Generali Investments Towarzystwo Funduszy Inwestycyjnych

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Generali Investments Towarzystwo Funduszy Inwestycyjnych reported 144 stock positions worth $157.5 million. Its top holding was Microsoft (MSFT) at 5.6% of the portfolio, followed by Alphabet Class A (GOOGL, 4.2%) and Analog Devices (ADI, 3.8%). Compared with Q4 2024, it opened 4 new positions, sold out of 3, added to 52 and reduced 36. The biggest buy was Microsoft (MSFT, shares +30%) and the biggest sale Alphabet Class A (GOOGL, shares −13%).

Most Recent 13F
Q2 2026
Location
WARSAW, R9
CIK
0002043130
Portfolio Value
$157.5M (Q1 2025)
SEC Filing
0002043130-25-000016 ↗ filed May 9, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $145.2M Q1 2024 Q2 2024: $153.8M Q2 2024 Q3 2024: $157.5M Q3 2024 Q4 2024: $172.4M Q4 2024 Q1 2025: $157.5M $157.5M Q1 2025 Q2 2025: $191.6M Q2 2025 Q3 2025: $188.7M Q3 2025 Q4 2025: $205.5M Q4 2025 Q1 2026: $193.7M Q1 2026 Q2 2026: $249.0M Q2 2026

Holdings 144 stocks · $157.5M
MSFT Microsoft Corp. 5.58% 23,400 $8.8M Add +30.2%
GOOGL Alphabet Inc. Class A 4.16% 42,400 $6.6M Reduce -12.7%
ADI Analog Devices Inc. 3.75% 29,311 $5.9M Reduce -2.5%
ADBE Adobe Inc. 3.46% 14,216 $5.5M No change
NVDA Nvidia Corp. 3.44% 50,000 $5.4M Reduce -3.4%
NOW ServiceNow Inc. 2.78% 5,500 $4.4M Add +71.9%
AMD Advanced Micro Devices 2.67% 40,932 $4.2M Add +44.5%
AMAT Applied Materials Inc. 2.46% 26,650 $3.9M Add +12.7%
AAPL Apple Inc. 2.45% 17,380 $3.9M Reduce -26.8%
HUBS HubSpot Inc. 2.39% 6,600 $3.8M Add +24.5%
SNOW Snowflake Inc. 2.18% 23,500 $3.4M Add +25.7%
DDOG Datadog Inc. Class A 2.14% 34,000 $3.4M Add +58.1%
TSLA Tesla Inc. 2.02% 12,300 $3.2M Add +15.4%
CRWD CrowdStrike Holdings Inc. Class A 2.02% 9,000 $3.2M Add +15.4%
PANW Palo Alto Networks Inc. 1.86% 17,200 $2.9M Add +26.5%
AMZN Amazon.com Inc. 1.78% 14,700 $2.8M Reduce -11.8%
NET Cloudflare Inc. Class A 1.63% 22,800 $2.6M Add +3.6%
MRVL Marvell Technology Inc. 1.62% 41,500 $2.6M Add +57.8%
MCHP Microchip Technology Inc. 1.61% 52,400 $2.5M Add +7.2%
BSX Boston Scientific Corp. 1.54% 24,000 $2.4M Reduce -4.0%
TXN Texas Instruments Inc. 1.48% 13,000 $2.3M Add +30.0%
MA Mastercard Inc. Class A 1.46% 4,200 $2.3M Reduce -17.1%
MDB Mongodb Inc. 1.44% 12,900 $2.3M Add +4.9%
MU Micron Technology Inc. 1.36% 24,600 $2.1M Reduce -7.7%
ISRG Intuitive Surgical Inc. 1.26% 4,000 $2.0M Reduce -4.8%
ENPH Enphase Energy Inc. 1.14% 29,000 $1.8M Add +52.6%
META Meta Platforms Inc. Class A 1.08% 2,950 $1.7M No change
MNST Monster Beverage Corp. 1.06% 28,571 $1.7M Add +2.1%
RTX RTX Corp. 0.98% 11,700 $1.5M Reduce -1.7%
FIVN FIVE9 Inc. 0.97% 56,000 $1.5M Add +47.4%
BILL Bill Holdings Inc. 0.96% 33,000 $1.5M Add +69.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.96% 36,100 $1.5M Reduce -29.6%
JPM JPMorgan Chase & Co. 0.91% 5,850 $1.4M No change
GS Goldman Sachs Group Inc. 0.88% 2,550 $1.4M Reduce -30.0%
TTWO Take-Two Interactive Softwre 0.87% 6,600 $1.4M Reduce -64.5%
KO The Coca-Cola Co. 0.86% 19,000 $1.4M Reduce -38.6%
EXAS Exact Sciences Corp. 0.82% 30,000 $1.3M Add +25.0%
TOST Toast Inc. Class A 0.82% 39,000 $1.3M No change
DE Deere & Co. 0.82% 2,750 $1.3M Reduce -32.7%
TECH Bio-Techne Corp. 0.82% 22,000 $1.3M Add +8.6%
LLY Eli Lilly & Co. 0.81% 1,540 $1.3M No change
CRM Salesforce Inc. 0.79% 4,650 $1.2M Add +14.8%
CBRE CBRE Group Inc. Class A 0.79% 9,500 $1.2M No change
NKE Nike Inc. Class B 0.79% 19,560 $1.2M Add +2.6%
AXP American Express Co. 0.77% 4,500 $1.2M Add +15.4%
PFE Pfizer Inc. 0.75% 46,500 $1.2M Add +3.6%
ACN Accenture PLC Class A 0.74% 3,750 $1.2M Reduce -24.7%
HON Honeywell International Inc. 0.70% 5,200 $1.1M No change
KHC The Kraft Heinz Co. 0.65% 33,800 $1.0M Reduce -10.2%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.62% 12,400 $969K Reduce -13.1%
CMG Chipotle Mexican Grill Inc. 0.61% 19,200 $964K Add +33.3%
CI The Cigna Group 0.61% 2,900 $954K Add +3.6%
PI Impinj Inc. 0.60% 10,500 $952K New
C Citigroup Inc. 0.60% 13,400 $951K Reduce -2.2%
PRCT Procept Biorobotics Corp. 0.59% 16,000 $932K New
MRK Merck & Co. Inc. 0.57% 10,000 $898K Add +11.1%
REGN Regeneron Pharmaceuticals 0.56% 1,400 $888K Reduce -0.1%
BEAM Beam Therapeutics Inc. 0.56% 45,000 $879K Add +7.1%
OXY Occidental Petroleum Corp. 0.55% 17,400 $859K Reduce -29.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.53% 8,500 $839K Reduce -34.8%
DHR Danaher Corp. 0.52% 4,000 $820K Reduce -24.3%
JNJ Johnson & Johnson 0.51% 4,850 $804K Reduce -38.0%
SBUX Starbucks Corp. 0.50% 8,000 $785K Reduce -43.1%
AMGN Amgen Inc. 0.49% 2,500 $779K No change
CSCO Cisco Systems Inc. 0.47% 12,000 $741K Reduce -4.0%
CRSP Crispr Therapeutics AG 0.45% 21,000 $715K Add +10.5%
NFLX Netflix Inc. 0.44% 750 $699K No change
GPN Global Payments Inc. 0.44% 7,000 $685K Add +4.5%
T AT&T Inc. 0.41% 23,000 $650K Reduce -11.5%
STT State Street Corp. 0.40% 7,000 $627K Reduce -2.8%
DG Dollar General Corp. 0.37% 6,700 $589K No change
VRTX Vertex Pharmaceuticals Inc. 0.37% 1,200 $582K No change
NTLA Intellia Therapeutics Inc. 0.37% 81,000 $576K Add +30.6%
DECK Deckers Outdoor Corp. 0.36% 5,050 $565K Add +910.0%
GM General Motors Co. 0.31% 10,500 $494K Add +10.5%
CIEN Ciena Corp. 0.31% 8,000 $483K No change
INTC Intel Corp. 0.31% 21,200 $481K No change
ZS Zscaler Inc. 0.30% 2,400 $476K Reduce -63.1%
PYPL PayPal Holdings Inc. 0.29% 7,000 $457K No change
MDT Medtronic PLC 0.29% 5,000 $449K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.28% 1,750 $435K No change
WFC Wells Fargo & Co. 0.21% 4,500 $323K Reduce -42.6%
F Ford Motor Co. filed as FORD MTR CO 0.20% 32,000 $321K Add +14.3%
FDX FedEx Corp. 0.19% 1,200 $293K Add +33.3%
BMY Bristol-Myers Squibb Co. 0.18% 4,600 $281K No change
CVS CVS Health Corp. 0.17% 4,000 $271K No change
ELV Elevance Health Inc. 0.17% 600 $261K Add +5.3%
CTRA Coterra Energy Inc. 0.17% 9,000 $260K No change
B Barrick Gold Corp. 0.16% 13,000 $252K No change
KR Kroger Co. 0.15% 3,600 $244K No change
DHI D.R. Horton Inc. 0.15% 1,900 $242K Add +46.1%
TAP Molson Coors Beverage Co. Class B 0.14% 3,700 $225K Add +12.1%
VLO Valero Energy Corp. 0.14% 1,650 $218K Add +6.5%
LEN Lennar Corp. Class A 0.13% 1,800 $207K Add +50.0%
SHOP Shopify Inc. Class A 0.13% 2,150 $205K Reduce -87.4%
COP Conocophillips 0.13% 1,900 $200K Add +18.8%
ABBV Abbvie Inc. 0.13% 940 $197K No change
PCAR Paccar Inc. 0.12% 2,000 $195K No change
MELI MercadoLibre Inc. 0.12% 95 $185K No change
ETSY Etsy Inc. 0.12% 3,900 $184K Add +77.3%
WBD Warner Bros Discovery Inc. 0.12% 17,000 $182K No change
URI United Rentals Inc. 0.12% 290 $182K Add +38.1%
EOG EOG Resources Inc. 0.11% 1,400 $180K Add +7.7%
MTCH Match Group Inc. 0.11% 5,750 $179K No change
SONY Sony Group Corp. - SP ADR 0.11% 7,000 $178K Reduce -75.4%
UBER Uber Technologies Inc. 0.11% 2,350 $171K No change
LULU Lululemon Athletica Inc. 0.10% 550 $156K Add +10.0%
MET Metlife Inc. 0.10% 1,900 $153K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.10% 1,800 $151K Reduce -10.0%
ABNB Airbnb Inc. Class A 0.09% 1,250 $149K Add +8.7%
AIG American International Group 0.09% 1,700 $148K No change
ULTA Ulta Beauty Inc. 0.09% 400 $147K Add +14.3%
DASH DoorDash Inc. Class A 0.09% 800 $146K No change
GILD Gilead Sciences Inc. 0.09% 1,300 $146K No change
JAZZ Jazz Pharmaceuticals PLC 0.09% 1,150 $143K No change
CELH Celsius Holdings Inc. 0.09% 4,000 $142K Reduce -11.1%
WY Weyerhaeuser Co. 0.08% 4,500 $132K No change
RACE Ferrari NV 0.08% 310 $132K No change
HPE Hewlett Packard Enterprise 0.08% 8,200 $127K No change
CMI Cummins Inc. 0.08% 400 $125K No change
CHWY Chewy Inc. Class A 0.08% 3,700 $120K No change
LUV Southwest Airlines Co. 0.07% 3,500 $118K Add +16.7%
FISV Fiserv Inc. 0.07% 500 $110K No change
COIN Coinbase Global Inc. Class A 0.07% 620 $107K No change
SG Sweetgreen Inc. Class A 0.07% 4,100 $103K Add +70.8%
PINS Pinterest Inc. Class A 0.07% 3,300 $102K Add +22.2%
TSN Tyson Foods Inc. Class A 0.06% 1,600 $102K No change
ALGN Align Technology Inc. 0.06% 630 $100K No change
RNG Ringcentral Inc. Class A 0.06% 4,000 $99K No change
ZTS Zoetis Inc. 0.06% 600 $99K No change
HAL Halliburton Co. 0.06% 3,700 $94K New
ELF Elf Beauty Inc. 0.05% 1,350 $85K Add +80.0%
LYB Lyondellbasell Indu Class A 0.05% 1,200 $84K No change
CAG Conagra Brands Inc. 0.05% 3,100 $83K No change
DXCM Dexcom Inc. 0.05% 1,100 $75K No change
FIS Fidelity National Info Serv 0.05% 1,000 $75K No change
DELL Dell Technologies -C 0.05% 800 $73K No change
STAA Staar Surgical Co. 0.04% 3,500 $62K Reduce -91.1%
CEG Constellation Energy 0.04% 300 $60K Reduce -25.0%
WBTN Webtoon Entertainment Inc. 0.04% 7,500 $58K New
NXPI NXP Semiconductors NV 0.04% 300 $57K No change
DUOL Duolingo 0.04% 180 $56K No change
ON On Semiconductor 0.02% 800 $33K No change
MRNA Moderna Inc. 0.01% 400 $11K No change

Portfolio Sells Q4 2024 → Q1 2025
GOOGL Alphabet Inc. Class A Reduce -12.7% 4.16% −1.17
TTWO Take-Two Interactive Softwre Reduce -64.5% 0.87% −1.12
AAPL Apple Inc. Reduce -26.8% 2.45% −1.00
SHOP Shopify Inc. Class A Reduce -87.4% 0.13% −0.92
NVDA Nvidia Corp. Reduce -3.4% 3.44% −0.59
STAA Staar Surgical Co. Reduce -91.1% 0.04% −0.52
ZS Zscaler Inc. Reduce -63.1% 0.30% −0.38
BAC Bank of America Corp. Reduce -29.6% 0.96% −0.35
AMZN Amazon.com Inc. Reduce -11.8% 1.78% −0.35
GS Goldman Sachs Group Inc. Reduce -30.0% 0.88% −0.32
DIS The Walt Disney Co. Reduce -34.8% 0.53% −0.31
ACN Accenture PLC Class A Reduce -24.7% 0.74% −0.27
ABT Abbott Laboratories Sold out 0.00% −0.25
KO The Coca-Cola Co. Reduce -38.6% 0.86% −0.25
SBUX Starbucks Corp. Reduce -43.1% 0.50% −0.25
SONY Sony Group Corp. - SP ADR Reduce -75.4% 0.11% −0.24
DE Deere & Co. Reduce -32.7% 0.82% −0.19
DHR Danaher Corp. Reduce -24.3% 0.52% −0.18
OXY Occidental Petroleum Corp. Reduce -29.2% 0.55% −0.16
JNJ Johnson & Johnson Reduce -38.0% 0.51% −0.15
WMT Walmart Inc. Sold out 0.00% −0.14
WFC Wells Fargo & Co. Reduce -42.6% 0.21% −0.11
CF CF Industries Holdings Inc. Reduce -13.1% 0.62% −0.09
MA Mastercard Inc. Class A Reduce -17.1% 1.46% −0.09
SNAP Snap Inc. Class A Sold out 0.00% −0.03
KHC The Kraft Heinz Co. Reduce -10.2% 0.65% −0.02
REGN Regeneron Pharmaceuticals Reduce -0.1% 0.56% −0.01
ISRG Intuitive Surgical Inc. Reduce -4.8% 1.26% −0.01
CEG Constellation Energy Reduce -25.0% 0.04% −0.01
STT State Street Corp. Reduce -2.8% 0.40% −0.01
BNY Bank of New York Mellon Corp. Reduce -10.0% 0.10% +0.01
CELH Celsius Holdings Inc. Reduce -11.1% 0.09% +0.02
CSCO Cisco Systems Inc. Reduce -4.0% 0.47% +0.04
C Citigroup Inc. Reduce -2.2% 0.60% +0.04
ADI Analog Devices Inc. Reduce -2.5% 3.75% +0.05
MU Micron Technology Inc. Reduce -7.7% 1.36% +0.06
T AT&T Inc. Reduce -11.5% 0.41% +0.07
RTX RTX Corp. Reduce -1.7% 0.98% +0.19
BSX Boston Scientific Corp. Reduce -4.0% 1.54% +0.24

Portfolio Buys Q4 2024 → Q1 2025
MSFT Microsoft Corp. Add +30.2% 5.58% +1.18
NOW ServiceNow Inc. Add +71.9% 2.78% +0.81
AMD Advanced Micro Devices Add +44.5% 2.67% +0.69
PI Impinj Inc. New 0.60% +0.60
PRCT Procept Biorobotics Corp. New 0.59% +0.59
SNOW Snowflake Inc. Add +25.7% 2.18% +0.51
CRWD CrowdStrike Holdings Inc. Class A Add +15.4% 2.02% +0.47
PANW Palo Alto Networks Inc. Add +26.5% 1.86% +0.43
TXN Texas Instruments Inc. Add +30.0% 1.48% +0.40
ENPH Enphase Energy Inc. Add +52.6% 1.14% +0.39
DDOG Datadog Inc. Class A Add +58.1% 2.14% +0.36
DECK Deckers Outdoor Corp. Add +910.0% 0.36% +0.30
NET Cloudflare Inc. Class A Add +3.6% 1.63% +0.26
HUBS HubSpot Inc. Add +24.5% 2.39% +0.25
AMAT Applied Materials Inc. Add +12.7% 2.46% +0.22
MNST Monster Beverage Corp. Add +2.1% 1.06% +0.21
CI The Cigna Group Add +3.6% 0.61% +0.16
CMG Chipotle Mexican Grill Inc. Add +33.3% 0.61% +0.11
AXP American Express Co. Add +15.4% 0.77% +0.10
FIVN FIVE9 Inc. Add +47.4% 0.97% +0.07
HAL Halliburton Co. New 0.06% +0.06
PFE Pfizer Inc. Add +3.6% 0.75% +0.06
MRK Merck & Co. Inc. Add +11.1% 0.57% +0.05
ETSY Etsy Inc. Add +77.3% 0.12% +0.05
DHI D.R. Horton Inc. Add +46.1% 0.15% +0.05
ELV Elevance Health Inc. Add +5.3% 0.17% +0.04
F Ford Motor Co. Add +14.3% 0.20% +0.04
EXAS Exact Sciences Corp. Add +25.0% 0.82% +0.04
FDX FedEx Corp. Add +33.3% 0.19% +0.04
WBTN Webtoon Entertainment Inc. New 0.04% +0.04
LEN Lennar Corp. Class A Add +50.0% 0.13% +0.04
COP Conocophillips Add +18.8% 0.13% +0.03
TAP Molson Coors Beverage Co. Class B Add +12.1% 0.14% +0.03
URI United Rentals Inc. Add +38.1% 0.12% +0.03
VLO Valero Energy Corp. Add +6.5% 0.14% +0.03
EOG EOG Resources Inc. Add +7.7% 0.11% +0.02
SG Sweetgreen Inc. Class A Add +70.8% 0.07% +0.02
GM General Motors Co. Add +10.5% 0.31% +0.02
CRSP Crispr Therapeutics AG Add +10.5% 0.45% +0.02
PINS Pinterest Inc. Class A Add +22.2% 0.07% +0.02
LUV Southwest Airlines Co. Add +16.7% 0.07% +0.02
ABNB Airbnb Inc. Class A Add +8.7% 0.09% +0.01
CRM Salesforce Inc. Add +14.8% 0.79% +0.01
ULTA Ulta Beauty Inc. Add +14.3% 0.09% +0.00
BILL Bill Holdings Inc. Add +69.2% 0.96% +0.00
GPN Global Payments Inc. Add +4.5% 0.44% −0.00
ELF Elf Beauty Inc. Add +80.0% 0.05% −0.00
LULU Lululemon Athletica Inc. Add +10.0% 0.10% −0.01
MCHP Microchip Technology Inc. Add +7.2% 1.61% −0.02
TECH Bio-Techne Corp. Add +8.6% 0.82% −0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 151$249.0MNVDA, MSFT, AMZN, GOOGL, AMD
Q1 2026 146$193.7MMSFT, NVDA, AMZN, GOOGL, AAPL
Q4 2025 141$205.5MMSFT, NVDA, GOOGL, ADI, AMZN
Q3 2025 142$188.7MMSFT, NVDA, GOOGL, ADI, ADBE
Q2 2025 145$191.6MMSFT, NVDA, GOOGL, ADI, AMD
Q1 2025 144$157.5MMSFT, GOOGL, ADI, ADBE, NVDA
Q4 2024 143$172.4MGOOGL, MSFT, NVDA, ADI, ADBE
Q3 2024 124$157.5MGOOGL, MSFT, NVDA, ADBE, AAPL
Q2 2024 121$153.8MGOOGL, NVDA, MSFT, ADBE, AAPL
Q1 2024 120$145.2MGOOGL, MSFT, NVDA, ADI, ADBE