Grassi Investment Management

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 10, 2024), Grassi Investment Management reported 125 stock positions worth $1.1 billion. Its top holding was Nvidia (NVDA) at 19.2% of the portfolio, followed by Microsoft (MSFT, 6.2%) and Eli Lilly (LLY, 5.6%). Compared with Q4 2023, it opened 5 new positions, sold out of 2, added to 29 and reduced 39. The biggest buy was Walt Disney (DIS, shares +233%) and the biggest sale Apple (AAPL, shares −0%).

Most Recent 13F
Q2 2025
Location
SANTA CLARA, CA
CIK
0001608531
Portfolio Value
$1.1B (Q1 2024)
SEC Filing
0001608531-24-000003 ↗ filed Apr 10, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.1B $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 Q2 2025

Holdings 125 stocks · $1.1B
NVDA Nvidia Corp. 19.17% 234,430 $211.8M Reduce -14.5%
MSFT Microsoft Corp. 6.20% 162,755 $68.5M Add +0.9%
LLY Eli Lilly & Co. 5.57% 79,112 $61.5M No change
AAPL Apple Inc. 5.32% 343,074 $58.8M Reduce -0.3%
AMAT Applied Materials Inc. 5.18% 277,326 $57.2M Reduce -0.1%
AVGO Broadcom Pte Ltd. 3.14% 26,205 $34.7M No change
PLD Prologis Inc. 2.97% 252,146 $32.8M No change
V Visa Inc. Class A 2.56% 101,281 $28.3M Reduce -0.1%
CAT Caterpillar Inc. 2.28% 68,854 $25.2M No change
AMD Advanced Micro Devices 2.22% 135,710 $24.5M No change
JPM JPMorgan Chase & Co. 1.96% 108,099 $21.7M Add +0.1%
ABBV Abbvie Inc. 1.69% 102,250 $18.6M Reduce -0.4%
PG The Procter & Gamble Co. 1.53% 104,400 $16.9M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.53% 445,520 $16.9M Reduce -0.1%
BX Blackstone Inc. 1.43% 120,016 $15.8M Reduce -0.2%
HD Home Depot Inc. 1.29% 37,180 $14.3M No change
MRK Merck & Co Inc 1.25% 104,263 $13.8M Reduce -0.2%
HON Honeywell International Inc. 1.20% 64,383 $13.2M Reduce -0.2%
RIO Rio Tinto PLC-Spon ADR 1.17% 203,479 $13.0M Reduce -0.6%
STZ Constellation Brands Inc. Class A 1.16% 47,054 $12.8M No change
UNP Union Pacific Corp. 1.16% 51,983 $12.8M No change
ABT Abbott Laboratories 1.15% 111,931 $12.7M Add +0.1%
MAR Marriott International Class A 1.14% 50,000 $12.6M No change
ORCL Oracle Corp. 1.14% 100,195 $12.6M Add +0.1%
AMZN Amazon.com Inc. 1.12% 68,370 $12.3M Add +8.8%
VMC Vulcan Materials Co. 1.11% 44,952 $12.3M No change
LMT Lockheed Martin Corp. 1.06% 25,867 $11.8M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.04% 60,130 $11.5M No change
MS Morgan Stanley 1.03% 120,750 $11.4M Reduce -0.4%
WFC Wells Fargo & Co. 1.02% 194,002 $11.2M Add +0.0%
JNJ Johnson & Johnson 0.99% 69,478 $11.0M Reduce -0.2%
AMT American Tower Corp. 0.98% 54,592 $10.8M No change
CRM Salesforce Inc. 0.92% 33,613 $10.1M Reduce -0.6%
SNOW Snowflake Inc. 0.85% 58,000 $9.4M Add +0.7%
CVX Chevron Corp. 0.81% 56,396 $8.9M No change
SCHW Schwab (charles) Corp. 0.80% 121,543 $8.8M Reduce -3.2%
BA The Boeing Co. 0.75% 42,932 $8.3M Reduce -17.6%
DLR Digital Realty Trust Inc. 0.74% 56,535 $8.1M Reduce -0.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.72% 65,466 $8.0M Add +232.9%
GOOGL Alphabet Inc. Class A 0.71% 51,715 $7.8M Add +3.2%
UBER Uber Technologies Inc. 0.65% 93,800 $7.2M Reduce -17.5%
NOW ServiceNow Inc. 0.62% 9,010 $6.9M No change
PEP Pepsico Inc. 0.60% 37,800 $6.6M No change
WMT Walmart Inc. 0.59% 108,922 $6.6M Add +4.6%
XLK SS Technology Select Sector 0.58% 30,558 $6.4M Reduce -0.5%
BMY Bristol-Myers Squibb Co. 0.53% 108,860 $5.9M No change
CMCSA Comcast Corp. Class A 0.52% 133,400 $5.8M No change
AXP American Express Co. 0.47% 22,960 $5.2M No change
QQQ Invesco QQQ Trust Series 1 0.46% 11,386 $5.1M Add +0.5%
MO Altria Group Inc. 0.38% 95,186 $4.2M Reduce -0.2%
FCX Freeport-McMoran Inc. 0.36% 83,550 $3.9M No change
WDAY Workday Inc. Class A 0.34% 13,600 $3.7M Reduce -1.4%
SPG Simon Property Group Inc. 0.33% 23,070 $3.6M Reduce -0.6%
COST Costco Wholesale Corp. 0.32% 4,790 $3.5M No change
GD General Dynamics Corp. 0.29% 11,475 $3.2M No change
XLI SS Industrial Select Sector 0.27% 23,419 $3.0M Reduce -0.6%
XLV SS Health Care Select Sector 0.26% 19,639 $2.9M Add +0.5%
BSX Boston Scientific Corp. 0.24% 38,800 $2.7M New
XOM Exxon Mobil Corp. 0.22% 20,800 $2.4M No change
AMGN Amgen Inc. 0.21% 8,030 $2.3M New
KRE SS SPDR S&P Regional Bank 0.20% 42,945 $2.2M Add +6.8%
CCI Crown Castle Inc. 0.19% 20,135 $2.1M Reduce -4.4%
IBB iShares Biotechnology ETF 0.14% 11,159 $1.5M Add +3.3%
MMM 3M Co. 0.13% 13,100 $1.4M No change
IWM iShares Russell 2000 ETF 0.12% 6,051 $1.3M Add +11.6%
EPD Enterprise Products Partners 0.11% 41,200 $1.2M No change
XLY SS Consumer Disc Select Sect 0.10% 6,263 $1.2M Add +1.4%
ARLP Alliance Resource Partners 0.10% 57,000 $1.1M No change
GOOG Alphabet Inc. Class C 0.09% 6,800 $1.0M Add +1.5%
PFE Pfizer Inc. 0.09% 37,252 $1.0M No change
HAPN Happen Inc. filed as LENDINGCLUB CORP 0.09% 117,050 $1.0M Reduce -14.6%
STWD Starwood Property Trust Inc. 0.09% 49,100 $998K No change
RCL Royal Caribbean Cruises Ltd. 0.09% 7,050 $980K Reduce -12.4%
XLB SS Materials Select Sector 0.09% 10,240 $951K Add +3.9%
CLX Clorox Company 0.08% 6,000 $919K No change
META Meta Platforms Inc. Class A 0.08% 1,790 $869K Reduce -0.6%
AON Aon PLC Class A 0.08% 2,600 $868K Reduce -13.3%
SONY Sony Group Corp. - SP ADR 0.08% 9,900 $849K No change
SBUX Starbucks Corp. 0.08% 9,132 $835K Reduce -2.1%
ABAT American Battery Technology 0.08% 474,164 $830K No change
TSLA Tesla Inc. 0.07% 4,445 $781K Add +1.1%
CPT Camden Property Trust 0.07% 7,909 $778K No change
AVB Avalonbay Communities Inc. 0.07% 4,085 $758K No change
GAP The Gap Inc. 0.07% 26,600 $733K No change
CI The Cigna Group 0.07% 2,000 $726K No change
RTX RTX Corp. 0.07% 7,390 $721K No change
TU Telus Corp. 0.06% 44,150 $707K Reduce -7.0%
VFIAX Vanguard 500 Index-Adm 0.06% 1,415 $686K Reduce -0.2%
UNH Unitedhealth Group Inc. 0.06% 1,235 $611K Add +39.5%
VZ Verizon Communications Inc. 0.05% 14,268 $599K Reduce -7.7%
ASML ASML Holding NV-NY Reg SHS 0.05% 600 $582K Add +60.0%
DVY iShares Select Dividend ETF 0.05% 4,411 $543K Reduce -5.2%
XLF SS Financial Select Sector 0.05% 12,697 $535K Add +5.8%
JOET Virtus Terranova US Qual Mom 0.05% 15,350 $528K Add +0.3%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.05% 1,279 $509K Add +0.1%
IGM iShares Expanded Tech Sector 0.04% 5,555 $479K No change
BEN Franklin Templeton Inc. 0.04% 16,835 $473K No change
DRIV Global X Autonomous&elec-ETF 0.04% 18,685 $462K Add +0.1%
HPE Hewlett Packard Enterprise 0.04% 25,600 $454K No change
CRWD CrowdStrike Holdings Inc. Class A 0.04% 1,400 $449K Reduce -91.8%

Show all 125 holdings

Portfolio Sells Q4 2023 → Q1 2024
AAPL Apple Inc. Reduce -0.3% 5.32% −1.63
BA The Boeing Co. Reduce -17.6% 0.75% −0.67
RIO Rio Tinto PLC-Spon ADR Reduce -0.6% 1.17% −0.42
CRWD CrowdStrike Holdings Inc. Class A Reduce -91.8% 0.04% −0.42
BX Blackstone Inc. Reduce -0.2% 1.43% −0.22
HON Honeywell International Inc. Reduce -0.2% 1.20% −0.22
V Visa Inc. Class A Reduce -0.1% 2.56% −0.21
MS Morgan Stanley Reduce -0.4% 1.03% −0.16
JNJ Johnson & Johnson Reduce -0.2% 0.99% −0.15
SCHW Schwab (charles) Corp. Reduce -3.2% 0.80% −0.11
UBER Uber Technologies Inc. Reduce -17.5% 0.65% −0.08
DLR Digital Realty Trust Inc. Reduce -0.4% 0.74% −0.06
WDAY Workday Inc. Class A Reduce -1.4% 0.34% −0.06
CCI Crown Castle Inc. Reduce -4.4% 0.19% −0.06
BAC Bank of America Corp. Reduce -0.1% 1.53% −0.05
XLK SS Technology Select Sector Reduce -0.5% 0.58% −0.04
HAPN Happen Inc. Reduce -14.6% 0.09% −0.03
Citigroup Inc Sold out 0.00% −0.03
MO Altria Group Inc. Reduce -0.2% 0.38% −0.03
TU Telus Corp. Reduce -7.0% 0.06% −0.02
U Unity Software Inc. Sold out 0.00% −0.02
SPG Simon Property Group Inc. Reduce -0.6% 0.33% −0.02
RCL Royal Caribbean Cruises Ltd. Reduce -12.4% 0.09% −0.02
SBUX Starbucks Corp. Reduce -2.1% 0.08% −0.02
CRM Salesforce Inc. Reduce -0.6% 0.92% −0.02
XLI SS Industrial Select Sector Reduce -0.6% 0.27% −0.01
AON Aon PLC Class A Reduce -13.3% 0.08% −0.01
DINO HF Sinclair Corp. Reduce -25.4% 0.02% −0.01
ADBE Adobe Inc. Reduce -3.7% 0.02% −0.01
ABNB Airbnb Inc. Class A Reduce -24.8% 0.04% −0.01
DVY iShares Select Dividend ETF Reduce -5.2% 0.05% −0.01
VZ Verizon Communications Inc. Reduce -7.7% 0.05% −0.01
VFIAX Vanguard 500 Index-Adm Reduce -0.2% 0.06% −0.00
OKE Oneok Inc. Reduce -5.3% 0.04% −0.00
WYNN WYNN Resorts Ltd. Reduce -1.4% 0.04% −0.00
LRCX Lam Research Corp. Reduce -2.4% 0.04% +0.00
META Meta Platforms Inc. Class A Reduce -0.6% 0.08% +0.01
ABBV Abbvie Inc. Reduce -0.4% 1.69% +0.02
MRK Merck & Co Inc Reduce -0.2% 1.25% +0.05
AMAT Applied Materials Inc. Reduce -0.1% 5.18% +0.46
NVDA Nvidia Corp. Reduce -14.5% 19.17% +4.93

Portfolio Buys Q4 2023 → Q1 2024
DIS The Walt Disney Co. Add +232.9% 0.72% +0.54
BSX Boston Scientific Corp. New 0.24% +0.24
AMGN Amgen Inc. New 0.21% +0.21
AMZN Amazon.com Inc. Add +8.8% 1.12% +0.12
JPM JPMorgan Chase & Co. Add +0.1% 1.96% +0.03
ORCL Oracle Corp. Add +0.1% 1.14% +0.03
ASML ASML Holding NV-NY Reg SHS Add +60.0% 0.05% +0.02
WMT Walmart Inc. Add +4.6% 0.59% +0.02
ACADEMY FDS TR New 0.02% +0.02
TRP TC Energy Corp. New 0.02% +0.02
WFC Wells Fargo & Co. Add +0.0% 1.02% +0.02
UNH Unitedhealth Group Inc. Add +39.5% 0.06% +0.01
CLNE Clean Energy Fuels Corp. New 0.00% +0.00
HACK Amplify Cybersecurity ETF Add +18.8% 0.02% +0.00
IWM iShares Russell 2000 ETF Add +11.6% 0.12% +0.00
XLF SS Financial Select Sector Add +5.8% 0.05% +0.00
XLC SS Comm Select Sector SPDR Add +5.9% 0.04% +0.00
MDY State Street SPDR S&P Midcap Add +0.3% 0.02% −0.00
JOET Virtus Terranova US Qual Mom Add +0.3% 0.05% −0.00
VWENX Vanguard Wellington-Adm Add +0.5% 0.02% −0.00
XLB SS Materials Select Sector Add +3.9% 0.09% −0.00
DIA SS SPDR Dow Jones Indus Avg Add +0.1% 0.05% −0.00
GOOG Alphabet Inc. Class C Add +1.5% 0.09% −0.01
DRIV Global X Autonomous&elec-ETF Add +0.1% 0.04% −0.01
XLY SS Consumer Disc Select Sect Add +1.4% 0.10% −0.01
IBB iShares Biotechnology ETF Add +3.3% 0.14% −0.02
XLV SS Health Care Select Sector Add +0.5% 0.26% −0.02
KRE SS SPDR S&P Regional Bank Add +6.8% 0.20% −0.03
GOOGL Alphabet Inc. Class A Add +3.2% 0.71% −0.03
QQQ Invesco QQQ Trust Series 1 Add +0.5% 0.46% −0.03
TSLA Tesla Inc. Add +1.1% 0.07% −0.04
ABT Abbott Laboratories Add +0.1% 1.15% −0.14
MSFT Microsoft Corp. Add +0.9% 6.20% −0.16
SNOW Snowflake Inc. Add +0.7% 0.85% −0.35

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