Grassi Investment Management

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 10, 2025), Grassi Investment Management reported 122 stock positions worth $1.1 billion. Its top holding was Nvidia (NVDA) at 16.6% of the portfolio, followed by Apple (AAPL, 6.8%) and Eli Lilly (LLY, 6.1%). Compared with Q4 2024, it opened 1 new position, sold out of 9, added to 42 and reduced 39. The biggest buy was Eli Lilly (LLY, shares +0%) and the biggest sale Nvidia (NVDA, shares −0%).

Most Recent 13F
Q2 2025
Location
SANTA CLARA, CA
CIK
0001608531
Portfolio Value
$1.1B (Q1 2025)
SEC Filing
0001608531-25-000005 ↗ filed Apr 10, 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 $1.1B Q1 2025 Q2 2025: $1.3B Q2 2025

Holdings 122 stocks · $1.1B
NVDA Nvidia Corp. 16.65% 1,660,400 $180.0M Reduce -0.1%
AAPL Apple Inc. 6.81% 331,370 $73.6M Reduce -0.6%
LLY Eli Lilly & Co. 6.09% 79,727 $65.8M Add +0.3%
MSFT Microsoft Corp. 5.61% 161,492 $60.6M Reduce -0.1%
AVGO Broadcom Pte Ltd. 4.24% 273,755 $45.8M Add +0.5%
AMAT Applied Materials Inc. 3.69% 274,901 $39.9M Reduce -0.1%
V Visa Inc. Class A 3.22% 99,216 $34.8M Reduce -0.1%
PLD Prologis Inc. 2.65% 256,075 $28.6M Add +0.7%
JPM JPMorgan Chase & Co. 2.38% 104,950 $25.7M Reduce -0.6%
CAT Caterpillar Inc. 2.04% 66,904 $22.1M Reduce -0.1%
ABBV Abbvie Inc. 1.88% 97,250 $20.4M Reduce -0.7%
PG The Procter & Gamble Co. 1.65% 104,400 $17.8M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.64% 424,750 $17.7M Reduce -0.5%
ABT Abbott Laboratories 1.50% 122,406 $16.2M Reduce -0.5%
BX Blackstone Inc. 1.48% 114,448 $16.0M Reduce -0.1%
AMD Advanced Micro Devices 1.37% 143,980 $14.8M Add +2.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.34% 58,250 $14.5M Reduce -0.7%
MS Morgan Stanley 1.30% 120,750 $14.1M No change
ORCL Oracle Corp. 1.27% 98,172 $13.7M Reduce -0.2%
AMZN Amazon.com Inc. 1.25% 70,903 $13.5M Add +1.5%
WFC Wells Fargo & Co. 1.23% 185,366 $13.3M Reduce -0.7%
HD Home Depot Inc. 1.23% 36,255 $13.3M Add +1.3%
HON Honeywell International Inc. 1.14% 58,247 $12.3M Reduce -3.3%
MAR Marriott International Class A 1.10% 50,000 $11.9M No change
SNOW Snowflake Inc. 1.10% 81,250 $11.9M Add +3.3%
UNP Union Pacific Corp. 1.09% 49,983 $11.8M No change
RIO Rio Tinto PLC-Spon ADR 1.08% 194,904 $11.7M Reduce -1.1%
LMT Lockheed Martin Corp. 1.07% 25,837 $11.5M No change
AMT American Tower Corp. 1.02% 50,517 $11.0M Reduce -0.7%
VMC Vulcan Materials Co. 0.97% 44,952 $10.5M No change
JNJ Johnson & Johnson 0.89% 58,325 $9.7M Reduce -0.5%
MRK Merck & Co Inc 0.87% 104,865 $9.4M Add +1.1%
CVX Chevron Corp. 0.87% 55,996 $9.4M No change
SCHW Schwab (charles) Corp. 0.86% 118,518 $9.3M Reduce -0.2%
CRM Salesforce Inc. 0.83% 33,514 $9.0M Add +4.2%
WMT Walmart Inc. 0.83% 101,722 $8.9M No change
GOOGL Alphabet Inc. Class A 0.79% 55,024 $8.5M Add +4.8%
NOW ServiceNow Inc. 0.79% 10,670 $8.5M No change
UBER Uber Technologies Inc. 0.77% 113,525 $8.3M Add +15.9%
DLR Digital Realty Trust Inc. 0.72% 54,290 $7.8M No change
STZ Constellation Brands Inc. Class A 0.70% 40,989 $7.5M Reduce -10.6%
BA The Boeing Co. 0.64% 40,707 $6.9M Reduce -0.3%
BMY Bristol-Myers Squibb Co. 0.61% 108,360 $6.6M No change
XLK SS Technology Select Sector 0.57% 30,101 $6.2M Reduce -0.3%
AXP American Express Co. 0.55% 22,060 $5.9M Reduce -1.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.53% 58,340 $5.8M Reduce -1.6%
PEP Pepsico Inc. 0.52% 37,200 $5.6M No change
MO Altria Group Inc. 0.52% 92,786 $5.6M No change
QQQ Invesco QQQ Trust Series 1 0.49% 11,264 $5.3M Add +0.2%
COST Costco Wholesale Corp. 0.47% 5,408 $5.1M Add +4.9%
CMCSA Comcast Corp. Class A 0.46% 133,400 $4.9M No change
SHOP Shopify Inc. Class A 0.41% 46,405 $4.4M Add +32.8%
BSX Boston Scientific Corp. 0.36% 38,600 $3.9M No change
DELL INC 0.34% 40,475 $3.7M Add +74.6%
SPG Simon Property Group Inc. 0.34% 22,043 $3.7M Add +0.3%
VRT Vertiv Holdings Co. Class A 0.32% 47,900 $3.5M Add +294.2%
WDAY Workday Inc. Class A 0.29% 13,460 $3.1M Add +0.4%
GD General Dynamics Corp. 0.28% 11,225 $3.1M Reduce -0.9%
XLI SS Industrial Select Sector 0.28% 23,043 $3.0M Add +0.0%
XLV SS Health Care Select Sector 0.26% 19,183 $2.8M Add +0.1%
XOM Exxon Mobil Corp. 0.23% 20,800 $2.5M No change
MMM 3M Co. 0.18% 13,100 $1.9M No change
MRVL Marvell Technology Inc. 0.16% 27,325 $1.7M New
VST Vistra Corp. 0.14% 12,475 $1.5M Add +349.6%
PANW Palo Alto Networks Inc. 0.13% 8,400 $1.4M Add +6.2%
ARLP Alliance Resource Partners 0.13% 52,000 $1.4M No change
IWM iShares Russell 2000 ETF 0.12% 6,707 $1.3M Add +4.5%
EPD Enterprise Products Partners 0.12% 37,400 $1.3M Reduce -2.1%
XLY SS Consumer Disc Select Sect 0.11% 5,986 $1.2M Add +0.0%
GOOG Alphabet Inc. Class C 0.10% 6,900 $1.1M No change
TSLA Tesla Inc. 0.09% 3,940 $1.0M Add +2.6%
RTX RTX Corp. 0.09% 7,390 $979K No change
RCL Royal Caribbean Cruises Ltd. 0.09% 4,550 $935K Reduce -16.5%
CCI Crown Castle Inc. 0.09% 8,878 $925K Reduce -18.5%
META Meta Platforms Inc. Class A 0.08% 1,590 $916K Add +3.3%
PFE Pfizer Inc. 0.08% 35,152 $891K Reduce -2.8%
CLX Clorox Company 0.08% 6,000 $883K No change
AIQ Global X Art Intel & Tech 0.08% 22,958 $835K Add +9.0%
AMGN Amgen Inc. 0.07% 2,600 $810K Reduce -43.5%
CPT Camden Property Trust 0.07% 6,409 $784K No change
AVB Avalonbay Communities Inc. 0.07% 3,385 $726K No change
XLB SS Materials Select Sector 0.07% 8,256 $710K Reduce -13.8%
Hewlett-Packard Company 0.07% 25,600 $709K No change
UNH Unitedhealth Group Inc. 0.07% 1,350 $707K Add +72.0%
STWD Starwood Property Trust Inc. 0.07% 35,700 $706K Reduce -4.0%
CI The Cigna Group 0.06% 2,000 $658K No change
VZ Verizon Communications Inc. 0.05% 12,741 $578K Reduce -3.7%
XLF SS Financial Select Sector 0.05% 11,394 $568K Add +0.1%
AON Aon PLC Class A 0.05% 1,400 $559K No change
JOET Virtus Terranova US Qual Mom 0.05% 15,000 $549K Reduce -0.5%
GAP The Gap Inc. 0.05% 26,600 $548K No change
XLC SS Comm Select Sector SPDR 0.05% 5,356 $517K Add +1.9%
OKE Oneok Inc. 0.05% 5,000 $496K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.05% 1,179 $495K Add +0.1%
VFIAX Vanguard 500 Index-Adm 0.05% 952 $493K Reduce -18.4%
DVY iShares Select Dividend ETF 0.04% 3,328 $447K Add +0.2%
HACK Amplify Cybersecurity ETF 0.04% 5,960 $428K Add +15.7%
VTR Ventas Inc. 0.04% 6,000 $413K No change
BERKSHIRE HATHAWAY INC 0.04% 767 $408K Add +5.7%
HPE Hewlett Packard Enterprise 0.04% 25,600 $395K No change
IGM iShares Expanded Tech Sector 0.04% 4,255 $386K No change
SONY Sony Group Corp. - SP ADR 0.04% 14,875 $378K Reduce -25.6%
CRWD CrowdStrike Holdings Inc. Class A 0.03% 1,050 $370K Add +50.0%
KRE SS SPDR S&P Regional Bank 0.03% 5,800 $330K Reduce -25.6%
BEN Franklin Templeton Inc. 0.03% 16,835 $324K No change
NVO Novo-Nordisk A/S-Spons ADR 0.03% 4,570 $317K Add +82.8%
IBB iShares Biotechnology ETF 0.03% 2,429 $311K Reduce -53.8%
WYNN WYNN Resorts Ltd. 0.03% 3,690 $308K Add +4.2%
LRCX Lam Research Corp. 0.03% 4,000 $291K No change
SWTSX Schwab Tot STK MRKT Indx 0.03% 3,017 $284K No change
ASML ASML Holding NV-NY Reg SHS 0.03% 420 $278K Add +5.0%
HAPN Happen Inc. filed as LENDINGCLUB CORP 0.03% 26,400 $272K Reduce -45.7%
VWENX Vanguard Wellington-Adm filed as VAN WELLINGTON ADM #571 0.02% 3,307 $239K Add +0.6%
MDLZ Mondelez International Inc. Class A 0.02% 3,500 $237K No change
TRP TC Energy Corp. 0.02% 5,000 $236K No change
MDY State Street SPDR S&P Midcap 0.02% 404 $215K Add +0.3%
QQQM Invesco Nasdaq 100 ETF 0.02% 1,058 $204K No change
VWELX Vanguard Wellington-Inv 0.02% 4,850 $203K Add +0.6%
NAC Nuveen Ca QLTY Muni Inc. 0.02% 15,000 $169K No change
CLNE Clean Energy Fuels Corp. 0.01% 38,500 $60K Add +63.8%
FATE Fate Therapeutics Inc. 0.00% 18,000 $14K No change
CLDI Calidi Biotherapeutics Inc. 0.00% 10,000 $6K No change

Portfolio Sells Q4 2024 → Q1 2025
NVDA Nvidia Corp. Reduce -0.1% 16.65% −2.41
AAPL Apple Inc. Reduce -0.6% 6.81% −0.32
BX Blackstone Inc. Reduce -0.1% 1.48% −0.21
MSFT Microsoft Corp. Reduce -0.1% 5.61% −0.21
STZ Constellation Brands Inc. Class A Reduce -10.6% 0.70% −0.17
ORCL Oracle Corp. Reduce -0.2% 1.27% −0.13
AMAT Applied Materials Inc. Reduce -0.1% 3.69% −0.13
DKNG Draftkings Inc. Class A Sold out 0.00% −0.09
HAPN Happen Inc. Reduce -45.7% 0.03% −0.04
CAT Caterpillar Inc. Reduce -0.1% 2.04% −0.03
DIS The Walt Disney Co. Reduce -1.6% 0.53% −0.03
DRIV Global X Autonomous&elec-ETF Sold out 0.00% −0.03
IBB iShares Biotechnology ETF Reduce -53.8% 0.03% −0.03
AMGN Amgen Inc. Reduce -43.5% 0.07% −0.03
XLK SS Technology Select Sector Reduce -0.3% 0.57% −0.02
ABAT American Battery Technology Sold out 0.00% −0.02
RCL Royal Caribbean Cruises Ltd. Reduce -16.5% 0.09% −0.02
HON Honeywell International Inc. Reduce -3.3% 1.14% −0.02
RH RH Sold out 0.00% −0.02
AXP American Express Co. Reduce -1.8% 0.55% −0.02
ADP Automatic Data Processing Sold out 0.00% −0.02
ADBE Adobe Inc. Sold out 0.00% −0.02
VOO Vanguard S&P 500 ETF Sold out 0.00% −0.02
ABNB Airbnb Inc. Class A Sold out 0.00% −0.02
FBGRX Fidelity Blue Chip Growth Sold out 0.00% −0.02
KRE SS SPDR S&P Regional Bank Reduce -25.6% 0.03% −0.01
VFIAX Vanguard 500 Index-Adm Reduce -18.4% 0.05% −0.01
XLB SS Materials Select Sector Reduce -13.8% 0.07% −0.00
SONY Sony Group Corp. - SP ADR Reduce -25.6% 0.04% −0.00
PFE Pfizer Inc. Reduce -2.8% 0.08% +0.00
CCI Crown Castle Inc. Reduce -18.5% 0.09% +0.00
JOET Virtus Terranova US Qual Mom Reduce -0.5% 0.05% +0.00
STWD Starwood Property Trust Inc. Reduce -4.0% 0.07% +0.01
VZ Verizon Communications Inc. Reduce -3.7% 0.05% +0.01
EPD Enterprise Products Partners Reduce -2.1% 0.12% +0.02
BA The Boeing Co. Reduce -0.3% 0.64% +0.03
GD General Dynamics Corp. Reduce -0.9% 0.28% +0.03
BAC Bank of America Corp. Reduce -0.5% 1.64% +0.04
RIO Rio Tinto PLC-Spon ADR Reduce -1.1% 1.08% +0.09
SCHW Schwab (charles) Corp. Reduce -0.2% 0.86% +0.11
WFC Wells Fargo & Co. Reduce -0.7% 1.23% +0.11
JNJ Johnson & Johnson Reduce -0.5% 0.89% +0.17
AMT American Tower Corp. Reduce -0.7% 1.02% +0.22
JPM JPMorgan Chase & Co. Reduce -0.6% 2.38% +0.22
IBM Intl Business Machines Corp. Reduce -0.7% 1.34% +0.24
ABT Abbott Laboratories Reduce -0.5% 1.50% +0.31
ABBV Abbvie Inc. Reduce -0.7% 1.88% +0.40
V Visa Inc. Class A Reduce -0.1% 3.22% +0.54

Portfolio Buys Q4 2024 → Q1 2025
LLY Eli Lilly & Co. Add +0.3% 6.09% +0.85
PLD Prologis Inc. Add +0.7% 2.65% +0.35
UBER Uber Technologies Inc. Add +15.9% 0.77% +0.26
VRT Vertiv Holdings Co. Class A Add +294.2% 0.32% +0.20
MRVL Marvell Technology Inc. New 0.16% +0.16
DELL INC Add +74.6% 0.34% +0.11
VST Vistra Corp. Add +349.6% 0.14% +0.10
SHOP Shopify Inc. Class A Add +32.8% 0.41% +0.09
COST Costco Wholesale Corp. Add +4.9% 0.47% +0.07
SNOW Snowflake Inc. Add +3.3% 1.10% +0.06
HD Home Depot Inc. Add +1.3% 1.23% +0.04
XLV SS Health Care Select Sector Add +0.1% 0.26% +0.03
UNH Unitedhealth Group Inc. Add +72.0% 0.07% +0.03
XLI SS Industrial Select Sector Add +0.0% 0.28% +0.02
SPG Simon Property Group Inc. Add +0.3% 0.34% +0.02
CRWD CrowdStrike Holdings Inc. Class A Add +50.0% 0.03% +0.01
NVO Novo-Nordisk A/S-Spons ADR Add +82.8% 0.03% +0.01
PANW Palo Alto Networks Inc. Add +6.2% 0.13% +0.01
BERKSHIRE HATHAWAY INC Add +5.7% 0.04% +0.01
META Meta Platforms Inc. Class A Add +3.3% 0.08% +0.01
AIQ Global X Art Intel & Tech Add +9.0% 0.08% +0.01
HACK Amplify Cybersecurity ETF Add +15.7% 0.04% +0.01
XLF SS Financial Select Sector Add +0.1% 0.05% +0.01
XLC SS Comm Select Sector SPDR Add +1.9% 0.05% +0.00
DVY iShares Select Dividend ETF Add +0.2% 0.04% +0.00
DIA SS SPDR Dow Jones Indus Avg Add +0.1% 0.05% +0.00
IWM iShares Russell 2000 ETF Add +4.5% 0.12% +0.00
WYNN WYNN Resorts Ltd. Add +4.2% 0.03% +0.00
ASML ASML Holding NV-NY Reg SHS Add +5.0% 0.03% +0.00
VWENX Vanguard Wellington-Adm Add +0.6% 0.02% +0.00
VWELX Vanguard Wellington-Inv Add +0.6% 0.02% +0.00
CLNE Clean Energy Fuels Corp. Add +63.8% 0.01% +0.00
MDY State Street SPDR S&P Midcap Add +0.3% 0.02% +0.00
QQQ Invesco QQQ Trust Series 1 Add +0.2% 0.49% −0.00
WDAY Workday Inc. Class A Add +0.4% 0.29% −0.00
XLY SS Consumer Disc Select Sect Add +0.0% 0.11% −0.01
MRK Merck & Co Inc Add +1.1% 0.87% −0.01
TSLA Tesla Inc. Add +2.6% 0.09% −0.04
AMZN Amazon.com Inc. Add +1.5% 1.25% −0.06
GOOGL Alphabet Inc. Class A Add +4.8% 0.79% −0.06
CRM Salesforce Inc. Add +4.2% 0.83% −0.09
AMD Advanced Micro Devices Add +2.0% 1.37% −0.09
AVGO Broadcom Pte Ltd. Add +0.5% 4.24% −1.15

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