# Grassi Investment Management

> Institutional holdings reported to the SEC as of Q2 2025 on Form 13F. CIK 1608531. Source: https://holderbook.com/funds/1608531-grassi-investment-management/

- Reported value: $1.3B
- Positions: 128
- Weight of the ten largest: 56.7%
- Filed: 2025-07-21

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $261.2M | 1,653,100 | 20.8% | 27 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $79.4M | 159,643 | 6.3% | 27 |
| BROADCOM LTD | - | $73.2M | 265,630 | 5.8% | 26 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $67.7M | 330,171 | 5.4% | 27 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $62.3M | 79,927 | 5.0% | 27 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $50.1M | 273,851 | 4.0% | 27 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $35.1M | 98,967 | 2.8% | 27 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $30.3M | 104,353 | 2.4% | 27 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $26.9M | 256,075 | 2.1% | 27 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $26.0M | 66,904 | 2.1% | 27 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $20.9M | 95,645 | 1.7% | 27 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $20.3M | 142,895 | 1.6% | 26 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $20.0M | 423,000 | 1.6% | 27 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $17.8M | 96,025 | 1.4% | 27 |
| BLACKSTONE GROUP L P | [BXXXXX](https://holderbook.com/stocks/BXXXXX/) | $17.0M | 113,750 | 1.4% | 27 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $16.9M | 57,468 | 1.3% | 27 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $16.9M | 120,050 | 1.3% | 27 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $16.6M | 104,400 | 1.3% | 27 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $16.5M | 121,433 | 1.3% | 27 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $15.5M | 70,560 | 1.2% | 27 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $14.9M | 185,369 | 1.2% | 27 |
| MARRIOTT INTL INC NEW | [MAR](https://holderbook.com/stocks/MAR/) | $13.7M | 50,000 | 1.1% | 27 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $13.4M | 57,648 | 1.1% | 27 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $13.3M | 36,330 | 1.1% | 27 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $11.9M | 25,737 | 0.9% | 27 |
| VULCAN MATLS CO | [VMC](https://holderbook.com/stocks/VMC/) | $11.7M | 44,752 | 0.9% | 24 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $11.5M | 49,983 | 0.9% | 27 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $11.3M | 192,969 | 0.9% | 27 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $11.0M | 49,967 | 0.9% | 27 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $10.9M | 10,555 | 0.9% | 27 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $10.7M | 117,018 | 0.8% | 11 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $10.3M | 110,550 | 0.8% | 22 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $9.9M | 101,722 | 0.8% | 27 |
| SNOWFLAKE INC | [SNOW](https://holderbook.com/stocks/SNOW/) | $9.7M | 43,450 | 0.8% | 8 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $9.4M | 45,007 | 0.8% | 27 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $9.4M | 53,740 | 0.7% | 27 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $9.2M | 33,614 | 0.7% | 27 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $8.9M | 58,125 | 0.7% | 27 |
| Merck & Co Inc | - | $8.3M | 104,417 | 0.7% | 27 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $8.0M | 55,996 | 0.6% | 27 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $7.3M | 28,703 | 0.6% | 21 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $7.2M | 58,090 | 0.6% | 27 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $7.0M | 22,060 | 0.6% | 27 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $6.6M | 51,435 | 0.5% | 3 |
| CONSTELLATION BRANDS INC | [STZ](https://holderbook.com/stocks/STZ/) | $6.4M | 39,589 | 0.5% | 26 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $6.3M | 11,346 | 0.5% | 21 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $5.9M | 33,549 | 0.5% | 27 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $5.4M | 5,408 | 0.4% | 27 |
| DELL INC | - | $5.3M | 43,515 | 0.4% | 5 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $5.3M | 45,955 | 0.4% | 9 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $5.2M | 89,286 | 0.4% | 27 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $5.0M | 107,610 | 0.4% | 27 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $4.9M | 37,350 | 0.4% | 27 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $4.8M | 133,400 | 0.4% | 27 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $4.1M | 38,250 | 0.3% | 6 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $3.3M | 20,798 | 0.3% | 17 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $3.3M | 22,394 | 0.3% | 21 |
| WORKDAY INC | [WDAY](https://holderbook.com/stocks/WDAY/) | $3.2M | 13,160 | 0.3% | 20 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $3.1M | 10,650 | 0.2% | 15 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $2.8M | 14,220 | 0.2% | 3 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $2.4M | 17,713 | 0.2% | 21 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $2.3M | 29,375 | 0.2% | 2 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $2.2M | 20,800 | 0.2% | 27 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $2.0M | 13,100 | 0.2% | 27 |
| STARWOOD PPTY TR INC | [STWD](https://holderbook.com/stocks/STWD/) | $1.9M | 95,700 | 0.2% | 27 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $1.7M | 8,375 | 0.1% | 5 |
| ROYAL CARIBBEAN GROUP | [RCL](https://holderbook.com/stocks/RCL/) | $1.4M | 4,575 | 0.1% | 24 |
| ALLIANCE RESOURCE PARTNERS L | [ARLP](https://holderbook.com/stocks/ARLP/) | $1.4M | 52,000 | 0.1% | 8 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $1.3M | 6,132 | 0.1% | 7 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $1.2M | 3,875 | 0.1% | 20 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $1.2M | 6,900 | 0.1% | 27 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $1.2M | 5,580 | 0.1% | 21 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.2M | 1,590 | 0.1% | 27 |
| WESTERN GAS PARTNERS LP | [WES](https://holderbook.com/stocks/WES/) | $1.2M | 30,000 | 0.1% | 1 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $1.1M | 34,900 | 0.1% | 27 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $1.1M | 7,390 | 0.1% | 21 |
| GLOBAL X FDS | [AIQ](https://holderbook.com/stocks/AIQ/) | $1.0M | 23,683 | 0.1% | 5 |
| CROWN CASTLE INC | [CCI](https://holderbook.com/stocks/CCI/) | $851.0K | 8,282 | 0.1% | 27 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $837.0K | 34,531 | 0.1% | 27 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $726.0K | 2,600 | 0.1% | 6 |
| CAMDEN PPTY TR | [CPT](https://holderbook.com/stocks/CPT/) | $722.0K | 6,409 | 0.1% | 27 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $720.0K | 6,000 | 0.1% | 27 |
| AVALONBAY CMNTYS INC | [AVB](https://holderbook.com/stocks/AVB/) | $689.0K | 3,385 | 0.1% | 27 |
| SELECT SECTOR SPDR TR | [XLB](https://holderbook.com/stocks/XLB/) | $662.0K | 7,538 | 0.1% | 21 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $661.0K | 2,000 | 0.1% | 27 |
| HEWLETT PACKARD CO | - | $626.0K | 25,600 | 0.0% | 27 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $602.0K | 5,551 | 0.0% | 10 |
| GAP INC | [GAP](https://holderbook.com/stocks/GAP/) | $580.0K | 26,600 | 0.0% | 27 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $552.0K | 12,747 | 0.0% | 27 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $549.0K | 1,078 | 0.0% | 3 |
| VANGUARD 500 INDEX ADMIRAL | - | $547.0K | 955 | 0.0% | 26 |
| AMPLIFY ETF TR | [HACK](https://holderbook.com/stocks/HACK/) | $526.0K | 6,085 | 0.0% | 6 |
| HEWLETT PACKARD ENTERPRISE C | [HPE](https://holderbook.com/stocks/HPE/) | $524.0K | 25,600 | 0.0% | 27 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $520.0K | 1,180 | 0.0% | 21 |
| VIRTUS ETF TR II | [JOET](https://holderbook.com/stocks/JOET/) | $485.0K | 11,855 | 0.0% | 19 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $473.0K | 1,517 | 0.0% | 13 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $448.0K | 8,550 | 0.0% | 18 |
| ISHARES TR | [DVY](https://holderbook.com/stocks/DVY/) | $421.0K | 3,167 | 0.0% | 21 |
| ISHARES TR | [IGM](https://holderbook.com/stocks/IGM/) | $410.0K | 3,650 | 0.0% | 21 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $408.0K | 5,000 | 0.0% | 8 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2025 | +17.9% | +10.5% | +7.4% | 100% |
| Q1 2025 | -8.2% | -4.6% | -3.6% | 100% |
| Q4 2024 | +2.5% | +2.1% | +0.3% | 100% |
| Q3 2024 | -0.6% | +5.4% | -6.0% | 100% |
| Q2 2024 | +9.2% | +4.0% | +5.2% | 100% |
| Q1 2024 | +19.4% | +10.0% | +9.3% | 100% |
| Q4 2023 | +14.4% | +11.2% | +3.2% | 100% |
| Q3 2023 | -2.7% | -3.6% | +0.9% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2025 | $1.3B | 128 |
| Q1 2025 | $1.1B | 122 |
| Q4 2024 | $1.2B | 130 |
| Q3 2024 | $1.2B | 128 |
| Q2 2024 | $1.1B | 130 |
| Q1 2024 | $1.1B | 125 |
| Q4 2023 | $953.7M | 122 |
| Q3 2023 | $869.5M | 123 |
| Q2 2023 | $909.0M | 125 |
| Q1 2023 | $806.1M | 126 |
| Q4 2022 | $741.2M | 119 |
| Q3 2022 | $686.2M | 121 |