Grassi Investment Management

CIK

1608531

Location

SANTA CLARA, CA

Portfolio Value

Micro $23,131,947

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

3 positions · $23,131,947 total · Basic Materials only · as of Jun 30, 2025

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
VMC	Vulcan Materials CO Basic Materials	Reduced	44,752	-200	$11,672,216	+11.3%	50.46%
RIO	Rio Tinto PLC Basic Materials	Reduced	192,969	-1,935	$11,255,881	−3.9%	48.66%
ESI	Element Solutions Inc Basic Materials	NEW	9,000	NEW	$203,850	NEW	0.88%