APG Asset Management N.V.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), APG Asset Management N.V. reported 548 stock positions worth $32.2 billion. Its top holding was Apple (AAPL) at 6.6% of the portfolio, followed by Microsoft (MSFT, 6.4%) and Nvidia (NVDA, 5.9%). Compared with Q4 2024, it opened 3 new positions, sold out of 3, added to 115 and reduced 418. The biggest buy was Arthur J Gallagher (AJG, shares +92%) and the biggest sale WD-40 (WDFC, shares −71%).
- Most Recent 13F
- Q2 2026
- Location
- Amsterdam, P7
- CIK
- 0001434819
- Portfolio Value
- $32.2B (Q1 2025)
- SEC Filing
- 0001434819-25-000007 ↗ filed May 14, 2025
Holdings Value
Holdings 548 stocks · $32.2B
| AAPL Apple Inc. | 6.56% | 10,283,896 | $2.1B | Add +2.3% |
| MSFT Microsoft Corp. | 6.39% | 5,928,439 | $2.1B | Add +2.0% |
| NVDA Nvidia Corp. | 5.89% | 18,925,306 | $1.9B | Add +2.8% |
| AMZN Amazon.com Inc. | 4.09% | 7,492,532 | $1.3B | Add +3.1% |
| AVGO Broadcom Inc. | 2.19% | 4,555,075 | $706.0M | Add +4.0% |
| LLY Eli Lilly & Co. | 1.98% | 834,740 | $638.2M | Add +1.9% |
| JPM JPMorgan Chase & Co. | 1.95% | 2,772,680 | $629.6M | Add +1.7% |
| V Visa Inc. Class A | 1.69% | 1,677,491 | $544.2M | Add +3.4% |
| ROL Rollins Inc. | 1.30% | 8,392,396 | $419.8M | Reduce -21.3% |
| TYL Tyler Technologies Inc. | 1.28% | 768,379 | $413.6M | Reduce -2.4% |
| MA Mastercard Inc. Class A | 1.27% | 809,997 | $411.0M | Add +0.8% |
| UNH Unitedhealth Group Inc. | 1.27% | 845,002 | $409.7M | Reduce -4.7% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 1.19% | 2,272,024 | $384.1M | Reduce -0.6% |
| BR Broadridge Financial Solutio | 1.13% | 1,626,390 | $365.1M | Reduce -2.7% |
| HD Home Depot Inc. | 1.09% | 1,039,994 | $352.8M | Add +0.8% |
| ABBV Abbvie Inc. | 1.09% | 1,807,219 | $350.5M | Add +2.2% |
| COST Costco Wholesale Corp. | 1.08% | 396,217 | $346.9M | Add +5.2% |
| PG The Procter & Gamble Co. | 1.03% | 2,096,496 | $330.8M | Add +4.5% |
| FERG Ferguson Enterprises Inc. | 1.02% | 2,224,523 | $330.0M | Reduce -1.1% |
| STE Steris PLC | 1.02% | 1,571,006 | $329.6M | Reduce -2.9% |
| WST West Pharmaceutical Services | 1.00% | 1,562,139 | $323.8M | Add +8.7% |
| WMT Walmart Inc. | 0.99% | 3,911,803 | $317.9M | Add +5.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.82% | 6,852,528 | $264.7M | Add +1.4% |
| MSA Msa Safety Inc. | 0.77% | 1,826,119 | $248.0M | Reduce -0.8% |
| TRU Transunion | 0.74% | 3,098,299 | $238.0M | Reduce -0.7% |
| CRM Salesforce Inc. | 0.72% | 930,732 | $231.2M | Add +2.0% |
| MRK Merck & Co. Inc. | 0.69% | 2,685,193 | $223.1M | Add +1.1% |
| ZBRA Zebra Technologies Corp. Class A | 0.68% | 840,382 | $219.8M | Reduce -3.0% |
| PEP Pepsico Inc. | 0.67% | 1,566,679 | $217.5M | Add +0.5% |
| VZ Verizon Communications Inc. | 0.67% | 5,170,516 | $217.1M | Reduce -0.3% |
| ORCL Oracle Corp. | 0.67% | 1,663,606 | $215.3M | Reduce -9.4% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.66% | 667,854 | $213.5M | Add +91.9% |
| ISRG Intuitive Surgical Inc. | 0.66% | 461,189 | $211.5M | Add +35.6% |
| CDNS Cadence Design SYS Inc. | 0.64% | 870,649 | $205.0M | Add +43.3% |
| MCD McDonald's Corp. | 0.61% | 682,226 | $197.3M | Add +6.3% |
| BCPC Balchem Corp. | 0.55% | 1,155,742 | $177.6M | Reduce -40.6% |
| TMO Thermo Fisher Scientific Inc. | 0.55% | 382,196 | $176.1M | Add +3.8% |
| ABT Abbott Laboratories | 0.52% | 1,377,973 | $169.2M | Reduce -11.2% |
| INTU Intuit Inc. | 0.52% | 294,429 | $167.4M | Add +2.5% |
| GS Goldman Sachs Group Inc. | 0.50% | 321,187 | $162.4M | Add +4.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.50% | 1,758,280 | $160.7M | Add +6.2% |
| SYK Stryker Corp. | 0.49% | 459,934 | $158.5M | Add +24.2% |
| NOW ServiceNow Inc. | 0.48% | 210,478 | $155.1M | Add +4.7% |
| RY Royal Bank of Canada | 0.48% | 1,475,136 | $153.8M | Add +3.4% |
| AMD Advanced Micro Devices | 0.47% | 1,604,532 | $152.6M | Add +3.8% |
| ACN Accenture PLC Class A | 0.46% | 509,819 | $147.3M | Reduce -8.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.45% | 326,728 | $146.6M | Reduce -9.1% |
| SPGI S&P Global Inc. | 0.45% | 308,115 | $144.9M | Add +6.1% |
| CAT Caterpillar Inc. | 0.44% | 468,160 | $142.9M | Add +6.3% |
| CSCO Cisco Systems Inc. | 0.43% | 2,446,622 | $139.8M | Reduce -6.2% |
| CMCSA Comcast Corp. Class A | 0.42% | 3,943,064 | $134.7M | Add +4.0% |
| DHR Danaher Corp. | 0.41% | 704,616 | $133.7M | Add +4.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.40% | 1,152,092 | $129.9M | Reduce -8.5% |
| GE General Electric filed as GE AEROSPACE | 0.39% | 681,950 | $126.4M | Reduce -25.4% |
| AMGN Amgen Inc. | 0.39% | 433,793 | $125.1M | Reduce -34.1% |
| PGR Progressive Corp. | 0.38% | 470,369 | $123.2M | Reduce -6.3% |
| T AT&T Inc. | 0.38% | 4,691,679 | $122.8M | Reduce -3.3% |
| AMAT Applied Materials Inc. | 0.37% | 894,796 | $120.2M | Add +8.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.37% | 513,800 | $118.3M | Add +0.5% |
| TMUS T-Mobile US Inc. | 0.35% | 458,270 | $113.2M | Reduce -11.3% |
| ETN Eaton Corp. PLC | 0.33% | 428,813 | $107.9M | Add +3.9% |
| GILD Gilead Sciences Inc. | 0.33% | 1,033,252 | $107.2M | Reduce -16.0% |
| CL Colgate-Palmolive Co. | 0.33% | 1,234,714 | $107.1M | Reduce -9.5% |
| TXN Texas Instruments Inc. | 0.31% | 604,526 | $100.6M | Reduce -36.7% |
| ECL Ecolab Inc. | 0.30% | 418,491 | $98.2M | Add +68.2% |
| ADBE Adobe Inc. | 0.30% | 276,227 | $98.1M | Reduce -37.3% |
| WM Waste Management Inc. | 0.29% | 443,818 | $95.1M | Reduce -9.4% |
| QCOM Qualcomm Inc. | 0.29% | 651,820 | $92.7M | Reduce -4.0% |
| BSX Boston Scientific Corp. | 0.28% | 975,266 | $91.1M | Reduce -4.5% |
| ANET Arista Networks Inc. | 0.28% | 1,261,280 | $90.5M | Add +9.6% |
| MRSH Marsh & McLennan Cos | 0.28% | 393,736 | $88.9M | Reduce -5.1% |
| BLK BlackRock Inc. | 0.27% | 100,980 | $88.5M | Add +281.8% |
| UBER Uber Technologies Inc. | 0.27% | 1,298,141 | $87.6M | Reduce -10.7% |
| NEE Nextera Energy Inc. | 0.27% | 1,308,949 | $85.9M | Reduce -40.2% |
| BMY Bristol-Myers Squibb Co. | 0.27% | 1,515,412 | $85.6M | Reduce -5.8% |
| LOW Lowe's Cos Inc. | 0.26% | 393,780 | $85.0M | Reduce -6.6% |
| FISV Fiserv Inc. | 0.26% | 414,646 | $84.8M | Reduce -4.3% |
| AXP American Express Co. | 0.26% | 340,092 | $84.7M | Reduce -4.4% |
| APH Amphenol Corp. Class A | 0.26% | 1,386,403 | $84.2M | Reduce -12.4% |
| MCK McKesson Corp. | 0.26% | 132,644 | $82.6M | Reduce -9.0% |
| CB Chubb Ltd. | 0.25% | 292,115 | $81.7M | Reduce -5.7% |
| MS Morgan Stanley | 0.25% | 748,771 | $80.9M | Reduce -5.3% |
| PFE Pfizer Inc. | 0.25% | 3,421,871 | $80.3M | Reduce -39.1% |
| SCHW Schwab (charles) Corp. | 0.25% | 1,106,881 | $80.2M | Add +1.8% |
| ADP Automatic Data Processing | 0.25% | 281,692 | $79.7M | Reduce -5.6% |
| LPLA LPL Financial Holdings Inc. | 0.24% | 257,260 | $77.9M | Add +478.1% |
| ELV Elevance Health Inc. | 0.24% | 191,981 | $77.3M | Reduce -6.7% |
| UNP Union Pacific Corp. | 0.24% | 350,882 | $76.7M | Add +4.5% |
| DE Deere & Co. | 0.23% | 169,432 | $73.6M | Reduce -5.1% |
| WDFC WD-40 Co. | 0.23% | 324,004 | $73.2M | Reduce -70.6% |
| ROP Roper Technologies Inc. | 0.23% | 133,035 | $72.6M | Reduce -8.9% |
| AZO AutoZone Inc. | 0.22% | 19,765 | $69.8M | Reduce -8.7% |
| PANW Palo Alto Networks Inc. | 0.21% | 432,994 | $68.4M | Add +4.2% |
| C Citigroup Inc. | 0.21% | 1,039,200 | $68.3M | Reduce -1.2% |
| PLD Prologis Inc. | 0.21% | 654,196 | $67.7M | Reduce -5.8% |
| ICE Intercontinental Exchange Inc. | 0.20% | 410,360 | $65.5M | Reduce -6.4% |
| PDD PDD Holdings Inc. | 0.20% | 590,128 | $64.7M | Reduce -25.3% |
| KMB Kimberly-Clark Corp. | 0.20% | 487,214 | $64.1M | Reduce -11.3% |
| RSG Republic Services Inc. | 0.19% | 280,321 | $62.8M | Reduce -9.4% |
| CI The Cigna Group | 0.19% | 205,730 | $62.7M | Reduce -5.6% |
Portfolio Sells Q4 2024 → Q1 2025
| WDFC WD-40 Co. | Reduce -70.6% | 0.23% | −0.49 |
| BCPC Balchem Corp. | Reduce -40.6% | 0.55% | −0.30 |
| ADBE Adobe Inc. | Reduce -37.3% | 0.30% | −0.22 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -3.0% | 0.68% | −0.22 |
| ALLE Allegion PLC | Reduce -81.4% | 0.05% | −0.19 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -70.4% | 0.07% | −0.17 |
| TXN Texas Instruments Inc. | Reduce -36.7% | 0.31% | −0.17 |
| NEE Nextera Energy Inc. | Reduce -40.2% | 0.27% | −0.16 |
| ORCL Oracle Corp. | Reduce -9.4% | 0.67% | −0.16 |
| PFE Pfizer Inc. | Reduce -39.1% | 0.25% | −0.15 |
| CME Cme Group Inc. | Reduce -47.1% | 0.19% | −0.10 |
| AMGN Amgen Inc. | Reduce -34.1% | 0.39% | −0.07 |
| ACN Accenture PLC Class A | Reduce -8.1% | 0.46% | −0.07 |
| MRVL Marvell Technology Inc. | Reduce -2.9% | 0.09% | −0.07 |
| MSA Msa Safety Inc. | Reduce -0.8% | 0.77% | −0.05 |
| MTN Vail Resorts Inc. | Reduce -55.2% | 0.03% | −0.05 |
| MMYT Makemytrip Ltd. | Reduce -49.2% | 0.04% | −0.04 |
| TRU Transunion | Reduce -0.7% | 0.74% | −0.04 |
| APH Amphenol Corp. Class A | Reduce -12.4% | 0.26% | −0.03 |
| TGT Target Corp. | Reduce -10.2% | 0.10% | −0.03 |
| SNPS Synopsys Inc. | Reduce -9.8% | 0.17% | −0.03 |
| ROL Rollins Inc. | Reduce -21.3% | 1.30% | −0.03 |
| NTAP Netapp Inc. | Reduce -10.4% | 0.07% | −0.03 |
| FERG Ferguson Enterprises Inc. | Reduce -1.1% | 1.02% | −0.03 |
| CMG Chipotle Mexican Grill Inc. | Reduce -5.7% | 0.13% | −0.03 |
| BX Blackstone Inc. | Reduce -0.5% | 0.16% | −0.03 |
| XYZ Block Inc. | Reduce -1.8% | 0.05% | −0.02 |
| COIN Coinbase Global Inc. Class A | Reduce -3.3% | 0.06% | −0.02 |
| AXP American Express Co. | Reduce -4.4% | 0.26% | −0.02 |
| EQIX Equinix Inc. | Reduce -4.6% | 0.14% | −0.02 |
| IT Gartner Inc. | Reduce -9.1% | 0.10% | −0.02 |
| LULU Lululemon Athletica Inc. | Reduce -5.1% | 0.06% | −0.02 |
| EMR Emerson Electric Co. | Reduce -10.0% | 0.11% | −0.02 |
| GE General Electric | Reduce -25.4% | 0.39% | −0.02 |
| USB US Bancorp | Reduce -7.6% | 0.12% | −0.02 |
| PTC PTC Inc. | Reduce -10.4% | 0.07% | −0.02 |
| MS Morgan Stanley | Reduce -5.3% | 0.25% | −0.02 |
| LIN Linde PLC | Reduce -22.9% | 0.18% | −0.02 |
| MSCI MSCI Inc. | Reduce -15.5% | 0.09% | −0.02 |
| LOW Lowe's Cos Inc. | Reduce -6.6% | 0.26% | −0.02 |
| NKE Nike Inc. Class B | Reduce -1.5% | 0.12% | −0.02 |
| REGN Regeneron Pharmaceuticals | Reduce -5.3% | 0.14% | −0.02 |
| DELL Dell Technologies -C | Reduce -3.1% | 0.07% | −0.01 |
| ON On Semiconductor | Reduce -2.6% | 0.03% | −0.01 |
| HPE Hewlett Packard Enterprise | Reduce -13.9% | 0.03% | −0.01 |
| BAP Credicorp Ltd. | Reduce -34.5% | 0.03% | −0.01 |
| EDU New Oriental Educatio-SP ADR | Reduce -12.2% | 0.03% | −0.01 |
| APO Apollo Global Management Inc. | Reduce -1.0% | 0.09% | −0.01 |
| GDDY GoDaddy Inc. Class A | Reduce -9.1% | 0.10% | −0.01 |
| TT Trane Technologies PLC | Reduce -5.7% | 0.14% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| AJG Arthur J Gallagher & Co. | Add +91.9% | 0.66% | +0.40 |
| V Visa Inc. Class A | Add +3.4% | 1.69% | +0.31 |
| LLY Eli Lilly & Co. | Add +1.9% | 1.98% | +0.28 |
| ABBV Abbvie Inc. | Add +2.2% | 1.09% | +0.24 |
| LPLA LPL Financial Holdings Inc. | Add +478.1% | 0.24% | +0.20 |
| BLK BlackRock Inc. | Add +281.8% | 0.27% | +0.20 |
| JPM JPMorgan Chase & Co. | Add +1.7% | 1.95% | +0.20 |
| ISRG Intuitive Surgical Inc. | Add +35.6% | 0.66% | +0.18 |
| YMM Full Truck Alliance -SPN ADR | New | 0.17% | +0.17 |
| ECL Ecolab Inc. | Add +68.2% | 0.30% | +0.15 |
| COST Costco Wholesale Corp. | Add +5.2% | 1.08% | +0.15 |
| CDNS Cadence Design SYS Inc. | Add +43.3% | 0.64% | +0.14 |
| MA Mastercard Inc. Class A | Add +0.8% | 1.27% | +0.14 |
| SYK Stryker Corp. | Add +24.2% | 0.49% | +0.13 |
| PG The Procter & Gamble Co. | Add +4.5% | 1.03% | +0.12 |
| IR Ingersoll-Rand Inc. | Add +242.3% | 0.17% | +0.12 |
| MCD McDonald's Corp. | Add +6.3% | 0.61% | +0.11 |
| WMT Walmart Inc. | Add +5.2% | 0.99% | +0.08 |
| IBM Intl Business Machines Corp. | Add +0.5% | 0.37% | +0.06 |
| SPGI S&P Global Inc. | Add +6.1% | 0.45% | +0.06 |
| QFIN Qfin Holdings Inc.-ADR | Add +2076.2% | 0.05% | +0.05 |
| AMT American Tower Corp. | Add +2.9% | 0.19% | +0.04 |
| PEP Pepsico Inc. | Add +0.5% | 0.67% | +0.04 |
| CMCSA Comcast Corp. Class A | Add +4.0% | 0.42% | +0.04 |
| AMCR Amcor PLC | Add +103.0% | 0.06% | +0.04 |
| INTU Intuit Inc. | Add +2.5% | 0.52% | +0.03 |
| SCHW Schwab (charles) Corp. | Add +1.8% | 0.25% | +0.03 |
| UNP Union Pacific Corp. | Add +4.5% | 0.24% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +3.8% | 0.55% | +0.03 |
| GS Goldman Sachs Group Inc. | Add +4.4% | 0.50% | +0.03 |
| NXPI NXP Semiconductors NV | Add +29.9% | 0.14% | +0.03 |
| CBRE CBRE Group Inc. Class A | Add +39.4% | 0.09% | +0.03 |
| TSCO Tractor Supply Company | Add +33.3% | 0.08% | +0.02 |
| BAC Bank of America Corp. | Add +1.4% | 0.82% | +0.02 |
| ATO Atmos Energy Corp. | Add +112.5% | 0.03% | +0.02 |
| DASH DoorDash Inc. Class A | Add +5.9% | 0.10% | +0.02 |
| FDX FedEx Corp. | New | 0.02% | +0.02 |
| CP Canadian Pacific Kansas City | Add +13.0% | 0.12% | +0.02 |
| CCEP Coca-Cola Europacific Partne | Add +0.7% | 0.09% | +0.02 |
| HD Home Depot Inc. | Add +0.8% | 1.09% | +0.01 |
| RY Royal Bank of Canada | Add +3.4% | 0.48% | +0.01 |
| BMRN Biomarin Pharmaceutical Inc. | Add +40.5% | 0.04% | +0.01 |
| CAT Caterpillar Inc. | Add +6.3% | 0.44% | +0.01 |
| DDOG Datadog Inc. Class A | Add +348.0% | 0.02% | +0.01 |
| CPAY Corpay Inc. | Add +25.8% | 0.05% | +0.01 |
| AMAT Applied Materials Inc. | Add +8.5% | 0.37% | +0.01 |
| BEKE Ke Holdings Inc.-ADR | Add +1.4% | 0.08% | +0.01 |
| ALL Allstate Corp. | Add +0.1% | 0.09% | +0.01 |
| WEC WEC Energy Group Inc. | Add +0.3% | 0.05% | +0.01 |
| MNST Monster Beverage Corp. | Add +0.1% | 0.06% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 493 | $40.7B | NVDA, AAPL, MSFT, AVGO, AMZN |
| Q1 2026 | 513 | $31.6B | MSFT, NVDA, AVGO, AMZN, AAPL |
| Q4 2025 | 540 | $35.2B | NVDA, MSFT, AAPL, AVGO, AMZN |
| Q3 2025 | 528 | $35.6B | NVDA, MSFT, AAPL, AVGO, AMZN |
| Q2 2025 | 539 | $33.8B | MSFT, NVDA, AAPL, AMZN, AVGO |
| Q1 2025 | 548 | $32.2B | AAPL, MSFT, NVDA, AMZN, AVGO |
| Q4 2024 | 548 | $35.9B | AAPL, NVDA, MSFT, AMZN, AVGO |
| Q3 2024 | 407 | $15.1B | FERG, ROL, ZBRA, TRU, WST |
| Q2 2024 | 650 | $56.1B | MSFT, AAPL, NVDA, AMZN, META |
| Q1 2024 | 716 | $57.1B | MSFT, AAPL, AMZN, NVDA, META |