APG Asset Management N.V.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), APG Asset Management N.V. reported 539 stock positions worth $33.8 billion. Its top holding was Microsoft (MSFT) at 8.0% of the portfolio, followed by Nvidia (NVDA, 7.6%) and Apple (AAPL, 5.7%). Compared with Q1 2025, it opened 19 new positions, sold out of 29, added to 410 and reduced 106. The biggest buy was Nvidia (NVDA, shares +1%) and the biggest sale Unitedhealth (UNH, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- Amsterdam, P7
- CIK
- 0001434819
- Portfolio Value
- $33.8B (Q2 2025)
- SEC Filing
- 0001434819-25-000009 ↗ filed Aug 12, 2025
Holdings Value
Holdings 539 stocks · $33.8B
| MSFT Microsoft Corp. | 7.95% | 6,339,274 | $2.7B | Add +6.9% |
| NVDA Nvidia Corp. | 7.62% | 19,130,016 | $2.6B | Add +1.1% |
| AAPL Apple Inc. | 5.65% | 10,917,706 | $1.9B | Add +6.2% |
| AMZN Amazon.com Inc. | 4.25% | 7,673,219 | $1.4B | Add +2.4% |
| AVGO Broadcom Inc. | 3.48% | 5,005,563 | $1.2B | Add +9.9% |
| JPM JPMorgan Chase & Co. | 2.01% | 2,748,925 | $678.9M | Reduce -0.9% |
| LLY Eli Lilly & Co. | 1.71% | 871,752 | $578.9M | Add +4.4% |
| V Visa Inc. Class A | 1.54% | 1,715,644 | $518.9M | Add +2.3% |
| FERG Ferguson Enterprises Inc. | 1.26% | 2,296,288 | $426.0M | Add +3.2% |
| ROL Rollins Inc. | 1.23% | 8,624,178 | $414.5M | Add +2.8% |
| MA Mastercard Inc. Class A | 1.21% | 851,261 | $407.5M | Add +5.1% |
| CDNS Cadence Design SYS Inc. | 1.17% | 1,502,718 | $394.5M | Add +72.6% |
| TYL Tyler Technologies Inc. | 1.16% | 774,303 | $391.1M | Add +0.8% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 1.05% | 2,299,751 | $353.0M | Add +1.2% |
| BR Broadridge Financial Solutio | 1.03% | 1,677,703 | $347.3M | Add +3.2% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.97% | 1,197,868 | $326.7M | Add +79.4% |
| ISRG Intuitive Surgical Inc. | 0.95% | 695,913 | $322.2M | Add +50.9% |
| STE Steris PLC | 0.95% | 1,573,732 | $322.1M | Add +0.2% |
| COST Costco Wholesale Corp. | 0.93% | 373,448 | $314.9M | Reduce -5.8% |
| WST West Pharmaceutical Services | 0.92% | 1,658,664 | $309.2M | Add +6.2% |
| WMT Walmart Inc. | 0.86% | 3,478,142 | $289.7M | Reduce -11.1% |
| MSA Msa Safety Inc. | 0.79% | 1,866,963 | $266.4M | Add +2.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.78% | 6,569,430 | $264.8M | Reduce -4.1% |
| PG The Procter & Gamble Co. | 0.75% | 1,854,641 | $251.7M | Reduce -11.5% |
| TRU Transunion | 0.71% | 3,176,128 | $238.1M | Add +2.5% |
| ABBV Abbvie Inc. | 0.70% | 1,497,023 | $236.7M | Reduce -17.2% |
| ZBRA Zebra Technologies Corp. Class A | 0.68% | 873,824 | $229.5M | Add +4.0% |
| HD Home Depot Inc. | 0.68% | 731,135 | $228.4M | Reduce -29.7% |
| SYK Stryker Corp. | 0.64% | 639,445 | $215.5M | Add +39.0% |
| TMO Thermo Fisher Scientific Inc. | 0.63% | 619,706 | $214.1M | Add +62.1% |
| ORCL Oracle Corp. | 0.62% | 1,130,579 | $210.6M | Reduce -32.0% |
| GE General Electric filed as GE AEROSPACE | 0.61% | 947,137 | $207.7M | Add +38.9% |
| PLTR Palantir Technologies Inc. Class A | 0.58% | 1,676,257 | $194.7M | Add +2218.7% |
| VZ Verizon Communications Inc. | 0.51% | 4,646,298 | $171.3M | Reduce -10.1% |
| UNH Unitedhealth Group Inc. | 0.50% | 637,599 | $169.5M | Reduce -24.5% |
| GS Goldman Sachs Group Inc. | 0.50% | 277,890 | $167.5M | Reduce -13.5% |
| T AT&T Inc. | 0.49% | 6,756,372 | $166.6M | Add +44.0% |
| ECL Ecolab Inc. | 0.48% | 710,546 | $163.1M | Add +69.8% |
| LPLA LPL Financial Holdings Inc. | 0.48% | 507,593 | $162.1M | Add +97.3% |
| LIN Linde PLC | 0.48% | 405,350 | $162.0M | Add +206.6% |
| NOW ServiceNow Inc. | 0.48% | 183,913 | $161.1M | Reduce -12.6% |
| CSCO Cisco Systems Inc. | 0.45% | 2,547,788 | $150.6M | Add +4.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.44% | 1,404,668 | $148.4M | Reduce -20.1% |
| CRM Salesforce Inc. | 0.42% | 605,930 | $140.8M | Reduce -34.9% |
| MS Morgan Stanley | 0.39% | 1,095,102 | $131.4M | Add +46.3% |
| APH Amphenol Corp. Class A | 0.38% | 1,524,865 | $128.3M | Add +10.0% |
| MRK Merck & Co. Inc. | 0.38% | 1,901,744 | $128.2M | Reduce -29.2% |
| PEP Pepsico Inc. | 0.37% | 1,122,228 | $126.2M | Reduce -28.4% |
| PGR Progressive Corp. | 0.37% | 544,663 | $123.8M | Add +15.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.37% | 1,176,904 | $123.8M | Add +2.1% |
| INTU Intuit Inc. | 0.36% | 183,586 | $123.2M | Reduce -37.6% |
| TMUS T-Mobile US Inc. | 0.35% | 583,653 | $118.5M | Add +27.4% |
| C Citigroup Inc. | 0.35% | 1,623,949 | $117.8M | Add +56.3% |
| AXP American Express Co. | 0.35% | 431,414 | $117.2M | Add +26.9% |
| NEE Nextera Energy Inc. | 0.35% | 1,981,191 | $117.2M | Add +51.4% |
| AMD Advanced Micro Devices | 0.34% | 958,353 | $115.8M | Reduce -40.3% |
| SPGI S&P Global Inc. | 0.34% | 256,660 | $115.3M | Reduce -16.7% |
| ABT Abbott Laboratories | 0.34% | 988,200 | $114.5M | Reduce -28.3% |
| GILD Gilead Sciences Inc. | 0.32% | 1,159,136 | $109.5M | Add +12.2% |
| TXN Texas Instruments Inc. | 0.31% | 597,195 | $105.6M | Reduce -1.2% |
| AMGN Amgen Inc. | 0.31% | 441,144 | $104.9M | Add +1.7% |
| UBER Uber Technologies Inc. | 0.31% | 1,306,546 | $103.8M | Add +0.7% |
| RY Royal Bank of Canada | 0.30% | 912,063 | $102.2M | Reduce -38.2% |
| MCD McDonald's Corp. | 0.30% | 404,700 | $100.7M | Reduce -40.7% |
| CL Colgate-Palmolive Co. | 0.28% | 1,237,222 | $95.8M | Add +0.2% |
| ACN Accenture PLC Class A | 0.28% | 373,070 | $95.0M | Reduce -26.8% |
| PFE Pfizer Inc. | 0.28% | 4,534,665 | $93.6M | Add +32.5% |
| ADBE Adobe Inc. | 0.28% | 283,951 | $93.6M | Add +2.8% |
| BLK BlackRock Inc. | 0.28% | 104,164 | $93.1M | Add +3.1% |
| BSX Boston Scientific Corp. | 0.27% | 1,003,178 | $91.8M | Add +2.9% |
| SO The Southern Co. | 0.27% | 1,168,486 | $91.4M | Add +400.7% |
| QCOM Qualcomm Inc. | 0.26% | 653,181 | $88.6M | Add +0.2% |
| SCHW Schwab (charles) Corp. | 0.26% | 1,127,602 | $87.6M | Add +1.9% |
| DUK Duke Energy Corp. | 0.26% | 870,729 | $87.5M | Add +320.7% |
| WM Waste Management Inc. | 0.26% | 447,575 | $87.2M | Add +0.8% |
| BMY Bristol-Myers Squibb Co. | 0.25% | 2,134,346 | $84.2M | Add +40.8% |
| MCK McKesson Corp. | 0.25% | 133,961 | $83.6M | Add +1.0% |
| CB Chubb Ltd. | 0.24% | 327,083 | $80.7M | Add +12.0% |
| PANW Palo Alto Networks Inc. | 0.24% | 457,014 | $79.7M | Add +5.5% |
| ETN Eaton Corp. PLC | 0.23% | 252,429 | $76.8M | Reduce -41.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.23% | 201,952 | $76.6M | Reduce -38.2% |
| ADP Automatic Data Processing | 0.23% | 290,180 | $76.2M | Add +3.0% |
| AMAT Applied Materials Inc. | 0.23% | 488,600 | $76.2M | Reduce -45.4% |
| DE Deere & Co. | 0.22% | 173,029 | $75.0M | Add +2.1% |
| MRSH Marsh & McLennan Cos | 0.22% | 401,636 | $74.8M | Add +2.0% |
| IR Ingersoll-Rand Inc. | 0.22% | 1,037,551 | $73.5M | Add +37.5% |
| MELI MercadoLibre Inc. | 0.21% | 32,607 | $72.6M | Reduce -3.2% |
| LOW Lowe's Cos Inc. | 0.21% | 378,428 | $71.5M | Reduce -3.9% |
| SHOP Shopify Inc. Class A | 0.21% | 727,259 | $71.5M | Add +1616.8% |
| UNP Union Pacific Corp. | 0.21% | 359,548 | $70.5M | Add +2.5% |
| ROP Roper Technologies Inc. | 0.21% | 144,997 | $70.0M | Add +9.0% |
| MU Micron Technology Inc. | 0.21% | 665,538 | $69.9M | Add +3.2% |
| CMCSA Comcast Corp. Class A | 0.20% | 2,257,424 | $68.6M | Reduce -42.8% |
| COF Capital One Financial Corp. | 0.20% | 369,308 | $66.9M | Add +52.0% |
| ANET Arista Networks Inc. | 0.20% | 765,617 | $66.7M | Reduce -39.3% |
| DHR Danaher Corp. | 0.20% | 394,715 | $66.4M | Reduce -44.0% |
| LRCX Lam Research Corp. | 0.20% | 796,023 | $66.0M | Add +6.6% |
| KLAC KLA Corp. | 0.19% | 85,158 | $65.0M | Reduce -0.2% |
| ELV Elevance Health Inc. | 0.19% | 195,625 | $64.8M | Add +1.9% |
| SNPS Synopsys Inc. | 0.19% | 148,063 | $64.7M | Add +10.1% |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -24.5% | 0.50% | −0.77 |
| BCPC Balchem Corp. | Reduce -79.4% | 0.10% | −0.46 |
| HD Home Depot Inc. | Reduce -29.7% | 0.68% | −0.42 |
| CAT Caterpillar Inc. | Reduce -94.2% | 0.03% | −0.42 |
| ABBV Abbvie Inc. | Reduce -17.2% | 0.70% | −0.39 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.37 |
| MCD McDonald's Corp. | Reduce -40.7% | 0.30% | −0.31 |
| MRK Merck & Co. Inc. | Reduce -29.2% | 0.38% | −0.31 |
| PEP Pepsico Inc. | Reduce -28.4% | 0.37% | −0.30 |
| CRM Salesforce Inc. | Reduce -34.9% | 0.42% | −0.30 |
| PG The Procter & Gamble Co. | Reduce -11.5% | 0.75% | −0.28 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -38.2% | 0.23% | −0.23 |
| DHR Danaher Corp. | Reduce -44.0% | 0.20% | −0.22 |
| CMCSA Comcast Corp. Class A | Reduce -42.8% | 0.20% | −0.21 |
| ABT Abbott Laboratories | Reduce -28.3% | 0.34% | −0.19 |
| ACN Accenture PLC Class A | Reduce -26.8% | 0.28% | −0.18 |
| RY Royal Bank of Canada | Reduce -38.2% | 0.30% | −0.17 |
| VZ Verizon Communications Inc. | Reduce -10.1% | 0.51% | −0.17 |
| INTU Intuit Inc. | Reduce -37.6% | 0.36% | −0.15 |
| AMAT Applied Materials Inc. | Reduce -45.4% | 0.23% | −0.15 |
| WDFC WD-40 Co. | Reduce -56.3% | 0.08% | −0.15 |
| COST Costco Wholesale Corp. | Reduce -5.8% | 0.93% | −0.14 |
| AMD Advanced Micro Devices | Reduce -40.3% | 0.34% | −0.13 |
| WMT Walmart Inc. | Reduce -11.1% | 0.86% | −0.13 |
| PNC PNC Financial Services Group | Sold out | 0.00% | −0.11 |
| SPGI S&P Global Inc. | Reduce -16.7% | 0.34% | −0.11 |
| ETN Eaton Corp. PLC | Reduce -41.1% | 0.23% | −0.11 |
| PDD PDD Holdings Inc. | Reduce -30.6% | 0.11% | −0.09 |
| ANET Arista Networks Inc. | Reduce -39.3% | 0.20% | −0.08 |
| D Dominion Energy Inc. | Reduce -60.8% | 0.04% | −0.08 |
| YMM Full Truck Alliance -SPN ADR | Reduce -30.0% | 0.10% | −0.08 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.07 |
| DIS The Walt Disney Co. | Reduce -20.1% | 0.44% | −0.06 |
| LOW Lowe's Cos Inc. | Reduce -3.9% | 0.21% | −0.05 |
| ALLE Allegion PLC | Sold out | 0.00% | −0.05 |
| ORCL Oracle Corp. | Reduce -32.0% | 0.62% | −0.04 |
| BEKE Ke Holdings Inc.-ADR | Reduce -35.8% | 0.04% | −0.04 |
| BAC Bank of America Corp. | Reduce -4.1% | 0.78% | −0.04 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -36.2% | 0.04% | −0.03 |
| TGT Target Corp. | Reduce -19.1% | 0.06% | −0.03 |
| EDU New Oriental Educatio-SP ADR | Sold out | 0.00% | −0.03 |
| ANSS Ansys Inc. | Reduce -34.7% | 0.05% | −0.03 |
| INTC Intel Corp. | Reduce -1.9% | 0.14% | −0.02 |
| MMYT Makemytrip Ltd. | Reduce -55.7% | 0.01% | −0.02 |
| ICE Intercontinental Exchange Inc. | Reduce -4.8% | 0.18% | −0.02 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -38.8% | 0.02% | −0.02 |
| APTV Aptiv PLC | Reduce -46.4% | 0.02% | −0.02 |
| LULU Lululemon Athletica Inc. | Reduce -7.4% | 0.04% | −0.02 |
| WRB WR Berkley Corp. | Reduce -6.9% | 0.10% | −0.02 |
| MTN Vail Resorts Inc. | Reduce -40.9% | 0.02% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +1.1% | 7.62% | +1.73 |
| MSFT Microsoft Corp. | Add +6.9% | 7.95% | +1.56 |
| AVGO Broadcom Inc. | Add +9.9% | 3.48% | +1.29 |
| PLTR Palantir Technologies Inc. Class A | Add +2218.7% | 0.58% | +0.56 |
| CDNS Cadence Design SYS Inc. | Add +72.6% | 1.17% | +0.53 |
| AJG Arthur J Gallagher & Co. | Add +79.4% | 0.97% | +0.31 |
| LIN Linde PLC | Add +206.6% | 0.48% | +0.30 |
| ISRG Intuitive Surgical Inc. | Add +50.9% | 0.95% | +0.30 |
| LPLA LPL Financial Holdings Inc. | Add +97.3% | 0.48% | +0.24 |
| FERG Ferguson Enterprises Inc. | Add +3.2% | 1.26% | +0.24 |
| GE General Electric | Add +38.9% | 0.61% | +0.22 |
| SO The Southern Co. | Add +400.7% | 0.27% | +0.21 |
| SHOP Shopify Inc. Class A | Add +1616.8% | 0.21% | +0.20 |
| DUK Duke Energy Corp. | Add +320.7% | 0.26% | +0.19 |
| SPOT Spotify Technology SA | New | 0.18% | +0.18 |
| ECL Ecolab Inc. | Add +69.8% | 0.48% | +0.18 |
| AMZN Amazon.com Inc. | Add +2.4% | 4.25% | +0.15 |
| SYK Stryker Corp. | Add +39.0% | 0.64% | +0.15 |
| MS Morgan Stanley | Add +46.3% | 0.39% | +0.14 |
| C Citigroup Inc. | Add +56.3% | 0.35% | +0.14 |
| APH Amphenol Corp. Class A | Add +10.0% | 0.38% | +0.12 |
| T AT&T Inc. | Add +44.0% | 0.49% | +0.11 |
| AXON Axon Enterprise Inc. | New | 0.10% | +0.10 |
| TMO Thermo Fisher Scientific Inc. | Add +62.1% | 0.63% | +0.09 |
| BAM Brookfield Asset Mgmt-A | Add +275.6% | 0.12% | +0.09 |
| AXP American Express Co. | Add +26.9% | 0.35% | +0.08 |
| NEE Nextera Energy Inc. | Add +51.4% | 0.35% | +0.08 |
| COF Capital One Financial Corp. | Add +52.0% | 0.20% | +0.07 |
| NEM Newmont Corp. | Add +50.3% | 0.17% | +0.06 |
| COIN Coinbase Global Inc. Class A | Add +8.6% | 0.12% | +0.06 |
| KVUE Kenvue Inc. | New | 0.06% | +0.06 |
| HOOD Robinhood Markets Inc. Class A | Add +9.0% | 0.10% | +0.05 |
| USB US Bancorp | Add +52.5% | 0.18% | +0.05 |
| TRI Thomson Reuters Corp. | New | 0.05% | +0.05 |
| MCO Moody's Corp. | Add +43.9% | 0.19% | +0.05 |
| CEG Constellation Energy | Add +3.5% | 0.16% | +0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +4.4% | 0.19% | +0.05 |
| MU Micron Technology Inc. | Add +3.2% | 0.21% | +0.05 |
| IR Ingersoll-Rand Inc. | Add +37.5% | 0.22% | +0.04 |
| TFC Truist Financial Corp. | Add +62.7% | 0.13% | +0.04 |
| BNS Bank of Nova Scotia | Add +42.9% | 0.13% | +0.04 |
| LRCX Lam Research Corp. | Add +6.6% | 0.20% | +0.04 |
| MFC Manulife Financial Corp. | Add +60.4% | 0.12% | +0.04 |
| DASH DoorDash Inc. Class A | Add +15.6% | 0.14% | +0.04 |
| HWM Howmet Aerospace Inc. | Add +14.0% | 0.12% | +0.04 |
| UBER Uber Technologies Inc. | Add +0.7% | 0.31% | +0.04 |
| MET Metlife Inc. | Add +67.1% | 0.11% | +0.03 |
| ALL Allstate Corp. | Add +62.9% | 0.12% | +0.03 |
| AEM Agnico Eagle Mines Ltd. | Add +40.3% | 0.13% | +0.03 |
| CPAY Corpay Inc. | Add +104.5% | 0.08% | +0.03 |
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 |