
GRMN Garmin Ltd. Add +8727.4% 0.04% +0.04
GE General Electric Add +8.7% 0.62% +0.04
WELL Welltower Inc. Add +32.5% 0.15% +0.04
GFL GFL Environmental Inc.-Sub VT New 0.04% +0.04
DIS The Walt Disney Co. Add +14.6% 0.46% +0.04
NTNX Nutanix Inc. Class A New 0.04% +0.04

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 526$5.5BNVDA, MSFT, GOOGL, AAPL, GOOG
Q1 2026 484$4.8BNVDA, MSFT, AAPL, GOOGL, AZN
Q4 2025 483$4.9BNVDA, MSFT, AAPL, GOOGL, GOOG
Q3 2025 499$4.7BNVDA, MSFT, AAPL, GOOGL, TSLA
Q2 2025 498$4.4BNVDA, MSFT, AAPL, ARCC, GOOGL
Q1 2025 494$4.1BNVDA, MSFT, AAPL, ARCC, GOOGL
Q4 2024Amended 479$3.9BNVDA, MSFT, AAPL, GOOGL, TSLA