Generali Investments, Management Co LLC

Generali Investments' 164-stock, growth-tilted book grew 7.1% to $460.3 million this quarter, and the top of the portfolio got even more concentrated: Nvidia, Alphabet, Amazon, Microsoft, Apple, and Meta — six of the 'Magnificent Seven' — together account for 40.4% of assets, up from 37.4% last quarter, after Generali added to Nvidia (+11%, $9.2 million), Broadcom (+22%, $5.8 million), and Meta (+24%, $4.2 million). The one Magnificent Seven name moving the other direction is Tesla, trimmed 23% in shares ($2.5 million) — a selective distinction inside the mega-cap cohort rather than a blanket 'buy more tech' move. Energy exposure went the other way entirely: Generali sold its full Exxon Mobil stake ($8.6 million) and cut Chevron 16% ($2.5 million), exiting both major US oil companies from the book in the same quarter. Underneath the mega-cap headline, two financials — JPMorgan Chase and Bank of America — saw their share counts jump 77% and 74% respectively, alongside a 91% increase in Emerson Electric, the largest percentage moves anywhere in the filing.