Generali Asset Management SPA SGR

Generali Asset Management entered 2026 with a $4.89 billion book dominated by U.S. mega-cap technology and precious-metals miners. By the end of March, the portfolio had shrank to $4.79 billion and the sector weights looked deliberately different. The single most striking data point is the $140 million opening position in AstraZeneca — a new name, in a sector that was previously absent from the top 20, and large enough to make it the fund’s fifth-biggest holding immediately.

That healthcare bet was paired with two other large, non-tech additions. The SPDR Midcap 400 ETF (MDY) entered at $98 million, giving Generali a mid-cap beta sleeve alongside its existing S&P 500 core. Coca-Cola and Verizon opened at $21 million each — classic dividend-paying consumer-defensive and communication-services names that anchor the book’s income floor. Applied Materials also appeared at $24.5 million, adding industrial-semiconductor exposure without the concentration risk of the Nvidia and Broadcom names already held.