APG Asset Management N.V.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), APG Asset Management N.V. reported 528 stock positions worth $35.6 billion. Its top holding was Nvidia (NVDA) at 8.6% of the portfolio, followed by Microsoft (MSFT, 8.4%) and Apple (AAPL, 6.4%). Compared with Q2 2025, it opened 2 new positions, sold out of 13, added to 174 and reduced 225. The biggest buy was Nvidia (NVDA, shares +1%) and the biggest sale Jack Henry & Associates (JKHY, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- Amsterdam, P7
- CIK
- 0001434819
- Portfolio Value
- $35.6B (Q3 2025)
- SEC Filing
- 0001434819-25-000013 ↗ filed Nov 12, 2025
Holdings Value
Holdings 528 stocks · $35.6B
| NVDA Nvidia Corp. | 8.63% | 19,357,272 | $3.1B | Add +1.2% |
| MSFT Microsoft Corp. | 8.38% | 6,770,860 | $3.0B | Add +6.8% |
| AAPL Apple Inc. | 6.37% | 10,476,806 | $2.3B | Reduce -4.0% |
| AVGO Broadcom Inc. | 4.35% | 5,518,358 | $1.5B | Add +10.2% |
| AMZN Amazon.com Inc. | 4.01% | 7,647,619 | $1.4B | Reduce -0.3% |
| JPM JPMorgan Chase & Co. | 2.05% | 2,721,221 | $730.5M | Reduce -1.0% |
| LLY Eli Lilly & Co. | 1.59% | 874,560 | $567.9M | Add +0.3% |
| MA Mastercard Inc. Class A | 1.34% | 987,123 | $477.9M | Add +16.0% |
| V Visa Inc. Class A | 1.24% | 1,518,083 | $441.1M | Reduce -11.5% |
| CDNS Cadence Design SYS Inc. | 1.18% | 1,409,126 | $421.3M | Reduce -6.2% |
| FERG Ferguson Enterprises Inc. | 1.09% | 2,029,518 | $387.9M | Reduce -11.6% |
| ROL Rollins Inc. | 1.02% | 7,292,351 | $364.6M | Reduce -15.4% |
| TMO Thermo Fisher Scientific Inc. | 0.98% | 848,734 | $350.3M | Add +37.0% |
| COST Costco Wholesale Corp. | 0.92% | 414,954 | $326.9M | Add +11.1% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.89% | 1,197,878 | $315.8M | Add +0.0% |
| WST West Pharmaceutical Services | 0.89% | 1,413,698 | $315.6M | Reduce -14.8% |
| TYL Tyler Technologies Inc. | 0.88% | 705,880 | $314.3M | Reduce -8.8% |
| BR Broadridge Financial Solutio | 0.85% | 1,494,390 | $302.9M | Reduce -10.9% |
| STE Steris PLC | 0.84% | 1,428,053 | $300.7M | Reduce -9.3% |
| SYK Stryker Corp. | 0.83% | 943,648 | $296.9M | Add +47.6% |
| ORCL Oracle Corp. | 0.78% | 1,163,721 | $278.5M | Add +2.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.78% | 6,342,298 | $278.5M | Reduce -3.5% |
| ISRG Intuitive Surgical Inc. | 0.75% | 698,313 | $265.8M | Add +0.3% |
| WMT Walmart Inc. | 0.73% | 2,970,262 | $260.5M | Reduce -14.6% |
| HD Home Depot Inc. | 0.71% | 737,614 | $254.4M | Add +0.9% |
| TRU Transunion | 0.70% | 3,504,669 | $249.9M | Add +10.3% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.70% | 1,956,339 | $248.0M | Reduce -14.9% |
| PG The Procter & Gamble Co. | 0.68% | 1,860,393 | $243.3M | Add +0.3% |
| ABBV Abbvie Inc. | 0.67% | 1,220,137 | $240.4M | Reduce -18.5% |
| MSA Msa Safety Inc. | 0.67% | 1,641,220 | $240.3M | Reduce -12.1% |
| LPLA LPL Financial Holdings Inc. | 0.61% | 767,333 | $217.3M | Add +51.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.61% | 1,756,903 | $216.1M | Add +49.3% |
| PLTR Palantir Technologies Inc. Class A | 0.59% | 1,360,021 | $211.1M | Reduce -18.9% |
| GE General Electric filed as GE AEROSPACE | 0.59% | 823,665 | $210.9M | Reduce -13.0% |
| TSCO Tractor Supply Company | 0.59% | 4,329,556 | $209.6M | Add +505.1% |
| ZBRA Zebra Technologies Corp. Class A | 0.55% | 781,128 | $197.5M | Reduce -10.6% |
| UNH Unitedhealth Group Inc. | 0.49% | 594,155 | $174.6M | Reduce -6.8% |
| VZ Verizon Communications Inc. | 0.49% | 4,628,682 | $173.1M | Reduce -0.4% |
| IR Ingersoll-Rand Inc. | 0.48% | 2,433,972 | $171.1M | Add +134.6% |
| GS Goldman Sachs Group Inc. | 0.46% | 244,368 | $165.6M | Reduce -12.1% |
| ECL Ecolab Inc. | 0.46% | 708,186 | $165.1M | Reduce -0.3% |
| T AT&T Inc. | 0.46% | 6,791,980 | $163.2M | Add +0.5% |
| LIN Linde PLC | 0.46% | 401,316 | $162.2M | Reduce -1.0% |
| APH Amphenol Corp. Class A | 0.45% | 1,508,857 | $158.9M | Reduce -1.1% |
| ANET Arista Networks Inc. | 0.44% | 1,265,479 | $156.9M | Add +65.3% |
| CSCO Cisco Systems Inc. | 0.41% | 2,482,716 | $144.6M | Reduce -2.5% |
| AMD Advanced Micro Devices | 0.38% | 977,853 | $134.6M | Add +2.0% |
| PEP Pepsico Inc. | 0.37% | 1,115,643 | $133.3M | Reduce -0.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.36% | 1,312,030 | $127.9M | Reduce -6.6% |
| NEE Nextera Energy Inc. | 0.36% | 1,987,891 | $127.7M | Add +0.3% |
| MRK Merck & Co. Inc. | 0.36% | 1,780,828 | $127.2M | Reduce -6.4% |
| CRM Salesforce Inc. | 0.35% | 624,913 | $126.0M | Add +3.1% |
| MS Morgan Stanley | 0.34% | 906,266 | $122.6M | Reduce -17.2% |
| TMUS T-Mobile US Inc. | 0.33% | 582,895 | $118.8M | Reduce -0.1% |
| C Citigroup Inc. | 0.33% | 1,364,364 | $117.9M | Reduce -16.0% |
| RY Royal Bank of Canada | 0.32% | 919,463 | $115.4M | Add +0.8% |
| ABT Abbott Laboratories | 0.32% | 1,000,800 | $114.1M | Add +1.3% |
| PGR Progressive Corp. | 0.32% | 541,803 | $113.9M | Reduce -0.5% |
| UBER Uber Technologies Inc. | 0.31% | 1,315,253 | $109.7M | Add +0.7% |
| INTU Intuit Inc. | 0.30% | 184,886 | $107.5M | Add +0.7% |
| MCD McDonald's Corp. | 0.30% | 410,400 | $106.1M | Add +1.4% |
| AMGN Amgen Inc. | 0.30% | 440,082 | $105.7M | Reduce -0.2% |
| INTC Intel Corp. | 0.29% | 3,677,815 | $105.0M | Add +51.1% |
| BLK BlackRock Inc. | 0.29% | 104,728 | $103.9M | Add +0.5% |
| NOW ServiceNow Inc. | 0.29% | 131,785 | $103.2M | Reduce -28.3% |
| AXP American Express Co. | 0.28% | 358,696 | $101.4M | Reduce -16.9% |
| GILD Gilead Sciences Inc. | 0.28% | 1,055,571 | $99.7M | Reduce -8.9% |
| MU Micron Technology Inc. | 0.27% | 677,238 | $96.4M | Add +1.8% |
| SCHW Schwab (charles) Corp. | 0.27% | 1,162,602 | $94.5M | Add +3.1% |
| TXN Texas Instruments Inc. | 0.26% | 598,786 | $93.6M | Add +0.3% |
| SHOP Shopify Inc. Class A | 0.26% | 739,559 | $93.5M | Add +1.7% |
| MCO Moody's Corp. | 0.26% | 229,004 | $92.9M | Add +55.1% |
| SO The Southern Co. | 0.26% | 1,150,304 | $92.8M | Reduce -1.6% |
| DUK Duke Energy Corp. | 0.26% | 872,429 | $91.9M | Add +0.2% |
| QCOM Qualcomm Inc. | 0.26% | 648,301 | $91.8M | Reduce -0.8% |
| LRCX Lam Research Corp. | 0.25% | 796,023 | $90.7M | No change |
| SPGI S&P Global Inc. | 0.25% | 216,513 | $89.7M | Reduce -15.6% |
| BSX Boston Scientific Corp. | 0.25% | 1,061,037 | $88.2M | Add +5.8% |
| PANW Palo Alto Networks Inc. | 0.25% | 503,941 | $87.3M | Add +10.3% |
| MCK McKesson Corp. | 0.24% | 131,939 | $86.7M | Reduce -1.5% |
| AMAT Applied Materials Inc. | 0.24% | 486,400 | $84.8M | Reduce -0.5% |
| ACN Accenture PLC Class A | 0.24% | 403,170 | $84.6M | Add +8.1% |
| ADBE Adobe Inc. | 0.23% | 276,650 | $83.1M | Reduce -2.6% |
| WM Waste Management Inc. | 0.23% | 440,575 | $82.8M | Reduce -1.6% |
| CL Colgate-Palmolive Co. | 0.23% | 1,207,622 | $82.2M | Reduce -2.4% |
| LOW Lowe's Cos Inc. | 0.23% | 376,529 | $80.5M | Reduce -0.5% |
| ETN Eaton Corp. PLC | 0.23% | 252,029 | $80.3M | Reduce -0.2% |
| CB Chubb Ltd. | 0.22% | 324,783 | $78.0M | Reduce -0.7% |
| KLAC KLA Corp. | 0.22% | 84,917 | $78.0M | Reduce -0.3% |
| NEM Newmont Corp. | 0.22% | 1,077,714 | $77.3M | Reduce -7.8% |
| PFE Pfizer Inc. | 0.21% | 3,501,524 | $75.9M | Reduce -22.8% |
| COF Capital One Financial Corp. | 0.21% | 416,935 | $75.4M | Add +12.9% |
| UNP Union Pacific Corp. | 0.20% | 358,448 | $72.1M | Reduce -0.3% |
| ADP Automatic Data Processing | 0.20% | 287,980 | $71.9M | Reduce -0.8% |
| AZO AutoZone Inc. | 0.20% | 19,650 | $71.7M | Reduce -1.4% |
| SNPS Synopsys Inc. | 0.19% | 164,485 | $69.1M | Add +11.1% |
| DE Deere & Co. | 0.19% | 177,434 | $69.0M | Add +2.5% |
| DHR Danaher Corp. | 0.19% | 408,682 | $69.0M | Add +3.5% |
| MRSH Marsh & McLennan Cos | 0.19% | 399,436 | $68.5M | Reduce -0.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.19% | 200,588 | $66.9M | Reduce -0.7% |
Portfolio Sells Q2 2025 → Q3 2025
| JKHY Jack Henry & Associates Inc. | Reduce -14.9% | 0.70% | −0.35 |
| V Visa Inc. Class A | Reduce -11.5% | 1.24% | −0.30 |
| TYL Tyler Technologies Inc. | Reduce -8.8% | 0.88% | −0.28 |
| AMZN Amazon.com Inc. | Reduce -0.3% | 4.01% | −0.24 |
| ROL Rollins Inc. | Reduce -15.4% | 1.02% | −0.20 |
| NOW ServiceNow Inc. | Reduce -28.3% | 0.29% | −0.19 |
| BR Broadridge Financial Solutio | Reduce -10.9% | 0.85% | −0.18 |
| FERG Ferguson Enterprises Inc. | Reduce -11.6% | 1.09% | −0.17 |
| WMT Walmart Inc. | Reduce -14.6% | 0.73% | −0.13 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -10.6% | 0.55% | −0.13 |
| MSA Msa Safety Inc. | Reduce -12.1% | 0.67% | −0.11 |
| STE Steris PLC | Reduce -9.3% | 0.84% | −0.11 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −0.10 |
| SPGI S&P Global Inc. | Reduce -15.6% | 0.25% | −0.09 |
| BMY Bristol-Myers Squibb Co. | Reduce -27.3% | 0.17% | −0.08 |
| BAM Brookfield Asset Mgmt-A | Reduce -69.2% | 0.04% | −0.08 |
| DIS The Walt Disney Co. | Reduce -6.6% | 0.36% | −0.08 |
| PFE Pfizer Inc. | Reduce -22.8% | 0.21% | −0.06 |
| AXP American Express Co. | Reduce -16.9% | 0.28% | −0.06 |
| BCPC Balchem Corp. | Reduce -61.1% | 0.03% | −0.06 |
| WDFC WD-40 Co. | Reduce -61.1% | 0.03% | −0.06 |
| CL Colgate-Palmolive Co. | Reduce -2.4% | 0.23% | −0.05 |
| CMG Chipotle Mexican Grill Inc. | Reduce -0.8% | 0.09% | −0.05 |
| PGR Progressive Corp. | Reduce -0.5% | 0.32% | −0.05 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.05 |
| MS Morgan Stanley | Reduce -17.2% | 0.34% | −0.04 |
| BRO Brown & Brown Inc. | Reduce -22.8% | 0.07% | −0.04 |
| GILD Gilead Sciences Inc. | Reduce -8.9% | 0.28% | −0.04 |
| ADBE Adobe Inc. | Reduce -2.6% | 0.23% | −0.04 |
| SPSC SPS Commerce Inc. | Reduce -61.1% | 0.02% | −0.04 |
| ELV Elevance Health Inc. | Reduce -1.8% | 0.15% | −0.04 |
| TFC Truist Financial Corp. | Reduce -34.5% | 0.08% | −0.04 |
| CSCO Cisco Systems Inc. | Reduce -2.5% | 0.41% | −0.04 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −0.04 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -0.7% | 0.19% | −0.04 |
| QFIN Qfin Holdings Inc.-ADR | Reduce -87.3% | 0.00% | −0.04 |
| CI The Cigna Group | Reduce -5.8% | 0.14% | −0.04 |
| EXPD Expeditors Intl Wash Inc. | Sold out | 0.00% | −0.04 |
| CPAY Corpay Inc. | Reduce -36.6% | 0.04% | −0.04 |
| ROP Roper Technologies Inc. | Reduce -2.1% | 0.17% | −0.04 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.04 |
| IT Gartner Inc. | Reduce -1.9% | 0.05% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -0.8% | 0.17% | −0.04 |
| MSCI MSCI Inc. | Reduce -26.9% | 0.07% | −0.03 |
| VRSK Verisk Analytics Inc. | Reduce -1.7% | 0.10% | −0.03 |
| GS Goldman Sachs Group Inc. | Reduce -12.1% | 0.46% | −0.03 |
| WST West Pharmaceutical Services | Reduce -14.8% | 0.89% | −0.03 |
| ATO Atmos Energy Corp. | Reduce -49.3% | 0.03% | −0.03 |
| MRSH Marsh & McLennan Cos | Reduce -0.6% | 0.19% | −0.03 |
| AKAM Akamai Technologies Inc. | Reduce -60.9% | 0.02% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +1.2% | 8.63% | +1.00 |
| AVGO Broadcom Inc. | Add +10.2% | 4.35% | +0.87 |
| TSCO Tractor Supply Company | Add +505.1% | 0.59% | +0.49 |
| MSFT Microsoft Corp. | Add +6.8% | 8.38% | +0.42 |
| TMO Thermo Fisher Scientific Inc. | Add +37.0% | 0.98% | +0.35 |
| IR Ingersoll-Rand Inc. | Add +134.6% | 0.48% | +0.26 |
| ANET Arista Networks Inc. | Add +65.3% | 0.44% | +0.24 |
| TJX TJX Companies Inc. | Add +49.3% | 0.61% | +0.24 |
| SYK Stryker Corp. | Add +47.6% | 0.83% | +0.20 |
| ORCL Oracle Corp. | Add +2.9% | 0.78% | +0.16 |
| INTC Intel Corp. | Add +51.1% | 0.29% | +0.16 |
| MA Mastercard Inc. Class A | Add +16.0% | 1.34% | +0.13 |
| LPLA LPL Financial Holdings Inc. | Add +51.2% | 0.61% | +0.13 |
| MCO Moody's Corp. | Add +55.1% | 0.26% | +0.07 |
| MU Micron Technology Inc. | Add +1.8% | 0.27% | +0.06 |
| SHOP Shopify Inc. Class A | Add +1.7% | 0.26% | +0.05 |
| HOOD Robinhood Markets Inc. Class A | Add +1.5% | 0.15% | +0.05 |
| HD Home Depot Inc. | Add +0.9% | 0.71% | +0.04 |
| AMD Advanced Micro Devices | Add +2.0% | 0.38% | +0.03 |
| WBD Warner Bros Discovery Inc. | Add +0.8% | 0.07% | +0.03 |
| WELL Welltower Inc. | Add +8.7% | 0.16% | +0.03 |
| WDC Western Digital Corp. | Add +1.3% | 0.06% | +0.03 |
| CRH CRH PLC | Add +0.4% | 0.13% | +0.03 |
| VRT Vertiv Holdings Co. Class A | Add +18.1% | 0.10% | +0.02 |
| RY Royal Bank of Canada | Add +0.8% | 0.32% | +0.02 |
| CMI Cummins Inc. | Add +6.6% | 0.08% | +0.02 |
| EA Electronic Arts Inc. | Add +4.8% | 0.09% | +0.02 |
| BLK BlackRock Inc. | Add +0.5% | 0.29% | +0.02 |
| BX Blackstone Inc. | Add +1.8% | 0.17% | +0.02 |
| BNS Bank of Nova Scotia | Add +0.2% | 0.15% | +0.01 |
| BMO Bank of Montreal | Add +0.7% | 0.13% | +0.01 |
| COF Capital One Financial Corp. | Add +12.9% | 0.21% | +0.01 |
| CLS Celestica Inc. | Add +4.3% | 0.04% | +0.01 |
| BNY Bank of New York Mellon Corp. | Add +0.7% | 0.10% | +0.01 |
| YUMC Yum China Holdings Inc. | Add +160.3% | 0.02% | +0.01 |
| APP AppLovin Corp. Class A | New | 0.01% | +0.01 |
| SPG Simon Property Group Inc. | Add +3.9% | 0.09% | +0.01 |
| NEE Nextera Energy Inc. | Add +0.3% | 0.36% | +0.01 |
| TME Tencent Music Entertainm-ADR | Add +100.9% | 0.02% | +0.01 |
| SRE Sempra | Add +0.9% | 0.08% | +0.01 |
| PANW Palo Alto Networks Inc. | Add +10.3% | 0.25% | +0.01 |
| DASH DoorDash Inc. Class A | Add +1.9% | 0.15% | +0.01 |
| BZ Kanzhun Ltd. - ADR | Add +203.1% | 0.01% | +0.01 |
| FAST Fastenal Co. | Add +1.0% | 0.08% | +0.01 |
| MDT Medtronic PLC | Add +0.8% | 0.18% | +0.01 |
| PCAR Paccar Inc. | Add +11.3% | 0.09% | +0.01 |
| BURL Burlington Stores Inc. | Add +29.9% | 0.03% | +0.01 |
| CM Can Imperial BK of Commerce | Add +0.3% | 0.10% | +0.01 |
| PLD Prologis Inc. | Add +0.6% | 0.18% | +0.01 |
| HTHT H World Group Ltd.-ADR | Add +146.8% | 0.01% | +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 |