Grassi Investment Management

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 22, 2024), Grassi Investment Management reported 128 stock positions worth $1.2 billion. Its top holding was Nvidia (NVDA) at 17.8% of the portfolio, followed by Apple (AAPL, 6.9%) and Microsoft (MSFT, 6.1%). Compared with Q2 2024, it opened 5 new positions, sold out of 7, added to 20 and reduced 66. The biggest buy was Broadcom Pte (AVGO, shares +4%) and the biggest sale Applied Materials (AMAT, shares −0%).

Most Recent 13F
Q2 2025
Location
SANTA CLARA, CA
CIK
0001608531
Portfolio Value
$1.2B (Q3 2024)
SEC Filing
0001608531-24-000005 ↗ filed Oct 22, 2024

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 $1.2B Q3 2024 Q4 2024: $1.2B Q4 2024 Q1 2025: $1.1B Q1 2025 Q2 2025: $1.3B Q2 2025

Holdings 128 stocks · $1.2B
NVDA Nvidia Corp. 17.76% 1,691,840 $205.5M Add +1.3%
AAPL Apple Inc. 6.86% 340,872 $79.4M Reduce -0.2%
MSFT Microsoft Corp. 6.07% 163,292 $70.3M Add +0.1%
LLY Eli Lilly & Co. 6.07% 79,287 $70.2M Reduce -0.2%
AMAT Applied Materials Inc. 4.82% 276,251 $55.8M Reduce -0.4%
AVGO Broadcom Pte Ltd. 4.04% 270,950 $46.7M Add +3.9%
PLD Prologis Inc. 2.75% 251,925 $31.8M Reduce -0.5%
V Visa Inc. Class A 2.40% 100,958 $27.8M Reduce -0.1%
CAT Caterpillar Inc. 2.27% 67,154 $26.3M Reduce -2.0%
AMD Advanced Micro Devices 2.00% 140,785 $23.1M Add +2.0%
JPM JPMorgan Chase & Co. 1.94% 106,458 $22.4M Reduce -0.8%
ABBV Abbvie Inc. 1.69% 99,200 $19.6M Reduce -2.3%
BX Blackstone Inc. 1.56% 118,170 $18.1M Reduce -1.3%
PG The Procter & Gamble Co. 1.56% 104,400 $18.1M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.48% 431,070 $17.1M Reduce -1.9%
ORCL Oracle Corp. 1.46% 99,345 $16.9M No change
LMT Lockheed Martin Corp. 1.31% 25,837 $15.1M Reduce -0.1%
HD Home Depot Inc. 1.27% 36,230 $14.7M Reduce -1.6%
ABT Abbott Laboratories 1.23% 124,577 $14.2M Reduce -0.6%
RIO Rio Tinto PLC-Spon ADR 1.22% 198,754 $14.1M Reduce -1.6%
AMZN Amazon.com Inc. 1.17% 72,525 $13.5M Add +3.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.12% 58,830 $13.0M Reduce -2.2%
HON Honeywell International Inc. 1.09% 60,969 $12.6M Reduce -1.2%
MS Morgan Stanley 1.09% 120,750 $12.6M No change
UNP Union Pacific Corp. 1.08% 50,683 $12.5M Reduce -1.2%
MAR Marriott International Class A 1.07% 50,000 $12.4M No change
AMT American Tower Corp. 1.07% 53,417 $12.4M Reduce -1.6%
STZ Constellation Brands Inc. Class A 1.02% 45,854 $11.8M Reduce -2.5%
MRK Merck & Co Inc 1.02% 103,512 $11.8M Reduce -0.2%
VMC Vulcan Materials Co. 0.97% 44,952 $11.3M No change
WFC Wells Fargo & Co. 0.94% 192,110 $10.9M Reduce -0.5%
NOW ServiceNow Inc. 0.93% 12,020 $10.8M Reduce -1.5%
JNJ Johnson & Johnson 0.83% 59,126 $9.6M Reduce -0.4%
GOOGL Alphabet Inc. Class A 0.80% 55,545 $9.2M Add +2.9%
SNOW Snowflake Inc. 0.79% 79,275 $9.1M Add +27.4%
DLR Digital Realty Trust Inc. 0.78% 55,635 $9.0M Reduce -0.7%
CRM Salesforce Inc. 0.77% 32,414 $8.9M Reduce -2.3%
WMT Walmart Inc. 0.72% 102,922 $8.3M No change
CVX Chevron Corp. 0.71% 55,996 $8.2M Reduce -0.7%
SCHW Schwab (charles) Corp. 0.67% 119,618 $7.8M Reduce -1.4%
UBER Uber Technologies Inc. 0.63% 97,425 $7.3M Add +3.4%
XLK SS Technology Select Sector 0.59% 30,391 $6.9M Reduce -0.7%
BA The Boeing Co. 0.56% 42,307 $6.4M Reduce -1.9%
PEP Pepsico Inc. 0.55% 37,200 $6.3M Reduce -1.6%
AXP American Express Co. 0.53% 22,460 $6.1M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.49% 59,415 $5.7M Reduce -9.0%
BMY Bristol-Myers Squibb Co. 0.48% 108,360 $5.6M Reduce -0.4%
CMCSA Comcast Corp. Class A 0.48% 133,400 $5.6M No change
QQQ Invesco QQQ Trust Series 1 0.48% 11,317 $5.5M Reduce -0.1%
MO Altria Group Inc. 0.41% 92,786 $4.7M Reduce -2.5%
COST Costco Wholesale Corp. 0.37% 4,840 $4.3M No change
SPG Simon Property Group Inc. 0.32% 22,134 $3.7M Reduce -0.2%
GD General Dynamics Corp. 0.30% 11,325 $3.4M Reduce -0.4%
WDAY Workday Inc. Class A 0.29% 13,925 $3.4M Add +1.1%
BSX Boston Scientific Corp. 0.28% 38,600 $3.2M Reduce -0.5%
XLI SS Industrial Select Sector 0.27% 23,156 $3.1M Reduce -0.3%
XLV SS Health Care Select Sector 0.26% 19,328 $3.0M Reduce -0.6%
SHOP Shopify Inc. Class A 0.25% 36,780 $2.9M Add +63.3%
XOM Exxon Mobil Corp. 0.21% 20,800 $2.4M No change
CCI Crown Castle Inc. 0.17% 16,419 $1.9M Reduce -15.3%
KRE SS SPDR S&P Regional Bank 0.16% 32,095 $1.8M Reduce -16.3%
MMM 3M Co. 0.15% 13,100 $1.8M No change
AMGN Amgen Inc. 0.12% 4,400 $1.4M Reduce -45.2%
IWM iShares Russell 2000 ETF 0.11% 5,997 $1.3M Reduce -2.8%
ARLP Alliance Resource Partners 0.11% 52,000 $1.3M No change
XLY SS Consumer Disc Select Sect 0.11% 6,094 $1.2M No change
TSLA Tesla Inc. 0.10% 4,615 $1.2M Reduce -0.7%
DELL INC 0.10% 10,000 $1.2M Add +56.9%
GOOG Alphabet Inc. Class C 0.10% 6,900 $1.2M No change
EPD Enterprise Products Partners 0.10% 39,200 $1.1M Reduce -2.5%
META Meta Platforms Inc. Class A 0.09% 1,840 $1.1M No change
PFE Pfizer Inc. 0.09% 36,152 $1.0M Reduce -1.9%
PANW Palo Alto Networks Inc. 0.09% 3,030 $1.0M Add +5.2%
DKNG Draftkings Inc. Class A 0.09% 25,350 $994K Add +69.0%
CLX Clorox Company 0.08% 6,000 $977K No change
RCL Royal Caribbean Cruises Ltd. 0.08% 5,450 $967K Reduce -15.5%
XLB SS Materials Select Sector 0.08% 9,898 $954K Reduce -0.9%
Hewlett-Packard Company 0.08% 25,600 $918K No change
IBB iShares Biotechnology ETF 0.08% 6,259 $911K Reduce -6.7%
RTX RTX Corp. 0.08% 7,390 $895K No change
HAPN Happen Inc. filed as LENDINGCLUB CORP 0.07% 75,950 $868K Reduce -21.3%
CPT Camden Property Trust 0.07% 6,909 $853K Reduce -6.8%
AVB Avalonbay Communities Inc. 0.07% 3,635 $819K Reduce -5.2%
AIQ Global X Art Intel & Tech 0.07% 21,833 $812K Add +0.1%
STWD Starwood Property Trust Inc. 0.07% 37,200 $758K Reduce -24.3%
CI The Cigna Group 0.06% 2,000 $693K No change
VZ Verizon Communications Inc. 0.05% 13,929 $626K Add +1.5%
VFIAX Vanguard 500 Index-Adm 0.05% 1,163 $618K Reduce -14.5%
GAP The Gap Inc. 0.05% 26,600 $587K No change
JOET Virtus Terranova US Qual Mom 0.05% 15,050 $554K Reduce -2.6%
XLF SS Financial Select Sector 0.05% 11,718 $531K Reduce -1.6%
HPE Hewlett Packard Enterprise 0.05% 25,600 $524K No change
ABAT American Battery Technology 0.04% 474,164 $507K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.04% 1,176 $498K Add +0.1%
AON Aon PLC Class A 0.04% 1,400 $484K No change
SONY Sony Group Corp. - SP ADR 0.04% 4,975 $480K Reduce -10.8%
XLC SS Comm Select Sector SPDR 0.04% 5,256 $475K Reduce -2.2%
UNH Unitedhealth Group Inc. 0.04% 785 $459K Reduce -11.3%
OKE Oneok Inc. 0.04% 5,000 $456K Reduce -7.4%
DVY iShares Select Dividend ETF 0.04% 3,312 $447K Add +0.3%
IGM iShares Expanded Tech Sector 0.04% 4,255 $408K Reduce -2.3%
CBOBA Bay Community Bancorp 0.03% 30,000 $403K No change
DRIV Global X Autonomous&elec-ETF 0.03% 16,808 $395K Reduce -10.1%
WYNN WYNN Resorts Ltd. 0.03% 4,080 $391K No change
VTR Ventas Inc. 0.03% 6,000 $385K No change
BEN Franklin Templeton Inc. 0.03% 16,835 $339K No change
BERKSHIRE HATHAWAY INC 0.03% 726 $334K No change
ASML ASML Holding NV-NY Reg SHS 0.03% 400 $333K Reduce -33.3%
LRCX Lam Research Corp. 0.03% 400 $326K No change
HACK Amplify Cybersecurity ETF 0.03% 4,375 $299K Reduce -2.2%
SWTSX Schwab Tot STK MRKT Indx 0.03% 2,982 $291K No change
ADBE Adobe Inc. 0.02% 500 $259K No change
MDLZ Mondelez International Inc. Class A 0.02% 3,500 $258K No change
ABNB Airbnb Inc. Class A 0.02% 1,920 $243K Reduce -20.7%
VWENX Vanguard Wellington-Adm 0.02% 3,014 $241K Add +0.5%
TRP TC Energy Corp. 0.02% 5,000 $238K New
TU Telus Corp. 0.02% 14,050 $236K Reduce -25.9%
MDY State Street SPDR S&P Midcap 0.02% 402 $229K Add +0.3%
DE Deere & Co. 0.02% 525 $219K New
VOO Vanguard S&P 500 ETF 0.02% 407 $215K Add +0.3%
QQQM Invesco Nasdaq 100 ETF 0.02% 1,058 $212K No change
IOT Samsara Inc. Class A 0.02% 4,300 $207K New
VWELX Vanguard Wellington-Inv 0.02% 4,421 $205K New
NAC Nuveen Ca QLTY Muni Inc. 0.02% 15,000 $178K No change
BE Bloom Energy Corp. Class A 0.01% 10,000 $106K New
FATE Fate Therapeutics Inc. 0.01% 18,000 $63K No change
CLNE Clean Energy Fuels Corp. 0.00% 13,500 $42K No change
TLRY Tilray Brands Inc. 0.00% 12,180 $21K No change

Portfolio Sells Q2 2024 → Q3 2024
AMAT Applied Materials Inc. Reduce -0.4% 4.82% −0.98
FCX Freeport-McMoran Inc. Sold out 0.00% −0.36
LLY Eli Lilly & Co. Reduce -0.2% 6.07% −0.31
BA The Boeing Co. Reduce -1.9% 0.56% −0.14
MRK Merck & Co Inc Reduce -0.2% 1.02% −0.12
SCHW Schwab (charles) Corp. Reduce -1.4% 0.67% −0.12
AMGN Amgen Inc. Reduce -45.2% 0.12% −0.10
DIS The Walt Disney Co. Reduce -9.0% 0.49% −0.08
HON Honeywell International Inc. Reduce -1.2% 1.09% −0.08
WFC Wells Fargo & Co. Reduce -0.5% 0.94% −0.08
BAC Bank of America Corp. Reduce -1.9% 1.48% −0.07
CVX Chevron Corp. Reduce -0.7% 0.71% −0.07
SBUX Starbucks Corp. Sold out 0.00% −0.05
STZ Constellation Brands Inc. Class A Reduce -2.5% 1.02% −0.05
CRWD CrowdStrike Holdings Inc. Class A Sold out 0.00% −0.05
ASML ASML Holding NV-NY Reg SHS Reduce -33.3% 0.03% −0.03
XLK SS Technology Select Sector Reduce -0.7% 0.59% −0.02
DINO HF Sinclair Corp. Sold out 0.00% −0.02
NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −0.02
ELF Elf Beauty Inc. Sold out 0.00% −0.02
STWD Starwood Property Trust Inc. Reduce -24.3% 0.07% −0.02
ABNB Airbnb Inc. Class A Reduce -20.7% 0.02% −0.01
KRE SS SPDR S&P Regional Bank Reduce -16.3% 0.16% −0.01
RCL Royal Caribbean Cruises Ltd. Reduce -15.5% 0.08% −0.01
VFIAX Vanguard 500 Index-Adm Reduce -14.5% 0.05% −0.01
PEP Pepsico Inc. Reduce -1.6% 0.55% −0.01
TU Telus Corp. Reduce -25.9% 0.02% −0.01
VTNRQ Vertex Energy Inc. Sold out 0.00% −0.00
DRIV Global X Autonomous&elec-ETF Reduce -10.1% 0.03% −0.00
EPD Enterprise Products Partners Reduce -2.5% 0.10% −0.00
QQQ Invesco QQQ Trust Series 1 Reduce -0.1% 0.48% −0.00
IBB iShares Biotechnology ETF Reduce -6.7% 0.08% −0.00
IGM iShares Expanded Tech Sector Reduce -2.3% 0.04% −0.00
PFE Pfizer Inc. Reduce -1.9% 0.09% −0.00
SONY Sony Group Corp. - SP ADR Reduce -10.8% 0.04% −0.00
UNH Unitedhealth Group Inc. Reduce -11.3% 0.04% −0.00
HACK Amplify Cybersecurity ETF Reduce -2.2% 0.03% +0.00
XLC SS Comm Select Sector SPDR Reduce -2.2% 0.04% +0.00
CCI Crown Castle Inc. Reduce -15.3% 0.17% +0.00
OKE Oneok Inc. Reduce -7.4% 0.04% +0.00
AVB Avalonbay Communities Inc. Reduce -5.2% 0.07% +0.00
JOET Virtus Terranova US Qual Mom Reduce -2.6% 0.05% +0.00
CPT Camden Property Trust Reduce -6.8% 0.07% +0.00
XLF SS Financial Select Sector Reduce -1.6% 0.05% +0.00
HAPN Happen Inc. Reduce -21.3% 0.07% +0.00
GD General Dynamics Corp. Reduce -0.4% 0.30% +0.00
IWM iShares Russell 2000 ETF Reduce -2.8% 0.11% +0.00
XLB SS Materials Select Sector Reduce -0.9% 0.08% +0.00
XLV SS Health Care Select Sector Reduce -0.6% 0.26% +0.01
CRM Salesforce Inc. Reduce -2.3% 0.77% +0.01

Portfolio Buys Q2 2024 → Q3 2024
AVGO Broadcom Pte Ltd. Add +3.9% 4.04% +0.32
SHOP Shopify Inc. Class A Add +63.3% 0.25% +0.12
SNOW Snowflake Inc. Add +27.4% 0.79% +0.04
DKNG Draftkings Inc. Class A Add +69.0% 0.09% +0.04
UBER Uber Technologies Inc. Add +3.4% 0.63% +0.03
DELL INC Add +56.9% 0.10% +0.02
WDAY Workday Inc. Class A Add +1.1% 0.29% +0.02
TRP TC Energy Corp. New 0.02% +0.02
DE Deere & Co. New 0.02% +0.02
IOT Samsara Inc. Class A New 0.02% +0.02
VWELX Vanguard Wellington-Inv New 0.02% +0.02
AMD Advanced Micro Devices Add +2.0% 2.00% +0.01
BE Bloom Energy Corp. Class A New 0.01% +0.01
VZ Verizon Communications Inc. Add +1.5% 0.05% +0.00
DVY iShares Select Dividend ETF Add +0.3% 0.04% +0.00
PANW Palo Alto Networks Inc. Add +5.2% 0.09% +0.00
DIA SS SPDR Dow Jones Indus Avg Add +0.1% 0.04% +0.00
AIQ Global X Art Intel & Tech Add +0.1% 0.07% +0.00
MDY State Street SPDR S&P Midcap Add +0.3% 0.02% +0.00
VOO Vanguard S&P 500 ETF Add +0.3% 0.02% +0.00
VWENX Vanguard Wellington-Adm Add +0.5% 0.02% +0.00
AMZN Amazon.com Inc. Add +3.0% 1.17% −0.04
GOOGL Alphabet Inc. Class A Add +2.9% 0.80% −0.08
MSFT Microsoft Corp. Add +0.1% 6.07% −0.39
NVDA Nvidia Corp. Add +1.3% 17.76% −0.55

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