APG Asset Management N.V.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), APG Asset Management N.V. reported 540 stock positions worth $35.2 billion. Its top holding was Nvidia (NVDA) at 8.5% of the portfolio, followed by Microsoft (MSFT, 7.8%) and Apple (AAPL, 6.6%). Compared with Q3 2025, it opened 40 new positions, sold out of 28, added to 58 and reduced 436. The biggest buy was a new position in Berkshire Hathaway Class B (BRK.B) and the biggest sale Transunion (TRU, shares −97%).

Most Recent 13F
Q2 2026
Location
Amsterdam, P7
CIK
0001434819
Portfolio Value
$35.2B (Q4 2025)
SEC Filing
0001434819-26-000003 ↗ filed Feb 12, 2026

Holdings Value

0$20.0B$40.0B$60.0B Q1 2024: $57.1B Q1 2024 Q2 2024: $56.1B Q2 2024 Q3 2024: $15.1B Q3 2024 Q4 2024: $35.9B Q4 2024 Q1 2025: $32.2B Q1 2025 Q2 2025: $33.8B Q2 2025 Q3 2025: $35.6B Q3 2025 Q4 2025: $35.2B $35.2B Q4 2025 Q1 2026: $31.6B Q1 2026 Q2 2026: $40.7B Q2 2026

Holdings 540 stocks · $35.2B
NVDA Nvidia Corp. 8.53% 18,921,916 $3.0B Reduce -2.3%
MSFT Microsoft Corp. 7.82% 6,689,748 $2.8B Reduce -1.2%
AAPL Apple Inc. 6.57% 10,003,258 $2.3B Reduce -4.5%
AVGO Broadcom Inc. 4.38% 5,235,782 $1.5B Reduce -5.1%
AMZN Amazon.com Inc. 4.11% 7,377,029 $1.4B Reduce -3.5%
LLY Eli Lilly & Co. 2.27% 875,529 $801.2M Add +0.1%
JPM JPMorgan Chase & Co. 2.25% 2,886,209 $791.9M Add +6.1%
MA Mastercard Inc. Class A 1.82% 1,317,569 $640.4M Add +33.5%
COST Costco Wholesale Corp. 1.40% 671,883 $493.3M Add +61.9%
TMO Thermo Fisher Scientific Inc. 1.27% 906,926 $447.5M Add +6.9%
CDNS Cadence Design SYS Inc. 1.05% 1,392,940 $370.7M Reduce -1.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.99% 2,675,095 $349.9M Add +52.3%
FERG Ferguson Enterprises Inc. 0.99% 1,831,166 $347.1M Reduce -9.8%
ISRG Intuitive Surgical Inc. 0.94% 686,524 $331.1M Reduce -1.7%
V Visa Inc. Class A 0.90% 1,065,885 $318.3M Reduce -29.8%
PGR Progressive Corp. 0.90% 1,631,992 $316.4M Add +201.2%
BRK.B Berkshire Hathaway Inc. Class B 0.89% 736,280 $315.1M New
ANET Arista Networks Inc. 0.81% 2,552,884 $284.8M Add +101.7%
WST West Pharmaceutical Services 0.80% 1,199,005 $280.9M Reduce -15.2%
SYK Stryker Corp. 0.79% 931,009 $278.6M Reduce -1.3%
ROL Rollins Inc. 0.76% 5,261,697 $268.9M Reduce -27.9%
FITB Fifth Third Bancorp 0.75% 6,603,934 $263.2M Add +1066.0%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.74% 1,182,859 $260.6M Reduce -1.3%
TYL Tyler Technologies Inc. 0.72% 660,404 $255.3M Reduce -6.4%
MCO Moody's Corp. 0.70% 568,997 $247.5M Add +148.5%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.69% 1,563,234 $242.9M Reduce -20.1%
LPLA LPL Financial Holdings Inc. 0.64% 743,717 $226.2M Reduce -3.1%
WMT Walmart Inc. 0.63% 2,336,451 $221.6M Reduce -21.3%
ABBV Abbvie Inc. 0.62% 1,131,594 $220.2M Reduce -7.3%
STE Steris PLC 0.62% 1,014,348 $219.0M Reduce -29.0%
CBRE CBRE Group Inc. Class A 0.62% 1,594,808 $218.3M Add +622.1%
IR Ingersoll-Rand Inc. 0.58% 3,029,271 $204.3M Add +24.5%
MSA Msa Safety Inc. 0.58% 1,497,591 $204.2M Reduce -8.8%
NFLX Netflix Inc. 0.57% 2,533,071 $202.2M New
HD Home Depot Inc. 0.55% 663,260 $194.3M Reduce -10.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.55% 4,128,340 $193.3M Reduce -34.9%
PG The Procter & Gamble Co. 0.54% 1,561,149 $190.5M Reduce -16.1%
GE General Electric filed as GE AEROSPACE 0.52% 698,382 $183.2M Reduce -15.2%
ORCL Oracle Corp. 0.50% 1,065,555 $176.8M Reduce -8.4%
TSCO Tractor Supply Company 0.50% 4,147,916 $176.6M Reduce -4.2%
AMD Advanced Micro Devices 0.48% 923,838 $168.5M Reduce -5.5%
BR Broadridge Financial Solutio 0.48% 884,264 $168.0M Reduce -40.8%
APH Amphenol Corp. Class A 0.47% 1,426,556 $164.1M Reduce -5.5%
MU Micron Technology Inc. 0.45% 652,641 $158.6M Reduce -3.6%
UNH Unitedhealth Group Inc. 0.44% 556,010 $156.3M Reduce -6.4%
ZBRA Zebra Technologies Corp. Class A 0.42% 718,804 $148.6M Reduce -8.0%
MRK Merck & Co. Inc. 0.42% 1,652,949 $148.1M Reduce -7.2%
CSCO Cisco Systems Inc. 0.42% 2,254,086 $147.8M Reduce -9.2%
WFC Wells Fargo & Co. 0.41% 1,815,022 $144.0M New
CRM Salesforce Inc. 0.39% 608,365 $137.2M Reduce -2.6%
KO The Coca-Cola Co. 0.39% 2,295,676 $136.7M New
LIN Linde PLC 0.37% 360,951 $131.0M Reduce -10.1%
GS Goldman Sachs Group Inc. 0.37% 172,544 $129.1M Reduce -29.4%
RY Royal Bank of Canada 0.35% 847,164 $123.1M Reduce -7.9%
PEP Pepsico Inc. 0.33% 956,324 $116.9M Reduce -14.3%
AMGN Amgen Inc. 0.33% 413,147 $115.1M Reduce -6.1%
INTU Intuit Inc. 0.31% 191,833 $108.2M Add +3.8%
LRCX Lam Research Corp. 0.31% 737,498 $107.5M Reduce -7.3%
MS Morgan Stanley 0.30% 703,634 $106.4M Reduce -22.4%
VZ Verizon Communications Inc. 0.30% 2,999,430 $104.0M Reduce -35.2%
GILD Gilead Sciences Inc. 0.29% 982,485 $102.7M Reduce -6.9%
AXP American Express Co. 0.28% 318,731 $100.4M Reduce -11.1%
AMAT Applied Materials Inc. 0.28% 448,342 $98.1M Reduce -7.8%
SHOP Shopify Inc. Class A 0.28% 713,526 $97.8M Reduce -3.5%
ABT Abbott Laboratories 0.27% 907,826 $96.8M Reduce -9.3%
MCD McDonald's Corp. 0.27% 372,075 $96.8M Reduce -9.3%
C Citigroup Inc. 0.27% 955,539 $94.9M Reduce -30.0%
T AT&T Inc. 0.26% 4,391,840 $92.9M Reduce -35.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.26% 934,327 $90.5M Reduce -28.8%
APP AppLovin Corp. Class A 0.26% 157,518 $90.4M Add +2182.9%
SCHW Schwab (charles) Corp. 0.25% 1,046,112 $89.0M Reduce -10.0%
QCOM Qualcomm Inc. 0.25% 610,888 $89.0M Reduce -5.8%
ACN Accenture PLC Class A 0.25% 386,093 $88.2M Reduce -4.2%
BLK BlackRock Inc. 0.24% 94,686 $86.3M Reduce -9.6%
MCK McKesson Corp. 0.24% 123,185 $86.0M Reduce -6.6%
UBER Uber Technologies Inc. 0.24% 1,218,572 $84.8M Reduce -7.3%
NEE Nextera Energy Inc. 0.24% 1,234,483 $84.4M Reduce -37.9%
KLAC KLA Corp. 0.23% 79,859 $82.6M Reduce -6.0%
COF Capital One Financial Corp. 0.23% 396,650 $81.9M Reduce -4.9%
NOW ServiceNow Inc. 0.23% 626,043 $81.7M Reduce -5.0%
TXN Texas Instruments Inc. 0.23% 544,343 $80.4M Reduce -9.1%
BSX Boston Scientific Corp. 0.23% 989,579 $80.3M Reduce -6.7%
ADBE Adobe Inc. 0.22% 260,125 $77.5M Reduce -6.0%
DHR Danaher Corp. 0.22% 388,951 $75.8M Reduce -4.8%
INTC Intel Corp. 0.21% 2,403,518 $75.5M Reduce -34.6%
PANW Palo Alto Networks Inc. 0.21% 481,095 $75.5M Reduce -4.5%
WM Waste Management Inc. 0.21% 402,429 $75.3M Reduce -8.7%
CL Colgate-Palmolive Co. 0.21% 1,096,750 $73.8M Reduce -9.2%
VRTX Vertex Pharmaceuticals Inc. 0.21% 188,385 $72.7M Reduce -6.1%
TMUS T-Mobile US Inc. 0.21% 420,312 $72.7M Reduce -27.9%
CB Chubb Ltd. 0.20% 271,204 $72.1M Reduce -16.5%
LOW Lowe's Cos Inc. 0.20% 343,600 $70.6M Reduce -8.8%
SPGI S&P Global Inc. 0.20% 158,560 $70.6M Reduce -26.8%
UNP Union Pacific Corp. 0.20% 352,613 $69.5M Reduce -1.6%
PLD Prologis Inc. 0.19% 615,132 $66.9M Reduce -8.4%
BMY Bristol-Myers Squibb Co. 0.19% 1,449,814 $66.6M Reduce -6.6%
SNPS Synopsys Inc. 0.18% 158,877 $63.5M Reduce -3.4%
PFE Pfizer Inc. 0.18% 2,941,199 $62.4M Reduce -16.0%
DE Deere & Co. 0.18% 156,142 $61.9M Reduce -12.0%
ETN Eaton Corp. PLC 0.17% 227,130 $61.6M Reduce -9.9%

Show all 540 holdings

Portfolio Sells Q3 2025 → Q4 2025
TRU Transunion Reduce -96.7% 0.02% −0.68
PLTR Palantir Technologies Inc. Class A Sold out 0.00% −0.59
MSFT Microsoft Corp. Reduce -1.2% 7.82% −0.56
BR Broadridge Financial Solutio Reduce -40.8% 0.48% −0.37
V Visa Inc. Class A Reduce -29.8% 0.90% −0.33
ECL Ecolab Inc. Reduce -69.1% 0.14% −0.32
ORCL Oracle Corp. Reduce -8.4% 0.50% −0.28
ROL Rollins Inc. Reduce -27.9% 0.76% −0.26
BAC Bank of America Corp. Reduce -34.9% 0.55% −0.23
STE Steris PLC Reduce -29.0% 0.62% −0.22
T AT&T Inc. Reduce -35.3% 0.26% −0.19
VZ Verizon Communications Inc. Reduce -35.2% 0.30% −0.19
HD Home Depot Inc. Reduce -10.1% 0.55% −0.16
TYL Tyler Technologies Inc. Reduce -6.4% 0.72% −0.16
AJG Arthur J Gallagher & Co. Reduce -1.3% 0.74% −0.15
PG The Procter & Gamble Co. Reduce -16.1% 0.54% −0.14
ZBRA Zebra Technologies Corp. Class A Reduce -8.0% 0.42% −0.13
CDNS Cadence Design SYS Inc. Reduce -1.1% 1.05% −0.13
TMUS T-Mobile US Inc. Reduce -27.9% 0.21% −0.13
NEE Nextera Energy Inc. Reduce -37.9% 0.24% −0.12
FERG Ferguson Enterprises Inc. Reduce -9.8% 0.99% −0.10
WMT Walmart Inc. Reduce -21.3% 0.63% −0.10
DIS The Walt Disney Co. Reduce -28.8% 0.26% −0.10
SO The Southern Co. Reduce -34.4% 0.16% −0.10
NVDA Nvidia Corp. Reduce -2.3% 8.53% −0.10
GS Goldman Sachs Group Inc. Reduce -29.4% 0.37% −0.10
MSA Msa Safety Inc. Reduce -8.8% 0.58% −0.10
DUK Duke Energy Corp. Reduce -33.0% 0.17% −0.09
NSC Norfolk Southern Corp. Sold out 0.00% −0.09
WST West Pharmaceutical Services Reduce -15.2% 0.80% −0.09
TSCO Tractor Supply Company Reduce -4.2% 0.50% −0.09
LIN Linde PLC Reduce -10.1% 0.37% −0.08
INTC Intel Corp. Reduce -34.6% 0.21% −0.08
GE General Electric Reduce -15.2% 0.52% −0.07
FISV Fiserv Inc. Reduce -5.0% 0.07% −0.07
WBD Warner Bros Discovery Inc. Sold out 0.00% −0.07
UBER Uber Technologies Inc. Reduce -7.3% 0.24% −0.07
NEM Newmont Corp. Reduce -41.6% 0.15% −0.07
C Citigroup Inc. Reduce -30.0% 0.27% −0.06
NOW ServiceNow Inc. Reduce -5.0% 0.23% −0.06
AZO AutoZone Inc. Reduce -9.6% 0.15% −0.06
SPGI S&P Global Inc. Reduce -26.8% 0.20% −0.05
ALL Allstate Corp. Reduce -41.5% 0.07% −0.05
ETN Eaton Corp. PLC Reduce -9.9% 0.17% −0.05
ABBV Abbvie Inc. Reduce -7.3% 0.62% −0.05
AEM Agnico Eagle Mines Ltd. Reduce -29.7% 0.12% −0.05
MET Metlife Inc. Reduce -45.2% 0.05% −0.05
BLK BlackRock Inc. Reduce -9.6% 0.24% −0.05
UNH Unitedhealth Group Inc. Reduce -6.4% 0.44% −0.05
CNI Canadian Natl Railway Co. Reduce -56.2% 0.04% −0.05

Portfolio Buys Q3 2025 → Q4 2025
BRK.B Berkshire Hathaway Inc. Class B New 0.89% +0.89
FITB Fifth Third Bancorp Add +1066.0% 0.75% +0.69
LLY Eli Lilly & Co. Add +0.1% 2.27% +0.68
PGR Progressive Corp. Add +201.2% 0.90% +0.58
NFLX Netflix Inc. New 0.57% +0.57
CBRE CBRE Group Inc. Class A Add +622.1% 0.62% +0.54
COST Costco Wholesale Corp. Add +61.9% 1.40% +0.48
MA Mastercard Inc. Class A Add +33.5% 1.82% +0.48
MCO Moody's Corp. Add +148.5% 0.70% +0.44
WFC Wells Fargo & Co. New 0.41% +0.41
KO The Coca-Cola Co. New 0.39% +0.39
TJX TJX Companies Inc. Add +52.3% 0.99% +0.39
ANET Arista Networks Inc. Add +101.7% 0.81% +0.37
TMO Thermo Fisher Scientific Inc. Add +6.9% 1.27% +0.29
APP AppLovin Corp. Class A Add +2182.9% 0.26% +0.24
JPM JPMorgan Chase & Co. Add +6.1% 2.25% +0.20
PNC PNC Financial Services Group New 0.10% +0.10
IR Ingersoll-Rand Inc. Add +24.5% 0.58% +0.10
MAR Marriott International Class A Add +347.9% 0.12% +0.09
GM General Motors Co. Add +1037.3% 0.10% +0.09
AEP American Electric Power New 0.09% +0.09
PWR Quanta Services Inc. New 0.09% +0.09
COR Cencora Inc. New 0.08% +0.08
IDXX Idexx Laboratories Inc. New 0.07% +0.07
CVNA Carvana Co. New 0.07% +0.07
D Dominion Energy Inc. Add +150.7% 0.10% +0.06
XEL Xcel Energy Inc. New 0.05% +0.05
MSTR Strategy Inc. Add +2757.7% 0.05% +0.05
MDB Mongodb Inc. Add +2170.5% 0.05% +0.04
PCG P G & E Corp. Add +1059.2% 0.05% +0.04
ADM Archer-Daniels-Midland Co. New 0.03% +0.03
DOV Dover Corp. New 0.03% +0.03
PPL PPL Corp. New 0.03% +0.03
STLD Steel Dynamics Inc. New 0.03% +0.03
FE Firstenergy Corp. New 0.03% +0.03
GEV GE Vernova Inc. Add +104.3% 0.05% +0.03
CHRW C.H. Robinson Worldwide Inc. Add +47.5% 0.06% +0.03
HPQ HP Inc. New 0.03% +0.03
KHC The Kraft Heinz Co. New 0.03% +0.03
NI Nisource Inc. Add +2006.1% 0.03% +0.02
CHTR Charter Communications Inc. Class A New 0.02% +0.02
EVRG Evergy Inc. New 0.02% +0.02
MKC McCormick & Co.-Non VTG SHRS Add +137.8% 0.03% +0.02
HSY The Hershey Co. New 0.02% +0.02
DOW Dow Inc. Add +1525.6% 0.02% +0.02
SSNC Ss&c Technologies Holdings Add +44.2% 0.06% +0.02
VTRS Viatris Inc. New 0.02% +0.02
DOCU Docusign Inc. Add +1479.8% 0.02% +0.02
VIK Viking Holdings Ltd. New 0.02% +0.02
CLS Celestica Inc. Add +4.7% 0.05% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 493$40.7BNVDA, AAPL, MSFT, AVGO, AMZN
Q1 2026 513$31.6BMSFT, NVDA, AVGO, AMZN, AAPL
Q4 2025 540$35.2BNVDA, MSFT, AAPL, AVGO, AMZN
Q3 2025 528$35.6BNVDA, MSFT, AAPL, AVGO, AMZN
Q2 2025 539$33.8BMSFT, NVDA, AAPL, AMZN, AVGO
Q1 2025 548$32.2BAAPL, MSFT, NVDA, AMZN, AVGO
Q4 2024 548$35.9BAAPL, NVDA, MSFT, AMZN, AVGO
Q3 2024 407$15.1BFERG, ROL, ZBRA, TRU, WST
Q2 2024 650$56.1BMSFT, AAPL, NVDA, AMZN, META
Q1 2024 716$57.1BMSFT, AAPL, AMZN, NVDA, META