Institutional Manager · CIK 0002046751

Generali Asset Management SPA SGR

TRIESTE, L6 · File #028-24866

Latest AUM

$4.89B

Positions

483

Top-10 Concentration

53.3%

Filings

Portfolio Value Over Time

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	TOTALENERGIES SE	TTE	+1,300,900	+$72.3M	$0
ADD	NETFLIX INC	NFLX	+174,295	+$16.3M	-$21.6M
ADD	ALCON AG	ALC	+205,710	+$13.0M	+$154,918
ADD	SERVICENOW INC	NOW	+83,490	+$12.8M	-$14.1M
REDUCE	META PLATFORMS INC	META	-19,194	-$12.7M	-$6.0M
ADD	FERRARI N V	RACE	+30,699	+$9.8M	-$5.2M
REDUCE	MICRON TECHNOLOGY INC	MU	-27,209	-$7.8M	+$8.7M
ADD	ALPHABET INC	GOOG	+23,116	+$7.3M	+$28.9M
ADD	MICROSOFT CORP	MSFT	+14,856	+$7.2M	-$20.7M
ADD	APPLIED MATLS INC	038222105	+25,152	+$6.5M	+$2.6M

Sector Allocation

Technology

27.2%$1.33B

Financials

13.4%$654.5M

Consumer Discretionary

8.1%$397.1M

6.5%$319.3M

4.2%$204.9M

3.3%$162.7M

3.2%$158.2M

Communication Services

3.0%$146.0M

Consumer Staples

2.1%$101.7M

Real Estate

0.6%$30.8M

Utilities

0.4%$21.7M

Filing History

Feb 3, 202613F HOLDINGS REPORTQ/E Dec 2025483 pos · $4.89B
Oct 21, 202513F HOLDINGS REPORTQ/E Sep 2025499 pos · $4.68B
Jul 28, 202513F HOLDINGS REPORTQ/E Jun 2025498 pos · $4.39B
May 29, 202513F HOLDINGS REPORT (Amended)Q/E Mar 2025479 pos · $3.91B
May 15, 202513F HOLDINGS REPORTQ/E Mar 2025494 pos · $4.06B
Feb 10, 202513F HOLDINGS REPORTQ/E Dec 2024479 pos · $3.91B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NVIDIA CORPORATION	NVDA	2,106,216	$392.8M	12.88%
2	MICROSOFT CORP	MSFT	618,233	$299.0M	9.80%
3	APPLE INC	AAPL	609,182	$165.6M	5.43%
4	ALPHABET INC	GOOG	504,479	$157.9M	5.18%
5	ALPHABET INC	GOOG	435,030	$136.5M	4.48%
6	TESLA INC	TSLA	236,885	$106.5M	3.49%
7	ARES CAPITAL CORP	ARCC	5,052,119	$102.2M	3.35%
8	UBS GROUP AG	UBS	2,480,242	$91.7M	3.01%
9	BROADCOM INC	AVGO	254,804	$88.2M	2.89%
10	AMAZON COM INC	AMZN	365,279	$84.3M	2.76%
11	NEWMONT CORP	NEMCL	764,758	$76.4M	2.50%
12	TOTALENERGIES SE	TTE	1,300,900	$72.3M	2.37%
13	ELI LILLY & CO	LLY	66,708	$71.7M	2.35%
14	AGNICO EAGLE MINES LTD	AEM	333,174	$65.1M	2.13%
15	BLUE OWL CAPITAL CORPORATION	OWL	4,377,807	$54.4M	1.78%
16	BLACKSTONE SECD LENDING FD	BX	2,044,480	$53.8M	1.77%
17	JPMORGAN CHASE & CO.	VYLD	164,980	$53.2M	1.74%
18	VISA INC	V	149,928	$52.6M	1.72%
19	MASTERCARD INCORPORATED	MA	77,610	$44.3M	1.45%
20	STELLANTIS N.V	STLA	4,675,319	$44.2M	1.45%