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Livermore
Livermore
ZHEN

Grassi Investment Management

SEC CIK
0001608531
Latest filing
Jul 21, 2025

The latest 13F from Grassi Investment Management covers Q2 2025 (filed Jul 21, 2025): 128 long positions worth $1.26B. The top 10 holdings make up 56.7% of the portfolio, and the largest is NVIDIA Corp (NVDA) at 20.8%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2025

Share counts compared with Q1 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
7
Est. +$2.57M
Added
23
Est. +$3.85M
Reduced
61
Est. −$22.9M
Sold out
1
Est. −$236.0K

Top 5 holdings

Share of this quarter's portfolio value

  1. NVDANVIDIA Corp
    20.8%$261.2MHistory
  2. MSFTMicrosoft Corp
    6.3%$79.4MHistory
  3. AVGOBroadcom Inc.
    5.8%$73.2MHistory
  4. AAPLApple Inc.
    5.4%$67.7MHistory
  5. LLYEli Lilly & Co
    5.0%$62.3MHistory

Share of portfolio

Top 5 holdings and the other 123 positions, by share of portfolio value

  1. NVDA20.8%
  2. MSFT6.3%
  3. AVGO5.8%
  4. AAPL5.4%
  5. LLY5.0%
  6. Other 123 positions56.7%

Biggest buys

New and added positions, by estimated amount bought

  1. STWDStarwood Property Trust, Inc.
    +$1.20MAddedHistory
  2. Western Gas Partners LP Com Unit LP IN958254104
    +$1.16MNew
  3. BABoeing Co
    +$900.9KAddedHistory
  4. VRTVertiv Holdings Co
    +$453.9KAddedHistory
  5. Dell Inc24702R101
    +$372.7KAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. VRTVertiv Holdings Co
    +0.21 pp0.3% → 0.5%History
  2. BABoeing Co
    +0.11 pp0.6% → 0.8%History
  3. Western Gas Partners LP Com Unit LP IN958254104
    +0.09 pp0.0% → 0.1%
  4. STWDStarwood Property Trust, Inc.
    +0.09 pp0.1% → 0.2%History
  5. VSTVistra Corp.
    +0.08 pp0.1% → 0.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SNOWSnowflake Inc.
    −$8.46MReducedHistory
  2. GOOGLAlphabet Inc.
    −$3.78MReducedHistory
  3. AVGOBroadcom Inc.
    −$2.24MReducedHistory
  4. NVDANVIDIA Corp
    −$1.15MReducedHistory
  5. MSFTMicrosoft Corp
    −$919.7KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. AAPLApple Inc.
    −1.42 pp6.8% → 5.4%History
  2. ABBVAbbVie Inc.
    −0.47 pp1.9% → 1.4%History
  3. VVisa Inc.
    −0.42 pp3.2% → 2.8%History
  4. SNOWSnowflake Inc.
    −0.33 pp1.1% → 0.8%History
  5. GOOGLAlphabet Inc.
    −0.32 pp0.8% → 0.5%History

Metrics

13F metrics for Q2 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.26B
+$176.0M (+16.3%) vs. prior quarter
Positions
128
+6 vs. prior quarter
Top 10 concentration
56.7%
Top 10 as share of value
Turnover
0.5%
Q2 2025, one quarter
Average holding period
17.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

18 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.26B (Q2 2025)

Q1 2021: $881.9MQ2 2021: $920.8MQ3 2021: $888.9MQ4 2021: $991.4MQ1 2022: $948.2MQ2 2022: $751.5MQ3 2022: $680.9MQ4 2022: $739.1MQ1 2023: $805.9MQ2 2023: $908.8MQ3 2023: $869.3MQ4 2023: $953.7MQ1 2024: $1.11BQ2 2024: $1.13BQ3 2024: $1.16BQ4 2024: $1.17BQ1 2025: $1.08BQ2 2025: $1.26B
Q1 2021Q2 2025
13F filings of Grassi Investment Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2025Jul 21, 2025128$1.26BNVDAMSFTAVGOvs. Q1 2025SEC
Q1 2025Apr 10, 2025122$1.08BNVDAAAPLLLYvs. Q4 2024SEC
Q4 2024Jan 21, 2025Amended130$1.17BNVDAAAPLMSFTvs. Q3 2024SEC
Q3 2024Oct 22, 2024128$1.16BNVDAAAPLMSFTvs. Q2 2024SEC
Q2 2024Jul 9, 2024130$1.13BNVDAMSFTLLYvs. Q1 2024SEC
Q1 2024Apr 10, 2024125$1.11BNVDAMSFTLLYvs. Q4 2023SEC
Q4 2023Jan 10, 2024122$953.7MNVDAAAPLMSFTvs. Q3 2023SEC
Q3 2023Oct 11, 2023123$869.3MNVDAAAPLMSFTvs. Q2 2023SEC
Q2 2023Jul 11, 2023125$908.8MNVDAAAPLMSFTvs. Q1 2023SEC
Q1 2023Apr 11, 2023126$805.9MNVDAAAPLMSFTvs. Q4 2022SEC
Q4 2022Jan 10, 2023119$739.1MAAPLNVDAMSFTvs. Q3 2022SEC
Q3 2022Oct 12, 2022121$680.9MAAPLMSFTNVDAvs. Q2 2022SEC
Q2 2022Jul 12, 2022125$751.5MAAPLNVDAMSFTvs. Q1 2022SEC
Q1 2022Apr 12, 2022136$948.2MNVDAAAPLMSFTvs. Q4 2021SEC
Q4 2021Jan 13, 2022146$991.4MNVDAAAPLMSFTvs. Q3 2021SEC
Q3 2021Oct 12, 2021142$888.9MNVDAAAPLMSFTvs. Q2 2021SEC
Q2 2021Jul 9, 2021143$920.8MQUOTNVDAAAPLvs. Q1 2021SEC
Q1 2021Apr 12, 2021143$881.9MQUOTAAPLMSFT–SEC