# Generali Asset Management SPA SGR

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2046751. Source: https://holderbook.com/funds/2046751-generali-asset-management-spa-sgr/

- Reported value: $5.5B
- Positions: 526
- Weight of the ten largest: 30.9%
- Filed: 2026-07-30

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/) | $415.3M | 2,075,742 | 7.5% | 7 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $227.7M | 610,529 | 4.1% | 7 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $180.1M | 504,039 | 3.3% | 7 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $165.4M | 571,445 | 3.0% | 7 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $150.7M | 426,403 | 2.7% | 7 |
| ARES CAPITAL CORP | [ARCC](https://holderbook.com/stocks/ARCC/) | $139.9M | 7,547,995 | 2.5% | 7 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $115.9M | 164,778 | 2.1% | 2 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $113.5M | 804,933 | 2.1% | 2 |
| UBS GROUP AG | [UBS](https://holderbook.com/stocks/UBS/) | $99.8M | 2,491,590 | 1.8% | 7 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $98.9M | 235,225 | 1.8% | 7 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $94.3M | 249,767 | 1.7% | 7 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $86.3M | 1,268,689 | 1.6% | 3 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $82.0M | 344,060 | 1.5% | 7 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $81.5M | 140,264 | 1.5% | 7 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $76.5M | 63,771 | 1.4% | 7 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $67.5M | 58,484 | 1.2% | 7 |
| BLACKSTONE SECD LENDING FD | [BXSL](https://holderbook.com/stocks/BXSL/) | $61.7M | 2,602,594 | 1.1% | 7 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $61.7M | 660,068 | 1.1% | 7 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $55.5M | 294,453 | 1.0% | 7 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $54.2M | 74,898 | 1.0% | 7 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $53.5M | 163,433 | 1.0% | 7 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $53.0M | 49,801 | 1.0% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $50.5M | 147,084 | 0.9% | 7 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $50.1M | 115,587 | 0.9% | 7 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $48.6M | 348,006 | 0.9% | 7 |
| BLUE OWL CAPITAL CORPORATION | [OBDC](https://holderbook.com/stocks/OBDC/) | $47.3M | 4,351,794 | 0.9% | 7 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $42.4M | 82,628 | 0.8% | 7 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $40.5M | 318,250 | 0.7% | 7 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $40.3M | 41,795 | 0.7% | 7 |
| ISHARES INC | [EWJ](https://holderbook.com/stocks/EWJ/) | $39.9M | 427,383 | 0.7% | 1 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $39.0M | 303,564 | 0.7% | 7 |
| FERRARI N V | [RACE](https://holderbook.com/stocks/RACE/) | $38.6M | 118,882 | 0.7% | 7 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $35.9M | 96,015 | 0.6% | 7 |
| GOLUB CAP BDC INC | [GBDC](https://holderbook.com/stocks/GBDC/) | $33.9M | 2,630,739 | 0.6% | 6 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $33.4M | 193,779 | 0.6% | 7 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $33.1M | 69,388 | 0.6% | 6 |
| GOLDMAN SACHS BDC INC | [GSBD](https://holderbook.com/stocks/GSBD/) | $31.2M | 3,294,022 | 0.6% | 7 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $30.9M | 59,450 | 0.6% | 7 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $30.6M | 146,152 | 0.6% | 7 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $30.4M | 101,900 | 0.5% | 7 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $30.3M | 85,794 | 0.5% | 7 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $29.9M | 66,139 | 0.5% | 7 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $29.4M | 52,237 | 0.5% | 7 |
| VANECK ETF TRUST | [BIZD](https://holderbook.com/stocks/BIZD/) | $27.9M | 2,200,000 | 0.5% | 4 |
| MORGAN STANLEY DIRECT LENDIN | [MSDL](https://holderbook.com/stocks/MSDL/) | $27.7M | 1,829,964 | 0.5% | 6 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $27.3M | 27,034 | 0.5% | 7 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $26.9M | 183,125 | 0.5% | 7 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $26.8M | 107,097 | 0.5% | 7 |
| FS KKR CAP CORP | [FSK](https://holderbook.com/stocks/FSK/) | $26.6M | 2,529,225 | 0.5% | 7 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $25.4M | 445,856 | 0.5% | 7 |
| ALCON AG | [ALC](https://holderbook.com/stocks/ALC/) | $25.2M | 462,421 | 0.5% | 7 |
| OAKTREE SPECIALTY LENDING | [OCSL](https://holderbook.com/stocks/OCSL/) | $24.8M | 2,080,867 | 0.4% | 7 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $24.8M | 177,504 | 0.4% | 7 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $24.7M | 49,447 | 0.4% | 7 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $23.6M | 191,504 | 0.4% | 7 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $23.3M | 68,828 | 0.4% | 7 |
| STELLANTIS N.V | [STLA](https://holderbook.com/stocks/STLA/) | $23.0M | 4,632,068 | 0.4% | 7 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $23.0M | 282,947 | 0.4% | 7 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $21.7M | 77,193 | 0.4% | 7 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $20.6M | 81,938 | 0.4% | 7 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $20.2M | 178,280 | 0.4% | 7 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $19.9M | 58,450 | 0.4% | 7 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $19.9M | 169,176 | 0.4% | 7 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $19.6M | 30,610 | 0.4% | 5 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $19.4M | 64,399 | 0.4% | 7 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $19.4M | 20,691 | 0.3% | 7 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $19.2M | 127,020 | 0.3% | 7 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $19.0M | 16,169 | 0.3% | 7 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $18.3M | 189,652 | 0.3% | 7 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $18.2M | 61,000 | 0.3% | 7 |
| HOWMET AEROSPACE INC | [HWM](https://holderbook.com/stocks/HWM/) | $18.2M | 67,580 | 0.3% | 7 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $17.7M | 18,431 | 0.3% | 7 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $17.7M | 48,754 | 0.3% | 7 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $17.4M | 59,265 | 0.3% | 7 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $17.0M | 401,357 | 0.3% | 7 |
| COINBASE GLOBAL INC | [COIN](https://holderbook.com/stocks/COIN/) | $16.8M | 114,829 | 0.3% | 7 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $16.7M | 43,226 | 0.3% | 7 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $16.3M | 120,739 | 0.3% | 7 |
| TRANE TECHNOLOGIES PLC | [TT](https://holderbook.com/stocks/TT/) | $16.3M | 33,270 | 0.3% | 7 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $15.9M | 58,607 | 0.3% | 7 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $15.8M | 37,025 | 0.3% | 7 |
| HUMANA INC | [HUM](https://holderbook.com/stocks/HUM/) | $15.1M | 38,109 | 0.3% | 7 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $14.7M | 254,617 | 0.3% | 7 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $14.6M | 89,676 | 0.3% | 7 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $14.4M | 140,103 | 0.3% | 7 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $14.4M | 201,463 | 0.3% | 7 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $14.3M | 65,259 | 0.3% | 7 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $13.4M | 21,177 | 0.2% | 7 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $13.2M | 84,016 | 0.2% | 7 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $13.1M | 39,623 | 0.2% | 7 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $12.9M | 72,102 | 0.2% | 7 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $12.6M | 31,019 | 0.2% | 7 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $12.5M | 70,882 | 0.2% | 7 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $12.3M | 23,928 | 0.2% | 6 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $12.2M | 64,292 | 0.2% | 7 |
| STRATEGY INC | [MSTR](https://holderbook.com/stocks/MSTR/) | $11.9M | 136,945 | 0.2% | 7 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $11.5M | 154,365 | 0.2% | 7 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $11.4M | 51,537 | 0.2% | 7 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $11.4M | 83,025 | 0.2% | 7 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $11.1M | 450,113 | 0.2% | 7 |

## 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 2026 | +11.8% | +14.8% | -3.0% | 101% |
| Q1 2026 | -5.7% | -4.6% | -1.1% | 100% |
| Q4 2025 | +2.3% | +2.4% | -0.0% | 100% |
| Q3 2025 | +6.5% | +7.8% | -1.3% | 100% |
| Q2 2025 | +11.3% | +10.5% | +0.9% | 99% |
| Q1 2025 | -4.3% | -4.6% | +0.3% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $5.5B | 526 |
| Q1 2026 | $4.8B | 484 |
| Q4 2025 | $4.9B | 483 |
| Q3 2025 | $4.7B | 499 |
| Q2 2025 | $4.4B | 498 |
| Q1 2025 | $4.1B | 494 |
| Q4 2024 | $3.9B | 479 |