Grassi Investment Management

CIK

1608531

Location

SANTA CLARA, CA

Portfolio Value

Mid $1,116,766,682

Diversification

Diversified

Filing Date

Global Rank

#1,578 / 7,991 ▲ 36

Top Industry

Semiconductors 25.6%

3Y Alpha vs SPY

+4.3%

Period ended 12 months ago

Filed Jul 21, 2025 · 11mo

22 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+95.8%

SPY

+76.3%

Annualised alpha

+4.3%

Max drawdown

−22.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

95 positions · as of Jun 30, 2025 · Δ vs Mar 31, 2025

Top Position

23.4%

+4.9 pts

Top 5

46.6%

+3.6 pts

Top 10

59.1%

+2.5 pts

HHI

759

Diversified+176

Portfolio Trend

22 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2025

Sector	% Portfolio	Value	Positions
Technology	50.3%	$562,175,159	19
Financial Services	12.2%	$136,270,442	12
Healthcare	10.5%	$117,647,023	12
Industrials	7.5%	$84,260,634	9
Real Estate	4.9%	$55,235,775	9
Consumer Defensive	4.4%	$49,496,310	8
Consumer Cyclical	4.1%	$46,297,334	8
Basic Materials	2.1%	$23,131,947	3
Communication Services	1.7%	$19,303,288	5
Energy	1.2%	$13,185,061	6
Unclassified	0.6%	$7,007,731	3
Utilities	0.2%	$2,755,978	1

Last Quarter's Activity

Export CSV

Jun 30, 2025 vs Mar 31, 2025

Added To

Positions the filer increased

16 positions

Ticker	Company	Δ Shares	Shares	Value
STWD	Starwood Property Trust, Inc.	+60,000	95,700	$1,920,699
BA	Boeing Co	+4,300	45,007	$9,430,316
VRT	Vertiv Holdings Co	+3,535	51,435	$6,604,768
MRVL	Marvell Technology, Inc.	+2,050	29,375	$2,273,625
VST	Vistra Corp.	+1,745	14,220	$2,755,978
LLY	ELI LILLY & Co	+200	79,927	$62,305,494
UNH	Unitedhealth Group Inc	+167	1,517	$473,258
PEP	Pepsico Inc	+150	37,350	$4,931,694
CRM	Salesforce, Inc.	+100	33,614	$9,166,201
QQQ	Invesco Qqq Trust, Series 1	+82	11,346	$6,258,907
HD	Home Depot, Inc.	+75	36,330	$13,320,031
CRWD	CrowdStrike Holdings, Inc.	+28	1,078	$549,036
RCL	Royal Caribbean Cruises Ltd	+25	4,575	$1,432,615
VZ	Verizon Communications Inc	+6	12,747	$551,562
WFC	Wells Fargo & Company/Mn	+3	185,369	$14,851,764
DIA	Spdr Dow Jones Industrial Average ETF Trust	+1	1,180	$519,967
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
SNOW	Snowflake Inc.	−37,800	43,450	$9,722,806
GOOGL	Alphabet Inc.	−21,475	33,549	$5,912,340
NVDA	Nvidia Corp	−7,300	1,653,100	$261,173,269
MO	Altria Group, Inc.	−3,500	89,286	$5,234,838
LC	LendingClub Corp	−3,000	23,400	$281,502
UBER	Uber Technologies, Inc	−2,975	110,550	$10,314,315
ORCL	Oracle Corp	−2,527	95,645	$20,910,866
EPD	Enterprise Products Partners L.P.	−2,500	34,900	$1,082,249
BEN	Franklin Resources Inc	−2,000	14,835	$353,814
RIO	Rio Tinto PLC	−1,935	192,969	$11,255,881
MSFT	Microsoft Corp	−1,849	159,643	$79,408,024
BAC	Bank Of America Corp /De/	−1,750	423,000	$20,016,360
SCHW	Schwab Charles Corp	−1,500	117,018	$10,676,722
STZ	Constellation Brands, Inc.	−1,400	39,589	$6,440,338
SPG	Simon Property Group Inc.	−1,245	20,798	$3,343,486
ABBV	AbbVie Inc.	−1,225	96,025	$17,824,160
AAPL	Apple Inc.	−1,199	330,171	$67,741,184
AMD	Advanced Micro Devices Inc	−1,085	142,895	$20,276,800
AMAT	Applied Materials Inc /De	−1,050	273,851	$50,133,902
SONY	Sony Group Corp	−1,000	13,875	$361,166
ABT	Abbott Laboratories	−973	121,433	$16,516,102
IBM	International Business Machines Corp	−782	57,468	$16,940,417
BMY	Bristol Myers Squibb Co	−750	107,610	$4,981,266
MS	Morgan Stanley	−700	120,050	$16,910,243
PFE	Pfizer Inc	−621	34,531	$837,031
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
BKNG	Booking Holdings Inc.	50	$289,462
COIN	Coinbase Global, Inc.	650	$227,818
ESI	Element Solutions Inc	9,000	$203,850
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
TRP	Tc Energy Corp	5,000	$236,050
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

95 positions · $1,116,766,682 total · as of Jun 30, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 95 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	1,653,100	-7,300	$261,173,269	+45.1%	23.39%
MSFT	Microsoft Corp Technology	Reduced	159,643	-1,849	$79,408,024	+31.0%	7.11%
AAPL	Apple Inc. Technology	Reduced	330,171	-1,199	$67,741,184	−8.0%	6.07%
LLY	ELI LILLY & Co Healthcare	Added	79,927	+200	$62,305,494	−5.4%	5.58%
AMAT	Applied Materials Inc /De Technology	Reduced	273,851	-1,050	$50,133,902	+25.7%	4.49%
V	Visa Inc. Financial Services	Reduced	98,967	-249	$35,138,233	+1.1%	3.15%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	104,353	-597	$30,252,978	+17.5%	2.71%
PLD	Prologis, Inc. Real Estate	Held	256,075	0	$26,918,604	−6.0%	2.41%
CAT	Caterpillar Inc Industrials	Held	66,904	0	$25,972,801	+17.7%	2.33%
ORCL	Oracle Corp Technology	Reduced	95,645	-2,527	$20,910,866	+52.4%	1.87%
AMD	Advanced Micro Devices Inc Technology	Reduced	142,895	-1,085	$20,276,800	+37.1%	1.82%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	423,000	-1,750	$20,016,360	+12.9%	1.79%
ABBV	AbbVie Inc. Healthcare	Reduced	96,025	-1,225	$17,824,160	−12.5%	1.60%
IBM	International Business Machines Corp Technology	Reduced	57,468	-782	$16,940,417	+17.0%	1.52%
MS	Morgan Stanley Financial Services	Reduced	120,050	-700	$16,910,243	+20.0%	1.51%
PG	PROCTER & GAMBLE Co Consumer Defensive	Held	104,400	0	$16,633,008	−6.5%	1.49%
ABT	Abbott Laboratories Healthcare	Reduced	121,433	-973	$16,516,102	+1.7%	1.48%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	70,560	-343	$15,480,158	+14.8%	1.39%
WFC	Wells Fargo & Company/Mn Financial Services	Added	185,369	+3	$14,851,764	+11.6%	1.33%
MAR	Marriott International Inc /Md/ Consumer Cyclical	Held	50,000	0	$13,660,500	+14.7%	1.22%
HD	Home Depot, Inc. Consumer Cyclical	Added	36,330	+75	$13,320,031	+0.2%	1.19%
HON	Honeywell International Inc Industrials	Reduced	57,648	-599	$12,653,217	+8.8%	1.13%
LMT	Lockheed Martin Corp Industrials	Reduced	25,737	-100	$11,919,834	+3.3%	1.07%
VMC	Vulcan Materials CO Basic Materials	Reduced	44,752	-200	$11,672,216	+11.3%	1.05%
UNP	Union Pacific Corp Industrials	Held	49,983	0	$11,500,088	−2.6%	1.03%
RIO	Rio Tinto PLC Basic Materials	Reduced	192,969	-1,935	$11,255,881	−3.9%	1.01%
AMT	American Tower Corp /Ma/ Real Estate	Reduced	49,967	-550	$11,043,706	+0.5%	0.99%
SCHW	Schwab Charles Corp Financial Services	Reduced	117,018	-1,500	$10,676,722	+15.1%	0.96%
UBER	Uber Technologies, Inc Technology	Reduced	110,550	-2,975	$10,314,315	+24.7%	0.92%
WMT	Walmart Inc. Consumer Defensive	Held	101,722	0	$9,946,377	+11.4%	0.89%
SNOW	Snowflake Inc. Technology	Reduced	43,450	-37,800	$9,722,806	−18.1%	0.87%
BA	Boeing Co Industrials	Added	45,007	+4,300	$9,430,316	+35.8%	0.84%
DLR	Digital Realty Trust, Inc. Real Estate	Reduced	53,740	-550	$9,368,494	+20.4%	0.84%
CRM	Salesforce, Inc. Technology	Added	33,614	+100	$9,166,201	+1.9%	0.82%
JNJ	Johnson & Johnson Healthcare	Reduced	58,125	-200	$8,878,593	−8.2%	0.80%
CVX	Chevron Corp Energy	Held	55,996	0	$8,018,067	−14.4%	0.72%
DIS	Walt Disney Co Communication Services	Reduced	58,090	-250	$7,203,740	+25.1%	0.65%
AXP	American Express Co Financial Services	Held	22,060	0	$7,036,698	+18.6%	0.63%
VRT	Vertiv Holdings Co Industrials	Added	51,435	+3,535	$6,604,768	+91.0%	0.59%
STZ	Constellation Brands, Inc. Consumer Defensive	Reduced	39,589	-1,400	$6,440,338	−14.4%	0.58%
QQQ	Invesco Qqq Trust, Series 1	Added	11,346	+82	$6,258,907	+18.5%	0.56%
GOOGL	Alphabet Inc. Communication Services	Reduced	33,549	-21,475	$5,912,340	−30.5%	0.53%
COST	Costco Wholesale Corp /New Consumer Defensive	Held	5,408	0	$5,353,595	+4.7%	0.48%
SHOP	Shopify Inc. Technology	Reduced	45,955	-450	$5,300,909	+19.6%	0.47%
MO	Altria Group, Inc. Consumer Defensive	Reduced	89,286	-3,500	$5,234,838	−6.0%	0.47%
BMY	Bristol Myers Squibb Co Healthcare	Reduced	107,610	-750	$4,981,266	−24.6%	0.45%
PEP	Pepsico Inc Consumer Defensive	Added	37,350	+150	$4,931,694	−11.6%	0.44%
CMCSA	Comcast Corp Communication Services	Held	133,400	0	$4,462,083	−3.3%	0.40%
BSX	Boston Scientific Corp Healthcare	Reduced	38,250	-350	$4,108,432	+5.5%	0.37%
SPG	Simon Property Group Inc. Real Estate	Reduced	20,798	-1,245	$3,343,486	−8.7%	0.30%