Grassi Investment Management

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 9, 2024), Grassi Investment Management reported 130 stock positions worth $1.1 billion. Its top holding was Nvidia (NVDA) at 18.3% of the portfolio, followed by Microsoft (MSFT, 6.5%) and Eli Lilly (LLY, 6.4%). Compared with Q1 2024, it opened 8 new positions, sold out of 3, added to 25 and reduced 57. The biggest buy was Eli Lilly (LLY, shares +0%) and the biggest sale Nvidia (NVDA, shares −29%).

Most Recent 13F
Q2 2025
Location
SANTA CLARA, CA
CIK
0001608531
Portfolio Value
$1.1B (Q2 2024)
SEC Filing
0001608531-24-000004 ↗ filed Jul 9, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.1B Q1 2024 Q2 2024: $1.1B $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 130 stocks · $1.1B
NVDA Nvidia Corp. 18.31% 1,670,800 $206.4M Reduce -28.7%
MSFT Microsoft Corp. 6.47% 163,096 $72.9M Add +0.2%
LLY Eli Lilly & Co. 6.38% 79,457 $71.9M Add +0.4%
AAPL Apple Inc. 6.38% 341,525 $71.9M Reduce -0.5%
AMAT Applied Materials Inc. 5.80% 277,251 $65.4M Reduce -0.0%
AVGO Broadcom Pte Ltd. 3.71% 26,090 $41.9M Reduce -0.4%
PLD Prologis Inc. 2.52% 253,196 $28.4M Add +0.4%
V Visa Inc. Class A 2.35% 101,082 $26.5M Reduce -0.2%
CAT Caterpillar Inc. 2.03% 68,554 $22.8M Reduce -0.4%
AMD Advanced Micro Devices 1.99% 138,035 $22.4M Add +1.7%
JPM JPMorgan Chase & Co. 1.92% 107,302 $21.7M Reduce -0.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.55% 439,470 $17.5M Reduce -1.4%
ABBV Abbvie Inc. 1.54% 101,500 $17.4M Reduce -0.7%
PG The Procter & Gamble Co. 1.53% 104,400 $17.2M No change
BX Blackstone Inc. 1.31% 119,668 $14.8M Reduce -0.3%
ORCL Oracle Corp. 1.24% 99,345 $14.0M Reduce -0.8%
AMZN Amazon.com Inc. 1.21% 70,385 $13.6M Add +3.0%
RIO Rio Tinto PLC-Spon ADR 1.18% 201,944 $13.3M Reduce -0.8%
HON Honeywell International Inc. 1.17% 61,734 $13.2M Reduce -4.1%
ABT Abbott Laboratories 1.15% 125,281 $13.0M Add +11.9%
MRK Merck & Co Inc 1.14% 103,764 $12.8M Reduce -0.5%
HD Home Depot Inc. 1.12% 36,830 $12.7M Reduce -0.9%
STZ Constellation Brands Inc. Class A 1.07% 47,054 $12.1M No change
MAR Marriott International Class A 1.07% 50,000 $12.1M No change
LMT Lockheed Martin Corp. 1.07% 25,867 $12.1M No change
MS Morgan Stanley 1.04% 120,750 $11.7M No change
UNP Union Pacific Corp. 1.03% 51,283 $11.6M Reduce -1.4%
WFC Wells Fargo & Co. 1.02% 193,006 $11.5M Reduce -0.5%
VMC Vulcan Materials Co. 0.99% 44,952 $11.2M No change
AMT American Tower Corp. 0.94% 54,292 $10.6M Reduce -0.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.92% 60,130 $10.4M No change
GOOGL Alphabet Inc. Class A 0.87% 53,990 $9.8M Add +4.4%
NOW ServiceNow Inc. 0.85% 12,205 $9.6M Add +35.5%
SCHW Schwab (charles) Corp. 0.79% 121,343 $8.9M Reduce -0.2%
CVX Chevron Corp. 0.78% 56,396 $8.8M No change
JNJ Johnson & Johnson 0.77% 59,376 $8.7M Reduce -14.5%
CRM Salesforce Inc. 0.76% 33,163 $8.5M Reduce -1.3%
DLR Digital Realty Trust Inc. 0.76% 56,035 $8.5M Reduce -0.9%
SNOW Snowflake Inc. 0.75% 62,200 $8.4M Add +7.2%
BA The Boeing Co. 0.70% 43,132 $7.8M Add +0.5%
WMT Walmart Inc. 0.62% 102,922 $7.0M Reduce -5.5%
XLK SS Technology Select Sector 0.61% 30,610 $6.9M Add +0.2%
UBER Uber Technologies Inc. 0.61% 94,200 $6.8M Add +0.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.57% 65,266 $6.5M Reduce -0.3%
PEP Pepsico Inc. 0.55% 37,800 $6.2M No change
QQQ Invesco QQQ Trust Series 1 0.48% 11,327 $5.4M Reduce -0.5%
CMCSA Comcast Corp. Class A 0.46% 133,400 $5.2M No change
AXP American Express Co. 0.46% 22,460 $5.2M Reduce -2.2%
BMY Bristol-Myers Squibb Co. 0.40% 108,760 $4.5M Reduce -0.1%
MO Altria Group Inc. 0.38% 95,186 $4.3M No change
COST Costco Wholesale Corp. 0.36% 4,840 $4.1M Add +1.0%
FCX Freeport-McMoran Inc. 0.36% 83,350 $4.1M Reduce -0.2%
SPG Simon Property Group Inc. 0.30% 22,179 $3.4M Reduce -3.9%
GD General Dynamics Corp. 0.29% 11,375 $3.3M Reduce -0.9%
WDAY Workday Inc. Class A 0.27% 13,775 $3.1M Add +1.3%
BSX Boston Scientific Corp. 0.27% 38,800 $3.0M No change
XLV SS Health Care Select Sector 0.25% 19,449 $2.8M Reduce -1.0%
XLI SS Industrial Select Sector 0.25% 23,220 $2.8M Reduce -0.8%
AMGN Amgen Inc. 0.22% 8,030 $2.5M No change
XOM Exxon Mobil Corp. 0.21% 20,800 $2.4M No change
CCI Crown Castle Inc. 0.17% 19,390 $1.9M Reduce -3.7%
KRE SS SPDR S&P Regional Bank 0.17% 38,345 $1.9M Reduce -10.7%
SHOP Shopify Inc. Class A 0.13% 22,530 $1.5M Add +420.3%
MMM 3M Co. 0.12% 13,100 $1.3M No change
ARLP Alliance Resource Partners 0.11% 52,000 $1.3M Reduce -8.8%
GOOG Alphabet Inc. Class C 0.11% 6,900 $1.3M Add +1.5%
IWM iShares Russell 2000 ETF 0.11% 6,172 $1.3M Add +2.0%
EPD Enterprise Products Partners 0.10% 40,200 $1.2M Reduce -2.4%
XLY SS Consumer Disc Select Sect 0.10% 6,094 $1.1M Reduce -2.7%
PFE Pfizer Inc. 0.09% 36,852 $1.0M Reduce -1.1%
RCL Royal Caribbean Cruises Ltd. 0.09% 6,450 $1.0M Reduce -8.5%
PANW Palo Alto Networks Inc. 0.09% 2,880 $976K New
STWD Starwood Property Trust Inc. 0.08% 49,156 $931K Add +0.1%
META Meta Platforms Inc. Class A 0.08% 1,840 $928K Add +2.8%
IBB iShares Biotechnology ETF 0.08% 6,709 $921K Reduce -39.9%
TSLA Tesla Inc. 0.08% 4,645 $919K Add +4.5%
Hewlett-Packard Company filed as HP INC. 0.08% 25,600 $897K No change
XLB SS Materials Select Sector 0.08% 9,985 $882K Reduce -2.5%
DELL INC 0.08% 6,375 $879K New
CLX Clorox Company 0.07% 6,000 $819K No change
HAPN Happen Inc. filed as LENDINGCLUB CORP 0.07% 96,550 $817K Reduce -17.5%
CPT Camden Property Trust 0.07% 7,409 $808K Reduce -6.3%
AVB Avalonbay Communities Inc. 0.07% 3,835 $793K Reduce -6.1%
AIQ Global X Art Intel & Tech 0.07% 21,800 $777K New
RTX RTX Corp. 0.07% 7,390 $742K No change
VFIAX Vanguard 500 Index-Adm 0.06% 1,360 $685K Reduce -3.9%
CI The Cigna Group 0.06% 2,000 $661K No change
GAP The Gap Inc. 0.06% 26,600 $635K No change
ASML ASML Holding NV-NY Reg SHS 0.05% 600 $614K No change
SBUX Starbucks Corp. 0.05% 7,632 $594K Reduce -16.4%
ABAT American Battery Technology 0.05% 474,164 $593K No change
DKNG Draftkings Inc. Class A 0.05% 15,000 $573K New
VZ Verizon Communications Inc. 0.05% 13,724 $566K Reduce -3.8%
HPE Hewlett Packard Enterprise 0.05% 25,600 $542K No change
CRWD CrowdStrike Holdings Inc. Class A 0.05% 1,400 $536K No change
JOET Virtus Terranova US Qual Mom 0.05% 15,450 $530K Add +0.7%
XLF SS Financial Select Sector 0.04% 11,908 $490K Reduce -6.2%
SONY Sony Group Corp. - SP ADR 0.04% 5,575 $474K Reduce -43.7%
XLC SS Comm Select Sector SPDR 0.04% 5,376 $461K Add +0.9%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.04% 1,175 $460K Reduce -8.1%

Show all 130 holdings

Portfolio Sells Q1 2024 → Q2 2024
NVDA Nvidia Corp. Reduce -28.7% 18.31% −0.86
CAT Caterpillar Inc. Reduce -0.4% 2.03% −0.26
JNJ Johnson & Johnson Reduce -14.5% 0.77% −0.23
V Visa Inc. Class A Reduce -0.2% 2.35% −0.20
HD Home Depot Inc. Reduce -0.9% 1.12% −0.17
CRM Salesforce Inc. Reduce -1.3% 0.76% −0.16
DIS The Walt Disney Co. Reduce -0.3% 0.57% −0.15
ABBV Abbvie Inc. Reduce -0.7% 1.54% −0.14
BMY Bristol-Myers Squibb Co. Reduce -0.1% 0.40% −0.13
UNP Union Pacific Corp. Reduce -1.4% 1.03% −0.13
BX Blackstone Inc. Reduce -0.3% 1.31% −0.11
MRK Merck & Co Inc Reduce -0.5% 1.14% −0.11
IBB iShares Biotechnology ETF Reduce -39.9% 0.08% −0.06
AON Aon PLC Class A Reduce -46.1% 0.04% −0.04
AMT American Tower Corp. Reduce -0.6% 0.94% −0.04
TU Telus Corp. Reduce -57.1% 0.03% −0.04
SONY Sony Group Corp. - SP ADR Reduce -43.7% 0.04% −0.03
JPM JPMorgan Chase & Co. Reduce -0.7% 1.92% −0.03
KRE SS SPDR S&P Regional Bank Reduce -10.7% 0.17% −0.03
SPG Simon Property Group Inc. Reduce -3.9% 0.30% −0.03
HON Honeywell International Inc. Reduce -4.1% 1.17% −0.03
CCI Crown Castle Inc. Reduce -3.7% 0.17% −0.02
SBUX Starbucks Corp. Reduce -16.4% 0.05% −0.02
HAPN Happen Inc. Reduce -17.5% 0.07% −0.02
DE Deere & Co. Sold out 0.00% −0.02
ACADEMY FDS TR Sold out 0.00% −0.02
TRP TC Energy Corp. Sold out 0.00% −0.02
XLI SS Industrial Select Sector Reduce -0.8% 0.25% −0.02
UNH Unitedhealth Group Inc. Reduce -28.3% 0.04% −0.02
DVY iShares Select Dividend ETF Reduce -25.1% 0.04% −0.01
AXP American Express Co. Reduce -2.2% 0.46% −0.01
XLV SS Health Care Select Sector Reduce -1.0% 0.25% −0.01
WYNN WYNN Resorts Ltd. Reduce -6.8% 0.03% −0.01
XLB SS Materials Select Sector Reduce -2.5% 0.08% −0.01
IGM iShares Expanded Tech Sector Reduce -21.6% 0.04% −0.01
XLY SS Consumer Disc Select Sect Reduce -2.7% 0.10% −0.01
EPD Enterprise Products Partners Reduce -2.4% 0.10% −0.01
DIA SS SPDR Dow Jones Indus Avg Reduce -8.1% 0.04% −0.01
XLF SS Financial Select Sector Reduce -6.2% 0.04% −0.01
VZ Verizon Communications Inc. Reduce -3.8% 0.05% −0.00
SCHW Schwab (charles) Corp. Reduce -0.2% 0.79% −0.00
PFE Pfizer Inc. Reduce -1.1% 0.09% −0.00
VFIAX Vanguard 500 Index-Adm Reduce -3.9% 0.06% −0.00
WFC Wells Fargo & Co. Reduce -0.5% 1.02% −0.00
GD General Dynamics Corp. Reduce -0.9% 0.29% −0.00
ADBE Adobe Inc. Reduce -3.9% 0.02% +0.00
CPT Camden Property Trust Reduce -6.3% 0.07% +0.00
AVB Avalonbay Communities Inc. Reduce -6.1% 0.07% +0.00
RCL Royal Caribbean Cruises Ltd. Reduce -8.5% 0.09% +0.00
FCX Freeport-McMoran Inc. Reduce -0.2% 0.36% +0.00

Portfolio Buys Q1 2024 → Q2 2024
LLY Eli Lilly & Co. Add +0.4% 6.38% +0.81
MSFT Microsoft Corp. Add +0.2% 6.47% +0.27
NOW ServiceNow Inc. Add +35.5% 0.85% +0.23
GOOGL Alphabet Inc. Class A Add +4.4% 0.87% +0.17
SHOP Shopify Inc. Class A Add +420.3% 0.13% +0.10
AMZN Amazon.com Inc. Add +3.0% 1.21% +0.09
PANW Palo Alto Networks Inc. New 0.09% +0.09
DELL INC New 0.08% +0.08
AIQ Global X Art Intel & Tech New 0.07% +0.07
DKNG Draftkings Inc. Class A New 0.05% +0.05
COST Costco Wholesale Corp. Add +1.0% 0.36% +0.05
XLK SS Technology Select Sector Add +0.2% 0.61% +0.04
NVO Novo-Nordisk A/S-Spons ADR New 0.02% +0.02
ELF Elf Beauty Inc. New 0.02% +0.02
GOOG Alphabet Inc. Class C Add +1.5% 0.11% +0.02
QQQM Invesco Nasdaq 100 ETF New 0.02% +0.02
VOO Vanguard S&P 500 ETF New 0.02% +0.02
TSLA Tesla Inc. Add +4.5% 0.08% +0.01
META Meta Platforms Inc. Class A Add +2.8% 0.08% +0.00
ABT Abbott Laboratories Add +11.9% 1.15% +0.00
XLC SS Comm Select Sector SPDR Add +0.9% 0.04% +0.00
HACK Amplify Cybersecurity ETF Add +4.7% 0.03% +0.00
VWENX Vanguard Wellington-Adm Add +0.6% 0.02% +0.00
JOET Virtus Terranova US Qual Mom Add +0.7% 0.05% −0.00
TLRY Tilray Brands Inc. Add +4.3% 0.00% −0.00
IWM iShares Russell 2000 ETF Add +2.0% 0.11% −0.00
STWD Starwood Property Trust Inc. Add +0.1% 0.08% −0.01
UBER Uber Technologies Inc. Add +0.4% 0.61% −0.05
BA The Boeing Co. Add +0.5% 0.70% −0.05
WDAY Workday Inc. Class A Add +1.3% 0.27% −0.06
SNOW Snowflake Inc. Add +7.2% 0.75% −0.10
AMD Advanced Micro Devices Add +1.7% 1.99% −0.23
PLD Prologis Inc. Add +0.4% 2.52% −0.45

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