Grassi Investment Management

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 21, 2025), Grassi Investment Management reported 128 stock positions worth $1.3 billion. Its top holding was Nvidia (NVDA) at 20.8% of the portfolio, followed by Microsoft (MSFT, 6.3%) and Broadcom Pte (AVGO, 5.8%). Compared with Q1 2025, it opened 7 new positions, sold out of 1, added to 23 and reduced 61. The biggest buy was Vertiv Class A (VRT, shares +7%) and the biggest sale Apple (AAPL, shares −0%).

Most Recent 13F
Q2 2025
Location
SANTA CLARA, CA
CIK
0001608531
Portfolio Value
$1.3B (Q2 2025)
SEC Filing
0001608531-25-000006 ↗ filed Jul 21, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.1B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.2B Q3 2024 Q4 2024: $1.2B Q4 2024 Q1 2025: $1.1B Q1 2025 Q2 2025: $1.3B $1.3B Q2 2025

Holdings 128 stocks · $1.3B
NVDA Nvidia Corp. 20.78% 1,653,100 $261.2M Reduce -0.4%
MSFT Microsoft Corp. 6.32% 159,643 $79.4M Reduce -1.1%
AVGO Broadcom Pte Ltd. 5.82% 265,630 $73.2M Reduce -3.0%
AAPL Apple Inc. 5.39% 330,171 $67.7M Reduce -0.4%
LLY Eli Lilly & Co. 4.96% 79,927 $62.3M Add +0.3%
AMAT Applied Materials Inc. 3.99% 273,851 $50.1M Reduce -0.4%
V Visa Inc. Class A 2.80% 98,967 $35.1M Reduce -0.3%
JPM JPMorgan Chase & Co. 2.41% 104,353 $30.3M Reduce -0.6%
PLD Prologis Inc. 2.14% 256,075 $26.9M No change
CAT Caterpillar Inc. 2.07% 66,904 $26.0M No change
ORCL Oracle Corp. 1.66% 95,645 $20.9M Reduce -2.6%
AMD Advanced Micro Devices 1.61% 142,895 $20.3M Reduce -0.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.59% 423,000 $20.0M Reduce -0.4%
ABBV Abbvie Inc. 1.42% 96,025 $17.8M Reduce -1.3%
BX Blackstone Inc. 1.35% 113,750 $17.0M Reduce -0.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.35% 57,468 $16.9M Reduce -1.3%
MS Morgan Stanley 1.35% 120,050 $16.9M Reduce -0.6%
PG The Procter & Gamble Co. 1.32% 104,400 $16.6M No change
ABT Abbott Laboratories 1.31% 121,433 $16.5M Reduce -0.8%
AMZN Amazon.com Inc. 1.23% 70,560 $15.5M Reduce -0.5%
WFC Wells Fargo & Co. 1.18% 185,369 $14.9M Add +0.0%
MAR Marriott International Class A 1.09% 50,000 $13.7M No change
HON Honeywell International Inc. 1.07% 57,648 $13.4M Reduce -1.0%
HD Home Depot Inc. 1.06% 36,330 $13.3M Add +0.2%
LMT Lockheed Martin Corp. 0.95% 25,737 $11.9M Reduce -0.4%
VMC Vulcan Materials Co. 0.93% 44,752 $11.7M Reduce -0.4%
UNP Union Pacific Corp. 0.91% 49,983 $11.5M No change
RIO Rio Tinto PLC-Spon ADR 0.90% 192,969 $11.3M Reduce -1.0%
AMT American Tower Corp. 0.88% 49,967 $11.0M Reduce -1.1%
NOW ServiceNow Inc. 0.86% 10,555 $10.9M Reduce -1.1%
SCHW Schwab (charles) Corp. 0.85% 117,018 $10.7M Reduce -1.3%
UBER Uber Technologies Inc. 0.82% 110,550 $10.3M Reduce -2.6%
WMT Walmart Inc. 0.79% 101,722 $9.9M No change
SNOW Snowflake Inc. 0.77% 43,450 $9.7M Reduce -46.5%
BA The Boeing Co. 0.75% 45,007 $9.4M Add +10.6%
DLR Digital Realty Trust Inc. 0.75% 53,740 $9.4M Reduce -1.0%
CRM Salesforce Inc. 0.73% 33,614 $9.2M Add +0.3%
JNJ Johnson & Johnson 0.71% 58,125 $8.9M Reduce -0.3%
MRK Merck & Co Inc 0.66% 104,417 $8.3M Reduce -0.4%
CVX Chevron Corp. 0.64% 55,996 $8.0M No change
XLK SS Technology Select Sector 0.58% 28,703 $7.3M Reduce -4.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.57% 58,090 $7.2M Reduce -0.4%
AXP American Express Co. 0.56% 22,060 $7.0M No change
VRT Vertiv Holdings Co. Class A 0.53% 51,435 $6.6M Add +7.4%
STZ Constellation Brands Inc. Class A 0.51% 39,589 $6.4M Reduce -3.4%
QQQ Invesco QQQ Trust Series 1 0.50% 11,346 $6.3M Add +0.7%
GOOGL Alphabet Inc. Class A 0.47% 33,549 $5.9M Reduce -39.0%
COST Costco Wholesale Corp. 0.43% 5,408 $5.4M No change
DELL INC 0.42% 43,515 $5.3M Add +7.5%
SHOP Shopify Inc. Class A 0.42% 45,955 $5.3M Reduce -1.0%
MO Altria Group Inc. 0.42% 89,286 $5.2M Reduce -3.8%
BMY Bristol-Myers Squibb Co. 0.40% 107,610 $5.0M Reduce -0.7%
PEP Pepsico Inc. 0.39% 37,350 $4.9M Add +0.4%
CMCSA Comcast Corp. Class A 0.38% 133,400 $4.8M No change
BSX Boston Scientific Corp. 0.33% 38,250 $4.1M Reduce -0.9%
SPG Simon Property Group Inc. 0.27% 20,798 $3.3M Reduce -5.7%
XLI SS Industrial Select Sector 0.26% 22,394 $3.3M Reduce -2.8%
WDAY Workday Inc. Class A 0.25% 13,160 $3.2M Reduce -2.2%
GD General Dynamics Corp. 0.25% 10,650 $3.1M Reduce -5.1%
VST Vistra Corp. 0.22% 14,220 $2.8M Add +14.0%
XLV SS Health Care Select Sector 0.19% 17,713 $2.4M Reduce -7.7%
MRVL Marvell Technology Inc. 0.18% 29,375 $2.3M Add +7.5%
XOM Exxon Mobil Corp. 0.18% 20,800 $2.2M No change
MMM 3M Co. 0.16% 13,100 $2.0M No change
STWD Starwood Property Trust Inc. 0.15% 95,700 $1.9M Add +168.1%
PANW Palo Alto Networks Inc. 0.14% 8,375 $1.7M Reduce -0.3%
RCL Royal Caribbean Cruises Ltd. 0.11% 4,575 $1.4M Add +0.6%
ARLP Alliance Resource Partners 0.11% 52,000 $1.4M No change
IWM iShares Russell 2000 ETF 0.11% 6,132 $1.3M Reduce -8.6%
TSLA Tesla Inc. 0.10% 3,875 $1.2M Reduce -1.6%
GOOG Alphabet Inc. Class C 0.10% 6,900 $1.2M No change
XLY SS Consumer Disc Select Sect 0.10% 5,580 $1.2M Reduce -6.8%
META Meta Platforms Inc. Class A 0.09% 1,590 $1.2M No change
WES Western Midstream Operating 0.09% 30,000 $1.2M New
EPD Enterprise Products Partners 0.09% 34,900 $1.1M Reduce -6.7%
RTX RTX Corp. 0.09% 7,390 $1.1M No change
AIQ Global X Art Intel & Tech 0.08% 23,683 $1.0M Add +3.2%
CCI Crown Castle Inc. 0.07% 8,282 $851K Reduce -6.7%
PFE Pfizer Inc. 0.07% 34,531 $837K Reduce -1.8%
AMGN Amgen Inc. 0.06% 2,600 $726K No change
CPT Camden Property Trust 0.06% 6,409 $722K No change
CLX Clorox Company 0.06% 6,000 $720K No change
AVB Avalonbay Communities Inc. 0.05% 3,385 $689K No change
XLB SS Materials Select Sector 0.05% 7,538 $662K Reduce -8.7%
CI The Cigna Group 0.05% 2,000 $661K No change
Hewlett-Packard Company 0.05% 25,600 $626K No change
XLC SS Comm Select Sector SPDR 0.05% 5,551 $602K Add +3.6%
GAP The Gap Inc. 0.05% 26,600 $580K No change
VZ Verizon Communications Inc. 0.04% 12,747 $552K Add +0.1%
CRWD CrowdStrike Holdings Inc. Class A 0.04% 1,078 $549K Add +2.7%
VFIAX Vanguard 500 Index-Adm 0.04% 955 $547K Add +0.3%
HACK Amplify Cybersecurity ETF 0.04% 6,085 $526K Add +2.1%
HPE Hewlett Packard Enterprise 0.04% 25,600 $524K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.04% 1,180 $520K Add +0.1%
JOET Virtus Terranova US Qual Mom 0.04% 11,855 $485K Reduce -21.0%
UNH Unitedhealth Group Inc. 0.04% 1,517 $473K Add +12.4%
XLF SS Financial Select Sector 0.04% 8,550 $448K Reduce -25.0%
DVY iShares Select Dividend ETF 0.03% 3,167 $421K Reduce -4.8%
IGM iShares Expanded Tech Sector 0.03% 3,650 $410K Reduce -14.2%
OKE Oneok Inc. 0.03% 5,000 $408K No change

Show all 128 holdings

Portfolio Sells Q1 2025 → Q2 2025
AAPL Apple Inc. Reduce -0.4% 5.39% −1.42
ABBV Abbvie Inc. Reduce -1.3% 1.42% −0.47
V Visa Inc. Class A Reduce -0.3% 2.80% −0.42
SNOW Snowflake Inc. Reduce -46.5% 0.77% −0.33
GOOGL Alphabet Inc. Class A Reduce -39.0% 0.47% −0.32
BMY Bristol-Myers Squibb Co. Reduce -0.7% 0.40% −0.22
MRK Merck & Co Inc Reduce -0.4% 0.66% −0.21
JNJ Johnson & Johnson Reduce -0.3% 0.71% −0.19
ABT Abbott Laboratories Reduce -0.8% 1.31% −0.19
RIO Rio Tinto PLC-Spon ADR Reduce -1.0% 0.90% −0.19
STZ Constellation Brands Inc. Class A Reduce -3.4% 0.51% −0.18
AMT American Tower Corp. Reduce -1.1% 0.88% −0.14
BX Blackstone Inc. Reduce -0.6% 1.35% −0.13
LMT Lockheed Martin Corp. Reduce -0.4% 0.95% −0.12
MO Altria Group Inc. Reduce -3.8% 0.42% −0.10
HON Honeywell International Inc. Reduce -1.0% 1.07% −0.07
SPG Simon Property Group Inc. Reduce -5.7% 0.27% −0.07
XLV SS Health Care Select Sector Reduce -7.7% 0.19% −0.07
BAC Bank of America Corp. Reduce -0.4% 1.59% −0.05
VMC Vulcan Materials Co. Reduce -0.4% 0.93% −0.04
WDAY Workday Inc. Class A Reduce -2.2% 0.25% −0.04
GD General Dynamics Corp. Reduce -5.1% 0.25% −0.04
BSX Boston Scientific Corp. Reduce -0.9% 0.33% −0.03
EPD Enterprise Products Partners Reduce -6.7% 0.09% −0.03
AON Aon PLC Class A Reduce -28.6% 0.03% −0.02
TRP TC Energy Corp. Sold out 0.00% −0.02
IWM iShares Russell 2000 ETF Reduce -8.6% 0.11% −0.02
CCI Crown Castle Inc. Reduce -6.7% 0.07% −0.02
XLF SS Financial Select Sector Reduce -25.0% 0.04% −0.02
AMZN Amazon.com Inc. Reduce -0.5% 1.23% −0.02
XLI SS Industrial Select Sector Reduce -2.8% 0.26% −0.02
PFE Pfizer Inc. Reduce -1.8% 0.07% −0.02
XLB SS Materials Select Sector Reduce -8.7% 0.05% −0.01
XLY SS Consumer Disc Select Sect Reduce -6.8% 0.10% −0.01
JOET Virtus Terranova US Qual Mom Reduce -21.0% 0.04% −0.01
SCHW Schwab (charles) Corp. Reduce -1.3% 0.85% −0.01
DVY iShares Select Dividend ETF Reduce -4.8% 0.03% −0.01
SONY Sony Group Corp. - SP ADR Reduce -6.7% 0.03% −0.01
KRE SS SPDR S&P Regional Bank Reduce -9.5% 0.02% −0.01
IBB iShares Biotechnology ETF Reduce -2.1% 0.02% −0.00
WYNN WYNN Resorts Ltd. Reduce -12.2% 0.02% −0.00
IGM iShares Expanded Tech Sector Reduce -14.2% 0.03% −0.00
HAPN Happen Inc. Reduce -11.4% 0.02% −0.00
BEN Franklin Templeton Inc. Reduce -11.9% 0.03% −0.00
LRCX Lam Research Corp. Reduce -5.0% 0.03% +0.00
XLK SS Technology Select Sector Reduce -4.6% 0.58% +0.00
TSLA Tesla Inc. Reduce -1.6% 0.10% +0.00
PANW Palo Alto Networks Inc. Reduce -0.3% 0.14% +0.00
IBM Intl Business Machines Corp. Reduce -1.3% 1.35% +0.01
SHOP Shopify Inc. Class A Reduce -1.0% 0.42% +0.01

Portfolio Buys Q1 2025 → Q2 2025
VRT Vertiv Holdings Co. Class A Add +7.4% 0.53% +0.21
BA The Boeing Co. Add +10.6% 0.75% +0.11
WES Western Midstream Operating New 0.09% +0.09
STWD Starwood Property Trust Inc. Add +168.1% 0.15% +0.09
VST Vistra Corp. Add +14.0% 0.22% +0.08
DELL INC Add +7.5% 0.42% +0.08
RCL Royal Caribbean Cruises Ltd. Add +0.6% 0.11% +0.03
MRVL Marvell Technology Inc. Add +7.5% 0.18% +0.03
BKNG Booking Holdings Inc. New 0.02% +0.02
IWD iShares Russell 1000 Value E New 0.02% +0.02
FBGRX Fidelity Blue Chip Growth New 0.02% +0.02
COIN Coinbase Global Inc. Class A New 0.02% +0.02
VOO Vanguard S&P 500 ETF New 0.02% +0.02
ESI Element Solutions Inc. New 0.02% +0.02
CRWD CrowdStrike Holdings Inc. Class A Add +2.7% 0.04% +0.01
QQQ Invesco QQQ Trust Series 1 Add +0.7% 0.50% +0.01
AIQ Global X Art Intel & Tech Add +3.2% 0.08% +0.01
HACK Amplify Cybersecurity ETF Add +2.1% 0.04% +0.00
XLC SS Comm Select Sector SPDR Add +3.6% 0.05% +0.00
VWELX Vanguard Wellington-Inv Add +0.6% 0.02% −0.00
VWENX Vanguard Wellington-Adm Add +0.6% 0.02% −0.00
VFIAX Vanguard 500 Index-Adm Add +0.3% 0.04% −0.00
DIA SS SPDR Dow Jones Indus Avg Add +0.1% 0.04% −0.00
VZ Verizon Communications Inc. Add +0.1% 0.04% −0.01
UNH Unitedhealth Group Inc. Add +12.4% 0.04% −0.03
WFC Wells Fargo & Co. Add +0.0% 1.18% −0.05
CRM Salesforce Inc. Add +0.3% 0.73% −0.10
PEP Pepsico Inc. Add +0.4% 0.39% −0.12
HD Home Depot Inc. Add +0.2% 1.06% −0.17
LLY Eli Lilly & Co. Add +0.3% 4.96% −1.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2025 128$1.3BNVDA, MSFT, AVGO, AAPL, LLY
Q1 2025 122$1.1BNVDA, AAPL, LLY, MSFT, AVGO
Q4 2024Amended 130$1.2BNVDA, AAPL, MSFT, AVGO, LLY
Q3 2024 128$1.2BNVDA, AAPL, MSFT, LLY, AMAT
Q2 2024 130$1.1BNVDA, MSFT, LLY, AAPL, AMAT
Q1 2024 125$1.1BNVDA, MSFT, LLY, AAPL, AMAT